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First City Monument Bank (FCMB) has officially opened a new branch in Sangotedo, Lagos, drawing strong praise from traditional rulers and local authorities who described the move as a vital step towards stimulating economic activity in the rapidly developing area. The ceremonial launch over the weekend brought together traditional leaders, local government officials, and senior ...
The Founder and Chairman of Heirs Holdings, Mr. Tony Elumelu, has emphasized the critical role of robust financial institutions in supporting the private sector to drive economic transformation across Africa. Speaking at the 32nd Afreximbank Annual Meetings in Abuja ober the weekend, Elumelu point out how partnerships between institutions like Afreximbank and African businesses can ...
By Seun Ibiyemi Guaranty Trust Bank Ltd. has announced that all its branches across Nigeria will close earlier than usual on Monday, June 30. The bank made this known in a customer email sent on Saturday, informing clients of the temporary change in operation hours. According to the message, the early closure is to allow ...
Guaranty Trust Bank Ltd. has announced that all its branches across Nigeria will close earlier than usual on Monday, June 30. The bank made this known in a customer email sent on Saturday, informing clients of the temporary change in operation hours. According to the message, the early closure is to allow for the bank’s ...
...Nominees to strengthen public trust in financial institutions -Lado By Seun Ibiyemi The Senate on Thursday confirmed the appointments of Mr Thompson Sunday as Managing Director and Dr Kabir Katata as Executive Director of the Nigerian Deposit Insurance Corporation (NDIC). Their confirmation followed the consideration and approval of a report submitted by the Senate Committee ...
The Nigerian stock market closed on a negative note on Thursday with key performance indicators dropping by 0.4 per cent. This is after a three-day consecutive uptrend. The market capitalisation dropped by N308 billion, or 0.4 per cent, closing at N76.453 trillion, down from N76.761 trillion recorded on Wednesday. Also, the All-Share Index shed 485.01 ...
Investor demand for stocks such as Oando, Dangote Sugar Refinery, and CWG drove Nigeria’s equities market higher on Wednesday, with the All-Share Index (ASI) gaining 1.22 percent at the close of trading. The market’s benchmark performance indicator crossed the 120,000-point threshold, reflecting sustained positive sentiment and continued bullish momentum. As of Wednesday’s close, the year-to-date ...
By Matthew Denis The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has called on African leaders, financial institutions, and the diaspora to unite behind a development agenda that is “African-led and African-owned,” as the continent seeks to build on its history of economic resilience and reduce reliance on external influences. Cardoso made ...
Industrial & Medical Gases Nigeria Plc (IMG) has secured shareholder approval to raise N6.5 billion via a rights issue, aimed at strengthening its capital base and expanding its operations. The endorsement came during the company’s Annual General Meeting (AGM) held in Lagos, where other key resolutions were also passed. As part of its reward to ...
By Seun Ibiyemi Fidelity Bank Plc has reiterated its commitment to regulatory compliance and financial resilience in response to the recent circular issued by the Central Bank of Nigeria (CBN) regarding forbearance on the Single Obligor Limit (SOL) and other credit facilities. In an official statement released to shareholders, NGX Regulation Limited (NGX RegCo), and ...
The Federal Government has moved to secure an additional $500 million in financing to upscale the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme, following its success in supporting vulnerable Nigerians and small businesses. The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, disclosed this at a stakeholders’ meeting in Abuja, ...
FirstHoldCo Plc has assured of its commitment to comply with the Central Bank of Nigeria’s (CBN) prudential regulations, including resolving breaches of the Single Obligor Limit (SOL) and exiting forbearance on credit facilities. The bank also assured shareholders of its intention to continue with dividend payments in 2025 and beyond. In a statement issued on ...
Guaranty Trust Bank (GTBank) has announced that it will begin deducting the Unstructured Supplementary Service Data (USSD) transaction fee from customers’ airtime balances instead of their bank accounts. In a notification sent to customers on Wednesday, the bank stated, “Dear Customer, please be informed that effective June 18, the N6.98 USSD fee will be deducted ...
Seplat Energy Plc emerged as the top performer on the Nigerian Exchange Limited (NGX) on Wednesday, helping to lift the equities market to its first positive close of the week. This rebound followed a period of investor caution sparked by a recent directive from the Central Bank of Nigeria (CBN) targeting the banking sector. By ...
The Securities and Exchange Commission (SEC) has announced that it is working closely with developers and industry stakeholders to establish a regulatory framework for stablecoins in Nigeria. This initiative forms part of broader efforts to encourage responsible innovation and build confidence in the digital asset ecosystem. Speaking at the 2025 Decentralised Finance (DeFi) Conference held ...
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigerian government to maintain momentum in tackling the underlying structural causes of inflation, despite the recent moderation in the inflation rate. Responding to the May inflation figure of 22.97 per cent released by the National Bureau of Statistics (NBS), the Director-General of the ...
The Association of Securities Dealing Houses of Nigeria (ASHON) has raised concerns over the Central Bank of Nigeria’s (CBN) recent circular temporarily suspending dividend payments by banks. In a statement issued on Tuesday, ASHON Chairman, Mr Sam Onukwue, said the directive, released on 13 June, was reportedly intended to enforce compliance with regulatory forbearance measures ...
By Matthew Denis A new report from Proshare has revealed that only two of Nigeria’s top-tier banks, Zenith Bank and Access Holdings Plc, have so far met the Central Bank of Nigeria’s (CBN) new minimum capital threshold of N500 billion for internationally licensed institutions. The report, titled “Tier 1 Banks Report: Getting Bigger, Braver, and ...
The Institute of Chartered Accountants of Nigeria (ICAN) on Saturday inaugurated a new leadership team for its Sokoto and District Society, with Alhaji Ganiyu Mustapha emerging as the 6th Chairman. Speaking during the inauguration ceremony in Sokoto, ICAN President, Malam Haruna Yahaya, represented by the Northern Zonal Chairman, Alhaji Ibrahim Alkali, urged the new executive ...
In five months to May 2025, equities worth N2.14trillion were traded by Chapel Hill Denham Securities Limited, Cardinalstone Securities Limited, Cordros Securities Limited, and seven other stockbroking firms. Other stockbroking firms that contributed to the record N2.14trillion equities transaction in five months are: APT Securities and Funds, United Capital Securities Limited, Stanbic IBTC Stockbrokers Limited, ...
Wema Bank has received rating upgrades from credit rating agencies, Fitch and GCR. Fitch upgraded Wema Bank’s National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, with a Positive outlook, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B-‘. GCR also upgraded the bank’s National scale long and short-term issuer rating to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with ...
By Seun Ibiyemi African Export-Import Bank (Afreximbank) on Tuesday issued a statement on a recent Fitch Ratings report, saying it operates under very high standards of financial transparency. “The Bank’s financial reporting strictly adheres to International Financial Reporting Standards (IFRS), including IFRS 9. This standard governs the classification and staging of loan performance, including the ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has extended the recapitalisation deadline of the Bureau De Change (BDC) operators to December 31, 2025. This was discovered in a group chart of the BDCs, following the expiration of the second deadline for the recapitalisation exercise given by the CBN on June 3, 2025. The ...
