Comelysync:
This guys just push out nomenclatures to show they are working meanwhile it's all bullshit. The CBN under Emeifile is doing something dangerous, having a holding company in charge of a sector of the economy which is pivotal to the economy is dangerous, it will limit CBN supervision.
If this banks gives out bad loans through the head of the holding firms, who are not subject to the regulations of the CBN barring MDs/CEO more than 10 years on the saddle.. We can see a return of Akingbolas, Cecilia Ibrus, Atuches, people who will give loans to family and friends without collaterals, when it fails the bank get bail out with tax payers money through government, in this case instead of the real preparators going to jail.. Nobody will go to jail because it's the holding company calling the shots.. Which can't be under CBN regulations.

This is something to write about

nlfpmod:


https://www.legit.ng/business-economy/industry/1530761-complete-list-nigerian-banks-names-cbn-approval/

I just wish Nigeria will change her name also

matm:
Change of name will have no single effect on their services.
Rather they should work on their system upgrade, customer services and customers rewards and motivation with at least annual gifts or tokens.
Never have I heard dt any of these banks rewarded their customers as appreciation with any amount even as least as N50 in a year.

People with large sums receive interest on their money even in Savings

FalseProphet1:
I see Buhari changing his name before handing over, I see some states in Nigeria changing their names as well, I see Seun changing his name to Obinna, I see mynd44 changing his name to abubaka, I see Nairaland bearing a new name. It's the era of change my people, change your names and surnames, so as to benefit from this era.

This I have seen.

You know well wallahi

So far the services is good.

inoki247:
Lol so in one word People using Sterling Bank will be having two Account Number at the Same time....


Abeg aw Sterling bank customer go take know which Faction dem dey like this Wahala too much for this country....

No, Sterling bank remains. It is the conventional banking side of sterling financial holding company while the new aspect as approved by CBN will be Sterling Alternative Finance(SAF). This is a non interest banking , in other word, Islamic banking.

it’s your choice to either duplicate account in the other banks. This is optional and not mandatory.

However, the benefits of non interest banking are enormous.
1. Free account maintenance fee on current account.

2. No interest charges or management fee or any other fee on loan facility availed, Rather, you and your bank shares profit or loss.
Whichever comes. That is why only businesses perceived to be profitable, low risk and legitimate will be financed. Gambling is not allowed.

3.Every principle of the financial institution is guided by Islamic law and tenet . And many more.

Thank You

This guy sha 😂
He never disappoints in dishing out prophecies

FalseProphet1:
I see Buhari changing his name before handing over, I see some states in Nigeria changing their names as well, I see Seun changing his name to Obinna, I see mynd44 changing his name to abubaka, I see Nairaland bearing a new name. It's the era of change my people, change your names and surnames, so as to benefit from this era.

This I have seen.

nlfpmod:


https://www.legit.ng/business-economy/industry/1530761-complete-list-nigerian-banks-names-cbn-approval/

if soup spoil,u come change pot,e go still spoil.

Ahh bro I just open dat bank ni ooooh ,
Someone told me d bank is gud dats y I open it and I Don put money there as I hear u sey na rubbish bank my mind just dey disturb me.

Lordofalmajiri:
lol happened to me as well... They intentionally blocked me from receiving alerts, I was fast enough to pull out my money from them. Na Thieves full that bank

Holav:
Ahh bro I just open dat bank ni ooooh ,
Someone told me d bank is gud dats y I open it and I Don put money there as I hear u sey na rubbish bank my mind just dey disturb me.

No put better money there... First time I transfer 2m .. I con go do 500k transaction.. that was last year, the idiots block my account for no reason, they con dey ask mumu questions. I think some of their staffs are fraudulent. But the bank no bad normally

Chai omoh I no 2 like bank like dat since person comot my money from UBA,

UBA na most useless bank in nigeria there security system is poor,

Since then na opay I dey use na one of my friend tell me sey opay security no 2 tight dat dey steal one guy phone and dey withdraw all d money wey dey there by using forget password cus d account number is Yr
phone number, and they can do forget password I try it by myself and I see sey na true.

Dats y I go open bank account again.

Lordofalmajiri:

No put better money there... First time I transfer 2m .. I con go do 500k transaction.. that was last year, the idiots block my account for no reason, they con dey ask mumu questions. I think some of their staffs are fraudulent. But the bank no bad normally

Stanbic IBTC Bank still remains the best.

Holav:
Chai omoh I no 2 like bank like dat since person comot my money from UBA,

UBA na most useless bank in nigeria there security system is poor,

Since then na opay I dey use na one of my friend tell me sey opay security no 2 tight dat dey steal one guy phone and dey withdraw all d money wey dey there by using forget password cus d account number is Yr
phone number, and they can do forget password I try it by myself and I see sey na true.

Dats y I go open bank account again.

your sim for opay no suppose dey leave your house gate if you get funds inside... I dey use opay for most of my transactions. But no difference from these apps and bank. If person get your bank card or Sim connected to your bank na the same story.

Holav:
Chai omoh I no 2 like bank like dat since person comot my money from UBA,

UBA na most useless bank in nigeria there security system is poor,

Since then na opay I dey use na one of my friend tell me sey opay security no 2 tight dat dey steal one guy phone and dey withdraw all d money wey dey there by using forget password cus d account number is Yr
phone number, and they can do forget password I try it by myself and I see sey na true.

Dats y I go open bank account again.

Try first bank Sha, in terms of security Zenith dey try ... Cause even if them debit you , the reversal na automatic

Isn't this Emefiele rolling back the gains of the Sanusi era to reduce Banks exposure to shocks in other sectors by limiting their functions to core banking alone instead of them foraying into insurance , wealth management etc using the same funds from the customer deposits to spin up these other businesses?

How is an Holding company going to shield banks under such from the shocks if their other businesses are affected by a bad investment or financial crisis?

I see GTB is back into insurance and whatnot now.

Jonathan that appointed Emefiele and Buhari that has rewarded such incompetence twice are one of the worst things to befall the financial sector of this country in the last decade. Nigerians should be ready to subsidise bad businesses as AMCON would use public funds to buy such useless banks once they are about to fold up again so as to prevent a bank run on the others . Rinse and repeat and we are back to the years of Oceanic, BankPHB, Skye and Intercontinental again. I have always wondered why you would bring someone from a core banking dept to oversee a regulatory agency and not see that there would be conflict of interests or loyalty to his old buddies. Especially with someone like Emefiele who was just a puppeteer for Jim Ovia who was forced to step down due to the policies of the previous CBN governor Sanusi.

The spin off of those banks that defaulted are still owing trillions of naira in public funds and not a single one of them that metamorphosed to Keystone or Polaris is actually doing any better to get out of such debts. But no wahala . We go all dey alright.

@Comelysync just saw your comment. This is the exact same scenario.

diplomat058:


There is a clause called object in memo of association, a legal document that births companies. It states the kind of business the company wants to do. The company is not allowed to do any business not related to that object. Now, Nigerian banks have made much money from banking which is their object. They want to invest in other sectors but this object (banking and financial investment) is limiting them. As a result, they are changing into holding companies. Holding companies are allowed to buy shares and invest in various companies. So what the banks are doing is to become holding companies, and then restructure their banking operations as one of their subsidiaries. That way, they are given wings to fly and explore other money making fields. Also, if a subsidiary of an holding company is owning you, you cannot go after the holding company because they are legally protected from the debts of their subsidiaries in which they have shares.

Hope this helps

Lol.. This sounds like the coolaid they feed people in college or some MLM.

So how does the holding company raise funds to setup these new business or where did they get the initial capital to setup?

Also what regulations stops FBNHolding from asking FBNBank to lend 200Bn to FBNInsurance at no interest rates while FBNInsurance runs into a default due to bad investment or economic downturn and can't service such debts anymore? How does the balance of FBNBank be insured against such risks or exposures? People who put the initial plan in place knew the risks and know what they were doing. We have poor cooperate governance rules and this is just greed.

If GTCO, FirstBank, and co want to make money. They should lend funds to the real sector of the economy not spinning off businesses using depositors funds to play lotto in sister coys. Can't wait for the next administration to come in and flush Emefiele out.

Every bank wants to become the holding co and limited...for more return on investment but no one cares about staff welfare and proper 2/3 years promotion from current grade to the other as a compulsory law. The old ones do not want to leave but reap the young ones their energy and time.

Kudos to sterling bank Abeokuta Branch Manager during the cash crunch. He made funds available to both customers and non customers while managing queues and resources at the same time even performing the functions of the security men thereby bringing orderliness and sanity.

He deserves an award.

ignis:
Sterling Bank always looking like where they sell ice-cream.

What?!!!

Lordofalmajiri:
Just imagine, and na the two useless banks I dey use

U too why u dey use zenith bank ?


No GTB or STANBIC or FIRSTBANK for ur area?

Its funny how none of you guys have the foresight to predict that something is coming, I mean if banks changing from conventional financial institutions to holding company doesn't bat an eye, I dont know what will

CartelKenneth:



U too why u dey use zenith bank ?


No GTB or STANBIC or FIRSTBANK for ur area?

The day I tried to open First bank, the queue was much I went back home... I no trust gtb

Lordofalmajiri:

The day I tried to open First bank, the queue was much I went back home... I no trust gtb

Why u no trust GTB? abi u prefer ECOBANK or keystone abi those banks will soon go out of business anyway


Open StanbicIBTC and thank me later
Thatbank is seriously underrated plus it’s a foreign bank so their tech is good

obailala:
Oga, when you head an organisation that thrives on other people's money, such organisation is not your personal property.

name one organization that does not thrive on other people's money.
So your phone is not your property or you did not buy it with being paid by other ppl money
See reasoning
Cognitive dissonance is truly a thing

The rumors are finally validated. Those Buhari took loans from are seizing our banks and renaming them tactically without causing uproar. No wonder the cash scarcity and all the bruhaha. Interesting days ahead. Bubu and APC have sold the country.

onegig:
Isn't this Emefiele rolling back the gains of the Sanusi era to reduce Banks exposure to shocks in other sectors by limiting their functions to core banking alone instead of them foraying into insurance , wealth management etc using the same funds from the customer deposits to spin up these other businesses?

How is an Holding company going to shield banks under such from the shocks if their other businesses are affected by a bad investment or financial crisis?

I see GTB is back into insurance and whatnot now.

Jonathan that appointed Emefiele and Buhari that has rewarded such incompetence twice are one of the worst things to befall the financial sector of this country in the last decade. Nigerians should be ready to subsidise bad businesses as AMCON would use public funds to buy such useless banks once they are about to fold up again so as to prevent a bank run on the others . Rinse and repeat and we are back to the years of Oceanic, BankPHB, Skye and Intercontinental again. I have always wondered why you would bring someone from a core banking dept to oversee a regulatory agency and not see that there would be conflict of interests or loyalty to his old buddies. Especially with someone like Emefiele who was just a puppeteer for Jim Ovia who was forced to step down due to the policies of the previous CBN governor Sanusi.

The spin off of those banks that defaulted are still owing trillions of naira in public funds and not a single one of them that metamorphosed to Keystone or Polaris is actually doing any better to get out of such debts. But no wahala . We go all dey alright.

@Comelysync just saw your comment. This is the exact same scenario.

yeah bro or sis.... Just same old cycle all over again, I pray the new coming government will look into this and put sanity in the system. A holding company is a very bad idea for banks under a regulatory body.

Cromagnon:
name one organization that does not thrive on other people's money.
So your phone is not your property or you did not buy it with being paid by other ppl money
See reasoning
Cognitive dissonance is truly a thing

Wow! Wow! Wow!!! In a million years I would never have expected such a painfully ignorant response.

Banks are public limited companies that hold the funds of people; the key phrase here is that they hold depositor funds and these depositors are ordinary members of the public. The money in bank vaults do not belong to the bank, the belong to people... There's a good reason why the laws that govern the ownership and management of banks all over the world are different from the laws that govern other kind of businesses. There's a good reason why Central Banks all over the world closely regulate the daily activities of commenrcial banks.

However you came up with the extremely lame comparison between bank ownership vs. ownership of personal phones, only God knows. I bought my phone with my property and my phone isn't public property.

And then you actually talk of Cognitive dissonance? Young man do you even have the slightest clue what cognitive dissonance means? or you just stumbled upon the phrase somewhere and thought it would make you sound smart?

obailala:
Wow! Wow! Wow!!! In a million years I would never have expected such a painfully ignorant response.

Look who's talking

Banks are public limited companies that hold the funds of people;

Banks are private companies listed publicly
It's private money
Not govt
Govt already bleeped up everything it touches
Now extending it's nonsense to private Sector.
So if I buy shares in your company it's now govt that will determine how it will be run or me and you?

the key phrase here is that they hold depositor funds and these depositors are ordinary members of the public. The money in bank vaults do not belong to the bank, the belong to people... There's a good reason why the laws that govern the ownership and management of banks all over the world are different from the laws that govern other kind of businesses. There's a good reason why Central Banks all over the world closely regulate the daily activities of commenrcial banks.

Mention one thing run by govt that doesn't turn to shit
Mention one private bank that the west dictates it's personnel or internal policies?

Please mention these different laws?

However you came up with the extremely lame comparison between bank ownership vs. ownership of personal phones, only God knows. I bought my phone with my property and my phone isn't public property.

Were you not paid with public money? Or is it your money from your logic?

And then you actually talk of Cognitive dissonance? Young man do you even have the slightest clue what cognitive dissonance means? or you just stumbled upon the phrase somewhere and thought it would make you sound smart?

SMH

Truly God is all powerful
Since tower of Babylon we have never all seen eye to eye
Now I believe

Cromagnon:

Look who's talking




Banks are private companies listed publicly
It's private money
Not govt
Govt already bleeped up everything it touches
Now extending it's nonsense to private Sector.
So if I buy shares in your company it's now govt that will determine how it will be run or me and you?



Mention one thing run by govt that doesn't turn to shit
Mention one private bank that the west dictates it's personnel or internal policies?

Please mention these different laws?



Were you not paid with public money? Or is it your money from your logic?


SMH

Truly God is all powerful
Since tower of Babylon we have never all seen eye to eye
Now I believe

So in all these wisdom and intelligence you desperately try to showcase, you don't understand the meaning of 'regulation'? So because the govt messes up everything it touches, owners of commercial banks should be allowed to run the banks and use depositor funds anyhow they deem fit without any form of regulation whatsoever? Do you even understand the difference between the CBN 'managing' vs the CBN 'regulating' the operation of commercial banks?

Meanwhile did you just say that the money in banks is private money? Is the money owned by the owners of the bank and should the commercial bank owners be free to do whatever they like with people's money? What planet did you get such primitive idea from?

Meanwhile, comparing ownership of a bank to my ownership of a private mobile phone (which I bought with my own money), that's just taking dumbness to a whole new ridiculous level. Banks hold the money of millions of members of the public; the money in banks does not belong to the bank CEO!

The sensitivity of banks and the role they play in society is the reason every country on the face of the planet has a central bank which closely monitors and regulates the operation of commercial banks. If a bank CEO flouts the regulatory requirements, he/she can be forced out of office by the regulators and even charged to court (depending on the nature of the case). Because you personally set up a bank does not mean that you have a right to run it anyhow you like.. and no! this is not restricted to Nigeria.

Go educate yourself and stop spewing ignorance abeg.

obailala:
So in all these wisdom and intelligence you desperately try to showcase, you don't understand the meaning of 'regulation'? So because the govt messes up everything it touches, owners of commercial banks should be allowed to run the banks and use depositor funds anyhow they deem fit without any form of regulation whatsoever? Do you even understand the difference between the CBN 'managing' vs the CBN 'regulating' the operation of commercial banks?

All this stupidity you're showing
If bank is misusing your money
Why did you leave it there
Are there no other banks?
Are you an slowpoke that govt must spoonfeed

Meanwhile did you just say that the money in banks is private money? Is the money owned by the owners of the bank and should the commercial bank owners be free to do whatever they like with people's money? What planet did you get such primitive idea from?

Yes
Yes
The planet that works
You don't want to take responsibility for your life
Waiting for Awoof upandan

Meanwhile, comparing ownership of a bank to my ownership of a private mobile phone (which I bought with my own money), that's just taking dumbness to a whole new ridiculous level. Banks hold the money of millions of members of the public; the money in banks does not belong to the bank CEO!

CEO started his bank with his own money or investors money
What's your point

The sensitivity of banks and the role they play in society is the reason every country on the face of the planet has a central bank which closely monitors and regulates the operation of commercial banks. If a bank CEO flouts the regulatory requirements, he/she can be forced out of office by the regulators and even charged to court (depending on the nature of the case). Because you personally set up a bank does not mean that you have a right to run it anyhow you like.. and no! this is not restricted to Nigeria.

Wick sensitivity
Is tomatoes not sensitive
Should govt run that too
Govt bleeped up everything it stop and you foolishly want To give it more thins to mess up
Insanity

Go educate yourself and stop spewing ignorance abeg.

Look who's talking
Ment

Cromagnon:

All this stupidity you're showing
If bank is misusing your money
Why did you leave it there
Are there no other banks?
Are you an slowpoke that govt must spoonfeed



Yes
Yes
The planet that works
You don't want to take responsibility for your life
Waiting for Awoof upandan



CEO started his bank with his own money or investors money
What's your point



Wick sensitivity
Is tomatoes not sensitive
Should govt run that too
Govt bleeped up everything it stop and you foolishly want To give it more thins to mess up
Insanity

Look who's talking
Ment

Nairaland is such an amazing place where we meet all manner of characters; the good, the bad and the deeply retarded.

So the central bank regulating the operations of commercial banks is what your brain interpretes as "govt spoonfeeding me"? Or "govt awoof"? ...

And with this your level of reasoning, you actually think I'm the one that's an imbeciile?

You just said if a bank CEO is misusing depositor funds, the customer should simply go and take his money out to another bank and stop waiting for govt or regulators to take action; that there should be no regulatory authority checking the excesses of banks. With this kind of reasoning, do you actually think you're mentally okay?