CBN/Commercial Banking

Nigeria Clears All N2.59 Trillion IMF Debt, Signal New Economic Reform

Nigeria Clears All N2.59 Trillion IMF Debt, Signal New Economic Reform

Nigeria Clears All N2.59 Trillion IMF Debt, Signal New Economic Reform Nigeria government under President Bola Tinubu has fully repaid its $1.61bn (N2.59trn as of May 6, 2025) debt obligation to the International Monetary Fund (IMF). A check through the IMF’s website by our correspondent revealed that Nigeria has been removed among list of countries owning the international financial agency. Check here A data obtained popular data company, StatiSense showed that Nigeria paid off the debt in gradual from $1.61 billion in July 28, 2023 to $1.37 billion in January 5, 2024 to $933.03 million in July 10, 2024 to…
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EFCC Confirms Arrest Of VeryDarkMan, Reveals Why He Was Arrested

EFCC Confirms Arrest Of VeryDarkMan, Reveals Why He Was Arrested

EFCC Confirms Arrest Of VeryDarkMan, Reveals Why He Was Arrested Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has confirmed the arrest of social media activist, Martins Vincent Otse, popularly known as VeryDarkMan (VDM), over multiple petitions. The EFCC, speaking through its spokesperson Dele Oyewale, told BBC News Pidgin on Monday that the activist was taken into custody following complaints from several petitioners. “We arrested him to respond to a series of allegations raised against him by some petitioners,” Oyewale said. When asked if the case was connected to Guaranty Trust Bank (GTB), Oyewale noted that the petitions…
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World Bank Commits $16bn Portfolio To Nigeria

World Bank Commits $16bn Portfolio To Nigeria

World Bank commits $16bn portfolio to Nigeria The World Bank said it has committed over $16 billion to Nigeria across 28 active projects. This financial commitment has been mostly through concessional financing from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD). In a statement on Saturday, the Bank said these investments are targeted at helping Nigeria tackle its most pressing development priorities. These include expanding access to essential services such as electricity, education, and healthcare, advancing gender inclusion and economic opportunities for women, and improving food security through enhanced agricultural productivity. As part of…
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Diamond Bank Founder, Pascal Dozie Is Dead

Diamond Bank Founder, Pascal Dozie Is Dead

Diamond Bank Founder, Pascal Dozie Is Dead The founder of the defunct Diamond Bank Plc and a former chairman of MTN Nigeria, Pascal Dozie, is dead. According to a statement issued by the family on Tuesday, the business tycoon died on Monday at the age of 85. Born on 9 April 1939, Dozie was raised in a Catholic home, with his father, Charles Dozie, serving as a catechist. He had his early education at Our Lady’s School Emekuku, Holy Ghost Juniorate Seminary, and Holy Ghost College, Owerri, where he obtained his West African Senior School Certificate Examination. Seeking higher education…
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World Bank Approves Fresh $500 Million Loan To Nigeria For Economic Stimulus Program

World Bank Approves Fresh $500 Million Loan To Nigeria For Economic Stimulus Program

World Bank Approves Fresh $500 Million Loan To Nigeria For Economic Stimulus Program The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Program. According to information obtained from the bank’s website on Sunday, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms. The project, officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Program, aims to provide essential…
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A Critical Examination Of First Bank Of Nigeria’s Rebuttal In The Agbai Eke Allegations: Trust, Protocol, And Institutional Accountability – By Dr. Chukwuemeka Ifegwu Eke

A Critical Examination Of First Bank Of Nigeria’s Rebuttal In The Agbai Eke Allegations: Trust, Protocol, And Institutional Accountability – By Dr. Chukwuemeka Ifegwu Eke

A Critical Examination of First Bank of Nigeria’s Rebuttal in the Agbai Eke Allegations: Trust, Protocol, and Institutional Accountability The edifice of banking, an institution predicated on the inviolable sanctity of trust, stands imperiled when its custodians appear cavalier in their stewardship. The recent imbroglio involving First Bank of Nigeria and Dr. Agbai Eke, who alleges a staggering N550 million fraud, has ignited public consternation, casting a pall over the institution’s venerable legacy. The bank’s terse dismissal of these claims as “baseless” and “unfounded” demands rigorous scrutiny, not merely for its legal implications but for the profound existential questions it…
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In Major Leadership Overhaul, CBN Appoints 16 New Directors

In Major Leadership Overhaul, CBN Appoints 16 New Directors

CBN Appoints 16 New Directors In Major Leadership Overhaul The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a significant leadership shakeups. These appointments affect crucial areas such as Monetary Policy department, Trade and Exchange Department, Banking Supervision, Payment Systems and Consumer Protection among others. This new appointments are coming at a time when regulators are tightening oversight on banks and financial technology firms as it declared last week as well as the final leg of the banking sector recapitulation exercise. A source at the CBN told The Nation that “the very best were…
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FGN Assumes Full Control Of Keystone Bank

FGN Assumes Full Control Of Keystone Bank

FG Assumes Full Control Of Keystone Bank Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the takeover will enhance its stability and facilitate a smooth capitalization process. The bank disclosed this in a statement on its Instagram page on Tuesday evening, following a ruling by the Lagos State High Court, Ikeja. The court ordered the forfeiture of shares previously held by the bank’s former shareholders, effectively transferring ownership to the Federal Government. “Keystone Bank Limited wishes to clarify the media report on a judgment by the Lagos State Special Offences…
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CBN Announces Fresh ATM Transaction Fees, Effective March 1

CBN Announces Fresh ATM Transaction Fees, Effective March 1

CBN Announces Fresh ATM Transaction Fees Effective March 1 The Central Bank of Nigeria (CBN) has introduced new Automated Teller Machine (ATM) transaction fees for banks and financial institutions, effective from March 1, 2025. This move according to CNN in a statement signed by John S. Onojah Acting Director, Financial Policy and Regulation Department aims to enhance efficiency and increase the deployment of ATMs across the country. The circular titled “Review of Automated Teller Machine Transaction Fees”, the apex bank stated that the review aligns with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank…
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Nigeria Remains Africa’s Largest Economy – World Bank

Nigeria Remains Africa’s Largest Economy – World Bank

Nigeria Remains Africa’s Largest Economy – World Bank The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector. Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja yesterday, Dr. Diop said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants—especially in comparison to countries like Indonesia and South Africa—it continues to hold its position as Africa’s biggest economy. He stated that the CPSD report, set to be released in…
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