Standard Chartered Bank (Nigeria) Limited has set aside $10,000 for the five winners in its fourth SC Women in Technology Incubator, an initiative designed to support and promote the economic and social development of women in Nigeria through innovation or technology-led entrepreneurship. The announcement follows the completion of the last three editions, which had seen 15 winners emerge to date, …

The Senator representing Kogi West, Smart Adeyemi has called on the incoming administration to investigate the circumstances that greeted the naira redesign policy. Senator Adeyemi specifically urged the President-elect Bola Ahmed Tinubu to ensure that the Central Bank of Nigeria governor, Mr. Godwin Emiefiele is invited for questioning to shed light on those who were involved. The lawmaker, who was …

The Federal Executive Council on Wednesday approved the merging of the National Identity and Bank cards in Nigeria. This followed a memorandum presented by the Ministry of Communication and Digital Economy to the meeting of the Council presided over by President Muhammadu Buhari. The Minister, Prof. Isa Pantami, who briefed the media after the meeting, said that move was to …

The Central Bank of Nigeria (CBN) on Tuesday revoked the operating licences of 132 Microfinance Banks (MfBs), three finance companies and four Primary Mortgage Banks (PMBs). The affected MfBs include Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Mainsail Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, Premium Microfinance Bank and Statesman Microfinance Bank. Others include Manny Microfinance Bank, …

A Federal High Court sitting in Abuja has ordered the Central Bank of Nigeria (CBN) to provide the Human and Environmental Development Agenda (HEDA) Resource Centre access to information relating to the country’s exchange rate subsidy. HEDA obtained the ruling when the court decided on a suit it instituted in 2020 against the apex bank after denying it access to …

The Central Bank of Nigeria (CBN) has given banks and other financial institutions a 30-day timeline to close accounts without Bank Verification Number (BVN). Data from the Nigeria Inter-Bank Settlement System (NIBSS) showed that 57.39 million customers’ accounts have been linked to their BVNs as at 8th April. According to a review of the ‘Regulatory Framework for Bank Verification Number …

The Chartered Institute of Bankers of Nigeria (CIBN) has concluded arrangements for its 2023 Annual General Meeting (AGM) on Saturday, 20th May. The hybrid event – physical at Ijewere Hall, Bankers House, Victoria Island, Lagos; and online via Zoom – is scheduled to start by 10 am. To be presided over by its President/Chairman of Council, Dr. Ken Opara, the …

The Nigerian Communications Commission (NCC) has granted telecommunications operators in Nigeria the approval to disconnect banks over N120 billion unstructured supplementary service data (USSD) debt, according to the Association of Licensed Telecommunications Operators of Nigeria (ALTON). ALTON Chairman Mr Gbenga Adebayo in Lagos said in a statement on Friday that the Mobile Network Operators (MNOs) would disconnect banks if they failed …

The Central Bank of Nigeria has said that it would sanction banks assisting the operations of unlicensed foreign firms. In its ‘Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria’, signed by its Director of Financial Policy and Regulation, Muhammad Musa and released on Monday, the regulatory bank stated: “Any CBN regulated entity found to be assisting, …

The House of Representatives on Thursday approved an additional N1 trillion in Ways and Means advances for the implementation of the 2022 Supplementary Appropriation Act as passed by the Nation Assembly. The Ways and Means provision allows the government to take loans from the Central Bank of Nigeria (CBN). This followed the consideration of the report of the House Committees …