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The Federal Inland Revenue Service (FIRS) is ramping up its engagement with stakeholders as part of a broader strategy to encourage voluntary compliance among Nigerian taxpayers. In a statement released by Collins Omokaro, Special Adviser on Communications and Advocacy, it was made clear that the Executive Chairman of FIRS, Dr Zacch Adedeji, is placing a ...
Mobile money platforms processed around 108 billion transactions in 2024, amounting to a combined value of $1.68 trillion, according to the State of the Industry Report on Mobile Money 2025 released on Tuesday by the GSMA. The GSMA’s mobile money initiative is designed to strengthen the financial ecosystem in communities where access to conventional banking ...
By Seun Ibiyemi The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a substantial financing package amounting to €230 million and $10 million, aimed at advancing infrastructure development and supporting private sector growth across West Africa. This decision was reached during EBID’s 91st Ordinary Board Meeting, which was held ...
Binance Holdings Ltd. has approached the Federal High Court in Abuja, requesting it to overturn an earlier ex-parte order that had permitted the Federal Inland Revenue Service (FIRS) to serve court documents through substituted means. The application was presented on Monday by the company’s legal representative, Senior Advocate of Nigeria, Chukwuka Ikwuazom, shortly after the ...
Association of Bureau de Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to sustain its reforms against inflation and Foreign Exchange (FX) volatility, especially after the recent U.S. tariff imposition on Nigerian exports. President of ABCON, Dr Aminu Gwadabe, made the call in an interview with the News Agency of ...
By Seun Ibiyemi The Securities and Exchange Commission (SEC) has announced that the Investment and Securities Act (ISA, 2025) formally recognises virtual assets, such as cryptocurrencies, as securities, thereby bringing them under the regulatory oversight of the Commission. In a statement on Sunday, the Director-General of SEC, Dr Emomotimi Agama, explained that the Act broadened ...
By Seun Ibiyemi Nigeria’s public debt surged by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024, up from N97.34 trillion ($108.23 billion) in 2023. This was disclosed by the Debt Management Office (DMO) in its most recent public debt profile report. The total debt consists of external debt amounting to N70.29 ...
Nigeria’s inaugural domestic US dollar bond has been recognised as the West Africa Deal of the Year at the 2025 Global Banking & Markets Africa Awards, following a highly successful issuance that raised $917 million. The bond, announced by the Debt Management Office (DMO) on August 19, 2024, initially aimed for $500 million but was ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has firmly rejected claims that it is set to introduce new N5,000 and N10,000 banknotes, dismissing the reports as completely unfounded. In a statement shared on X, formerly Twitter, on Wednesday, the apex bank clarified the situation, stating: “This content is NOT from the Central Bank ...
Sterling Bank has announced the removal of transfer fees on all local online transactions, making it the first major Nigerian bank to abolish these widely debated charges for digital banking. The decision was confirmed in a statement, with the bank reaffirming its dedication to a customer-first approach. According to Obinna Ukachukwu, the bank’s Growth Executive ...
Over 1,500 residents have benefited from a Fidelity Food Bank outreach in Kabuga community, Dala Local Government Area of Kano State. The Corporate Social Responsibility (CSR) initiative, carried out in collaboration with Misnoory Foundation, saw bank staff distribute essential food items to support people during the holy month of Ramadan. Commenting on the distribution event, ...
Nigeria’s money supply experienced its first decline in 2025, dropping to N110.32tn in February from N110.94tn in January, according to data from the Central Bank of Nigeria (CBN). The 0.56 per cent month-on-month decrease comes amid the apex bank’s ongoing efforts to regulate liquidity within the financial system, following earlier indications of monetary tightening and ...
Keystone Bank has taken control of Bacita Sugar Company, also known as Josepdam Sugar Company, due to the company’s failure to settle a debt of N25,358,203,258.09. The bank has appointed Mr Yunus Abdulsalam (SAN) as the Receiver/Manager of the company with immediate effect. This move follows an order issued by the Federal High Court in ...
Customer deposits in Zenith Bank have surged by 45% according to the Bank’s audited financial results for the year ended December 31, 2024. In the year under review, customer deposits surged by 45% from N15 trillion to N22 trillion in 2024, reflecting a historically strong corporate deposits portfolio and a sustained increase in retail deposits. ...
The Debt Management Office (DMO) says the Federal Government has been able to raise a total of N1.09 trillion through the Sovereign Sukuk since 2017, to support infrastructure development. The Director-General of the DMO, Patience Oniha, said this on Wednesday in Lagos, during “an all parties meeting” for the issuance of the seventh series of ...
The Naira appreciated on Monday at the official market, trading at N1,531.19 to a dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N5.70. This represents a 0.37 per cent gain when compared to the N1,536.89 per dollar recorded on Friday, March 21. The Naira experienced slight volatility the ...
The Central Bank of Nigeria (CBN) has turned down Governor Ademola Adeleke’s nomination of former Finance Commissioner, Wale Bolorunduro, as a Director of the Osun State-owned Living Trust Mortgage Bank. Adeleke had appointed Bolorunduro—who previously served in the administration of former Governor Rauf Aregbesola—as Director and Chairman of Living Trust Mortgage Bank in 2024. However, ...
Leading financial institutions, including Access Bank, Wema Bank, and Providus Bank, are set to compete for top honours at the Nigeria SME Awards, an event dedicated to recognising excellence in the Small and Medium Enterprises (SME) sector. The 8th edition of the Nigeria Small and Medium Enterprises Summit and Awards (NigeriaSMEAwards) is set to take ...
LivingTrust Mortgage Bank Plc has obtained the approval of the Central Bank of Nigeria (CBN) to appoint eight distinguished professionals to its board, marking a strategic effort to enhance leadership and drive the company’s expansion objectives. In a formal notification to the Nigerian Exchange Group Limited (NGX Group), signed by Dr Olumide Adedeji, the Managing ...
The Bank of Industry (BOI) has introduced a specialised intervention programme, Project Guaranteed Loans for Women (GLOW), valued at N10 billion, to support female entrepreneurs across Nigeria. The initiative seeks to tackle the ongoing financial inclusion gap faced by women in the country, providing them with essential capital to expand their businesses and contribute to ...
First City Monument Bank (FCMB) has expanded its presence by opening a new branch in Ogbomoso, a move aimed at enhancing financial inclusion and driving economic development. The branch, situated along the Ogbomoso-Ilorin Road, was officially inaugurated on 12 March in a ceremony attended by local dignitaries. During the event, Oba Ghandi Olaoye, the Soun ...
Ecobank Group has been named the Best Trade Finance Provider Bank in Africa at the Global Finance Trade Finance & Supply Chain Finance Awards 2025. Additionally, the bank’s subsidiaries in Burkina Faso, Côte d’Ivoire, and Rwanda have been recognised as the leading trade finance providers in their respective markets. Michael Larbie, Group Executive, Corporate and ...
A recent Household Expectations Survey conducted by the Central Bank of Nigeria in February 2025 has revealed that 65.5% of Nigerians support a reduction in lending rates, believing it would benefit the economy. The survey, which assesses public perception on key economic indicators such as inflation, interest rates, exchange rates, and overall economic confidence, provides ...
