By Adedapo Adesanya 

Nigerian tier-1 lender, Zenith Bank Plc, plans to list on the London Stock Exchange in 2027 to broaden access to capital and strengthen client services.

“There are a lot of deals we have on the table to finance across the United Kingdom and other countries, for which we need to raise more capital,” a bank official said on Tuesday, as per Bloomberg, since Zenith didn’t disclose additional details of its plan.

The move will make Zenith Bank the second Nigerian lender to list on the United Kingdom’s major exchange, following Guaranty Trust Holding Company (GTCO) Plc.

Zenith Bank, which is Nigeria’s second-largest lender by market value, has opened a branch in Manchester today in addition to the operation it already has in London.

The Manchester branch has the capacity to create up to 30 new direct jobs, a boost for the economy of the UK’s North West region.

The chief executive of Zenith Bank, Ms Adaora Umeoji, said, “The United Kingdom remains a key global financial centre. The opening of Zenith Bank, Manchester, therefore, marks another important milestone in our international expansion strategy, enabling us to deepen relationships with our customers, support trade and investments, and connect businesses between Africa and the UK more effectively.”

Last year, the bank raised its capital above the N500 billion minimum requirement set by the Central Bank of Nigeria (CBN), and announced plans to expand in francophone West Africa.

Founded in 1990 by Mr Jim Ovia, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability.

Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT).

The bank currently operates subsidiaries in several African countries, including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres, including the United Kingdom, France, the UAE and China.

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has waived the affidavit requirement for reactivating dormant bank accounts to unlock billions of Naira trapped in inactive accounts, boost financial inclusion, and reduce compliance costs for customers amid ongoing economic reforms.

In a circular issued to banks and other financial institutions, the apex bank said the decision followed representations from stakeholders who had raised concerns about the administrative burden associated with affidavit requirements.

The directive was contained in a circular titled Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria, dated March 12, 2026.

The new directive supersedes an earlier circular issued on February 17, 2025, and takes immediate effect.

According to the circular signed by the director of the Financial Policy and Regulation Department, Rita I. Sike, the revised framework allows banks and other financial institutions to accept dormant account reactivation requests via alternative channels, provided adequate risk management measures are in place.

The CBN stated that the existing guidelines mandate banks and other financial institutions to implement specific measures and disclosures regarding dormant accounts, unclaimed balances, and other financial assets to improve transparency and facilitate the reunification of funds with their rightful owners.

“The guidelines are designed to enhance transparency, facilitate the reunification of funds with their rightful owners, and ensure full compliance with applicable legal and regulatory frameworks,” the CBN said.

Under the new directive, banks must still maintain strict identification and verification processes when handling requests to reactivate dormant accounts.

“In addition to the in-person submission of reactivation requests required under Section 8.0(i) of the Guidelines, banks and other financial institutions shall adopt alternative channels for receiving requests for the reactivation of dormant accounts,” the circular stated.

However, the apex bank emphasised that institutions must implement appropriate risk management strategies, including robust identification and verification measures, to ensure that the individual making the request is properly authenticated.

“Following representations received from stakeholders, the CBN hereby rescinds the requirement under Section 8.0(ii) for the mandatory use of affidavits in the reactivation of dormant accounts,” the circular said.

Despite the removal of the affidavit requirement, the regulator directed banks to apply enhanced due diligence procedures when processing reactivation requests.

The CBN clarified that the removal of affidavits applies only to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund Pool Account.

“For the avoidance of doubt, affidavits are no longer required for reactivating dormant accounts that have not been transferred to the UBTF Pool Account,” the regulator said.

However, customers seeking to reclaim funds already transferred to the Unclaimed Balances Trust Fund Pool Account will still be required to present affidavits in accordance with the existing guidelines.

“This rescission does not extend to the reclaiming of funds already transferred to the UBTF Pool Account, where affidavits remain mandatory,” the circular noted.

Beyond the reactivation process, the CBN also strengthened disclosure requirements relating to dormant accounts and unclaimed balances.

Banks and other financial institutions have been directed to publish specific information on their operational websites regarding dormant accounts that have not yet been transferred to the UBTF Pool Account, as well as unclaimed balances already transferred to the fund.

The information to be disclosed includes the names of authorised account holders, the type of account, the name of the financial institution and the branch where the account is domiciled.

Financial institutions that do not maintain operational websites must publish the information on the official websites of their respective industry associations.

In addition, the CBN directed banks and other financial institutions to publish the mandated information annually in at least two national daily newspapers.

Where such disclosures exceed two full pages, institutions may instead publish a single-page notice in at least two national newspapers, directing customers to a dedicated, easily searchable section of their corporate websites containing the full list of dormant accounts.

The regulator, however, provided exemptions for smaller institutions. State and unit microfinance banks are only required to display the information at their business locations and are not mandated to publish the details in national newspapers.

The CBN also addressed concerns raised by financial institutions regarding compliance with Nigeria’s data protection framework.

The regulator explained that the disclosure requirements are consistent with the provisions of the Nigeria Data Protection Act, 2023, which permits the processing of personal data where it is necessary for compliance with a legal obligation or the protection of the vital interests of individuals.

It further cited Section 72(11) of the Banks and Other Financial Institutions Act (BOFIA, 2020), which empowers the CBN to issue guidelines on the administration of unclaimed funds in banks and other financial institutions.

“Accordingly, the required disclosures are legally justified and fully consistent with the applicable provisions of the NDPA and BOFIA,” the apex bank said.

By Aduragbemi Omiyale

A former Deputy Managing Director of First Bank of Nigeria, Mr Gbenga Shobo, has been appointed to the board of FairMoney Microfinance Bank as chairman.

This appointment is part of the strategies deployed by the small technology-driven financial institution to strengthen corporate governance.

In a statement made available to Business Post on Tuesday, it was disclosed that a former chief executive of Letshego Microfinance Bank, Mr Debo Aderoju, has also been appointed to the board as an executive director and Chief Risk Officer.

The chief executive of FairMoney, Mr Henry Obiekea, said the appointment of the duo “reinforces our commitment to transforming FairMoney into a market-leading financial institution.”

“Mr Shobo joins our board with extensive experience in managing complex operations and a deep understanding of the retail and tech-enabled sectors, which will be invaluable as we continue to expand our services and deliver even greater value to our customers.

“In addition, Mr Aderoju’s strong expertise in governance and inclusive finance will serve as a key driver for enhancing operational efficiency, risk management and regulatory compliance,” he added.

Mr Shobo brings to the board over 35 years of experience in the banking industry. During his tenure at First Bank, he played a pivotal role in driving remarkable growth in digital banking volumes and supervised business units that generated significant portions of the bank’s total revenue.

An alumnus of the University of Ife, Harvard Business School, Stanford University and INSEAD, He has also served on the boards of various financial institutions, including microfinance, insurance and fintechs, highlighting his experience across diverse segments of the financial services ecosystem.

Renowned for his strategic insight, governance acumen, and boardroom expertise, his appointment is expected to further strengthen the bank’s governance architecture and provide strong strategic oversight as FairMoney continues to expand its footprint in Nigeria’s financial services landscape, while upholding the highest ethical standards.

On his part, Mr Aderoju is a banking professional with more than two decades of experience in credit management, enterprise risk management, and inclusive finance.

Earlier in his career, he worked at United Bank for Africa and later moved to First Bank of Nigeria Limited, where he oversaw risk management functions across multiple Sub-Saharan African markets. His appointment is subject to regulatory approval.

He is an alumnus of the Leadership Development Program at the Gordon Institute of Business and Science (GIBS), University of Pretoria, South Africa, and the Massachusetts Institute of Technology.