Following the Central Bank of Nigeria's decision to retain its benchmark interest rate, Governor Olayemi Cardoso used the post-Monetary Policy Committee (MPC) briefing on Tuesday to explain the bank's position on some of the country's most pressing financial and monetary issues. Responding to questions from journalists after the two-day MPC meeting, Cardoso defended the CBN's …
The Central Bank of Nigeria (CBN) on Monday confirmed that it opened two foreign currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC), contradicting an earlier claim by the Accountant-General of the Federation that no such accounts existed. The disclosure was made during a public hearing by the House of Representatives Ad-hoc …
Retirees under Nigeria's Social Insurance Trust Fund scheme have received their first pension increase in 21 years, with the National Pension Commission (PenCom) confirming that monthly payments for some beneficiaries have risen more than elevenfold — from N18,000 to N206,000. PenCom Director-General Ms Omolola Oloworaran disclosed the figures while reviewing the Commission's recent reforms, describing …
Although Nigeria has concluded one of the largest banking recapitalisation exercises in its history, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso says the real work has only just begun. Speaking at the BusinessDay 14th Annual CEO Forum in Lagos on Thursday, Cardoso argued that recapitalisation was never simply about raising fresh capital. Rather, he …
The Chief Executive Officer of FirstBank Nigeria Limited, Olusegun Alebiosu, has called on the Federal Government to take the lead in expanding access to mortgage finance, saying stronger public-sector intervention is critical to tackling Nigeria's housing deficit. Speaking at the 20th Africa International Housing Show (AIHS) in Abuja, Alebiosu stressed that affordable housing cannot be …
The Central Bank of Nigeria (CBN) has warned individuals, businesses and financial institutions against rejecting the standard ₦100 banknote, stressing that it remains legal tender and that violators risk sanctions. The apex bank issued the warning in a statement released on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali. Its warning follows reports …
Tony Elumelu has resigned as the group chairman from the board of directors of the United Bank for Africa (UBA) Plc. The bank disclosed this in a statement on Monday, noting that its Board of Directors, at a meeting held on July 6, accepted Elumelu's retirement letter. It said the board had appointed Non-Executive Director …
The revocation of the licenses of 46 microfinance banks by the Central Bank of Nigeria (CBN) could significantly disrupt access to financial services for rural communities, women, and small businesses. A senior Shariah analyst, Imam Nma Shuaib, raised the concern, lamenting that the decision would significantly affect Kano State unless urgent measures are taken to …
The Central Bank of Nigeria's (CBN) revocation of operating licenses for 46 microfinance banks (MFBs), effective July 1, 2026, is the latest chapter in a decade-long effort to clean up a sub-sector that has long struggled to reconcile its social mandate, extending credit to Nigeria's unbanked and underbanked, with the discipline of prudential banking. Acting …
Dr. George Elombi, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), took questions from Pinnacle Daily and other reporters at a mid-year media roundtable at the Afreximbank African Trade Centre (AATC) in Abuja, which centered on rating agencies and the focus of the bank going forward. Except: Standard & …
