Business

POS transactions soar to N223trn, redefining Nigeria’s payment landscape

DailyTimesNGR DailyTimesNGR 24 June 2025 0

BY GODWIN ANYEBE A significant shift in Nigeria’s financial ecosystem has been unveiled, with new data revealing a sharp decline in Automated Teller Machine (ATM) usage while Point of Sale (POS) agents have collectively processed a staggering N223.27 trillion in transactions during 2024.

Business

MTN Nigeria’s initiative advocates digital tools for business visibility, growth

DailyTimesNGR DailyTimesNGR 24 June 2025 0

BY MOTOLANI OSENI MTN Nigeria, through its annual staff-led Yellow Care initiative, has called on Nigerians to embrace digital technology as a key strategy for personal and community development. The 2025 edition, themed “Connecting at the Roots – Connecting Communities Through the Use of Digital Tools”, focused on empowering underserved communities with resources and

Business

SEC bans independent directors from becoming Executive Directors

DailyTimesNGR DailyTimesNGR 23 June 2025 0

BY TEMITOPE ADEBAYO The Securities and Exchange Commission (SEC) has prohibited Independent Directors from transitioning into Executive Director Roles within the same company or group. In a circular to public companies and capital market operators titled “Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive

Business

DLM to unlock credit expansion for MSMEs, underbanked sectors

DailyTimesNGR DailyTimesNGR 23 June 2025 0

DLM Capital Group has unveiled N30 billion financial instruments to drive credit expansion in Nigeria’s underbanked sector. The company emphasised the need to drive more credit expansion into the underserved areas to de-risk market portfolios, protect assets and bonds within the frontiers of emerging markets. To this end, the company unveiled N30bn Sovereign Bond

Business

Fitch warns rising govt exposure, CBN policies threaten Nigerian bank stability

DailyTimesNGR DailyTimesNGR 21 June 2025 0

BY TEMITOPE ADEBAYO Fitch Ratings has raised serious concerns over the mounting risks facing Nigerian banks, citing excessive exposure to government debt and restrictive monetary policies by the Central Bank of Nigeria (CBN) as critical threats to the sector’s stability and profitability. The global ratings agency estimates that sovereign-related assets—such as treasury

Business

PalmPay, Glo launch Recharge Bonanza 2 with iPhone, cashback prizes

DailyTimesNGR DailyTimesNGR 19 June 2025 0

BY MOTOLANI OSENI PalmPay has partnered with Globacom to launch the second edition of the “Recharge and Win Bonanza” campaign. The promotion, which runs from June 19th to August 8th, 2025, offers Nigerians the chance to win amazing prizes when they purchase Glo airtime and data via the PalmPay app. According to a joint statement […]

Business

Banks settle 95% of N180bn USSD debt, end-user billing begins

DailyTimesNGR DailyTimesNGR 19 June 2025 0

BY MOTOLANI OSENI Commercial banks in Nigeria have cleared 95 per cent of the N180 billion debt owed telecom operators for Unstructured Supplementary Service Data (USSD) services, paving the way for the implementation of end-user billing. Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Engr. Gbenga Adebayo disclosed this during a

Business

FirstHoldCo to meet CBN rules, assures dividend payout in 2025

DailyTimesNGR DailyTimesNGR 19 June 2025 0

BY TEMITOPE ADEBAYO FirstHoldCo Plc has reaffirmed its commitment to comply with the Central Bank of Nigeria’s (CBN) regulatory requirements, including resolving breaches of the Single Obligor Limit (SOL) and exiting credit facility forbearance, while assuring shareholders of continued dividend payments in 2025 and beyond. In a statement issued on Thursday, June 19, 2025,

Banking

Zenith Bank Exits Regulatory Forbearance, Meets ₦500bn Capital Target

Ihesiulo Grace 18 June 2025 0

Zenith Bank Plc has announced that it will fully exit all regulatory forbearance arrangements granted by the Central Bank of Nigeria (CBN) by June 30, 2025. In a statement filed with the Nigerian Exchange Limited on Wednesday, the tier-one lender confirmed that it has exceeded the CBN’s new minimum capital requirement of ₦500 billion and […]

Business

Zenith Bank in Focus: Why It Will Weather CBN’s Forbearance Policy with Ease

Ihesiulo Grace 17 June 2025 0

In a strategic move to reinforce stability in Nigeria’s financial system, the Central Bank of Nigeria (CBN) recently introduced a forbearance policy — a well-intentioned framework designed to offer regulatory relief and provide banks with leeway to navigate evolving economic pressures. While some might view this policy as a response to stress signals, a closer […]

Business

Foreign Affairs Ministry, Global Shapers push for inclusive Africa trade future

DailyTimesNGR DailyTimesNGR 15 June 2025 0

By Ukpono Ukpong The Ministry of Foreign Affairs, in partnership with the Abuja and Lagos Global Shapers Hubs, youth initiatives of the World Economic Forum, has reaffirmed its commitment to building a more inclusive and youth-driven African trade future. This was demonstrated through the successful hosting of the West Africa Youth Futures Roundtable held in […]

Business

CBN to offer N162bn worth of Treasury Bills in upcoming auction

DailyTimesNGR DailyTimesNGR 15 June 2025 0

BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) is set to hold a primary market auction next Wednesday, offering N162.018 billion worth of Treasury bills for investors’ subscription across standard tenors. This move aims to absorb N27 billion worth of maturing Nigerian Treasury bills. Analysts expect the discount rate to ease due to strong […]

Money

Nigeria’s pension assets climb to N23.32trn, sustaining growth despite economic pressures

DailyTimesNGR DailyTimesNGR 14 June 2025 0

BY MOTOLANI OSENI Nigeria’s pension industry maintained its steady growth trajectory in March 2025, with total assets under management rising to N23.32 trillion. This represents a marginal increase of 0.27 per cent from N23.26 trillion recorded in February, according to the latest figures from the National Pension Commission (PenCom). The sustained growth underscores the

Business

Afreximbank dismisses debt restructuring claims, challenges Fitch’s Downgrade

DailyTimesNGR DailyTimesNGR 14 June 2025 0

BY MOTOLANI OSENI The African Export-Import Bank (Afreximbank) has strongly rejected Fitch Ratings’ recent downgrade of its credit rating, dismissing the concerns raised as unfounded and inconsistent with its mandate and legal framework. Fitch Ratings had lowered Afreximbank’s Long-Term Issuer Default Rating (IDR) from ‘BBB’ to ‘BBB-‘ with a

Business

BoI unveils impact fund, youth bank to drive industrial growth

DailyTimesNGR DailyTimesNGR 14 June 2025 0

BY MOTOLANI OSENI The Bank of Industry (BoI) Limited is planning to launch the BoI Impact Fund, which will use various financial instruments from debt to equity to support high-growth enterprises, strategic value chain companies, as well as provide support to struggling businesses across the country. This is, as BoI said, in line with the […]

Business

Nigerian Bank employees earn far less than African peers, AMCON levies blamed

DailyTimesNGR DailyTimesNGR 14 June 2025 0

Employees of commercial banks in Nigeria are earning significantly lower salaries than their counterparts across Africa, according to a new report by London-based equity research firm Emerging & Frontiers Capital (EFC). The report reveals that Nigerian banks have seen a sharp decline in employee compensation over the past decade, even while managing similar levels of

Business

SEC warns Nigerians against investing in unauthorised Punisher Coin, $PUN

DailyTimesNGR DailyTimesNGR 11 June 2025 0

BY TEMITOPE ADEBAYO The Securities and Exchange Commission (SEC) has warned Nigerians against investing in Punisher Coin, also known as $PUN, describing it as an unregistered and highly risky digital asset designed to lure unsuspecting investors into a potential pump-and-dump scheme. In a public notice issued by the Commission, the SEC raised alarm over ongoing […]

Business

Business sentiment soars as Naira strengthens, confidence index to double

DailyTimesNGR DailyTimesNGR 11 June 2025 0

BY MOTOLANI OSENI Nigerian businesses are expressing renewed confidence in the country’s economic trajectory, with fresh data pointing to a significant upswing in sentiment and expectations for a stronger Naira in the months ahead. The latest survey findings indicate that optimism among business operators is broad-based and deepening, as projections suggest a sharp rise in

Business

MTN awards $3,000 to Nigerian innovator tackling waste crisis

DailyTimesNGR DailyTimesNGR 11 June 2025 0

BY MOTOLANI OSENI As Nigeria grapples with rising waste and unemployment, MTN has awarded $3,000 to a young Nigerian innovator, Olabisi Rafatu Emmanuel, for her eco-friendly menstrual product solution that converts waste into reusable materials. The recognition came as she emerged runner-up in the 2024 Africa PatchiPanda Challenge, a continent-wide initiative by MTN to

Business

Naira firms below N1,600/$ as business sentiment lifts currency outlook

DailyTimesNGR DailyTimesNGR 11 June 2025 0

BY TEMITOPE ADEBAYO The Naira held steady below the N1,600/$ threshold during the just-concluded holidays, trading between N1,587 and N1,590 per dollar in the parallel market early Tuesday, as transaction volumes remained muted across Nigeria’s commercial capital. Despite the lull, fresh indicators from the Central Bank of Nigeria (CBN) show renewed optimism across key