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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 ...
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 ...
By Seun Ibiyemi Shareholders of Fidelity Bank, a leading tier-one lender, have commended the institution’s board and executive leadership for delivering a standout performance in the 2024 financial year. During the bank’s 37th Annual General Meeting (AGM), held virtually on Tuesday, 29 April 2025, Chief Boniface Okezie, National Chairman of the Progressive Shareholders Association, lauded ...
The Debt Management Office (DMO) has published the outcome of the April 2025 Federal Government of Nigeria (FGN) Bond Auction, revealing a total allotment of N397.898 billion across two re-issued bonds, the 19.30 per cent FGN APR 2029 (5-Year Bond) and the 19.89 per cent FGN MAY 2033 (9-Year Bond). The auction took place on ...
Zenith Bank has confirmed it is under no obligation to raise additional capital after comfortably surpassing the Central Bank of Nigeria’s (CBN) minimum requirement of N500 billion. The bank now holds a capital base of N614.65 billion, reaching 160 per cent of the CBN’s threshold. This milestone follows a significantly oversubscribed hybrid offering concluded earlier ...
Zenith Bank Plc reaffirmed its commitment to delivering sustained shareholder value, approving a final dividend of NGN4.00 per share. This brings the total dividend for the 2024 financial year to NGN5.00 per share, amounting to a payout of NGN195.67 billion. Addressing shareholders at the Civic Centre in Victoria Island, Lagos, the Founder and Chairman, Jim ...
Stanbic IBTC Bank has said it has successfully concluded its strategic participation in the 2025 GTR West Africa conference, reinforcing its role as a leader in trade finance solutions and digital innovation across the region. The event, held at the Eko Convention Centre in Lagos on April 24-25, 2025, attracted over 400 delegates from more ...
The Central Bank of Nigeria (CBN) has announced significant review of the documentation requirements for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria. According to a statement by Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, said the initiative was part of CBN’s ongoing commitment to foster seamless intra-African trade and ...
The Naira ended the week on a stronger footing on Friday in the official market, closing at N1,599.55 against the Dollar after several days of volatility. This rebound comes after a period of turbulence, during which the local currency wavered in performance over consecutive trading sessions. Figures from the Central Bank of Nigeria (CBN) show ...
The Central Bank of Nigeria (CBN) raised a total of N1.008 trillion at its Open Market Operations (OMO) auction over the weekend, driven by overwhelming investor demand that saw a 102 per cent oversubscription. The auction, which had initially offered N500 billion across two maturities, attracted bids nearing N1.4 trillion as investors moved to secure ...
...Reaffirms commitment to digital transformation, Africa’s economic development ...To complete CBN’s N500 billion capital requirement in Q3 2025 ...Shettima extols UBA’s dedication to innovation, emerging markets The United Bank for Africa (UBA) reached a historic milestone, celebrating its 75th anniversary during its 65th Annual General Meeting. Group Chairman, Mr Tony Elumelu, delivered a reflective speech, ...
The Nigeria Deposit Insurance Corporation (NDIC) has started payment of N46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank. This is contained in statement on Sunday by Hawwau Gambo, Acting Head, Communication and Public Affairs. She said the funds were realised from sales of the bank’s assets and recovery of debts owed. ...
Benue Commissioner for Finance, Mr Michael Oglegba, has said that the state is targeting N3 billion monthly as Internal Generated Revenue (IGR) in 2025. Oglegba, who stated this in an interview with the newsmen in Makurdi, said that the state IGR has shored up since Gov. Hyacinth Alia assumed office. The commissioner said that he ...
The Naira closed stronger on Friday in the official market, trading at N1,599.55 to the Dollar, ending a week marked by fluctuations. This recovery follows a period of instability, with the local currency experiencing several days of inconsistent performance. Data from the Central Bank of Nigeria (CBN) indicated that the Naira gained N2.27 against the ...
The Central Bank of Nigeria (CBN) has granted approval for Nigerian pilgrims to use cash during the 2025 Hajj in Makkah, reversing its earlier decision to mandate debit card-only transactions for Basic Travel Allowance (BTA). This reversal comes after Vice President Kashim Shettima made a formal appeal to President Bola Ahmed Tinubu on behalf of ...
Transcorp Power Plc, formerly known as Transcorp Power Limited, has posted an impressive first-quarter result for 2025, with pre-tax profits climbing to ¦ 43.283 billion. This marks a year-on-year increase of 50.43 per cent compared to the ¦ 28.772 billion reported in the first quarter of 2024. Net profit also showed remarkable growth, rising by ...
United Bank for Africa (UBA) reported post-tax profit of N189 billion in the first three months of 2025, maintaining a steady rise for the past six years. The pan-African lender saw interest income rise to N599.8 billion, a 36 percent increase from N440.7 billion recorded at the same time in 2024, as six consecutive upward ...
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has equipped several Nano, Micro, Small and Medium Enterprises (NMSMEs) in Lagos State with cutting-edge skills in packaging and branding. SMEDAN’s Chief Executive Officer/ Director General, Mr Charles Odii, on Wednesday in Lagos, said the ongoing training would enable NMSMEs to unlock the vast opportunities ...
Nigeria’s broad money supply (M3) surged by 24 percent year-on-year to reach an unprecedented N114.2 trillion in March 2025, defying the Central Bank of Nigeria (CBN)’s ongoing efforts to curb inflation through a strict monetary policy regime. The M3 measure, which offers the most extensive overview of money circulating within the economy, encompasses not only ...
Fidelity Bank Plc, one of Nigeria’s leading financial institutions, has awarded cash prizes to 30 customers in the second and third monthly draws of its ongoing Get Alert in Millions Season 6 (GAIM 6) promotion, including winners from a special International Women’s Day Draw. The prize presentation, held recently at the Fidelity SME Hub in ...
