Parallex Bank Successfully Completes Recapitalisation, Positions For Growth
Parallex Bank Limited has successfully completed its recapitalisation process, surpassing the ₦50 billion capital requirement set for regional commercial banks by the Central Bank of Nigeria. The achievement marks an important step for the bank as it strengthens its financial position. The development places Parallex Bank among the financial institutions that have complied with the […]
Recapitalization: Why First HoldCo profit crashed by 92 per cent — Chairman, Otedola
Billionaire investor and Chairman of First HoldCo, Femi Otedola, has explained the sharp 92 per cent drop in the company’s profit for the 2025 financial year, linking it to deliberate clean-up actions ahead of the Central Bank of Nigeria’s 2026 recapitalisation deadline. According to Otedola, the decline was not due to weak business performance but […]
CBN issues fresh directive to Nigerian banks on NAFDAC licenses for import
The Central Bank of Nigeria (CBN) has issued a new directive allowing Nigerian banks to temporarily accept National Agency for Food and Drug Administration and Control (NAFDAC) licences that expired on December 31, 2025, for import-related transactions. The directive is aimed at ensuring smooth processing of Forms M and access to foreign exchange for affected […]
EFCC explains how Nigerian banks, fintechs enabled N180bn in air ticket, crypto fraud
The Economic and Financial Crimes Commission (EFCC) has revealed how Nigerian banks and fintech companies facilitated a massive fraud worth N180 billion involving air ticket sales, investments, and cryptocurrency transactions. The commission’s spokesperson, Wilson Uwujaren, explained that hundreds of Nigerians fell victim to the scams, with N18.1 billion lost to airline ticket and investment fraud, […]
Tax laws: Nigerians grumble over double stamp duty charges by banks
Nigerians have begun raising concerns over what they describe as double stamp duty charges by banks, just days after the new tax laws took effect. The policy introduced a uniform ₦50 stamp duty charge on electronic transfers of ₦10,000 and above, and banks notified customers about the new deductions through emails and alerts. However, many […]
Delayed remittances: Customs enforces 3% penalty interest on Nigerian banks
The Nigeria Customs Service has announced the enforcement of a 3 percent penalty interest on Nigerian banks that fail to remit collected revenues on time. The move is aimed at strengthening financial discipline and ensuring government funds are promptly paid into official accounts. According to Customs, delayed remittances by banks have affected revenue flow to […]
Court Seals Keystone Bank In Abuja For Withholding Customers Funds
A High Court in Abuja has shut down Keystone Bank’s regional office after customers complained that the bank refused to release their money. The complaints said the bank blocked access to funds and would not allow people to make withdrawals, even when the requests were legitimate. Several customers said they had reached out to the […]
Bank Customers Weigh Options Over Hike In SMS Alert Charges
Many bank customers in Nigeria are unhappy with the latest increase in SMS alert fees. From May 1, 2025, banks started charging ₦6 per SMS alert instead of the previous ₦4. Banks say this is because telecom companies have raised their prices by 50%, and they are passing the cost to customers. Nigerian bank users […]
Sterling Bank leads protest for removal of bank transfer charges
Sterling Bank has surprised everyone in Nigeria by stopping all charges for local online money transfers. This big move puts customers first and shows a new way banks can treat people better. When Sterling made the announcement on April 1st, many thought it was an April Fools’ joke. But the bank quickly made it clear—this […]