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CBN Fines Nine Banks N1.35bn for Not Having Cash at ATMs During Festive Season

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The Central Bank of Nigeria (CBN) has imposed hefty fines on nine Deposit Money Banks for failing to ensure cash availability through their ATMs during the festive season.

The total fines amount to N1.35 billion, with each bank penalized N150 million for breaching the CBN’s cash distribution guidelines.

The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

According to a statement by CBN’s acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the sanctions reflect the apex bank’s zero-tolerance stance on cash flow disruptions, especially during high-demand periods.

Spot checks conducted on the banks’ branches revealed their non-compliance with guidelines aimed at ensuring the seamless availability of naira notes across ATMs during the yuletide season.

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Dangote Refinery Reduces Petrol Price to N825 per Litre

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Dangote Petroleum Refinery has lowered the price of Premium Motor Spirit (PMS), or petrol, to N825 per litre, down from N835, as competition heats up in Nigeria’s fuel market.

This follows last month’s price reduction, when the 650,000 barrels per day refinery dropped the price from N865 to N835. The recent price change is aimed at providing more value to customers while strengthening Dangote’s position as a leader in the domestic market.


 

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Skype Finally Shuts Down After 22 Years of Connecting People Online

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Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.

During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.

In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.


 

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United Bank Of Africa, UBA, Delivers 23% Total Dividend for 2024, CEO Promises More to Come

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United Bank of Africa, UBA, pays 171 Billion in total to its shareholders for the 79 percent increase for 2024.

This information was revealed during the 63rd Annual General held on the 25th of April, 2025. The UBA shareholders approved of the 3 naira dividend share, which will com bine with 2 naira interim dividend and will represent a 23 percent total dividend for 2024 in total.

It can be noted that UBA now has the highest Nigerian stocks and the CEO, Oliver Alawuba has assured the shareholders of the dividends that will be paid.”What we can assure our shareholders today is that UBA will continue to pay more dividends.”


 

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