The Economic and Financial Crimes Commission (EFCC) has arrested former chairman of the defunct Skye Bank Plc, Tunde Ayeni, over alleged money laundering, misappropriation, and diversion of funds totalling N36.54 billion and $30 million. It was gathered that Ayeni was arrested in Abuja on Thursday and is currently being held at the EFCC’s detention facility as investigations intensify into the high-profile financial scandal. Sources familiar with the case disclosed that the arrest followed months of probe into the alleged diversion of funds obtained from Polaris Bank through multiple entities linked…

What was sold to Nigerians in May 2022 as a clean and powerful takeover is now looking like something far more troubling. When Titan Trust Bank announced it had acquired Union Bank of Nigeria, a 100+ year-old institution, the story was simple: a young bank buying a legacy giant. But fresh documents are now pointing to a shocking twist that raises serious questions about how the deal was actually done. According to findings, Titan Trust Bank allegedly secured a $300 million loan from African Export-Import Bank (Afreximbank) to fund the…

There is a version of the Nigerian economy that the banking sector has always served well. It is the economy of salaried professionals, corporate treasurers, documented collateral, and monthly pay cycles. It is the economy that fits neatly into conventional credit models, standard account structures, and the risk frameworks that Nigerian banking inherited from its colonial and post independence institutional architecture. That economy is real, and serving it matters. There is another version. It is the economy of the cooperative chairwoman in Ogun whose members pool contributions weekly. The textile…

FirstBank, West Africa’s premier financial institution and the leading financial inclusion service provider, is proud to announce its partnership with the Ekiti State Government in launching the Innovation Enterprise Support Fund, a groundbreaking initiative designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth across the state. The programme provides funding, mentorship, and market access to high-potential enterprises, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities. Notably, at least 40 percent of the fund has been reserved for female-led…

The International Monetary Fund has issued a stark warning about Nigeria’s economic outlook, cautioning that citizens may face more difficult times as the country grapples with persistent inflation, currency instability, and fiscal challenges. In its latest assessment of Nigeria’s economy, the IMF noted that while recent reforms by the Federal Government of Nigeria—including fuel subsidy removal and foreign exchange liberalisation—are steps in the right direction, they are likely to intensify short-term hardship for millions of Nigerians. The global financial institution highlighted rising food prices, high transportation costs, and weakened purchasing…