•Banks As Nigeria’s banking sector hurtles toward the Central Bank of Nigeria’s (CBN) recapitalisation deadline, four lenders — Union Bank, Keystone Bank, Unity Bank, and Polaris Bank — stand out for the wrong reasons. While Tier-1 banks have largely seÂcured their capital buffers or mapped clear paths to compliance, these instituÂtions remain...
The Economic and Financial Crimes Commission (EFCC) has launched an investigation into several banks and fintech companies allegedly complicit in fraudulent schemes that defrauded Nigerians of N18.7 billion. The scams, involving a fake airline ticket discount and a bogus investment operation, exposed weaknesses in customer due diligence and mo...
•Banks As Nigeria’s landmark bank recapitalisaÂtion programme enters its final 90 days, analysts say the sector is approaching a decisive inflection point — one that may not necessarily be defined by headÂline-grabbing mergers and acquisitions, but by quieter, far-reaching changes in ownership structures across several lenders. While expectati...
•Banks Following the implementation of the Tax Act, banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026. The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial […]
•EFCC Chairman, Ola Olukoyede Economic and Financial Crimes Commission (EFCC) has warned that delays by banks in releasing requested information are stalling investigations, insisting on full and timely cooperation from compliance offices across the country. EFCC Chairman, Mr Ola Olukoyede, issued the warning on Thursday in Enugu during a one-...
•Comptroller General of Customs, Adewale Adeniyi The Nigeria Customs Service says it would enforce penalties against designated banks that delay the remittance of Customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings. Disclosing this in a statement yesterday, NCS spokesman Abdullahi Maiwada, said t...
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that banks will be required to request a Tax Identification Number (TIN) from all taxable Nigerians as part of the federal government’s new tax administration framework set to take effect on January 1, 2026. The Chairman of the Presidential [&h...
•CBN Governor Yemi Cardoso The Central Bank of Nigeria (CBN) on Tuesday announced that sixteen banks have already met the new capital requirements. Speaking at the end of the Monetary Policy Committee (MPC) meeting on Tuesday in Abuja, Olayemi Cardoso, the govÂernor of the Central Bank of NigeÂria (CBN), said the recapitalisation exercise was ...
•Nigerian Senate chamber The Senate has commenced a comprehensive investigation into stamp duty collections reportedly amounting to several trillions of naira, seeking full disclosure from commercial banks, the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), and state governments. Chairman of the Senate Public Account...
•Central Bank of Nigeria (CBN) The Central Bank of Nigeria’s Monetary Policy Committee has reduced the interest rate to 27 per cent from 27.5 per cent in July. It also reduced the cash reserve requirement to 45 percent for commercial banks and 16 percent for merchant banks. The Committee has also introduced a 75 percent […]
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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