Banking
Access Bank Carpets ICPC Over Arraignment Story
By Dipo Olowookere
The management of Access Bank Plc has rubbished reports in some sections of the media that the bank and its official were recently charged to court by the Independent Corruption Practices and Other Related Offences Commission (ICPC).
The lender and its officials were reported to have been dragged to court over their alleged refusal to lift a Post-No-Debit (PND) order on the accounts belonging to Blaid Properties Limited and Blaid Construction Limited.
Reacting to the issue via a statement, Access Bank said the report, which it claimed contained misleading information, was mainly “calculated to embarrass the bank, its executives and stakeholders.”
The financial institution said it was not aware of “any criminal charge filed against it or any of its officers” neither has any of its officers been served with any criminal summons.
“The publications were calculated to harass and intimidate the bank and its officers for no just cause,” the statement noted.
It said, “As a responsible financial institution which conducts its business transparently within the confines of the law, we consider it imperative to state the following facts relating to the matter.
“Contrary to the publication, neither the bank nor any of its officers mentioned in the publication were arraigned by the ICPC as reported.”
Access Bank explained that, “The ICPC had on the January 18, 2017 instructed the bank not to allow any withdrawal from the Accounts which it was investigating at the time. The bank complied with the instruction by restricting the accounts.
“By another letter dated November 6, 2017, the ICPC instructed the bank to lift the PND on the accounts. In compliance with this second directive, the bank took steps to engage the customers to re-activate the accounts which had since gone dormant due to the restrictions earlier placed on them.
“However, by another letter dated November 9, 2017, the Special Presidential Investigation Panel on Recovery of Public Property directed the bank to place PND on the accounts. The Presidential Panel by its letter of November 14, 2017 subsequently, reiterated its earlier directive amongst others and invited officers of the bank to an interview with its instruction on the accounts.
“Again, by a letter dated November 28, 2017, the ICPC ordered the bank to lift the PND on the accounts stating that the order supersedes any order or orders placing PND on the accounts.
“The bank by its letter dated November 29, 2017 notified the ICPC that the PND was at the instance and request of the Presidential Panel and that there was a pending suit and application filed by the Federal Government of Nigeria, Attorney General of Federation and the Presidential Panel seeking to restrain the bank from releasing any funds from the accounts.
“The bank also notified the ICPC of court to transfer the funds in the accounts to the Registrar of the Federal High Court pending the determination of the suit filed by the Federal Government of Nigeria.
“The bank subsequently received an invitation from the ICPC addressed to its branches and not the Group Managing Director or any of the officers mentioned in the media publications. The bank honoured the invitation and there again reiterated the foregoing facts.
“Notwithstanding the clear facts presented by the bank, the ICPC demanded that the bank provide evidence that the PND had been lifted by Thursday December 7, 2017 failing which its officers would be detained.
“Being a responsible organisation, officers of the bank returned to the ICPC with an advice from the bank’s Solicitors again stating why the bank cannot lift the PND in disregard of the directive of Presidential Panel and the case in court in which the Federal Government and the Attorney General of the Federation in suit No FHC/ABJ/CS1114/2017 were seeking to restrain the bank from releasing funds in the accounts.
“Given what had transpired we were therefore rudely shocked to read the newspaper publications given fact that the bank and its officers have not done anything to warrant being charged for any offence.”
Access Bank said it was “at a loss as to how a government agency setup to fight graft would attempt to criminalize the bank and its officers for complying with the directive of the Presidential Panel to place PND on the accounts which are subject of pending suits.”
“We have stated the above facts to clear any misgivings or mischief calculated to embarrass or intimidate the bank. As a responsible corporate citizen, we remain committed to the ideals of good corporate governance, due process and rule of law,” the lender assured.
By Aduragbemi Omiyale
More than $700 million was disbursed in loans to Micro, Small, and Medium-sized Enterprises (MSMEs) in 2025 by Moniepoint, the financial technology (fintech) firm said in its inaugural Impact Report titled Creating Financial Happiness.
The report also revealed that for three out of four borrowers, a loan from Moniepoint was the first formal business credit their enterprise had ever accessed because of the strategies deployed by the organisation to make financing more accessible to small business owners.
“Ten years ago, we began this journey with a simple but audacious goal — to build financial infrastructure that worked for everyone. Today, that goal has crystallised into our mission of creating a world where every African, everywhere, can experience financial happiness.
“This report shows how that vision is taking shape, through the lives and businesses that are improving because they now have access to the right financial tools.
“For 75 per cent of the businesses we lent to this year, ours was the first formal business loan they had ever received. We also significantly expanded lending to women-owned businesses because we know that when African women thrive, entire communities are uplifted,” the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, stated.
The report showed that Moniepoint now serves over 20 million businesses and individuals, processing over $250 billion in transaction value annually.
It also highlights the impact of expanded access to credit, banking, and business management tools for MSMEs in Nigeria, which face a funding gap of approximately $32.2 billion.
In addition, businesses that received credit recorded a 36 per cent increase in average transaction value, while enterprises banking with Moniepoint employed more than 8 million people in 2025.
Beyond access to credit, Moniepoint’s payments infrastructure is extending financial access to underserved communities, as customers without smartphones or reliable internet can use the company’s USSD service, which turns a basic feature phone into a banking tool.
It was observed that people without smartphones carried out over $170 million in transactions by dialling a simple code.
Across the country, Moniepoint’s POS terminals operate in all 774 local government areas and enable payments for 100 million people in 2025. These gains are showing up in how people experience their financial lives.
In surveys of Moniepoint users, 83 per cent reported that their quality of life has improved, and 85 per cent reported increased confidence in achieving their financial goals.
Beyond its commercial operations, the report also highlights Moniepoint’s broader contribution to economic and social development through investments in talent, education, entrepreneurship and community development.
Guided by the UN Sustainable Development Goals, the financial giant has expanded employment pathways through initiatives such as Women in Tech and DreamDevs engineering programmes, while supporting STEM education, financial literacy, women entrepreneurs and underserved children, collectively reaching tens of thousands of beneficiaries.
Through strategic delivery partnerships, Moniepoint has also supported large-scale government intervention programmes, enabling subsidised food distribution to more than 800,000 people in northern Nigeria.
By Aduragbemi Omiyale
It was a double honour for Zenith Bank Plc at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking.
The lender was named Africa’s Best Bank and Nigeria’s Best Bank, the latter for the second consecutive year, at a ceremony held on Thursday, July 16, at The Peninsula London Hotel, London, England.
The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking.
“We are deeply honoured by these recognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution.
“These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa,” the chief executive of Zenith Bank, Ms Adaora Umeoji, said.
The dual recognition of Zenith Bank is a testament to its sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.
In this year’s edition, a record of over 770 entries were received from world-class financial institutions, including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.
Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions.
In the 2025 financial year, the bank grew gross earnings by six per cent year on year to N4.19 trillion and delivered profit after tax of N1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent.
In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totalling N410.69 billion) for the 2025 financial year, representing a 100 per cent increase over N5.00 per share paid in 2024.
By Adedapo Adesanya
The Wireless Application Service Providers Association of Nigeria (WASPAN) has asked the Federal High Court in Lagos to suspend the enforcement of the Federal Competition and Consumer Protection Commission’s (FCCPC) Digital, Electronic, Online or Non-Traditional Consumer Lending (DEON) Regulations 2025 pending the determination of its appeal against an earlier judgment.
The application follows the dismissal of WASPAN’s substantive suit challenging the regulations, although the court made significant pronouncements on the regulatory responsibilities of the FCCPC and the Nigerian Communications Commission (NCC).
Justice Ambrose Lewis-Allagoa had ruled that the FCCPC possesses powers under Sections 104, 105, 106, and 163 of the Federal Competition and Consumer Protection Act to investigate anti-competitive conduct, protect consumers, and issue regulations.
The court also held that there was no conflict between the FCCPC Act and the Nigerian Communications Act, affirming that while the FCCPC oversees competition and consumer protection, the NCC remains the statutory regulator responsible for licensing telecommunications operators.
However, the judge clarified that “the FCCPC lacks the power to issue telecommunications licences,” adding that “nothing in the DEON Regulations creates a telecommunication licensing.”
Despite the ruling, WASPAN has filed a notice of appeal and is seeking an injunction to preserve the status quo pending the outcome of the appellate process.
In its Motion on Notice, the association asked the court for “an order of injunction restraining the Defendant whether by itself, officers, employees, agents or such other persons howsoever named from enforcing, implementing and/or otherwise giving effect to the enforcement and/or implementation of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025” pending the hearing and determination of the appeal.
WASPAN also requested an order preventing the FCCPC from interfering with services provided by its members under the disputed regulations.
Specifically, it sought an order restraining the commission “from taking any steps towards interfering with or preventing the Plaintiff’s members from providing or continuing to provide or deploy any services or product governed by the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025.”
In addition, the association urged the court to restrain the FCCPC “from imposing any sanction, penalty, punishment or fines on the Plaintiff’s members” over any alleged non-compliance with the regulations while the appeal is pending.
According to WASPAN, the interim reliefs are necessary to preserve the subject matter of the appeal and prevent actions that could render the appellate proceedings ineffective.
Business Post reports that the latest application extends the legal battle over the FCCPC’s DEON Regulations and sets the stage for the Court of Appeal to further clarify the scope of the commission’s regulatory authority in Nigeria’s digital lending and telecommunications sectors.
