Regulators

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’ …

The Central Bank of Nigeria (CBN) has lifted its ban on onboarding new customers for five major fintech startups: OPay, Paga, Kuda, Palmpay, and Moniepoint. This decision comes after these fintech companies met the regulatory requirements set by the CBN, including Know Your Customer (KYC) compliance. The ban, originally imposed on April 30, 2024, was due to allegations that these …

The Central Bank of Nigeria (CBN) has revoked the banking licence of Heritage Bank Plc. The decision, announced on June 3, 2024, takes immediate effect. This action is rooted in the bank’s failure to comply with financial requirements stipulated under Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. The CBN highlighted that Heritage Bank’s financial …