Banking
Debt Repayment by 9mobile Excites Banks’ Shareholders
By Modupe Gbadeyanka
Some shareholders of publicly quoted banks in Nigeria exposed to the $1.2 billion loan obtained by 9mobile, formerly Etisalat Nigeria, are beginning to express joy at news that the telecom firm has commenced repayment of the debt.
Some days ago, Teleology Holdings Limited confirmed taking over the debt-ridden 9mobile after a vigorous bidding process, which began in 2017.
Etisalat Nigeria had approached a consortium of Nigerian lenders for a credit facility aimed at expanding its operations in the country. However, when it was unable to service the loan, attempts were made by the lender to take over the company, but the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) prevented this.
Instead, the CBN set up an interim board to run the Etisalat Nigeria, which later changed its name to 9mobile, until a buyer was sourced.
Few weeks ago, Teleology announced a new board for 9mobile, confirming that it was now in charge of the nation’s fourth GSM service provider.
More than 10 Nigerian banks syndicated the loan to Etisalat Nigeria, including Guaranty Trust Bank (GTBank) Plc, Access Bank Plc, Zenith Bank Plc and United Bank for Africa (UBA).
Some of the lenders made provisions on the loans or classified them as non-performing in 2017 and this year.
In a report by Bloomberg, Head of Investor Relations at UBA, Mr Abiola Rasaq, was quoted as saying that, “The money has been distributed to the banks.”
According to him, the reimbursement is expected to improve the asset quality of the creditor banks that had classified the loan as non-performing.
UBA made a N15.2 billion ($41 million) provision on the loan last year.
Bloomberg said 9mobile repaid $251 million last week from the proceeds of the fund Teleology paid for the acquisition, according to two persons familiar with the matter who asked not to be named because they were not permitted to speak publicly on the issue.
A spokeswoman for 9mobile didn’t respond to phone calls and email messages seeking comments. Spokespersons from six of the creditor banks reached by Bloomberg declined to comment.
Each creditor bank was repaid a proportion of the outstanding debt, according to the sources.
The former Etisalat fell into crisis when it defaulted on a loan repayment scheme to the tune of $1.2bn due to a consortium of 13 local banks, citing economic downturn and currency devaluation.
This led to the exit of the Etisalat Group of the United Arab Emirates from the company, which handed over its 45 per cent stake, terminated its existing management and technical support agreements with the telecom company.
Over the weekend, some shareholders, who spoke with Business Post, described this development as comforting, saying it will go a long way to reduce NPLs.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
