Business

The Central Bank of Nigeria (CBN) has directed commercial banks to restrict large borrowers who have defaulted on loans from accessing additional credit facilities. Naija News gathered that the apex bank disclosed this in a circular issued to banks across the country. According to the CBN, the directive is aimed at strengthening the stability of the financial system, safeguarding depositors’ funds, and improving compliance with banking regulations. Part of the circular reads: “In furtherance of its mandate to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector, the Central Bank of Nigeria (CBN) hereby directs all banks to restrict non-performing large ticket obligors, whose activities pose systemic risk to the financial...

South Korea has announced the introduction of a fuel price cap aimed at easing pressure on its energy supply as the war involving Iran continues to disrupt global oil markets. The measure, which took effect from midnight on Thursday, March 12, was confirmed in a statement by the country’s energy ministry. Officials said the decision was taken to limit the sharp rise in domestic fuel prices triggered by instability in the Middle East. South Korea, Asia’s fourth-largest economy, is heavily dependent on imported energy, with a large portion of its oil shipments passing through the Strait of Hormuz. The government has therefore begun exploring alternative supply sources to secure its energy needs. The price ceiling applies specifically to supply prices charged by refiners to distr...

As at today, 12th March 2026, 30 banks out of the 35 banks operating in the country have met the recapitalisation requirement of the Central Bank of Nigeria, CBN, according to findings by Vanguard. The remaining five banks have 19 more days to meet the recapitalisation deadline which ends on 31st March 2026. However, two are already in merger arrangements, and with that they met the recapitalisation requirement. The banks are Union Bank and Unity Bank. Advertisement It will be recalled that the recapitalisation programme was announced in November 2023 and formalized in CBN directives published on March 28, 2024. The recapitalisation requires each bank category to hold capital proportional to its operational scope. International commercial banks must raise their capital f...

The company described the claims circulating on social media and online platforms as false and misleading, insisting that its offices remain open and fully operational. Financial technology company OPay Digital Services Limited has dismissed reports claiming its offices in Lagos and Abuja were sealed by the Nigeria Revenue Service over alleged tax non-compliance. The company described the claims circulating on social media and online platforms as false and misleading, insisting that its offices remain open and fully operational. The reports had alleged that the Nigeria Revenue Service sealed OPay’s offices for failing to comply with Value Added Tax (VAT) and Company Income Tax obligations under the Nigeria Tax Act 2025. However, in a statement issued on ...

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol at its retail outlets to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja. The new prices, which took effect on Wednesday, mark a drop of ₦100 from the previous ₦1,230 per litre in Lagos and ₦95 from ₦1,260 per litre in Abuja. Checks revealed that the revised rates were already displayed at several NNPC filling stations across Lagos, including outlets along Isheri Oshun Road, Apple Junction, and Ago Palace Way. Motorists in Abuja also confirmed seeing the new price of ₦1,165 per litre at NNPC stations in areas such as Jabi and Wuse. The price adjustment provides modest relief for consumers who have experienced several petrol price hikes in recent months. The reduction comes ev...

The Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Abideen Akande, has disclosed why filing an annual tax return is compulsory for every Lagos resident. He also revealed penalties for defaulters and the intent of the tax reform. In an interview with Helen Oji for Guardian Nigeria, Akande said: "Filing of returns allows the tax authority to know how much you have earned in the preceding year and how much tax, if any, you have already paid in advance. Nigeria operates a self-assessment tax system. This means that you voluntarily declare your income for a defined period."He continued: "Filing of returns by individuals involves disclosing the income you earned in the previous year because that year has already ended. "The inter...

Nigerians are to face a worsening epileptic power supply as electricity generation companies said gas suppliers have threatened to halt supply over a N3.3 trillion debt. Dr. Joy Ogaji, the Chief Executive Officer of the Association of Power Generation Companies, disclosed this during an interview on Fresh FM. Ogaji attributed the power outage Nigerians are grappling with for months to the debt owed gas suppliers. According to her, the country, which currently depends on supply from thermal plants powered by gas that manage to generate only 3,334 megawatts of electricity to the national grid as of Wednesday, is suffering gas shortages. Speaking on the accumulated debts the Federal Government owe the Gencos, Ogaji said it had grown to N6.8 trillion as of the end of February 2026....

French media company Canal+ has announced a €100 million investment aimed at reviving growth at MultiChoice Group, the parent company of DStv and GOtv, following a decline in subscribers and revenue. The investment plan was disclosed in Canal+’s 2025 financial results released on Wednesday. The move comes months after the French broadcaster completed its acquisition of MultiChoice. According to the report, MultiChoice ended 2025 with 14.4 million subscribers, down from 14.9 million recorded the previous year. Revenue also fell by 6% to €2.4 billion, while adjusted earnings before interest and tax dropped 14% to €159 million. The company attributed the downturn to several economic and operational challenges across its African markets, including currency depreciation in Nigeria,...

The Central Bank of Nigeria has introduced new baseline standards requiring financial institutions to adopt automated anti-money laundering systems capable of detecting suspicious transactions and strengthening compliance with financial crime regulations. The directive was issued through a circular dated March 10, 2026, titled “Issuance of Baseline Standards for Automated Anti-Money Laundering (AML) Solution for Financial Institutions in Nigeria.” The document was signed by Akinwunmi Olubukola and Olubunmi Ayodele-Oni. The new standards apply to deposit money banks, mobile money operators, international money transfer operators, payment service providers and other regulated financial institutions. According to the central bank, the policy aims to strengthen Nigeria’s financial crime ...