Banking

The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters …

The Central Bank of Nigeria (CBN) says security agencies including the Economic and Financial Crimes Commission are investigating questionable foreign exchange allocations and forward contracts previously estimated at $2.4bn made by certain firms. Recently, the apex bank engaged a global firm, Deloitte, to carry out an audit of the $7 …

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn. CBN Governor Olayemi Cardoso stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the …

The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, says the appreciation of the naira against the dollar in the last few weeks is sustainable if the apex bank comes up with, and implement the right policies. The renowned economist, who was on Channels Television’s Politics Today programme during …

With billionaire Femi Otedola in the saddle as its new Chairman, First Bank of Nigeria Holdings Plc, on Wednesday, appointed two new non-executive directors for the holding company and three new non-executive directors for the First Bank. Updating the Nigerian Exchange Group of recent development within the bank, the company’s …

… A Celebration of Authentic Flavours The countdown has begun to the 7th edition of the most anticipated culinary festival in Africa and Guaranty Trust Holding Company Plc (GTCO) is excited to announce dates for the 2024 GTCO Food and Drink Festival, set to take place from Friday, April 26th …

Zenith Bank Plc, one of Nigeria’s first tier banks, on Tuesday, announced the appointment of Dame (Dr.) Adaora Umeoji, OON, as the new Group Managing Director/Chief Executive. The appointment will take effect from June 1, 2024, subject to approval by the Central Bank of Nigeria (CBN). She will succeed Dr. …

Eight directors at the Central Bank of Nigeria (CBN) who worked closely with the former governor, Godwin Emefiele, have been served early retirement letters. The move, this news platform [veracitydesk.com.ng] understands, was approved by the current CBN governor, Yemi Cardoso. The directors, some of whom were initially redeployed to an …

UTM Offshore Limited, promoters of Nigeria’s first Floating Liquefied Natural Gas (FLNG) facility has requested the Nigerian Content Development and Monitoring Board (NCDMB) to invest equity in the project and to accelerate key approvals that would fast-track the project’s development. The request was made on Wednesday at the Nigerian Content …

President Bola Tinubu has asked the senate to confirm the appointment of Ruby Onwudiwe as a member of the board of directors of the Central Bank of Nigeria (CBN). Tinubu’s request was contained in a letter addressed to Senate President Godswill Akpiabio, and read at plenary on Wednesday in Abuja. …