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 Adedapo Adesanya
The Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025 from 63.5 million in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
The growth can largely be attributed to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024. The policy compelled many customers to regularise their biometric records to retain access to banking services.
Another major driver was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country. The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
It explained that this is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
Business Post reports that BVN, launched in 2014, was introduced to establish a single, unique identity for every bank customer in Nigeria and to strengthen the overall financial system. By linking each customer’s biometric data to one verified number, it helps to curb financial fraud, identity theft, and impersonation, while improving customer identification and eliminating the practice of operating multiple bank accounts under different identities.
Beyond security, BVN improves oversight, reduces loan defaults, protects customers, and supports financial inclusion.
By Aduragbemi Omiyale
The N500 billion minimum capital requirement of the Central Bank of Nigeria (CBN) for financial institutions with international banking licence has been met by Fidelity Bank Plc ahead of the March 2026 deadline.
The local lender met and surpassed the new capital base after raising about N259 billion from private placement, a notice on the Nigerian Exchange (NGX) Limited revealed.
Before the latest injection of funds, Fidelity Bank raised N175.85 billion through a public offer and rights issue in 2024, bringing its eligible capital to N305.5 billion and leaving a margin of N194.5 billion to meet the new regulatory capital requirement of N500 billion for commercial banks with international authorisation.
Giving an update on its recapitalisation exercise, Fidelity Bank said it got the fresh N259 billion from the private placement after approvals from the central bank and the Securities and Exchange Commission (SEC).
It was disclosed that “it successfully opened and closed a private placement of ordinary shares on December 31, 2025.”
“The private placement was conducted pursuant to the authorisation received from the bank’s shareholders at the Extraordinary General Meeting (EGM) of February 6, 2025, to issue up to 20 billion ordinary shares by way of private placement,” a part of the disclosure said.
A few days ago, First Bank of Nigeria also met the N500 billion capital base after injections of funds from one of its main shareholders, Mr Femi Otedola, who sold his stake in Geregu Power Plc for the purpose.
By Modupe Gbadeyanka
More than N270 million have been won in grants by about 608 young Nigerian entrepreneurs in the Unity Bank Corpreneurship Challenge since its inception in 2019.
The business grants were mainly won by graduates undergoing the mandatory one-year National Youth Service Corps (NYSC).
It is part of the lender’s Youth Entrepreneurship Development Initiative designed to equip fresh graduates with the funding, confidence, and support required to launch and scale viable businesses.
The Corpreneurship Challenge provides a competitive platform where corps members pitch business ideas, assessed on originality, feasibility, market demand, scalability, and job-creation potential. Successful participants receive financial grants to kick-start or expand their ventures, alongside exposure to business guidance and mentorship.
Unity Bank implemented the scheme through the Skill Acquisition and Entrepreneurship Development (SAED) programme of the NYSC.
In the most recent edition of the Corpreneurship Challenge, held between November 18 and December 9, 2025, across 10 NYSC orientation camps nationwide, 30 youth corps members emerged as winners during the Batch C, Stream I, 2025 exercise of the programme.
They were selected from orientation camps in Lagos, Delta, Kaduna, Jigawa, Kwara, Enugu, Abia, the Federal Capital Territory (FCT), Akwa Ibom, and Plateau (Jos), after pitching innovative business ideas across diverse sectors of the economy.
Unity Bank’s cumulative investment in the Corpreneurship Challenge underscores its long-standing commitment to youth empowerment, MSME development, and job creation in Nigeria.
Speaking on the continued impact of the initiative, Unity Bank’s Divisional Head for Retail and SME, Mrs Adenike Abimbola, reaffirmed the financial institution’s belief in entrepreneurship as a catalyst for economic transformation.
“At Unity Bank, we recognise that entrepreneurship remains one of the most effective tools for tackling youth unemployment and driving inclusive economic growth.
“Through the Corpreneurship Challenge, we are not only providing financial support, but also instilling confidence in young graduates to transform viable ideas into sustainable businesses.
“Reaching over 600 beneficiaries since inception reinforces our belief in the immense potential of Nigeria’s youth,” she said.
Mrs Abimbola further emphasised the programme’s role in strengthening Nigeria’s MSME ecosystem and creating long-term economic value.
“Small and medium-scale enterprises are the backbone of any resilient economy. By supporting corps members at the earliest stage of their entrepreneurial journey, we are helping to build businesses that can create jobs, stimulate local economies, and contribute meaningfully to national development. Our focus is on impact that goes beyond grants, impact that translates into lasting livelihoods,” she added.
Since its launch, the initiative has supported youth-led businesses across value chains, including fashion, agribusiness, food processing, creative services, manufacturing, and retail. Over the years, it has become an integral part of the NYSC experience, attracting thousands of applications annually and earning national recognition for its contribution to youth empowerment.
By sustaining and expanding the Corpreneurship Challenge, Unity Bank continues to reinforce its role as a strategic partner in Nigeria’s entrepreneurial and MSME development landscape.
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