By Aduragbemi Omiyale

On Thursday, January 30, 2025, the board of directors of FBN Holdings Plc will gathered for a meeting, a statement signed by the company secretary, Mr Adewale Arogundade, has disclosed.

This is coming amid the boardroom crisis rocking the financial institution over the leadership of the board headed by popular businessman, Mr Femi Otedola.

Mr Otedela, who sold his stake in Forte Oil, now known as Ardova Plc (AP), a few years ago to invest in the power generating sub-sector through Geregu Power Plc, acquired some shares in FBN Holdings.

Soon after his acquisition was announced, a leadership tussle erupted between him and Mr Tunde Hassan-Odukale, extending to Mr Oba Otudeko.

Some days ago, some shareholders of the company called for the removal of Mr Otedola as chairman of FBN Holdings through an Extra-Ordinary General Meeting (EGM).

The leadership crisis triggered the firm to assure its customers that its operations will not be affected by happenings in the boardroom.

“This matter does not in any way impact the operations of the company, and all the businesses within the Group continue to provide uninterrupted services to its customers.

“We assure our valued customers, shareholders, investors, other stakeholders and the general public that we are taking all necessary steps to protect the interests of the company and its subsidiaries.

“The Group’s performance continues to improve, resulting in a higher market capitalisation even as we work towards surpassing the regulatory minimum capital well ahead of the deadline,” parts of the statement read.

As the company makes efforts to manage the situation, members of the board will meet by the end of this month to “consider its unaudited accounts for the year ending December 31, 2024, on Thursday, January 30, 2025.”

In the notice signed by Mr Arogundade, FBN Holdings said its closed period, which commenced on Wednesday, January 1, 2025, “will continue until 24 hours after the company’s unaudited accounts and 2024 audited financial statements are filed via the issuer’s portal of the Nigerian Exchange (NGX) Limited, in line with Rule 17.18(a) Closed Period Rules, Rulebook of the Exchange, 2015 (as amended).”

A closed period is a timeframe when those who have privileged information about the financial statements of a firm within the organisation are prohibited from trading securities of the company at the exchange.

This is put in place to prevent them from having an undue advantage over shareholders not having any business dealings with the organisation.

By Adedapo Adesanya

A Nigerian digital lending fintech, Allawee, has collaborated with Mastercard to launch a credit-building card designed to enhance financial access for federal civil servants and National Youth Service Corps (NYSC) members.

This product, facilitated by a secure Mastercard platform and issued in collaboration with Providus Bank, and Remita, provides instant access to credit and financial flexibility to over 720,000 federal civil servants and NYSC members all through the Allawee app.

Despite Nigeria’s significant economic potential, over 70 per cent of bank account holders lack access to credit, according to the National Bureau of Statistics (NBS).

The Allawee credit card promises to address this gap, offering a solution that caters to the unique financial needs of Nigerians.

Nigeria as a market is dominated by debit and prepaid cards, so this initiative aims to promote responsible credit usage, combines seamless digital onboarding, user-friendly features, and responsible credit management tools in one platform.

Launched in December 2024, the Allawee credit card supports the Nigerian government’s objective of increasing credit availability to 50 per cent of working Nigerians by 2030. The card offers a secure and seamless way to access credit while helping users build a credit profile, aligning with Mastercard’s mission to drive financial inclusion.

“We are thrilled to collaborate with Allawee on this innovative credit solution, which aligns perfectly with Mastercard’s commitment to bring one billion people into the digital economy by 2025.

“The Allawee credit card provides instant access to credit while also empowering civil servants and NYSC members in Nigerian to build their creditworthiness, further advancing financial inclusion across the country,” said Mrs Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard.

Users can download the Allawee credit card, apply for a loan, receive approval, and start transacting immediately. Once approved, the credit is disbursed directly onto a co-branded card, giving users full control over their funds. The card allows for flexible usage across POS terminals, ATMs, and online transactions, enabling greater financial freedom.

“We launched this card to help Nigerians gain access to instant, affordable credit while building their credit history. Whether it’s handling daily purchases or taking care of life’s emergencies, our customers now have an easy way to cover expenses.

“With Mastercard, we are giving them the convenience to spend their credit at millions of retail locations in Nigeria and around the world, both online and in-store,” said Mr Ikenna Enenwali, CEO of Allawee.

The Allawee credit card offers instant credit access through a fast, secure, and fully digital application process, with wide acceptance at Mastercard online and physical retail locations globally. Customers benefit from flexible repayment options, choosing their credit limits (up to ₦1,000,000) and repaying in installments over four months.

 By Adedapo Adesanya

The Nigerian Communications Commission (NCC) has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions over a N200 billion debt.

The directive signed by NCC’s Director of Public Affairs, Mr Reuben Muoka, on Tuesday and obtained by Channels Television, noted that the affected banks are to pay the outstanding debts by January 27, 2025, or risk losing access to their USSD codes.

According to the NCC public notice, nine out of 18 financial institutions had not complied with regulatory directives.

The affected financial institutions include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.

It said while other banks have cleared their debts, the total amount initially owed by the financial institutions was reported to exceed N200 billion.

According to the NCC, some of the invoices have remained unpaid since 2020, and has been a source of tussle for years.

“By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020,” a part of the notice read.

The affected USSD codes include *770#, *919#, and *822#, among others, could be reassigned to other applicants if the debts remain unresolved.

The regulator noted that banks’ failure to comply with the CBN-NCC joint circular also means that they are unable to meet the good standing requirements for the renewal of the USSD codes assigned to them by the commission.

It added, “In fulfilment of its consumer protection mandate, the commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025.”

The NCC emphasised that the financial institutions had been duly notified of the need for immediate compliance and warned that consumers may face service disruptions if the issues remain unresolved.