Nine Nigerian banks raked in a combined interest income of N14.26 trillion in 2024, an analysis of the audited financial results of the financial institutions shows. As the banks made trillions of naira from the interest on loans given to customers during the review period, manufacturers counted their losses, groaning under the weight of soaring borrowing costs totalling N1.3 trillion …

The Presidency has said Nigeria is on a firmer path to economic recovery and prosperity under President Bola Tinubu, citing significant gains in debt reduction, foreign reserves, investor confidence and trade surplus in 2024. In a detailed update posted online on his X handle yesterday, senior special assistant to the president, Otega Ogra, said the administration listed major achievements recorded …

Nigeria’s Money Supply (M²) increased by 3.16 per cent month-on-month (MoM), to N114.2 trillion in March 2025 from N110.7 trillion in February 2025 According to the Central Bank of Nigeria (CBN), Money and Credit Statistics data the MoM increase in money supply followed positive changes in its components. Quasi-money, including savings deposits, time deposits, and other near-money assets,rose significantly. The …

President of the African Development Bank, Dr. Akinwumi Adesina, has thanked former President Muhammadu Buhari for his unwavering support during both his initial election and eventual re-election as AfDB President. In a post shared on X on Thursday, Adesina disclosed that he recently paid a visit to Buhari to personally thank him for his role in backing his candidacy. ‘I …

The Central Bank of Nigeria (CBN) says it will begin mystery shopping exercises across bureau de change (BDC) outlets to strengthen compliance with anti-money laundering and counter-terrorism financing regulations. The CBN spoke in a circular to all licensed BDC operators, signed by Amonia Opusunju, director of compliance department, on Thursday. Mystery Shopping is a technique used by companies to evaluate …

The Financial Reporting Council of Nigeria has emphasised the need for at least 2,000 actuaries to support the country’s financial sector growth. The PUNCH Online reports that currently, Nigeria has only 28 qualified actuaries, which is grossly inadequate for a nation of its size. The Executive Secretary/Chief Executive Officer of FRC, Dr Rabiu Olowo, stated this on Wednesday at a …

Access Holdings said it paid N1.243 billion in penalties to regulatory authorities in 2024 for various infractions. The regulators include the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC), Access Bank said in its audited full-year 2024 financial statement. According to the document, published on the Nigerian Exchange Group (NGX) on Tuesday, the penalties were related to …

The Federation Account Allocation Committee (FAAC) has distributed the sum of N1.578 trillion, being March 2025 Federation Account Revenue to the three tiers of government. The Office of the Accountant-General of the Federation (AGF) said last night that the money came from the Federation revenue in the month of March. The total distributable revenue of N1.578 trillion comprised statutory revenue …

The Economic and Financial Crimes Commission (EFCC) has launched an investigation into the alleged N1.3 trillion frauds perpetrated through a digital investment platform, CryptoBank Exchange (CBEX). CBEX, operated by a group of foreign nationals in collaboration with their Nigerian partners, reportedly collapsed on Monday, leaving thousands of investors stranded and unable to access their funds. The EFCC spokesman, Dele Oyewale, …

The Central Bank of Nigeria (CBN) has said that Nigeria would need strong, resilient and stable banks in its quest to achieve the $1 trillion economy target set by President Bola Tinubu against 2030 timeline. In an address at the 36th CBN Seminar for Finance Correspondents and Business Editors, in Abuja, yesterday, the Deputy Governor, Corporate Services of the bank, …