Banking and Finance

ProvidusBank Limited, a commercial bank founded in 2016, has taken bold steps to acquire majority stake in Unity Bank Plc, as part of the former’s business expansion plan. The arrangement which Unity Bank that had been struggling to beef up its minimum capital…

The Central Bank of Nigeria (CBN) says the old N200, N500, and N1,000 notes are to remain legal tender indefinitely. While new currency notes were introduced last year with the old ones set to cease as legal tender, the apex bank on Tuesday…

In May, 2023, Union Bank received an offer from its core shareholder, Titan Trust Bank Limited, to acquire the shares of all minority shareholders in Union Bank after the completion of core investors’ sale of a majority shareholding to Titan Trust Bank…

The United Bank for Africa (UBA) Plc has taken over the assets of Stallion Nigeria Limited and its subsidiaries in Lagos, Port Harcourt, and Kano following an order of the Federal High Court, Lagos, over an alleged N156b debt. Justice Akintayo Aluko had…

Central Bank of Nigeria (CBN) has directed its staff members to declare their ‘close relatives’ in the employment of the bank. Premium Times reported that it sighted a memo  by signed by Christian Eze, deputy director of Human Resources Department, CBN,  which directed CBN…

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that they have paid out N1.393 billion to 36,163 insured depositors and also disclosed they have recouped N16 billion for customers of 20 failed banks and urged affected customers to come forward. The Managing Director/Chief…

The Central Bank of Nigeria on Tuesday denied claims that it plans to redenominate the country’s currency – Naira – with effect from January 2024. This was disclosed in a statement by the CBN’s Director of Corporate Communications, Isa AbdulMumin, amid claims suggesting…

The Central Bank of Nigeria (CBN) has disclosed that Nigerians aspiring to secure admission to foreign universities spent about $340.84 million on application fees between January and June 2023. The figure marked a notable fall of 44.28 percent when compared to the previous…

Farmers in the country at the weekend lamented that the Central Bank of Ni­geria (CBN) lifting the foreign exchange restrictions it placed on importers of 43 items eight years ago has put a lot of investments in the agriculture sector at risk. The…

Mr. Yemi Cardoso, the governor, Central Bank of Nigeria (CBN), has said that the bank is targeting to achieve a Gross Domestic Product (GDP) of $1 trillion in eight years just as he said that the bank will now focus more on…