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 Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
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.
