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PRESIDENT Bola Ahmed Tinubu is facing renewed accusations of tribal favouritism of the Yoruba people of the South-West Nigeria following the appointment of Tunji Disu as acting inspector-general of police, a move that has stirred political debate and sharpened concerns about ethnic balancing in federal appointments. Disu’s elevation came after the resignation of former Inspector-General […]
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IN the first quarter (Q1) of 2024, the Central Bank of Nigeria (CBN) rolled out new recapitalisation requirements for deposit money banks. The guidelines mandated international banks to raise at least N500 billion. National banks were required to raise N200 billion, while regional banks were asked to meet the N50 billion capital requirement. There were […]
IN the first quarter (Q1) of 2024, the Central Bank of Nigeria (CBN) rolled out new recapitalisation rules mandating international banks to raise at least N500 billion. National banks were required to raise N200 billion, while regional banks were asked to meet the N50 billion capital requirement of N50 billion. There were also N20 billion […]
THE Nigeria Deposit Insurance Corporation (NDIC) has approved a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank Limited whose account balances exceeded the N5 million statutory insurance limit. In a statement issued by Head of the Communication and Public Affairs Department, Mr Hawwau Gambo, the NDIC said the funds were […]
THE Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have asked the Federal High Court in Abuja to step aside from hearing a suit filed by Aso Savings & Loans Plc and Union Homes Savings & Loans Plc over the withdrawal of their operating licences. The matter came up on Monday […]
Assurance Bank Nigeria Limited, once a thriving bank with 23 branches across the country, officially closed its doors in January 2006 following a series of mismanagement and fraudulent activities that left depositors and regulators reeling. The bank, originally established as Nigeria-Arab Bank (NAB) in 1962, became majority-owned by the Nigerian government under the country’s Indigenization […]
CHAIRMAN of FirstHoldco, the parent company of First Bank Plc, has urged the Central Bank of Nigeria (CBN) to raise the minimum capital requirement for international banking licences from N500 billion to at least N1 trillion. In a statement seen by Economy Post on Thursday, the billionaire businessman said high capital base would bolster the […]
…Balance of payment rises Nigeria’s domestic economic activity strengthened further in December 2025, with the Composite Purchasing Managers’ Index (PMI) climbing to 57.6 points, according to the Central Bank of Nigeria (CBN). The reading, which was well above the 50-point expansion threshold, reflected the strongest momentum recorded in about five years. The CBN said the […]
NIGERIA’s external reserves are expected to climb to $51.04 billion in 2026 on the back of easing foreign exchange (FX) pressures, firmer oil receipts and resilient inflows from remittances and foreign investments, according to the Central Bank of Nigeria (CBN). The projection, contained in the CBN’s 2026 Macroeconomic Outlook for Nigeria released on Tuesday, compares […]
THE Central Bank of Nigeria (CBN) has revoked the licenses of Aso Savings and Loans Plc and another bank, Union Homes Savings and Loans Plc, for violating guidelines in the Banks and Other Financial Institutions Act (BOFIA). In a statement sent to Economy Post on Tuesday, the nation’s apex bank said the two mortgage banks […]