The Central Bank of Nigeria (CBN) has introduced the Nigerian Overnight Financing Rate (NOFR) as the country’s new money market benchmark. It announced this in a statement issued on Friday, signed by the Acting Director of Corporate Communications, Hakama Sidi Ali. The move is aimed at improving transparency, strengthening monetary policy transmission, and deepening the …
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the final phase of winding down 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) across the country, following their acquisition by new operators under its resolution framework. The move comes after the Central Bank of Nigeria (CBN) revoked the licences of 179 microfinance banks and …
Ecobank Transnational Incorporated (ETI) delivered solid growth in 2025, but a loss in its Nigerian business and a rising tax exposure across its subsidiaries cast a shadow over an otherwise strong performance. The pan-African banking group grew earnings, expanded its balance sheet, and improved efficiency, according to a Pinnacle Daily review of its 2025 audited …
The 2025 financial year has revealed a clear shift in where growth is coming from for two of Nigeria’s most valuable banks — Zenith Bank Group and Guaranty Trust Holding Company (GTCO). A review of their 2025 audited financial results revealed that while home operations in Nigeria and some developed markets like the United Kingdom …
Nigeria’s gross external reserves have come under sustained pressure over the past month, shedding more than $1.18 billion between March 11 and April 9, 2026, amid persistent market interventions and rising global uncertainty. Data from the Central Bank of Nigeria (CBN) shows the reserves declined from a peak of $50.03 billion on March 11 to …
A review of Zenith Bank Plc’s 2025 audited financial statements reveals a year marked by numerous risks, pressure on profits, and new challenges in business operations. Although the bank grew in size and strengthened its financial position, from difficult accounting decisions to risks linked to climate change, the bank’s performance was influenced by five major …
The Central Bank of Nigeria (CBN) has dismissed claims that Polaris Bank is facing liquidation, describing the circulating report as false and misleading. In a post on X on Thursday, the apex bank reassured the public that the Nigerian banking system remains stable and secure. The CBN statement followed a viral claim that Polaris Bank …
The Nigerian banking sector has entered a new phase of financial strength with the completion of the Central Bank of Nigeria’s (CBN) recapitalisation exercise. The programme, aimed at boosting the resilience, competitiveness, and lending capacity of banks, required Nigerian financial institutions to raise their minimum capital by March 31, 2026. The results are nothing short …
In this interview, Professor Uche Uwaleke, President of the Capital Market Academics of Nigeria, shares his insights on the recent recapitalisation of Nigeria’s banking sector. He discusses the importance of recapitalisation in strengthening the financial system, the benefits Nigerians can expect, and the potential risks involved. Professor Uwaleke, what role does recapitalisation play in …
Wema Bank Plc incurred a ₦32 million cybersecurity penalty and recorded ₦847.6 million in losses from fraud and forgery in 2025, Pinnacle Daily can report. An analysis of the bank’s audited financial statements for the year ended December 31, 2025, revealed this, underscoring heightened operational and compliance risks during the year. It shows that the …
