The Nigeria Fintech and Financial Inclusion Roundtable 2024 is set for Friday, 26th April 2024 in Lagos under the theme: The Role of Fintech and Financial Inclusion in Citizen Empowerment and Economic Growth. In a statement, the convener of the Roundtable, Prince Cookey said the event would be a unique convergence of top executives and stakeholder groups from the banking, …

The Central Bank of Nigeria (CBN) has said that it has no plan to convert $30 billion domiciliary deposits into Naira. In a statement by its acting spokesperson, Sidi Ali, on Saturday, the financial regulator said that it was working hard to stabilise the foreign exchange market “as evidenced by its recent work and policy directions”. The CBN assured Nigerians that …

The First Bank of Nigeria (FBN) Holdings has appointed billionaire businessman Femi Otedola as the new chairman of its board of directors. He succeeds the outgoing Chairman of the board, Alhaji Ahmad Abdullahi. The financial institution disclosed this in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors of the new development. This appointment, effective 31 January 2024, …

An additional $64.44 million out of the trapped funds belonging to airlines was paid yesterday by the Central Bank of Nigeria (CBN). The apex bank said the payment was the final settlement of the verified foreign exchange (forex) owed to all foreign airlines operating in the country. Yesterday’s payment brought the disbursements to the airlines to $136.73 million as verified …

In what has been termed a significant milestone in the advancement of Nigeria’s domestic gas industry and the generation of gas revenues, Temile Development Company Limited – a key indigenous player in the oil and gas industry – recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) carrier. Named ‘Alfred Temile 10’, the vessel was part-financed by leading …

The arrival of Nigeria’s largest ethical bank, The Alternative Bank has been endorsed by the Emir of Kano, Alhaji Aminu Ado Bayero, as the bank opens its first stand-alone branch in the ancient city. During the inauguration of The Alternative Bank’s newest branch, the Emir describing the development as a transformative force that would significantly impact individuals and businesses in …

Following the CBN’s directive on strengthening Know Your Customer (KYC) procedures for Tier 1 accounts, fintech company, PalmPay, is encouraging users who have not yet complied with the requirements to do so promptly. Since the introduction of the directive last December, PalmPay has launched a new onboarding flow on its App, which mandates all Tier 1 users to validate their …

Members of the Association of Corporate and Marketing Communication Professionals in Nigerian Banks (ACAMB) have elected a new Executive Committee to pilot the affairs of the association in the next two years. The election was the major highlight of the Annual General Meeting (AGM), which held in Lagos on Wednesday, to reflect on the accomplishments of the past year and …

The Extractive Industries Transparency Initiative (EITI), a global transparency body, on Tuesday, charged the Nigerian National Petroleum Company Limited (NNPCL) to provide further details on its 20 per cent equity in the Dangote Petroleum Refinery. It gave the charge during a visit of the EITI delegation to Nigeria, stressing that NNPCL had yet to clarify its equity interest in the …

The naira yesterday depreciated to N1,355 per dollar in the parallel market from N1,350 per dollar on Monday. However, the naira appreciated to N878.61 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N878.61 per dollar from N925.34 per dollar on Monday, indicating N46.73 appreciation for the …