Banking

FirstBank has reaffirmed its leadership in digital banking with the expansion of its Digital Xperience Centre, a state-of-the-art facility designed to deliver cutting-edge financial services. Speaking at the launch, Managing Director/CEO Olusegun Alebiosu emphasized the bank’s commitment to global banking standards. “The Digital Xperience Centre is equipped with state-of-the-art features designed to provide a seamless and interactive banking experience,” Alebiosu …

Abbey Mortgage Bank has emerged as the best-performing mortgage stock on the Nigerian Exchange (NGX), delivering a 20% year-to-date (YtD) gain as of March 20, 2025. This builds on its impressive 35% return in 2024, marking a 291% rally over five years—from N0.92 in 2019 to N3.60. With a dividend yield of 1.11% (N0.04 per share), Abbey’s total return now …

FirstHoldCo Plc has successfully concluded its Rights Issue, achieving an impressive 25% oversubscription. Following the capital verification exercise by the Central Bank of Nigeria (CBN), the Group announced that it raised N187.6 billion—exceeding the initial target of N150 billion in the first phase of its capital raise initiative. Speaking on this milestone, Adebowale Oyedeji, Group Managing Director of FirstHoldCo Plc, …

Alitheia Capital and Goodwell Investments have announced their successful exit from Baobab Nigeria, marking the first-ever exit from their joint uMunthu Fund after over 12 years of investment. The firms described the exit as a testament to Baobab Nigeria’s transformation, from a single-room microfinance institution (MFI) to a top-three nationally licensed MFI, underscoring the power of patient capital in delivering …

Access Bank is close to finalizing its acquisition of National Bank of Kenya (NBK) from KCB Group, marking a significant milestone in its pan-African expansion strategy. The deal, valued at around $100 million, will give Access Bank a stronger foothold in Kenya, East Africa’s largest economy. KCB Group CEO Paul Russo confirmed that the acquisition is in its final stages, …

Union Bank has awarded 452 UnionKorrect account holders with over N21 million during its recent draws held in Owerri, Imo State. The winners were selected from three categories: UnionKorrect Regular, UnionKorrect Exclusive, and UnionKorrect DeiDei. During the 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 …

Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has praised Moniepoint, a leading fintech company, as a “true Nigerian success story. Tuggar made this remark during his visit to Moniepoint’s offices in the United Kingdom, where he highlighted the company’s impressive growth and its role in empowering millions of businesses through enhanced financial inclusion. Tuggar noted that Moniepoint’s success …

LOTUS Bank, a non-interest commercial bank, has announced a partnership with Inter Lagos FC, a Nigerian National League (NNL) club, to provide critical financial support and strengthen the club’s domestic and international ambitions. This move is part of a growing trend among Nigerian banks to leverage sports sponsorships for brand visibility and community engagement. LOTUS Bank’s partnership with Inter Lagos …

President Bola Tinubu, represented by Vice President Kashim Shettima, laid the foundation for FirstBank’s new eco-friendly headquarters in Eko Atlantic City on Wednesday. The 40-story building, set to be Nigeria’s tallest, symbolizes the country’s ambition and progress.The structure, described as an engineering and environmental delight, will feature technologically advanced, eco-friendly, and sophisticated construction, setting a new standard for Africa’s financial …

The Central Bank of Nigeria’s Monetary Policy Committee has decided to maintain the current interest rates, keeping the Monetary Policy Rate (MPR) at 27.5%. This decision was announced by Governor Yemi Cardoso during a press briefing on Thursday. key takeaways from the committee’s decision: MPR Remains Unchanged: The MPR stays at 27.5%, with no changes made. Asymmetric Corridor: The corridor …