Category: Business

In a landmark move that sets a new benchmark for customer-focused banking in Nigeria, Sterling Bank has championed the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers. The announcement, made on April 1st, initially sparked widespread arguments, with many assuming it was a marketing prank tied to April Fools’ Day. However, Sterling has confirmed that this is no stunt: the zero-transfer-fee policy is real, and effective immediately. With this move, Sterling becomes…

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Add Leading financial institution, Fidelity Bank Plc, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion. According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax…

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A Nigerian financial institution, Zenith Bank Group, owner of Zenith Bank, was hit with a N15.4 billion fine by the Central Bank of Nigeria (CBN) in 2024 over infractions related to foreign exchange operations, anti-money laundering lapses, and customer-related violations. The bulk of the penalty—N14.65 billion—stemmed from infractions uncovered during the apex bank’s foreign exchange examination. Specific details of the wrongdoing were not provided in the bank’s 2024 audited financial statement which reported the fines on Thursday. The bank was also fined N103.25 million following anti-money laundering reviews, while another…

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The planned sale of Lafarge Cement Plc to a Chinese company, has been halted by the Nigerian Senate. The lawmakers directed the Bureau of Public Procurement (BPP) to stop the sales, citing national security and economic sovereignty concerns. Lafarge Cement, a key player in Nigeria’s construction and industrial sectors, is located in Ewekoro Local Council of Ogun State. The Senate’s intervention aims to ensure that the divestment process safeguards national interests. During plenary, Sen Shuaib Salisu (Ogun Central) raised a motion highlighting the strategic importance of Lafarge Cement to the…

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Tier-one lender, Fidelity Bank Plc, has once again highlighted the importance of promoting non-oil exports as it recently hosted the 18th edition of its dedicated capacity development training tagged Export Management Programme (EMP 18). The programme, which was held recently in Lagos provided a platform for entrepreneurs interested in exploring global trade opportunities to scale and acquire relevant expertise. Hosted in partnership with the Lagos Business School (LBS), the 5-day intensive program focused on equipping entrepreneurs with the skills and knowledge needed to explore international market opportunities and strengthen their…

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Union Bank, Nigeria’s leading financial institution, recently rewarded 452 UnionKorrect account holders with over N21 million during draws held at its Douglas Road Branch in Owerri, Imo State. During the recent draw monitored and supervised by relevant regulatory bodies, 100 customers were awarded N25,000 each, 40 customers N50,000 each, and one customer won the grand prize of N500,000 in the UnionKorrect Regular category. In the UnionKorrect Exclusive category, 75 customers won N100,000 each, 10 customers won N500,000 each, and one customer won the grand prize of N1 million. The bank…

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The Institute of Chartered Accountants of Nigeria (ICAN) recently paid a courtesy visit to Stallion Plaza, Union Bank of Nigeria’s Head Office. This visit marks a significant step in fostering a stronger relationship between the two esteemed institutions. During the visit, ICAN and Union Bank representatives engaged in fruitful discussions to explore potential areas of collaboration and member’s growth within the Bank. The Union Bank team was led by the Chief Financial Officer, Mr. Oluwagbenga Adeoye FCA, and other notable UBN representatives, including Dr. Abigail Duopama-Obomanu, Chief Compliance Officer, Mr.…

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Dangote Petroleum Refinery said that in a bid to alleviate the financial burden on the Nigerian populace, it has announced a reduction of N65 in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N890 to N825 per litre, effective from 27th February 2025. With this new arrangement, buyers in Lagos would purchase fuel at N860 per litre at MRS outlets. The price adjustment, according to Dangote was designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also…

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