Banking

Banking

FirstBank meets N500bn capital threshold ahead of CBN deadline

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First Bank of Nigeria has successfully met the Central Bank of Nigeria’s N500 billion capital requirement well ahead of the 2026 deadline, signaling robust market confidence and financial strength. This was achieved through strategic initiatives including a Rights Issue and Private Placement, which fortify the bank’s capacity to support economic growth and digital innovation. The accomplishment positions the institution to aggressively expand its services, enhance financial inclusion, and pursue new strategic opportunities. Leadership credits this milestone to strong shareholder support and sets the stage for further capital

Banking

LOTUS Bank appoints Ajani-Lawal as new chief executive

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LOTUS Bank has successfully transitioned leadership following the retirement of its pioneering CEO, Mrs. Kafilat Araoye, whose tenure was instrumental in establishing the bank as a major force in Nigeria’s non-interest banking sector. Under her leadership, the bank achieved exponential growth, expanding its balance sheet from N30 billion to N360 billion and its customer base from 13,000 to over 960,000, while securing a national banking license. The newly appointed CEO, Dr. Isiaka

Banking

Licence revocation: CBN, NDIC challenge court jurisdiction to hear Aso Savings, Union Homes' suit

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Two Nigerian mortgage institutions are challenging the Central Bank’s revocation of their licenses in court, seeking an injunction to prevent their immediate liquidation by the deposit insurer. The regulatory bodies have countered by challenging the court’s very jurisdiction to hear the case, arguing this procedural issue must be resolved before any substantive action. The core legal conflict pits the institutions’ right to appeal the revocation against the regulators’ authority to swiftly execute a liquidation, with the court’s procedural ruling on jurisdiction now determining the fate of the substantive financial dispute

Banking

FirstBank to host Nigeria Economic Outlook 2026 

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FirstBank is hosting its annual Nigeria Economic Outlook 2026 forum to provide stakeholders with expert analysis and strategic insights for navigating the year’s anticipated economic complexities. The event, themed “The Great Calibration: Mastering Resilience in an Era of Asynchronous Growth,” aims to equip businesses and individuals with the clarity needed to make informed decisions and drive transformative progress. This initiative underscores the bank’s commitment to fostering national development by translating global and domestic economic trends into actionable intelligence. Participation is positioned as a critical step for

Banking

GTCO raises N10bn through private placement

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GTCO is executing a strategic N10 billion private placement to meet specific holding company capital requirements, despite its banking subsidiary already exceeding the central bank’s commercial bank capital threshold. This targeted capital raise, priced at N80 per share, is a discrete component of a broader, pre-authorized $750 million capital program. The move highlights a sophisticated approach to regulatory compliance, allowing the group to optimize its capital structure across different entities. It underscores proactive financial management, ensuring the holding company itself is robustly capitalized

Banking

FirstBank appoints Amaeshi to Samuel Asabia Chair at UNILAG

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FirstBank has strategically appointed Professor Kenneth Amaeshi, a globally recognized expert in sustainable finance and Africapitalism, to the newly filled Samuel Asabia Professorial Chair of Business Ethics at UNILAG. This move signals a deep commitment to embedding ethical leadership and responsible capitalism into Nigeria’s financial sector, leveraging academic research for practical impact. The initiative aims to cultivate a new generation of leaders who will drive socio-economic transformation through principled business practices. Ultimately, this partnership between a leading financial institution

Banking

No bank is shutting down, Nigerian banks healthy – ACAMB 

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A Nigerian banking association has categorically refuted viral social media claims of impending bank closures, labeling them as alarmist misinformation. The official position clarifies that the Central Bank’s recapitalization directive is a proactive, growth-oriented policy to build a $1 trillion economy, not a reaction to systemic distress. Nigerian banks are currently safe, sound, and adequately capitalized, with over a third already meeting the new targets. This strategic move aims to strengthen core capital to support national development, ensuring stability and continued customer

Banking

Wema Bank awards N120m to startups to boost innovation

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Wema Bank is strategically investing in Nigeria’s economic future by treating youth-led tech innovation as a core business imperative, not just philanthropy. Through its Hackaholics initiative, the bank is building a national innovation ecosystem, providing substantial financial grants and intellectual support to empower problem-solvers from the undergraduate level. The program’s philosophy centers on transforming local African challenges into global opportunities by developing solutions with both local relevance and scalable impact. This long-term capacity-building approach aims to position Nigeria as a future unicorn

Banking

2 failed banks: NDIC begins insured payment to depositors, want banks’ debtors to pay

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The Nigerian financial authorities have initiated the liquidation of two major savings and loans institutions, signaling decisive regulatory action to manage systemic risk. The NDIC is leveraging the national Bank Verification Number (BVN) system to automate and expedite insured deposit repayments up to ₦2 million per depositor, setting a precedent for efficient resolution. Uninsured depositors and creditors will receive further payments as assets are sold, establishing a clear, legally-mandated hierarchy for claims settlement. This process underscores a structured,

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