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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, ...
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 ...
Oando Plc has published its audited financial statements for the year ended 31 December 2024, reporting a pre-tax profit of N383.8 billion. This marks a sharp increase of 272.72 per cent compared to the N102.9 billion recorded in 2023, driven largely by a strong rise in revenue and other operating income. Total revenue for the ...
The Nigerian stock market continued on a bullish trend on Wednesday, gaining N224 billion and marking a three-day positive trend. Market capitalisation rose by N224 billion or 0.32 per cent, closing at N71.118 trillion when compared to N70.894 trillion recorded on Tuesday. Similarly, the All-Share Index (ASI) climbed 354.25 points or 0.32 per cent, reaching ...
The Federal High Court in Abuja has struck out a staggering £990 trillion lawsuit filed by Mr Tunde Omosebi against the Central Bank of Nigeria (CBN), declaring the case incoherent and legally baseless. Justice James Omotosho, delivering judgment on Wednesday, ruled that the application, which sought redress for alleged violations of Omosebi’s fundamental rights, disclosed ...
By Seun Ibiyemi Credit to Nigeria’s private sector continued its steady ascent in April 2025, reaching N77.90 trillion, according to fresh data released by the Central Bank of Nigeria (CBN). This marks a 6.8 per cent year-on-year increase from N72.91 trillion in April 2024 and a 2.15 per cent rise from N76.26 trillion in March ...
By Tosin Ajayi Firstmonie Agent Credit Scheme is a FirstBank’s digital lending solution designed to empower a wide range of low-income individuals who face barriers in accessing traditional credit channels. This innovative program offers financial support to Firstmonie Point-Of- Sale agents by enabling them to overcome liquidity challenges and capitalize on new opportunities without disruption ...
The Naira closed the week on a stable note, maintaining its position at ₦1,586.15 to the Dollar in the official foreign exchange market on Friday. The local currency had traded at the same rate on Thursday, after gaining ₦4.59 earlier that day. According to data from the Central Bank of Nigeria (CBN), the Naira strengthened ...
Heirs Holdings Limited, the investment firm led by billionaire entrepreneur Tony Elumelu, has increased its equity in United Bank for Africa Plc (UBA) with the acquisition of 45,034,044 shares valued at approximately N1.54 billion. The transaction was disclosed in a filing on the Nigerian Exchange, signed by UBA’s Company Secretary and Legal Counsel, Bili A. ...
Access Holdings Plc has announced the appointment of Mr Akinyemi Odusolu as an Independent Non-Executive Director of its subsidiary, Access Bank Plc, effective 2 May 2025. The appointment, which has been approved by the Central Bank of Nigeria (CBN), reflects the bank’s strategy to enhance its governance framework by incorporating advanced financial and technological expertise. ...
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the distribution of liquidation dividends to depositors, creditors, and shareholders of Pearl Microfinance Bank, which is currently under liquidation. The initiative is intended to mitigate financial losses for verified stakeholders affected by the bank’s closure. Eligible individuals seeking to claim their dividends must provide specific documentation, including ...
The Central Bank of Nigeria (CBN) has imposed a ¦ 250 million (approximately $190,000) fine on Nigerian fintech company Paystack for operating its peer-to-peer payment app, Zap, in breach of regulatory guidelines. This development was first reported by TechCabal and marks the most significant regulatory action against Paystack since its licensing by the CBN in ...
FCMB Group Plc held its 12th Annual General Meeting (AGM) in Lagos on 29 April 2025, where shareholders endorsed the company’s financial performance for 2024 and approved a series of resolutions aimed at strengthening its governance framework and accelerating future growth. The Group concluded the 2024 financial year with total assets of ¦ 7.1 trillion ...
