Banking and Finance

Windfall Tax: Banks Pay FG N205bn, Owe N600bn

Six banks have paid about N205.59bn as windfall tax in the 2024 financial year, indicating that attempts to lobby the government to reduce the tax failed. According to the audited reports filed with the Nigerian Exchange Limited, the banks have already started to…

3 days ago

Wema Bank Hits N433b In Gross Earnings

Wema Bank Plc’s audited financial statements for the year that ended on December 31, 2024, revealed that gross earnings jumped to N433.43 billion. The surge is premised by robust interest income and strategic asset expansion. Profit before tax soared by 141% to N102.5 billion,…

4 days ago

Stanbic IBTC Posts N303.796b Pre-Tax Profit In 2024

Stanbic IBTC Holding Plc has announced a pre-tax profit of N303.796 billion for the 2024 financial year that ended on December 31, 2024. The pre-tax profit represents a 60.23% year-on-year (YoY) growth. Similarly, post-tax profit increased by 60.23% to N225.311 billion. A further review of…

29/03/2025

Unity Bank Appoints Ebenezer Kolawole As Acting MD/CEO

The Board of Unity Bank Plc has announced the appointment of Ebenezer Kolawole (FCA) as the Acting Managing Director/Chief Executive Officer. His appointment follows the retirement of Oluwatomi Somefun who has completed her tenure as MD/CEO. The appointment was announced at the Bank’s 18th…

21/03/2025

CBN Approves Greenwich Holding Company Structure

The Central Bank of Nigeria has approved a financial holding company structure, Greenwich Holdings Limited, for Greenwich Merchant Bank Limited. In a statement on Tuesday, the bank said that the regulatory approval marked a significant step enabling Greenwich Group to consolidate its existing…

19/03/2025

First Bank Flags Off 40-Storey Head Office At Eko Atlantic

First Bank will, today, conduct the groundbreaking ceremony for its new green-certified iconic head office building at Eko Atlantic City, Lagos. A statement by Ag. Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited, Olayinka Ijabiyi, said the 40-storey building project…

05/03/2025

Accion MFB, CrediCorp Partner on Affordable Tricycle Financing

Accion Microfinance Bank and Nigeria Consumer Credit Corporation have partnered to provide affordable financing for tricycles and motorcycles for riders in Lagos. The vehicles were officially handed to the riders at an event held in Lagos on Thursday. Speaking at the ceremony, the Managing…

17/02/2025

FBN Holdings Plc Rebrands As First HoldCo Plc

FBN Holdings Plc has announced a change in its brand name to First HoldCo Plc (FirstHoldCo). The company in a statement by its Secretary, Adewale Arogundade, said the change will be implemented across all its subsidiaries. It said the rebranding marked a significant milestone…

16/02/2025

New Policy Mutually Beneficial To Banks And Customers – CBN

The Central Bank of Nigeria (CBN) says its recently announced policy imposing charges on cash withdrawal by customers from Automated Teller Machines (ATMs) of banks other than theirs, is mutually beneficial to both the banks and customers. CBN’s Acting Director, Financial Policy and…

16/02/2025

FG Assumes Full Control of Keystone Bank

Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the takeover will enhance its stability and facilitate a smooth recapitalisation process. The bank disclosed this in a statement on its Instagram page on Tuesday…

12/02/2025