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 Aduragbemi Omiyale
Sterling Financial Holdings Company Plc has allotted shares from its public offer of 2025 to investors with valid applications.
The allotment follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities and Exchange Commission (SEC).
In September 2025, the financial institution offered for sale about 12,581,000,000 ordinary shares of 50 kobo each at N7.00 per share in public offer.
However, the exercise received wide participation from the investing public, with the company getting 18,280 applications for 16,839,524,401 ordinary shares valued at approximately N117.88 billion.
Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares, representing a subscription level of 109.79 per cent and reflecting sustained confidence in Sterling Holdco’s strategic direction, governance, and long-term growth prospects.
The firm approached the capital market for additional funds for the recapitalisation of its two flagship subsidiaries, Sterling Bank and The Alternative Bank.
The capital injection will support the commencement of full operations and contribute to the group’s revenue diversification objectives.
In line with the guidelines set out in the offer prospectus, Sterling Holdco confirmed that all valid applications will be allotted in full. Every investor who complied with the terms of the offer will receive all the shares for which they applied.
A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples, as stipulated in the offer documents.
The group ensures a seamless post-offer process, with refunds for excess or rejected applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.
Simultaneously, the electronic allotment of shares has be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) on February 17, and for applicants who do not currently have CSCS accounts, their allotted shares will be temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.
By Modupe Gbadeyanka
To drive inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies, there must be coordinated reforms in digital cross-border payments.
This was the submission of the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, at the G‑24 Technical Group Meetings in Abuja on Thursday, February 19, 2026.
According to him, high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
The central banker emphasised that efficient payment systems are essential for economic inclusion, highlighting that global remittance corridors still incur average costs above 6 per cent, with settlement delays of several days, excluding millions from modern economic activity.
Mr Cardoso cautioned that while digital payments present significant opportunities, they also carry risks such as currency substitution, weakened monetary transmission, increased FX volatility, capital-flow pressures, and regulatory fragmentation.
The G-24 TGM 2026, themed Mobilising finance for sustainable, inclusive, and job-rich transformation, convened global financial stakeholders to advance the modernisation of finance in support of emerging and developing economies.
The CBN chief reaffirmed Nigeria’s commitment to working with G-24 members, the IMF, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial architecture.
“We have strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual-screening of cross-border transactions to mitigate risks.
“To deepen regional integration, the CBN introduced simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in PAPSS, easing processes for Nigerian SMEs and enabling faster intra-African trade payments.
“We have also embraced fintech innovation through our Regulatory Sandbox, allowing payment-focused fintechs to test secure, instant cross-border solutions under close CBN supervision,” he disclosed.
By Modupe Gbadeyanka
The merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course, a statement from one of the parties disclosed.
According to Unity Bank, there is no iota of truth in reports in certain sections of the media suggesting that the merger process had stalled, as the transaction remains firmly on track.
It was disclosed that the necessary regulatory steps have been completed, but only a few other steps to finalise the transaction, especially the final court sanction.
There had been speculations that both lenders may not meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) before the March 31, 2026, deadline.
However, it was noted that the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework.
When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.
“The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning.
“We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria,” the chief executive of Unity Bank, Mr Ebenezer Kolawole, stated.
Recall that a few months ago, shareholders authorised the merger between the two entities at Court-Ordered Meetings. They also adopted the scheme of merger at their respective Extraordinary General Meetings (EGMs) in September 2025,
The central bank also backed the merger, with a pivotal financial accommodation to support the transaction. The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC).
The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.
The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.
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