The National Insurance Commission (NAICOM) has concluded Nigeria's insurance industry recapitalisation exercise, clearing an additional seven companies and bringing the total number of compliant firms to 50. This was confirmed in a statement released by NAICOM on Thursday, August 13. The statement contains a list of seven more companies that have met the new minimum …
With Nigeria’s banking recapitalisation exercise now concluded, attention is shifting to whether stronger banks will finally channel more credit to agriculture, manufacturing, and small businesses, sectors widely seen as underserved despite their crucial role in driving economic growth. This position was outlined by Ummie Kabir, a PR consultant with Apex Media Services, who argued that …
The Chairman of First HoldCo Plc, Femi Otedola, has acquired additional shares, valued at ₦14.8 billion, in the financial holding company. The holding company announced this in a notice late Thursday, signed by the Company Secretary, Abiola Baruwa. According to the notice filed with the Nigerian Exchange Limited (NGX), the shares were purchased through Calvados …
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 …
TAJBank, a non-interest bank, said it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks. Its Managing Director, Hamid Joda, confirmed this in a statement on Friday, September 26. “I am happy to report that through the leadership of our bank’s board and support of our valued shareholders …
As banks' recapitalisation remains about six months to the deadline, 28 banks are now under pressure, with only six listed and two other non-listed banks fully crossing the minimum capital thresholds. Among the listed banks are Access, Zenith, GTB, Wema, Jaiz, and Stanbic IBTC. At the press briefing on its July monetary policy committee (MPC) meeting, …
United Bank for Africa (UBA) Plc said it has extended its sale of N157.843 billion shares to existing shareholders, known as a rights issue offer, by two weeks. It announced this in a statement issued over the weekend and signed by its Secretary/Legal Counsel, Bili Odum. The rights issue, which opened on Wednesday, July 30, …
Pressures are mounting on mid-tier banks in Nigeria to meet the Central Bank of Nigeria's (CBN) mandatory recapitalisation deadline of March 2026. This may force mergers and alliances among the tier-2 banks, as SB Morgen Intelligence, an Africa-focused research firm, documented in its latest report. It listed the leading tier-2 banks to include First City …
