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...
CBN
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...
An Ikeja Special Offences Court has ordered the Economic and Financial Crimes Commission (EFCC) to provide an investigative report and e-statement of Keystone Bank with the Central Bank of Nigeria (CBN). Justice Rahman Oshodi made the order on Tuesday in the ongoing N20 billion fraud trial involving the former...
The seventh prosecution witness, Mr John Adetola, told an Ikeja High Court that he did not document the alleged $400,000 he handed to the former Central Bank Governor (CBN), Godwin Emefiele. Adetola, an executive assistant to the former CBN governor, said this on Monday while being cross-examined by Emefiele’s...
The Federal High Court in Abuja on Monday, fixed July 4 for judgment in the suit filed by the Nigeria Inter-Bank Settlement System (NIBSS’) Plc against the Central Bank of Nigeria (CBN) and others. NIBSS, in the suit, is seeking an order to prevent any institution from challenging its...
By EZEKIEL OBI, Abuja- Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to disclose the details of any direct payments to the 774 local government councils in Nigeria including the amounts sent to each council.” SERAP’s suit...
The Chartered Institute of Treasury Management (CITM) on Friday called on Nigeria’s monetary authorities to consider partially backing the Naira with gold reserves as a means of stabilising the currency. The Institute’s Registrar, Mr Adedoyin Olumide, who made the call during an interview with the News Agency of Nigeria...
For the first time since February 2024, the Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.5 per cent. CBN Governor Yemi Cardoso announced the decision on Tuesday in Abuja following the 300th Monetary Policy Committee (MPC) meeting. Cardoso said all 12 MPC members...
The Federal High Court in Abuja on Monday, fixed May 26 to hear a suit filed by the Nigeria Inter-Bank Settlement System (NIBSS’) Plc against the Central Bank of Nigeria (CBN) and others NIBSS, in the suit, is seeking an order to prevent any institution from challenging its statutory...