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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 ...
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 ...
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 ...
By Sofiyyah Layole The Nigerian Exchange (NGX) closed on a positive trajectory on Monday as major performance indicators reflected renewed investor confidence in the equities market. The All-Share Index (ASI) climbed to 145,159.77 points, while total market capitalization across equities, bonds and ETFs remained resilient. Trading activity was moderate, with 28,492 deals executed on a ...
..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 ...
