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By Seun Ibiyemi The Nigerian naira recorded a cautious performance on Wednesday, trading slightly weaker against the United States dollar across both the official and parallel foreign exchange markets amid sustained demand pressures. At the Nigerian Foreign Exchange Market (NFEM), the naira depreciated marginally as the dollar exchanged at about ₦1,453 to the greenback, reflecting ...
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc are set to sign a Memorandum of Understanding (MoU) aimed at ensuring a faster and more efficient reimbursement process for depositors in the event of bank failures. This was disclosed by the Managing Director/Chief Executive of the NDIC, ...
By Seun Ibiyemi The Nigerian naira showed relative stability in early trading on Tuesday, with official foreign exchange data indicating a steady performance against the US dollar, even as demand pressures persisted in the parallel market. According to financial market reports, the Naira traded around ₦1,452 to the US dollar in the official Nigerian Foreign ...
Jaiz Bank Plc has announced the appointment of Dr. Tukur Galadima as its new Chief Compliance Officer (CCO), in strict adherence to the Nigeria Exchange Limited (NGX) Rulebook. In a regulatory filing to the NGX and the investing public, the non-interest bank confirmed that the appointment has received the requisite approval from the Central Bank ...
Seplat Energy Plc has reported a remarkable surge in revenue for the nine months ended September 30, 2025, underscoring strong operational performance and robust financial management. According to the interim management report, revenue for the period climbed to $2.18 billion, representing a 204 percent increase compared to $715 million in the same period of 2024. ...
Sterling Financial Holdings Company Plc has notified the Nigerian Exchange Limited (NGX), its shareholders, and the investing public of a scheduled meeting of its Board of Directors to deliberate on the company’s unaudited financial results. The board meeting is slated to hold in Lagos on Wednesday, January 28, 2026, at 10:00 a.m., where the unaudited ...
The Deputy Managing Director of United Bank for Africa Plc (UBA) Muyiwa Akinyemi alongside three Executive Directors will retire from the board of the group effective January 1, 2026, following the completion of their tenure. The disclosure was contained in a notice signed by the Group Company Secretary, Bili Odum, and filed with the Nigerian Exchange over ...
The Nigerian naira closed the week on a positive note on Friday, appreciating by N1.65 against the United States dollar at the official foreign exchange market. Data published on the Central Bank of Nigeria (CBN) website showed that the local currency traded at N1,454.41 per dollar on Friday, representing a 0.11 per cent gain compared ...
Nigeria’s development and merchant banks, FSDH Merchant Bank (FSDH) and the Bank of Industry (BOI), have urged women-led businesses to prioritise meeting key criteria to secure financing, warning that simply being a female-owned enterprise does not guarantee access to credit. The institutions emphasised that the main obstacles are poor business structures, unclear operational plans, and ...
The Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal (IST) to order the freezing of bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants alleged to have operated an unlawful digital asset investment scheme that defrauded Nigerians of an estimated N1.3 trillion. The request was made during the ...
By Seun Ibiyemi FCMB Group Plc has projected a post-tax profit of N62.5 billion for the first quarter of 2026, signaling a 94.08 pet cent increase compared to the N32.2 billion recorded in Q1 2025, according to its recently released earnings forecast. The bank has a consistent history of surpassing its own profit projections. In ...
...summon bank CEOs over alleged illegal charges By Seun Ibiyemi The House of Representatives has summoned Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), alongside other relevant agencies, to appear before its Public Accounts Committee (PAC) on Tuesday, December 16, to explain the non-remittance of over ₦16 trillion in government revenue. The decision ...
By Seun Ibiyemi Investors in the Nigerian equities market lost N34 billion on Wednesday following declines in key stocks, including Chams Plc, Haldane MCall, and UAC Nigeria. The All-Share Index (ASI) dropped to 146,862 points from 146,940.29 recorded the previous day, while market capitalisation fell slightly to N93.6 trillion from N93.64 trillion. Market activity showed ...
The Central Bank of Nigeria (CBN) has granted final licenses to 82 Bureaux De Change (BDCs), authorizing them to commence full operations effective November 27. The development was announced in a statement issued in Abuja on Monday by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali. She stated that the licensing exercise was ...
Nigeria’s subnational debt landscape witnessed notable movements in the first half of 2025, as 26 states recorded fresh external borrowings totaling $239 million, according to the latest figures released by the Debt Management Office (DMO). The DMO reported that Nigeria’s total external debt now stands at $46.98 billion. While new borrowings were recorded, aggressive repayments ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) on Tuesday has inaugurated a revamped board for the Agricultural Credit Guarantee Scheme Fund (ACGSF). The ceremony took place in Abuja, with officials, board members, and industry stakeholders in attendance. Speaking at the event, Cardoso highlighted the persistent financing gap in Nigeria’s agricultural sector, noting that ...
The Central Bank of Nigeria (CBN) on Tuesday took the market by surprise, rejecting a total subscription of N1.3 trillion staked against its Open Market Operation (OMO) bills at the main auction. Despite offering N600 billion worth of bills across standard maturities to eligible market players including banks and foreign portfolio investors, the apex bank ...
TAJBank Limited has signed a Memorandum of Understanding (MoU) with the National Hajj Commission of Nigeria (NAHCON) on Hajj Savings Scheme (HSS). The Managing Director/CEO of TAJBank, Mr Hamid Joda made this known on Monday in Abuja, during the signing of the MoU. Joda said that it was in furtherance of its ethical banking drive ...
By Seun Ibiyemi Nigeria’s push to become a $1 trillion economy by 2030 is being hampered by declining foreign investment, even as the government implements sweeping macroeconomic reforms. According to a recent report by the Bashir Adeniyi Centre for International Trade and Investment (BACITI) of the Nigerian Institute of International Affairs (NIIA), reforms such as ...
By Seun Ibiyemi Investors on the Nigerian Exchange Limited (NGX) recorded a significant windfall last week, with the market gaining a total of N2.4 trillion to close the capitalisation at N93.7 trillion. The bullish momentum saw the market close positive in four out of five trading sessions, reflecting renewed investor appetite. The benchmark All-Share Index ...
By Seun Ibiyemi FCMB Group Plc has reported a robust financial performance for the nine months ended September 30, 2025, posting a 52 per cent increase in Profit After Tax (PAT) to N125.4 billion. The Group also highlighted significant progress in its recapitalisation efforts ahead of the Central Bank of Nigeria’s March 2026 deadline. The ...
The newly inaugurated Chairman of the National Tax Policy Implementation Committee (NTPIC), Mr. Joseph Tegbe, has declared that the success of Nigeria’s tax reforms hinges on rebuilding the trust of the citizenry. Tegbe made this known following his inauguration by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Saturday. ...
...as Gov't reiterates commitment to developing water transport Experts have called for diversification, innovation and equity in the economy of Lagos. The Roundtable, organised by the Economic Intelligence Department under the Ministry of Economic Planning and Budget, was held at the Protea Hotel, CBD in Ikeja, with the theme “Building Forward: Unlocking Emerging Sectors for an Inclusive, Resilient, and Prosperous ...
