The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026. CBN said the banks failed to meet regulatory requirements for continued operation. It announced the decision in a statement issued on Wednesday and signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali. It …
After benefiting from one-off gains triggered by the naira's sharp devaluation, banks are now returning to a more sustainable growth model built on stronger lending, digital banking and fee-based businesses, Pinnacle Daily analysis shows. An analysis of the audited financial statements of Access Holdings, Zenith Bank, United Bank for Africa (UBA), GTCO and First HoldCo …
Nigeria's biggest banks are increasingly generating income from businesses that have little to do with traditional banking, Pinnacle Daily can report. From pensions and asset management to payment services, insurance brokerage and digital lending, Tier-1 banks are quietly building new revenue streams that are becoming an increasingly important part of their growth strategy. An analysis …
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has said that more than 80 per cent of financial crimes in Nigeria are perpetrated through procurement fraud and the use of registered companies. Olukoyede hinted at this while receiving the Board of the Corporate Affairs Commission (CAC), led by its Chairman, …
The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other financial institutions to immediately freeze accounts and assets linked to six individuals and four bureaux de change (BDCs) recently designated under terrorism and terrorism-financing sanctions. In a circular signed by Olubunmi Ayodele-Oni for the Director of the Compliance Department, the CBN …
Jaiz Bank Plc held a virtual Annual General Meeting today where Managing Director/CEO Dr Haruna Musa presented the bank's audited results for the year ended December 31, 2025, before taking questions from the media. Musa highlighted a 19 per cent rise in total assets to ₦1.29 trillion, a 24 per cent jump in customer deposits …
Nigerian financial holding companies may need to raise billions of naira under the proposed new Central Bank of Nigeria (CBN) rules. A report released by Comercio Partners on Friday, June 19, shows that Access Holdings, GTCO and First Holdco face the largest capital shortfalls. The investment research firm stated that the CBN's June 10, 2026, …
FirstHoldCo Plc said it has completed a ₦45 billion private placement to strengthen FirstBank’s capital base and support its growth plans. It announced this in a statement seen by Pinnacle Daily on Thursday. According to the parent company of First Bank of Nigeria Limited (FirstBank), it had secured all approvals from the Central Bank of …
The Central Bank of Nigeria (CBN) has directed banks and payment companies to keep all payment transaction data generated in Nigeria within the country from January 1, 2027. The move is part of new measures introduced by the apex bank to make the payments industry more transparent, competitive and secure. In a circular issued on …
Nigeria's money market is witnessing one of its strongest waves of investor demand in recent years as the Central Bank of Nigeria's (CBN) aggressive Open Market Operations (OMO) strategy continues to attract both foreign and domestic capital, reinforcing the naira while tightening its grip on liquidity conditions. According to Cordros Securities' Weekly Economic and Market Update: …
