FirstBank, UBA, Fidelity, Union Bank, Others Struggle to Meet CBN New Recapitalization Deadline Nigeria’s banking sector is facing a critical juncture as major financial institutions, including FirstBank, United Bank for Africa (UBA), Fidelity Bank, Union Bank, and several others, reportedly struggle to meet the Central Bank of Nigeria’s (CBN) new recapitalization deadline. The development has stirred concerns over liquidity management, regulatory compliance, and the stability of Nigeria’s financial system. The CBN, in its latest directive, set a revised timeline for banks to meet increased capitalization requirements, aiming to strengthen the resilience of the sector and ensure that institutions are better…
Author: FinTech Today
Globacom Limited, NCC Dragged to Court Over Alleged ₦20bn Spectrum Deal Breach Nigeria’s telecommunications landscape is facing renewed scrutiny as Globacom Limited and the Nigerian Communications Commission (NCC) have been dragged to court over allegations of a ₦20 billion breach related to a spectrum deal. The case has significant implications for regulatory compliance, investor confidence, and the operational transparency of Nigeria’s telecom sector. The dispute arises from claims that Globacom allegedly failed to honour contractual obligations linked to spectrum allocation, a critical resource for mobile network operators and digital service providers in Nigeria. Background of the Dispute Spectrum allocation…
Supreme Court Rules in Favour of Fidelity Bank, Brings Closure to Two-Decade Sagecom Legal Dispute Nigeria’s Supreme Court has delivered a landmark judgment in favour of Fidelity Bank Plc, bringing to an end a prolonged legal dispute spanning more than 20 years involving Sagecom Concept Limited. The ruling marks a significant legal victory for the bank and provides long-awaited clarity on a case that has lingered through multiple layers of Nigeria’s judicial system. The decision is widely seen as a defining moment for corporate litigation in Nigeria’s banking sector, reinforcing the finality of Supreme Court judgments and the importance…
Dangote Calls for Probe of NMDPRA Boss, Farouk Ahmed, Over Alleged $5m Swiss School Fees Nigeria’s business landscape has been stirred by fresh controversy following a call by billionaire industrialist Aliko Dangote for an official probe into allegations involving Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The allegation centres on claims that about $5 million was paid as school fees to a Swiss institution, allegedly linked to the NMDPRA boss. While no official findings have been made public, the development has sparked intense debate around transparency, accountability, and governance within Nigeria’s…
FG Launches ₦10 Billion GLOW Loan Scheme to Empower Women Entrepreneurs in Nigeria The Federal Government of Nigeria has launched a ₦10 billion financing initiative known as the Gender-Led Opportunities for Women (GLOW) Loan Scheme, aimed at empowering women entrepreneurs and closing the long-standing funding gap faced by women-owned businesses across the country. The GLOW Loan Scheme is part of the government’s broader strategy to promote financial inclusion, gender equality, and inclusive economic growth, with a specific focus on supporting women-led micro, small, and medium-sized enterprises (MSMEs). Why the GLOW Loan Scheme Matters Women entrepreneurs play a critical role in…
Should the UK Adopt an Under-16s Social Media Ban? Experts Weigh In The UK is considering whether to follow Australia’s recent decision to ban children under 16 from holding social media accounts — a world-first law that came into effect on December 10, 2025 and requires platforms like TikTok, Instagram, Snapchat, X and Reddit to remove underage accounts or face heavy fines. (Sky News) What Australia’s Ban Means Australia’s law has already resulted in millions of teen accounts being deactivated and enforced age-verification measures for major platforms. Critics warn this has led young users to migrate to smaller, less regulated…
FG to Cut Corporate Income Tax to 25%, Sacrificing ₦1.4 Trillion in 2026 to Boost Economic Growth Nigeria’s Federal Government has announced plans to reduce corporate income tax (CIT) to 25%, a fiscal policy shift projected to cost the country ₦1.4 trillion in forgone revenue in 2026, as authorities intensify efforts to stimulate economic growth, attract investment, and ease the burden on businesses. The proposed tax cut forms part of broader economic and fiscal reforms aimed at improving Nigeria’s competitiveness, expanding the private sector, and supporting job creation amid persistent economic headwinds. Why the FG is Cutting Corporate Income Tax…