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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Friday, engaged in a thought-provoking conversation with Nobel Prize-winning economist, Dr. James Robinson, the Reverend Richard L. Pearson Professor at the University of Chicago and Director of the Pearson Institute for the Study and Resolution of Global Conflicts in the United States. According to ...
Nigeria’s economy recorded a downturn in net foreign exchange (forex) inflows in January 2025, driven mainly by a marked reduction in contributions from the Central Bank of Nigeria (CBN), according to the apex bank’s January Economic Report published on 17 April. The report reveals that net forex inflows declined to $4.79 billion in January, representing ...
First Holdco Plc has generated N663.49 billion profit after tax for the year ended Dec. 31, 2024. This is a 115.12 per cent increase from N308.43 billion recorded in 2023. The group disclosed this through a corporate disclosure released through the Nigerian Exchange Ltd. The company also reported a pre-tax profit of N781.88 billion, representing ...
Fidelity Bank PLC, one of Nigeria’s leading tier-one financial institutions, has been recognised as “Nigeria’s Best Private Bank” at the 2025 edition of the Euromoney Awards for Excellence. The award was formally presented at a ceremony held recently at The Savoy in London. Widely regarded as a benchmark of quality in the global banking and ...
The Chartered Institute of Bankers of Nigeria (CIBN) has entered into a strategic collaboration with James Hope University and LIMBSimple Company Ltd. to drive inclusive growth through enterprise development within the country’s banking and finance ecosystem. The partnership was officially cemented on Thursday with the signing of a Memorandum of Understanding (MoU) at the Bankers ...
Stanbic IBTC Bank has launched a nationwide campaign titled “There is Possible, Then There is More,” aimed at motivating Nigerian business leaders to break beyond perceived limits and embrace exponential growth through strategic collaboration. The campaign kicked off with a striking teaser rolled out across digital platforms, out-of-home advertising, and social media. The cryptic message—”An ...
The Independent Media and Policy Initiative (IMPI) has rejected recent claims made by Senator Mohammed Ali Ndume, asserting that the Tinubu administration has not only handled Nigeria’s public debt with prudence but also reduced the country’s external debt by $14 billion within a single year. Responding to Senator Ndume’s televised remarks—which questioned the federal government’s ...
...Proposes N1.76 dividend Central Securities Clearing System (CSCS) Plc has reported a solid financial performance for the year ended 31 December 2024, delivering double-digit growth in both revenue and profit despite prevailing economic challenges. According to the firm’s audited consolidated and separate financial statements, total revenue climbed by 37 percent to N26.1 billion, compared to ...
Keystone Bank Limited has been named Best in Customer Experience at the 14th West Africa Innovation Awards, held recently in Lagos—an accolade that affirms its growing reputation for service excellence and innovation within the banking sector. The annual awards ceremony, which celebrates exceptional brands and professionals across the West African region, spotlights organisations setting new ...
Dozens of entrepreneurs across Nigeria’s southwest are attributing new-found confidence and business growth strategies to a recent training initiative organised by First City Monument Bank (FCMB). The programme, Business Empowerment, Sustainability and Training (BEST) Masterclass, wrapped up its latest round in March 2025, offering hands-on training to business owners in Ogun, Oyo, Osun, Ondo, and ...
As Nigeria accelerates its pursuit of a $1 trillion economy by 2030, the Central Bank of Nigeria (CBN) has reaffirmed the pivotal role of the banking industry in driving this transformation. Speaking at a seminar for finance correspondents and business editors in Abuja on Monday, the CBN’s Director of Banking Supervision, Olubukola Akinniyi Akinwunmi, underscored ...
The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has called on the Central Bank of Nigeria (CBN) to step up its commitment to shielding indigenous enterprises and the wider industrial sector from looming collapse. This appeal was made by the ECCIMA President, Chief Odeiga Jideonwo, during the CBN Special Day at the ongoing ...
President Bola Ahmed Tinubu on Thursday commissioned the Afreximbank African Trade Centre (AATC) in Abuja, marking a major milestone in Nigeria’s efforts to position itself as a continental hub for trade and investment. The president was represented at the event by the Secretary to the Government of the Federation (SGF), Senator George Akume. The Centre, ...
The removal of bank transfer fees is not a mere marketing tactic, according to Abubakar Suleiman, the Chief Executive Officer of Sterling Bank. In a bold move that reshapes the landscape of the Nigerian banking sector, Sterling Bank has eliminated transfer fees on its digital banking platform, OneBank. This decision makes Sterling the first major ...
The Nigeria Deposit Insurance Corporation (NDIC) has said it would begin the payment of the first tranche of liquidation dividends to depositors of Heritage Bank from April. It would be recalled that Heritage Bank operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024. The Managing Director of NDIC, Mr ...
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 ...
... As external reserves surge to $40.19bn The Central Bank of Nigeria (CBN) has announced a balance of payments (BOP) surplus of $6.83 billion for the 2024 financial year, a significant reversal from a deficit of $3.34 billion in 2023 and $3.32 billion in 2022. The Acting Director of Corporate Communications, Sidi-Ali Hakama, shared ...
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 ...
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 virtually and chaired ...
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 ...
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 the definition of ...
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 trillion ($45.78 billion), ...
