Banking
Emefiele, Bank MDs to Face Senate Over Illegal Charges
By Modupe Gbadeyanka
Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been asked to appear before the Senate to explain reason for excess and arbitrary bank charges and illegal deductions allegedly by commercial banks operating in the country.
The Senate Committee on Banking, Insurance and other Financial Institutions also asked the Managing Directors of the lenders to appear before it.
This followed a motion moved at the plenary on Tuesday by Senator Magnus Abe titled ‘Urgent need to investigate, regularize and amend conflicting, vague and unjust remedies which the Central Bank of Nigeria offers to victims of Excess and Arbitrary Bank Charges and Illegal Deductions by Commercial Banks.’
The lawmaker said the upper parliament needs to urgently investigate, regularize and amend conflicting, vague and unjust remedies which the CBN offers to victims of excess and arbitrary bank charges and illegal deductions by commercial banks.
He warned that, “If this trend is allowed to continue unabated, Nigerians will be worse for it, while the commercial banks will continue to declare huge profits at the expense of innocent Nigerians from regular depositors to business firms.”
According to him, the CBN on the 20th February reported that it had recovered about N2.6 billion from banks as excess charges imposed on their customers in 2015 through a statement issued by the Director, Corporate Communications Department, Mr Muazu Ibrahim.
Mr Abe noted that in 2015 alone, the apex bank investigated about 6,000 of such cases.
He expressed concern that several of the Central Bank of Nigeria applicable rules that should remedy such hardship and discourage sharp practices by the commercial banks are conflicting, vague and unjust. There by causing the commercial banks to frequently short change their customers;
The Senator added that requests made by Bank Customers to the Central Bank of Nigeria for clarification of the rules are largely ignored.
In his contribution, Senator Dino Melaye raised the issues of no consent of deduction from banks on its customers as this has led to maximum profits over time by banks across the country and also called the attention of the Senate to direct the banks to contact the next of kin of dead customers as this has been a norm by banking sectors not declaring or contacting the next of kin rather than been secretive about the funds in the account.
“Banks need to be honest to its customers and there is need for the Senate to find out who in authority conferred such power to banks to make such deductions from customers without their consent, and what the money is being used for,” Senator Isah Misau said.
At the end of deliberations, the Senate resolved to urge the government to proactively protect customers rights, eradicate short payments of interest and end the culture of excess and arbitrary bank charges, these steps if taken will reposition the bank to avert future re-occurrence.
It also directed its committee on banking to conduct a public hearing and invite the CBN Governor, his officials and other stakeholders such as forensic auditors, MDs of commercial banks and bankers committee with a view to harmonizing and amending these laws, rules and guidelines that do not adequately protect the customers and give them substantial remedy when overcharged.
“I commend this very important motion particularly at this difficult time when every Naira is important.
“We must be seen to defend the interest of Nigerians who don’t have the voice to defend themselves. Again, the issue here is to get to the bottom of what the laws and guidelines are, and we should show that they are in line with laws and we have the powers to make such pronouncements,” the Senate President, Mr Bukola Saraki, said.
By Modupe Gbadeyanka
Registration for the second HerFidelity Apprenticeship Programme (HAP 2.0) organised by Fidelity Bank Plc has commenced.
The Divisional Head of Product Development at Fidelity Bank, Mr Osita Ede, informed newsmen that the initiative was designed to empower women with sustainable entrepreneurship skills.
The lender created the flagship women-empowerment initiative to equip women with practical, income‑generating skills and structured pathways to entrepreneurship.
“HerFidelity Apprenticeship Programme 2.0 reflects our commitment to continuous improvement. Having evaluated feedback from the first edition, we have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities,” he said.
“At the heart of the programme is guided, real‑world learning. Participants will undergo intensive apprenticeship training under reputable institutions and industry experts across select fields such as hair styling, shoe making, auto mechatronics, and interior decoration,” Mr Ede added.
He noted that HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services. These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women‑focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.
Further emphasising the bank’s vision, Mr Ede said, “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities. This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper.”
By Modupe Gbadeyanka
A new branch of The Alternative Bank (AltBank) has been opened in Ondo State as part of the expansion drive of the financial institution.
A statement from the company disclosed that the new branch would support export-oriented agribusinesses through Letters of Credit and commodity-backed trade finance, ensuring that local producers can scale beyond state borders.
For SMEs, the bank is introducing robust payment rails, asset financing for equipment and inventory, and supply chain-backed facilities that strengthen working capital without trapping businesses in interest-based debt cycles.
The Governor of Ondo State, Mr Lucky Aiyedatiwa, represented by his Chief of
Staff, Mr Olusegun Omojuwa, at the commissioning of the branch, underscored the importance of financial institutions in economic development.
“The pivotal role of financial institutions to economic growth and development of any economy cannot be overemphasised. It provides access to capital, supporting small and medium-scale enterprises and encouraging savings.
“Therefore, I have no doubt in my mind that the presence of The Alternative Bank in Ondo State will deepen financial services, create employment opportunities and stimulate economic activities across various sectors,” he said.
In her remarks, the Executive Director for Commercial and Institutional Banking (Lagos and South West) at The Alternative Bank, Mrs Korede Demola-Adeniyi, commended the state government’s leadership and outlined the lender’s long-term vision for Ondo State.
“As Ondo State steps into its next fifty years, and into the future anchored on the sustainable development championed during the recent anniversary celebrations, The Alternative Bank is here to be the financial engine for that vision. We didn’t come to Akure to hang banners. We came to fund work, farms, shops, and factories.”
With Ondo State’s economy anchored largely on agriculture, particularly cocoa production, poultry farming, and other cash crops, alongside a growing SME and trade ecosystem, AltBank is deploying sector-specific financing solutions tailored to these strengths.
For cocoa aggregators, processors and poultry operators, the bank will provide production financing, facility expansion support, machinery lease structures, and structured trade facilities under its joint venture and cost-plus financing models, with transaction cycles of up to 180 days for commodity trades and longer-term structured asset financing for equipment and infrastructure.
The organisation is a notable national non-interest bank with a physical network now surpassing 170 locations, deploying capital to solve real-world challenges through initiatives such as the Mata Zalla project, which saw to the training of hundreds of women as electric tricycle drivers and mechanics.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, announced on Tuesday that the country’s banking sector is making strong progress in the recapitalisation drive, with 20 banks now fully compliant.
Mr Cardoso disclosed this during a press conference at the first Monetary Policy Committee (MPC) meeting of 2026, where he also highlighted positive developments in the nation’s foreign reserves.
On March 28, 2024, the apex bank announced an increase in the minimum capital requirements for commercial banks with international licences to N500 billion.
National and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.
Also, CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.
The banking regulator said the new capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.
To meet the minimum capital requirements, CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.
Following the development, several banks announced plans to raise funds through share and bond issuances.
In January, Zenith Bank said it had raised N350.46 billion through rights issue and public offer to meet the CBN minimum capital requirement.
Guaranty Trust Holding Company Plc (GTCO), on July 4, said it had successfully priced its fully marketed offering on the London Stock Exchange (LSE).
In September, the CBN governor said 14 banks fully met their recapitalisation requirements — up from eight banks in July.
With one month to the central bank’s March 31, 2026, recapitalisation deadline, 13 Nigerian lenders are yet to cross the finish line.
Additionally, the governor noted that 33 banks have raised funds as part of the ongoing recapitalisation exercise, signalling robust capital mobilisation across the sector.
He stated that gross foreign reserves have climbed to a 13-year high of $50.4 billion as of mid-February 2026.
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