Banking
Reps Probe CBN’s Anchors’ Borrowers Programme, NIRSAL, BoI Schemes
By Adedapo Adesanya
The House of Representatives is investigating the N1.12 trillion spent on the Anchors’ Borrowers Programme (ABP) of the Central Bank of Nigeria (CBN) alongside the NIRSAL Microfinance Bank for N215 billion spent on agro-businesses, as well as the Bank of Industry (BoI) for disbursing N3 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing Programme.
The House Committee on Nutrition and Food Security led by its Chairman, Mr Chike Okafor, during an investigative hearing on the alleged misuse of government interventions and agricultural funding by departments, agencies, schemes, and programmes of the federal government, raised concerns that of the 24 participating financial institutions (PFIs) who disbursed the amount for the APB, only nine had indicated any interest in following up with the probe.
He said one of the key oversight mandates of the committee is to ensure proper implementation of intervention programmes by relevant government bodies related to food security and nutrition.
“We are probing how the CBN through the Anchors Borrowers Programme disbursed about N1.12 trillion to 4.67 million farmers involved in either maize, rice or wheat farming through 563 anchors.
“The CBN should note: we are aware that you have about 24 participating financial institutions (PFIs) through which you disburse these humongous amounts. I am also aware that you have written to 24 of them but we have evidence of only nine. So, please note. And also some of those PFIs have tried to make contact.
“Second point we are probing how NIRSAL disbursed N215, 066, 982, 074.50 so far to facilitate agriculture and agribusinesses, and also the Bank of Industry how you disbursed N3 billion to 22, 120 smallholder farmers through the agriculture value chain financing programme,” he said.
“One of the key oversight mandates of the Committee on Nutrition and Food Security is to ensure proper implementation of intervention programmes by relevant Ministries, Departments, and Agencies (MDAs) and agencies of government related to food security and nutrition. Investigations, monitoring of resource allocation, advancement of new laws, and strengthening of existing ones among others, on matters related to nutrition and food security.
“These are comprehensively contained in the committee’s jurisdiction as captured in the standing order of the House. Please, note that nutrition and food security are twin issues that cannot be separated and have been on the front burner of the renewed hope agenda of the present administration.
“The creation of this committee on Nutrition and Food security is a legislative response to join forces with the executive arm of government and other stakeholders to tackle these issues and make Nigeria a food-secured and nourished populace,” he stated.
A representative of NIRSAL Microfinance Bank, Mr Charles Bassey, said insecurity was a major challenge to the successful implementation of their loan scheme, adding that in trying to determine who was qualified to benefit from the intervention, they paid attention very closely to laid down guidelines.
“It was based on those guidelines that we disbursed these funds. Some of the challenges that they have written about include insecurity challenges. A couple of them had pointed to the fact that after they had invested the funds in agricultural business, they were not able to go back to the farms because of the experience of banditry and herdsmen.
“These delayed their seasonal interventions and harvesting. Some also pointed to natural disasters such as flooding and drought which affected them. A few of them actually asked for restructuring of the loan facility to allow them time to repay accordingly,” Mr Bassey said.
On his part, Group Head, Agric Finance and Solid Minerals, Sterling Bank, Mr Olushola Obikanye, said they had repatriated N113,490,756,332.54 to the CBN and were not owing under the scheme.
“Therefore, the total fund repatriated to the Central Bank of Nigeria is the cumulative of the undisbursed funds that were returned and the disbursed funds that were returned. The total funds repatriated to the central bank stood at N113,490,756,332.54. It leaves Sterling Bank with an outstanding of zero Naira zero Kobo that we are owing under this scheme,” he said.
By Aduragbemi Omiyale
Sterling Financial Holdings Company Plc has allotted shares from its public offer of 2025 to investors with valid applications.
The allotment follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities and Exchange Commission (SEC).
In September 2025, the financial institution offered for sale about 12,581,000,000 ordinary shares of 50 kobo each at N7.00 per share in public offer.
However, the exercise received wide participation from the investing public, with the company getting 18,280 applications for 16,839,524,401 ordinary shares valued at approximately N117.88 billion.
Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares, representing a subscription level of 109.79 per cent and reflecting sustained confidence in Sterling Holdco’s strategic direction, governance, and long-term growth prospects.
The firm approached the capital market for additional funds for the recapitalisation of its two flagship subsidiaries, Sterling Bank and The Alternative Bank.
The capital injection will support the commencement of full operations and contribute to the group’s revenue diversification objectives.
In line with the guidelines set out in the offer prospectus, Sterling Holdco confirmed that all valid applications will be allotted in full. Every investor who complied with the terms of the offer will receive all the shares for which they applied.
A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples, as stipulated in the offer documents.
The group ensures a seamless post-offer process, with refunds for excess or rejected applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.
Simultaneously, the electronic allotment of shares has be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) on February 17, and for applicants who do not currently have CSCS accounts, their allotted shares will be temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.
By Modupe Gbadeyanka
To drive inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies, there must be coordinated reforms in digital cross-border payments.
This was the submission of the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, at the G‑24 Technical Group Meetings in Abuja on Thursday, February 19, 2026.
According to him, high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
The central banker emphasised that efficient payment systems are essential for economic inclusion, highlighting that global remittance corridors still incur average costs above 6 per cent, with settlement delays of several days, excluding millions from modern economic activity.
Mr Cardoso cautioned that while digital payments present significant opportunities, they also carry risks such as currency substitution, weakened monetary transmission, increased FX volatility, capital-flow pressures, and regulatory fragmentation.
The G-24 TGM 2026, themed Mobilising finance for sustainable, inclusive, and job-rich transformation, convened global financial stakeholders to advance the modernisation of finance in support of emerging and developing economies.
The CBN chief reaffirmed Nigeria’s commitment to working with G-24 members, the IMF, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial architecture.
“We have strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual-screening of cross-border transactions to mitigate risks.
“To deepen regional integration, the CBN introduced simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in PAPSS, easing processes for Nigerian SMEs and enabling faster intra-African trade payments.
“We have also embraced fintech innovation through our Regulatory Sandbox, allowing payment-focused fintechs to test secure, instant cross-border solutions under close CBN supervision,” he disclosed.
By Modupe Gbadeyanka
The merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course, a statement from one of the parties disclosed.
According to Unity Bank, there is no iota of truth in reports in certain sections of the media suggesting that the merger process had stalled, as the transaction remains firmly on track.
It was disclosed that the necessary regulatory steps have been completed, but only a few other steps to finalise the transaction, especially the final court sanction.
There had been speculations that both lenders may not meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) before the March 31, 2026, deadline.
However, it was noted that the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework.
When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.
“The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning.
“We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria,” the chief executive of Unity Bank, Mr Ebenezer Kolawole, stated.
Recall that a few months ago, shareholders authorised the merger between the two entities at Court-Ordered Meetings. They also adopted the scheme of merger at their respective Extraordinary General Meetings (EGMs) in September 2025,
The central bank also backed the merger, with a pivotal financial accommodation to support the transaction. The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC).
The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.
The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.
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