E-Financial
CBN Mandates Banks’ Directors to Protect Data
Bank directors will henceforth be responsible for the protection and security of customers’ data against e-fraudsters, the Central Bank of Nigeria (CBN) has directed.
The new rule followed the sophistication and jump in the number of cyber-security threats against Deposit Money Banks (DMBs) and Payment Service Providers (PSPs) which require strengthening their cyber defenses to remain safe and sound.
Nigeria experienced over 4,000 cyber-attacks with 70 per cent success rate and loss of about $500 million in recent years mainly through cross-channel fraud, data theft, email spoofing, phishing, shoulder surfing and underground websites.
In a circular released yesterday titled: Risk-based Cyber-security Framework for Deposit Money Banks, signed by K.O Balogun for CBN Director of Banking Supervision, the regulator said pthe rovision of oversight and leadership and resources to ensure that cyber-security governance becomes an integral part of corporate governance, rests with the Board of Directors.
“The Board of Directors through its committees will now have overall responsibility for the DMB/PSP’s cyber-security programme. It will provide leadership and direction for the effective conduct of the processes. The Board will ensure that cyber-security governance is integrated into the organisational structure and relevant processes,” it said.
Also, the board will ensure that cyber-security processes are conducted in line with business requirements, applicable laws and regulations while ensuring security expectations are defined and met across the DMB/PSP.
The Board will now hold Senior Management responsible for central oversight, assignment of responsibility, the ffectiveness of the cyber-security processes and shall ensure that the audit function is independent, effective and comprehensive.
Besides, the board will be responsible for all cyber-security governance documents such as cyber-security strategy, framework and policies and ensure alignment with the overall business goals and objectives.
Also, the board will, on a quarterly basis receive and review reports submitted by Senior Management. The report shall detail the overall status of the cyber-security programme to ensure that board- approved risk thresholds relating to cyber-security are being adhered to.
The CBN also directed the boards to henceforth ensure that cyber-security is completely integrated with business functions and, well managed across the DMB/PSP.
Cyber-security governance should not only aligns with corporate and Information Technology (IT) governance but is cyber-threat intelligence driven, proactive, resilient and communicated to all internal and external stakeholders.
Boards are also mandated to appoint or designate a qualified individual as the Chief Information Security Officer (CISO) who shall be responsible for overseeing and implementing its cyber-security programme.
“The responsibilities of senior management include the implementation of the board-approved cyber-security policies, standards and the delineation of cyber-security responsibilities. Senior management will provide periodic reports (at a minimum quarterly); to the board on the overall status of the cyber-security programme of the DMB/PSP. The Chief Information Security Officer (CISO) is responsible for the day-to-day cyber security activities and the mitigation of cyber-security risks in the DMB/PSP,” the apex bank said
FundQuest Financial Services Limited marked this year’s International Women’s Month with a renewed commitment to economic empowerment, hosting the inaugural FundHER by FundQuest Conference.
This initiative brought together over 100 women-led Small and Medium Enterprises (SMEs), providing them with actionable business insights, high-value networking, and, most importantly, access to funding.
Delivering the first keynote address, Dr. Jennifer Seidu, Principal Consultant, JV Management Consulting Limited, underscored the critical hurdles female entrepreneurs face: constrained access to funding, market expansion limitations, regulatory roadblocks, and operational inefficiencies.
She lauded FundQuest’s decisive intervention through FundHER, recognising the initiative as a timely and much-needed response to the financial inequities that women-led businesses encounter.
Joan Ediagbonya, Group Head, Brand Communication and Customer Experience at FundQuest, also reinforced these concerns with data, pointing out that while women own 45 per cent of SMEs in Nigeria, only 10 per cent have access to formal funding. Quoting Michelle Obama, she emphasised, “No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.”
Similarly, Ms. Olubukola Olaigbe, CEO of Veedic Nigeria Limited, shared how accessing financing from FundQuest facilitated her logistics firm’s expansion, proving that with the right financial support, women entrepreneurs can achieve remarkable business growth.
Speaking on the future of FundHER, Mr. Abiodun Akinjayeju, Managing Director and CEO of FundQuest, made it clear that this initiative is here to stay. In his words; “If you educate a woman, you educate a nation; if you fund a woman’s business, you are funding the economy.”
Fidelity Bank Plc, leading financial institution, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.
According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn.
The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6% annual growth.
Commenting on the results, Dr. Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc said, “We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments.
“Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1% to N629.8 billion, driven by a high-yield environment in 2024.
To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 FY to 12.0%.
Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9% from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types.
The Retail Banking Business gained significant traction with savings deposits increasing by 28.8% to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.
Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.
Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.
It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively.
The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognized as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5%.
The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.
Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards
The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Programme.
According to information obtained from the bank’s website on Sunday, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.
The project, officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Program, aims to provide essential support to households affected by economic downturns and to bolster community resilience.
It also seeks to improve food security and create economic opportunities for populations most affected by recent economic disruptions.
According to the World Bank, the program represents a significant step toward addressing systemic vulnerabilities in Nigeria’s economy.
By channeling resources directly to underserved communities, the project should alleviate the burden of rising living costs while fostering sustainable growth.
The $500 million loan is not the only financial commitment Nigeria anticipates this week as two additional funding packages are in the pipeline, awaiting final approval.
One of the loans is valued at $80 million and will focus on accelerating nutrition outcomes across the country.
The second, worth approximately $552 million, is designed to enhance access to quality basic education nationwide as both projects are scheduled for final clearance on March 31, 2025.
These loans are part of the World Bank’s broader strategy to support Nigeria’s development priorities, most especially in areas such as healthcare, education, and poverty alleviation, while the institution emphasized the importance of implementing these programs efficiently to ensure maximum impact.
While the loans aim to address urgent socio-economic needs, Nigeria’s rising debt profile has raised concerns among stakeholders. Under the President Bola Tinubu’s leadership, the country has received approvals for 11 World Bank projects totaling 7.45 billion in less than two years. However, data from the Debt Management Office (DMO) reveal that only 774.99 million (about 16% of the approved amount) had been disbursed as of July 31, 2024.
This slow pace of disbursement has sparked debates about the efficiency of project execution and fund utilization
DStv Revenue Plunges as MultiChoice Loses Nearly 4m Subscribers
NCC Asks Consumers to Monitor Data Usage to Authenticate Consumption
TikTok Sale Deal Expected Before April 5 Deadline – Trump
Phone Theft: AMCODET Urges Mandatory Registration @ Point of Purchase
Questions Over House of Reps Threat to Arrest NIMC DG
Telecom2 days agoMTN, Lynk Global Make Africa’s First Satellite-to-Mobile Call
E-Business2 days agoSystemSpecs’s Subsidiary Deelaa Becomes Whatadeal
E-Financial2 days agoNigeria Gets Fresh $500m World Bank Loan for Economic Stimulus Programme
General News2 days agoSERAP Asks National Assembly to Drop Bill to Jail Nigerians who Fail to Vote
E-Financial2 days agoUninsured Depositors of Heritage Bank to Receive Liquidation Dividends In April – NDIC
Telecom2 days agoSmart Treasure Investment Team’s Initiatives Eradicate Poverty, Says Aminu
E-Business2 days agoCybersecurity Firm Says It’s Time to Back it Up, As the World Marks World Backup Day
Telecom2 days ago15-Year-Old Autistic Artist, Kanye, to Unveil World’s Largest Art Canvas on Autism Awareness Day