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The Central Bank of Nigeria (CBN) has granted regulatory approval for Abbey Mortgage Bank Plc to officially convert its operating license into a regional commercial banking license, marking an aggressive transformation for one of the country's premier primary mortgage institutions. The transition, disclosed in an official regulatory filing on Wednesday, signals a major expansion strategy ...
The Nigerian Supreme Court has sanctioned the merger of Unity Bank and Providus Bank, paving the way for the conclusion of one of the largest consolidations in the Nigerian banking industry. This judicial decision effectively ends the legal battle that had stalled the process, which is aimed at building a formidable new financial institution through ...
The Central Bank of Nigeria (CBN) has launched the Nigeria Payment System Vision (PSV) 2028, a new roadmap aimed at expanding financial inclusion to 95 percent of the adult population, deepening digital payments, and positioning Nigeria as Africa's leading payments hub. Speaking at the launch of the initiative in Abuja, CBN Governor Olayemi Cardoso described ...
By Damilare Adeleye Nigeria’s premier non-interest bank, Jaiz Bank Plc, has announced plans to seek shareholders’ approval to raise up to N150 billion in fresh capital as part of efforts to strengthen its financial position and support future growth. The proposed capital raise is one of the key items for consideration at the bank’s 14th ...
Fitch Ratings has upgraded Wema Bank PLC's Long-Term Issuer Default Rating (IDR) to 'B' from 'B-' and its Viability Rating (VR) to 'b' from 'b-'. Alongside these stable outlooks, Fitch also upgraded Wema's National Long-Term Rating to 'A(nga)' from 'A-(nga)'. The rating agency stated that the upgrade reflects the bank's stronger capitalization following a successful ...
…as Kostianis steps down By Damilare Adeleye PZ Cussons Nigeria Plc has announced the appointment of a new Managing Director/Chief Executive Officer and an Executive Director/Chief Financial Officer, following the resignation of its current CEO, Dimitrios Kostianis. The company disclosed these leadership changes in a notice to shareholders and the Nigerian Exchange Limited on Monday, ...
Nigerian National Petroleum Company (NNPC) Limited has recorded a profit after tax of NGN 481 billion from a total revenue of NGN 4,971 billion, according to its monthly summary report for April 2026. This major financial milestone is detailed in the NNPC Ltd monthly report which highlights steady operational gains and statutory payments from January ...
The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dayo Mobereola, has reaffirmed the Agency’s commitment to advancing regional maritime integration, cooperation and capacity development across Africa. Dr. Mobereola made this known when he received the Honorary Consul of the Republic of Liberia in Lagos, Mr. Dapo Akinosun, SAN, at the ...
Odu’a Investment Company Limited has reaffirmed its commitment to transforming its subsidiaries into agile, financially robust, and globally competitive businesses. Speaking at the official unveiling of the new Lagos corporate office for Glanvill Enthoven Insurance and Reinsurance Brokers Limited, Group Chairman Bimbo Ashiru emphasized the board's clear strategic vision. He noted that the conglomerate remains ...
A former Director-General of the Securities and Exchange Commission (SEC), Malam Lamido Yuguda, has called on the government to align Public-Private Partnerships (PPPs) with monetary policy objectives to achieve better economic outcomes. Yuguda, currently Deputy Governor of the Central Bank of Nigeria (CBN), made the call at the 14th inaugural lecture of the Capital Market ...
By Damilare Adeleye The Centre for the Promotion of Private Enterprise (CPPE) has called for urgent and accelerated reforms in Nigeria’s electricity sector following what it described as a disturbing contraction in power supply performance captured in the country’s Q1 2026 Gross Domestic Product report. In a statement released on Thursday and signed by its ...
By Damilare Adeleye Former International Monetary Fund Managing Director and President of the European Central Bank, Christine Lagarde, has harped on the need for central banks across the world to maintain their independence in order to withstand political pressure from governments. Lagarde made the remarks on Thursday while speaking at a conference of francophone central ...
The Director General of the National Environmental Standards and Regulations Enforcement Agency, Professor Innocent Barikor, has inaugurated a Working Group for the Carbon Capture Utilization and Storage Technology and Innovation Platform. Speaking during a virtual inauguration ceremony, Professor Barikor highlighted that the platform, which was initially launched in April, is designed to align Nigeria's economic ...
The Nigerian equities market closed on a bearish note during the latest trading session, as heavy sell-offs in high-cap bellwether stocks dragged the benchmark performance index down by fifty-five basis points. Despite the daily contraction, the market maintained a resilient long-term posture, bringing the year-to-date return to a solid sixty point four nine percent. Investor ...
NewsDirect Global Concepts Ltd, publishers of Nigerian NewsDirect and owners of NewsDirect TV and NND Insights have announced the appointment of five distinguished professionals to its Board of Directors, effective May 8, 2026. The new Directors include: Pastor Laju Iren, Prince Aderemi Adekile (SAN), Dr Adekunle Aderemi, Mr Felix Eribo and Dr Bunmi Bajomo. Commenting ...
The Dangote Petroleum Refinery & Petrochemicals has been identified by S&P Global ratings as a major driver of Nigeria’s improving economic outlook, following the country’s sovereign credit rating upgrade In its latest assessment, S&P upgraded Nigeria’s long term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising ...
Africa's Global Bank, United Bank for Africa (UBA) Plc, has deepened its longstanding relationship with the academic community and reaffirmed its commitment to innovation, youth empowerment, and nation-building by commissioning the UBA Innovation Hub and Business Office at the University of Lagos (UNILAG). The landmark facility was commissioned by the Group Chairman, UBA, Tony Elumelu, ...
OPay, a leading fintech company in Nigeria, has officially opened applications for the 2026 edition of its flagship scholarship programme, now called OPay Scholars, continuing its ₦1.2 billion, 10-year commitment to support education across Nigeria. Applications for the Innovation Challenge will run from May 25 to June 14, 2026. Students in tertiary institutions across Nigeria ...
By Damilare Adeleye The Centre for the Promotion of Private Enterprise (CPPE) has kicked against claims alleging that the Dangote Refinery possesses monopolistic tendencies. The think tank argued that Nigeria should focus on strengthening its local refining capacity instead of adopting policies that encourage large-scale fuel importation. In a statement issued on Sunday and signed ...
By Damilare Adeleye Jaiz Bank Plc has announced plans to pay a final dividend of 11 kobo per 50 kobo ordinary share to its shareholders for the financial year ended December 31, 2025. This was disclosed in a corporate actions announcement dated May 21, 2026. The non-interest lender said the dividend, subject to shareholder approval ...
By Damilare Adeleye The shareholders of Nigerian brewing company, Champion Breweries Plc, have approved a dividend payout of 70 kobo per share for the 2025 financial year. This was part of the resolutions passed at the company’s 50th Annual General Meeting held in Lagos on Thursday, May 21, 2026. The company, in the resolutions presented ...
By Damilare Adeleye Shareholders of Berger Paints Nigeria Plc have approved a final dividend of N1.25 per share for the 2025 financial year and renewed the company’s mandate for recurring related-party transactions. These decisions were passed during the company’s 66th Annual General Meeting, which was held virtually on Thursday, May 21, 2026. A corporate filing ...
By Damilare Adeleye Shareholders of Wema Bank Plc have authorized the Bank’s directors to pursue the acquisition of a commercial bank or other business combinations as part of its expansion strategy. This came as they approved a dividend payout of N1.25 per share for the 2025 financial year. These decisions were part of the resolutions ...
