CBN warns banks against sourcing capital from illicit channels
The Central Bank of Nigeria has cautioned deposit money banks against sourcing capital from illicit channels as part of the ongoing recapitalization…
Banking
All the news and updates from the banking sector; Access Bank, GTBank, First Bank, First City Monument Bank, United Bank of Africa etcs
Afreximbank allocates $3b to boost Africa’s refining capacity
Afreximbank has committed $3 billion to finance the purchase of refined products within Africa as part of efforts to increase the continent’s…
How Nigeria, others can avoid Trump tariff fallout – Ecobank
The Chief Executive Officer of Ecobank Transnational Inc., Jeremy Awori, has stated that African nations can soften the economic impact of United…
NDIC to pay first tranche of Heritage Bank liquidation dividends
The Nigeria Deposit Insurance Corporation has announced that the first tranche of liquidation dividends for uninsured depositors of the defunct Heritage Bank…
Zenith Bank’s e-banking revenue soars 54.51% to ₦80.05b in 2024
Zenith Bank’s electronic banking revenue grew by 54.51% in 2024, reaching ₦80.05 billion, up from ₦51.8 billion in 2023. This significant increase…
Zenith Bank, GTCO, UBA hit with N172.4b windfall tax
Nigeria’s new tax policy targeting foreign exchange revaluation gains has led to a combined windfall tax liability of N172.3 billion for three…
Zenith Bank reports N1.03trn profit in 2024 financial results
Zenith Bank Plc has announced its financial results for the 2024 fiscal year, posting a record profit after tax of N1.03 trillion,…
Morgan Stanley to cut 2,000 jobs in workforce restructuring
Wall Street giant Morgan Stanley is set to lay off approximately 2,000 employees later this month in a move aimed at improving…
First Bank denies N550M fraud allegations, blames ex-employee, plaintiff
First Bank of Nigeria has strongly denied allegations of fraud made by Abia businessman Dr. Agbai Eke, dismissing the claims as “entirely…
HSBC records $8.5bn pre-tax profit in Q3
Banking giant HSBC said Tuesday that pre-tax profit in the third quarter rose 10 percent year-on-year, citing revenue growth in two of…
Otedola raises stake in First Bank to 13.15%
The chairman and majority shareholder of First Bank of Nigeria Holdings, Femi Otedola has raised his stake in the company to 13.15…
Wema Bank bags new certification
Wema Bank has been honoured as the best workplace for millennials and for fostering a culture of innovation, according to a statement…