Fidelity Bank Plc said it has met the ₦500 billion capital requirement for an internationally licensed bank and is now awaiting approval from the Central Bank of Nigeria (CBN). The bank made this known in a statement on Tuesday, January 6, signed by its Company Secretary, Ezinwa Unuigboje. It hinted that following approvals from the …
Nigeria’s reliance on overseas medical treatment is rapidly declining, according to new Central Bank of Nigeria (CBN) data. Between January and June 2025, medical tourism spending fell 96.2% year-on-year, dropping from $2.38 million in the first half of 2024 to just $0.09 million over the same period in 2025. The sharp $2.29 million contraction marks …
The Nigerian stock market kicks off the year in the green on Friday, January 2, with ₦561.55 billion gained by investors. The positive momentum maintained on the floor of the Nigerian Exchange Limited (NGX) saw the market capitalisation rise to ₦99.94 trillion from ₦99.38 trillion, as the market ended on Wednesday, December 24, 2025. Similarly, …
Fidelity Bank Plc has appointed Amaka Onwughalu as non-executive director and chairman of its board, following the completion of Mustafa Chike-Obi’s tenure. The bank announced this to the investing public on Friday, January 2, noting that Chike-Obi's tenure ended on December 31, 2025. "The Board has approved the retirement, which is in accordance with the …
Nigeria’s financial landscape saw significant shifts in 2025, with key events influencing the economy’s trajectory. From major reforms to foreign capital inflows, these activities played a crucial role in shaping Nigeria’s economic outlook. Here are the top 10 financial stories in Nigeria for 2025, backed by key data points that highlight their impact. 1. Nigeria …
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. …
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 …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Monday reaffirmed the country's commitment to stabilising the economy and enabling sustainable, private-sector-led growth. He spoke on this at the US–Nigeria Executive Business Roundtable. He said Nigeria is committed to rules-based economic management, transparent markets, and predictable policy frameworks, against a backdrop of …
The Central Bank of Nigeria (CBN) has revoked the operating licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc for various offences. It disclosed this in a circular issued on Tuesday, December 16, signed by its Acting Director, Corporate Communications Department, Hakama Ali. According to CBN, the move was part …
Nigeria’s external reserves have witnessed a surge in recent times, reaching a seven-year high of $46.7 billion as of November 14. According to the Central Bank of Nigeria (CBN), the figure can provide 10.3 months of import cover in goods and services. The CBN Governor, Olayemi Cardoso, hinted at this at the 20th Anniversary of …
