Skip to content
Standard, commemorative N100 banknotes still legal tenders — CBN clarifies
Central Bank of Nigeria (CBN) moved to clear the confusions trailing current rejection of the standard version of the N100 banknote by Nigerians, as it stated that the currency is still a legal tender. The regulator further warned individuals, businesses,…
CBN caps payment, contract rights’ suspension for distressed banks at two days
Central Bank of Nigeria (CBN) has capped the period within which payment obligations and contract termination rights may be suspended when it intervenes in a distressed bank, at two working days. CBN, in a circular posted to banks and other operators…
Nnorom to replace Elumelu as UBA appoints new Group Chairman
United Bank for Africa (UBA) Plc has confirmed that its Group Chairman, Tony O. Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the 12-year tenure limit for non-executive directors. The bank also announced the appointment…
Wema Bank announces Hackaholics 7.0 edition with seven verticals, improved grant prizes
Wema Bank has announced the 7th edition of its flagship tech-driven innovation initiative platform, Hackaholics. The announcement was made at the official press conference held, last Wednesday, at the Wema Bank Head Office in Lagos. Launched in 2019, Hackaholics is…
Altinvest launches ‘Your Money, Your Value’ investment guide
Independent non-interest bank (NIB), the Alternative Bank has through its ethical digital investment platform, Altinvest, formally launched the ‘Your Money, Your Value,’ guide. The publication, according to the platform is a free practical guide designed to help Nigerians better understand…
Shell, 9 banks launch $3bn Contract Finance facility to support Nigerian contractors
Shell Nigeria Exploration and Production Company Ltd (SNEPCo) has launched a $3 billion Contract Finance facility in partnership with nine leading Nigerian banks to support contractors. The facility launched, Thursday, which represents a major step towards empowering Nigerian contractors is…
UBA marks Bumper Account anniversary, rewards customers with over N400m in bonuses
United Bank for Africa (UBA) has rewarded thousands of its customers with over N400 million in anniversary bonuses under its UBA Bumper Account, as part of efforts to encourage savings and reward customer loyalty. The bank said the bonuses were paid…
CBN shuts 46 microfinance banks over regulatory breaches, as NDIC begins process of orderly closure of affected MFBs
Central Bank of Nigeria (CBN) has announced revocation of the operating licences of 46 microfinance banks (MFBs) for failing to comply with key regulatory requirements. This is also as the Nigeria Deposit Insurance Corporation (NDIC) said it has commenced the…
ProvidusUnity Bank announces commencement of unified operations
Fresh from its recent merger deal, the ProvidusUnity Bank has announced official commencement of operations as a single banking institution. The new bank disclosed that it has completed all regulatory approvals, shareholder endorsements and judicial processes required to consummate the business…
FCCPC places 112 loan apps on watchlist over infraction, grants operational licenses to 48 others
Federal Competition and Consumer Protection Commission (FCCPC) has granted full operational approvals to 48 digital loan companies that previously held conditional approval, bringing the total number of fully licensed digital money lenders in Nigeria to 505. This is also as the…
