The Central Bank of Nigeria (CBN) said it has created a new compliance department to strengthen oversight of non-prudential and emerging risks in the financial institutions. It disclosed this in a circular on Thursday, September 4. It said the new department was created in the first quarter of this year and became operational in the …
First Bank of Nigeria Limited has confirmed a service disruption affecting its key digital banking channels, making it unable for customers to access the platforms and complete transactions. The oldest Nigerian bank disclosed this in a circular on Thursday, September 4. It said the downtime is currently affecting transactions carried out on its FirstMobile, FirstOnline, …
The Federal Competition and Consumer Protection Commission (FCCPC) has directed all digital lenders, also known as loan apps, to register with it within 90 days or risk a fine of ₦100 million. The directive is contained in the new regulations the FCCPC rolled out to address digital lenders' abusive practices, harassment of borrowers and breach …
The Securities and Exchange Commission (SEC) has approved a new cycle to be allowed for settlement of capital market transactions in two days (T+2). Chief Executive Officer (CEO) of the Central Securities Clearing System (CSCS), Haruna Jalo-Waziri, said on Wednesday, September 3. He noted that following the SEC approval, the Nigerian capital market will migrate …
The Executive Director of Paradigm Initiative (PIN), Gbenga Sesan, has been elected chairperson of the national mirror/technical committee on digitally delivered services by the Standards Organisation of Nigeria (SON). This was announced in a letter signed by the Director, Standards Development Department at SON, Yunusa Mohammed, according to a statement on Wednesday, September 3, by …
The Lagos State government said it has slashed the fare for the Lagos Rail Mass Transit Blue Line by 50 per cent on Thursday, September 4, 2025, to mark its second anniversary. The state governor, Babajide Sanwo-Olu, announced this on his official X handle on Wednesday, September 3. “I am pleased to announce a 50% reduction …
The recent hike in the price of Compressed Natural Gas (CNG) to N380 per standard cubic meter (SCM), from N230, raises concern about the Federal Government's plans to adopt CNG to cushion the impact on transport costs and economic hardship faced by Nigerians. This signifies a 65.22 per cent hike or N150 increase in the …
Approximately N1.43 billion in interest will be returned to investors who participated in the August 2025 FGN Savings Bonds. The bonds were allotted by the Federal Government of Nigeria (FGN) through the Debt Management Office (DMO). In a publication on Monday, September 1, the DMO disclosed that the bonds attracted N3.32 billion from subscribers. The …
Pressures are mounting on mid-tier banks in Nigeria to meet the Central Bank of Nigeria's (CBN) mandatory recapitalisation deadline of March 2026. This may force mergers and alliances among the tier-2 banks, as SB Morgen Intelligence, an Africa-focused research firm, documented in its latest report. It listed the leading tier-2 banks to include First City …
Following a recent Court-ordered Meeting, shareholders are to consider and give consent to the merger plan between Unity Bank Plc and Providus Bank Limited. The order was issued by Justice D. I. Dipeolu of the Federal High Court sitting in Lagos. According to an official disclosure on Tuesday, September 2, by Unity Bank, the meeting …
