Banking
No Plan to Remove Paul Usoro from Board—Access Bank
By Modupe Gbadeyanka
Last year, the Economic and Financial Crimes Commission (EFCC) dragged President of the Nigerian Bar Association (NBA), Mr Paul Usoro (SAN), before Justice Muslim Hassan of a Federal High Court sitting in Lagos for an alleged N1.4 billion fraud.
The anti-graft agency, which arraigned the respected lawyer on a 10-count charge, had claimed he converted and laundered the N1.4 billion in connivance with the Governor of Akwa Ibom State, Mr Udom Emmanuel.
According to the EFCC, Mr Usoro in connivance with others had conspired among themselves to commit the offence in 2015 “within the jurisdiction of this honourable court,” which it said was contrary to Section 18 (a) of the Money Laundering (Prohibition) Act, 2011.
However, the NBA chief had pleaded not guilty to the charges and was granted bail in the sum of N250 million.
Mr Usoro is a member of the board of Access Bank Plc and when his issues with the EFCC was ranging, there were speculations that he might be asked to leave the lender’s board to clear his name so as not to put the company in disrepute.
But Access Bank has said such will likely not happen because Mr Usoro’s case with the commission was mere allegations, which have not been proven.
Business Post reports that the Group Chief Executive of Access Bank, Mr Herbert Wigwe, gave this assertion while addressing analysts recently.
“I think the issue of Paul Usoro is a very simple issue and I don’t mind taking it here. If you need further information, it would be taken offline.
“There is clear evidence that there is no issue and our compliance guys have basically reviewed all the issues and the case with respect to Paul, who is presently the President of the Nigerian Bar Association, and we remain comfortable that it falls well within the guidelines and for him to remain on the board. So, there is no such issue (of removing him) and I don’t think the charges against him are things that we can say anything about at this particular point in time.
“If you basically speak to your lawyers, until such a time there is any conviction of any sort before issues can be taken. As you know Paul, he is a respectable gentleman, he is the President of the Nigerian Bar Association, which by any stretch of imagination represents a person of high integrity,” Mr Wigwe said during a conference call in Lagos monitored by Business Post.
Banking
Proxy Share Acquisition: Nothing to Worry About—LivingTrust Mortgage Bank Assures Shareholders
By Aduragbemi Omiyale
The board of LivingTrust Mortgage Bank Plc has assured the investing public, particularly its shareholders, that its operations are not being affected by reports of an alleged proxy share acquisition surrounding the organisation.
It was claimed that an investor attempted to take over the control of the real estate lender with funds alleged to have been from questionable sources.
In a clarification to the investing public through the Nigerian Exchange (NGX) Limited on Tuesday, April 7, 2026, the company said it cannot confirm if security operatives investigating the claims have submitted their report to the Central Bank of Nigeria (CBN).
However, it assured that, “Our bank is stable and that in the event of any change in ownership, we will file the necessary formal notifications and publish detailed announcements.”
In the notice today, LivingTrust Mortgage Bank narrated that, “As a company listed on the Growth Board of NGX, there are regular movements on the bank’s shareholder register.
“The bank’s monitoring of material movements showed an acquisition of 2.24 per cent of its shareholding by Apel Asset Ltd-Nominee, as per its register of June 25, 2025, as obtained from our registrar. However, one month later, in July 2025, the register obtained from the bank’s registrar showed the same shares to be listed in favour of Deril Academy Limited. We are further aware that in July 2025, Deril Academy Limited teamed up with some other shareholders in a takeover attempt via a matter filed in the Federal High Court, Lagos. The attempt failed, and the matter has now been withdrawn.
“Please note that we do not reveal the veil of corporations of juridical entities investing in the shares of the bank, below the level considered statutorily significant.
“While the CBN assesses the source of funds invested in financial institutions, persons purchasing shares of less than 5 per cent of total shareholdings in the open market are not required to be reported to the CBN.”
Business Post reports that the majority shareholders of LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank, are Cititrust Holdings Plc and the Osun State Government.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) registry surged to 68.6 million in the first three months of 2026 from 67.8 million in the last quarter of 2025, reflecting continued uptake of the unique identity platform for bank customers amid new regulatory directives to strengthen the Nigerian financial landscape further.
Data released by the Nigeria Inter-Bank Settlement System (NIBSS) showed that the database expanded by 754,128 in the first quarter of the year.
Last year, the sector recorded 4.3 million new registrations, largely driven by the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to register remotely, thereby boosting cross-border financial inclusion.
The data for fresh enrolments in 2026 showed a slowing rate of registrations, with fewer than one million recorded in the first three months. The total number of active bank accounts in Nigeria stood at over 320 million as of March 2025, highlighting a gap between BVN coverage and the broader banking population. While a single BVN can be linked to multiple accounts, unlinked accounts remain a challenge for financial oversight.
Last month, the Central Bank of Nigeria (CBN) introduced a revised BVN regulatory framework to strengthen identity verification and fraud prevention. Among the new provisions, only individuals aged 18 and above are eligible for BVN enrolment, and customers are now permitted to update the phone number linked to their BVN only once.
The apex bank also directed financial institutions to maintain a temporary watch list of BVNs associated with suspected fraudulent transactions. Affected BVNs remain on the list for up to 24 hours, during which owners are contacted for clarification before further action is taken.
According to the CBN, the measures are designed to tighten fraud monitoring, protect transaction integrity, and enhance identity management across Nigeria’s banking system.
By Modupe Gbadeyanka
One tune that is on the lips of young and energetic Nigerians is the new ALAT: The Evolution jingle.
The melodious clink was designed to capture the energy of a smarter and more seamless banking experience. It is bright, catchy, and full of life.
The lender said the ALAT: The Evolution jingle is more than just music, as it represents a clear statement of intent. It signals a shift towards banking that feels natural, responsive, and in tune with the user.
As customers update their app and explore ALAT: The Evolution, the jingle serves as a reminder that a better, smoother way to bank is already here. Wema Bank is not just evolving its technology; it is shaping how banking feels.
It was stated that the tune was introduced to mark the next phase of the financial institution’s digital banking journey.
Everyday banking can often feel routine or even stressful, with multiple steps and delays slowing things down. The ALAT: The Evolution jingle reimagines that experience with a lively and confident tone that mirrors the app’s capabilities.
From voice banking with SAW to Tap and Pay and bank uptime prediction, each feature is echoed in the rhythm and flow of the sound. It brings to life the speed, convenience, and reliability that define this new phase of ALAT: The Evolution.
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