E-Financial
CBN, States Sign MoU on MSMEs Fund

Central Bank of Nigeria (CBN) yesterday signed a memorandum of understanding (MoU) with the Executive Governors of Delta, Osun, Oyo, Akwa-Ibom and Bornu States among others on the operation and administration of the N220 billion Micro Small and Medium Enterprises Development (MSMEs) Fund which was launched last year.
It also emerged that the actual disbursement of the fund is expected to be performed by President Goodluck Jonathan during the forthcoming annual MSMEs conference schedule to hold in August.
Godwin Emefiele, governor of the apex bank, disclosed this in Abuja during the signing of a Memorandum of Understanding between the bank and governors from 11 states.
The MoU, signed at the apex bank’s headquarters had in attendance governors from Delta, Akwa Ibom, Osun, Oyo, Bayelsa, Gombe, Zamfara, Enugu, Ondo and Benue states.
The CBN governor said the flag off of the disbursement would be done by President Goodluck Jonathan, noting that the fund would be given to Nigerians at a single digit interest rate of nine per cent.
Emefiele said that based on the guidelines of the fund, each state of the federation would be able to access the sum of N2bn which would be administered through Micro Finance Banks.
The governor, who put the funding gap of the sector at about N9.6tn as at 2010 said, “As a country, we don’t have a choice than to support the youth by taking actions to engage their energy positively by creating jobs for them.
“We would work with you to ensure that it gets to the beneficiaries directly at a maximum rate of nine per cent, 60 per cent of this money will go to women
“The disbursement of the loan will kickoff in August and we want the President to personally kickstart the process in August.”
He said the CBN fund would focus on resolving challenges such as access to collateral and enterprise development support.
The governor said since the country has a large proportion of youths, there is an urgent need to engage their energy positively in productive sectors that would create jobs and reduce poverty.
This, he added, underscored the need for the apex bank, in pursuit of its developmental mandate to release the fund at a single digit interest rate for the development MSMEs.
Emefiele said as part of measures aimed at ensuring inclusive growth for the economy, 60 per cent representing N132bn out of the fund had been set aside for women.
He said, “We are starting with N220bn and I can assure you that once this amount is fully applied we would seize opportunity to increase it.
“But the important thing is that we are saying that the fund is going to be applied towards supporting the financing needs of our people a the lowest level of the pyramid at dingle it rate.
“We believe that if properly applied, what you will find is that it would see to the transformation and economic development of Nigeria and that is what is uppermost in our minds so even if we have to do more after this, it would be worth it.”
He assured that all the bottlenecks that may affect the implementation of the program would be addressed by the apex bank.
Godswill Akpabio, governor of Akwa Ibom State, commended the governor for the initiative, noting that a lot of lives would be transformed with the intervention fund.
He, however, said since the sector has the potential to create jobs, there is need for the bank to increase the accessible amount by each state from the current N2bn to between N3.5bn and N4bn.
He also requested that all bottlenecks that would hinder the successful disbursement of the fund be removed so that those who should benefit for the fund should not be excluded.
He said, “There is need to increase the amount because Nigerians are in a hurry owing to see a reduction in poverty and unemployment rate.
“We can start with N3.5bn or N4bn for each state so that we can make great impact with the sector in creating jobs
“We should also remove some of the impediments that will affect the disbursement of this fund.
The state can even guarantee this money so that it can quickly get to the beneficiaries. The experience in the past is that many intervention funds are not easily accessed owing to bureaucratic bottlenecks and this need to be addressed.”
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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