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Financial institutions in Nigeria lost N52.26 billion to fraud in 2024 according to the latest report by the Nigeria Inter-Bank Settlement System (NIBSS). This represents a significant increase of N34.59 billion compared to the N17.67 billion recorded in 2023. The NIBSS Fraud Report documents fraud activities, whether attempted or successful, and related metrics identified by ...
...Recommends retaining current 7.5% VAT rate By Austine Agbo Emmanuel, Kaduna Arewa Consultative Forum (ACF) has submitted a comprehensive report to the National Assembly detailing its concerns and recommendations on the proposed Executive Tax Reform Bills. In a statement issued to newsmen in Kaduna on Monday by the National Publicity Secretary of ACF, Prof. T.A ...
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to enhancing economic cooperation between Nigeria and the Kingdom of Saudi Arabia, according to a statement released recently. CBN Governor Olayemi Cardoso made this known during a courtesy visit by the Saudi Arabian Ambassador to Nigeria, Faisal bin Ibrahim Alghamdi, and his delegation to the ...
Sterling Financial Holdings Company Plc has communicated to the public and the Nigerian Exchange Group (NGX) regarding the delayed filing of its Audited Financial Statements for the fiscal year ending 31st December 2024. According to the disclosure signed by the company’s Executive Director, Olayinka Oni, the delay stems from a transition in the core banking ...
Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalisation targets set by the Central Bank of Nigeria (CBN). With a successful first phase of its capital-raising initiative that recorded over 238% over subscription and share price growth of over 100% evidencing a huge surge in investor confidence for the bank. ...
...Returns as headline sponsor for 2025 NBC Trade Fair Wema Bank, Nigeria’s most innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has reaffirmed its dedication to empowering women-led businesses in the country. This reaffirmation was disclosed during the Bank’s announcement of its 80 years anniversary campaigns targeted at supporting and rewarding ...
By Matthew Denis The World Bank has announced a $60 million allocation to train 75,000 Nigerian youths under the Nigerian Youth Employment Through Skills Acquisition Fund (NYESAF). The initiative is part of the Innovation, Development, and Effectiveness in the Acquisition of Skills (IDEAS) project of the Federal Ministry of Education. World Bank Education Specialist, Mistura ...
The Central Bank of Nigeria (CBN) on Thursday retained its benchmark interest rate known as the Policy Rate (MPR) at 27.5 percent, following the rebased consumer price index (CPI). The National Bureau of Statistics (NBS) on Tuesday rebased the CPI CPI reading, which revealed a sharp reduction in Nigeria’s headline inflation rate to 24.5 percent ...
By Austine Agbo Emmanuel, Kaduna The Nigeria Deposit Insurance Corporation (NDIC) has successfully auctioned off the assets of the defunct Heritage Bank, including landed properties and chattels, as part of its statutory mandate under Section 62 (1)(d) of the NDIC Act, 2023. The proceeds from the sale will be used to reimburse depositors with balances ...
To further strengthen Nigeria’s trade finance sector, First City Monument Bank Limited (FCMB) and Union Systems Limited (USL) have renewed their partnership for the Bank’s continued use of Kachasi, a fully automated, end-to-end platform providing comprehensive local and international trade finance solutions. This aligns with FCMB’s purpose of fostering inclusive and sustainable growth by building ...
By Matthew Denis The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has tasked the revenue-generating agencies of the Federation with employing digital technology to enhance revenue generation and offset national debt. The Minister made this disclosure at the 5th Edition of the National Treasury Workshop held in Abuja on Monday. Represented ...
Nigeria’s capital inflow declined to $1.63 billion in November 2024, marking a 13.8% drop from October’s figure of $1.89 billion. This is according to the Central Bank of Nigeria’s (CBN) Economic Report for November 2024. The decrease was driven by a reduction in portfolio investments, foreign direct investment (FDI), and other investment categories, including loans. ...
The Central Bank of Nigeria (CBN) intervened in the foreign exchange market with the sales of $66 million to authorised dealer banks. Due to supply side shortfall, the naira has been under pressures for two weeks after a full week rally. The forex market volatility caused exchange rate to swing negative for 8 out of ...
The Central Bank of Nigeria (CBN) has said over the weekend that the new policy on cash withdrawal from Automated Teller Machines (ATMs) would benefit banks and their customers. The CBN said on Tuesday customers withdrawing cash from other banks ATMs would now be charged N100 for every N20,000. The directive will take effect on ...
First Bank of Nigeria Ltd. has produced additional 500 Pan-African graduate trainees from Nigeria and six other countries in the continent at its sales academy to drive current global banking innovations. The bank held a close-out party over the weekend in Iganmu, Lagos for the graduate trainees from Nigeria, Ghana, Guinea, Sierra Leone, Gambia, Democratic ...
The Central Bank of Nigeria (CBN) conducted another Open Market Operation (OMO) auction on February 13, 2025, attracting significant investor participation. Total subscriptions reached N1.915 trillion, indicating continued confidence in CBN’s liquidity management instruments. However, compared to the January 31, 2025, auction, demand was noticeably lower. Despite this, the central bank increased the total volume ...
Four lucky winners have emerged from the first draw in the ongoing FCMB Millionaire Promo season 10. They are Issa Aliyu, a diligent farmer from Ilorin, Kwara State; Anthony Ngiah, a successful businessman from Owerri, Imo State; Aisha Muhammad, an ingenious entrepreneur from Kaduna State; and Prosper Chigbu, another thriving businessman from Lagos State. In ...
The Central Bank of Nigeria (CBN) has threatened to penalise banks that compel customers to withdraw amounts lower than N20,000 per transaction from Automated Teller Machines (ATMs). The apex bank gave the warning in a “Question and Answer” explainer released on Thursday in reaction to its recent review of ATM withdrawal fees. Recall that the ...
..Set to empower 1,000 African entrepreneurs The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering entrepreneurs, has signed a strategic $6 million partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation. The agreement, sealed at the World Governments Summit, will provide business training, mentorship, networking opportunities, ...
Keystone Bank Limited has announced that it is now fully owned by the Federal Government of Nigeria, following the court’s dissolution of its former shareholder, Sigma Golf Nigeria Limited. This was disclosed in the bank’s statement after the judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, against Sigma, in a matter ...
In light of growing operational costs, the Central Bank of Nigeria (CBN) has put an end to free ATM withdrawals at banks other than the card-issuing bank. This move comes amidst rising financial pressures and aims to streamline the costs associated with ATM usage across the country. For many Nigerians, withdrawing cash from any available ...
Access Holdings PLC has unveiled the AccessGive platform to honour its last co-founder and CEO, Herbert Wigwe. The platform was launched during the One Year Memorial held on Sunday in Lagos. This groundbreaking platform is dedicated to sustaining and scaling the transformative impact of the late Herbert Wigwe, a leader whose vision extended far beyond ...
...Says it will reduce multiple taxes By Matthew Denis A renowned audit and tax professional, and the immediate past Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has expressed his strong support for the ongoing tax reform bills, emphasising that they are aimed at addressing the challenges of multiple taxation faced by ...
