No fewer than 17 out of the existing 24 Deposit Money Banks may be unable to meet the Central Bank of Nigeria’s (CBN) capital requirement if it is increased from its current N25 billion, according to a report by Ernst and Young. The new report, titled “Navigating the Horizon: Charting the Course for Banks amid Plans for Recapitalisation”, noted that …

Access Holdings Plc (‘the Holdco’), has announced the return of Mr. Aigboje Aig-Imoukhuede as its Non-Executive Chairman. Aig-Imoukhuede replaces Mr. Abubakar Jimoh, the erstwhile Chairman of the Holdco, who remains on the board as an Independent Non-Executive Director. A statement from the bank said: “In response to the untimely passing of the immediate past Group Chief Executive Officer of Access …

Experts and crypto enthusiasts have lamented the current ban on Binance naira operations in Nigeria, stating it may increase youth unemployment in the country. In separate interviews with The PUNCH, the experts called on the government to look for better means of managing the country’s current foreign exchange challenges. An economist with Lotus Beta Analytics, Shedrach Israel, said that the …

Cryptocurrency exchange, Binance has announced plans to discontinue all services related to the Nigerian currency, Naira. Binance, a cryptocurrency exchange platform, was accused of exploiting the Naira, leading to its free fall in value. The company is, in addition, facing allegations of terrorism financing, money laundering and tax invasion, among others. Nigeria is one of the largest peer-to-peer crypto markets …

Sterling Bank Limited has announced a strategic partnership with Export and Sell Nigeria Limited (EAS) to organise the “Export to Wealth” conference, on 6th and 7th March. According the organisers, the conference aims to empower at least 2,000 export-ready businesses by providing practical tools and resources for successful sales on international retailing platforms. The collaboration between Sterling Bank and Export …

The House of Representatives Committee on Financial Crimes has summoned the Chief Executive of Binance Holding Limited, Richard Teng, over alleged terrorism financing and money laundering. The chairman of the Committee, Hon. Ginger Onwusibe, on Friday, at a panel, issued a seven-day ultimatum to the management of Binance Holdings LTD., to appear before the committee on or before 4th March. …

The Central Bank of Nigeria (CBN) has revoked the licences of 4,173 Bureaux de Change Operators over their failure to meet regulatory guidelines. In a statement on Friday, the acting Director, Corporate Communications, Sidi Hakama said the licence withdrawal is in exercise of the powers conferred on the apex bank under the Bank and Other Financial Institutions Act 2020, Act …

FBNQuest Trustees, a subsidiary of FBN Holdings, which provides Trust solutions to individuals, corporate and government institutions, partnered with the Metropolitan Law firm to host the sixth Islamic Estate Planning Clinic which took place in Abuja recently. The event was designed to enlighten individuals on the importance of Estate Planning in accordance with Islamic law. The recent event hosted an …

Price pressures intensified in the Nigerian private sector during February and were unprecedented in over a decade of data collection. Both input costs and output prices increased at the sharpest rates on record, with rising prices impacting demand. As a result, rates of expansion in output and new orders slowed sharply over the month, while employment decreased for the first …

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that foreign exchange backlogs have been cleared in all the banks except for five of them. Cardoso said this on Thursday during an investor call facilitated by the Nigerian Exchange Group, during which he said that the remainder of the banks’ FX backlogs would be cleared in …