…Lists 16 Transactions Exempted from Charge Nigerian banks are set to implement a new levy on electronic transactions following a directive issued by the Central Bank of Nigeria, CBN, on Monday. This levy, amounting to 0.5% of the transaction value, is specifically designated for cybersecurity purposes. The CBN circular, addressed to all deposit money banks, non-interest banks, payment service banks, and other financial institutions, cites the recently enacted Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024....

The Wema Bank Plc has grown its profit before tax by 196 percent as it announces a full year 2023 audited financial statement. According to reports made available to journalists, the bank recorded Profit before tax growth of 196% from ₦14.75bn to ₦43.59 billion. Proposed dividend per share of 50kobo; up from 30kobo in 2022. Deposit growth of 60% to ₦1,860.57bn from ₦1,165.93bn reported in FY 2022. Return on Equity (ROAE) of 39.28%, NPL of...

In a move hailed as a step towards economic stability, the Central Bank of Nigeria, CBN, has announced the successful clearing of all verified foreign exchange, FX, backlogs. Hakama Sidi Ali, acting director of corporate communications at CBN, disclosed this in a statement on Wednesday. The backlog, estimated at around US$7 billion, stemmed from unprocessed requests for foreign currency. Ali said the financial regulator recently concluded the payment of $1.5 billion to settle obligations to...

The leadership of the All Farmers Association of Nigeria (AFAN), on Tuesday, dissociated itself from a notice asking its members to apply for loans and to make certain payments into a commercial bank account. AFAN President, Dr Farouk Rabiu-Mudi in a statement said it had no such plan at the moment and had nothing to do with the notice. Rabiu-Mudi described the notice as a fake one designed by frauds to rob innocent and unsuspecting members of the...

The Oyo State Government has banned the use of Styrofoam for food packaging, storage, and other related usage in the state. The ban was announced during the Food Safety Stakeholders Forum at the government secretariat, Agodi, Ibadan. Oluwaserimi Ajetunmobi, State Commissioner for Health said the inaugurated Food Safety Compliance Enforcement Task Force will enforce the ban. The ban comes a few months after the product was banned in Lagos State, citing environmental nuisance and drainage...