Top 10 Failed Nigerian Banks: Why They Collapsed
Explore the collapse of 10 notable Nigerian banks, including Savannah Bank and Heritage Bank, due to governance failures, capital issues, and regulatory actions by the CBN.
Category : Banking
CBN Grants 82 BDCs $150,000 Weekly FX Access
The Central Bank of Nigeria has approved 82 recapitalised BDC operators to access up to $150,000 weekly from the NFEM to improve dollar supply in the retail market and support naira stability.
Banks Clear N300bn USSD Debt, End 4-Year Telecom Crisis
Commercial banks and telecom operators in Nigeria have resolved their four-year dispute over unpaid USSD charges, clearing nearly N300 billion in debt and transitioning to a new end-user billing model.
Niger Delta Group Demands Review of Tompolo's Pipeline Contract
Niger Delta Safety Watch has written an open letter to President Bola Ahmed Tinubu, calling for urgent review of the pipeline surveillance contract held by Government Ekpemupolo (Tompolo). The group cites significant oil production losses and accuses Tomp
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BDC Operators Yet to Access CBN's $150,000 Weekly Forex Window
Bureau de Change operators report they have not been able to access the Central Bank of Nigeria's official foreign exchange window despite policy approval. Operational challenges including settlement account requirements and banking processes are creating
Nigeria Mourns Ex-UBA Chairman Israel Ogbue's Death at 99
Nigeria grieves the loss of Chief Israel C. Ogbue, former UBA chairman, who passed away peacefully at 99. He leaves a legacy of over 60 years in public and private service, with tributes pouring in from colleagues and citizens.
Naira Mixed Performance as FX Reserves Hit $48.5 Billion
The Nigerian naira recorded contrasting movements across official and parallel markets while external reserves climbed above $48.5 billion, providing the Central Bank with enhanced capacity to stabilize the currency.
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CFG Africa Forum Promotes Ethical Investment in Nigeria
CFG Africa's dual-city investment forum highlighted non-interest finance as a strategic hedge against market volatility, with experts showcasing strong returns and advocating for policy shifts to boost economic stability.
Unity-Providus Merger Surpasses CBN N200bn Capital Benchmark
The proposed merger between Unity Bank and Providus Bank has successfully exceeded the Central Bank of Nigeria's N200 billion minimum capital requirement for national banking licenses. Regulatory approvals and shareholder support have positioned the combi
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Rabiu's Wealth Hits $12.3bn as BUA Stocks Surge on NGX
Nigerian billionaire Abdulsamad Rabiu's net worth surged to $12.3 billion on February 18, 2026, driven by gains in BUA Cement and BUA Foods on the Nigerian Exchange. His wealth increased by $915 million in a single day, with year-to-date gains of $2.13 bi
Zenith Bank Warns Over AI-Generated Jim Ovia Investment Scam
Zenith Bank Plc has issued a strong public warning about a fraudulent AI-generated video falsely showing Chairman Jim Ovia promoting an investment scheme. The bank disowned the manipulated clip and urged Nigerians to disregard it.
GTBank Quick Airtime Loan Launches for N10,000 Limit
Guaranty Trust Bank introduces Quick Airtime Loan, offering up to N10,000 for instant airtime access, leveraging fintech collaboration with HabariPay to enhance Nigeria's financial ecosystem.
Workers Protest at NAFDAC Over Sachet Alcohol Ban
Food and beverage sector workers staged protests at NAFDAC's Lagos office, warning that factory closures linked to the sachet alcohol ban threaten millions of jobs and worsen economic pressure.
Naira Hits Two-Year High as Dollar Crashes by N83
The Nigerian naira appreciated to N1,347.78 per dollar at the official market, its highest level in two years, with the dollar crashing by over N83 since January. The Central Bank's expected BDC guidelines and improved liquidity are driving the gains.
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CBN Joins ECOWAS to Fast-Track Eco Currency for 2027 Launch
The Central Bank of Nigeria collaborates with West African central banks to advance the Eco single currency project, targeting a 2027 launch with strict economic criteria for member nations.
Wema Bank Launches 2026 Bankers-in-Training Program
Wema Bank has announced the opening of applications for its 2026 Bankers-in-Training (Sales) Program, offering young Nigerian graduates a structured career path in banking with training in Lagos, Ibadan, Abuja, and Port Harcourt.
UBA Launches Diaspora Platform to Unlock $100B African Capital
United Bank for Africa (UBA) has launched a new diaspora investment platform to help Africans abroad move beyond remittances and build long-term wealth through banking, investments, pensions, insurance, and real estate services.
Access Bank Announces Nationwide Job Vacancies
Access Bank is recruiting experienced professionals for branch manager, relationship officer, and Chinese desk manager positions across Nigeria. Requirements include business degrees and relevant banking experience.
Nigeria Banks in Final Stretch of Recapitalization Drive
Nigerian banks are in the final phase of meeting the Central Bank's March 2026 recapitalization deadline, with FCMB undergoing verification and other institutions exploring mergers, foreign investment, and capital raises amid fintech competition.
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Jim Ovia: N20 Million Built Zenith Bank into $4B Giant
Zenith Bank founder Jim Ovia details starting with N20 million in 1990, growing to $4 billion in 20 years, and overcoming Nigeria's infrastructure challenges through BYOI strategy.
Ex-Banker's New Year Career Leap Sparks Online Debate
A Nigerian woman's viral TikTok post about leaving her banking job on January 1, 2026, to start her own business has ignited widespread reactions and discussions about career transitions.
Ikeja Electric Clarifies Tax ID, NIN Rule for Businesses
Ikeja Electric has clarified that its directive for submitting Tax ID and NIN applies only to corporate customers, vendors, and partners, not residential users, to comply with the Nigeria Tax Act 2025.
CBN Warns Against Naira Abuse Before Valentine's Day
The Central Bank of Nigeria cautions citizens against mutilating, spraying, or counterfeiting the naira, emphasizing respect for the currency as a national symbol during Valentine's Day celebrations.
Naira Gains N70 as CBN Opens Dollar Tap for BDCs
The Nigerian naira strengthened by N70 against the US dollar in the parallel market after the Central Bank allowed BDCs to access $150,000 weekly from official sources.
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Valentine's Day: Spend on Love While Saving Money in Nigeria
Learn how PalmPay's Spend & Save feature helps Nigerians balance Valentine's Day expenses with financial goals. Discover the #LoveWithPalmPay campaign with N800,000 prize pool.
Goldman Sachs Counsel Resigns Over Epstein Links
Former White House counsel Kathryn Ruemmler resigns from Goldman Sachs after emails reveal extensive ties to Jeffrey Epstein, including gifts and disparaging remarks about Trump.
CBN Fines Banks N10m for Unaccredited Cheque Printers
The Central Bank of Nigeria has announced strict sanctions, including fines up to N10 million, for deposit money banks that use unaccredited cheque printers to enhance security and efficiency in the clearing system.
CBN Bans Money Bouquets as Naira Abuse Before Valentine's
The Central Bank of Nigeria has classified money bouquets as a form of naira abuse, warning offenders face prison or fines. This crackdown comes just before Valentine's Day celebrations.
NDIC Uses New Act to Recover N1.5trn from Failed Banks
The Nigeria Deposit Insurance Corporation is intensifying efforts to recover approximately N1.5 trillion in debts and assets from nearly 150 failed financial institutions using enhanced legal provisions under the NDIC Act 2023.
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Naira Gains for Third Week After CBN BDC Policy Change
The Nigerian Naira appreciated against the US dollar, pound sterling, and euro in the official market, marking a third weekly gain following the CBN's decision to permit BDCs to buy dollars from banks.
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