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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 ...
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 ...
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, Unity Bank described ...
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 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 the apex bank ...
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 ...
