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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 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 ...
By Seun Ibiyemi The Board of Unity Bank has appointed Ebenezer Kolawole as the Acting Managing Director of the Bank, following recent leadership changes. This appointment comes after the retirement of Oluwatomi Somefun, who completed her tenure as Managing Director, with necessary approval from the Central Bank of Nigeria (CBN). In a statement on Wednesday, ...
Africa’s Global Bank, United Bank for Africa (UBA) Plc has launched the AfriGo Card, a revolutionary domestic card scheme aimed at transforming the Nigerian payments landscape. The AfriGo Card, introduced by the Central Bank of Nigeria (CBN) in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), offers a robust alternative to international card schemes, ...
Minister of Finance and Coordinating Minister of the Economy, Wale Edun has reiterated the commitment of the Federal Government in implementing reforms that will foster the growth of the private sector. The Minister gave the assurance yesterday in his office in Abuja when he hosted Alhaji Aliko Dangote, President of the Dangote Group, for crucial ...
...Says loans hurting Nigerian economy The Asset Management Corporation of Nigeria (AMCON) has called on the media to play an active role in exposing debtors as part of its efforts to recover over N4 trillion in outstanding debts. The appeal was made by AMCON’s Head of Corporate Communications, Mr Jude Nwauzor, during a recent interaction ...
…As FG spends ¦ 8.47trn on external debt servicing By Seun Ibiyemi Nigeria has allocated approximately ¦ 8.47 trillion ($5.47 billion) towards external debt servicing between January 2024 and February 2025, underscoring the mounting pressure on government revenue and the nation’s foreign reserves, according to data from the Central Bank of Nigeria (CBN). Figures from ...
Nigeria expended a total of $5.47bn on external debt servicing between January 2024 and February 2025, data from the Central Bank of Nigeria have shown. The figures, published on the apex bank’s website, indicate the growing burden of debt obligations on the country’s external reserves and fiscal stability. An analysis of the data revealed that ...
The Central Bank of Nigeria (CBN) has expressed deep concern over the increasing prevalence of unlawful transactions involving the Naira, calling for urgent measures to curb the trend. CBN Governor, Olayemi Cardoso, made this known during the Bank’s Security Workshop in Abuja on Thursday, where security and law enforcement agencies convened to address the issue. ...
The Minister of Finance, Wale Edun, has stated that the Federal Government is gradually reducing its reliance on borrowing to fund budget deficits, shifting instead towards optimising national assets and attracting private investment to stimulate economic growth. He explained that this transition is designed to lessen the country’s dependence on debt while making more efficient ...
Fidelity Bank Plc has awarded a cheque of N500,000 to Ms Grace Adamu, the latest winner in its ongoing Get Alert In Millions Season Six “Youth Empowerment” promotion. The symbolic cheque was handed over to the recipient on Wednesday at the headquarters of Patani Local Government Area in Delta State. The presentation was led by ...
The naira on Monday witnessed further depreciation as it fell sharply to N1,530 on renewed dollar shortage at the official Foreign Exchange (FX) market. After trading on Monday, the naira lost N19.91 or 0.8 percent as the dollar was quoted at N1,530.15 compared to N1,517.24 quoted on Friday at the Nigerian Foreign Exchange Market (NFEM), ...
Ecobank Nigeria, in collaboration with the Regional Off-Grid Electricity Access Project (ROGEAP), has unveiled a three-day Entrepreneurship Business Training Workshop for small and medium-sized enterprises (SMEs) in the solar energy sector. The training will take place in Abuja from 10th to 12th March, equipping 50 SMEs with essential technical, financial, and business management expertise to ...
Wema Bank has unveiled an extensive lineup of activities to commemorate International Women’s Day (IWD) 2025, underscoring its strong commitment to gender equality and inclusion. According to the bank, its IWD 2025 event will be held in Lagos under the theme, ‘Harnessing Innovation & Technology To Accelerate Financial Inclusion for Women,’ and will dwell on ...
Access Bank PLC (Access Bank), a leading African financial institution, has received the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for its headquarters, Access Tower, in Oniru, Victoria Island, Lagos. The EDGE certification programme, supported by the Government of Japan in Nigeria and globally funded by the UK Government’s Department for ...
Nigeria’s economic policies are yielding positive results, with the country recording a $16 billion trade surplus, rising foreign reserves, and increased investor confidence, according to the Presidency. Speaking in a recent interview, Special Adviser to the President on Media and Public Communications, Sunday Dare, attributed the economic boost to the bold policy decisions of President ...
