The Managing Director/CEO of the Center for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf has criticised Nigerian banks for prioritising profit generation through commissions and fees over their primary role of driving economic growth. Dr. Muda disclosed this…
The Central Bank of Nigeria has issued a stern warning to Deposit Money Banks over cash hoarding and diversion, stating that such actions will attract stiff penalties. In a circular dated November 13, 2024, signed by the Acting Director of…
The Central Bank of Nigeria (CBN) says it sold 543.5 million dollars to authorised dealer banks between Sept. 6 and Sept. 30. According to a statement issued by Omolara Duke, the Director, Financial Markets Department of the CBN, the transaction…
The Nigeria Deposit Insurance Corporation (NDIC) says it has strengthened its collaboration with the judiciary to expedite the prosecution of failed financial institutions. The Managing Director of NDIC, Mr Bello Hassan, said this at the Corporation’s special day at the…
The Nigeria Deposit Insurance Corporation (NDIC), has advised banks to comply with regulatory requirements especially on Bank Verication Number (BVN). According to NDIC, the aim is to ensure prompt payment of insured deposits to depositors in the event of bank…
By Seun Ibiyemi Banks in Nigeria sacked 49 employees due to their involvement in fraudulent activities between April and June this year. The Financial Institutions Training Centre (FITC) revealed this in its Q2 2024 fraud and forgeries report, which was…
A surge in fraudulent activities across banking platforms in Nigeria led to a loss of N42.6 billion by Nigerian banks in three months between April and June this year. This was revealed by the Financial Institutions Training Centre (FITC) in…
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…
