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CBN Commits over N1.3 trillion to Boost Economy

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The Central Bank of Nigeria (CBN) has committed over N1.3 trillion to various intervention programmes, in order to boost the economy, in the last one and half years following the outbreak of the COVID-19 pandemic.

Mr. Osita Nwanisobi, the Director of Corporate Communications of the bank, disclosed this, yesterday, at the 16th International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI).

The Bank’s critical objective was to restore stability in the economy by providing assistance to individuals, SMEs and large corporates that had been severely impacted by the pandemic, as well as by the lockdown measures during the period.   Some of the measures taken by the Bank include, amongst others:

He said that the N343.21 billion has so far been released to 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises through the Targeted Credit Facility (TCF).

The CBN spokesman said that another N134.57 billion was given to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS).

Similarly, he disclosed that over N756 billion to 3.7 million farmers cultivating over 4.6 million hectares of farmland under the Anchor Borrowers Programme (ABP).

According to him, N98.41 billion was disbursed in loans to support 103 healthcare projects, of which 26 were pharmaceutical companies and 77 healthcare institutions.

Mr. Nwanisobi who spoke on the theme: “Exploring the Opportunities of Africa Continental Free Trade Area (AfCFTA)

Said that Nigeria and other African countries that were signatories to the Agreement were expected to benefit from the elimination of tariff and non-tariff barriers (lowering trade costs and simplifying customs procedures) among member nations.

He added, “AfCFTA also provides Nigeria and other member countries with access to a large market, as movement of capital, people, goods and services would become easier within the free trade area.

“Similarly, it will facilitate increase in trade volumes, competitive prices and technological transfers among member countries; and serve as potential to boost intra-African trade, lift over one hundred (100) million Africans out of poverty while increasing wages including those of women and the unskilled workers if implemented successfully.’

The director expressed optimism that AfCFTA would increase inflow of foreign investments which would strengthen the foreign exchange market.

“At the Central Bank, we continue to take active steps and make policies to encourage growth and sound financial system, which would foster economic development, restore confidence in the economy and effectually conserve the reserves,” he added.

Mr.Nwanisobi urged Nigerians to focus on the production of items in which the nation comparative advantage “and also buy Nigerian products to grow Nigeria as a nation that is totally self-sufficient in producing what we consume and creating jobs for our youth will ultimately drive sustainable growth that will make life better for all our citizens.”

The apex bank spokesman assured that the institution, under the leadership of the Governor, Mr. Godwin Emefiele, would “not rest on its oars until Nigeria gets to its destination of inclusive economic growth and sustainable development.”

In his address, the President, ACCI, Dr Al-Mujtaba Abubakar, who was represented by the 2nd Deputy President, ACCI, Prof Adesoji Adesugba, commended the CBN its Programmes and policies toward boosting the economy.

He acknowledged the impact by the CBN programmes on keeping economic activities going despite the ravaging Coronavirus (COVID-19) pandemic.

According to him, “We understand the dimension and the depth of issues involved in being a Central banker in times of national economic emergency.

“Having said that, I want to state that only during the Nigerian civil war has any Central banker faces current level of economic complexity occasioned by multiple factors, many of which are beyond the control of the Central Bank.

“The global pandemic (COVID-19), added to local economic peculiarities, present enormous threats and opportunities to the apex bank. When insecurity is added, the ecosystem defies the best of innovations and out of box thinking.

“We want to note, however that despite the perplexing operating space, the Nigerian Central Bank leadership has transformed threats to opportunities.

Under my brother and colleague, the Central Bank Governor, Chief Emefiele, the apex bank has come to the rescue of the nation by embracing developmental financing tools to contain a recession that was dovetailing into depression.

“The many interventions of the CBN significantly restored GDP growth and created the resurgence of the non -oil sector as a critical segment of GDP.”


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E-Financial

Edun, Finance Minister Inaugurates NDIC New Management

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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).

 

 


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Union Bank Rewards Customers with ₦5 Million Each in Save and Win Palli Promo Season 4 Grand Finale

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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.


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NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m

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Banks in Nigeria closed 29.4 million accounts as of March 2025, according to the latest report by the Nigerian Interbank Settlement System (NIBSS).

NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m

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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