Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC) said banks in the country raised N2.2 trillion from the capital market in 2024 to meet the Central Bank of Nigeria’s (CBN) new recapitalization requirements. It would be recalled that in November 2024, the SEC announced that banks had raised N1.7 trillion from the capital…
Wema Bank Plc has approved plans to raise additional N200 billion in combination of Rights & Special Placement to complete Central Bank of Nigeria (CBN) recapitalization requirement. The bank which pioneered Africas first fully digital bank, ALAT, said it will be completing its capital raise through a combination of a Rights issue and Special placement…
One of Africa’s leading integrated payments and digital commerce companies, Interswitch, has announced the winners of the InterswitchSPAK National Science Competition, its flagship Corporate Social Responsibility (CSR) initiative. Now in its 6th year, InterswitchSPAK was introduced to celebrate exceptional young talent as part of Interswitch’s commitment to promoting Science, Technology, Engineering, and Mathematics (STEM) education…
The Nigeria Inter-Bank Settlement System (NIBSS) has said enrollments for the bank verification number (BVN) increased to 64.83 million in January. According to data from the NIBSS, the figure represents an increase of 1.35 million, compared to the 63.47 million recorded in January 2024. The BVN is an 11-digit number unique to each individual across…
Telecom operators may have received the approval of the Nigerian Communications Commission (NCC) to disconnect some money deposit banks (DMBs) over their failure to comply with regulators’ directive to effect repayment of the N250billion that arose from the use of the Unstructured Supplementary Service Data (USSD), it was gathered on Monday. According to industry sources,…
Commercial banks owing telcos N250 billion USSD debt are complying with the joint order of the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) to pay ₦212.5 billion—85per cent of a ₦250 billion debt as stipulated in a December 20 memo. USSD stands for Unstructured Supplementary Service Data, a communication protocol that…
The Central Bank of Nigeria (CBN) will be extending the recapitalisation deadline for Bureau De Change (BDC) operators from December 3, 2024 to June 3, 2025. The Association of Bureaux De Change of Nigeria (ABCON) President, Alhaji Aminu Gwadabe, disclosed this yesterday during an emergency virtual general meeting organised by group for its members. He…
The naira crashed against the dollar at both official and parallel foreign exchange markets to begin the week on a negative note. FMDQ data showed that the naira weakened to N1,675.62 per dollar on Monday from N1652.62 last Friday, indicating a N23 loss. Similarly, at the black market, the naira depreciated to N1,755 per dollar…
The Centre for Infrastructural and Technological Advancement for the Blind (CITAB) has accused Nigerian banks of perpetrating discriminatory practices against visually impaired persons in the country. Its Executive Director, Jolomi Fenemigho, in a statement in Lagos, urged the Central Bank of Nigeria (CBN) and the National Commission for Persons with Disabilities (NCPWD) to urgently address…
