The Central Bank of Nigeria (CBN) said it has taken delivery of responsibly sourced London Bullion Market Association (LBMA) Good Delivery-standard gold into its foreign reserves. The move, which is aimed at strengthening reserve diversification and macroeconomic stability, has raised its total gold holdings to $3.5 billion. According to the apex bank in a statement …
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. …
First Bank of Nigeria (FirstBank) has successfully met the ₦500 billion minimum capital requirement following the completion of a series of strategic capital-raising initiatives. The First HoldCo Plc, the parent company, disclosed this in a statement issued on Monday and signed by its Group Company Secretary, Abiola Baruwa. It stated that meeting the Central Bank …
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 …
Zenith Bank has reported an impairment charge of ₦781.5 billion on its financial assets for the nine-month period ending September 2025, accounting for 39.3% of its projected pre-provision operating profit for the full year 2024. A large portion of this impairment—98.5%—relates to loan impairments, including significant write-offs, which have further weighed on the bank’s loan …
FCMB Group Plc's profit before tax soared 46 per cent to ₦134.5 billion in the third quarter (Q3) of the year on stronger interest margins despite a decline in loans and advances to customers. The bank disclosed this in its unaudited financial statements for the nine months ended September 30, 2025. The results show that FCMB's …
As Nigeria’s financial landscape continues to evolve, Union Bank finds itself at the centre of controversy, raising questions about its future as the country moves closer to its recapitalisation deadline. The bank, once a trusted household name in Nigeria's banking sector, is now embroiled in a web of financial and regulatory uncertainties following the takeover …
The Central Bank of Nigeria (CBN) has announced a reduction in the Monetary Policy Rate (MPR) by 50 basis points, bringing the rate down to 27%. This decision was made at the conclusion of the CBN’s Monetary Policy Committee (MPC) meeting, where all 12 members of the committee were in attendance. In addition to the …
In an unprecedented move, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly declared that registered firms in the United States are permitted to trade spot cryptocurrencies, signalling a regulatory breakthrough in the crypto industry. This announcement marks a new chapter in the U.S. government's approach to regulating …
