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 Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025 from 63.5 million in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
The growth can largely be attributed to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024. The policy compelled many customers to regularise their biometric records to retain access to banking services.
Another major driver was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country. The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
It explained that this is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
Business Post reports that BVN, launched in 2014, was introduced to establish a single, unique identity for every bank customer in Nigeria and to strengthen the overall financial system. By linking each customer’s biometric data to one verified number, it helps to curb financial fraud, identity theft, and impersonation, while improving customer identification and eliminating the practice of operating multiple bank accounts under different identities.
Beyond security, BVN improves oversight, reduces loan defaults, protects customers, and supports financial inclusion.
By Aduragbemi Omiyale
The N500 billion minimum capital requirement of the Central Bank of Nigeria (CBN) for financial institutions with international banking licence has been met by Fidelity Bank Plc ahead of the March 2026 deadline.
The local lender met and surpassed the new capital base after raising about N259 billion from private placement, a notice on the Nigerian Exchange (NGX) Limited revealed.
Before the latest injection of funds, Fidelity Bank raised N175.85 billion through a public offer and rights issue in 2024, bringing its eligible capital to N305.5 billion and leaving a margin of N194.5 billion to meet the new regulatory capital requirement of N500 billion for commercial banks with international authorisation.
Giving an update on its recapitalisation exercise, Fidelity Bank said it got the fresh N259 billion from the private placement after approvals from the central bank and the Securities and Exchange Commission (SEC).
It was disclosed that “it successfully opened and closed a private placement of ordinary shares on December 31, 2025.”
“The private placement was conducted pursuant to the authorisation received from the bank’s shareholders at the Extraordinary General Meeting (EGM) of February 6, 2025, to issue up to 20 billion ordinary shares by way of private placement,” a part of the disclosure said.
A few days ago, First Bank of Nigeria also met the N500 billion capital base after injections of funds from one of its main shareholders, Mr Femi Otedola, who sold his stake in Geregu Power Plc for the purpose.
By Modupe Gbadeyanka
More than N270 million have been won in grants by about 608 young Nigerian entrepreneurs in the Unity Bank Corpreneurship Challenge since its inception in 2019.
The business grants were mainly won by graduates undergoing the mandatory one-year National Youth Service Corps (NYSC).
It is part of the lender’s Youth Entrepreneurship Development Initiative designed to equip fresh graduates with the funding, confidence, and support required to launch and scale viable businesses.
The Corpreneurship Challenge provides a competitive platform where corps members pitch business ideas, assessed on originality, feasibility, market demand, scalability, and job-creation potential. Successful participants receive financial grants to kick-start or expand their ventures, alongside exposure to business guidance and mentorship.
Unity Bank implemented the scheme through the Skill Acquisition and Entrepreneurship Development (SAED) programme of the NYSC.
In the most recent edition of the Corpreneurship Challenge, held between November 18 and December 9, 2025, across 10 NYSC orientation camps nationwide, 30 youth corps members emerged as winners during the Batch C, Stream I, 2025 exercise of the programme.
They were selected from orientation camps in Lagos, Delta, Kaduna, Jigawa, Kwara, Enugu, Abia, the Federal Capital Territory (FCT), Akwa Ibom, and Plateau (Jos), after pitching innovative business ideas across diverse sectors of the economy.
Unity Bank’s cumulative investment in the Corpreneurship Challenge underscores its long-standing commitment to youth empowerment, MSME development, and job creation in Nigeria.
Speaking on the continued impact of the initiative, Unity Bank’s Divisional Head for Retail and SME, Mrs Adenike Abimbola, reaffirmed the financial institution’s belief in entrepreneurship as a catalyst for economic transformation.
“At Unity Bank, we recognise that entrepreneurship remains one of the most effective tools for tackling youth unemployment and driving inclusive economic growth.
“Through the Corpreneurship Challenge, we are not only providing financial support, but also instilling confidence in young graduates to transform viable ideas into sustainable businesses.
“Reaching over 600 beneficiaries since inception reinforces our belief in the immense potential of Nigeria’s youth,” she said.
Mrs Abimbola further emphasised the programme’s role in strengthening Nigeria’s MSME ecosystem and creating long-term economic value.
“Small and medium-scale enterprises are the backbone of any resilient economy. By supporting corps members at the earliest stage of their entrepreneurial journey, we are helping to build businesses that can create jobs, stimulate local economies, and contribute meaningfully to national development. Our focus is on impact that goes beyond grants, impact that translates into lasting livelihoods,” she added.
Since its launch, the initiative has supported youth-led businesses across value chains, including fashion, agribusiness, food processing, creative services, manufacturing, and retail. Over the years, it has become an integral part of the NYSC experience, attracting thousands of applications annually and earning national recognition for its contribution to youth empowerment.
By sustaining and expanding the Corpreneurship Challenge, Unity Bank continues to reinforce its role as a strategic partner in Nigeria’s entrepreneurial and MSME development landscape.
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