E-Financial
CBN Screens Banks’ Financial Reports for Infractions

Central Bank of Nigeria (CBN) has strengthened its pre-emptive surveillance of banks to unearth infractions and ensure compliance with extant rules and guidelines, according to the Nation.
The banks have been under intense criticism in recent periods for alleged complicity in economic crimes.
The Economic and Financial Crimes Commission (EFCC) estimated that some 70 per cent of financial crimes in the country could be traced to the banking sector.
Financial industry sources yesterday said the apex bank has rejigged its surveillance mechanism to appropriately focus on banks’ financial statements and audit reports.
They told The Nation that each report will pass through multiple-level examinations.
One of the sources said the delay in the submission of the audited reports and accounts of many of the banks for last year might not be unconnected with the rigorous screening of the banks’ financial statements.
Banks that had approved their audited results and submitted the same for onward examination and approval by the CBN since the end of January 2024 are still awaiting final approval of the apex bank.
Banks cannot make public their audited reports and accounts without prior and final approval of the CBN.
The delay in the release of the banks’ results has put them in default of the corporate governance rules at the Nigerian Exchange (NGX), where most banks are listed.
When asked about the delay in submission of their banks’ results, spokesmen for two major banks, who craved anonymity, said they were waiting for the apex bank’s approvals.
Post-listing rules at the NGX provide two compliance options for the submission of results. Most quoted companies including all banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year.
Under the first option, companies are required to submit interim or unaudited quarterly reports not later than 30 calendar days after the end of the relevant period. Such companies then have extended 90 days, after the end of the relevant period, to submit their full-year audited reports and accounts.
However, where a company chooses to audit its quarterly accounts, it shall be required to file such accounts not later than 60 calendar days after the relevant quarter.
For the first set of companies, the deadline for the submission of the audited report and accounts for the year ended December 31, 2023, is March 30, 2024.
Many banks such as Jaiz Bank, Fidelity Bank and FBN Holdings adopted this option and submitted the interim results for the fourth quarter that ended December 31, 2023.
The deadline for the second set of companies, where several major banks belong, was February 29, 2024.
While the rules allow the NGX to grant specific waivers to relevant companies or a general waiver of the deadline under some specific circumstances, a review yesterday indicated that the NGX has not issued any general waiver or specific, publicly announced waiver to the banks.
General waiver is usually given in the event of general disruption to industrial activities such as strikes, national crises, many public holidays and other circumstances that in the judgement of the Exchange may significantly impact the timeline given to companies to prepare and submit the quarterly report.
A review yesterday indicated that the banks had completed their internal approval process and transmitted their results to the apex bank some 40 days ago.
E-Financial
World Bank Approves Extra $65m for Nigeria’s SPESSE

World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
E-Financial
Ecobank Taps Google Cloud to Deepen Financial Inclusion

Ecobank, a pan-African financial services group, has partnered with Google Cloud in a deal to improve financial services with advanced analytics, AI and driving digital empowerment across Africa.
This collaboration will focus on leveraging Google Cloud’s advanced technologies and AI to enhance Ecobank’s digital offerings to accelerate the digital transformation of the Bank.
The partnership agreement is designed to empower individuals, support the growth of small and medium-sized enterprises (SMEs) in the region, and contribute to the overall economic development of Africa.
“Our collaboration with Google Cloud is a leap forward in Ecobank’s digital transformation journey. We look forward to leveraging Google Cloud’s world-class technology to unlock new possibilities for individuals and businesses to grow and scale across Africa,” said Jeremy Awori, group chief executive officer of Ecobank.
“This collaboration signifies our shared intent to explore building a more connected and financially inclusive future for the continent.”
Thomas Kurian, CEO, Google Cloud, stated that Google Cloud and Ecobank have a shared vision for using technology to help deliver financial empowerment to more people and businesses in Africa.
“We look forward to exploring the ways our cutting-edge AI, powerful data analytics, and scalable infrastructure can support Ecobank’s efforts to fuel the continent’s economic development and digital future.”
The collaboration aims to simplify and streamline money transfers, both domestically and across borders. By leveraging Google Cloud’s capabilities, including its powerful data analytics platform, BigQuery, for AI-driven insights, Ecobank will aim to develop solutions that improve access to finance for SMEs, simplify payment acceptance, and provide valuable data-driven insights to help businesses scale across more than 33 countries in Africa.
E-Financial
Stanbic IBTC Holdings Rights Issue Oversubscribed by 21.9%

Stanbic IBTC Holdings Plc has announced the successful close of the N148.7 billion Rights Issue subscription exercise following the completion of the verification exercise by the Central Bank of Nigeria (CBN) and final clearance by the Securities and Exchange Commission (SEC).
Stanbic IBTC Holdings said the Rights Issue was oversubscribed by 21.9 percent, adding that the holding company has injected N140 billion into Stanbic IBTC Bank.
Kunle Adedeji, acting Chief Executive, Stanbic IBTC Holdings Plc while commenting on the just concluded rights issue programme said that “The turnout and participation of existing shareholders taking up their rights was impressive such that the rights issue was oversubscribed by 21.9percent to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand,” he said.
“We appreciate the support of the Central Bank of Nigeria, The Securities and Exchange Commission, the Lead Issuing house, Joint Issuing houses and other stakeholders in the successful completion of the recapitalisation exercise.
“We are optimistic about future opportunities, as the injection of new capital will position us to take advantage of them to enable us to deliver to our shareholders. To all shareholders, we are grateful for your unwavering belief and support for the Stanbic IBTC Brand and your willingness to continue this journey with us,” Adedeji said.
Having received an injection of N140 billion from the parent company, the Chief Executive of the Banking subsidiary, Wole Adeniyi, remarked that “the injection of the new capital into the banking subsidiary is a positive development. This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL).
“We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support.”
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