Banking
FG Directs Banks to Resume Normal Working Hours
By Dipo Olowookere
Commercial banks operating in the country have been directed by the federal government to resume their normal working hours before the COVID-19 era.
This directive was given on behalf of President Muhammadu Buhari by the Presidential Task Force (PTF) on COVID-19 he set up few months ago to coordinate the national response on the global health crisis in the country.
At a press briefing in Abuja on Monday, National Coordinator of the task force, Mr Sani Aliyu, stated that banks were now free to resume normal business activities.
Business Post recalls that few weeks ago, when the lockdown was eased by the federal government, commercial banks were asked to operate from 9am to 2am.
This caused queues at banking premises as only few customers were allowed into the banking hall at a time. Some of those who had to do a transaction at most busy banks were forced to rush to their banks early in the morning to pick a tally.
But at the briefing yesterday, Mr Aliyu said with effect from Tuesday, June 2, commercial banks were free to open their doors to customers from 8am to 4pm.
“Effective from Tuesday, June 2, the easing of the lockdown will be characterised by the following:
“There will be full opening of the financial sector with banks now allowed to operate normal working hours five days a week,” the National Coordinator said.
However, he said the national curfew from 8pm to 6am has now been pushed to 10pm and 4am daily.
“The nationwide curfew will remain in place but the timing will be reduced to 10pm and 4am.
“Just to clarify, the purpose of the curfew is to limit social interaction and therefore reduce the spread of the virus.
“Persons that are on essential duty including but not limited to those involved in the provision of health services, media services and critical infrastructure are exempted,” he announced.
Earlier, Chairman of the PTF, Mr Boss Mustapha, had announced the lifting of ban on religious gatherings in the country.
He said there is now the “relaxation of restriction on places of worship based on guidelines issued by the PTF and protocols agreed by state governments.
“Managed access to markets and locations of economic activity to limit the risk of transmission; ban on inter-state travels except for movement of agricultural produce, petroleum products, manufactured goods and essential services.
“Mandatory use of non-medical face masks in public places; mandatory provision of handwashing facilities/sanitisers in all public places; extensive temperature checks in public places; maintaining 2 metres between people in public places, amongst others.
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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