Union Bank of Nigeria Plc is grappling with a massive financial breach after hackers successfully stole ₦9.3 billion from customer accounts through a sophisticated cyberattack that exploited a critical system vulnerability. The incident, which took place on March 23, 2025, involved the unauthorized transfer of funds in small, calculated amounts […]
BANKING
First Asset Management, a subsidiary of First HoldCo Plc and a key player in Nigeria’s investment sector, has launched the FBN Blended Dollar Fund, a new financial product designed to optimize investor earnings. This fund combines U.S. equities with high-value Nigerian assets, providing a strategic approach to wealth growth amid […]
The Central Bank of Nigeria (CBN) has imposed fines totaling ₦150 million on several commercial banks for failing to keep their Automated Teller Machines (ATMs) stocked with cash. This regulatory move aims to address the persistent cash shortages affecting millions of Nigerians. However, the root causes of the issue extend […]
The Central Bank of Nigeria (CBN) has reiterated the requirements outlined in its Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria 2024. Under these guidelines, banks and select financial institutions are mandated to publish details of dormant accounts, […]
The Central Bank of Nigeria (CBN) has announced a revision of ATM withdrawal fees, set to take effect from March 1, 2025. The new charges aim to address rising operational costs and enhance banking services across the country. In a circular signed by John Onojah, acting director of the Financial […]
FBNQuest Asset Management, a subsidiary of FBN Holdings Plc, has achieved an impressive A+ rating from Agusto & Co. Limited, a leading Nigerian credit rating agency. The accolade highlights the company’s robust operational framework, exceptional risk management practices, and strong investment capabilities. In its recent report, Agusto & Co. praised […]
A group of shareholders representing 10% of the shares in First Bank of Nigeria Holdings Plc has formally called for an Extraordinary General Meeting (EGM) under Section 215 (1) of the Companies and Allied Matters Act (CAMA). The request, submitted on Wednesday, compels the company to convene the meeting within […]
Building on its deep-rooted presence in sub-Saharan Africa, First Bank of Nigeria Limited (FirstBank) is charting the course for its next phase of growth as financial systems across the continent unlock new opportunities. More than a decade after an acquisition spree that significantly expanded its footprint in the region, FirstBank […]
The Central Bank of Nigeria’s (CBN) directive limiting cash disbursement is causing ripples among Point of Sale (POS) agents in Lagos, many of whom are raising withdrawal fees to cope with the changes. The directive, issued on Tuesday, imposes a daily transaction limit of ₦1.2 million for each POS agent […]
The Central Bank of Nigeria (CBN) has reaffirmed that the old and redesigned N1000, N500, and N200 banknotes will remain in circulation indefinitely and continue to serve as legal tender alongside the newer versions. In a statement issued by Mrs. Sidi Hakama, Acting Director of Corporate Communications, the CBN emphasized […]