Latest in
The Central Bank of Nigeria is set to retire around 1,000 of its employees by the end of the year, according to sources within the bank. The retirement process is expected to cost the CBN over N50 billion in severance pay to the affected workers, according to Daily Trust. The CBN, under the leadership of ...
By Matthew Denis In a bid to enhance operational services, the Central Bank of Nigeria (CBN) has announced the launch of a newly redesigned website (www.cbn.gov.ng), expected to be operational today, December 2, 2024. The Acting Director, Corporate Communications, CBN, Mrs. Hakama Ali in a signed statement on Sunday said, “The Bank has developed a ...
Guaranty Trust Bank (GTBank) has admitted facing difficulties in its recent transition to a new core banking system, Finacle Suite of Core Banking Application Systems, which caused disruptions to its services. While apologising to its customers, the bank in a statement released acknowledged the inconveniences experienced by customers and expressed gratitude for their patience and ...
Former President, Chief Olusegun Obasanjo, has reiterated Nigeria’s vast potential and resources, emphasising the country’s ability to become a global leader. Speaking at the ongoing Ecobank Design and Build Expo at the Ecobank Pan African Centre (EPAC) in Lagos, Obasanjo praised Ecobank for organizing the event, which highlights the architecture, building, construction and design sectors, ...
Leading financial institution, Access Bank Plc has completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone) Limited. Commenting on the completion milestone, Roosevelt Ogbonna, the MD/CEO of Access Bank PLC and CEO of the Banking Group said, “We are pleased to have successfully concluded two important acquisitions in Angola ...
The Central Bank of Nigeria (CBN), on Tuesday, issued comprehensive guidelines for the operations of the interbank foreign exchange (FX) trading system via the Electronic Foreign Exchange Matching System (EFEMS), pegging the minimum tradable amount at $100,000, with incremental clip sizes of US$50,000 to promote transparency and efficiency in the FX market. The CBN’s director ...
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 ...
The Central Bank of Nigeria has raised its Monetary Policy Rate by 25 basis points, bringing it to 27.50% from 27.25%. This decision was disclosed by CBN Governor, Yemi Cardoso after the Monetary Policy Committee meeting in Abuja on Tuesday. The committee’s decision was unanimous, marking another adjustment since September. The MPC also decided to ...
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, ...
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. Nuhu this auction ...
