Banking
Osinbajo Suggests Regular Forensic Audit of Banks
Dipo Olowookere
Nigeria’s Vice President, Professor Yemi Osinbajo, has advised the Central Bank of Nigeria (CBN) to regularly conduct a forensic audit of banks operating in the country.
According to the Vice President, this will go a long way in boosting the confidence of investors and Nigerians in the banking sector.
Mr Osinbajo made this call on Monday in Abuja at the public presentation and launching of the book ‘Banking Reform in Nigeria: the Law, the Prospects and the Challenges’ written by a doctor of Law, former lecturer in the University of Ife and a member House of Representative, Mr Bode Ayorinde.
The number two citizen of the country decried the low impact of commercial banks on the citizenry with no fewer than 40 percent of the people under-banked.
He commended the Mr Ayorinde for coming up with the book, noting that the author had stirred intellectual discourse on the subject matter and there was the need for all to pay attention to his suggestions and adapt those that could propel the economy.
The Vice President said banking supervision was crucial as regulation was at the heart of the financial system.
“Regulation is at the heart of our whole financial and economic system.
“One thing that we have learnt from the last decade is that more often than not it is these ordinary citizens who pay for the misadventures of the financial services sector and the failures of government regulation.
“Not only do they lose their homes and moneys, sometimes even their live savings they also shoulder the cost of the bail outs in the banks.
“This is why, it is my view that independence governance of the CBN and closer and more regular forensic scrutiny of banks is fundamental,” he said.
According to Mr Osinbajo, “It is holding our bankers to account; it is insisting that they keep their books honestly and transparently and to sanction effectively those who so often step out of line.”
He expressed gratitude on the conversation of the book on the financial sector and the economy adding that it would be a worthwhile contribution on what needed to be done in the regulation of the financial system.
During his presentation, the Vice President lamented the low impact the baking system has had on the lives of Nigerians.
He said, “It is perhaps accurate to say that for most Nigerians, banks have not really significantly impacted their lives or livelihoods.
“First, the under-banked population is said to be in the order of about 40 per cent, which means that a significant number do not even have access to banking facilities let alone banking products of any kind.
“The majority of those who have bank accounts for a variety of reasons are not able to access personal loans, mortgage or business loans
“This explains why financial inclusion has gained inclusive currency and resonance in the past few years.”
Mr Osinbajo lamented that depositors give their hard-earned funds to the banks at single-digit interest rate but cannot get anything less than double-digits when they seek the same funds for their businesses or mortgages for homes.
He noted that the practice occurred against the backdrop of what seemed to be regular declarations of hefty profits by banks.
The Vice President stated that the issue was not just about safe keeping of funds especially for the poor and those in the rural areas.
He said everyone should have access to financial products designed for low income earners as well as for the SMEs.
Mr Osinbajo stated that when the administration started the conditional cash transfer scheme for the poor it experienced the banking problems first hand.
He said the government had relied on the words of enthusiastic banks for sending N5,000 to the first batch of the One million poor but got disappointed when the banks could not perform.
He said that by the way bank businesses were designed in the country there was little room for financial inclusion and little room for those who could pay the banks charges.
By Aduragbemi Omiyale
An initiative aimed to challenge business leaders and innovators to transcend current horizons has been introduced by Stanbic IBTC Bank through a thematic campaign known as There is Possible, Then There is More.
The idea is to a mindset of amplified possibility, sustained growth, and transformative partnerships, with Stanbic IBTC Bank positioned as a pivotal enabler.
With this campaign, Stanbic IBTC Bank is positioning itself as a trusted ally for Nigerian CEOs who want to do more, become more, and achieve more.
The Executive Director for Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, said, “As a bank, our mission is to not only meet the financing needs of Nigerian CEOs, but to inspire them to reach for more.
“We understand the challenges they face and the aspirations they hold, and we are equipped to support their ambitions, and extend them even further thereby, helping them to achieve exponential growth.”
He emphasised that, “This campaign is evidence of our commitment to being more than just a bank; we want to be the partner that propels our customers beyond their goals.
“We empower our clients with the tools and resources necessary for success by fostering collaboration and mutual growth and this proactive approach underscores our commitment to supporting business leaders and inspiring them to dream bigger and achieve greater heights in their respective industries.”
Business Post reports that the campaign officially debuted with a striking teaser, with An Open Letter to All CEOs on key digital platforms, digital out-of-home screens, and social media feeds. For days, the public speculated. This week, the letter was finally revealed—and with it, a most human and resonant message.
The Open Letter to CEOs is more than just an advertising creative campaign; it is a genuine call to action.
In it, Stanbic IBTC Bank acknowledges the resilience and achievements of Nigerian business owners even in the face of adversity. But it also dares to ask: What more could be achieved with the right support, partnership, and financial foresight?
Overall, Stanbic IBTC Bank’s vision reflects a deep understanding of the crucial role that financial institutions play in the broader economic ecosystem—one where banks serve as catalysts for growth and achievement.
From trade financing to investment advice, capacity development to transactional banking, Stanbic IBTC Bank offers a suite of solutions designed specifically to meet the evolving needs of today’s CEOs — from start-ups and SMEs to established corporations and multinationals.
By Adedapo Adesanya
The acquisition of the National Bank of Kenya by Access Bank Plc may linger a bit because securing the approval of the Central Bank of Nigeria (CBN) may be a challenge despite its Kenyan counterpart giving its blessings to the transaction.
Recall that on Monday, the Central Bank of Kenya (CBK) and the National Treasury approved the deal which will see KCB sell 100 per cent of NBK at 1.25 its book value to the Nigerian lender which had both signed an agreement for the purchase in March 2024.
Though the CBK has given its approval, the CBN also needed to authorise the acquisition for it to be completed.
Reports suggest the deal appears to have halted as the Nigerian apex bank flagged it for regulatory breaches and failure to receive proper notice.
It also said there were missing disclosures and a non-compliant structure and has asked both parties to resubmit the deal.
This development put a snag in Access Bank’s second acquisition in Kenya for the Nigerian bank after it bought Transnational Bank Limited in 2019.
Access Bank has plans to double the share of assets outside its home market by 2027 and has seen deal build on the bank’s growing operations in the Democratic Republic of Congo and Rwanda.
However, one of these may not happen as the CBN reportedly wants Access Bank to exit the Democratic Republic of Congo and shut down its London office as part of broader efforts to streamline Nigerian banks’ foreign operations.
Access Bank has been on a Mergers and Acquisition (M&A) streak across the continent, acquiring Grobank in South Africa, BancABC in Botswana and Mozambique, Diamond Bank in Nigeria, and Finibanco Angola in line with the visions of its late founder, Mr Herbert Wigwe.
It also has plans to buy Standard Chartered subsidiaries in Cameroon, The Gambia, and Tanzania (it has already completed acquisitions in Angola and Sierra Leone) as well as an 80 per cent stake in Finance Trust Bank (FTB) of Uganda which was announced in January 2024 and has gotten partial approval from Uganda’s financial authorities but has pending approval from the CBN and Bank of Uganda.
At the time of this report, both the CBN and Access Bank could not be reached by Business Post for comments on this development.
By Dipo Olowookere
Additional shares of First HoldCo Plc worth about N149.6 billion have been listed on the Nigerian Exchange (NGX) Limited.
The fresh equities were introduced to the stock exchange on Monday, April 7, 2025, to increase the total issued and fully paid-up share of the financial services provider to 41,877,841,591 ordinary shares of 50 Kobo each.
Before now, First HoldCo had a total of 35,895,292,792 ordinary shares of 50 Kobo each but this increased with the addition of another 5,982,548,799 ordinary shares of 50 Kobo each.
The new equities were from the rights issue of the organisation, which saw shareholders getting one new stock for every existing six stocks held at the close of business on Friday, October 18, 2024.
The exercise, which was oversubscribed by 25.46 per cent, was part of the strategies to meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) for its banking business, First Bank of Nigeria Limited.
The banking arm of First HoldCo is in the tier one category in Nigeria and it is required to have at least N500 billion as its capital base because of its operations outside the country.
Business Post reports that the fresh 5,982,548,799 ordinary shares of First HoldCo listed on the bourse last Monday was at a unit price of N25, amounting to N149.6 billion.
Confirming this development, the NGX in a notice said, “Trading licence holders are hereby notified that additional 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share of First HoldCo Plc were on Monday, April 7, 2025, listed on the daily official list of Nigerian Exchange (NGX) Limited.
The additional shares listed on NGX arose from First HolCo Plc’s rights issue of 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share
“With the listing of the additional 5,982,548,799 ordinary shares, the total issued and fully paid-up shares of First HoldCo Plc have now increased from 35,895,292,792 to 41,877,841,591 ordinary shares of 50 Kobo each.”
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