Category: Banking,
Fidelity Bank Recorded N434bn Gross Earnings in Q1 2026 — Up by 37%
Lagos, Nigeria — May 27, 2026 Fidelity Bank Plc has announced a strong financial performance for the first quarter of 2026, recording gross earnings of N434.95 billion, representing a 37.9 percent increase compared to the N315.42 billion posted during the same period in 2025.The bank disclosed this in a statement released on Tuesday, attributing the…
NIGERIA, USA DEEPEN COOPERATION ON SECURITY, COUNTERTERRORISM AS RIBADU MEETS VP VANCE, RUBIO
WASHINGTON D.C., UNITED STATES – MAY 9, 2026 Nigeria and the United States are moving forward in deepening cooperation on security, counterterrorism, regional stability, and strategic partnership following a series of high-level engagements in Washington D.C.A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed that Nigeria’s National Security…
Reps Approves $516 Million Loan Request For Sokoto–Badagry Super Highway
Abuja, Nigeria — April 29, 2026 The House of Representatives has approved a $516 million loan request by Bola Ahmed Tinubu to finance critical sections of the proposed Sokoto–Badagry Super Highway.The approval followed deliberations by lawmakers, who expressed support for the project as a strategic infrastructure investment aimed at boosting national connectivity and economic growth….
Nigeria’s Presumptive Tax Reform 2026
Abuja, Nigeria — March 5, 2026 The Federal Government has introduced the Presumptive Tax Reform 2026 as part of broader efforts to simplify taxation, expand the tax base, and improve compliance among small businesses and informal sector operators. The reform initiative, championed by the administration of President Bola Ahmed Tinubu, is aimed at creating…
Nigeria’s Foreign Exchange Reserves Rebound to Three-Year High, But Structural Challenges Loom
The Central Bank of Nigeria has announced a dramatic recovery in the country’s foreign exchange reserves, with net reserves climbing to $23.11 billion in 2024 – the highest level since 2021. This financial turnaround comes as the Lagos business community warns that without fundamental reforms to Nigeria’s power sector and debt management, these gains may…
Four Bank Employees Arrested in Lagos for £138,924 International Airline Fraud
Lagos, Nigeria – The Lagos State Police Command has arrested four bank employees for allegedly orchestrating a sophisticated fraud scheme that diverted £138,924 (over ₦270 million) from international airline accounts through illicit transfers. How the Fraud Was Uncovered According to CSP Benjamin Hundeyin, the command’s spokesperson, the bank detected unauthorized transactions and alerted authorities, prompting…
Court Adjourns Ex-CBN Governor Godwin Emefiele’s Procurement Fraud Trial to June 3
An Abuja High Court has adjourned the ongoing procurement fraud trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele to June 3, 2025. Justice Hamza Muazu, presiding over the case, also rejected additional evidence presented by the Economic and Financial Crimes Commission (EFCC), citing violations of Emefiele’s right to a fair trial. The…
Reps Urge CBN to Suspend Hike in ATM Charges
The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs. The resolution followed a motion of urgent public importance moved by Hon. Marcus Onobun, who drew attention…
BOI Disburses N108 Billion to 921 Women-Owned Businesses to Bridge Gender Gap
In a significant move to empower women entrepreneurs and bridge the gender gap in Nigeria’s economy, the Bank of Industry (BOI) has disbursed N108 billion in loans to 921 women-owned businesses. The initiative, announced during BOI’s commemoration of International Women’s Day 2025, underscores the bank’s commitment to expanding access to financing and business opportunities for…
NDIC Calls on Lawyers to Enhance Recovery of Closed Banks’ Assets
The Nigeria Deposit Insurance Corporation (NDIC) has urged its external solicitors to intensify efforts in recovering assets of closed banks to ensure the payment of uninsured deposits, legitimate creditor claims, and liquidation dividends to investors. The Managing Director of NDIC, Dr. Bello Hassan, made the call during a sensitization seminar for the corporation’s external solicitors…