Business

FCMB has joined Guaranty Trust Bank (GTBank), other banks to increase Short Message Service (SMS) transaction alert charges to N6 from N4. The lender in a message to customers said, “We wish to inform you that the fee for SMS transaction alerts has been adjusted from N4 to N6 per SMS. The change is coming due to an industry-wide increase…

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has said that the transformative potential of emerging technologies is vital in revolutionising trade and investment across Africa. He said this while delivering a keynote address at the Nigeria AfCFTA Hackathon 2025, held as part of the Science of Trade Conference in Lagos State. Inuwa highlighted how…

Founder of the Dangote Group, Aliko Dangote has hinted that some major oil marketers and traders are bent on frustrating President Bola Tinubu’s attempts to restructure the country’s economy. Dangote spoke to State House journalists after a meeting with the president in Abuja on Monday. On May 1, Dangote said he is still fighting for the survival of his $20…

On Friday, May 2, 2025, Wema Bank Plc celebrated its 80th anniversary. WESTERN POST highlights the bank’s innovative products responsible for its impressive corporate earnings and customer engagements. With the rise of Fintechs disrupting traditional models, and leaving many institutions struggling to keep up, the management of Wema Bank has continued to invent itself with the motive of remaining critical…

The implementation of the Investments and Securities Act 2025, enhanced investor sensitization as well as other issues are expected to top discussions at the First quarter capital market committee meeting. The meeting, also aims to develop strategies for enhancing the capital market’s role in driving economic growth and development through initiatives that attract investments, improve market efficiency, and safeguard investor…

10 banks operating in Nigeria, Sub-Saharan Africa countries have declared N20.8 trillion mandatory reserve deposits with Central Banks in 2024, gaining 41.6per cent from N14.72 trillion declared in 2023. The Central Bank of Nigeria (CBN) in 2024 increased Cash Reserve Ratio (CRR) at 50per cent, with the likes of Zenith Bank Plc, Guaranty Trust Holdings Company Plc (GTCO), eight others…

Central Securities Clearing System PLC (CSCS) has announced the launch of *7270#, its Unstructured Supplementary Service Data (USSD) code service, set to go live on Wednesday. The USSD code service is an innovative solution designed to enhance the ease and accessibility of investment services for all users. This service leverages the network capabilities of MTN Nigeria to bring unparalleled convenience…

In a bold move to redefine promotion of financial literacy, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between the ages of 8 and 18 with essential financial skills. The launch follows a report by the Central Bank of Nigeria, which found that only 38% of Nigerian adults are financially literate.…

A total of six big banks have announced a profit before tax of N1.53 trillion in the first quarter (Q1) of 2025,  about 5.7 per cent decline from N1.62 trillion declared in the first quarter of 2024.  The investigated six banks from the Q1 2025 unaudited financial statements are: Zenith Bank Plc, Ecobank Transnational Incorporated (ETI), First Holdings Plc, Access…

Meta has threatened to suspend its operation in Nigeria, over Federal Competition and Consumer Protection Commission (FCCPC) and two other government agencies imposed nearly $290 million in fines. The warning, outlined court filings reviewed by the BBC on Friday, follows a failed legal challenge to penalties that Nigerian authorities insist must be paid by the end of June 2025. In…