Banking

The trial of three Wema Bank staff members, accused of hacking into the bank’s server and stealing a staggering N8.57 billion, has been stalled due to the Eid-el-Kabir holiday. Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim, alongside four others – Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe – were arraigned before a Federal High Court in Lagos …

Bello Hassan, MD/CE, NDIC The Nigeria Deposit Insurance Corporation (NDIC) has called for feedbacks from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System. The proposed revision launched by IADI in May 2025, is a significant step …

The Nigeria Deposit Insurance Corporation (NDIC) has been praised for its commitment to operational excellence, ethical leadership, and sound corporate governance. The President and Chairman of the Council of the Chartered Institute of Directors (CIoD) Nigeria, Alhaji Tijjani Borodo, made the commendation during a courtesy visit to the NDIC Management at the Corporation’s Head Office in Abuja. Borodo highlighted the …

Moniepoint, Nigeria’s leading fintech and business banking provider, has unveiled a detailed case study showcasing its pivotal role in powering trade and financial inclusion in Onitsha, West Africa’s largest market. The report provides an in-depth look at how Moniepoint’s digital payment solutions and innovative business support tools are transforming the commercial landscape for thousands of traders and businesses in the …

Zaach Adedeji, Chairman, FIRS Following the resolve to  eradicate unjustified tax collection, the Federal Inland Revenue Service (FIRS) has directed banks to immediately identify and close any FIRS tax and levy collection accounts not authorised under the TaxPro Max system. The TaxPro Max is a homegrown tax administration platform that facilitates tax-related activities, including registration, filing, payment, issuance of tax …

Following its commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation (NDIC) has declared first tranche of liquidation dividends totaling ₦46.6 billion from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution. The payment of the first tranche of the liquidation dividends …

Mr. Jonny Baxter, the British Deputy High Commissioner in Lagos, has paid a working visit to Moniepoint’s UK office, a strategic trade and investment relations between the UK and Nigeria. The visit highlights the value of strong partnerships in driving growth and innovation across continents, with Moniepoint’s emergence as a global fintech leader, showcasing how bilateral cooperation fuels economic progress.. …

Jim Ovia, the Founder and Chairman of Zenith Bank Plc, has been admitted to the prestigious Freedom of the City of London. Ovia was admitted during a ceremony held at the Mansion House in London on Monday, April 7, 2025. The Freedom of the City of London, a time-honoured tradition dating back to the 13th century, is one of the …

PalmPay, Nigeria’s fast-growing fintech with over 35 million users, has introduced its first debit card in partnership with Verve, reinforcing its transition from a mobile wallet to a full-service digital financial platform. The move aligns with a broader shift among Nigerian fintechs towards local card schemes, as rising costs and reduced international spending make providers like Visa and Mastercard less …

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 …