Banking
Nik Ogbulie Unveils ‘Inside Nigerian Banks’ In Lagos
By Dipo Olowookere
A book written by renowned Lagos-based financial journalist, Mr Nik Ogbulie, titled ‘Inside Nigerian Banks’, has finally been launched in Lagos.
The book, according to the author, captures the state of the Nigerian banking sector, with special reference to the series of developments, innovations, infractions, hopes, aspirations and disappointments within the various banking institutions in the last sixteen years.
He also disclosed that the piece is a new arrival in the anthology of banking sector intellectual research and publication and expresses confidence that it would interest stakeholders in the industry.
According to Mr Ogbulie, the 310-page book presents an insight into the economic intelligence outlook of Nigerian banks, with the intention of releasing their various properties and characteristics, in such a way that equity investors and services delivery consumers would quickly make their long-term decisions to avoid being caught in the web of the inconsistencies the author has perceived in many banks.
‘Inside Nigerian Banks’ was unveiled today at the Lecture Theatre of the Nigerian Institute of International Affairs, Victoria Island, under the Chairmanship of Mr Okenmor Fidelis Tilije, the Commissioner for Water Resources Development, Delta State.
The special guest of honour of the event was Professor Ndi Okereke-Onyiuke, former Director-General of the Nigerian Stock Exchange(NSE); while Jibril Aku, Head Strayegy, Ecobank Transnational Incorporated(ETI) and Chuka Onwuchekwa, MD/CEO , Aquila Leasing Limited and Chairman of Equipment Leasing Association of Nigeria (ELAN) were the guests of honour.
The author explained that ‘Inside Nigerian Banks’ is divided into eight chapters and offers readers the benefit of hindsight in its first chapter , ‘from Revolution to Reformation’, where the activities of the last four Governors of the Central Bank of Nigeria (CBN) were analyzed in line with the effectiveness or the efficiency of their policies in the consolidation mantra.
The book was chronological in buttressing the roles of the governors in the sanity that the industry enjoys and was even more critical in its presentation of the various controversies in some of the policies that trailed a lot of the decisions by each governor.
Short of rating the performances of the various governors, there are obvious imputations in the book that explain the proficiency of each governor above the other in all those efforts that were tailored to instil decorum in the industry.
However, the book is of the opinion that the last four governors have performed very patriotic functions in national economic development by concentrating on an industry that has been eager to meets global competitiveness.
The highpoint of the book is the author’s courage in dedicating the book to a woman he considers as the brain behind the success of the consolidation project, Professor Ndi Okereke-Onyiuke, former Director-General of the Nigerian Stock Exchange(NSE).
According to him, the various efforts like local and international road-shows, as well as high net-worth alliances with globally high-niche markets and equity franchise magnates propelled the perception of the Nigerian market and urged the investors to go for the Nigerian markets first.
The book noted that her tenure came with a drive that was consistent with the commitment to offer enough openings for all banks to raise cheap funds. It also mentioned that this motive did not only benefit the banks but caused an over-flow of investible funds into other equities than banks alone, to the extent that a bench-mark of over N14 trillion capitalization was recorded.
According to the book, the dedication was a way of encouraging Nigerian CEOs to embrace cross-section alliances as sine qua-non to national economic growth. The book noted that the Prof Okereke-Onyiuke’s leadership model is what Nigerians need to cultivate enduring growth alliances in the economy.
The book takes a copious look into all the banks and came up with positions that may continue to determine the rating of many agencies on our banks over time based on the depth of its data and the antecedents of the author who has spent some 26 years reporting the industry, the economy, public policies of the Nigerian governments, the World Bank/IMF and the nuances of other multilateral financial institutions on Nigeria.
In précised presentations, the about twenty banks are put in their proper places in terms of the future of their trade , and this forms a major basis for their going forward in the maze of struggles the industry is experiencing today.
The book, in all the detailed chapters may have set a platform for another intensive reform or has set up an interest for a new merger deal, signs of which current developments in the industry third quarter results may be giving credence to.
Carefully read, the book tries to tell Nigerians that the industry has come of age, but must watch their banks.
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has denied reports that customers performing financial transactions would pay a Value Added Tax (VAT) of 7.5 per cent from January 19, 2026.
Information about this emanated from messages sent out to customers of a financial institution, informing them of the new development in compliance of Nigeria’s new tax laws, especially the Nigeria Tax Act 2025.
It was claimed that Nigerians, as part of efforts of the government to generate more funds from taxes, would begin to pay VAT for the use of banking services like USSD and others.
But reacting in a statement signed by its management on Thursday, January 15, 2026, the tax collecting agency emphasised that the VAT collection for such services was not new.
It stressed that customers have always paid taxes for electronic money transfers and others, as this is charged on the fee, not from the main amount of the transaction.
“The Nigeria Revenue Service wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime. The Nigeria Tax Act did not introduce VAT on banking charges, nor (sic) did it impose new tax obligation on customers in this regard.
“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information,” the statement read.
Business Post reports that what this basically means is that if a customer sends N10,000 and the bank charges N50 for the service, a 7.5 per cent VAT on the N50, which is N3.75, would be paid by the sender, not N750, which is 7.5 per cent of N10,000.
By Adedapo Adesanya
Nigerian-born payments company, Paystack, has announced its entry into the banking sector with the launch of Paystack Microfinance Bank (Paystack MFB) after the acquisition of Ladder Microfinance Bank.
The bank continues Paystack’s push into consumer products and adds a banking layer to its business-focused payment product, coming ten years after the company was founded with the goal of simplifying payments for businesses using modern technology.
In Nigeria alone, the company says its systems process trillions of Naira every month, supporting more than 300,000 businesses and millions of customers. According to Paystack, this growth highlighted a broader need beyond payments, prompting the decision to build a more comprehensive financial offering.
Paystack MFB will begin lending to businesses before expanding to consumers. It will also offer banking-as-a-service (BaaS) products to companies building financial products and treasury management products.
The company explained that while payments are a critical part of the financial journey, businesses and individuals increasingly require a full financial operating system. This includes the ability to store money securely, move funds easily, gain clarity from financial data, and access tools that support long-term growth. Developers, Paystack added, also need reliable, secure, and compliant infrastructure to build new financial solutions efficiently.
To address these needs, Paystack said it has established Paystack Microfinance Bank as a separate and independent entity from Paystack Payments Limited.
The new microfinance bank operates with its own license, governance structure, and product roadmap, although it will work closely with its sister company.
“By adding Paystack MFB to our family of brands, we’re finding the right balance through combining the rapid innovation of a tech-first platform with the stability of traditional banking,” said Ms Amandine Lobelle, Paystack’s chief operating officer.
Last year, it launched its controversial consumer payments app Zap, and now it is taking a step further with the company securing regulatory backing to become a deposit-taking institution. According to a statement, the bank will be guided by the same principles that shaped Paystack’s early success, including reliability, simplicity, transparency, and trust.
Paystack MFB has begun operations with a small group of early members and plans a gradual rollout to more businesses and individuals. The company also announced the opening of a waitlist for interested users and confirmed it is recruiting a dedicated team to help build its long-term banking infrastructure.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has helped First Bank of Nigeria to recover the sum of N802.4 million from a suspect, Mr Kingsley Eghosa Ojo, who unlawfully took possession of over N1.3 billion belonging to the bank.
The funds were handed over the financial institution by the Benin Zonal Directorate of the anti-money laundering agency on Monday, January 12, 2026, a statement on Tuesday confirmed.
First Bank approached the EFCC for the recovery of the money through a petition, claiming that the suspect received the money into his account after system glitches.
The commission in its investigation; discovered that the suspect, upon the receipt of the money, transferred a good measure of it to the bank accounts of his mother, Mrs Itohan Ojo and that of his sister, Ms Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle.
With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.
While handing over the lender, the acting Director for the Directorate, Mr Sa’ad Hanafi Sa’ad, stressed his organisation would continue to discharge its mandate effectively in the overall interests of society.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done.
“We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said.
In his response, the Business Manager for First Bank in Benin City, Mr Olalere Sunday Ajayi, who received the drafts on behalf of the bank, commended the EFCC for the swiftness and the professionalism it brought to bear in the handling of the matter and expressed the bank’s gratitude to the commission.
He described the EFCC as one of Nigeria’s most effective and reliable institutions.
Meanwhile, Mr Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.
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