Connect with us

E-Financial

CBN Extends Deadline for Recapitalisation of MfBs to April 2022

Published

on

Mr. Godwin Emefiele, CBN governor
Kindly share this post

Central Bank of Nigeria (CBN) has extended the deadlines issued to Microfinance banks (MfBs) to comply with its revised minimum capital requirements.

CBN Extends Deadline for Recapitalisation of MfBs to April 2022

Mr. Godwin Emefiele, CBN governor

This was contained in a circular issued to all microfinance banks on April 29, 2020, and signed by Kevin Amugo, CBN’s director, Financial Policy and Regulation Department.

In the circular, the apex bank said: “The Central Bank of Nigeria in consideration of the impact of the coronavirus pandemic on economic activities has revised the deadlines for compliance with the minimum capital requirements for Microfinance Banks (MfBs) in Nigeria.”

Consequently, the CBN has extended the deadline as follows: MfBs operating in rural, unbanked and underbanked areas (Tier 2) shall meet the N35 million capital threshold by April 2021 and N50 million by April 2022.

“MFBs operating in urban and high-density banked areas (Tier 1) are expected to meet the N100 million capital threshold by April 2021 and N200 million by April 2022.

“State MFBs shall increase its capital to N500 million by April 2021 and N1 billion by April 2022. National MFBs are expected to meet the minimum capital of N3.5 by April 2021 and N5 billion by April 2022.”

The CBN had in March 2019, reviewed the minimum capital requirement for microfinance banks, with a view to ensuring continued operations of these banks in rural, unbanked and underbanked areas of the economy.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Ecobank Offsets Repayment of $300m Eurobond Notes

Published

on

Kindly share this post

Ecobank Nigeria Limited has fully repaid bondholders who validly tendered their notes ahead of the February 2026 maturity date.

Ecobank Offsets Repayment of $300m Eurobond Notes

The bank announced the successful completion of its tender offer, under which it prepaid approximately $245 million of its $300 million Eurobond, representing more than 80 per cent of the total issuance.

According to a statement, the transaction relates to the 7.125 per cent Senior Note Participation Notes due February 2026.

Ecobank Nigeria Limited said it launched a tender offer to eligible noteholders in respect of the outstanding $150 million on the bond on November 27, 2025, providing them with an opportunity to redeem their holdings ahead of the original maturity date of 16 February 2026.

It stated that the early and late tender participation deadlines were 11 December 2025 and 29 December 2025, respectively.

According to the bank, holders of notes validly tendered and accepted received a cash consideration of $1,000 per $1,000 in principal amount, in addition to accrued interest from the last interest payment date up to, but excluding, the final settlement date of 31 December 2025.

Following completion of the offer, the bank said the outstanding principal amount of the notes has been reduced to approximately $55.092 million.

The bank also stated that the initiative reflects Ecobank Nigeria’s proactive approach to liability management and prudent balance sheet optimisation.

The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.

The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the $300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria Limited.


Kindly share this post
Continue Reading

E-Financial

Senders Now to Pay N50 Stamp Duty – GT Bank

Published

on

Kindly share this post

GTBank has reminded customers of the new stamp duty rules under the Nigeria Tax Act 2025, which take effect from January 1, 2026.

Senders Now to Pay N50 Stamp Duty – GT Bank

According to an email received by a GT Bank customer on Tuesday, under the new regulation, the ₦50 stamp duty on electronic transfers of ₦10,000 or more will now be paid by the sender, not the recipient.

GTBank clarified that certain transactions will remain exempt from the charge.

“Please be reminded that, in line with the Nigeria Tax Act 2025, which took effect from January 1, 2026, the ₦50 stamp duty on electronic bank transfers of ₦10,000 and above is paid by the sender of the transaction and not the receiver.

“These include transfers below ₦10,000, salary payments, and transfers between a customer’s own GTBank accounts,” the message read.

The bank also noted that the stamp duty is separate from regular transfer fees and will be clearly displayed before completing any transaction, ensuring transparency for customers.

GTBank encouraged customers to review their transfers carefully and plan accordingly, as the update is part of nationwide efforts to streamline compliance with the Nigeria Tax Act 2025.


Kindly share this post
Continue Reading

E-Financial

Zacch Adedeji says Rebranded NRS will Overhaul Revenue Administration

Published

on

Kindly share this post

Nigeria Revenue Service (NRS) says its replacement with the defunct Federal Inland Revenue Service (FIRS) will overhaul the architecture of the country’s revenue administration.

Dr Zacch Adedeji, the executive chairman of NRS, said this in a television interview monitored from Abuja.

The News Agency of Nigeria (NAN) reports that the provision of the recently enacted tax reform laws changes the nomenclature of the country’s apex tax authority from FIRS to NRS.

According to Adedeji, NRS is not branding. It is a total institutional upgrade moving from fragmented revenue administration to a modern, digitalised, centralised and intelligence-driven system.

He said that under the new framework, multiple tax and revenue-related functions previously spread across agencies have been consolidated, with a stronger emphasis on data integration, automation, and reduced human discretion.

He dismissed allegations that the country’s newly enacted tax reform laws were altered after passage by the National Assembly.

“Only the officially gazetted Acts carry legal authority and are binding on taxpayers and administrators,” he said.

The NRS boss said that an Act of the National Assembly only became effective after Presidential assent and official gazetting, with the gazetted version constituting the authoritative text in the event of disputes.

“Revenue agencies, courts, and taxpayers are therefore guided solely by the gazetted law, not draft bills, committee reports or chamber debates.

“Neither the executive nor the revenue authority has any incentive or legal capacity to alter the law after passage,” he said.

Adedeji said that the overhaul of the NRS is also designed to support the Federal Government’s broader fiscal objectives.

According to him, Nigeria’s tax-to-GDP ratio has improved in recent years, rising to about 13.5 per cent as at October 2025.

“But it remains below the African average and well short of levels seen in peer emerging markets,” he said.

Adedeji said that the overall aim is on taxing profits and returns rather than capital or investment.

“We are not going to tax poverty; we want to tax prosperity,” he said.


Kindly share this post
Continue Reading

Trending