Aiteo Eastern E&P settled disputes with Africa Finance Corporation, Shell Western Supply and Trading, and eleven commercial banks over OML 29 loan facilities worth over $1.9 billion. The settlement resolves a long-running lending dispute tied to the oil asset.
Zenith Bank reported a nine-month profit before tax of about $690 million (N929bn), up 1.24 percent from the same period of 2025. Gross earnings fell 15 percent to about $2.1 billion (N2.87trn), while impairment charges dropped sharply.
Nigeria-focused fintech OPay sold 16 million American depositary shares at $19 each, raising $300 million and valuing the company at about $4 billion. It rang the NYSE opening bell, but ThisDay reports that trading was temporarily held over an outstanding regulatory clarification in a foreign jurisdiction.
Abbey Bank's profit after tax rose 55.9% to about $1.7 million (N2.26bn) in the nine months to September 2026. Gross earnings surged 120% and customer deposits more than tripled.
Agusto & Co affirmed Abbey Bank's A3 short-term credit rating, citing stronger capitalization, liquidity, asset quality and profitability. The bank is preparing to start commercial banking operations in November 2026.
The 2026 Access to Financial Services in Nigeria survey finds 64.4% of adults use digital financial services. The financially excluded share fell to 21% from 26% in 2023.
The CBN and NITDA disclosed that only about 57-59% of financial institutions are ready for the January 2027 data localisation deadline, based on an industry survey. The regulator said it will consider banks' challenges while keeping the deadline in place.
Fidelity Bank repaid its 5-year $400 million senior unsecured notes at maturity, having issued them on October 28, 2021. The payment shows the bank meeting its international debt obligations.
Optimum Global said it completed the acquisition of Mayfair Microfinance Bank after meeting all regulatory requirements. The new owners plan to resume operations soon with a focus on financial inclusion.
The Bank of Industry and France's Agence Française de Développement signed a $30 million credit facility. The facility is intended to support Nigeria's creative and cultural industries.
Demand deposits at Nigerian banks rose by about $1.2 billion (N1.69trn) over three months, according to central bank data. Analysts linked the rise to bank securities purchases, private-sector lending and government borrowing.
Mastercard, with Interswitch, has enabled eligible Mastercard cardholders in Nigeria to pay with Google Pay on Android devices. The launch extends contactless digital payment options for Nigerian consumers.
Sterling Financial reported nine-month profit after tax up 21% to about $56 million (N75.4bn), with total assets reaching N5.10 trillion. Interest income rose strongly, while credit impairment charges increased sharply.
GTCO's three non-bank subsidiaries recorded a combined profit before tax of about $18 million (N23.9bn) in the nine months to September 2026, up 70%. Its Ghana banking subsidiary generated about $83 million (N113bn) in profit after tax, the largest offshore contribution.
The Bank of Industry has secured more than €2.22 billion and N250 billion in new funding from transactions concluded between 2024 and 2026. The development lender says the funds will help close Nigeria's industrial financing gap.
UBA says it is the first to enable Google Pay for eligible Visa and Mastercard users. The move extends mobile wallet payments to its eligible card holders.
CBN monetary statistics show net credit to government reached about $29 billion (N39.4trn) in September 2026, up 63.1% year on year. Private-sector credit rose 15.7% to about $62 billion (N83.9trn) over the same period.
LemFi, a fintech serving over two million customers, is extending beyond international transfers into savings, credit and eSIM products. The move targets migrants' financing gaps.
Nigerian buy-now-pay-later startup Klump has shut down after five years, announced by co-founders Celestine Omin and Olufunbi Falayi in a farewell note on 25 October. The company had raised about $1.2 million and said it had declined an acquisition offer received earlier this year, citing difficulty securing lending capital and slow bank integrations.
Central Bank data show the average maximum lending rate rose to 32.62 percent even after the MPC cut the monetary policy rate to 23 per cent. Loan pricing moved against the policy direction, which matters for borrowers and lenders.
OPay is seeking to raise up to $370 million through an initial public offering of American Depositary Shares in New York. The offer could value the digital payments firm at $4.4 billion.
Stanbic IBTC reported profit after tax of about $280 million (N371bn) for the nine months to September 2026, up 33% from the prior year. Gains came mainly from fixed income and currencies, with progress in digital lending and its Africa China banking business.
The CBN approved the nomination of Adedapo Olagunju, who has led JPMorgan's West African operations since 2018, as managing director of the proposed Nigerian merchant bank. The appointment is tied to the approval-in-principle for the new subsidiary.
The Central Bank of Nigeria granted approval-in-principle for JPMorgan Merchant Bank Nigeria Limited. JPMorgan has since deposited N50 billion with the CBN, a key requirement of its merchant banking licence application.
First HoldCo reported a 63% rise in nine-month profit to N744.5 billion. Its commercial banking division produced 94% of turnover and 87.4% of post-tax profit.
Abbey Bank Plc, formerly Abbey Mortgage Bank, will begin commercial banking operations in November 2026. It plans to use its mortgage expertise to expand into construction finance and related lending.
The CBN warned that failing to return funds mistakenly credited to accounts can attract five to 10 years' imprisonment. Customers may escalate complaints through the CBN's consumer protection channels.
The Bank of Industry said it disbursed N644.9 billion to 12,501 businesses in 2025, up 26% from N510.9 billion in 2024. The bank also reported creating or supporting 1.68 million jobs and set a target of N1.35 trillion in annual lending by 2027.
EFInA's ninth Access to Financial Services in Nigeria survey, released 16 September 2026, found 79% of adults use a financial product and 64.4% use digital financial services. Formal credit penetration stands at 10% nationally, showing that account ownership is still outpacing lending.
