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PenCom launches monitoring platform to enforce pension compliance

  • 15th June 2026

Dangote refinery cuts West Africa fuel imports

  • 15th June 2026

Brent drops below $84 as Hormuz reopening plan

  • 15th June 2026

IMF urges Nigeria to tax telecom services, extend

  • 14th June 2026

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Nigeria’s domestic gas sales rise 30% on PIA reforms

Oil and Gas

Nigerians, others borrowed $3.18bn airtime credit in 2025 —

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Food beverage firms cut jobs amid rising costs

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ATM, e-banking charges push banks’ earnings to N224.69bn

Banking

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News

Court orders forfeiture of ₦2bn assets linked to bank staff

The Federal High Court in Abuja has ordered the final forfeiture of assets worth N2 billion linked to a financial sector staff member, Alonge Opeyemi Yetunde and others. This was disclosed in a statement issued on Thursday signed by Anthony Okon Placid, Force Public Relations Officer, Force Headquarters, Abuja. The Nigeria Police Force, through the […]

Banking

FUGAZ banks record ₦399.2bn profit from UK operations in 2025

Four of the five FUGAZ banks operating licensed banking subsidiaries in the United Kingdom (Access, GTCO, Zenith, and UBA) posted approximately N399.2 billion combined pre-tax profit from those UK operations for the year ended 31 December 2025. Nairametrics reported that this is according to the full-year 2025 audited financial statements of Nigeria’s tier-one banks, collectively […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
Banking featured

Nigerians to pay VAT on bank transfers, USSD from January 19

Nigerians will begin paying a 7.5 per cent Value Added Tax on selected banking services from January 19, 2026, following a new government-backed regulatory directive affecting the financial sector. The new tax regime will apply to certain electronic banking transactions, including mobile bank transfers and Unstructured Supplementary Service Data transactions used widely across the country. […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
Finance

States, LGs cut bank debt by ₦547.5bn

States and local government councils reduced their bank borrowings by about N547.52bn within one year as inflows from the Federation Account Allocation Committee increased significantly, according to findings by The PUNCH. Data obtained from the Central Bank of Nigeria’s latest Quarterly Statistical Bulletin show that the banking sector’s claims on state governments and local councils […]

Banking featured

Reps probe banks over ‘illegal deductions’

The House of Representatives on Tuesday leveled a significant accusation against commercial banks, alleging they were perpetrating illegal acts by deducting inexplicable monies from customers without making the required remittances. This serious claim was made during an investigative panel held in Abuja. The allegation was brought forth by Rep. Kelechi Nwogu, who serves as the […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
featured News

Fraud losses decline in Nigerian banks in Q1 2024 – Report

The Financial Institutions Training Centre has reported a substantial decrease in financial fraud losses among Nigerian banks for the first quarter of 2024. According to their latest “Report on Fraud and Forgeries in Nigerian Banks for Q1 2024,” the losses to financial fraud plummeted by 77.62% compared to the preceding quarter. In specific figures, Nigerian […]

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Nigerian banks close two million accounts over inactive BVN, NIN

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of suspicious accounts, following the regulatory orders on the linkage of bank accounts to the National Identity Number, NIN. This is revealed in a report by the Nigerian Interbank Settlement System, according vanguard. According to […]

Bank executives urge cybersecurity cooperation for stability
News

Bank executives urge cybersecurity cooperation for stability

Onwubuke Melvin   The Association of Chief Audit Executives of Banks in Nigeria has called for cooperation among lenders in the country to boost cybersecurity in the sector. This was disclosed in a communiqué issued at the end of the association’s annual general meeting and retreat held in Abuja recently, according to The Punch. To […]

Naira falls at official rate despite dollar weak gains
Banking

Naira falls as banks’ dollar sales drop by $252m

Dollar sales at the Nigeria Autonomous Foreign Exchange Market on Friday decreased by $252 million to $84.1 million by Deposit Money Banks and other entities. This is a 74% decrease from the $331.1 million in transactions that were registered at the official Nigeria Autonomous Foreign Exchange Market on Thursday. In the meantime, the value of […]

Banks dollar sale drops as naira falls to N1,479
Banking

Banks dollar sale drops as naira falls to N1,479

Data collected on Thursday from FMDQ Exchange indicated that the total value of transactions registered at the official Nigerian Autonomous Foreign Exchange Market decreased from $465.29 million on Tuesday to $203.93 million on Wednesday. The PUNCH reported that this shows that the volume and value of transactions on NAFEM, the official FX market, have decreased […]

Parthian Partners pays third bond coupon
Banking

Parthian Partners pays third bond coupon

Parthian Partners Limited has made the third consecutive coupon payment on its N10 billion bond. The PUNCH reported that the Chief Financial Officer at Parthian Partners, Olayinka Arewa, recently said in a statement: “It takes agility and dedication to navigate rising inflation and economic pressures. We stuck to our word and continued to provide our investors […]

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