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Stanbic IBTC Bank has launched a nationwide campaign titled “There is Possible, Then There is More,” aimed at motivating Nigerian business leaders to break beyond perceived limits and embrace exponential growth through strategic collaboration. The campaign kicked off with a striking teaser rolled out across digital platforms, out-of-home advertising, and social media. The cryptic message—”An ...
...Proposes N1.76 dividend Central Securities Clearing System (CSCS) Plc has reported a solid financial performance for the year ended 31 December 2024, delivering double-digit growth in both revenue and profit despite prevailing economic challenges. According to the firm’s audited consolidated and separate financial statements, total revenue climbed by 37 percent to N26.1 billion, compared to ...
Keystone Bank Limited has been named Best in Customer Experience at the 14th West Africa Innovation Awards, held recently in Lagos—an accolade that affirms its growing reputation for service excellence and innovation within the banking sector. The annual awards ceremony, which celebrates exceptional brands and professionals across the West African region, spotlights organisations setting new ...
Dozens of entrepreneurs across Nigeria’s southwest are attributing new-found confidence and business growth strategies to a recent training initiative organised by First City Monument Bank (FCMB). The programme, Business Empowerment, Sustainability and Training (BEST) Masterclass, wrapped up its latest round in March 2025, offering hands-on training to business owners in Ogun, Oyo, Osun, Ondo, and ...
By Seun Ibiyemi As Nigeria accelerates its pursuit of a $1 trillion economy by 2030, the Central Bank of Nigeria (CBN) has reaffirmed the pivotal role of the banking industry in driving this transformation. Speaking at a seminar for finance correspondents and business editors in Abuja on Monday, the CBN’s Director of Banking Supervision, Olubukola ...
By Seun Ibiyemi The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has called on the Central Bank of Nigeria (CBN) to step up its commitment to shielding indigenous enterprises and the wider industrial sector from looming collapse. This appeal was made by the ECCIMA President, Chief Odeiga Jideonwo, during the CBN Special Day ...
President Bola Ahmed Tinubu on Thursday commissioned the Afreximbank African Trade Centre (AATC) in Abuja, marking a major milestone in Nigeria’s efforts to position itself as a continental hub for trade and investment. The president was represented at the event by the Secretary to the Government of the Federation (SGF), Senator George Akume. The Centre, ...
The removal of bank transfer fees is not a mere marketing tactic, according to Abubakar Suleiman, the Chief Executive Officer of Sterling Bank. In a bold move that reshapes the landscape of the Nigerian banking sector, Sterling Bank has eliminated transfer fees on its digital banking platform, OneBank. This decision makes Sterling the first major ...
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has said it would begin the payment of the first tranche of liquidation dividends to depositors of Heritage Bank from April. It would be recalled that Heritage Bank operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024. The Managing Director ...
The Federal Inland Revenue Service (FIRS) is ramping up its engagement with stakeholders as part of a broader strategy to encourage voluntary compliance among Nigerian taxpayers. In a statement released by Collins Omokaro, Special Adviser on Communications and Advocacy, it was made clear that the Executive Chairman of FIRS, Dr Zacch Adedeji, is placing a ...
... As external reserves surge to $40.19bn By Seun Ibiyemi The Central Bank of Nigeria (CBN) has announced a balance of payments (BOP) surplus of $6.83 billion for the 2024 financial year, a significant reversal from a deficit of $3.34 billion in 2023 and $3.32 billion in 2022. The Acting Director of Corporate Communications, ...
Mobile money platforms processed around 108 billion transactions in 2024, amounting to a combined value of $1.68 trillion, according to the State of the Industry Report on Mobile Money 2025 released on Tuesday by the GSMA. The GSMA’s mobile money initiative is designed to strengthen the financial ecosystem in communities where access to conventional banking ...
By Seun Ibiyemi The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a substantial financing package amounting to €230 million and $10 million, aimed at advancing infrastructure development and supporting private sector growth across West Africa. This decision was reached during EBID’s 91st Ordinary Board Meeting, which was held ...
Binance Holdings Ltd. has approached the Federal High Court in Abuja, requesting it to overturn an earlier ex-parte order that had permitted the Federal Inland Revenue Service (FIRS) to serve court documents through substituted means. The application was presented on Monday by the company’s legal representative, Senior Advocate of Nigeria, Chukwuka Ikwuazom, shortly after the ...
Association of Bureau de Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to sustain its reforms against inflation and Foreign Exchange (FX) volatility, especially after the recent U.S. tariff imposition on Nigerian exports. President of ABCON, Dr Aminu Gwadabe, made the call in an interview with the News Agency of ...
By Seun Ibiyemi The Securities and Exchange Commission (SEC) has announced that the Investment and Securities Act (ISA, 2025) formally recognises virtual assets, such as cryptocurrencies, as securities, thereby bringing them under the regulatory oversight of the Commission. In a statement on Sunday, the Director-General of SEC, Dr Emomotimi Agama, explained that the Act broadened ...
By Seun Ibiyemi Nigeria’s public debt surged by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024, up from N97.34 trillion ($108.23 billion) in 2023. This was disclosed by the Debt Management Office (DMO) in its most recent public debt profile report. The total debt consists of external debt amounting to N70.29 ...
Nigeria’s inaugural domestic US dollar bond has been recognised as the West Africa Deal of the Year at the 2025 Global Banking & Markets Africa Awards, following a highly successful issuance that raised $917 million. The bond, announced by the Debt Management Office (DMO) on August 19, 2024, initially aimed for $500 million but was ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has firmly rejected claims that it is set to introduce new N5,000 and N10,000 banknotes, dismissing the reports as completely unfounded. In a statement shared on X, formerly Twitter, on Wednesday, the apex bank clarified the situation, stating: “This content is NOT from the Central Bank ...
Sterling Bank has announced the removal of transfer fees on all local online transactions, making it the first major Nigerian bank to abolish these widely debated charges for digital banking. The decision was confirmed in a statement, with the bank reaffirming its dedication to a customer-first approach. According to Obinna Ukachukwu, the bank’s Growth Executive ...
Over 1,500 residents have benefited from a Fidelity Food Bank outreach in Kabuga community, Dala Local Government Area of Kano State. The Corporate Social Responsibility (CSR) initiative, carried out in collaboration with Misnoory Foundation, saw bank staff distribute essential food items to support people during the holy month of Ramadan. Commenting on the distribution event, ...
Nigeria’s money supply experienced its first decline in 2025, dropping to N110.32tn in February from N110.94tn in January, according to data from the Central Bank of Nigeria (CBN). The 0.56 per cent month-on-month decrease comes amid the apex bank’s ongoing efforts to regulate liquidity within the financial system, following earlier indications of monetary tightening and ...
Keystone Bank has taken control of Bacita Sugar Company, also known as Josepdam Sugar Company, due to the company’s failure to settle a debt of N25,358,203,258.09. The bank has appointed Mr Yunus Abdulsalam (SAN) as the Receiver/Manager of the company with immediate effect. This move follows an order issued by the Federal High Court in ...
