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...Nominees to strengthen public trust in financial institutions -Lado 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 on Banking, Insurance ...
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 ...
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 the remarks at ...
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 ...
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 other stakeholders, the ...
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 ...
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 treatment of non-performing ...
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 CBN had initially ...
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 ...
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 2025. The continued ...
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 ...
