- Economy
Recapitalisation: 33 banks met capital requirements, says CBN
The Central Bank of Nigeria (CBN) has revealed that 33 banks out of 38 met the revised minimum capital requirements under its recapitalisation programme aimed at strengthening the resilience of the financial system. In a statement on Wednesday, CBN said the programme, which commenced in March 2024, has now been concluded after a 24-month implementation period. According to the statement…
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GTCO’s profit drops by 15% in 2025
Guaranty Trust Holding Company Plc (GTCO) has released its audited consolidated and separate financial statements for the year ended December 31, 2025 with a profit of N865.75 billion, about15 per cent drop from N1.02 trillion reported in 2024. The result and accounts posted on the Nigerian Exchange Limited (NGX) revealed a N1.23 trillion profit before tax in 2025, which is…
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Senate passes N68.3trn 2026 budget
The Senate on Tuesday approved the 2026 Appropriation Bill, increasing the proposed budget to N68.3 trillion, an addition of over N9 trillion to the initial figure submitted by President Bola Tinubu. The upward revision is aimed at addressing legacy obligations, funding critical infrastructure, strengthening the judiciary, boosting healthcare interventions and supporting preparations for the 2027 general elections. Chairman of the…
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Nigeria’s equities market gains N516bn to close March 2026 positive
The domestic equities market has ended March, 2026 on a positive note, with a N516 billion gain, as investors showed renewed confidence in the market, particularly in large-cap stocks. The Nigerian Exchange Limited All Share Index (NGX ASI) gained by 803.35 basis points, or 0.40 per cent to close at 201,287.78 basis points. Also, market capitalisation gained N516 billion to…
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FG intensifies efforts to transform livestock sector
…targets inclusive growth, $1trn economy The Federal Government has intensified efforts to unlock the full economic potential of Nigeria’s livestock sector, positioning it as a critical driver of inclusive growth, food security, and the nation’s ambition to build a $1 trillion economy. Minister of Budget and Economic Planning, Senator Abubakar Bagudu, made this known at the National Stakeholders Roundtable on…
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Afreximbank leads $4bn financing for Dangote Refinery with $2.5bn commitment
African Export-Import Bank has underwritten $2.5 billion in a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, in a move aimed at strengthening the refinery’s financial position and supporting its long-term growth and expansion strategy. The five-year facility, arranged alongside Access Bank as co-Mandated Lead Arrangers, is designed to consolidate existing debt, optimise the refinery’s capital…
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Union Bank plunges into governance crisis as CBN’s new minimum capital requirement ends
Union Bank of Nigeria Plc has been plunged into a deepening governance crisis after a court ruling overturned regulatory intervention, setting off a high-stakes legal battle that now pits investor rights against financial stability concerns in Africa’s most populous nation. The Central Bank of Nigeria (CBN) has escalated its fight to retain control over the lender, filing an appeal against…
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NGX Regco fines 5 capital market operators N219.3m over infractions
NGX Regulation Limited, the regulating body of the Nigerian Exchange Group (NGX Group) has imposed a sum of N291. 29 million sanctions on CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited and two other capital market operators over stock market infractions The remaining two firms are: SMADAC Securities Limited and Associated Asset Managers Limited Ugochi Eke on behalf of…
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ACAMB lauds banking sector’s resilience on meeting recapitalisation deadline
… Commends CBN’s global recognition The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking industry for its strength, capacity and resilience following its enviable compliance ahead of the March 31 recapitalisation deadline. With over 96% compliance, the association applauded the disciplined execution of the exercise by all financial institutions and extended special praise to the…
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FG, Access Bank reaffirm commitment to Women empowerment in creative economy.
The Federal Government has reiterated its commitment to empowering women as key drivers of the nation’s creative economy, with a focus on expanding access to finance, skills development and leadership opportunities. The Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, made this known on Thursday in Lagos in a keynote delivered at the International Women’s Day Conference…
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