Banks

United Bank for Africa (UBA) Plc has intensified separate legal actions over disputed commercial transactions, commencing contempt proceedings against directors of WEMPCO over alleged disobedience of a Federal High Court order and securing interim preservative orders against Switzerland-based energy trader Vitol SA in a separate petroleum products dispute.

The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank in the country, marking a potential expansion of the global financial institution’s presence in Nigeria’s financial services market.

The Bank of Industry (BOI) disbursed a record ₦644.9bn to businesses in 2025, up 26.2 percent from ₦510.9bn in 2024, while creating or supporting 1.68 million jobs.

Nigeria’s five largest banking groups recorded combined gross earnings of approximately N18.4 trillion in 2025, up 5.7 percent from N17.4 trillion in 2024.

Sterling Financial Holdings Company Plc delivered an impressive set of 2026 half-year results, with gross earnings rising by 31.5 percent to N279.6 billion and profit after tax climbing by 20.4 percent to N50.30 billion.

The growing disruption of Nigeria’s banking industry by financial technology companies has taken a new turn, with OPay’s Nigerian operations generating about ₦575 billion in revenue in the first half of 2026, surpassing the gross earnings reported by Wema Bank and narrowing the gap with some established banking groups.

The world’s largest advanced economies are preparing to simulate AI-enabled cyberattacks on their financial systems, as regulators shift attention from simply keeping hackers out to making sure banks can still function when defences fail.

For the FUGAZ banks, such as FirstHoldCo, GTCO, UBA, Access Holdings and Zenith Bank, the focus will be on the durability of core banking income, non-interest income and credit quality. For consumer companies, improving margins will be tested against weaker volume growth, input costs and financing pressures.

ProvidusUnity Bank has commenced a series of customer engagement forums across Northern Nigeria, bringing together more than 1,000 customers and prospects in Kano, Sokoto, and Abuja.

Wema Bank Plc has strengthened its support for Nigerian businesses seeking to expand into international markets, following the completion of the second edition of its Wema Export Trade Academy in Lagos.