Banking
First Bank Gives Update on Requirements for FX Purchase
By Aduragbemi Omiyale
One of the leading financial institutions in Nigeria, First Bank, has given updates on how its customers can apply for foreign exchange (FX) “in line with regulatory requirements.”
In a notice obtained by Business Post, the lender said customers can secure $4,000 for Personal Travel Allowance (PTA) and $5,000 for Business Travel Allowance (BTA) to be disbursed directly to their First Bank Travel Card.
However, the bank emphasised that “all PTA/BTA applications along with the approved Form A are submitted at the branch exactly 14 days before your proposed travel date,” noting that sales are limited to two quarters a year.
This development has become necessary in Nigeria as a result of the scarcity of forex in the country. This has forced the banks to ration available FX to customers.
In the message sent via email, First Bank noted that for the application of hard currency for the payment of school fees abroad, customers must send the request at least 30 days before.
“For school fees, a minimum of 30 days is required for processing, after the submission of documents along with the approved Form A at the branch, subject to a maximum of $15,000 per semester and limited to two semesters per session,” the lender stated.
It added that application for upkeep requires a minimum of 30 days for processing subject to a maximum of $3,000 (or its equivalent in other currencies) per semester, limited to two semesters per session.
It stressed that the customer must present evidence of payment of the school fees for the current session if the school fee was not paid through First Bank.
The notice also disclosed that “a Form M must accompany applications for Form Q, subject to a maximum of $20,000 and limited to 2 quarters a financial year.
“Application for Form A for (school fees, student upkeep, PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) platform.”
The bank listed the requirements for FX purchase and processing school fees for the first degree and post-graduate programmes as:
Admission letter on the school letterhead
Invoice for the current semester on the school letterhead.
The beneficiary bank/account details in the name of the school/university
Duly completed Form A
Authority to debit customer/applicant account for Naira equivalent and charges
Biodata page of the International passport of the student
Additionally, a first-degree certificate is required for postgraduate programs.
Notification of result is acceptable only if it is duly endorsed as a ‘certified true copy’ by the institution that awarded it
The applicant should be a recognized parent or guardian of the student.
School fees and student upkeep is strictly for degree and postgraduate programs.
The school fees amount should be equal to or less than the amount on the invoice and not more than the amount on the invoice.
The maximum limit of $15,000 (or its equivalent in other currencies) per semester is no longer applicable. The amount on the invoice is the limit in line with recent CBN/ Bankers committee decisions.
The student upkeep/maintenance fee is a maximum of $3,000 (or its equivalent in other currencies) and can be paid directly to the account in the name of the student abroad per semester if the school does not make provision for the collection of student upkeep on behalf of the student. This is in line with the recent CBN/ Bankers committee decision.
Requirements for processing PTA/BTA:
Biodata page of International Passport
Valid Visa Page
Duly confirmed return ticket with e-ticket number
Authority to debit account for naira equivalent and charges
Account must have been opened and run for at least 6 months
Complete a prepaid card request form where the customer does not have one
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
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