E-Financial
Banks’ Assets Hit N26.3trn in October

Central Bank of Nigeria (CBN) said that the total assets of banks in the country rose by 1.5 percent to N26.3 trillion in October.
The apex bank disclosed this in its economic report for October, which also indicated slight decline in banks credit to the domestic economy.
The report stated, “Available data indicated that total assets and liabilities of the banks amounted to N26, 335.57 billion, showing a 1.5 per cent increase above the level at the end of the preceding month.
Funds were sourced, mainly, from increased mobilisation of central government deposit, increase in unclassified and foreign liabilities, and reduction in foreign assets.
The funds were used, largely, to increase claims on central government, claims on central bank and reduce time, savings and foreign currency deposits, and demand deposits.
“At N13, 874.56 billion, banks’ credit to the domestic economy fell marginally by 0.7 per cent, compared with the level at the end of the preceding month. The development was attributed to the 3.9 and 0.5 per cent decline in credit to the Federal Government and credit to the private sector, during the review month.
Liquid assets
“Total specified liquid assets of the banks stood at N6, 413.02 billion, representing 37.0 per cent of their current liabilities. At that level, the liquidity ratio declined by 0.8 percentage point below the level in the preceding month, and was 7 percentage points above the stipulated minimum ratio of 30.0 per cent.
The loans-to-deposit ratio, at 62.8 per cent, was 2.9 percentage points above the level at the end of the preceding month, but was 17.2 percentage points below the prescribed maximum ratio of 80.0 per cent.
“At N16,408.5 billion, aggregate banking system credit (net) to the domestic economy grew by 0.9 per cent, on month-on-month basis, at end-October 2014, compared with the growth of 2.7 per cent at the end of the preceding month.
The development relative to the preceding month reflected the growth of 0.9 and 0.7 per cent in net claims on the Federal Government and claims on the private sector. Over the level at end- December 2013, net domestic credit grew by 9.1 per cent.
Banking system’s credit (net) to the Federal Government, on month-on-month basis, rose by 0.9 per cent to negative N1,380.3 billion at end-October 2014, compared with the growth of 10.4 per cent at the end of the preceding month. The development relative to the preceding month was attributed to the increase in banking system’s holdings of government securities.
Over the level at end-December 2013, claims on the Federal Government (net) rose by 6.0 per cent. However, the Federal Government, as in the preceding month, remained a net lender to the banking system at the end of the review month.
Banking system credit to the private sector, on month- on-month basis, grew marginally by 0.7 per cent to N17,788.8 billion, compared with the growth of 1.5 per cent at the end of the preceding month. The development was attributed to the 5.2 and 0.5 per cent increase in claims on the state and local governments and core private sector, respectively. Over the level at end-December 2013, banking system’s credit to the private sector grew by 7.7 per cent”
E-Financial
Edun, Finance Minister Inaugurates NDIC New Management

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, has inaugurated Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations), at the Ministry of Finance, Abuja.

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, flanked by Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations),
In his speech during the occasion, the Minister submitted that the NDIC, as a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity.
He therefore charged the Management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the ministry’s full support in the task ahead.
Responding, Mr Sunday who spoke on behalf of the Management team, expressed appreciation to His Excellency, President Bola Ahmed Tinubu for their appointment.
He assured the Hon Minister of the readiness of the Management under his leadership to live up to expectations of the President in particular and the nation in general in the discharge of their duties.
The Management later received by the Corporation’s Head Office with a warm welcome by the workforce.
A statement signed by Hawwau Gambo, head, Communication & Public Affairs Department, revealed that Addressing the workers on behalf the Management team, Mr. Sunday promised to work in harmony with the staff to move the Corporation to its next level performance.
He stressed that the Management’s focus would be based on the public policy objectives, functions and mandate devolved on the Corporation by the enabling law that established it.
Thompson Oludare Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience.
Having cut his teeth with the Central Bank of Nigeria (CBN) in 1989, he went ahead to acquire high-end knowledge in Central Banking, spending 24 unbroken years in banking supervision.
While his vast experience is in the regulation and supervision of licensed institutions, his deep expertise span corporate governance, risk management and compliance as veritable tool for ensuring the safety and soundness of institutions.
He is a highly analytical and cross functional team worker with strong interest in building individual and institutional capacity for transformation and excellence.
Thompson’s skills and experience were horned by several key responsibilities and special assignments he handled for the apex Bank before his retirement as a Director 2021.
Kabir Sabo Katata, ED (Operations), is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience.
He has over twenty-eight years’ experience in the design and management of technically innovative systems in multiple industries including telecommunications, IT, energy (petroleum & power), finance and government.
He is a specialist in sophisticated financial optimization, the application of modern statistical techniques and mathematics to energy, deposit insurance and banking sectors.
Dr. Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).
E-Financial
Union Bank Rewards Customers with ₦5 Million Each in Save and Win Palli Promo Season 4 Grand Finale

Union Bank of Nigeria has proudly concluded the fourth edition of its acclaimed Save and Win Palli Promo, awarding three fortunate customers a life-changing ₦5 million each at the grand finale. Since its inception, this transformative campaign has disbursed over ₦330 million in cash and gift prizes, touching the lives of more than 5,000 customers nationwide and elevating their financial prospects.
The grand prize winners, representing diverse regions across the country, emerged through transparent electronic draws supervised by regulatory authorities. The celebrated recipients, Alhaji Abubakar Sadiq Isah (Zaria Branch, North), Atilabor Seikemefa Friday (Sapele Branch, South-South), and Oluranti Ogunluyi (Ilaro Branch, South-West), received their prizes at The Stallion Plaza, Union Bank’s Head Office, Marina, Lagos, in the presence of other winners, and the Bank’s executive leadership led by Managing Director/CEO Yetunde Oni.
Vivian Imoh-Ita, Head of Retail and SME Business, reflected on the enduring impact of the campaign: “Over the past four years, the Save and Win Palli Promo has enriched the lives of thousands, providing crucial financial relief and rewarding diligent savers. We are unwavering in our commitment to empowering our customers so they may thrive and achieve their ambitions.”
Chief Brand and Marketing Officer, Olufunmilola Aluko, highlighted the Bank’s broader mission: “Union Bank is delighted by the ripple effect our targeted savings initiatives have created. We have seen a significant boost in savings culture, allowing customers to reach their financial goals, while our innovative promotions continue to cushion economic challenges and foster responsible financial habits.”
Kicking off in December 2024 and concluding in May 2025, the latest season saw over 3,000 customers rewarded with gifts and cash, including motorcycles, tricycles, fuel vouchers, and substantial cash prizes, with total giveaways exceeding ₦131 million.
To qualify, customers maintained a minimum balance of ₦10,000 and completed at least five transactions monthly. Monthly draw winners received ₦100,000, while quarterly draws featured exciting prizes such as motorcycles and tricycles.
As Season 4 draws to a close, Union Bank reaffirms its dedication to nurturing customer growth and extending robust financial support nationwide. Through continued innovation, the Bank remains steadfast in its mission to empower Nigerians and foster sustainable wealth for all.
E-Financial
NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m

Banks in Nigeria closed 29.4 million accounts as of March 2025, according to the latest report by the Nigerian Interbank Settlement System (NIBSS).
The figure represents a sharp year-on-year increase of 30.43 per cent from the 22.54 million closed accounts recorded in March 2024.
It also reflects a steady rise in account closures over recent months, with 33.29 million closed accounts reported in February 2025 and 29.43 million in January.
The report also revealed a significant increase in dormant accounts, which surged to 33.39 million in March 2025, up from 19.79 million in the same period in 2024, a 71.3 per cent rise in inactive accounts over the past year.
Despite the spike in closures and dormant accounts, the number of active bank accounts rose from 219.64 million in March 2024 to 320.05 million in March 2025, representing an increase of over 100 million, or 45.7 per cent.
NIBSS defines a dormant account as one that has seen no deposit, withdrawal, transfer, or point-of-sale transaction for a period of six months.
The surge in account closures and dormancy follows the Central Bank of Nigeria’s directive issued in December 2023, mandating commercial banks to restrict Tier-1 accounts not linked to a Bank Verification Number (BVN) and National Identification Number (NIN) by March 1, 2024.
In response to the directive, BVN enrolment increased from 61.6 million in April 2024 to 66.23 million by July 2025, as more Nigerians rushed to meet the CBN’s compliance deadline.
- General News2 days ago
FG Plans N50m STEEM Grant to Support Student Innovation in August
- E-Business2 days ago
Transcorp Hotels Delivers Stellar H1 Results, Declares Over ₦1Bn Dividend
- E-Financial2 days ago
Cardoso, CBN Boss Risks Arrest over Alleged N5.2 Trillion Unremitted Funds
- Telecom2 days ago
MTN Media Innovation Programme Fellows Gain Insight into Nigeria’s Connectivity Backbone
- General News2 days ago
Experts Champion Sustainability at Lagos Green Economy Forum
- E-Financial2 days ago
NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m
- Telecom2 days ago
Driving Digital Inclusion: Anambra’s Mobile Tech Hub Brings Free WiFi to the People
- General News2 days ago
UK Businesses Look to Africa As Strategic Growth Partners