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The Central Bank of Nigeria, CBN has approved the merger of Providus Bank and Unity Bank. The apex bank, in a statement signed by the acting Director, Corporate Communications, Hakama Sidi, on Tuesday, said the action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007. The development signals the
The Central Bank of Nigeria, CBN Monetary Policy Committee has raised the interest rate by 50 basis points from 26.25% to 26.75%. The Governor of the CBN, Mr. Yemi Cardoso, announced this at the end of the apex bank’s 296th MPC meeting held in Abuja. The MPC also pegged the Cash Reserve Ratio (CRR) for
Following the directive by the Central Bank of Nigeria (CBN) that banks should beef up their capital base with a deadline of March 31, 2026, the financial institutions, especially those listed on the Nigerian Exchange Limited (NGX) are positioning to attract both fresh investors and existing shareholders. This emerged as the Securities and Exchange Commission (SEC)
NDIC, HERITAGE BANK, SHAREHOLDERS AND DEPOSITORS – ALL YOU NEED TO KNOW. Let me now break it down for you if you don’t get it. First, it is no longer news that CBN has revoked the operating licence of Heritage Bank plc. What does that mean? What it means is that as you and I
His Excellency, Peter Obi has reacted to the recent CBN Revocation of The Banking License Of Heritage Bank PLC. He said thus below : “The latest CBN’s revocation order on Heritage Bank’s operating license and subsequent appointment of NDIC as liquidator of its assets though affirmed by the regulators as necessary at this point to enhance financial
CBN REVOKES THE BANKING LICENCE OF HERITAGE BANK PLC The Central Bank of Nigeria, CBN , in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act(BOFIA)2020, hereby revokes the licence of Heritage Bank Plc with immediate
The Central Bank of Nigeria, CBN has laid off nearly 200 employees in a significant restructuring move aimed at realigning the bank’s operations with its newly defined strategic direction. The layoffs impacted several departments, including Human Resources, Development Finance, Trade and Exchange, Financial Policy and Regulation, and Procurement and Support Services. Notably, Dr. Hassan Mahmud, a
There’s serious need for Public education in Nigeria as most people really need to understand the rot currently ongoing in Nigerian economy. Understanding the current monetary policies of the CBN is something that needs to broken such that most people can understand. Below is a didactic Analysis by Nefertiti : For those who do not
Former Central Bank of Nigeria, CBN Governor, Godwin Emefiele , has been granted bail amounting to N300 million following his arraignment on charges related to the printing of new Naira notes without proper procedures. Emefiele, who pleaded not guilty to the four-count charge brought by theEconomic and Financial Crimes Commission, EFCC, appeared before Justice Maryanne Anenih
Members of the House of Representatives on Thursday asked the Central Bank of Nigeria, CBN to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent Cybersecurity levy , describing it as “ambiguous”. The development was in response to a motion on the urgent need to halt and modify the implementation