Business

CBN’s N500bn capital base: 14 banks to close operations or merge

Checks by our Reporter shows that the affected banks include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (now Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank…

Published

7 months ago

January 9, 2026

OCHEFA

343 Views

Fourteen banks have not met the Central Bank of Nigeria ‘s recapitalisation requirements .The deadline is March 31.

Others are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, and other non-interest banks.

However, nineteen banks have met the N500 billion minimum capital benchmark .

They include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, Zenith Bank, and twelve others.

Related Topics:CBN banks recapitalisation Featured

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Business

US subjects imports from Nigeria to 12.5% tariff

The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”

Published

3 hours ago

July 24, 2026

OCHEFA

19 Views

The United States has imposed a 12.5 per cent tariff on imports from Nigeria as part of a new trade measure targeting countries it says have failed to prohibit the importation of goods produced with forced labour.

The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”

The measure was announced in a statement posted on the website of the Office of the United States Trade Representative on Thursday.

Nigeria is among the countries subject to the 12.5 per cent tariff, while India, Indonesia, Malaysia, Mexico and the United Kingdom will face a lower 10 per cent rate after adopting or committing to implement bans on imports linked to forced labour.

The move follows investigations launched by the USTR in May 2026 into 60 of the United States’ largest trading partners under Section 301 of the Trade Act.

According to the agency, it received more than 1,600 written submissions, held public hearings involving over 100 witnesses, and consulted more than 45 governments before announcing the tariffs.

Business

MTN Nigeria asks customers to trade old SIM packs for prizes

MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.

Published

4 hours ago

July 24, 2026

OCHEFA

18 Views

MTN Nigeria has invited customers to bring in old SIM packs, recharge cards, booster cards, dongles, and MTN-branded phones in exchange for prizes.

The telecom giant is running the campaign the under the hashtag #YelloMoments.

MTN launched the campaign on Wednesday, July 23, via its official social media pages, telling followers that items kept in drawers over the years could be worth something.

Customers who participate will also be featured on what MTN described as a “Memory Wall.”

Collection centres across Nigeria

MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.

In Lagos, customers can visit MTN Plaza at No. 1 Awolowo Road, Falomo, Ikoyi, or the office at 43 Allen Avenue, Ikeja. In Abuja, the collection point is at No. 4, Medeira Street, Maitama.

In Kano, it is at 2, Civil Centre Road. In Jos, Plateau State, the centre is at Plot 3119, Royalfield Road.

In Asaba, Delta State, the location is KLM 129, Benin–Asaba Expressway. In Port Harcourt, Rivers State, customers can go to 234, Old Aba Expressway, Opposite Hannah Fast Food.

In Ibadan, Oyo State, the drop-off point is at MTN Regional Office 1, Olubadan Avenue and Up/Zartech Road, Oluyole Estate.