Banking
Reps to Tackle Excessive Charges on Customers’ Bank Accounts
By Adedapo Adesanya
The House of Representatives has moved to probe what it described as the “arbitrary, excessive, and unexplained” charges drawn from customers’ accounts by money deposit banks operating in the country.
This followed a resolution of a motion of urgent public importance sponsored by Mr Tolani Shagaya, a lawmaker from Kwara State, at Tuesday’s plenary session presided over by the Speaker, Mr Tajudeen Abbas.
Titled, Need to curb arbitrary bank charges and protect Nigerian customers, Mr Shagaya drew the attention of his colleagues to the incessant charges levied on Nigerian bank customers despite repeated warnings by the Central Bank of Nigeria (CBN).
The House had at a plenary session in 2016 raised the alarm over alleged shady deals by some commercial banks following the consideration of a motion moved by the then-member representing Kabba/Bunu/Ijumu Federal Constituency, Kogi State, Mr Tajudeen Yusuf.
At the time, Mr Yusuf informed his colleagues how commercial banks were in the habit of abusing the N65 Automated Teller Machine (ATM) withdrawal charge per transaction, which the apex bank had stipulated should apply only after the third withdrawal from another bank’s dispensing unit.
Also, in 2023, the green chamber expressed displeasure over the “excess charges and illegal deductions” by commercial banks, following a motion sponsored by Mr Godwin Offiono.
In his motion, Mr Offiono accused commercial banks of “fleecing customers through unauthorised deductions in breach of extant financial laws.
“While banks are expected to provide financial services at fair costs, many Nigerian customers have repeatedly experienced multiple and unaccounted deductions that strain their finances.
“These arbitrary charges have persisted despite the CBN’s clear directives. They have become a major source of concern for Nigerians who are already battling economic hardship,” he stated on the floor of the chamber.
He would go on to list the unjustified charges to include excessive SMS alert fees, card maintenance charges, account maintenance deductions, and interbank transfer costs, among others.
Speaking on the motion on Tuesday, Mr Shagaya noted that if the practices continue, “Public trust in banks will be eroded while savings will be discouraged, thus undermining the CBN’s financial inclusion campaign.”
“These incessant charges have become not only a source of frustration but also a barrier to financial inclusion.
“When citizens lose confidence in the banking system, it defeats the government’s efforts to build a robust digital and cashless economy.”
Following the adoption of the motion, the House urged the CBN to “immediately publish a simplified and comprehensive list of all approved bank charges to enhance transparency and consumer awareness.”
It also charged the apex bank to be tough on compliance and enforce sanctions when its directives are breached by commercial banks.
Furthermore, the House mandated the CBN to “establish an accessible and efficient redress mechanism for customers to lodge complaints and seek timely resolution of issues relating to arbitrary charges.”
Also at the session, the lawmakers urged the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to commence “a nationwide awareness campaign to educate customers on their rights and the proper channels for redress”.
Meanwhile, the House has mandated its Committee on Banking Regulations to summon representatives of the CBN and major commercial banks to appear before it to “address the growing concerns over incessant and unjustified deductions from customers’ accounts”.
The committee is expected to monitor compliance with existing banking guidelines and recommend appropriate legislative or regulatory actions to strengthen consumer protection.
By Aduragbemi Omiyale
The capital raise programme of FCMB Group Plc for the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and its pension business, FCMB Pensions Limited, has been concluded.
The financial services group confirmed this development in a statement filed with the Nigerian Exchange (NGX) Limited on Monday.
In the notice signed by the chief executive of the organisation, Mr Ladi Balogun, it was disclosed that the requisite approvals have been received from the relevant regulatory authorities.
These regulators include the Central Bank of Nigeria (CBN), the National Pension Commission (PenCom), and the Securities and Exchange Commission (SEC).
The banking segment of FCMB Group operates with an international licence and is required to have a capital base of N500 billion.
In the disclosure today, FCMB said it has met this minimum capital requirement of the central bank after getting N231.8 billion through a public offer in 2025.
It stressed that as of December 31, 2025, the lender, based on verified eligible capital (paid-up share capital and share premium), had N266.5 billion.
The company further disclosed that it raised an additional N11.0 billion from the minority divestment of approximately 10 per cent of the issued share capital of FCMB Pensions Limited.
“Together, the public offer and minority divestment provide sufficient capital for the bank to meet the revised N500 billion minimum capital requirements for an international banking licence. This is based on verified eligible capital (paid-up share capital and share premium) of N266.5 billion as at December 31, 2025.
“FCMB Group expresses its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone,” parts of the statement read.
By Adedapo Adesanya
Nigeria’s broad money supply (M3) dropped to N123.36 trillion in January 2026, from N124.4 trillion in December 2025, signalling a modest contraction in system liquidity amid intensified tightening measures by the Central Bank of Nigeria (CBN).
According to the latest money and credit statistics from the CBN, marginal declines were recorded in currency outside the banking system and total currency in circulation, reflecting easing cash demand after the year-end festive surge.
Currency held outside banks dropped 3.66 per cent to N5.21 trillion in January from N5.41 trillion the previous month. Total currency in circulation similarly moderated to N5.73 trillion from N5.732 trillion, underscoring stable but adjusting liquidity conditions at the year’s start.
These shifts highlight Nigeria’s persistent reliance on physical cash, especially in the informal sector, even as the CBN ramps up efforts to sterilise excess liquidity through Open Market Operations (OMO) and Treasury bill issuances. Broad money supply (M3)—encompassing currency in circulation, demand deposits, savings, time deposits, and foreign currency deposits—reflects these policy actions aimed at curbing inflation and stabilising the foreign exchange market.
A deeper look at components shows different outcomes. For instance, net foreign assets plunged to N29.6 trillion, driven by reduced foreign currency holdings, while net domestic assets rose to N93.76 trillion, buoyed by domestic credit growth.
The January dip follows a familiar seasonal trend. Cash outside banks spiked to N5.41 trillion in December 2025 from N4.91 trillion in November, mirroring the N5.13 trillion surge from November 2024’s N4.65 trillion amid festive spending and informal sector activity.
Earlier in 2025, the trend fluctuated but stayed elevated: N4.65 trillion in October, N4.46 trillion in August (after July’s N4.42 trillion), N4.49 trillion in June, N4.63 trillion in May, N4.57 trillion in April, N4.60 trillion in March, N4.51 trillion in February, and N4.74 trillion in January.
Total currency in circulation echoed this, climbing to N5.26 trillion in November 2025 from October’s N5.06 trillion, with relative stability in the third quarter (N4.95 trillion in September, N4.92 trillion in August and July) and second quarter (N4.92 trillion in June, N5.01 trillion in May).
First-quarter figures hovered around N5 trillion: N5.01 trillion in April, N5 trillion in March, N5.03 trillion in February, and N5.04 trillion in January.
By Modupe Gbadeyanka
To celebrate women while also creating a platform where meaningful conversations around leadership, ambition and opportunity can take place, United Bank for Africa (UBA) Plc, will hold a special edition of its impactful quarterly UBA Business Series on Wednesday, March 12, 2026.
The event, themed gen w- ‘The Evolved Woman, will begin at 11 am at the UBA House, Lagos, and will be streamed live across all UBA digital platforms. Interested participants can register to attend virtually or in person via on.ubagroup.com/tfig.
The conversation will centre around women intensely forward, highlighting a new generation of women who are not simply seeking opportunities but confidently creating them. The discussion will explore how women today are shaping industries, leading businesses, and redefining success on their own terms.
A statement from the lender disclosed that this special UBA Business Series would bring together an array of accomplished female leaders and professionals who will share insights, experiences and practical strategies for navigating ambition, leadership and growth in today’s dynamic environment.
It will feature an inspiring line-up of speakers, including entrepreneur and founder of ORÍKÌ Group, Joycee Awosika; media personality & entrepreneur, Tomike Adeoye; entrepreneur and founder of Fine Funky, Olufunke Davies; and award-winning broadcaster, Ayo Mario-Ese. The conversation will be hosted by media personality and actor, Tobi Bakre.
Panellists will share their personal journeys and perspectives on navigating professional spaces, building resilient businesses, embracing authenticity and redefining leadership as women in a rapidly evolving global landscape.
“The modern African woman is evolving in remarkable ways. She is bold, visionary, and intentional about the spaces she occupies.
“Through this edition of the UBA Business Series, we want to celebrate women while also creating a platform where meaningful conversations around leadership, ambition and opportunity can take place,” the Group Head of Marketing and Corporate Communications for UBA, Ms Alero Ladipo, stated.
The quarterly UBA Business Series has become a key knowledge-sharing platform designed to equip entrepreneurs, professionals and business leaders with insights, tools and strategies needed to grow sustainable enterprises as well as navigate the evolving business landscape.
UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.
Operating in 20 African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, the bank provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
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