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Access Bank has established banking operations in Malta, The Access Bank Malta Limited. The company revealed this in a statement yesterday. According to the statement, the banking licence application has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA). The company noted that the establishment of the Malta ...
Currency traders under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) have warned that forex speculators will resist the rapid appreciation of the naira to cover their losses. They, however, urged the Central Bank of Nigeria (CBN) to keep the momentum and discourage the illegal act of speculation and currency ...
By Ismail Azeez The Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru, has backed the Federal Government’s moves to pass new tax laws at the national assembly. The corporate juggernaut speaking to journalists at the NewsDirect 14th Anniversary and Awards ceremony held in Lagos said there is need for Nigerians to be open to reforms and ...
The Nigerian Economic Summit Group (NESG) has expressed its disapproval over the Senate’s decision to suspend legislative action on the controversial tax reform bills. The Chief Executive Officer of NESG, Dr Tayo Aduloju, made the think tank’s position known during a media session on Friday. On Wednesday, the Senate suspended work on the tax reform ...
FCMB Group Plc has announced a 67% growth in Profit Before Tax (PBT) to ¦ 91.8 billion for the nine months ended September 30, 2024, reflecting robust financial and operational performance across its business divisions. The Group recorded a 67.2% increase in gross revenue to ¦ 587.8 billion, compared to ¦ 351.5 billion in the ...
The Central Bank of Nigeria has granted the merger of Providus Bank and Unity Bank. This was disclosed in a statement signed by the acting Director, Corporate Communications, Hakama Sidi, on Tuesday, adding that the action is in line with the provisions of Section 42 (2) of the CBN Act, 2007. This is the first ...
FCMB Group Plc has announced a pre-tax profit of N27.6 billion for the third quarter of 2024, up from N16.9 billion in the same period last year. This marks a year-on-year increase of 63.35 percent, bringing the total pre-tax profit for the nine months ending September 30, 2024, to N91.8 billion. In Q3 2024, the ...
By Matthew Denis In a bid to enhance operations of the Securities and Exchange Commission and the Nigerian capital market, the Senate of the Federal Republic of Nigeria has passed the Investments and Securities Bill 2024. The Investments and Securities Bill, meant to repeal the Securities and Exchange Commission (SEC) Act, scaled second reading on ...
Forex traders under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) say the permission of BDCs to purchase foreign exchange directly from authorized dealers by the Central Bank of Nigeria (CBN) is not automatic. It states that participation is subject to meeting the new capitalisation guidelines and requirements of BDCs ...
...Issues two Eurobonds to plug 2024 budget deficit By Seun Ibiyemi Nigeria has successfully returned to the international bond market after a two-year hiatus, issuing two significant Eurobond offerings to help plug the country’s 2024 budget deficit. The Federal Republic of Nigeria launched a dual-tranche Eurobond offering under its Global Medium Term Note Programme, raising ...
The Federal Government has opened subscriptions for the December 2024 issuance of the FGN Savings Bonds through the Debt Management Office. The FGN Savings Bonds initiative, designed to foster national investment, invites both individual and institutional investors to subscribe from December 2 to December 6, 2024. The December 2024 FGN Savings Bond offers two options: ...
The Central Bank of Nigeria Governor, Olayemi Cardoso said the federal government spent N6.2 trillion on foreign exchange subsidy in 2022 alone compared to N4.5 trillion spent on fuel subsidy. Cardoso disclosed this in a recent 59th annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, CIBN, in Lagos. According to him, 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 The Securities and Exchange Commission has restated its commitment to investors’ protection, especially with the increasing use of Fintech. Speaking at the one-day capacity training for financial journalists in Abuja, the Director General of the SEC, Dr. Emomotimi Agama, said the Commission will enforce regulations in the fintech ecosystem to curb mismanagement ...
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 ...
