By Seun Ibiyemi The Federal Capital Territory High Court has ordered Stanbic IBTC Bank Limited to pay ₦15 million in damages to two former customers after ruling that the bank unlawfully retained and processed their personal information after they had ended their banking relationship. In a judgment delivered on July 29, Justice Kayode Agunloye also…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) recovered a record N19.12 billion and $329.3 million for bank customers in 2025 through the resolution of consumer complaints, while imposing N1.69 billion in sanctions on financial institutions for regulatory and consumer protection violations. The figures were contained in the apex bank’s 2025 Annual Report, which…
By Seun Ibiyemi Nigeria’s outstanding debt securities increased by 14.47 per cent to N175.46 trillion in 2025 as the Federal Government intensified borrowing to finance budget deficits, according to the latest Annual Report released by the Central Bank of Nigeria. The report showed that total debt securities rose by N22.13 trillion from N153.28 trillion recorded…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 for delays in resolving customer complaints and failure to comply with regulatory directives, reinforcing its tougher stance on consumer protection and regulatory compliance in the banking sector. The sanctions were disclosed in the apex bank’s 2025…
Leading fintech company, OPay, has selected 48 teams to advance to the next stage of its National Innovation Challenge, following an overwhelming response from undergraduate students across Nigeria. The challenge is one of three flagship initiatives under the expanded OPay Scholars Programme, alongside the ₦1.2 billion, 10-year scholarship scheme and OPay Futures, aimed at promoting…
As Nigerian businesses grapple with high borrowing costs, inflation and limited access to finance, FirstBank Nigeria has said healthy cash flow has become the most important factor in determining whether small businesses qualify for loans, with collateral now playing a secondary role. Business Manager, Retail Banking Group (RBG), Ejigbo Branch, Idris Olalekan Garuba, said many…
Private sector operators secured N2.22 trillion in fresh loans within 30 days ended June 30, 2026, as credit to businesses continued to expand despite the Central Bank of Nigeria’s (CBN) tight monetary policy stance. Latest economic data released by the CBN showed that credit to the private sector rose from N81.04 trillion in May to…
By Seun Ibiyemi Zenith Bank Plc has emerged as Africa’s Best Bank and Nigeria’s Best Bank at the prestigious Euromoney Awards for Excellence 2026, reinforcing its position as one of the continent’s leading financial institutions. The awards, presented on July 16 at The Peninsula London Hotel in the United Kingdom, saw Zenith Bank retain the…
By Seun Ibiyemi The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent for the second consecutive meeting, citing renewed geopolitical tensions in the Middle East and lingering inflationary pressures. The decision was announced by the…
By Seun Ibiyemi The Chartered Institute of Bankers of Nigeria (CIBN) has projected that the Central Bank of Nigeria (CBN) will retain the Monetary Policy Rate (MPR) at 26.5 per cent as the Monetary Policy Committee (MPC) begins its 306th meeting in Abuja on Monday. President and Chairman of the Council of CIBN, Dr Dele…
