Banking
Fitch Expects Access Bank to Repay Diamond Bank’s $200m Eurobond Next Month
By Modupe Gbadeyanka
In May 2019, Eurobond worth N200 million issued by Diamond Bank Plc is expected to be due for repayment and with Access Bank merging with Diamond Bank, the tier-1 lender would be expected to repay the bond holders at maturity.
Renowned rating agency, Fitch Ratings, says it expect Access Bank to be able to settle the debt and not default.
In a statement issued on Wednesday, Fitch, which maintained the Rating Watch Negative (RWN) on Access Bank ratings following the completion of the merger with Diamond Bank Plc, said it “expects Access Bank to repay the $200 million Eurobond on the due date.”
Fitch said it will resolve the RWN on Access Bank’s ratings when it has sufficient information to fully assess the combined entity’s standalone creditworthiness.
In the meantime, Fitch has upgraded Diamond Bank’s Long-Term Issuer Default Rating (IDR) to ‘B’ from ‘CC’, aligning it with Access Bank’s Long-Term IDR to reflect the merger with a higher-rated entity, and simultaneously withdrawn Diamond Bank’s Long-Term IDR.
The merger of the two banks has resulted in Diamond Bank’s assets, liabilities (including Diamond Bank’s $200 million Eurobond due May 21, 2019) and other undertakings being assumed by Access Bank.
Fitch noted in the statement obtained by Business Post that the RWN on Access Bank Long-Term IDR and Viability Rating (VR) primarily reflects the potentially negative impact on its financial profile from the absorption of a bank with very weak asset quality, capitalisation and foreign currency liquidity.
Accordingly, Fitch expects Access Bank’s asset quality, capitalisation and, potentially, funding and liquidity to be weaker post-merger.
“At the same time, we recognize that Access’s will be acquiring substantial low-cost deposits from Diamond Bank, which could improve its overall cost of funding. The RWN on Access Bank’s ratings also reflects greater strategy and execution risks post-merger,” the rating firm said.
Furthermore, Fitch said it expects to resolve the RWN when there is further clarity on these elements of Access Bank’s standalone credit profile, which we anticipate will be following the release of its results for the first quarter of 2019.
Fitch hinted that a potential downgrade of the bank’s rating is likely to be limited to one notch given Access Bank’s reasonable asset quality and capitalisation pre-merger, and its potentially now stronger company profile and franchise as Nigeria’s largest bank by total assets.
It stressed that Access Bank’s ratings could be affirmed with a Stable Outlook if we view the impact from the merger as moderate, based on the combined bank’s financial metrics, and limited additional unforeseen risks emerging from Diamond Bank.
It further said Access Bank’s National Ratings reflect the bank’s creditworthiness relative to other issuers in Nigeria. The RWN on Access Bank’s National Ratings reflects potential downside risks of the merger.
It disclosed that Access Bank’s ratings could be downgraded if the bank’s financial profile, particularly its capitalisation, asset quality or foreign currency liquidity, deteriorates significantly with the merger or, in the medium term, if the bank’s risk appetite, strategy and/or business model weaken notably.
“The ratings could be affirmed if the impact from the merger is moderate. The ratings could be upgraded in the medium term if Access Bank’s financial profile becomes sustainably comparable with higher rated peers, such as Zenith Bank, Guaranty Trust Bank or United Bank for Africa.
“Access Bank’s National Ratings remain sensitive to a change in the bank’s creditworthiness relative to other Nigerian issuers.
“A change in Access Bank’s IDRs would lead to a change in the ratings of its senior debt. A change in Access Bank’s VR would lead to a change in the rating of its subordinated debt,” it said.
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.
