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Nigeria granted N34tn in import duty exemptions in 2025

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Tag: Banks

Fraud losses decline in Nigerian banks in Q1 2024 - Report
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Banks close 23.3 million customer accounts in July

Commercial and merchant banks in Nigeria closed 23.3 million customer accounts in July, according to data from the Nigerian Interbank Settlement System. However, this figure represents a 5.6 per cent month-on-month increase when compared to 23.17 million bank accounts closed in June 2024, according to Vanguard. Further analysis showed that from January to July, the […]

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Banks, others shut amid national hunger protest 

Banks and other financial institutions across the country will be closed on Thursday, August 1, 2024, as the planned hunger strike begins nationwide. Even though none of the banks explicitly declared they were closing, conversations with several bank staff members revealed that they had received instructions not to report to work on Thursday while the […]

News

Top five banks in Q1 2024 based on pre-tax profit

Banks have continued to record impressive financial results in the first quarter of 2024, after a strong year in 2023. For instance, in the first quarter of 2024, GTCO achieved the highest profit ever recorded in the banking industry. A collective sum of N1.58 trillion in pre-tax profit was announced by eleven banks in their […]

News

Banks record N438bn from digital transactions in 2023

In 2023, digital banking channels brought in roughly N438bn for 10 financial institutions, an analysis of their annual reports has shown. An analysis of the annual report has shown that in 2023, Digital Banking channels generated around N438 billion for 10 banks, according to The Punch. The banking group saw an increase of 37.54 per […]

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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 […]

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

10 banks operating expenses to hit N3trn

The combined operating expenses of 10 Nigerian banks rose by 42.51 per cent to N3.23tn in 2023 compared to N2.26tn in the previous year. This is based on the financial institution’s annual reports submitted to the Nigerian Exchange Limited, according to The Punch. Access Holding, FBN Holdings, Zenith Bank, United Bank for Africa, FCMB Group, […]

News

Banks brace for inflow surge to meet new capital requirements

Credit rating agency, Agusto and Co. have forecasted that up to N4 trillion of inflow is expected by banks to meet the Central Bank’s new capital requirements if the apex bank could resist pressure to include retained earnings or shareholders’ funds when calculating banks’ new capital. In its opinion on the new rule put in […]

CBN gov Cardoso vows crackdown on illicit funds via Binance
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CBN raises commercial banks capital base to N500bn

Nigeria’s Central Bank has raised the capital base of commercial banks with international authorisations to 500 billion Naira and of national banks to 200 billion Naira. This massive reform, which was announced on March 28, 2024, requires banks to increase their Minimum Capital Bases in a variety of ways depending on the nature of their […]

Tinubu orders NNPC to sell Crude to Dangote in Naira
News

FG orders banks to deduct stamp duty charges on loans

The Federal Government has directed commercial banks in the country to henceforth deduct and remit 0.375% of all loans disbursed by them. The deduction is to be made on the principal loan amount, according to a message sent to customers by banks, according to nairametrics. This follows as the government stretches the net on transactions […]

Business

NNPC to use Afrexim bank’s $3.3bn loan for operational costs

The Nigerian National Petroleum Company Limited stated its plan to use the $3.3 billion loan received from the African Export-Import Bank to cover operating demands and pay upfront tax and royalties owed to Nigeria on Sunday. The Times reported that this was revealed in a paper titled ‘Frequently Asked Questions – Project Gazelle,’ provided by […]

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