The Chairman of United Bank for Africa (UBA), Tony Elumelu, said he was shattered by the fire outbreak that killed staff members of the bank, describing the inferno as a devastating incident. The fire incident occurred yesterday at Afriland Towers Building on Lagos Island, housing the UBA branch. Elumelu reportedly expressed his deep sorrow over …
International Monetary Fund (IMF) Managing Director Kristalina Georgieva today announced her intention to appoint Nigel Chalk as Director of the Fund’s Western Hemisphere Department (WHD). Mr Chalk will assume his new role effective October 27, 2025. A UK and Irish national, Mr Chalk brings to the role nearly three decades of experience at the Fund. …
With a 36.55 per cent year-to-date (YTD) return of the All-Share Index as of September 12, the Nigerian stock market seems to have appreciated significantly since the beginning of this year. The boom is the result of an N26.16 trillion gain to investors as the market capitalisation rose from N62.763 trillion on January 2, when …
The Central Bank of Nigeria (CBN) has called on banks to secure its approval before appointing a new successor to the position of managing director six months before the exit of an incumbent, as provided in the corporate governance guidelines. It issued the directive in a circular signed by the Director of Financial Policy and …
The Lagos State Fire and Rescue Service has confirmed a fire incident that occurred in one of the United Bank for Africa (UBA) branches on Lagos Island on Tuesday, September 16. The authority confirmed this in a statement signed by its Deputy Controller General, Ogabi Olajide. It stated that operatives were battling the fire at …
Niteon, one of Nigeria's largest digital export marketplaces, has announced the launch of Niteon Capital, the first neobank built specifically for African manufacturers. Founded by Nigerian entrepreneurs Tony Nwose and Daniel Chukwuemelie, the US-based startup has already built a reputation for helping verified African manufacturers, spanning agriculture, fabrics and mineral products, connect seamlessly to international …
The new tax laws expected to take effect from January 1, 2026, have left many Nigerians apprehensive about certain provisions. One of the provisions is the requirement of a tax identification number (TIN), tax identity (Tax ID) and National Identification Number (NIN) before anyone can continue to operate or open a bank account in Nigeria. …
Fidelity Investments, a financial services firm, recently bought 34,187 ETH, worth about $154 million at $4,500 per token, marking a significant step in the adoption of cryptocurrency in the mainstream financial system. According to an on-chain data report, "The world of digital assets is evolving, with institutional crypto adoption accelerating. Fidelity Investments, a firm managing …
FXTM, a global leader in online trading, has announced the launch of FXTM Edge, a new trading account designed to give Nigerians an easy and innovative way to enter the financial markets. FXTM Edge provides an accessible entry point into the markets by allowing traders to begin with as little as $50 through a micro trading account, enabling …
As banks' recapitalisation remains about six months to the deadline, 28 banks are now under pressure, with only six listed and two other non-listed banks fully crossing the minimum capital thresholds. Among the listed banks are Access, Zenith, GTB, Wema, Jaiz, and Stanbic IBTC. At the press briefing on its July monetary policy committee (MPC) meeting, …
