A Prosecution witness in the trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), has told the Federal Capital Territory (FCT) High Court in Abuja that $6.23 million was withdrawn from the apex bank using forged documents. Bashirudden Maishanu, an assistant director at the CBN and the 11th prosecution witness, gave …
The Central Bank of Nigeria (CBN) has approved the temporary use of expired National Agency for Food and Drug Administration and Control (NAFDAC) licences for import documentation. In a circular issued on Tuesday and signed by the Director of the Trade and Exchange Department, Aliyu Ashiru, the apex bank asked authorised dealer banks to continue …
The Central Bank of Nigeria (CBN) has upgraded the operating licenses of several leading fintech companies and microfinance banks to national status, allowing them to operate fully across the country. The upgrade covers Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay, and Paga, among others. These fintech firms have expanded rapidly through mobile platforms and extensive …
Nigeria’s participation in the Pan-African Payment and Settlement System (PAPSS) recorded a sharp decline in the first half of 2025. The value of cross-border transactions processed through the platform fell by 53 per cent to N5.6 billion, according to the Central Bank of Nigeria’s (CBN) Financial Stability Report for June 30, 2025. The number of …
Nigeria’s banking system recorded a broad-based rise in loan defaults in the final quarter of 2025. This is according to the Central Bank of Nigeria's (CBN) Fourth Quarter 2025 Credit Condition Survey Report, released recently. The report indicated that default balances increased across all major lending categories, underscoring growing repayment stress among households and businesses …
Parallex Bank Limited has asked a Federal Capital Territory (FCT) High Court to dismiss a N7.15 billion suit filed against it by FHT Mega Express Limited over an alleged abuse of court process, forum shopping and suppression of material facts. In a notice of preliminary objection, the bank urged the court to set aside the …
Nigeria’s banking sector is approaching a decisive moment with just 77 days to the March 31, 2026, recapitalisation deadline. So far, about 22 licensed banks, approximately 65 per cent of the total, have confirmed full compliance with the Central Bank of Nigeria’s (CBN) minimum capital requirements. Tier-1 lenders make up the bulk of banks that …
Nigeria’s headline inflation is expected to surge to 31.92 per cent in December 2025, according to United Capital Research. The financial services advisory firm made the projection in its ‘Inflation Watch’ report released on Monday, January 12. The report indicated that the expected surge in headline inflation is expected to be driven largely by statistical …
The United Bank for Africa (UBA Plc) has successfully exceeded the N500 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) for banks with international licences, ahead of the March 31, 2026, deadline. According to UBA’s 2025 half-year audited results, the bank’s share capital and share premium stood at approximately N350 billion. …
The Nigerian Communications Commission (NCC) has announced that it will begin implementing a new consumer refund framework on March 1, 2026. It said this is aimed at resolving delays in refunds for failed airtime and data transactions. It made this known in a statement released on Thursday, January 8. According to NCC, the policy was …
