The Central Bank of Nigeria, CBN, has revoked the operating license of Heritage Bank Plc, effective immediately. The decision comes after a period of sustained financial struggles at the bank. According to a statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, the bank’s management has not been able to “improve the bank’s financial performance, a situation which constitutes a threat to financial stability.” The CBN had previously engaged with Heritage...

The Central Bank of Nigeria, CBN, has withdrawn its directive mandating banks and payment service providers to collect a cybersecurity levy. The levy, outlined at 0.5 per cent of electronic transactions, was met with widespread criticism shortly after its announcement on 6th May 2024. The CBN’s revised circular, dated 17th May 2024, instructs all commercial banks, payment service providers (PSPs), non-interest banks, and others to disregard the previous directive. According to the latest circular, the...

In an effort to bring international investors to Ekiti State, Governor Biodun Oyebanji has showcased Ekiti State investment opportunities to the global arena during the 2024 US- Africa Business Summit. A press release by the media office of the Governor on Wednesday noted that Oyebanji took time to put Ekiti development on the global stage on Tuesday night as he highlighted investment opportunities in the state during his first presentation at the opening session of...

The Central Bank of Nigeria, CBN, has announced a new regulation prohibiting banks from accepting foreign currency as collateral for loans denominated in naira. The move, outlined in a circular issued on 8 April 2024, aims to strengthen the country’s financial system and promote stability in the naira. According to the CBN’s Acting Director of the Banking Supervision Department, Adetona Adedeji, the bank observed a “prevailing situation” where borrowers were using foreign currency, most likely...