After License Revocation NDIC Commences Liquidation of Heritage Bank The Nigeria Deposit Insurance Corporation (NDIC) on Monday said it commenced the liquidation of Heritage Bank Plc, following the revocation of the banking license of the Bank by the Central Bank of Nigeria (CBN) on Monday,...

CBN Lifts Restriction on Opay, Monieponit, Others The Central Bank of Nigeria (CBN) has lifted its ban on OPay, Moniepoint, Kuda, Palmpay, and Paga, clearing the way for the fintechs to resume onboarding new customers. Recall that CBN directed fintech companies to pause enrollment of new...

Rice, Garri, Tomatoes Prices Rise 141% in a Year – NBS The average price of rice, garri and tomatoes rose 141 percent in one year, the highest yearly increase for the period, according to data from the selected food price report. The data shows that the...

CBN Revokes Heritage Bank License The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect. This decision, it said, was to maintain a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial...

N3.7tn Debt Threatens Power Generation Power generation companies have declared that the sector’s indebtedness to companies that produce electricity is now N3.7tn and that this is a threat to further electricity production. Electricity producers under the aegis of the Association of Power Generation Companies drew the...

CBN Pays Off $831m Foreign Airlines’ Trapped Funds – IATA The International Air Transport Association (IATA)  has confirmed that the Central Bank of Nigeria has cleared foreign airlines trapped funds worth $831m from June last year to date. The Geneva, Switzerland-based IATA said the development had...