Banking and Finance

NDIC Begins N46.6b Payout To Defunct Heritage Bank’s Top Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, whose funds exceeded the maximum insured limit of N5 million. The corporation announced the development in a…

1 day ago

UBA To Complete CBN’s N500b Capital Requirement In Q3 2025 — Elumelu

The Chairman of the Board of Directors, United Bank for Africa Plc (UBA), Tony Elumelu, on Friday assured stakeholders that the bank will meet the Central Bank of Nigeria’s (CBN) N500 billion minimum capital requirement for international commercial banks by Q3 2025,…

1 day ago

SEC Warns Bloggers, Influencers Against Promoting Unregistered Investments

The Securities and Exchange Commission (SEC) has issued a stern warning to celebrities, bloggers and social media influencers against promoting unregistered investment schemes, as the regulatory body intensifies efforts to protect investors under the newly enacted Investments and Securities Act (ISA) 2025. The…

22/04/2025

Top Five Nigerian Banks Gross N17.3 trillion, Grow Profit by 60%

Despite prevailing macroeconomic challenges, the top five Nigerian banks have posted a combined profit before tax (PBT) of N5.1 trillion for the 2024 financial year, a 59.4 per cent increase from N3.2 trillion recorded in 2023. The top five banks – First HoldCo,…

22/04/2025

VFD Returns to Profitability, Posts N4.5 Billion Revenue

VFD Microfinance Bank has reported a significant 39.8 per cent increase in revenue, rising from N3.2 billion in 2023 to N4.5 billion in 2024. The impressive growth is accompanied by a remarkable turnaround in profitability, with the bank posting a profit after…

15/04/2025

UBA Unveils Upgraded PoS Terminal, Redefines MONI App

United Bank for Africa (UBA) Plc has unveiled its vastly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and medium-scale enterprises across Africa. The upgraded platforms form part of…

14/04/2025

Nigerian Stocks Tumble Over Trump’s Trade Tariffs

Nigerian stocks on Monday recorded their biggest drop in recent times following the impact of U.S President Donald Trump’s tariffs on global trade markets. Investors lost about N659 billion at the close of trading after the Nigerian Exchange’s All Share Index (ASI) decreased…

08/04/2025

Diamond Bank Founder Pascal Dozie Passes On, Tinubu Mourns

Founder of the defunct Diamond Bank Plc, Pascal Dozie, is dead. He died on Tuesday, April 8, 2025 at the age of 85. The financial guru died a day before his 86th birthday. Born on April 9, 1939 in Egbu, Owerri, Imo State,…

08/04/2025

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…

01/04/2025

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,…

31/03/2025