Ecobank Nigeria Offers 8.95% Interest on Target Savings
Ecobank Nigeria has revised its savings interest rates to 7.95% for standard accounts and 8.95% for target savings, effective March 1, following CBN's MPR adjustments.
Category : Banking
Nigerians Rush to Link Accounts Ahead of New CBN BVN Rules
The Central Bank of Nigeria's new BVN regulations, effective May 1, 2026, have triggered a surge in account linking, with registrations reaching 68.6 million as Nigerians comply with stricter security measures.
CBN Union Bank Takeover Reveals Trillion-Naira Financial Abuses
A forensic audit reveals Union Bank's former leadership engaged in a $300 million shadow loan scandal, illegal withdrawals, and depositor fund raids, prompting CBN's dramatic intervention to prevent systemic collapse.
CBN's New BVN Rules Target Fraud, Effective May 2026
The Central Bank of Nigeria introduces tougher BVN enrolment regulations, including age restrictions and a temporary watchlist system, aiming to reduce identity fraud and enhance digital banking security nationwide.
Luxury Watches as Financial Tools in Nigeria
Pawnshop by Bluradish is transforming luxury watches and designer items into financial assets for Nigerians. Learn how this innovative service provides short-term loans using high-value possessions as collateral without requiring permanent sale.
DBN to Hold 9th AGM in Abuja for Shareholder Deliberations
The Development Bank of Nigeria (DBN) Plc has announced its 9th Annual General Meeting set for April 30, 2026, in Abuja. Shareholders will review financial statements, vote on dividends, director re-elections, and key governance matters.
Audit Reveals Billions in Abuse at Union Bank Under Old Management
A forensic audit has uncovered widespread financial misconduct at Union Bank of Nigeria, including fraudulent misappropriation of foreign loans and inappropriate withdrawals of depositors' funds, which threatened the bank's survival before CBN interventio
NGX Group Rallies African Exchanges for Cross-Border Listings
Nigerian Exchange Group convenes top African exchanges in Lagos to advance cross-border listings, focusing on the Dangote Refinery as a test case for market integration and capital mobilization across the continent.
CBN Deadline for Bank Stress Tests After Recapitalisation
The Central Bank of Nigeria has mandated banks to submit risk-based capital stress test reports by April 30, 2026, shifting focus from capital size to resilience under adverse conditions.
Banking Credit Hits N111.4 Trillion, Challenges Remain
Nigeria's banking sector credit to the domestic economy rose to N111.39 trillion in February 2026, the highest since November 2024, though SME lending remains critically low at just 1% of total credit.
MeCure Redeems N3 Billion Bond, Boosts Market Trust
MeCure Industries Plc has fully redeemed its N3 billion Senior Secured Bond on schedule, highlighting the company's strong financial management and solid cash flow. The CFO emphasized this milestone strengthens investor confidence and supports future grow
AXA Mansard Launches Women's Financial Mentorship Drive
AXA Mansard Investment Limited has launched a mentorship initiative targeting young professional women in Nigeria to enhance financial literacy and investment participation, addressing gender gaps in wealth creation.
Bank Recapitalisation Challenges Persist, Says Cardoso
CBN Governor Yemi Cardoso highlights ongoing challenges in Nigeria's banking recapitalisation, aimed at strengthening financial resilience and supporting economic growth, with over ₦4.65 trillion raised.
Nigerian Big 5 Banks Double Staff Wage Bills in 2025
Nigeria's largest tier-one banks, known as FUGAZ, collectively spent approximately N1.23 trillion on personnel expenses in 2025, marking significant increases from 2024 due to inflation, salary adjustments, and expanded hiring across the sector.
Naira's Mixed Performance Against Dollar as CBN, GTBank Set New Rates
The naira weakened slightly at the official market but held steady in the black market, with GTBank showing appreciation. Experts attribute stability to CBN's remittance policy for IMTOs.
Man Shows Father's 1999 CBN Award, Amazes Nigerians
A London-based Nigerian man reveals a Central Bank of Nigeria award honoring his father's 20 years of service in 1999, sparking social media buzz and discussions on legacy and wealth.
CBN: Banks Raise N4.65 Trillion in Recapitalisation Programme
The Central Bank of Nigeria announces 33 banks have strengthened with N4.65 trillion capital injection, positioning them to drive SME growth, infrastructure projects, and Nigeria's $1 trillion economy goal.
Wema Bank Wins Double at Global SME Banking Awards
Wema Bank has secured two prestigious awards at the Global SME Banking Innovation Awards 2026, recognized for its SME Financier of the Year and Best SME Lending Product – Digital Bank, highlighting its role in advancing financial access for small and medi
CBN, Banks, Fintechs Launch PSPC to Fix Payment Gaps
The Central Bank of Nigeria, commercial banks, and fintech firms have united to launch the Payments Service Providers Committee, aiming to address structural issues in Nigeria's digital payments ecosystem, which saw over 11.2 billion transactions worth ₦1
Flutterwave Gets CBN Banking Licence to Rival Major Banks
Flutterwave has obtained a banking licence from Nigeria's Central Bank, transitioning from payments to full financial services and positioning itself to compete directly with established banks like Access and Zenith.
Nigeria's Recapitalised Banks to Lift Businesses, Drive $1tr Economy
Nigeria's banking sector has completed a major recapitalisation, raising N4.61 trillion to strengthen financial institutions. This move aims to support business growth and help achieve the Federal Government's $1 trillion GDP target by 2031.
CBN Launches Committee for Payments System Reforms and Vision
The Central Bank of Nigeria has established the Payment Service Providers Committee to enhance regulation, accelerate reforms, and resolve bottlenecks in the digital payments ecosystem, with a new vision set for launch soon.
Flutterwave Gets Banking Licence, Plans New Products
Flutterwave has obtained a national microfinance banking licence in Nigeria, enabling it to offer accounts, cards, and lending directly. The move positions the fintech to compete with traditional banks.
Wema Bank Wins Dual Global SME Banking Awards
Wema Bank has been recognized as SME Financier of the Year and won Best SME Lending Product – Digital Bank at the Global SME Banking Innovation Awards 2026, highlighting its commitment to supporting Nigeria's small and medium-sized enterprises through inn
Blord Helped Sacked Banker Get Dream Job, Woman Narrates
A Nigerian woman shares how her friend, who was sacked from her banking job and left broke, secured a well-paying position at Blord's company after a desperate early morning visit to his office gate with her CV.
NLC Protests AEDC Over Sack of 900 Workers, Issues Ultimatum
The Nigeria Labour Congress disrupted AEDC operations, protesting the dismissal of 900 workers. NLC President Joe Ajaero accused the company of deceit and gave a 48-hour ultimatum for recall, threatening power supply disruptions in the FCT.
CBN Ends Bank Recapitalisation, Starts Crypto Monitoring Pilot
The Central Bank of Nigeria has officially concluded its 24-month bank recapitalisation programme, with Nigerian banks raising ₦4.65 trillion. Simultaneously, the regulator has launched a pilot programme to monitor cryptocurrency transactions involving si
CBN Releases Savings Rates: Banks Cut Interest for Customers
The Central Bank of Nigeria has published new data showing a widespread reduction in savings deposit interest rates across Nigerian banks, with many now offering 7.95% annually, down from earlier rates, as the monetary policy rate adjustment influences re
Zedcrest Appoints Luke Ofojebe as Chief Investment Officer
Zedcrest Group has named Luke Ofojebe, CFA, as its new Chief Investment Officer to enhance investment management and client advisory services, following his successful tenure at Zedcrest Wealth.
Niger Delta Groups Clash Over Pipeline Surveillance Contracts
Niger Delta groups are in conflict over decentralizing pipeline surveillance contracts, with some demanding broader inclusion while others support existing contractors.
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