E-Financial
Attacks on Bank Facilities, Workers will Worsen Cash Scarcity – NUBIFIE
National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE) has urged Nigerians to stop attacking bank facilities and workers, saying that bank workers are not the reason new naira notes are scarce, neither are they exacerbating the crisis by hiding or refusing to load the new notes in the ATMs.
Comrade Abakpa 
Anthony, president, NUBIFIE, warned that continued attacks on banks and its staff will force his union to direct workers to stay away from work, which will worsen the cash scarcity situation if bank workers are asked to stop work.
He maintained in a chat with Nigerian Tribune, that bank workers are already afraid of going to work because they feel their lives are under threat by the attacks.
“We are worried about the violent attacks on banks and our members by extension. It is also worrisome the news people are carrying about that banks and their workers are withholding money, it is not true.
“There is no possible way the CBN will release money and banks and their staff will refuse to load the ATMs with cash. Bankers are not the reason why there is cash scarcity in the country neither are they withholding the money from Nigerias. In fact, they and their families are also suffering just like every other Nigerian.
“Attacking bank facilities and their workers who work so hard to render services to the citizens is very wrong. It is wrong for anybody to believe that bankers and the facilities are the reason why there is no money in the ATMs or in the banks. The citizens should rather find a better way to express their grievances instead of unleashing mayhem on bank staff and facilities.”
Comrade Anthony added that, “If the government hesitates any further to protect banks and our members, we may ask them to stay at home. We cannot continue going to work when our lives are not guaranteed. For somebody to go to work in fear of attack is not a situation we want to put our people into.
“We will call for a National Executive Council meeting of our union to deliberate and make a decision in view of the current situation to ask our members to stay off work. Already a lot of critical assets of banks have been destroyed and we will not wait till our members are being killed before we take action.
“We are also appealing to the government to take charge and balance the situation for good because of the masses. The masses are suffering. We urge the government to find a solution fast for the sake of lives and properties in the country. It is recognised that the policy will eventually be beneficial to our economy but right now, the people are suffering seriously.
He reiterated, “We call on Nigerians not to mete their anger on bank staff, the critical facilities of the banks nor on any other assets of the country. Because violent attacks will worsen the situation and sabotage the processes that will help bring the situation to normalcy. ”
“Now that President Buhari has directed that old N200 notes be rolled out to cushion the effects of the new notes scarcity, it will be wise if the CBN will massively make available the notes. It should be much available that every ATM should be working effectively. The CBN and other related government agencies should deploy all their powers and give their best to ensure that this issue does not snowball into a destructive crisis. A serious action and attention on the part of the government will reduce all the tension.
“We are appealing that the new and old naira notes should run concurrently while the CBN gradually withdraws the old notes from circulation.
“We appeal to Nigerians that it is not by violence they can air their view and frustration. Do not destroy bank facilities, it will affect you eventually. If you destroy bank facilities in your area, you will have to go somewhere else to do your transactions, which may cause you more, either time or money.
“We urged our members to thread with caution when going when going to work and closing.”
Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.
Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.
The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.
Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.
This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.
Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.
Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.
Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.
Offsetting this were write-offs and reversals that mitigated losses.
First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.
Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.
Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.
Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.
On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.
Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.
FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.
Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.
Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.
Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
”These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.
Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.
“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.
He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.
According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.
Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.
Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.
“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.
Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.
“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.
One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.
In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.
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