The Central Bank of Nigeria (CBN) has ramped up its anti-money laundering drive as it obtained orders from the Federal High Court, Abuja division, to freeze 194 bank accounts belonging to firms and Bu ...

The Accountant General of the Federation (AGF), Mr. Ahmed Idris, has reiterated his resolve to continue to ensure timely production of the Federal Government’s general purpose financial statements. He ...

The Central Bank of Nigeria (CBN) on Thursday took its awareness campaign on its products and interventions to Sokoto and Kebbi State. The CBN Governor Mr. Godwin Emefiele said that the fair with the ...

The Securities and Exchange Commission (SEC) has warned willing investors against patronising unregistered online investment and trading platforms, which boast of facilitating access to securities, li ...

The Central Bank of Nigeria has obtained an order from the Federal High Court, Abuja division, to freeze 11 bank accounts to enable it conduct investigations into suspicious activities. It disclosed t ...

Stanbic IBTC is signing off on the International Women’s Month on a high note with the launch of a specialized product to cater for women in business aptly named “Blue Blossom”. This development stems ...

By Osaze Omoragbon Following the surge in food prices in recent time, the Central Bank of Nigeria (CBN) is making moves to reduce food inflation ahead of the dry season. Food inflation which topped 21 ...

The Nigerian fintech startup Bankly which is leading the digitalization the informal “thrift collections” system – known in local parlance as ajo, esusu and adashe – that is widely used among Nigerian ...

Mobile money is gaining ground as the number of registered mobile money accounts grew by 12.7 per cent globally in 2020, to 1.21 billion, according to the latest report from the GSM Association. The G ...

Investors poured into the Federal Government’s bonds for March (worth N150bn) which were auctioned on Wednesday as they were oversubscribed by N183.48bn, according to the Debt Management Office. The t ...

African Export-Import Bank (Afreximbank) and Nigeria Export-Import Bank (NEXIM) have entered into a Memorandum of Understanding (MoU) to establish a Joint Project Preparation Fund that will provide ea ...

The Central Bank of Nigeria (CBN) has retained the policy rate at 11.5 per cent despite the country’s three-year high inflation; a decision it said sought to ensure a balance between the need for pric ...

As part of efforts aimed at expanding its continental footprints, Nigeria’s biggest lender by market value, Guaranty Trust Bank (GTB) plans to acquire a Kenyan bank to deepen its foothold in the East ...

The Bank of Industry (BoI), under the supervision of the Ministry of Industry, Trade and Investment, has secured a one billion dollar syndicated loan to support Micro, Small and Medium Enterprises (MS ...

The need to develop the capital market in Nigeria has got the attention of  the African Development Bank Group as the continental financial powerhouse doles out a grant of  $400,000 for the Securities ...

Mohammed Nami, Chairman, Federal Inland Revenue Service (FIRS) says the Service’s projection for 2021 is N5.9 trillion. He made the disclosure while meeting with the House of Representatives Committee ...

Mastercard has joined forces with MTN to enable millions of MTN MoMo customers in 16 African countries to shop and pay online with global merchants. Through a Mastercard virtual payment solution linke ...

The furore raised by the actions of the Central Bank of Nigeria’s (CBN) ban on cryptocurrencies exchanges across financial institutions are yet to die down even with the apex bank coming out during th ...

The Central Bank of Nigeria (CBN) has said it banned transactions in cryptocurrencies because it  promotes illegal activities and raises risks, among other reasons. The apex bank stated this on Sunday ...

With the window of opportunities arising from the commencement of the African Continental Free Trade Agreement (AfCTA) early this January, Nigeria’s biggest bank Access Bank Plc, has mapped its expans ...

The Management of Asset Management Corporation of Nigeria has called on all agencies of the Federal Government and all stakeholders to join its debt recovery drive to guide against the huge opportunit ...

The drive by the Central Bank of Nigeria (CBN) to make credit affordable is yielding fruit as over one million customers  borrowed money from the Deposit Money Banks at below 20 per cent interest rate ...

Against the backdrop of pressures on the Federal Government’s finances and 2020 budget revenue estimates, an indication has emerged that the government may have already recorded a shortfall of 17.3 pe ...

The Lagos Chamber of Commerce and Industry (LCCI) has projected that the Nigerian economy will grow by one per cent in 2021. The projection was contained in the LCCI’s, “Economic and Business Review f ...

The Central Bank of Nigeria (CBN) has withdrawn the operating licenses of 42 microfinance banks (MfBs). The affected banks have been shut down. The Nigeria Deposit Insurance Corporation (NDIC) has ste ...

The Securities and Exchange Commission, Nigeria (SEC Nigeria) and Financial Sector Deepening (FSD) Africa have announced the commencement of a joint review of Nigeria’s 10-year Capital Markets Master ...

The Managing Director, Ecobank Nigeria, Mr Patrick Akinwuntan, says the success of the African Continental Free Trade Area (AfCFTA) will depend heavily on the financial services industry’s ability to ...

The House of Representatives has summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed, over a $36.1m facility under the Fiscal Governance and Institutions Project of the World ...

African Export-Import Bank (Afreximbank) recently increased the number of its Trade Finance Intermediaries (TFIs) to more than 65 in 30 African countries. A key component of the Bank’s business model, ...

Non-performing loans in the Nigerian banking sector fell by N42.4bn in three months, latest figures from the National Bureau of Statistics have shown. According to figures obtained from the NBS’ lates ...

The African Export-Import Bank (Afreximbank) considers factoring as a viable alternative financing instrument for supporting Small and Medium-sized Enterprises (SMEs) at a time when traditional commer ...

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said Nigeria’s external reserves, which currently stand at $35bn, are sufficient to finance seven months of imports of goods and se ...

The Federal Government on Friday announced the inauguration of a portal that would enable those that have completed the N-Power programme to apply for the Central Bank of Nigeria’s empowerment options ...

Revenue from Company Income Tax rose slightly to N416.01bn as of the end of the third quarter of 2020. The National Bureau of Statistics disclosed this in the Company Income Tax by Sectors (2015 – Q3 ...

The Nigeria Deposit Insurance Corporation has said that it is trying to identify and provide insurance cover for non-bank deposit taking institutions. The Managing Director/Chief Executive Officer, ND ...

The nation’s foreign exchange reserves have fallen to the lowest level in more than two months, the latest data from the Central Bank of Nigeria have shown. As of November 10, the forex reserves stood ...

The Central Bank of Nigeria has warned banks participating in the Private-Sector-led Accelerated Agriculture Development Scheme against diverting the intervention funds meant for agro-processors and o ...

The Asset Management Corporation of Nigeria has said it owes the Central Bank of Nigeria more than N4tn. AMCON was established by the Federal Government in 2010 to buy bad debts from banks and ensure ...

The Bank of Industry (BoI) has expressed the bank’s readiness to provide credit facilities to the tune of one billion naira to empower entrepreneurs in Ekiti State, PUNCH reports. BOI Manager (Ondo an ...

The planned Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) scheduled to have taken place in Marrakesh, Morocco in October 2021 has been postponed by 12 months ...

Guaranty Trust Bank Plc (GTBank or the Bank) is pleased to announce that it has obtained the approval-in-principle of the Central Bank of Nigeria (the CBN) to commence the formal process of the reorga ...

Nigeria is almost reaching its maximum capacity to borrow and must be proactive in ramping up tax revenue collection, the Kaduna State Governor, Nasir El-Rufai, said on Thursday. El-Rufai lamented the ...

Financial experts have called for the amendment of some sections of the new Company and Allied Matters Act as a precondition for the revival of the Nigerian Capital Market. They made the call on Wedne ...

The Federal Government is seeking a $1.2bn external borrowing from Brazil to finance agricultural programmes in the 2021 budget. A request for approval has also been transmitted to the National Assemb ...

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigeria’s total public debt will hit N38tn by December 2021. Ahmed said this on Tuesday in her presentation to the Senate ...

Gadol Financial Services Limited has received the final approval by the Central Bank of Nigeria (CBN) to operate in the financial market. Commenting on the development, the Managing Director and Chief ...

A new study by the World Bank shows that it costs 4.98% on average to remit funds to South Asia which makes it the least expensive region while sub-Sahara Africa is the most expensive with an average ...

Rivers State governor, Nyesom Wike, has charged the Central Bank of Nigeria and the Federal Ministry of Agriculture to support the state $12m Cassava Processing Initiative aimed at job creation and fo ...

The Federal Government has said Nigeria received a total of $26.94bn development assistance funds from international donors between 2015 and 2020. The amount, according to the Minister of State for Bu ...

Fintech startup TeamApt which launched its mobile money platform Moniepoint in 2019, has become the largest non-bank mobile money service in the country, processing 13 million transactions monthly. La ...

The Federal Government has said that the $1.5bn steel plant that is nearing completion in Kaduna State will attract automobile industries to Nigeria when completed, PUNCh reports. Minister of Finance, ...

The National Pension Commission has said it released N2.58bn for payment of pension benefits of deceased workers under the Contributory Pension Scheme between April and June 2020. It disclosed this in ...

Anonymous, an online network known for launching cyberattacks against government institutions, has hacked the website of First Bank of Nigeria Limited, PUNCH reports. A visit by The PUNCH to the bank’ ...

The Debt Management Office has said that the Federal Government would auction N30bn worth of bonds by subscription on October 21. A circular by the DMO on Thursday showed the breakdown of the figure t ...

The three levels of government shared a total of N639.9bn from the Federation Account in September 2020, the Federation Accounts Allocation Committee announced on Thursday. FAAC announced this after i ...

The country’s external reserves dropped by $50.84m from $35.75bn as of October 2 to $35.69bn as of October 12, figures from the Central Bank of Nigeria have revealed. The CBN disclosed that the reserv ...

The International Finance Corporation (IFC), a member of the World Bank Group, is partnering with Union Bank Plc to boost access to finance for local business and increase international trade for Nige ...

The Central Bank of Nigeria (CBN) has ordered banks to comply with the SWIFT universal payment confirmation. It stated this in a circular titled ‘Compliance with the SWIFT universal payment confirmati ...

The Central Bank of Nigeria (CBN) has said that it will be a breach of extant regulations for any shipping company or airline to take on-board any cargo for which Form NXP is not duly completed and ap ...

President Muhammadu Buhari will on Thursday present the 2021 budget estimate to a Joint session of the National Assembly. The President of the Senate, Ahmad Lawan, made the announcement at plenary on ...

The total value of transactions executed by domestic Investors on the Nigerian Stock Exchange in the first eight months of the year stood at N731bn as against N470.20bn total foreign transactions carr ...

The debts owed by oil and gas companies to Nigerian banks rose by N90bn in the second quarter of this year to nearly N5tn as many operators struggle to stay afloat in the face of depressed prices and ...

Deposit Money Banks in the country have been advised to seek the approval of the Fiscal Responsibility Commission (FRC) before lending to states. The FRC said this was in line with the provisions of t ...

Beginning from January 1, 2021, banks will introduce a new digit on the Magnetic Ink Character Recognition code line and expiry dates to new cheque books. First Bank of Nigeria Limited disclosed this ...

Nigeria’s foreign reserves stood at $35.723bn as of September 29, according to the Central Bank of Nigeria. The CBN disclosed that the reserves, which had continued to rise and fall in recent weeks, s ...

FMDQ Clear Limited has become Nigeria’s premier central counterparty following the approval-in-principle given to it by the Securities and Exchange Commission. A central counterparty clearing house is ...

Osun State says the Revenue Mobilisation Allocation and Fiscal Commission has scored it high in the area of fiscal transparency and accountability. It disclosed this in a statement on Wednesday entitl ...

The market capitalisation of the Nigerian equities market rose to N14tn on Wednesday for the first time since March 2020, amidst a sharp drop in fixed income yields following further monetary easing b ...

Fitch Ratings has revised the outlook on Nigeria’s long-term foreign-currency Issuer Default Rating to stable from negative and affirmed the IDR at ‘B’. The international rating firm disclosed this in ...

The World Fintech Report 2020 has highlighted the need for banks to enter into partnership with fintech players in order to transform into agile and customer-centric organisations and remain appealing ...

Assets and cash worth more than N700bn have been recovered through the whistleblower policy of the Federal Government, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Tues ...

Sterling Bank Plc has said it is considering a new subsidiary as it transforms into a holding company, PUNCH reports. The Managing Director and Chief Executive Officer of the bank, Mr Abubakar Suleima ...

As part of efforts aimed at improving performance of the group’s non core banking operations, Sterling Bank is restructuring into a holding company with hopes to spin off its non-interest banking serv ...

Jaiz Bank Plc, the premier non-interest Bank in Nigeria and the National Hajj Commission of Nigeria (NAHCON) have signed a Hajj Savings Scheme that would make it easier for every Muslim in the country ...

Jaiz Bank Plc, Nigeria’s premier non-interest bank has been awarded as the Most Improved Islamic Bank2020in the world by the Global Islamic Finance Awards (GIFA).  (GIFA) is one of the most prest ...

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said the bank will pursue expansionary monetary policies to fight recession because the fiscal policy was already constrained ...

The Federal Government through the National Social Safety Nets Coordinating Office is developing a Rapid Response Register to scale up the enrollment of poor and vulnerable citizens in urban centres. ...

The Minister of Finance, Zainab Ahmed, the Director General of Budget Office, Ben Akabueze and the Accountant General of Federation Ahmed Idris, on Thursday, failed to appear before the Senate Committ ...

The Federal Government’s bonds for the month of September worth N145bn which were auctioned on Wednesday, were oversubscribed by N215.22bn, the Debt Management Office disclosed on its website. The tot ...

The Central Bank of Nigeria on Tuesday reduced the Monetary Policy Rate by 100 basis points from 12.5 per cent to 11.5 per cent after its two-day Monetary Policy Committee meeting in Abuja. The 10 mem ...

Naira continued its freefall exchanging for N465 to a dollar as declining export receipts from oil and speculative activities of the Bureau De Change operators among other challenges has put more pres ...

Life annuity funds managed by life insurance companies rose to N463.1bn as of the end of the second quarter of 2020. This was disclosed in a report entitled ‘Retiree life annuity: An overview of Q2, 2 ...

The country’s foreign reserves rose by $140.9m from $35.67bn as of September 1 to $35.81bn as of September 17, the latest figures from the Central Bank of Nigeria have shown, PUNCH reports. The reserv ...

The Federal Government has apologised to all account holders in financial institutions for asking them to register their details again, following massive outcry on social media. On Thursday, the FG ha ...

The Federation Accounts Allocation Committee has shared a total of N682.06bn August 2020 federation account revenue to the federal, states and Local Government councils and some revenue agencies. Zain ...

Greenwich Trust Limited has been granted a licence to operate as a merchant bank in the country by the Central Bank of Nigeria. In a post on LinkedIn Greenwich Trust Limited on Thursday said the entit ...

The Federal Government has ordered all account holders in the country’s financial institutions to register their details again, according to PUNCH. The order was given despite the possession of the Ba ...

The Central Bank of Nigeria has demanded from banks the domiciliary account statements of some high profile customers and other accounts linked to the customers through the Bank Verification Number, P ...

Lagos  based InfraCredit, an ‘AAA’ rated specialised infrastructure credit guarantee institution, says it has completed the drawdown of a $10m subordinated unsecured 10-year facility under the su ...

Nigerian banks have started a process of updating their cheque books warning customers that present ones will be outdated by December 31, 2020. The Deposit Money Banks have notified their customers th ...

The Central Bank of Nigeria on Tuesday disclosed the disbursements it had so far made in various sectors of the economy to cushion the adverse impact of the COVID-19 pandemic. According to the bank, a ...

The Central Bank of Nigeria is set to release a cumulative maximum limit of N200bn to provide construction finance facility to enable Family Homes Funds Limited to implement the Federal Government’s S ...

The Asset Management Corporation of Nigeria has taken over assets belonging to the chief promoters of Geedee Zulu Investment Limited, Frank Ezuma and Lilian Ezuma, over indebtedness of over N4bn. The ...

The Central Bank of Nigeria (CBN) has introduced a solar intervention fund that will offer obligors access to credit facility that will not exceed a maximum of N500m maximum, with the aim of providing ...

The Poultry Association of Nigeria on Monday said it was interested in knowing the identities of 166 ongoing poultry projects funded by the Central Bank of Nigeria across the country, PUNCH reports. P ...

Nigeria’s leading bank in tech innovations, Guaranty Trust Bank (GT Bank) is moving quickly with its restructuring plans. In March, the bank told investors it would restructure into a holding company ...

Nigeria's effort to transform its agriculture sector is yielding dividend as the top 10 export earnings from Nigeria in the month of May were agric produce says the CBN. Top exporters in May earned $7 ...

African Export-Import Bank (Afreximbank) has disbursed US$200 million to Zenith Bank Plc Nigeria under its Pandemic Trade Impact Mitigation Facility (PATIMFA). The funds will assist Zenith Bank to con ...

Highly innovative Nigerian fintech startup Sparkle, a digital ecosystem providing financial, lifestyle and business support services, has partnered Visa in a collaboration that will enable it to issue ...

The Central Bank of Nigeria has made digital marine insurance certificate a mandatory requirement to obtain Form M. The bank disclosed this in a circular titled ‘Integration of digital marine insuranc ...

The Federal Government’s outstanding as of March 31 stood at the N24.52tn (excluding the states and the Federal Capital Territory Administration), the Central Bank of Nigeria has said. The apex bank a ...

Loans with collateral to households rose in the second quarter according to the Central Bank of Nigeria. The statistics department of the CBN disclosed this in its ‘Credit Conditions Survey’ report fo ...

The Federal Government’s removal of petrol subsidy and the increase in electricity tariff are in line with reforms being sought by the International Monetary Fund and the World Bank, economic experts ...

Fidelity Bank Plc has posted a 33.01 per cent increase in profit after tax for the half-year ended June 30, 2020. According to its half-year report submitted to the Nigerian Stock Exchange, the profit ...

The resumption of forex sales to the Bureau De Change operators by the Central Bank of Nigeria on Monday (today) will strengthen the exchange rate of the naira to the dollar according to the operators ...

The Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies. The affected accounts belong to betting companies, bureau de change companies and some l ...

By Osaze Omoragbon The coronavirus pandemic and the strict measures imposed to contain it have affected banking services in a negative way. Although most of the measures put in place including lockdow ...

The Central Bank of Nigeria has set N10bn as the maximum loan an obligor can access under its N250bn intervention fund for the gas sector. It disclosed this in a guideline titled ‘Framework for the im ...

Following report by the Economyng.com penultimate week that the big banks including Zenith Bank were delaying the release of their half-year report, Zenith Bank Plc has now announced its unaudited res ...

The Nigerian stock Exchange on Thursday sustained its bull run to the fifth consecutive trading session as the market capitalisation gained N26bn. The key market performance measures, the NSE All Shar ...

The Director-General, Debt Management Office, Patience Oniha, on Wednesday, defended the nation’s debt profile, saying there is nothing wrong with borrowing. She said rather than complaining about the ...

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has recorded a profit after tax of N45.20bn for the half-year ended June 30, 2020. This represents an increase of 24.72 per cent over its ha ...

By Osaze Omoragbon The much delayed half year financial report of UBA has been released. United Bank for Africa Plc announced its audited financial results for the half-year ended June 30, 2020, showi ...

By Osaze Omoragbon The Naira has appreciated at the parallel market following the resumed sale of forex to Bureau de Change (BDC) operators by the Central Bank of Nigeria (CBN) on Monday. Yesterday th ...

Cyber Attack Crime Reports of weak security systems in the Nigerian financial sector which has been making the rounds since the great lockdown came to a head last week when Bank Security, a Twitter ha ...

The Central Bank has ordered all Deposit Money Banks to review interest rates on savings accounts to a minimum of 10 per cent of the Monetary Policy Rate effective from September 1, 2020. This would a ...

Local contractors have staged a protest at the Ministry of Finance, Budget and National Planning kicking against the non-payment of their N18bn contract sum by the ministry. Speaking on behalf of the ...

The Asset Management Corporation of Nigeria (AMCON) says its assets under management stood at N136.73bn and about N112.03bn worth of propriety assets. This was disclosed by the Managing Director/Chief ...

Increased liquidity in the banking sector has continued to raise the lending institutions’ capacity to increase credit to the economy, Punch reports. The Deposit Money Banks and merchant banks in the ...

The Central Bank of Nigeria has reiterated its commitments towards the deployment of fintech in actualizing financial inclusion goals across the country. This according to a source at the apex bank wi ...

Pan-African banking group Ecobank Transnational International (ETI) has recorded a major milestone by launching its Open Banking strategy which aims to accelerate partnership with Fintechs and other p ...

The Central Bank of Nigeria (CBN) is requesting the creation of a credit tribunal in the mould of the defunct failed banks tribunal to strengthen credit recovery processes and enforce collateral right ...

The House of Representatives is set for a showdown with the Ministry of Finance and the Central Bank of Nigeria (CBN) for engaging in extra budgetary spending of over $500 million from Nigeria Export ...

The Senate on Wednesday approved the sum of N168.8 billion to fund the proposed personnel, overhead and capital expenditure cost of the Federal Inland Revenue Service, FIRS for the 2020 fiscal year. M ...

By Osaze Omoragbon Following the success of its various interventions in agriculture development, the Central Bank of Nigeria (CBN) has issued non-interest guidelines to further expand   agr ...

As part of efforts towards consolidating operations in the face of global economic uncertainties, the United Bank for Africa Plc (UBA) which claims the tagline as Africa’s global bank has reshuffled i ...

United Kingdom’s new law that requires foreigners who own properties in the country to explain the source of their funds or risk forfeiting them causes ripples in Nigeria. The recent introduction by t ...

The Nigeria Deposit Insurance Corporation (NDIC) is set to beam its light on the growing cases of bank frauds perpetrated in the banking sub-sector.The NDIC said that 26 responses it received from ban ...

As banks gradually unveil their 2017 score cards, investors have been smiling following the unprecedented profits declared despite the gloom that enveloped the economy occasioned by the recession. Alt ...

More Nigerians are embracing electronic payments Five years after the Central Bank of Nigeria (CBN) launched its Cash-less Nigeria project to reduce the amount of physical cash circulating in the econ ...

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was recently bestowed with the prestigious Zik Prize award for Professional Leadership. The CBN governor won the award, according to the ...

Nigeria’s foreign trade balance improved in the first quarter of 2017 after shelling out N5.30trillion in trade, according to data recently released by the National Bureau of Statistics (NBS). The fig ...

The recent oversubscription of Zenith Bank’s $500million Eurobond indicates that investors are rekindling interest in Nigeria, writes Osaze Omoragbon Nigeria’s quest to attract foreign investment rece ...

Access Bank Plc has announced divestment from Stanbic IBTC Pension Manager Limited (SIPML) in compliance with the regulation of the Central Bank of Nigeria (CBN) on the Scope of Banking Regulation and ...

Former President Olusegun Obasanjo has urged the Federal Government to ensure immediate commencement of operation at the Abuja-based Nigeria Commodity Exchange (NCX) to provide leverage for President ...

The African Development Bank (AfDB) and the African Securities Exchanges Association (ASEA) recently signed a five-year Memorandum of Understanding (MoU) to boost their joint effort aimed at  mobilisi ...

Minister of Finance, Mrs Kemi Adeosun says that although the Nigerian economy is technically in a recession, the country will soon get over it through the recent policy measures adopted by the Federal ...

The Acting Managing Director/Chief Executive, Nigerian Export Import Bank (NEXIM), Bashir Wali recently unveiled the implementation modalities of the N500 billion Export Stimulation Facility and the N ...

In line with the Federal Government’s agenda to institutionalize fiscal discipline, transparency, probity and accountability in the management of public finances, the Office of the Accountant-General ...

The Minister of Finance, Mrs Kemi Adeosun has assured that the Federal Government’s drive for enhanced revenue generation would not be a burden to Nigerians. Adeosun, who spoke at the opening of the t ...