Nigeria’s non-interest banks – Jaiz, TAJ and The Alternative Banks – recorded significant growth in assets in the 2024 financial year. Analysis of the banks’ full-year 2024 financial results revealed that the non-interest financial institutions recorded strong financial performance during the period. Pinnacle Daily’s analysis of the three banks’ 2024 financial reports revealed a combined …
Trading on the Nigerian Exchange Limited (NGX) floor recorded a notable sell-off in the first week of September as investors were more willing to sell their shares at lower prices, which led them to suffer an ₦832.3 billion loss. Pinnacle Daily review of market performance in the just concluded week shows the total market capitalisation …
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 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 Central Bank of Nigeria (CBN) has recently implemented several key reforms that are significantly impacting the country’s economy. Among the most notable changes, monthly diaspora remittances have surged to $600 million, marking a 200% increase from previous months. This boost in remittances is attributed to reforms such as the Non-Resident Bank Verification Number initiative …
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 …
Insurance stocks led the performance on the floor of the Nigerian Exchange Limited (NGX), edging out other sectors as the market gained ₦344.61 billion in the just concluded month. The performance of the sector was buoyed by investors' reaction to the newly passed NIIRA 2025. Overall stock performance A review of stock market data by …
Access Holdings Plc has appointed Mr Innocent Ike as its new Group Managing Director/Chief Executive Officer (GMD/CEO), effective August 29, 2025, following regulatory approval. Ike’s appointment marks a significant shift in leadership as the company moves into the post-Herbert Wigwe era, with Aigboje Aig-Imoukhuede consolidating his leadership role as Chairman. This announcement follows the recent …
The Central Bank of Nigeria (CBN) has issued a fresh directive mandating all participants in the country’s payment ecosystem to complete migration to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025. In a circular published on its official website on Tuesday, signed by Dr Rakiya O. Yusuf, …
