First City Monument Bank (FCMB) has given out prizes to 3,016 customers in its tenth season of the ongoing Millionaire Promo. So far, 12 winners have taken home the top prize of 1 million Naira each, while 3,004 others received various cash rewards. Winners were chosen through electronic draws conducted from January to June, allowing…
The Central Bank of Nigeria has scheduled its 301st MPC meeting for Monday and Tuesday, July 21 and 22, 2025. This information was shared on the bank’s official website over the weekend. The MPC, which is the bank’s top body for making key monetary decisions, will gather in Abuja to discuss the country’s interest rates…
Alhaji Aliko Dangote, head of the Dangote Group, has said Nigeria’s government-run refineries in Port Harcourt, Warri, and Kaduna might never work properly again. This is despite reports claiming over $18 billion has been spent to fix them. While hosting Global CEO Africa at the Dangote Petroleum Refinery, Dangote explained that his plan to build…
Rand Merchant Bank Nigeria Limited has announced that it served as the lead issuing house for Stanbic IBTC Holdings PLC’s N148 billion rights issue. In a statement released on Wednesday, RMB highlighted its collaboration with Stanbic IBTC to effectively structure, coordinate, and execute a smooth capital raise, enabling the Group to meet and surpass the…
PalmPay, Africa’s digital banking platform, has announced new strategic partnerships with leading insurance providers to deliver accessible, affordable, and simplified insurance products directly through the PalmPay app. This initiative demonstrates the company’s ongoing commitment to promoting financial inclusion and improving the well-being of everyday Nigerians. Currently, only about 8.9% of Nigerians have any form of…
The Central Bank of Nigeria (CBN) has mandated commercial banks in the country to develop and submit a capital restoration plan. This directive is part of the CBN’s regulatory efforts to facilitate the transition away from the forbearance regime. Olubukola Akinwunmi, the CBN’s Director of Banking Supervision, announced this requirement in a circular released on…
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of premium motor spirit. It was gathered that NNPCL retail outlets in Abuja have decreased their petrol pump price from N945 to N910 per litre. This price change was observed at various NNPCL filling stations, including those in Zone 6, Kubwa…
The naira continued its upward trend against the dollar in the official foreign exchange market on Wednesday, marking its third consecutive day of gains this week. According to data released by the Central Bank of Nigeria, the naira strengthened to N1,526.15 against the dollar on Wednesday, up from N1,529.57 on Tuesday. This represents a daily…
MTN Nigeria has finalized a three-year national roaming agreement with 9Mobile, enabling subscribers of the smaller operator to utilize MTN’s network infrastructure nationwide. This information was disclosed in a notice released on Monday, signed by the company secretary, Uto Ukpanah. The agreement, which has received approval from the Nigerian Communications Commission (NCC), aims to enhance…
The Nigerian economy is estimated to have expanded by approximately 3.7% in the first half of 2025, fueled by improved business conditions and a rise in crude oil production. This information was revealed in a report from the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI), compiled by S&P Global and released on Tuesday. Muyiwa…
