Rogue Banker Francis Atuche’s Multi-Billion Naira Forfeitures In London, Nigeria Exposed, Keeps 19-Billion In 24 Banks

A Lagos State High Court in Ikeja has frozen assets and funds to the tune of N19,178,253050 billion allegedly kept in 24 banks by a convicted former Managing Director of the defunct Bank PHB, Francis Atuche. The banks include Access Bank Plc, Citi Bank Ltd, Ecobank Nigeria Ltd, Fidelity Bank Nigeria Plc, First Bank Of Nigeria Plc, First City Monument Bank and Globus Bank Ltd. They also include Guaranty Trust Bank Plc, Heritage Bank Ltd, Keystone Bank Ltd, Lotus Bank Ltd, Mainstreet Bank Plc, Polaris Bank Plc, Platinum Mortgage Bank…

Stanbic IBTC Bank Nigeria PMI: Softer inflows of new work prompt moderation in private sector activity growth during August

Business conditions in Nigeria’s private sector improved modestly midway through the third quarter, but the rate of growth slowed to a six-month low. Softer upticks in output, new orders and employment contrasted with quicker expansions in held inventories as firms seek to take advantage of faster lead times, and protect against any future supply shocks. However, a loss of momentum in demand resulted in a dip in optimism. Sentiment was the third-weakest in the series history.  Meanwhile, purchase prices continued to rise sharply, although the rate of inflation softened from…