Banking
Shareholders Exit Access Bank Amid GMD Arrest Rumour
By Dipo Olowookere
Some holders of Access Bank Plc shares sold off their stake in the financial institution on the floor of the Nigerian Stock Exchange (NSE) on Monday amid rumour that Group Managing Director (GMD) of the bank, Mr Herbert Wigwe, was recently arrested by the Economic and Financial Crimes Commission (EFCC).
The lender, through its scribe, Mr Sunday Ekwochi, had in a statement last Friday refuted the rumour, emphasising that Mr Wigwe was only invited by the agency to clarify some issues surrounding the assets of one of its customers, Slok Nigeria Limited.
“The commission had invited for interrogation officials of Access Bank who were handling the bank’s recovery efforts on Slok credit including its Group Managing Director,” a part of the statement read.
Mr Ekwochi said Access Bank and EFCC had a “fruitful engagement,” noting that the lender was of the view that “the issues relating to Slok investigation have been resolved.”
Concluding the statement, the company secretary said, “As an institution built on best practice, we wish to assure our esteemed stakeholders that the Bank will continue to conduct its business in line with extant laws and relations.”
But despite this assurance, some shareholders of the bank sold off their shares at the stock market yesterday, causing the equities to lose 25 kobo per unit at the close of transactions to sell at N10.55 each against N10.80 it traded the previous session.
Business Post reports that Access Bank was the most traded stock at the local bouse during the session, trading 63.7 million units worth N682.5 million executed in 450 deals.
Recall that last week, the financial institution announced a reversal in its closed period earlier fixed to be begin from January 1, 2020. This was after the firm said it would no longer hold its board meeting on January 29, to consider and approve its full year 2019 earnings.
The development caused panic in some sections of the market, making the share price of the company to drop from N10.95 per unit on Thursday to N10.80 per unit on Friday.
Access Bank is one of the most liquid stocks on the NSE and information like the news surrounding its GMD causes panic among some investors, who quickly offload to watch how events will turn out.
However, some observers are of the opinion that the bank will get past the disruption caused by the rumour and the closed period reversal, which few analysts frown at, saying the lender should start to experience positive momentum.
“In fact, I must say that the present decline in the share price of Access Bank gives room for smart investors to quickly acquire them at cheaper prices because it has the tendency of hitting N14 to N15 this year,” an investors in the Nigerian capital market, who asked not to have his name mentioned in the media, told Business Post.
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.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
