The Central Bank of Nigeria (CBN) has denied planning to nationalise Unity Bank Plc as alleged by online news medium. Reacting to the report, the Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, described it as, “fake news” and should be discarded in its entirety He said: “The report is fake news. There is no…
Determined to increase cotton production and revive textile industry in the country, Ogun State has commenced cultivation of cotton on 4,500 hectares of land and entered into a partnership with the Central Bank of Nigeria (CBN) and Prime Anchor. In a statement by the Chief Press Secretary to the Ogun State governor, Kunle Somorin, on…
To the admiration of key financial sector operators present, the Dangote Fertilizer Limited announced over the weekend the formal commencement of production of Urea in commercial quantity and the plan to hit the Nigerian market on Monday. In what industry watchers have described as a potent step to liberalize of the fertilizer market and further…
In an effort to sustain the increase in inflows of diaspora remittances, the Central Bank of Nigeria (CBN) begins an incentive policy for senders and recipients of International Money Transfers tagged, the “CBN Naira 4 Dollar Scheme”. According to the apex bank, the scheme which starts today (Monday) and ends in May 2021 is part…
The Management of Dangote Oil Refinery is preparing young Nigerian graduates to take over the management of its 650,000 barrels per day single train refinery when it becomes operational in 2022. Already, the company has trained several Nigerian engineers in some of the world’s biggest refineries in India and other parts of the world to…
In furtherance of the need to promote the business activities of its foremost agent banking platform – Firstmonie Agents – Nigeria’s leading financial inclusion services provider led by Dr. Adesola Adeduntan, First Bank of Nigeria Limited, has announced the provision of loan facilities – up to one million naira – to its banking agents. The…
Rinu Oduala, one of the front liners in the ENDSARs protest that really shook the Nigerian Government last year is set to sue the Central Bank of Nigeria over an unlawful freezing of her accounts. She decided to take legal action against the Apex bank after a Federal High Court in Abuja on Wednesday set…
President Muhammadu Buhari has once again ordered the Central Bank of Nigeria (CBN) not to give foreign exchange for food importation. The president who on Tuesday reiterated his earlier directive given to the CBN in September promised that his administration will keep a keen eye on food inflation in the New Year. President Muhammadu…
The Economic and Financial Crimes Commission, EFCC has denied claims that its investigators pressured former bankers, standing trial for allegedly defrauding of the Central Bank of Nigeria in the mutilated currency scam, for a bribe of N96 million for their release on bail. Three former bankers, Ayodele Adeyemi, Ishaq Akano and Ajiwe Adegoke had in…
Guaranty Trust Bank Plc has announced that it has obtained the approval-in-principle of the Central Bank of Nigeria (the CBN) to commence the formal process of the re-organisation of the Bank to a financial holding company (the Restructuring). In a statement released and signed by the Company Secretary, the bank stated that the implementation will…