Banking
First Bank Assures Customers Enhanced Palliative Measures
By Modupe Gbadeyanka
Customers of First Bank of Nigeria Limited have been assured enhanced palliative measures to help them overcome the hardship caused by COVID-19 pandemic.
This assurance was given by the CEO of the bank, Mr Adesola Adeduntan, at the company’s virtual Corporate Customers forum webinar held on Thursday.
The banker said the one of the palliatives was the introduction of moratorium by the financial institution to give customers more time to repay their loans.
Speaking on how the lender plans to survive the tide, he the company will optimally maximise the opportunities from the disruptions occasioned by the Coronavirus on the economy to its advantage by reducing the cost of doing business.
“COVID-19 is giving business leaders an opportunity to rethink on an established wisdom.
“It is a major crisis that we need to deal with and we must change it from a bad to good crisis. It offers an opportunity to reinvent our business. We have to think without the box,” Mr Adeduntan said at the event
themed Navigating the Financial Impact of COVID-19 – Business Leaders’ Role in Finding a ‘New Normal.
According to him, the bank is looking at several opportunities to do things differently to achieve desired result.
Speaking on the topic Impact of the COVID-19 Crisis on the Nigeria Financial Sector, he said the pandemic had put significant pressure on revenue and profits of commercial banks.
He said that the banking industry was witnessing more stringent interest rates, higher foreign exchange funding cost and concerns on level of foreign reserves, among others.
The bank chief said that the pandemic had led to uptick in the level of non-performing assets and increase in the level of cyber attacks due to migration to digital channels.
Mr Adeduntan assured customers that the bank would overcome the pandemic, having been in existence for the past 126 years.
He said that FirstBank was already in existence when the first pandemic of 1918 occurred, saying “it weathered it and would still shake off COVID-19 pandemic. Our customers are right in there at the centre of our business.”
Also speaking, FirstBank Group Executive, Treasury & Financial Institutions, Mr Ini Ebong, said that collapse of oil price, oil price war, COVID-19 pandemic and global lockdown affected the foreign exchange market.
Mr Ebong said the foreign exchange market was under immense pressure due to exit of portfolio investors.
He said that demand for dollars was heightened due to collapse of oil price and Coronavirus pandemic.
Mr Ebong explained that steps taken so far by the federal government and the Central Bank of Nigeria (CBN) to support the economy would bring back liquidity.
“If we create a good conducive environment, portfolio managers will still come back to our market,” he said.
Mr Wole Obayomi, Partner, KPMG, said tax was part of life, while noting that no country had cancelled tax payment because of COVID-19.
Speaking on the topic Tax Advisory: Market Disruptions, Mr Obayomi advised corporates to ensure payment of tax as and when due, to reduce tax bills in form of penalties.
He said that corporates could engage tax authorities for payment extension if they foresee late payment due to the global pandemic.
Mr Obayomi, however, called on the Federal Government to suspend the new Value Added Tax increase to 7.5 per cent till 2021 due to COVID-19 pandemic.
Also speaking, Ms Bunmi Bajomo, First Bank Group Head, Corporate Banking Group (Manufacturing), noted that fundamental change requires fundamental actions by corporates, governments, customers and consumers.
Speaking on the topic Impact of the COVID-19 Crisis on the Manufacturing Sector, Ms Bajomo said “there is always an opportunity in any crisis.”
She said that companies with strong balance sheet would come out stronger and marginal players would struggle.
According to her, corporates should be careful and smarter with operational expenses, adding that actions corporates take would determine where they would be post-COVID-19.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
