Banking and Finance

Cardoso Says CBN Policies Prevented 42.81% Inflation In 2024

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said inflation would have risen to 42.81 per cent by December 2024 if not for the bank’s policy interventions. Cardoso who spoke at the 2025 Monetary Policy Forum, also projected that diaspora…

31/01/2025

$225.8m Debt: GHL, Directors Still Under Shackles Of Court Injunctions – First Bank

First Bank of Nigeria on Wednesday reacted to the court ruling which set aside the ex-parte order freezing the assets and accounts of General Hydrocarbons Limited (GHL), in connection with a disputed $225.8 million loan. FBN said contrary to reports circulating in the…

30/01/2025

Outstanding $7bn FX Cleared – Cardoso

Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced on Wednesday that the Federal Government has cleared the outstanding $7bn foreign exchange backlog to various firms following a successful verification exercise by forensic auditors. Cardoso disclosed this at the launch of Nigeria’s…

30/01/2025

Debt: Sterling Bank Petitions IG over Court Ruling Violations

Sterling Bank Limited has petitioned the Inspector-General of Police, Kayode Egbbetokun to address the alleged use of the National Assembly and the Police Force CID by Miden Systems Limited and its director, Dr Brendan Usoro, to harass the bank and its executives. In…

29/01/2025

CBN To Commence Payment Of Forex Backlog

The Governor of the Central Bank, Olayemi Cardoso has announced that forensic verification to clear all pending foreign exchange backlogs is now completed and payments will commence soon. Speaking during the launch of the foreign exchange code, Cardoso lamented how it took the…

28/01/2025

CBN Launches FX Code, Sets January 31st Deadline for Compliance Reports

The Central Bank of Nigeria (CBN) has set a January 31, 2025 deadline for companies that trade foreign currency to prove they’re following the new rules laid out in the Nigeria FX Code. The apex bank announced the launch of this code via…

28/01/2025

World Bank Debars Two Nigerian Companies, CEO for Fraud

The World Bank Group has imposed a 30-month debarment on two Nigerian companies, which are Viva Atlantic Limited and Technology House Limited, alongside their Managing Director and Chief Executive Officer, Mr. Norman Bwuruk Didam. According to a press statement by the Washington-based bank…

21/01/2025

Former First Bank GMD, Onasanya, Denies Allegations, Vows to Clear Name

Bisi Onasanya, the former group managing director of First Bank, has dismissed allegations circulating on social media, suggesting his involvement in a commercial loan facility transaction controversy carried out 12 years ago at First Bank. In a statement, Onasanya described the claims as…

20/01/2025

CBN Targets 70% Improvement in Payment Turnaround Time

The Central Bank of Nigeria (CBN) said it is targeting a 70 per cent improvement in its payment turnaround time with the launch of ministries, departments and agencies (MDAs) Naira Payment Solution. The bank said yesterday that the MDAs Naira Payment Solution is…

17/01/2025

Access Acquires Major Stake In African Banking Corporation Of Tanzania

Access Holdings Plc said that its wholly owned subsidiary, Access Bank has completed the acquisition of a majority equity stake in African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited, a London Stock Exchange listed entity. Following the completion of…

13/06/2024