Business

The Central Bank of Nigeria (CBN) on Monday directed all banks, and other financial instructions and non-financial institutions to suspend two per cent and three per cent charges on individuals, and corporate cash deposits. In December 2019, the apex bank reviewed downwards most charges and fees for banking services in its updated Guide to Charges by Banks, Other Financial, and…

Community Energy Social Enterprise Limited (CESEL), a leading provider of sustainable energy solutions in sub-Saharan Africa, has further solidified its commitment to community development with the commissioning of a solar-powered oil palm mill and borehole in Osi Community, Osun State. This latest initiative follows the recent deployment of a 45KW Solar Hybrid Mini Grid to the same community, demonstrating the…

A syndicate of European Development Finance Institutions (EDFIs) led by Proparco, and including Norfund, DEG, FMO and EFP, has announced a $200 million Sustainability-Linked Loan to support Ecobank Group’s Sustainability and Climate strategy. This is a significant milestone as it is the first-ever sustainability-linked loan to a sub-Saharan African financial institution. The facility is linked to two major climate commitments…

The Central Bank of Nigeria (CBN) on Friday warned bank customers to beware of counterfeit Naira banknotes in circulation, The apex bank as of October 2023 declared N2.997trillion currency in circulation. The acting Director, Corporate Communications, CBN, Mrs. Sidi Hakama in a signed statement said the attention of the apex bank has been drawn to the circulation of counterfeit banknotes,…

Opay and Palmpay, both a digital payment service companies have responded to Nigeria Inter-bank Settlement System (NIBSS) report that ordered banks to remove Payment Solution Service Providers (PSSP), Switches and Super Agents from its outward transfer list. PalmPay on its official Twitter page said “it is not affected by the NIBSS directive, as we are not “Payment Service Solution Providers”.…

The Managing Director of Unity Bank Plc, Mrs. Tomi Somefun has called for comprehensive policy actions that will dismantle the structures that enable gender-based violence in Nigeria. At the Ebony Life Cinema, the venue of the film screening in Lagos, Unity Bank supported the BECKMA movie premiere by ARDA Development Commuications Inc. which was held to highlight issues of Gender-Based…

The Nigeria Inter-Bank Settlement System (NIBSS) has asked banks to delist Payment Solution Service Providers, Switches and Super Agents from its outward payment or transfer list. The NIBSS disclosed this in a recent circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. The country’s payment system explained that listing non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of…

The share price of FBN Holdings one of Nigeria’s oldest banks crossed the N1 trillion market capitalization on Wednesday. This is after back-to-back gains of about 10% sent the share price soaring this week. By hitting the N1 trillion market cap. FBNH now officially joins the SWOOTs, an acronym for Stocks Worth Over One Trillion Market Capitalization. As at 10.34…

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has approved the Bank’s reviewed Service Charter. The Service Charter is a requirement of the Business Facilitation Act (BFA) 2022 for driving the ease of doing business in Nigeria. It also enables the Bank to comply with SERVICOM Nigeria’s directives on improving customer service delivery. The Charter outlines…

Consumer goods giant Procter & Gamble (P&G ) has stated it plans to dissolve on-ground operations in Nigeria and turn its country into an import market.  The Chief Financial Officer of the group Andre Schulten stated this during his presentation at the Morgan Stanley Global Consumer & Retail Conference.  The company explained that it is difficult to do business in…