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Zenith Bank Plc is set to make its debut in East Africa through the proposed acquisition of Kenya’s Paramount Bank, signaling a major step in the Nigerian lender’s pan-African growth strategy. The deal, pending regulatory approvals from both the Central Bank of Nigeria and the Central Bank of Kenya, is targeted for completion by January ...
..as CPPE calls for structural reforms to sustain relief By Seun Ibiyemi Nigeria’s inflation rate continued its downward trajectory in October 2025, dropping for the seventh consecutive month to 16.1 percent, according to the latest data released by the National Bureau of Statistics (NBS). The figure came in lower than many analysts had forecast, reinforcing ...
Fidelity Bank Plc has announced a 46% surge in Gross Earnings, which catapulted the figure to ₦748.7 billion for the period ended June 30, 2025. Highlights of the financial results which was uploaded on the Nigerian Exchange (NGX) portal on Thursday, 13 November 2025 shows that the bank delivered robust results across key financial metrics including ...
By Seun Ibiyemi The naira closed the second week of November largely flat across key foreign exchange markets, even as Nigeria’s external reserves continued to climb, providing some support for the domestic currency amid persistent demand pressures. Data from the Central Bank of Nigeria (CBN) showed that the naira ended trading on Friday at N1,442.43 ...
By Sofiyyah Layole The Nigerian Exchange recorded a mixed performance during the week, with significant growth in market activity despite a decline in the benchmark index and overall market capitalization. Equity turnover for the week stood at 7.325 billion shares valued at N156.425 billion exchanged in 134,383 deals. This surpassed the previous week’s total of ...
The President, Association of Issuing Houses of Nigeria (AIHN), Kemi Awodein has attributed the decision of the Central Bank of Nigeria to embark on aggressive interest rate hikes in propelling investors’ demand for fixed income instruments in 2024. Speaking last week during the AIHN’s Annual General Meeting and presentation of 2024 financial statements in Lagos, she said ...
By Austine Agbo Emmanuel, Kaduna ...Nigeria’s reforms, oil recovery driving 'faster-than-expected rebound' — IMF After months of economic difficulty and spiraling inflation, Nigeria’s economy is beginning to show credible signs of recovery, with the Naira regaining value against the United States Dollar. As of Thursday, the currency traded at around ₦1,444 to $1 in the ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have called for stronger financial reforms and regulatory collaboration to enhance the stability, resilience, and inclusiveness of Nigeria’s financial system. The call was made on Thursday in Abuja during the Business, Economy and Financial Reporting Training for Journalists, organised ...
By Seun Ibiyemi Zenith Bank Plc has disclosed that its Staff Provident Fund, comprising salary contributions from employees, recently invested about ₦2.3 billion in the bank’s shares, highlighting the institution’s strategy to grow staff benefits through equity participation. Details of the transaction were contained in a director dealing notice filed with the Nigerian Exchange (NGX) ...
The House of Representatives’ Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (PoS) Operations has stated that the country will not compromise on financial integrity and security in abid to promote innovation in financial payments. The Lawmakers made the pledge on Monday during a stakeholder session in Abuja, chaired by ...
By Seun Ibiyemi The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has said that the Corporation now operates under stronger and more effective laws that empower it to prosecute individuals responsible for bank failures and enhance its bank liquidation mandate. Mr. Sunday made this known when ...
Nigeria's banking sector is overflowing with cash, as deposit money banks (DMBs) lodged a record N4.816 trillion with the Central Bank of Nigeria (CBN) through its Standing Deposit Facility (SDF) as of Friday, November 7, 2025. This massive deposit reflects growing risk aversion in the financial system. Banks are increasingly opting to earn a risk-free ...
By Seun Ibiyemi The Securities and Exchange Commission (SEC) has approved Ellah Lakes Plc’s ₦235 billion public offer, paving the way for the company to raise capital for its planned acquisition of Agro-Allied Resources & Processing Nigeria Ltd. (ARPN). The approval marks a significant milestone in the company’s growth trajectory as it seeks to expand ...
Nigeria’s latest Eurobond issuance has attracted overwhelming investor demand, with subscriptions surpassing $9.1 billion more than four times the $2.25 billion offered despite global market unease triggered by U.S. political developments. According to the Debt Management Office (DMO), the dual-tranche offering, aimed at raising external capital and diversifying Nigeria’s funding sources, was heavily oversubscribed across ...
ABC Transport Plc has released its unaudited financial statement for the nine months ended September 2025, reporting a pre-tax profit of N926.8 million. This marks a significant improvement from the modest N1.3 million recorded in the same period of 2024, while post-tax profit surged 363 per cent year-on-year to N585.6 million. The strong performance was ...
By Seun Ibiyemi Nigeria’s stock market suffered a significant setback on Wednesday, recording its sharpest daily decline since the beginning of November, as the benchmark index dropped by 1.19 percent. The downturn extended the market’s losing streak to three consecutive sessions, wiping out a total of over N2.1 trillion in value within the period. The ...
By Seun Ibiyemi and Sofiyyah Layole Nigeria’s capital market suffered another sharp decline this week as renewed geopolitical tension, specifically triggered by President Donald Trump’s threat of military intervention in Nigeria, severely unsettled investors. Investors have so far lost a staggering ₦859 billion in market value in two days. The sustained sell-off saw the All-Share ...
Stories by Seun Ibiyemi The Federal Government (FG) has unveiled 50 new tax exemptions and relief measures aimed at reducing the financial burden on low-income earners, average taxpayers, and small businesses as part of the new tax reform laws taking effect from January 1, 2026. The comprehensive package, announced by the Presidential Fiscal Policy and ...
Oil marketers are strongly criticizing the Federal Government's proposal to levy a 15% import duty on petrol, arguing that the policy fundamentally contravenes the spirit of deregulation in the downstream petroleum sector. They warn the new duty will inevitably lead to an increase in pump prices for consumers. Speaking on behalf of the Independent Petroleum ...
First Bank of Nigeria Limited (First Bank), Nigeria’s premier and leading financial inclusion services provider, has announced the launch of the Verve Flash Promo, a special initiative rewarding customers with free Verve cards. The campaign, which commenced on 6 October 2025, and will run until 30 January 2026, is exclusively targeted at FirstBank customers whose ...
The Board of Directors of the African Development Bank Group (AfDB) has approved a significant $6 million grant to reinforce disaster preparedness and risk financing across the continent for the 2025–2026 period. The funding, approved on October 29 and channeled through the Bank’s African Disaster Risk Financing Initiative (ADRiFi), is specifically intended to support the ...
By Seun Ibiyemi Nigeria’s plan to allow the Central Bank of Nigeria (CBN) to take over operations of the nation’s fixed-income market is likely to be withdrawn following objections from key government institutions, Bloomberg has reported. According to the report, the Ministry of Finance, the Securities and Exchange Commission (SEC), and the CBN are currently ...
By Sofiyyah Layole Oando Plc has reported a significant jump in profitability, posting a profit after tax (PAT) of ₦201.31 billion for the nine months ended September 30, 2025. This marks a substantial improvement from the ₦76.30 billion recorded in the same period of 2024, a performance the company attributed primarily to a sharp increase ...
