FairMoney MFB Appoints Shobo as Chairman, Aderoju as ED
FairMoney Microfinance Bank has appointed Gbenga Shobo as Chairman and Debo Aderoju as Executive Director to strengthen governance and support expansion in Nigeria's digital finance sector.
Category : Banking
FG Inaugurates PenCom Board for N28 Trillion Pension Assets
The Federal Government has inaugurated the PenCom board, charging members to uphold corporate governance and safeguard over N28 trillion in pension assets under the Contributory Pension Scheme.
Lovonus Microfinance Bank Names Usman Onoja Chairman
Lovonus Microfinance Bank appoints Usman Onoja as chairman, succeeding Alfred Okoigun, who transitions to lead the Lovonus Group after a decade of transformative leadership.
TUC Slams Firm for Sacking 75 Workers Amid Mediation
The Lagos TUC demands Global Plus Publishing recall 75 sacked workers, citing breach of mediation with the Federal Ministry of Labour and Employment.
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Bank Power Outage in Nigeria Sparks 'End Times' Remark
A Nigerian man's routine bank visit turned unusual when a generator fuel outage caused a blackout, prompting him to declare 'end times are near' and sparking widespread social media reactions.
FG Charges PenCom Board to Safeguard N28 Trillion Pension Assets
The Federal Government has charged the new PenCom board to uphold corporate governance and ensure the safety of over N28 trillion in pension assets, emphasizing transparency and public confidence.
CBN Wins Global Central Bank of the Year Award for 2026
The Central Bank of Nigeria has been named Central Bank of the Year at the 2026 Central Banking Awards, recognized for monetary reforms that stabilized Nigeria's economy through exchange rate unification and transparency measures.
CBN Recapitalization 2026: Which Nigerian Banks Are Safe?
As the March 31, 2026 deadline approaches, Nigerian banks show strong compliance with CBN's recapitalization directive, raising ₦4.05 trillion. Most banks meet targets, while a few face delays under regulatory scrutiny.
34 Banks Meet CBN Recapitalisation Requirements Ahead of Deadline
Ahead of the March 31, 2026 deadline, 34 Nigerian banks have successfully met the Central Bank of Nigeria's recapitalisation thresholds, with major lenders exceeding capital requirements and no major disruptions expected in the banking sector.
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Banks Survive Recapitalisation, Insurance Sector in Focus
Nigerian banks have successfully navigated a two-year recapitalisation process, raising over N4 trillion without major disruptions. As the banking sector stabilizes, attention shifts to the insurance industry, where companies are gearing up for their own
POS Terminals: Nigeria's De Facto Retail Banking Cash Hubs
Millions of Nigerians are increasingly relying on neighborhood POS operators for cash deposits and withdrawals, cementing their role as the country's most accessible retail cash hubs under new banking regulations.
Niger Delta Leaders Seek Decentralized Pipeline Contracts
Stakeholders in the Niger Delta urge President Tinubu to decentralize pipeline surveillance contracts, citing failures in current arrangements and significant oil revenue losses, while some communities praise Tantita's efforts.
Compliance to Strengthen Nigeria's Banking Ecosystem
James Edeh of FairMoney highlights how regulatory compliance and digital identity systems are boosting trust and reducing fraud in Nigeria's banking industry, with data showing a decline in identity-related fraud.
Quick Loan Interest Rates in Nigeria: What to Expect
Explore the high interest rates on quick loans in Nigeria, including hidden fees, APR calculations, and tips to avoid predatory lending practices for better financial decisions.
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UBA and BII Partner to Support SMEs, Close Africa's Trade Gap
UBA UK and British International Investment sign a letter of intent to enhance trade finance access for African SMEs, targeting the continent's $80 billion annual gap. The collaboration leverages UBA's network and AfCFTA opportunities.
Ex-Fidelity Bank Worker Shares 2008 Salary Details
A former Fidelity Bank executive trainee who relocated to Germany has disclosed his 2008 annual salary of N1.6 million, sparking discussions about banking sector compensation changes over time.
Nigeria's Pension Paradox: Big Assets, Poor Payouts
Nigeria's Contributory Pension Scheme faces a crisis as retirees struggle with low monthly payouts despite N22.51 trillion in assets, highlighting inflation's impact and regulatory gaps.
Providus Bank Met CBN Recapitalisation in January 2025
Providus Bank management debunks media reports, confirming it achieved the Central Bank of Nigeria's ₦50 billion recapitalisation threshold in January 2025, with a current capital base of ₦65 billion.
Bank Collusion Alleged in $43.5M Oriental Energy Dividend Case
Fresh allegations of bank collusion have emerged in the $43.5 million dividend dispute between twin sisters and Oriental Energy Resources. Court documents suggest banks may have concealed funds to frustrate enforcement of a court judgment.
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NOVA Bank Names Jude Anele as Managing Director and CEO (19.03.2026)
NOVA Bank Limited has appointed Jude Anele as its Managing Director and CEO, following CBN approval. With over 33 years of banking experience, Anele will lead the bank's growth strategy post-recapitalisation.
Deap Capital Unveils N3bn Plan and Debt Restructuring
Deap Capital Management & Trust Plc has announced a N3 billion strategic investment plan and conversion of N2.03 billion debt to equity to strengthen its financial position and drive sustainable growth.
CBN Requires Automated AML Systems for Banks and Fintechs
The Central Bank of Nigeria has issued new guidelines requiring banks, mobile money operators, and other financial institutions to deploy automated anti-money laundering systems to enhance financial crime detection and compliance.
Firm's AI Platform Meets CBN's AML Automation Rules
Smartcomply, an Africa-focused compliance tech firm, announced its AI-powered Adhere platform aligns with the Central Bank of Nigeria's new baseline standards for automated anti-money laundering solutions, offering financial institutions a faster complian
UBA, NiDCOM Deepen Pact to Unlock Diaspora Capital
United Bank for Africa and the Nigerians in Diaspora Commission reinforce their collaboration to enhance diaspora-driven investments, leveraging UBA's new banking platform for wealth creation and economic growth in Nigeria.
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Banks Raise ₦2.5 Trillion as Recapitalisation Nears Deadline
Nigeria's banking sector has raised nearly ₦2.5 trillion in recapitalisation, with 25 of 38 banks meeting new requirements. Stakeholders now shift focus to deploying funds into productive sectors like MSMEs and infrastructure.
Banks Close Branches for Eid Holidays, Advise Digital Use
Commercial banks across Nigeria have announced a two-day closure of branches on March 19-20, 2026, in compliance with federal government public holidays for Eid-el-Fitr. Customers are urged to use digital channels like mobile apps and ATMs during this per
Moniepoint Denies Customer Arrests Over Court Case
Moniepoint Microfinance Bank clarifies that legal proceedings involve cyberstalking and impersonation charges, not customer complaints, amid allegations of coordinated online disinformation.
NALA Gets CBN Licence, NIBSS Integration for Remittances
Global payments firm NALA has obtained an IMTO licence from Nigeria's Central Bank and integrated with NIBSS, enabling faster, cheaper remittances into Nigerian accounts and wallets.
Banks Raise Savings Rates Following CBN Policy Changes
Major Nigerian banks including Access, UBA, and Zenith have increased savings account interest rates to 7-8% annually following Central Bank monetary policy adjustments. However, inflation at 15.06% continues to erode real returns for households despite n
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BVN's Role in Humanizing Nigeria's Digital Economy
The Bank Verification Number (BVN) has evolved from a banking security tool into Nigeria's foundational Digital Public Infrastructure, enabling loan recovery, reducing fraud, and creating a trusted identity layer for financial inclusion.
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