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Nigeria may exit the Financial Action Task Force (FATF) grey list by the second quarter of 2025 considering enhanced effort and progress in its fight against money laundering and terrorist financing. This is according to governor Central Bank of Nigeria (CBN), Olayemi Cardoso, who spoke on Tuesday while briefing the media on the outcomes of ...
By Esther Adebayo Nigeria’s proposed tax reform bills are set to revolutionise the country’s tax system, bringing in much-needed reforms since independence. The bills, which include the National Tax Bill (NTB), National Tax Authority Bill (NTAB), Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill, aim to modernise tax administration, increase revenue generation, ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators from December 3, 2024, to June 3, 2025. Aminu Gwadabe, president of the Association of Bureaux De Change of Nigeria (ABCON), disclosed the extension during an emergency virtual general meeting held by ABCON ...
Leading financial institution, Fidelity Bank Plc, has announced that it will be giving out N159 million to lucky customers in its recently launched Get Alerts in Millions Season 6, (GAIM 6) promo. Speaking at the press conference to kick off the promo at the bank’s Lagos head office, Executive Director, Lagos & South-West, Fidelity Bank ...
Stanbic IBTC Holdings, a member of Standard Bank Group, has unveiled the fourth edition of its flagship Digital Skills Empowerment Programme (DiSEP 4.0). This initiative underscores the company’s longstanding commitment to empowering young Nigerians and actively promoting digital transformation within the country. DiSEP 4.0 represents a significant step forward in addressing the digital skills gap ...
It said the programme equips Nigerian Small and Medium Enterprises with essential skills, insights, and resources for entering and thriving in the global market. The Academy, according to a statement from the bank, hosted over 40 participants in Lagos. It highlights Wema Bank’s commitment to enhancing Nigeria’s economic landscape by opening new global opportunities for ...
The Central Bank of Nigeria has denied claims that it is preventing Nigerians from transferring money into their accounts. The CBN also warned customers to exercise caution when sending fictitious SWIFT messages while remitting foreign exchange. The apex bank made this disclosure in a statement signed by the acting Director of Corporate Communications on Tuesday, ...
The first tranche of Dangote Cement Plc bond offer of up to N100 billion under its N300 billion multi-instrument issuance programme is now open and scheduled to close on Friday, November 22, 2024. This is as its 9M’2024 revenue grew by 69.1%. Dangote Cement had obtained approval of its Board of Directors to access medium ...
…Says it hinders self reliance of developing nations President Bola Tinubu has called for the reform of the current global taxation system. Speaking on Monday at the 19th G20 Leaders Summit opening session in Rio de Janeiro, Brazil, President Tinubu noted that, “The world faces various challenges, including extreme poverty, inequality, climate change, terrorism, and ...
The Managing Director/CEO of the Center for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf has criticised Nigerian banks for prioritising profit generation through commissions and fees over their primary role of driving economic growth. Dr. Muda disclosed this at the Treasury 360 Conference and Exhibition themed Policy Implications and Building Sustainable Treasury Strategies: ...
FirstBank Group, one of Nigeria’s leading commercial banks, has reaffirmed its commitment to advancing fintech innovation by awarding N29.5 million to 10 exceptional startups at its First Bank Fintech Summit 6.0, themed Banking on Partnerships. NearSwipe Limited, a fintech startup offering NFC smart ID cards with integrated payment solutions for university students, emerged as the ...
The Central Bank of Nigeria (CBN) has announced stringent penalties for Deposit Money Banks (DMBs) found diverting cash to hawkers, as part of its ongoing efforts to ensure responsible currency distribution. In a circular dated November 13, 2024, the apex bank stated that any bank linked to cash seized from hawkers would face a 10 ...
The Central Bank of Nigeria has issued a stern warning to Deposit Money Banks over cash hoarding and diversion, stating that such actions will attract stiff penalties. In a circular dated November 13, 2024, signed by the Acting Director of Currency Operations, Muhammad Olayemi, and released by the CBN on Friday, the apex bank announced ...
Debt servicing has emerged as a significant component of Nigeria’s foreign payment obligations in 2024, accounting for a staggering 63.56 percent of the total $5.63 billion in foreign payments in nine months. This is according to an analysis of the latest international payment statistics data of the Central Bank of Nigeria (CBN). This percentage marks ...
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has collaborated with Mastercard to launch a commemorative debit card in celebration of UBA’s 75th anniversary. This collaboration aims to honour UBA’s long-standing customer relationships and enhance their banking experience with a range of offers and discounts across multiple platforms. UBA’s Group Managing Director/Chief Executive Officer, ...
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has commenced an auction process to sell the landed properties and other assets of the defunct Heritage Bank, with the aim of generating funds for liquidation dividends to compensate uninsured depositors. In statement made available to NewsDirect by Director Communication and Public Affairs Department, Bashir A. ...
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the current management team is stabilising the economy, curbing inflation, and restoring investors’ confidence as critical milestones in the Bank’s ongoing economic reform agenda on Thursday, including a new target to increase foreign remittances to $1 billion monthly. The governor delivered the keynote ...
The Corporate Affairs Commission (CAC) and the British High Commission (BHC) are set to deepen collaboration and enhance implementation of beneficial ownership principles, among others. This indication was given at a meeting between the British High Commission and the CAC today in Abuja. A two-man delegation led by Chris Okeke (Senior Governance Advisor) accompanied by ...
The Central Bank of Nigeria (CBN) has granted banks the approval to trade with foreign currencies deposited under the amnesty initiative for the foreign exchange (FX) deposit window. CBN gave the directive in a document dated November 5, 2024 signed by John Sonojah, its Acting Director, Financial Policy and Regulation Department and Adetona Adedeji, its ...
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has revealed that Nigeria’s foreign exchange reserves have surpassed $40 billion, marking the highest level in over two and a half years. Cardoso made the announcement during a symposium held in Abuja on Thursday, coinciding with the release of the compendium titled “Promoting ...
By Seun Ibiyemi In the second quarter of 2024, Nigeria saw a major increase in its net foreign exchange (forex) inflows, recording a boost of $17.18 billion—a 49.39 percent rise from $11.50 billion in the previous quarter. This improvement in forex inflows comes as Nigeria faces persistent currency challenges. Data from the Central Bank of ...
Bitcoin rallied sharply on Wednesday, November 6, closing at $73,526, marking a 5.72 per cent gain or a $3,978 increase from the prior trading session. This comes after a strong performance over the past month, with Bitcoin advancing 17.75 per cent. On a year-over-year basis, the cryptocurrency has seen an extraordinary rise of 107.12 per ...
By Seun Ibiyemi In the first nine months of this year, 10 Deposit Money Banks in Nigeria collectively generated approximately N4.20 trillion, according to an analysis of their quarterly financial reports. The banks listed on the Nigerian Exchange Limited saw a significant 102.81 percent rise in profits, reaching N4.20 trillion from N2.07 trillion recorded at ...
