30 results
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 11 Jan 2026
NDIC Declares Second Liquidation Dividend for Heritage Bank Depositors
Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of Heritage Bank Limited (in liquidation) whose account balances exceeded the…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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…
- 22 Apr 2017
CBN to Sanction Banks Denying Forex Access to SMEs
The Central Bank (CBN) threatened on Friday to sanction banks denying Small and Medium Enterprises (SMEs) access to foreign exchange (Forex) from the newly instituted SMEs Forex Window. The window…
- 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…
- 19 Jul 2010
LCCI Proposes Recapitalisation Guidelines for Rescued Banks
Lagos Chamber of Commerce and Industry (LCCI) has proposed guidelines for recapitalisation for the banks recently rescued by the Central Bank of Nigeria (CBN). LCCI second quarterly report released…
- 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,…
- 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…
- 30 Mar 2025
NDIC Fixes April as Time Uninsured Depositors of Heritage Bank will Receive Liquidation Dividends
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…
- 8 Feb 2010
CBN Denies Limiting Shareholding Percentage in Banks
The Central Bank of Nigeria (CBN) in reaction to media reports has said it does not intend to limit the percentage of shareholding of investors in Nigerian banks. It said this would not only negate…
- 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 Jun 2025
EFCC Drags Cititrust to Court over Unreported ₦200mTransfers
Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a money laundering case involving Cititrust Holdings PLC and three of its subsidiaries. The subsidiaries are…
- 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…