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By Seun Ibiyemi The National Insurance Commission (NAICOM) has announced July 2026 as the final deadline for insurance and reinsurance companies to obtain licenses by meeting the new Minimum Capital Requirement (MCR), the Commission said on Thursday. The Commissioner for Insurance, Mr. Olusegun Omosehin said the deadline also marks the cut-off for companies to comply with ...
By Sofiyyah Layole The Nigerian Exchange (NGX) sustained a positive trajectory during Thursday’s trading session, with key market indicators inching upward on the back of mild investor interest in mid- and large-cap stocks. The bullish sentiment lifted the All-Share Index (ASI) by 0.12 percent to close at 143,239.23 points, while the equity market capitalisation appreciated ...
By Sofiyyah Layole Sovereign Trust Insurance Plc has secured approval from its Board of Directors to raise N5 billion through a Rights Issue, marking the first phase of its recapitalization drive under the new Nigerian Insurance Industry Reform Act (NIIRA). The announcement, made in Lagos, comes after shareholders at the company’s 30th Annual General Meeting ...
By Seun Ibiyemi VFD Group Plc has announced that the Securities and Exchange Commission (SEC) has approved an extension of its ongoing ₦50,673,964,000 Rights Issue, allowing the offer to remain open until 26 December 2025. The extension follows strong investor interest and increasing participation from retail shareholders, institutional investors, and members of the diaspora. According ...
First Ally Capital Limited, a company associated with Ebenezer Olufowose, chairman of First Bank of Nigeria Limited, has acquired 64,516,129 shares of First Holdco Plc in a transaction executed on November 25 at the Nigerian Exchange Limited (NGX). The shares were purchased at N31.05 each, according to an insider dealing notification filed by First Holdco ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) is witnessing a major lift in foreign exchange (FX) market confidence following a series of reforms aimed at diversifying inflows and improving liquidity under the leadership of Governor Olayemi Cardoso. A key driver of this improvement has been the bank’s strategic work to strengthen diaspora remittances, ...
The Central Bank of Nigeria (CBN) has unveiled a draft guideline that would impose stricter sanctions on individuals who repeatedly issue dud cheques, including an automatic five-year ban for each repeat offence. The move aims to strengthen financial discipline, tighten reporting standards, and restore confidence in cheque usage. Released during the week for industry feedback, ...
By Seun Ibiyemi Nigeria’s Debt Management Office (DMO) has announced a strong investor turnout at its November 2025 Federal Government bond auction, with bids totaling about N657 billion, exceeding the combined offer size of N460 billion by more than 120 pet cent. The auction, conducted on 24 November 2025 and set for settlement on 26 ...
Minister of Finance and Coordinating Minister of the Economy, Wale Edun has outlined how the government’s reforms are accelerating private-sector-led growth. Addressing a gathering of global investors and South African business leaders as the G20 Investment Dialogue concluded in Johannesburg, South Africa, Edun reiterated the federal government’s commitment to deep and sustained economic reforms. He noted that recent ...
By Sofiyyah Layole Renowned economist, Dr. Abidemi Adegboye has attributed Nigeria’s economic struggles specifically weak wages, sluggish growth, and declining revenue to a critical lack of investment in productivity drivers, warning that the economy cannot achieve meaningful progress without urgent structural reforms. Speaking in Lagos at the World Stage Economic Summit 2025, themed "Tackling the ...
The United Bank for Africa (UBA) has called for sustained vigilance and a strong culture of fraud prevention as it concluded its 2025 Fraud Awareness Week, emphasizing the need for proactive measures in the fight against financial crime. The week-long activities, themed “Combating Fraud-Risk & Cybertheft in Digital Banking,” culminated over the weekend at UBA ...
The Independent Media and Policy Initiative (IMPI) has linked Nigeria’s steady rise in the Purchasing Manager’s Index (PMI) to the country’s persistent decline in inflation over the past seven months. In a statement issued over the weekend in Abuja, IMPI Chairman, Dr. Omoniyi Akinsiju, said the group’s analysis showed a clear inverse relationship between inflation ...
Stories by Seun Ibiyemi FCMB Group Plc has once again revised its capital-raising target upward, seeking shareholder approval to increase the ceiling from N370 billion to N400 billion. The latest adjustment, contained in a filing with the Nigerian Exchange (NGX) on Friday, has sparked renewed concern among investors and shareholder groups who say the bank’s ...
Fidelity Bank’s customers deposits have risen to N7.2 trillion in the first half (H1) of 2025 from the N5.9 trillion recorded in 2024 financial year. The Bank’s unaudited financial report for the half year ended June, 2025, posted on the Nigerian Exchange Group NGX platform (NGX) showed that the bank also recorded growth in its ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has disowned an entity operating under the name Zuldal Microfinance Bank Limited, warning that the organization is neither licensed nor authorized to conduct any form of banking or microfinance business in the country. In a statement issued by Acting Director of Corporate Communications, the apex bank, Hakama ...
By Seun Ibiyemi Nigeria’s public debt is approaching unsustainable levels, with capital market experts cautioning that rising debt servicing costs, weak revenue generation, and structural inefficiencies are putting significant strain on the nation’s finances. The warnings were issued during the Capital Market Academics of Nigeria (CMAN) Q4 2025 Virtual Symposium. While official figures suggest Nigeria’s ...
By Seun Ibiyemi The recently introduced Capital Gains Tax (CGT) is expected to make Nigeria’s capital market more competitive and investor-friendly, according to officials and market experts. The remarks were made during an online public lecture organized by the Capital Market Academics of Nigeria (CMAN) on Wednesday. The Chairman of the Presidential Fiscal Policy and ...
First City Monument Bank (FCMB) has announced a special offer granting customers free access to its Virtual Naira Mastercard for a limited period, provided they apply on or before November 31, 2025. The bank stated that applications submitted after the deadline will attract a fee. In a statement to customers, FCMB highlighted that the Virtual ...
By Seun Ibiyemi Zenith Bank Plc has dismissed reports circulating in the media suggesting it is in the process of acquiring Paramount Bank in Kenya as part of a planned expansion into the East African market. In a statement signed by the Company Secretary, Michael Osilama Otu, and released to the Nigerian Exchange Limited (NGX), ...
By Seun Ibiyemi Nigeria’s stock market continued its downward slide on Tuesday, recording a 0.12 per cent decline as intensified sell pressure across mid- and small-cap stocks dampened overall sentiment. The session was marked by cautious trading, with investors reacting to persistent uncertainties in the broader market, which weighed on sector performance and weakened risk ...
By Seun Ibiyemi Dangote Cement Plc has announced the opening of a Series 1 and Series 2 Commercial Paper (CP) issuance valued at up to ₦100 billion under the company’s ₦500 billion Commercial Paper Issuance Programme. The offer made known by Afrinvest Securities Limited is part of Dangote Cement’s strategy to deepen its short-term liquidity position and ...
By Seun Ibiyemi Nigeria’s foreign reserves have climbed to $46.7 billion, marking the highest level in seven years, the Central Bank of Nigeria (CBN) has revealed. The rise is attributed to renewed investor confidence, stronger oil receipts, and improved balance-of-payments inflows. CBN Governor Olayemi Cardoso, represented by Deputy Governor Dr. Muhammad Abdullahi, disclosed the milestone ...
First City Monument Bank (FCMB) has announced the appointment of Ms. Oluyinka Johnson as a Non-Executive Director, following approval from the Central Bank of Nigeria (CBN). The move is aimed at bolstering the bank’s board diversity and enhancing its strategic leadership capabilities. Ms. Johnson brings over 20 years of experience driving operational excellence and leading ...
