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By Immaculate Oluwanisola Microfinance Bank. Following the devastating collapse of the “EMAAR” digital investment platform, a coalition of aggrieved investors has announced plans to file a class-action lawsuit against Moniepoint, The legal action accuses the fintech unicorn of gross negligence, failure to protect users, and providing the primary financial infrastructure that enabled a shadowy syndicate ...
By Seun Ibiyemi Wema Bank has urged its customers to embrace digital banking on view of the Central Bank of Nigeria’s (CBN) new cash-related policies, set to take effect from January 1, 2026. Emphasizing the need to leverage the bank’s digital channels for safer and more convenient transactions, the bank noted that under the updated ...
By Seun Ibiyemi Nigeria’s fiscal deficit widened to N5.7 trillion in the first half of 2025 as the federal government ramped up domestic borrowing to bridge revenue shortfalls and sustain capital expenditure. The latest Budget Implementation Report (BIR) reveals that debt service costs surged to N9.22 trillion between January and June 2025, absorbing nearly the ...
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has assured stakeholders in the Nigerian maritime industry that the agency would intensify its efforts to ensure that 2026 delivers even greater benefits to all stakeholders. In a goodwill message to mark the year end festivities, the NIMASA DG described ...
By Seun Ibiyemi The Nigerian naira maintained a relatively stable performance against the United States dollar on Tuesday, December 23, 2025, as activity in both official and informal foreign exchange markets reflected improved liquidity typical of the year-end trading period. According to official market data, the naira traded around ₦1,459 to the dollar, showing only ...
FirstBank has announced the appointment of Prof Kenneth Amaeshi as the first Occupier of the FirstBank Samuel Asabia Professorial Chair of Business Ethics at the University of Lagos (UNILAG). The FirstBank Samuel Asabia Professorial Chair of Business Ethics is an academic position at UNILAG, instituted in 1994 as part of the FirstBank Education Endowment programme ...
NOVA Bank has commissioned its flagship regional office in Owerri, an event that drew top government officials, prominent business leaders from across the South-East and South-South regions, as well as Nigerians in the diaspora. At the event, Imo State Governor, Senator Hope Uzodinma announced the State Government’s commitment to provide land for the development of NOVA Bank’s ...
By Seun Ibiyemi The Nigerian Naira showed mixed performance against the United States Dollar in foreign exchange trading on Thursday, reflecting ongoing market pressures as year-end dynamics take hold. In official markets, the Naira traded in a narrow range as the U.S. dollar exchange rate hovered around ₦1,453 to ₦1,459 per dollar in early trading, ...
By Seun Ibiyemi Nigeria’s leading fully integrated edible oils producer, Presco Plc, has announced the strategic acquisition of 10,000 hectares of plantation land across the Nsadop and Boki estates in Cross River State, strengthening its long-term growth plan and production capacity. This was stated in a statement made available on NGX website. The company said ...
In a move to strengthen its regulatory standing and prepare for a significant industry shake-up, the Board and Executive Management of Guinea Insurance PLC recently paid a strategic courtesy visit to the National Insurance Commission (NAICOM) in Abuja. The delegation, led by Board Chairman Mr. Temitope Borishade, was received by the Commissioner for Insurance and ...
By Seun Ibiyemi The Nigerian naira recorded a cautious performance on Wednesday, trading slightly weaker against the United States dollar across both the official and parallel foreign exchange markets amid sustained demand pressures. At the Nigerian Foreign Exchange Market (NFEM), the naira depreciated marginally as the dollar exchanged at about ₦1,453 to the greenback, reflecting ...
First Bank of Nigeria has launched a Digital Xperience Centre (DXC) at the University of Benin, describing the facility as an exceptional feat in its shared commitment to innovation. In a speech at the event, the bank’s Chief Executive Officer, Mr Olusegun Alebiosu, said the bank’s digital innovations would not lead to job losses. Alebiosu ...
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc are set to sign a Memorandum of Understanding (MoU) aimed at ensuring a faster and more efficient reimbursement process for depositors in the event of bank failures. This was disclosed by the Managing Director/Chief Executive of the NDIC, ...
By Seun Ibiyemi The Nigerian naira showed relative stability in early trading on Tuesday, with official foreign exchange data indicating a steady performance against the US dollar, even as demand pressures persisted in the parallel market. According to financial market reports, the Naira traded around ₦1,452 to the US dollar in the official Nigerian Foreign ...
Jaiz Bank Plc has announced the appointment of Dr. Tukur Galadima as its new Chief Compliance Officer (CCO), in strict adherence to the Nigeria Exchange Limited (NGX) Rulebook. In a regulatory filing to the NGX and the investing public, the non-interest bank confirmed that the appointment has received the requisite approval from the Central Bank ...
Seplat Energy Plc has reported a remarkable surge in revenue for the nine months ended September 30, 2025, underscoring strong operational performance and robust financial management. According to the interim management report, revenue for the period climbed to $2.18 billion, representing a 204 percent increase compared to $715 million in the same period of 2024. ...
Sterling Financial Holdings Company Plc has notified the Nigerian Exchange Limited (NGX), its shareholders, and the investing public of a scheduled meeting of its Board of Directors to deliberate on the company’s unaudited financial results. The board meeting is slated to hold in Lagos on Wednesday, January 28, 2026, at 10:00 a.m., where the unaudited ...
The Deputy Managing Director of United Bank for Africa Plc (UBA) Muyiwa Akinyemi alongside three Executive Directors will retire from the board of the group effective January 1, 2026, following the completion of their tenure. The disclosure was contained in a notice signed by the Group Company Secretary, Bili Odum, and filed with the Nigerian Exchange over ...
The Nigerian naira closed the week on a positive note on Friday, appreciating by N1.65 against the United States dollar at the official foreign exchange market. Data published on the Central Bank of Nigeria (CBN) website showed that the local currency traded at N1,454.41 per dollar on Friday, representing a 0.11 per cent gain compared ...
Nigeria’s development and merchant banks, FSDH Merchant Bank (FSDH) and the Bank of Industry (BOI), have urged women-led businesses to prioritise meeting key criteria to secure financing, warning that simply being a female-owned enterprise does not guarantee access to credit. The institutions emphasised that the main obstacles are poor business structures, unclear operational plans, and ...
The Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal (IST) to order the freezing of bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants alleged to have operated an unlawful digital asset investment scheme that defrauded Nigerians of an estimated N1.3 trillion. The request was made during the ...
By Seun Ibiyemi FCMB Group Plc has projected a post-tax profit of N62.5 billion for the first quarter of 2026, signaling a 94.08 pet cent increase compared to the N32.2 billion recorded in Q1 2025, according to its recently released earnings forecast. The bank has a consistent history of surpassing its own profit projections. In ...
...summon bank CEOs over alleged illegal charges By Seun Ibiyemi The House of Representatives has summoned Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), alongside other relevant agencies, to appear before its Public Accounts Committee (PAC) on Tuesday, December 16, to explain the non-remittance of over ₦16 trillion in government revenue. The decision ...
