EFCC: CBN Board Approved AMCON Takeover of Arik Air
The EFCC has informed a Lagos court that the CBN board approved AMCON's takeover of Arik Air after the airline faced severe financial distress, with testimony revealing alleged fund diversion.
Category : Banking
Union Bank Calms Customers After CBN Recapitalisation Remarks
Union Bank of Nigeria has issued a strong statement assuring customers of deposit security and operational stability following recent comments by the Central Bank of Nigeria governor on recapitalisation timelines for banks under regulatory intervention.
Nigerian Banks Face Mergers Ahead of CBN Recapitalisation Deadline
With the March 31, 2026 deadline approaching, 13 Nigerian banks are racing to meet the Central Bank's new capital requirements, sparking potential mergers and acquisitions in the industry.
Naira Gains in Black Market After CBN Rate Cut
The Nigerian naira strengthened by N10 in the parallel foreign exchange market after the Central Bank reduced its benchmark interest rate by 50 basis points. Analysts provide insights on the monetary policy shift and its potential economic impacts.
Court Orders Indimi to Pay Daughters $43.51 Million
A Federal High Court in Nigeria has ruled that Oriental Energy must pay $43.51 million to billionaire Muhammadu Indimi's twin daughters over unpaid dividends, highlighting governance issues in family-owned businesses.
20 Banks Meet CBN Recapitalisation Target, N4.05 Trillion Raised
The Central Bank of Nigeria announces 20 out of 33 banks have met new capital requirements, raising N4.05 trillion with strong domestic investor participation ahead of March 31 deadline.
CBN Reduces Interest Rate to 26.50% Amid Falling Inflation
The Central Bank of Nigeria has lowered its Monetary Policy Rate by 50 basis points to 26.50% following the 304th MPC meeting. Governor Cardoso cited declining inflation and exchange rate stability as key factors driving the unanimous decision.
CBN Approves Bank78 MFB as New Digital Bank Launches
Bank78 MFB has officially commenced operations as a licensed digital microfinance bank in Nigeria, bridging the gap between fintech innovation and traditional banking reliability with full CBN licensing and NDIC deposit insurance.
CBN Deadline: Nigerian Banks Race for Capital
With four weeks left to meet the Central Bank of Nigeria's recapitalization deadline, major banks are prepared while smaller institutions scramble for funds. The move aims to strengthen the banking sector and support Nigeria's economic ambitions.
Nigerians Abroad: Build Credit Scores Faster for Loans
Nigerians relocating to the UK, US, or Canada often lack local credit history. This guide explains credit scores and offers practical steps to build them quickly for accessing loans, rentals, and more.
Dangote: Nigerians Can Buy Refinery Shares Soon, Urges Govt Action
Aliko Dangote reveals Nigerians can invest in Dangote Refinery shares within 4-5 months, with dividends payable in naira or dollars. He calls on Tinubu's government to reduce imports and boost local manufacturing to strengthen the naira.
Top 10 Failed Nigerian Banks: Why They Collapsed
Explore the collapse of 10 notable Nigerian banks, including Savannah Bank and Heritage Bank, due to governance failures, capital issues, and regulatory actions by the CBN.
CBN Grants 82 BDCs $150,000 Weekly FX Access
The Central Bank of Nigeria has approved 82 recapitalised BDC operators to access up to $150,000 weekly from the NFEM to improve dollar supply in the retail market and support naira stability.
Banks Clear N300bn USSD Debt, End 4-Year Telecom Crisis
Commercial banks and telecom operators in Nigeria have resolved their four-year dispute over unpaid USSD charges, clearing nearly N300 billion in debt and transitioning to a new end-user billing model.
Niger Delta Group Demands Review of Tompolo's Pipeline Contract
Niger Delta Safety Watch has written an open letter to President Bola Ahmed Tinubu, calling for urgent review of the pipeline surveillance contract held by Government Ekpemupolo (Tompolo). The group cites significant oil production losses and accuses Tomp
BDC Operators Yet to Access CBN's $150,000 Weekly Forex Window
Bureau de Change operators report they have not been able to access the Central Bank of Nigeria's official foreign exchange window despite policy approval. Operational challenges including settlement account requirements and banking processes are creating
Nigeria Mourns Ex-UBA Chairman Israel Ogbue's Death at 99
Nigeria grieves the loss of Chief Israel C. Ogbue, former UBA chairman, who passed away peacefully at 99. He leaves a legacy of over 60 years in public and private service, with tributes pouring in from colleagues and citizens.
Naira Mixed Performance as FX Reserves Hit $48.5 Billion
The Nigerian naira recorded contrasting movements across official and parallel markets while external reserves climbed above $48.5 billion, providing the Central Bank with enhanced capacity to stabilize the currency.
CFG Africa Forum Promotes Ethical Investment in Nigeria
CFG Africa's dual-city investment forum highlighted non-interest finance as a strategic hedge against market volatility, with experts showcasing strong returns and advocating for policy shifts to boost economic stability.
Unity-Providus Merger Surpasses CBN N200bn Capital Benchmark
The proposed merger between Unity Bank and Providus Bank has successfully exceeded the Central Bank of Nigeria's N200 billion minimum capital requirement for national banking licenses. Regulatory approvals and shareholder support have positioned the combi
Rabiu's Wealth Hits $12.3bn as BUA Stocks Surge on NGX
Nigerian billionaire Abdulsamad Rabiu's net worth surged to $12.3 billion on February 18, 2026, driven by gains in BUA Cement and BUA Foods on the Nigerian Exchange. His wealth increased by $915 million in a single day, with year-to-date gains of $2.13 bi
Zenith Bank Warns Over AI-Generated Jim Ovia Investment Scam
Zenith Bank Plc has issued a strong public warning about a fraudulent AI-generated video falsely showing Chairman Jim Ovia promoting an investment scheme. The bank disowned the manipulated clip and urged Nigerians to disregard it.
GTBank Quick Airtime Loan Launches for N10,000 Limit
Guaranty Trust Bank introduces Quick Airtime Loan, offering up to N10,000 for instant airtime access, leveraging fintech collaboration with HabariPay to enhance Nigeria's financial ecosystem.
Workers Protest at NAFDAC Over Sachet Alcohol Ban
Food and beverage sector workers staged protests at NAFDAC's Lagos office, warning that factory closures linked to the sachet alcohol ban threaten millions of jobs and worsen economic pressure.
Naira Hits Two-Year High as Dollar Crashes by N83
The Nigerian naira appreciated to N1,347.78 per dollar at the official market, its highest level in two years, with the dollar crashing by over N83 since January. The Central Bank's expected BDC guidelines and improved liquidity are driving the gains.
CBN Joins ECOWAS to Fast-Track Eco Currency for 2027 Launch
The Central Bank of Nigeria collaborates with West African central banks to advance the Eco single currency project, targeting a 2027 launch with strict economic criteria for member nations.
Wema Bank Launches 2026 Bankers-in-Training Program
Wema Bank has announced the opening of applications for its 2026 Bankers-in-Training (Sales) Program, offering young Nigerian graduates a structured career path in banking with training in Lagos, Ibadan, Abuja, and Port Harcourt.
UBA Launches Diaspora Platform to Unlock $100B African Capital
United Bank for Africa (UBA) has launched a new diaspora investment platform to help Africans abroad move beyond remittances and build long-term wealth through banking, investments, pensions, insurance, and real estate services.
Access Bank Announces Nationwide Job Vacancies
Access Bank is recruiting experienced professionals for branch manager, relationship officer, and Chinese desk manager positions across Nigeria. Requirements include business degrees and relevant banking experience.
Nigeria Banks in Final Stretch of Recapitalization Drive
Nigerian banks are in the final phase of meeting the Central Bank's March 2026 recapitalization deadline, with FCMB undergoing verification and other institutions exploring mergers, foreign investment, and capital raises amid fintech competition.
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