The Central Bank of Nigeria (CBN) has unveiled significant updates to its cash management policies, effective January 1, 2026. These changes are part of the bank's ongoing efforts to improve cash handling, enhance security, and promote the wider adoption of electronic payment methods for greater convenience and safety. These revisions, aimed at streamlining cash operations …
Zenith Bank has reported an impairment charge of ₦781.5 billion on its financial assets for the nine-month period ending September 2025, accounting for 39.3% of its projected pre-provision operating profit for the full year 2024. A large portion of this impairment—98.5%—relates to loan impairments, including significant write-offs, which have further weighed on the bank’s loan …
First Holdco Plc, the parent company of First Bank of Nigeria and other financial brands, has reported its financial performance for the nine months ended September 2025. Despite a significant 71.70% rise in net interest income, the company faced a 12.96% decline in profit after tax (PAT). In this period, gross earnings increased by 17.07% …
The Chairman of First HoldCo Plc, Femi Otedola, has acquired additional shares, valued at ₦14.8 billion, in the financial holding company. The holding company announced this in a notice late Thursday, signed by the Company Secretary, Abiola Baruwa. According to the notice filed with the Nigerian Exchange Limited (NGX), the shares were purchased through Calvados …
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has revealed plans to launch a microfinance bank and wants the Central Bank of Nigeria (CBN) to grant it an operating licence. Director-General of SMEDAN, Charles Odii, disclosed this during a media parley in Abuja on Wednesday, while unveiling the agency’s five-point agenda for 2026. …
The African Development Bank (AfDB) Group has secured a record $11 billion from 43 partners for its 17th Replenishment (ADF-17). The fund secured by its concessional financing arm, the African Development Fund (ADF), marks the largest funding round in its history despite tight global fiscal conditions and shrinking aid budgets. According to a statement by …
The National Pension Commission (PenCom) has commenced the disbursement of the N758 billion bond approved by the Federal Government to clear outstanding pension liabilities. This move is part of a broader strategy to future-proof the Nigerian pension industry, solidifying its role in national stability and long-term development. PenCom’s 365 Days Scorecard: Achievements and Progress PenCom's …
Amid domestic and global economic uncertainties, FCMB Pensions, a subsidiary of FCMB Group Plc, is targeting a N1.2 trillion growth in Assets Under Management (AUM) by the end of December 2025. This ambitious goal reflects the company’s resilience in navigating financial challenges and its commitment to becoming a major player in Nigeria's pension industry. FCMB …
The majority shareholders of Premier Paints Plc are set to sell a 51 per cent stake to Xenergi Limited. The paint maker announced the ownership change in a statement to the investing public on Tuesday. Premier Paints Plc is a Nigeria‑based paint manufacturer established in 1982 and headquartered in Ifo, Ogun State. It produces decorative, …
Nigerians are demanding lawmakers' action to extend debate on contract staffing in banks to other sectors where the issue is also of critical concern. Their reactions followed a bill seeking to regulate the employment of staff by Nigerian banks, which has passed the second reading at the House of Representatives. They want any attempt by …
