Banking
Musicians Disrupt Activities at Access Bank over Withheld Funds
By Dipo Olowookere
Business activities at the Access Bank branch on Opebi Road, Ikeja, Lagos were disrupted on Monday by some aggrieved Nigerian musicians, who are demanding the release of their funds allegedly withheld by the financial institutions for about four years.
The music acts led by the former president of the Performing Musicians Association of Nigeria (PMAN), Mr Tony Okoroji, said they want the management of the bank to release the money to them without any further delay.
The action of the protesters attracted some passers-by, while some customers of the company had a slight difficulty in carrying out their financial transactions because of the distractions.
It was gathered that some of the musicians carried placards with various descriptions, including Access Bank… Ole bank … Return Our Money Now! Access Bank… Respect Court Orders … Return Musicians’ Money Today! Access Bank, 419 Bank, Release Musicians’ Money Now!!! Is Access Bank Broke? Why Are They Seizing Customers’ Money? Pay Us Our Money Today! East, West, North & South, Musicians Will Take On Access Bank. Release Musicians’ Money Today!!! etc.
While addressing newsmen, Mr Okoroji, who is the Chairman of the Copyright Society of Nigeria (COSON), described the situation as “crazy,” saying his members have been “patient with Access Bank.”
“They seem to have a corporate culture of never keeping to their word. You have meetings with them, reach agreements, by the time you leave, the agreements have changed,” he alleged.
He stated further that, “For almost four years, for no justifiable reason, they have traded with the money belonging to their customer at no cost and inflicted untold hardship on our members, their loyal customers.
“Two Federal High Court judges have delivered clear judgments requiring Access Bank to release the funds of their customer who has not borrowed any money from them and is not owing them one naira and they have chosen to disobey the orders of the court.
“Rather than pay us our money, they use our money to hire expensive lawyers who come to court, file incoherent motions and make juvenile arguments to hold on tenaciously to money belonging to an Access Bank customer.
“They acquire luxury estates in Banana Island and their customers whose funds they have brazenly ceased, die in penury. This is what banking seems to have turned into in Nigeria and many Nigerians are going through this hell.
“Can you imagine that a member of the Access Bank staff told me that they can use court processes to hold us down for 25 years and that by the time they are done, our money will no longer have any value and most of the people who are involved would have died?
“Somebody should tell Access Bank that we are not playing their game anymore! We are not going to wait for 25 years. We will not wait for 25 months or 25 weeks or 25 days. This appears to be what they do to many of their innocent customers. They kill them and get away with it. It has now become a culture. People should tell them that they have now taken on the wrong guys. They will not get away with it with the musicians of Nigeria. We want our money now.
“For close to four years, they played the music and we danced. Now, we will play the music and they will dance. They want to turn the court of justice into the court of injustice and make the Nigerian people a laughing stock. It will not work with us. If they want peace, we will give them peace but if they want war, they will experience war without end.
“We will make the movie and they will watch. We will keep them awake all day and all night and even if they ever close their eyes, they will keep seeing us in their dreams, enough of all this nonsense going on in Nigeria!” he fumed.
It will be recalled that Justice Yellin S. Bogoro of the Federal High Court, Lagos, in a judgment ordered Access Bank Plc to immediately unfreeze the bank accounts of COSON at the bank. It was also directed to pay COSON N70 million in damages.
Business Post reached out to Access Bank through one of its spokesmen, Mr Abdul Imoyo, who said the lender has appealed the judgement of the high court at an appellate court.
By Adedapo Adesanya
Nigerian tier-1 lender, First Bank, has announced the introduction of its Naira Visa Debit Card in partnership with the global payments giant to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
According to the bank, the partnership aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels, adding that the card is intended to serve customers across the country’s diverse economic segments.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
Speaking on the launch, Mr Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.
“By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Mr Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio, continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa’s card portfolio at FirstBank, which already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
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