30 results
- 4 Dec 2025
Senate Considers Bill to Empower CBN to Regulate Fintech
Senate on Thursday began debate on a bill seeking to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 to empower the Central Bank of Nigeria (CBN) to designate and supervise…
- 5 Mar 2026
Senate Targets Fintech Overreach, Vows Ponzi Crackdown After ₦1.3trn CBEX Scam
Nigerian Senate has launched a public hearing to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 while investigating rampant ponzi schemes, spotlighting the Crypto Bridge Exchange…
- 15 Sept 2010
CBN Nods Revised Banking Model
The Central Bank of Nigeria (CBN), in compliance with the statutory provisions of the Banks and Other Financial Institutions Act (BOFIA) regarding the conduct of banking business has concluded the…
- 13 Feb 2018
Reps Seek Stiffer Punishment for Banks over Illegal Charges
House of Representatives Committee on Banking and Currency on Tuesday opted for stiffer penalties of millions of Naira as fine for commercial banks which engage in an illegal deduction of spurious…
- 20 Oct 2020
CBN under Fire for Freezing Thousands of Banks’ Accounts
House of Representatives on Tuesday, urged Mr Godwin Emefiele, governor of Central Bank (CBN), to unfreeze five thousand accounts, allegedly frozen by the apex monetary institution. Mr. Godwin…
- 8 Aug 2019
Court Jails Abudu, Ex-Bank Chief 2 Years over N195m Fraud
Adetunji Abudu, a former managing director, New Prudential Mortgage Bank Limited has been sentenced to two years’ imprisonment for N195m fraud. The sentence was passed by Justice I.N. Buba of…
- 23 Sept 2021
Regulators Slap 5 Banks with N1.4Bn Fine for Forex Infractions, Others
Five top banks in Nigeria paid a total of N1.4bn as penalties to financial regulatory bodies such as the Central Bank of Nigeria (CBN), Security and Exchange Commission (SEC) and Financial Reporting…
- 18 Feb 2025
CBN Orders Bank Directors with Insider Bad Loans to Resign
Central Bank of Nigeria (CBN) has ordered bank directors with non-performing insider-related loans to step down immediately, as part of efforts to strengthen corporate governance and enhance risk…
- 13 Feb 2018
CBN Seeks Shell Banks Abolished In Nigeria
The Central Bank of Nigeria (CBN) has called for the abolition of shell banks in the country, saying they serve as institutions for money laundering. Shell banks are institutions that carry out…
- 17 Jul 2020
NDIC Seeks Stiff Penalties for Directors of Failed Banks
Nigeria Deposit Insurance Corporation (NDIC) has proposed stiff penalties for negligent directors of failed banks, toserve as a deterrent to officers and directors of banks, and ensure that the…
- 15 Jul 2020
CBN Seeks Power to Freeze Accounts of Criminals
Central Bank of Nigeria (CBN) has requested statutory powers to freeze accounts linked to criminals in the country. The apex bank has also called for the creation of a Credit Tribunal to strengthen…
- 22 Apr 2018
Reps Mull N20m Per Day Fine on Banks for Insider Abuse
Jones Onyereri, chairman of the house of representatives’ committee on banking and currency, has said that banks may pay as high as N20 million per day as fine for infractions like insider abuse.…
- 16 Dec 2025
CBN Revokes Licenses of Two Mortgage Banks, NDIC Begins Liquidation
Nigeria’s banking regulators have moved to shut down two mortgage lenders after prolonged financial distress, as authorities intensify efforts to enforce capital discipline and restore confidence in…
- 25 May 2026
Stewardship, Not Seizure: What the Union Bank Case Is Really About
There is a particular genre of financial commentary that mistakes legal process for a factual verdict. A court delivers a first-instance ruling, procedural questions are raised, and before the ink is…
- 23 May 2023
CBN Revokes Licences of 132 Microfinance Banks, Others
Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country. The revocation exercise was…
- 27 Dec 2020
CBN Revokes Licences of 7 Payment Service Providers
Central Bank of Nigeria (CBN) has announced the revocation of operating licences of seven payment service providers (PSP), and one switch operator. Mr. Godwin Emefiele, CBN governor The apex bank, in…
- 7 Dec 2020
Emefiele, CBN Gov Denies Freezing #EndSARS Promoters’ Accounts
Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has faulted claim that his bank obtained court orders to block accounts associated with promoters of the #EndSARS protests. Godwin…
- 22 Apr 2019
CBN Bans Mortgage Banks from Granting Dollar Loans
Central Bank of Nigeria (CBN) has barred Primary Mortgage Banks from granting foreign currency denominated mortgage loans to customers, according to a draft guideline for the licensing and regulation…
- 15 Mar 2021
NDIC Begins Hunt for Debtors of Failed Banks
Nigeria Deposit Insurance Corporation (NDIC) is to go tough on debtors of failed banks, according to Mr. Bello Hassan, new managing director of the organization. Hassan,who stated this at his…
- 9 Dec 2020
Falana Claims CBN Froze Accounts of #EndSARS Promoters before Court Order
Femi Falana (SAN), Nigerian lawyer and human rights activist has accused the Central Bank of Nigeria (CBN) of freezing of bank accounts associated with some promoters of the #EndSARS protests two…
- 12 Sept 2018
CBN Sanction: A Dis-Incentive To Capital Investment
By Cheku Alkali A fundamental objective of financial regulation is the safety and soundness of financial institutions, and the ability of regulators to mitigate systemic risk through effective…
- 21 Aug 2018
CBN Slams N34.1m Fines on 3 Banks for Market Infractions
Central Bank of Nigeria (CBN) has sanctioned Guaranty Trust Bank Plc (GTBank), Zenith Bank Plc and Stanbic Holdings Plc N34.1 million over different market infractions in the first six months of…
- 3 Jul 2014
CBN Stops Loan Defaulters from Access to Credit
Central Bank of Nigeria (CBN) has banned banks and development banks from lending to loan defaulters of over N500 million, without its prior approval, according to circular signed by Mrs. …
- 14 Sept 2020
Emefiele: Why They Fight Him
By Jackson Ugbechie Have you noticed something lately about Godwin Emefiele, the Governor of Central Bank of Nigeria, CBN? Perhaps, you haven’t. Mr. Godwin Emefiele, CBN governor But if you check the…
- 17 Jul 2020
CBN Asks for Exclusive Right to Bank Licensing, Revocation
Central Bank of Nigeria (CBN) has said, in line with international best practices and to avoid duplication of functions, it should retain exclusive right to the licensing of banks and the revocation…
- 29 Apr 2018
CBN to Sack Banks’ CEOs, Others over Delayed Accounts
Any bank which fails to publish its annual account 12 months after the financial year end will have its chief executive sacked, Godwin Emefiele, governor, Central Bank of Nigeria (CBN) has said.…
- 30 Mar 2014
Bickersteth, One Network Boss Says Broadband Is Critical in Agent Banking
Sola Bickersteth, chief executive officer, One Network, has described broadband as critical infrastructure in achieving the proposed agent banking of the Central Bank of Nigeria (CBN). Bickersteth,…
- 10 Nov 2020
Emefiele and Nigerian Youths: An Appraisal
By Jackson Ugbechie Central Bank of Nigeria (CBN), under the leadership of Mr. Godwin Emefiele, has come under attack recently. Mr. Godwin Emefiele, CBN governor Reason? The CBN applied and obtained…
- 10 Mar 2020
FG Accuses Mortgage Bank MD of N32.6m Fraud
Federal government has dragged, Bayo Adewakun, a former managing director of Mortgages PHB Limited before the Federal High Court in Lagos, for allegedly defrauding the mortgage bank of the sum of…
- 24 Dec 2019
CBN Says Failure to Acknowledge Customer’s Complaint to Attract N2m Fine
Central Bank of Nigeria (CBN) has said that any financial institution that fails to acknowledge complaints from customers will be sanctioned with fines up to N2 million. Emefiele, CBN gov This was…