30 results
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 1 Mar 2024
CBN Revokes Licenses of over 4,000 Bureau De Change Operators
Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureaux De Change (BDC) operators in the country. Yemi Cardoso, CBN Gov The CBN’s Acting Director of Corporate Communications, Sidi Ali…
- 3 Jun 2024
CBN Cites Financial Stability Concerns, Revokes Heritage Bank’s Licence
Central Bank of Nigeria (CBN), has, announced the revocation of the operating licence of Heritage Bank Plc with immediate effect. In a statement issued by Mrs. Hakama Sidi Ali, acting director,…
- 6 Jun 2024
NDIC Vows to Recover N700Bn Loan Owed Heritage Bank
Nigerian Deposit Insurance Corporation (NDIC) on Wednesday said it would go after debtors of Heritage Bank owing the bank about N700bn. Bello Hassan, managing director of the Corporation gave the…
- 26 Sept 2024
BVN Enabled Us in Timely Payment of 85 Percent of Heritage Bank Depositors — NDIC
Mr Bello Hassan, managing director/CEO, Nigeria Deposit Insurance Corporation (NDIC), has said that the use of Bank Verification Numbers (BVN) facilitated the successful reimbursement of 84.98 per…
- 29 Sept 2024
NDIC Adpots NIBSS to Pay Heritage Bank Depositors, List Steps to Claim Trapped Funds
Nigeria Deposit Insurance Corporation (NDIC) has announced the adoption of the Nigeria Inter-Bank Settlement System (NIBSS) for payment of insured depositors of the defunct Heritage Bank, citing…
- 1 Oct 2024
NDIC Partners Judiciary to Prosecute Failed Banks
Nigeria Deposit Insurance Corporation (NDIC), has strengthened its partnership with the judiciary aimed at enhancing the prosecution of failed banks, according to Bello Hassan, managing director of…
- 29 Oct 2024
Reps Seek Tougher Sanctions for Banks over Unauthorised Transactions, Others
House of Representatives on Tuesday passed into second reading, a bill seeking to protect victims of fraudulent withdrawal from bank accounts. They overwhelmingly supported the proposed legislation,…
- 15 Dec 2024
CBN Cracks Down on Banks with N150 Million Fine for Mint Naira Note Hawking
Central Bank of Nigeria (CBN) has announced a fine of N150 million on Deposit Money Banks (DMBs) found guilty of illegally distributing mint naira notes to currency hawkers across the country. This…
- 16 Jul 2026
CBN Introduces Digital Tracker to Monitor BDC Forex Transactions
The Central Bank of Nigeria (CBN) has launched a new system to monitor how Bureau De Change (BDC) operators buy foreign exchange in the country. Under the new arrangement, all licensed BDCs must…
- 29 Apr 2021
Senate Empowers AMCON in New Bill to Seize Debtors’ Assets
Senate has passed the Asset Management Corporation of Nigeria Amendment (AMCON) bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions. The…
- 29 Apr 2021
CBN Fires all First Bank Directors, Reinstates Sacked MD
Central Bank of Nigeria (CBN), has sacked all First Bank of Nigeria (FBN) directors and appointed new ones with immediate effect. The CBN also accused the directors of corporate governance breach,…
- 14 Oct 2021
CBN Asks Banks to Report Dead Customers’ BVN to NIBSS within 24hrs
Central Bank of Nigeria (CBN) has directed banks and other financial institutions to report Bank Verification Number (BVN) of all dead customers to Nigeria Interbank Settlement System (NIBSS) within…
- 9 May 2023
CBN Allows Foreign Banks to Give Loans in Dollar
Central Bank of Nigeria on Monday authorized foreign banks in the country to work with their parent companies in availing and syndicating foreign currency-denominated loans (dollar loans) to Nigerian…
- 9 May 2023
CBN to Sanction Banks Harbouring Unlicensed Firms
Central Bank of Nigeria (CBN) has warned banks against harbouring and backing unlicensed foreign firms. CBN said the directive titled “Guidelines for the Regulation of Representative Offices of…
- 2 Jan 2024
CBN Bars Crypto Bank Account Operators from Cash Withdrawal
Central of Nigeria (CBN) has said that cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions According to the apex bank, withdrawals from these…
- 2 Feb 2024
CBN bans Banks and Fintechs from International Money Transfer Services
Central Bank of Nigeria (CBN) has prohibited banks and financial technology companies (fintechs) from offering international money transfer services. This development is outlined in the revised…
- 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…
- 2 Jun 2026
CBN Grants Union Bank, Polaris, Keystone More Time to Complete Recapitalisation
Central Bank of Nigeria (CBN) has reportedly granted Union Bank of Nigeria, Polaris Bank and Keystone Bank additional time to complete their recapitalisation process following the expiration of the…
- 14 Jun 2026
CBN to Bar HoldCos from Influencing Banks’ Lending Decisions
Central Bank of Nigeria (CBN) has proposed a sweeping overhaul of the regulatory framework for Financial Holding Companies (HoldCos), including measures to strengthen the operational independence of…
- 1 Jul 2026
CBN Cracks Down, Revokes Licences of 46 Microfinance Banks
Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country with effect from July 1, 2026. The apex bank announced the decision in a statement…
- 2 Jul 2026
NDIC Warns Against Transactions with 46 Closed Microfinance Banks
Nigeria Deposit Insurance Corporation (NDIC) has warned members of the public against carrying out any transactions with the 46 microfinance banks whose operating licences were revoked by the Central…
- 30 Mar 2025
Uninsured Depositors of Heritage Bank to Receive Liquidation Dividends In April – NDIC
Depositors of Heritage Bank (in-liquidation) with balances exceeding the insured sum of ₦5 million will be paid from the sale of physical assets and debt recovery efforts soon, the Nigeria Deposit…