E-Financial
Caution Kicks In as Corporate Earnings Loom

By Lukman Otunuga, Senior Research Analyst at FXTM
Caution and unease are set to engulf financial markets ahead of one of the most uncertain earnings seasons for years, as it is expected to offer a bitter appetiser of the painful blow the coronavirus outbreak has dealt to US corporations.
Nevertheless, investors remain somewhat hopeful that the pandemic may be peaking, and this sentiment was reflected across Asian markets on Tuesday morning. The flicker of optimism from Asia could lend support to European shares before earnings kick off later in the day with JPMorgan Chase, Wells Fargo and Johnson & Johnson reporting their numbers. Over the past few weeks, the negative impact of the coronavirus on the global economy has fueled speculation around first-quarter earnings disappointing forecasts. If expectations become reality, risk aversion will most likely make an unwelcome return, ultimately exposing global stocks to downside shocks.
Nigeria extends lockdown for two weeks
Investors who were banking on Oil prices to rebound after the world’s top energy producers pulled off a historic deal to cut global petroleum output by nearly 10% have been left empty handed.
WTI Crude and Brent remain at severely depressed levels, both down over 50% despite OPEC and its allies cutting production by a whopping 9.7 million barrels a day starting in May. While this move by OPEC may create a floor for Oil, it is certainly not enough to push the commodity higher. For as long as global recession fears stimulate concerns around falling demand, oil weakness is poised to remain a dominant theme which is bad news for emerging market energy producers like Nigeria.
Africa’s largest has also extended its lockdown by two weeks in Lagos, Abuja and Ogun. While the social distancing and lockdowns may reduce the spread of the novel coronavirus, it will come at the cost of economic growth. With the lockdown hitting consumption which is roughly 70% of GDP, it will be difficult for Nigeria to mirror the economic growth witnessed in 2019.
Is the Dollar’s crown under threat?
The Dollar weakened against a basket of major currencies on Tuesday as investors braced for a challenging earnings season.
Buying sentiment towards the Greenback will be tested this quarter as investors evaluate corporate earnings and economic data from the United States, which has been hit hard by the virus. Where the Greenback closes this week will most likely be influenced not only by earnings, but also the latest retail sales and unemployment claims data.
If the coronavirus outbreak has left prolonged cracks in the largest economy in the world, the Dollar’s throne could be under threat with market players seeking safety in the Japanese Yen or Swiss Franc. With regard to the technical picture, the Dollar Index is under pressure on the daily charts with prices heading towards 99.00. A breakdown below this level may open the doors towards 98.90 and 98.30.
Commodity spotlight – Gold
Gold has scaled levels above $1724 not seen in more than seven years, thanks to Dollar weakness and global recession fears.
The precious metal remains in fashion, appreciating almost 13% since the start of 2020. Further gains may be on the cards this week if corporate earnings paint a gloomy picture and the Dollar weakens on disappointing data. Looking at the technical picture, prices could jump higher towards $1730 if a solid weekly close above $1700 is achieved. Alternatively, sustained weakness below may pave open the doors back towards $1675.
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.
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