Business
NDIC seeks stakeholders’ inputs to IADI core principles for effective deposit insurance
The Nigeria Deposit Insurance Corporation (NDIC) has called for feedbacks from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System. In a statement signed by Head, Communication…
Read More »EU Commission Fines Delivery Hero, Glovo €329m for cartel
The European Commission on Monday issued a fine totaling 329 million ($376 million) to Delivery Hero and former rival Glovo for participating in an online food delivery cartel. German company Delivery Hero became a minority shareholder of Spain-based Glovo in 2018, before acquiring sole control of Glovo in 2022. Delivery…
Read More »Unity Bank, AfriGo Explore Collaboration to Deepen Access to Electronic Payments
Unity Bank Plc has reaffirmed its commitment to advancing electronic payment adoption and financial inclusion by partnering with domestic card scheme provider, AfriGo, to boost card usage across its retail customer segments. This pledge was made during a high-level strategic business engagement held at Unity Bank’s head office in Lagos…
Read More »CBN reassures public on banking sector stability
The Central Bank of Nigeria (CBN) has reacted to certain publications and social media reports which it said contained misleading information regarding the operations of a regulated financial institution while reassuring the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. CBN in a statement…
Read More »CBN Announces Revised Documentation Requirements for PAPSS Transactions in Nigeria
ConcisedailyNews – The Central Bank of Nigeria (CBN) is pleased to announce a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria. This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency…
Read More »NDIC to pay first tranche of liquidation dividends to Heritage Bank depositors this month
The Nigeria Deposit Insurance Corporation (NDIC) has confirmed that it would begin the payment of the first tranche of liquidation dividends to depositors of Heritage Bank from April. It would be recalled that Heritage Bank operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024.…
Read More »Nigeria Posts $6.83 Billion Balance of Payments Surplus in 2024, Signaling Economic Resurgence
The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. According to a statement by Sidi-Ali, Hakama (Mrs.), Ag. Director, Corporate Communications,…
Read More »CBN Reports Strongest Net Reserve Position in Over Three Years
The Central Bank of Nigeria (CBN) has reported a substantial improvement in its Net Foreign Exchange Reserve (NFER) position as of the end of 2024, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. According to the CBN, NFER stood at $23.11 billion,…
Read More »Dangote Petroleum suspends sales of petroleum products in Naira
Dangote Petroleum Refinery has confirmed that it has temporarily halted the sale of petroleum products in Naira. According to a note by the Management to customers on Wednesday, the company said “This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which…
Read More »Court stops FCCPC from sanctioning MultiChoice over DStv, Gotv tariff hike
The Federal High Court in Abuja has restrained the Federal Competition and Consumer Protection Commission (FCCPC) from sanctioning MultiChoice Nigeria Limited following its recent increase in the DStv and GOtv subscription rates. Justice James Omotosho gave the order after an ex-parte motion moved by Moyosore Onigbanjo, SAN, counsel to MultiChoice.…
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