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NIBSS seeks court order compelling 19 banks to freeze 176 accounts linked to N14bn unauthorised transfers
Following a payment systems malfunction suffered in 2024 resulting into a N14 billion loss, the Nigeria Inter-Bank Settlement System (NIBSS) Plc has approached a Federal High Court in Lagos, seeking an order compelling affected banks to freeze accounts allegedly linked to…
FDI drops by 80%, as portfolio investment drives increased capital inflow — CBN
Central Bank of Nigeria (CBN) Economic Report, in its latest release, has revealed that foreign direct investment (FDI) inflows into the country dropped by 80 per cent in January, this year. The regulatory bank attributed the drop to foreign investors increasingly…
CBN extends POS geo-fencing deadline to August 1
Central Bank of Nigeria (CBN) has extended the enforcement of Point-of-Sale (POS) terminal geo-fencing to August 1, 2026. According to the regulator,the decision is intended to give financial institutions and payment service providers more time to comply with the regulatory requirement…
Currency outside banks drops to N5.08trn in April, as CBN tightens grip on liquidity
Currency outside banks (COB) in Nigeria declined to N5.08 trillion in April 2026, according to data released by the Central Bank of Nigeria (CBN). CBN said the country’s COB fell to N5.083 trillion in April from N5.19 trillion recorded in…
FirstHoldCo shareholders approve capital raise to N253.099, as group targets N1tn
Shareholders of First HoldCo Plc have approved plans by the Board to shore up the capital base of the group to N253.099 billion as it aims to hit a paid-up capital of N1 trillion, comprising share capital and share premium….
Fidelity Bank grows gross earnings by 38%, as PBT hits N92.5bn in Q1, 2026
Fidelity Bank Plc has reported a 37.8 per cent growth in gross earnings representing N434.95 billion in the first quarter 2026 (Q1, 2026), in addition to a rise to N92.48 billion in profit before tax (PBT). The bank’s Interim Financial…
Court grants eNaira exclusive ownership rights to CBN
Following months of controversies over rights control, the Federal High Court sitting in Abuja, has granted the Central Bank of Nigeria (CBN) full ownership of the eNaira digital currency platform. It would be recalled that the eNaira digital currency platform was…
Wema Bank eyes Tier-1 status with planned acquisitions, as PBT hits N221.9bn
Shareholders of Wema Bank have approved the Management’s plans for bold acquisitions that would see the institution reach a Tier-1 status in the country. The shareholders, Wednesday, also endorsed the bank’s move to fast-track growth and attain Systemically Important Bank…
Lagos clamps down on 15 money lending firms over infractions
Lagos Government says it has sanctioned at least 15 money lending companies for breaching operational regulations and engaging in activities considered harmful to their customers. This is also as the government disclosed that it renewed the existing operational licences of…
PoS transactions set to hit N8.96trn in May
Point-of-Sale (PoS) transactions in Nigeria are set to reach N8.96 trillion by the end of May 2026, rebounding from a slight 1.82 per cent dip suffered in April, this year. According to payment system data, PoS transactions stood at N7.70…
