Banking
Court to Rule on NIBSS’ BVN Case Against CBN, Others May 26
By Adedapo Adesanya
The Federal High Court in Abuja yesterday fixed Monday, May 26, to hear a suit filed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc against the Central Bank of Nigeria (CBN) and other government agencies
NIBSS, in the suit, is seeking an order to prevent any institution from challenging its statutory authority to maintain and manage the Bank Verification Number (BVN) database in Nigeria.
Justice James Omotosho fixed the date after dismissing an application for joinder filed by the Incorporated Trustees of Data Privacy Lawyers Association (DPLAN).
NIBSS, through its lawyer, Mr Ademola Esan (SAN), had sued the Incorporated Trustees of Digital Rights Lawyers Initiative (ITDRLI), the CBN, and the Attorney-General of the Federation (AGF) as 1st to 3rd defendants.
NIBSS sought a declaration that it is statutorily empowered to maintain and manage the BVN database.
It said this is pursuant to the Central Bank Act 2007, the Banks and Other Financial Institutions Act 2020, and the Revised Regulatory Framework for the Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry 2021.
“Pursuant to the provisions of the framework, NIBSS, as a designated participant in BVN operations, is statutorily authorised to manage and maintain the BVN database and ensure its seamless operation, among other functions,” it added.
It, therefore, accused ITDRLI (1st defendant) of filing multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and alleging that such management violates constitutional privacy rights.
However, ITDRLI denied the allegations in it court processes, asking the court to dismiss the suit.
In April, Mr Ayomide Ahmed, who appeared for DPLAN urged the court to join his client as defendant in the suit.
Mr Ahmed argued that the outcome of the case would impact the rights of his client and its members, especially regarding the BVN, in light of the relief sought by NIBSS to bar any institution from challenging its authority.
He stated that DPLAN is an association of experts in privacy and data protection, whose members are directly affected by the subject matter due to their objectives and ownership of bank accounts.
However, counsel for the CBN, Mr Abdulfatai Oyedele, prayed the court to dismiss DPLAN’s application for joinder.
Mr Oyedele argued that any party seeking to join a suit must attach a proposed defence.
He argued that DPLAN had failed to do so.
On his part, NIBSS’ lawyer, Mr Esan, also urged the court to discountenance DPLAN’s application.
The lawyer alleged that the chairman of the party seeking joinder was also the counsel for the 1st defendant and one of its trustees.
“What they do is to sue all over the country. The matter is never heard on its merit.
“They withdraw, and when the case is finally about to be heard, they bring an application to delay the hearing,” he said.
He urged the court not to waste judicial time and to dismiss the joinder application.
Justice Omotosho, while delivering the ruling on application for joinder on Monday, said the sole issue to determine was whether the plea for joinder by DPLAN was “meritorious.”
The judge held that only proper and necessary parties could be permitted by law to join a case.
“A necessary party is a party whose right will be affected by the order of a court,” he said.
He said that while it was clear that the suit by NIBSS sought judicial pronouncement regarding its BVN management, the issue could be determined by the court in the absence of DPLAN.
The judge further held that the party seeking to be joined cannot join the suit to protect the personal interests of its members, as this would imply that every Nigerian is a potential defendant in the suit.
He said that the presence of the AGF in the suit was sufficient to defend the BVN management suit on behalf of Nigerians.
“I cannot see how the interest of the applicant (DPLAN) will be jeopardised if it is not joined. This process is unnecessary,” the judge ruled.
Justice Omotosho stated that the group’s motion for joinder had no basis in law.
The judge, who dismissed the motion, adjourned the matter until May 26 for the hearing of the substantive suit by NIBSS.
By Adedapo Adesanya
The Senate has demanded detailed explanation from the Central Bank of Nigeria (CBN) over the alleged non-remittance of N1.44 trillion in operating surplus.
The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Mr Tokunbo Abiru, opened its statutory briefing with a firm call for transparency at the apex bank, noting that the Auditor-General’s query on the unremitted funds required a full, clear and documented response, insisting that public trust in monetary governance depended on strict accountability.
While acknowledging the CBN’s achievements in stabilising the foreign exchange market and reducing inflation, Mr Abiru underscored that such progress must be accompanied by institutional responsibility.
He stated the Senate expected the CBN to explain the circumstances surrounding the query, outline corrective steps taken and reveal safeguards against future lapses.
This came as the Governor of the central bank, Mr Yemi Cardoso, appeared before the senate committee and offered an extensive review of economic conditions, asserting that Nigeria was experiencing renewed macroeconomic stability across major indicators.
Mr Cardoso attributed the progress to bold monetary reforms, foreign-exchange liberalisation and disciplined liquidity management implemented since mid-2025.
According to him, headline inflation had declined for seven consecutive months, from 34.6 per cent in November 2024 to 16.05 per cent in October 2025, marking the steepest and longest disinflation trend in over a decade.
Food inflation accruing to him also slowed to 13.12 per cent, supported by improved supply conditions and exchange-rate predictability.
The CBN governor described the foreign-exchange market as fundamentally transformed, adding that speculative attacks and arbitrage opportunities had largely disappeared.
According to him, the premium between the official and parallel markets had fallen to below two per cent, compared to over 60 per cent a year earlier. As of November 26, the naira traded at N1,442.92 per dollar at the Nigerian Foreign Exchange Market, stronger than the N1,551 average recorded in the first half of 2025.
He also announced a sharp rise in external reserves to $46.7 billion, the highest in nearly seven years and sufficient to cover over ten months of imports.
Diaspora remittances, he noted, had tripled to about $600 million monthly, while foreign capital inflows reached $20.98 billion in the first ten months of 2025, 70 per cent higher than in 2024 and more than four times the 2023 figure.
Cardoso further confirmed that the CBN had fully cleared the $7 billion verified FX backlog, restoring investor confidence and strengthening Nigeria’s balance-of-payments position.
On banking-sector stability, he reported that recapitalisation efforts were progressing smoothly. Twenty-seven banks had already raised new capital, with sixteen meeting or surpassing the new regulatory thresholds ahead of the March 31, 2026 deadline, highlighting improvements in ATM cash availability, digital-payments oversight and cybersecurity compliance.
Despite the positive indicators, the Senate sought clarity on several policy decisions.
Mr Abiru pressed for explanations on the sustained 45 per cent Cash Reserve Ratio (CRR), the 75 per cent CRR applied to non-Treasury Single Account public-sector deposits, FX forward settlements, mutilated naira notes in circulation, excessive bank charges, failed electronic transactions and the compliance of CBN subsidiaries with parliamentary oversight.
He also requested an update on the activities of the Financial Services Regulatory Coordinating Committee, arguing that stronger inter-agency cooperation was necessary to maintain public confidence.
The session later moved into a closed-door meeting.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
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