Business
Afreximbank’s Annual Meetings 2024 calls for unity of Africans across the globe
Concisedaily Newsonline– With the 31st annual meetings of the African Export-Import Bank (Afreximbank) underway in Nassau, The Bahamas from June 12-15, attendees have been called to strengthen the linkages between Africa and the Caribbean, the sixth region of the African Union. According to a statement, Heads of State, Ministers, government…
Read More »NETCO Posts 137% Increase in Operating Profit for 2023
The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC Ltd), has announced a 137 per cent increase in operating profits for the year 2023. This was disclosed by the Chairman of the company’s Board of Directors and Executive Vice President, Downstream, NNPC…
Read More »CBN revokes licence of Heritage Bank
The Central Bank of Nigeria (CBN), has revokes the licence of Heritage Bank Plc with immediate effect. The revocation of the bank licence, is in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and…
Read More »NDIC COMMENCES LIQUIDATION OF HERITAGE BANK
Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) today, June 3, 2024 and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020, the Corporation wishes to announce to depositors of…
Read More »NNPC Ltd Sustains March Towards Regulatory Excellence
The NNPC Ltd has reiterated its commitment to sustain the Company’s march towards process improvement, regulatory compliance and performance excellence. NNPC’s Executive Vice President, Business Services, Mr. Inuwa Danladi, disclosed this while speaking on the recent certification of the International Ship and Port Facility Security (ISPS) Code Compliance obtained by…
Read More »CBN confirms merit-based selection of Remita to provide electronic platform
The Director of Banking Services, Central Bank of Nigeria (CBN), Hamisu Abdullahi, highlighted the merit-based selection of Remita to provide an electronic platform essential for facilitating payments from Ministries, Departments, and Agencies (MDAs) to beneficiary accounts across commercial banks. He said this when officials of the Central Bank of Nigeria…
Read More »CBN unveils new minimum capital requirements of N10b to N500b for banks
Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international…
Read More »CBN Clears all Valid FX backlog, as external reserves increase by $993 million
The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7 billion in claims. This was disclosed by the Bank’s Acting Director, Corporate Communications, Mrs.…
Read More »CBN Reports Upsurge In Dollar Inflow as Remittances Quadruple, Foreign Investors’ Return
The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors. Speaking with newsmen in Abuja, the Bank’s Acting Director of Corporate Communications,…
Read More »CBN axes 4,173 Bureaux De Changes
The Central Bank of Nigeria (CBN), has announced revocation of operational licences of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions. According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, the move is in exercise of the powers conferred on…
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