Nigeria Deposit Insurance Corporation (NDIC) has cautioned citizens to steer clear of Ponzi schemes and other dubious investment platforms that promise quick returns but often lead to financial loss. Speaking during the NDIC’s Special Day at the 20th Abuja International Trade Fair, the Corporation’s Managing Director, Mr. Bello Thompson...
CBN
Shareholders and Boards of Directors of Providus Bank and Unity Bank have officially approved a merger between the two institutions, paving the way for the creation of a more formidable player in Nigeria’s banking sector. The approval was secured during a court-ordered Extraordinary General Meeting (EGM) held on Friday,...
Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has revealed that 14 banks have successfully complied with the apex bank’s revised capital requirements as part of the ongoing banking sector recapitalisation. Speaking in Abuja on Tuesday during the presentation of the communiqué from the 302nd Monetary Policy...
Central Bank of Nigeria (CBN) has set an ambitious target of achieving a $1 billion diaspora reserve by 2026, according to CBN Governor Dr. Olayemi Cardoso. Speaking at the 18th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday,...
Nick AguleEmail: nick.agule@yahoo.co.ukX: Nick Agule, FCAFacebook: Nick Agule, FCA15.08.2025 There are indications that the CBN intends to revive the eNaira. There are 12 questions for the CBN to tackle. 1. Security and Competition: The eNaira’s security—being backed by the CBN—is reassuring. However, does this not position the CBN, as...
More than 100 tennis players are set to compete in the 2025 NTF-CBN Tennis Championship, kicking off on July 21 at Package B of the Moshood Abiola National Stadium in Abuja. The 46th edition of the Senior Open Tennis Championship is organized by the Nigeria Tennis Federation (NTF) with...
Court of Appeal in Abuja on Wednesday overturned a Federal High Court (FHC) ruling that had ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services N579 billion for its role in stamp duty collection. Delivering the majority judgment in a 2:1 decision, Justice Adebukola Banjoko sided...
Stanbic IBTC Holdings Plc has successfully concluded its Rights Issue, raising N148.7 billion and exceeding the Central Bank of Nigeria’s (CBN) recapitalization requirement. The offer recorded an impressive oversubscription rate of 21.9%, demonstrating strong investor confidence and shareholder support. According to the bank, the successful outcome of the rights...
Naira has appreciated by N3.42 against the US dollar at the official market, amid praise from the International Monetary Fund (IMF) for the Central Bank of Nigeria’s (CBN) foreign exchange (FX) reforms. According to data from the CBN website, the Naira traded at N1,526.15 to a dollar on Wednesday,...
Central Bank of Nigeria (CBN) and Melrose General Services have agreed to settle their legal dispute out of court. The development was disclosed by the lawyers representing both parties before Justice Mohammed Umar at the Federal High Court in Abuja. Yusuf Ali, SAN, counsel to the CBN Governor, Olayemi...
By MBAFAN ADE, Abuja- The Naira has appreciated against the US dollar at the official market, trading at N1,547.36 to a dollar. According to data from the Central Bank of Nigeria (CBN), the Naira gained N2.05, representing a 0.13% increase compared to Thursday’s rate of N1,549.41. This gain marks...
By OFFOR CALLISTUS, Abuja- Starting June 18, 2025, telecom subscribers in Nigeria will be charged directly by their mobile network operators for Unstructured Supplementary Service Data (USSD) services. Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Mr. Gbenga Adebayo, announced this in a statement issued on...
The Federal High Court in Abuja has scheduled June 23 for hearing of contempt proceedings against Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. The proceedings stem from alleged disobedience to a Supreme Court judgment. The case revolves around a Supreme Court ruling that overturned a forfeiture order against...
By JOY ADARA, Abuja- The Central Bank of Nigeria (CBN) has introduced time-bound measures to support banks transitioning from temporary regulatory support provided during the COVID-19 pandemic. This move aims to further strengthen the banking system as part of its broader recapitalization program announced in 2023. This is contained...
The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, has emphasized the need for a well-informed and proactive judiciary to address the challenges posed by digital banking, cryptocurrency, and cybercrime. Speaking at the 23rd National Seminar on Banking and Allied Matters for Judges, Kekere-Ekun charged judges to continuously engage...
By MBAFAN ADE, Abuja- The Association of Securities Dealing Houses of Nigeria (ASHON) has expressed concern over the Central Bank of Nigeria’s (CBN) recent circular suspending dividend payments by banks, citing potential stock market volatility. ASHON Chairman, Mr. Sam Onukwue, described the timing of the directive as “inopportune,” given...
By MBAFAN ADE, Abuja- The Central Bank of Nigeria (CBN) has denied reports of an extension to the recapitalisation deadline for Bureau De Change (BDC) operators beyond June 3. In a statement, CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, described the information as false and misleading....
By MBAFAN ADE, Abuja – Naira has continued its upward trend, appreciating by N12.34 against the dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira traded at N1,553.11 per dollar on Thursday, representing a 0.79% gain from Wednesday’s rate...
The Federal High Court in Abuja, on Wednesday, dismissed a 990 trillion pounds suit filed by a claimant, Mr Tunde Omosebi, against the Central Bank of Nigeria (CBN) for being incomprehensible. Justice James Omotosho, in a judgment, also held that the suit filed by Omosebi to seek redress over...
A former Central Bank of Nigeria governor, Godwin Emefiele, has approached the Court of Appeal in abuja, praying it to set aside a judgment granting the government full control of a substantial estate in abuja comprising 753 housing units. The Economic and Financial Crimes Commission (EFCC) had earlier obtained...