Banking Digest … banking news you can use

The Nigerian Exchange Limited (NGX) has imposed a hefty fine of N76.8 million on nine quoted companies for failing to file their audited financial statements on time. These companies fell short of meeting the regulatory requirements for the year-end 2022 and 2023.  The affected firms include: African Alliance Insurance Plc, VFD Group Plc, FBN Holdings Plc, Sterling Financial Holdings Company Plc, UPDC Plc, ABC …

Nigerian households are increasingly relying on personal loans as inflation erodes their purchasing power and living standards. The annual inflation rate hit 29.90% in January 2024, driven by Naira devaluation. Personal loans surged by 11.9% to N3.82 trillion in January 2024 compared to January 2023, while Retail loans also increased by 3.6% to N794.79 billion. These borrowing trends reflect Nigerians’ …

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