30 results
- 13 Nov 2020
Buhari Assents to BOIFA Act 2020
President Muhammadu Buhari has assented to the Banks and Other Financial Institutions Act (BOIFA ) 2020. Garba Shehu, presidential spokesman, made the announcement in a statement on Friday, The Act…
- 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…
- 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…
- 15 Feb 2021
StanChart Hosts Clients to CAMA and Finance Act 2020 Roundtable Discussion
Standard Chartered Bank Nigeria limited in conjunction with leading law firm, Udo Udoma & Belo-Osagie (UUBO) hosted clients, Global investors, Custodians, Bankers and Institutional investors to a…
- 26 May 2025
Court to Deliver Judgment in NIBSS’ Suit against CBN, Others over BVN Database Management
Federal High Court in Abuja on Monday, fixed July 4 for judgment in the suit filed by the Nigeria Inter-Bank Settlement System (NIBSS’) Plc against the Central Bank of Nigeria (CBN) and others.…
- 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…
- 5 Oct 2020
NOVA Merchant Bank Appoints Ude as Acting MD/CEO
A NOVA Merchant Bank has appointed Mr. Nath Ude as its Acting Managing Director/Chief Executive Officer effective October 3, 2020 subject to approval by the Central Bank of Nigeria. Mr. Nath Ude Nath…
- 31 Mar 2026
CBN Directs Banks, Fintechs to Complete Cybersecurity Audit Tool
Central Bank of Nigeria (CBN) has directed banks and other financial institutions to complete a newly deployed cybersecurity self-assessment tool (CSAT) as part of efforts to strengthen resilience…
- 11 Feb 2025
CBN Rolls out New ATM Transaction Fees Effective March 1
The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025. A circular, signed by John Onojah, the acting director…
- 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…
- 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…
- 16 Nov 2020
FBNQuest Acts as Financial Adviser, Consortium Lead on Privatisation of Afam Power Plc
FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, was appointed by the Bureau of Public Enterprises, on behalf of the National Council on…
- 7 Jan 2021
FG Slams N50 Levy on Electronic Money Transfer of up to N10,000
The Finance Act 2020 recently signed into law by President Muhammadu Buhari, imposes N50 levy on electronic transfer of money deposited in any bank or financial institution on any account on sums 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…
- 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…
- 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…
- 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…
- 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…
- 13 Mar 2026
CBN Orders Banks to Restrict Access to Banking Services for Loan Defaulters
Central Bank of Nigeria (CBN) has asked commercial banks to restrict loan defaulters, specifically large-ticket obligors, from accessing credit facilities. A large ticket obligor is a borrower (an…
- 3 Aug 2022
EFCC Arraigns Brothers for Alleged Illegal Bank Operation
Economic and Financial Crimes Commission (EFCC) has arraigned Adewale Jayeoba and Emmanuel Jayeoba, two brothers before the Federal High Court in Lagos for allegedly operating a bank without a valid…
- 16 Dec 2025
CBN Revokes Licences of Aso, Union Homes Mortgage Banks Over Regulatory Breaches
Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory breaches that undermined the safety…
- 11 Sept 2019
CBN Threatens to Sanction Bank Chiefs Who Breach ePayment Rules
Central Bank of Nigeria (CBN) said it will sanction bank chiefs who its breach e-payment reporting rules, including using unapproved third party end-to-end payment solution. Chief executives…
- 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…
- 19 Apr 2026
FG Borrows N100Bn from Unclaimed Dividends, Dormant Bank Accounts
Federal government has recorded a N100 billion borrowing from unclaimed dividends and dormant bank accounts, as new data from the Debt Management Office (DMO) showed that funds warehoused under the…
- 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…
- 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…
- 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…
- 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,…
- 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…
- 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…