Latest in
The devaluation of the Naira resulted in a forex gain of N8.6 billion for the Nigeria Identification for Development (ID4D) project, through which international financiers led by the World Bank are pushing for the enrollment of all Nigerians for the National Identification Number (NIN). The World Bank disclosed this in the project’s 2023 audited financial ...
A firm, Haril Global Solutions Limited, has asked the Federal Capital Territory (FCT) High Court to order Globus Bank Limited to pay it N10 billion in general damages for an alleged breach of loan contract, among other issues. This relief is outlined in its writ of summons instituted against the bank in suit number CV/1456/2024. ...
FirstBank, the West African premier financial institution and financial inclusion services provider has emerged the winner of the prestigious Euromoney Award for Nigeria’s Best Bank in Environmental, Social, and Governance (ESG), reinforcing its position as a leader in sustainable banking and finance practices in its 130 years of existence. Following a rigorous and highly competitive ...
The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, says addressing critical sectors and leveraging a recapitalised banking sector are essential for Nigeria to unlock its potential and achieve a trillion-dollar economy. A statement made available by the commission on Monday in Lagos, quoted Agama to have stated this at a forum ...
President Bola Tinubu said the N200 billion Consumer Credit Corporation established by his administration would make life easier for millions of households. The President said this in a national broadcast on Sunday on the ongoing nationwide protest. He said the aim of the scheme was to help Nigerians acquire essential products without immediate cash payments. ...
President Bola Tinubu has urged youths to key into the student loan scheme introduced by his administration. The President made the appeal in a national broadcast on Sunday on the ongoing nationwide protest. He said his administration had shown commitment to the youth by setting up the student loan scheme. “To date, N45.6 billion has ...
FirstBank, has emerged winner of 2024 Euromoney award for its contributions and commitment to Environmental, Social, and Governance (ESG) investments in Nigeria, facilitated through innovative financial solutions and initiatives. Euromoney recognised FirstBank’s significant progress amongst other areas in the implementation of an ESG management system, which facilitated the screening of N4.2 trillion new transactions for ...
The Nigerian Senate and the House of Representatives on Wednesday passed a bill to increase the percentage of Ways and Means loans the Central Bank of Nigeria (CBN) can give to the Federal Government. The upper chamber of the Nigerian legislature raised the credit facility obtainable by the Federal Government from the apex bank from ...
By Matthew Denis Recent data has revealed a surge in Nigeria’s foreign exchange reserves. According to the data seen by NewsDirect, the FX reserves have grown to $36.5 billion, Data from FMDQ platform showed that the naira closed at N1,611.40 per US dollar, a 0.13 per cent depreciation from the previous close. In the parallel ...
By Matthew Denis with agency report The Economic and Financial Crimes Commission (EFCC) and the Nigerians in Diaspora Commission (NiDCOM) have initiated a renewed partnership to combat fraud involving Nigerians abroad and promoting the image of the country positively. This was disclosed when the EFCC Chairman, Mr Ola Olukoyede and his management team paid a courtesy call ...
The Central Bank of Nigeria has reaffirmed its commitment to supporting the federal government’s target of achieving a $1tn economy. Speaking at the Afrinvest 2024 Banking Sector Report Launch, Acting Director of Financial Policy and Regulations, Mr John Onoja, representing CBN Governor, Dr Olayemi Cardoso, stated, “We are glad that the present administration has set ...
By Esther Agbo In the first half of 2024, the Federal Government of Nigeria raised approximately N4.13 trillion through bond issuances, according to the FMDQ Exchange Financial Markets Monthly Report for June 2024. This fundraising effort reflects the government’s strategy to leverage the bond market for financing and indicates a strong demand for government securities. ...
By Esther Agbo Wema Bank has introduced ALATPay, a groundbreaking payment gateway aimed at transforming the landscape for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Launched recently in Lagos, ALATPay is designed to offer MSMEs a secure end-to-end shopping experience and instant settlement capabilities via a unique merchant link. In a statement, Wema Bank ...
By Seun Ibiyemi Shareholders of leading financial institution, Fidelity Bank Plc, have unanimously approved the absorption of surplus monies arising from the potential oversubscription of its ongoing Public Offer exercise. This was one of the six resolutions secured by the Bank’s Board of Directors at an Extraordinary General Meeting (EGM) held virtually over the weekend. ...
Stanbic IBTC Holdings Plc has announced the retirement of Salamatu Suleiman as an independent non-executive director on the board of the company, effective July 26, 2024. A statement affirmed that the retirement followed the completion of her regulatory tenure on the board. “The Board is indeed grateful to Suleiman for her invaluable contributions to the ...
The Securities and Exchange Commission has granted Nigerian Exchange Limited to launch its Impact Board, a platform to enhance the listing and visibility of sustainability-focused instruments. In a statement made available over the weekend, this initiative was announced during a Closing Gong Ceremony in Lagos. According to the statement, the NGX Impact Board is designed ...
...Set to create new office to manage dormant account funds The Central Bank of Nigeria (CBN) has intervened in the foreign exchange market, injecting a sum of $148 million into the system. This move comes amidst increasing pressure on the naira, which has been steadily depreciating in recent times. The apex bank, in a statement ...
The Central Bank of Nigeria, CBN, has revealed that it recently sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market, NFEM. The apex bank’s acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, said in a statement that the transactions were conducted between Monday and Tuesday to provide ...
The Apex bank has sold one-year Treasury Bills (T-Bills) at a stop rate of 22.1 percent during its July 24 auction. This move reflects the central bank’s ongoing efforts to manage liquidity and control inflation in the economy. According to the auction result, the total amount offered by the CBN in this auction was N277.96 ...
By Esther Agbo First City Monument Bank (FCMB) has introduced a new initiative aimed at reducing gender inequality in Nigeria’s business sector by offering zero-interest loans to female entrepreneurs. The initiative, known as the SheVentures programme, provides interest-free loans of up to N10 million and specialised support to women entrepreneurs in the export and agricultural ...
...Windfall tax on FX gains will significantly reduce banks’ loan credit, profits – Moody’s The Nigerian Senate has approved an amendment to the 2023 Finance Act, raising the windfall levy on banks’ foreign exchange revaluation gains from the initially proposed 50 per cent to 70 per cent. Senator Sani Musa, Chair of the Senate Committee ...
By Esther Agbo The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has warned that funds in dormant bank accounts are vulnerable to fraudulent activities. This statement was made after the 296th meeting of the Monetary Policy Committee (MPC) in Abuja, where a further increase in the benchmark interest rate to 26.75 percent ...
By Esther Agbo The federal government secured N225.714 billion from the July 2024 bond auction, achieving approximately 75 percent of its target amid decreased demand for short-term bonds. This represents a 24 percent decline compared to the N297.006 billion raised in the June auction. The government had initially offered N300 billion in three different bond ...
