Banking and Finance

The Central Bank of Nigeria (CBN) yesterday announced that it had disbursed about $61.64 million to foreign airlines through various Deposit Money Banks (DMBs) in the country. CBN added that it had redeemed outstanding forward liabilities amounting to about $2 billion in the…

The Central Bank of Nigeria (CBN) on Wednesday released new guidelines to regulate the operations of bank accounts for Virtual Assets Service Providers (VASPs), otherwise known as cryptocurrency. The framework provides minimum standards and requirements for banking business relationships and account opening for…

Sterling Bank, a leader in Nigeria’s banking sector, announced a monumental achievement: its head office, Sterling Towers, is now the first organisational headquarters in Africa to be fully powered by solar energy. This significant milestone caps off a year of impressive strides…

Banks are set to charge customers stamp duty on old foreign transactions between January 2021 to December 2023 by January 31, 2024. This is according to a directive from the Federal Inland Revenue Service. Access Bank disclosed this in a recent letter to…

Sterling Bank Limited has announced a strategic change in its Board of Directors, with Mr. Olatunji Mayaki assuming the role of Chairman of the Board effective January 1, 2024, following the resignation of Mr. Asue Ighodalo, effective December 31, 2023. According to a…

The federal government yesterday finally received $2.25 billion out of the $3.3 billion foreign exchange (FX) facility from the African Export–Import Bank (Afreximbank). The FX inflow has been received by the federal government. The long-awaited credit support seeks to ameliorate the acute FX shortage…

The three top officials of Titan Trust Bank invited by the special investigator, appointed by President Bola Tinubu to probe the activities of the Central Bank of Nigeria (CBN), to provide clarification into the alleged fraudulent acquisition of Union Bank have vowed…

The Central Bank of Nigeria (CBN) yesterday moved swiftly assure the public that Nigerian banks remained safe and sound. The apex bank’s reassurance came against the backdrop of a recommendation by the Special Investigator probing the activities of the central bank for the…

Titan Trust Bank (TTB) yesterday reacted to the special investigative report by the Jim Obazee panel into the activities of the Central Bank of Nigeria (CBN) under Godwin Emefiele, insisting that there was no fraud in the acquisition of Union Bank. Obazee, had…

The sacked governor of the Central Bank of Nigeria (CBN), Godwin Emefiele allegedly used proxies and purchased Union Bank of Nigeria (UBN), a report by Jim Obazee, the special investigator appointed by President Bola has shown. The late Alhaji Ismaila Isa Funtua, an…