Fire outbreak on Thursday razed parts of a multi-storey commercial building housing a Polaris Bank branch on Broad Street, Lagos Island, triggering panic among residents and business owners in the area. Eyewitness videos shared on social media showed thick plumes of smoke rising from the building as crowds gathered...
Banks
A terminated sale of a 40 per cent stake in the Amukpe–Escravos Pipeline has drawn renewed attention to Nigeria’s asset disposal processes after fresh independent valuations showed a significant gap between earlier pricing and current estimates. Reports said that assessments conducted in 2025 placed the stake at between $544...
[News Analysis] A September 2025 approval tied to a failed pipeline transaction has resurfaced, despite the deal being formally terminated four months earlier, according to sundry reports. The approval relates to a proposed sale of a 40 per cent stake in the Amukpe-Escravos Pipeline, a 160,000-barrel-per-day evacuation route that...
A few years ago, having a dollar card in Nigeria felt like a privilege. To get one, you typically had to visit a bank branch, complete the required paperwork, and wait for approval and issuance. Today, a few clicks are enough. But a virtual USD card is more than...
Amid the furore generated by the recent allegations of financial fraud against the Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund, (NSITF), Barrister Olúwaṣeun Mayomi Faleye, two workers’ unions have come out strongly in defence of the embattled chief executive. In a joint statement issued...
Nigeria Tax Act 2025 (NTA 2025) policy signed into law on June 26, 2025, effective from January 1, 2026, shall commence on January 19, 2026. With the implementation, if you send money through your mobile banking app, use USSD codes like *737# or *919#, or rely on fintech platforms...
Nigerian banks will commence the deduction of a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, in line with the implementation of the Tax Act. The development was communicated to customers through official notices issued by several financial institutions ahead of the policy’s...
Ethical reorientation is critical to institutional growth and staff development. This is according to the Managing Director/Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Mayomi Faleye. Barrister Faleye spoke in his goodwill message to the Workshop on Ethical Reorientation organized by the Association of Senior...
A pan-Nigerian outfit, Prodiva, has started putting finishing touches on its high octave preparation to host its maiden Independent Day fiesta on October 1, 2025 to celebrate Nigeria’s prosperity in diversity. Prodiva, an outfit coined out of two words, prosperity and diversity, was floated by Bolatito Ajibode, a seasoned...
Ghana’s financial industry may be on the cusp of another round of consolidation, with Fitch Ratings projecting that six banks currently operating in the country are unlikely to meet capital requirements through their own earnings. Unless these institutions secure fresh capital injections, the credit rating agency warns, they may have no...
Some bank customers, especially those of Guaranty Trust Holding Company (GTCO) say they will opt for electronic mail alert from their banks to cut costs and reduce charges on their accounts. Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, said they...
Sterling Bank has scrapped transfer fees on its OneBank digital platform, in a bold move that promising to reset the rules in the Nigerian banking sector. Chief Executive Officer of the bank, Abubakar Suleiman, revealed this during a news conference in Lagos. He said the initiative reflects the bank’s...
Cash crunch has hit Lokoja, the Kogi capital, crippling most businesses and making life miserable for residents. The News Agency of Nigeria (NAN) correspondent, who monitored the development in the area, on Wednesday, reports that most banks were out of cash, leaving their customers stranded. At the First Bank...
Banks have commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN’s) directive. The News Agency of Nigeria (NAN) correspondent who monitored some banks’ ATM gallery in Abuja and environs on Sunday, reports that some customers were lamenting...
The Central Bank of Nigeria has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old...
The Vice-President, Sen. Kashim Shettima has urged Nigerian Deposit Money Banks (DMBs) to ensure seamless availability of Naira notes to the banking public. Shettima made the call on Friday in Abuja, at the 2024 Bankers ‘ Committee Retreat. He was represented by Tope Fasua, Special Adviser on Economic Affairs,...
The Central Bank of Nigeria (CBN) on Friday advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs to the apex bank from December 1. CBN Governor, Olayemi Cardoso, said this during the 2024 annual bankers dinner in Lagos organised by the Chattered Institute of...
By JOY ADARA , Abuja– The Central Bank of Nigeria (CBN) has said it would sanction Deposit Money Banks (DMBs) found supporting the hawking of Naira notes. The Acting Director, Currency Operations Department, CBN, Mr Solaja Olayemi, said this in a memo to DMBs on Friday in Abuja. Olayemi said...