By Esther Agbo The Federal Government has proposed imprisonment for top bank executives who fail to comply with a one-time windfall tax on banks’ foreign exchange profits in 2023. Additionally, a 10 percent penalty on the withheld or unremitted levy…
In 2023, eleven Nigerian banks incurred a total of N575.168 billion in taxes, marking a significant 175 percent increase compared to the N209.608 billion incurred in 2022. Out of this total, N440.305 billion was specifically for that taxable year, 2023.…
By Opeyemi Abdulsalam Nigeria’s money supply has reached a record high, according to recent data from the Central Bank of Nigeria (CBN). The total amount of money in circulation, known as M3, stood at N99.23 trillion in May 2024. Despite…
The Central Bank of Nigeria has warned Deposit Money Banks to stop rejecting old and small denominations of the United States dollar bills. CBN threatened that there would be sanctions for rejections. It also urged Bureau De Change operators and…
By Opeyemi Abdulsalam The Securities and Exchange Commission (SEC) has introduced a comprehensive framework to support the Central Bank of Nigeria’s (CBN) bank recapitalisation program. This framework aims to ensure a seamless, transparent, and efficient process for banks and holding…
By Esther Agbo The Independent Project Monitoring Company (IPMC) has urged banks and insurance firms to adopt environmental, social, and governance (ESG) practices to boost operational efficiency in the country. This recommendation was made during the launch of the new…
Following the Central Bank of Nigeria’s (CBN) consistent hike of its Monetary Policy Rate (MPR), the banking sector’s maximum lending rate increased to 29.49 per cent in April, rising from 29.38 per cent in March 2024, the highest since 2020. When…
The Securities and Exchange Commission has announced plans to release a framework that will guide the capital market in the proposed recapitalisation exercise by banks. The acting Director General of the SEC, Emomotimi Agama, disclosed this during a meeting with…
The Loan to Deposit Ratio (LDR) of Banks in the country rose to 50 percent from 65 percent. This was disclosed by the apex Bank, Central Bank of Nigeria (CBN) in a circular to Deposit Money Banks titled “Re: Regulatory…
By Salisu Na’inna Dambatta The ongoing CBN-inspired recapitalisation for banks has serious implications for the banking sector, the equity capital market, the Nigeria Deposit Insurance Corporation of Nigeria (NDIC) and Northerners. The recapitalisation will make the banking sector stronger and…
