In a landmark judgement, the Tapa Commercial Division of the Lagos State High Court on Wednesday, dismissed a multi-million Naira debt recovery suit filed by United Bank for Africa Plc against its customer, Arueyingho Gbemi Mac, finding that the bank acted in breach of regulatory and fiduciary obligations. Justice A. …
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The Central Bank of Nigeria (CBN), says the bank is targeting a diaspora reserve of one billion dollars by 2026. Dr Olayemi Cardoso, the Governor of CBN, said this at the 18th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on …
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NIGERIA’s Central Bank, CBN, has fined Paystack, one of the country’s most prominent fintech companies, ₦250 million ($190,000) for allegedly operating its newly launched consumer product, Zap by Paystack, as a wallet in violation of its regulatory licence, according to a report by TechCabal. The news organ cited persons with …
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THE Central Bank of Nigeria (CBN) has announced significant review of the documentation requirements for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria. According to a statement by Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, said the initiative was part of CBN’s ongoing commitment to …
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Central Bank of Nigeria (CBN) has issued a clarification regarding the status of both old and redesigned naira notes, confirming that they will continue to be accepted as legal tender with no established deadline for their validity. Newsextra24 reports that Hakama Sidi Ali, the Acting Director of Corporate Communications at the …
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AFRICAN leaders have appointed former deputy governor of Central Bank of Nigeria, CBN, Prof. Kingsley Moghalu inaugural president of African School of Governance, ASG, based in Kigali, Rwanda. His appointment took effect on October 1, 2024. after a global competitive search. Recall that the leaders weekend announced the establishment of …
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FOUR major Nigerian banks are grappling with the implications of the Central Bank of Nigeria’s (CBN) stringent recapitalisation policy, potentially leading to the loss of their brand identities. An investigation showed that these banks are deeply concerned following the CBN’s recent approval of the acquisition of Unity Bank. This …
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THE Central Bank of Nigeria (CBN) says it has no plan to revoke the licences of more Deposit Money Banks (DMBs). The Acting Director, Corporate Communications, of the apex bank, Mrs Hakama Sidi-Ali, said this in a statement on Tuesday in Abuja. Sidi-Ali’s statement was a response to allegations in …
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CBN Governor, Yemi Cardoso THE student loans program is ready to launch following the inaugural meeting of the special committee overseeing the Nigerian Education Loan Fund (NELFUND). Newsextra24 understands that the rollout of the scheme is scheduled for next Monday, February 26, 2024. The Governor of the Central Bank of Nigeria …
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GOVERNOR of the Central Bank of Nigeria, CBN, Olayemi Cardoso, says for the first time in a long while, the country’s volume of transactions in the foreign exchange market rose to $800 million. He disclosed this on Tuesday while addressing members of the House of Representatives at the sectoral debate …
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