Banking
System Upgrade: FCCPC May Sanction Banks Over Service Disruption
By Adedapo Adesanya
The Federal Competition and Consumer Protection Commission (FCCPC) has warned financial institutions against continuing disruption in online banking services across Nigeria.
Business Post reports that customers have witnessed a series of disruptions from GTBank, Zenith Bank and others after they carried out system upgrades a few weeks ago.
In a statement on Tuesday, the chief executive of FCCPC, Mr Tunji Bello, emphasised that the affected lenders were violating the rights of their customers, especially by not communicating the issues to them.
The agency also said it was deeply concerned by the disruptions that have hindered customers from accessing their funds, making payments, and carrying out essential transactions.
“The disruptions have negatively impacted millions and have serious implications for individuals and businesses alike,” the statement said in part.
According to the commission, service providers are required by the Federal Competition and Consumer Protection Act (FCCPA) to be transparent and communicate with customers openly and accurately.
The FCCPA Act 2018 is the main statute governing consumer protection and competition regulation in Nigeria.
“Under the Federal Competition and Consumer Protection Act (FCCPA) 2018, bank customers have specific rights to guarantee fair and accountable service delivery. A key provision is the right to quality service, which mandates that all service providers, including banks, maintain acceptable levels of functionality and reliability.
“When banks cannot maintain access to essential financial services, they are arguably failing to meet this standard, potentially leading to significant financial hardship, loss of trust in the banking system, and damage to the overall economy.
“The FCCPA further grants consumers the right to reasonable access to goods and services—a principle that is compromised when technical failures impede customers’ access to their funds.
“At a time when Nigeria’s economy is increasingly cashless, online banking is no longer a mere convenience but a necessity. Interruptions that impede consumers from engaging in transactions or accessing essential funds are not only an inconvenience, but they may also be a violation of this right,” the statement added.
It said during service disruption, it is essential that banks keep their customers fully informed about the causes, scope, and anticipated duration of any service issues.
“Regrettably, many consumers are left in the dark, a situation that increases frustration and leaves customers feeling unsupported.
“The FCCPA allows consumers to seek redress for services that do not meet the necessary standards. As such, bank customers can seek redress, if they are adversely affected by substandard services.
“The FCCPC is currently reviewing the situation to determine if consumers’ rights to redress are being upheld and if more action is needed to enforce accountability,” it said.
The body added that it is actively working with relevant regulatory authorities, financial institutions, and stakeholders to address these disruptions and ensure the protection of customers.
“The commission will pursue all necessary actions to ensure the protections of the FCCPA are upheld.
“The commission assures affected bank customers that their concerns are being taken seriously.
“We urge banks and financial institutions to take swift action to restore services, prioritise customer support, and enhance communication to manage customer expectations transparently and responsibly,” the statement added.
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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