E-Financial
Customers File Class Action Suits against Access and Zenith Banks
Customers have instituted a class action lawsuit against Access and Zenith Banks, two of the leading banks in the country.
In the first case, customers of Access Bank have alleged gross negligence, breach of contract, and violation of consumer rights following a catastrophic IT meltdown in August 2024.
Zenith Bank on the other hand was accused of violating fundamental data protection laws, infringing on privacy rights, and causing emotional distress through persistent, unsolicited marketing communications.
Akinyele Oluwemimo Olaniyan. Sowole Olufunke Olukemi; Adetoun Anthonia Osunbade; Sowole Abidemi Olusola; Adegboyega Adeola Odunsi and Tokunboh Fagun; six plaintiffs representing millions of customers file the first case against Access Bank at the Federal High Court, Lagos Division.
The plaintiffs, acting on behalf of themselves and other affected customers, are demanding N420 billion in damages, citing loss of access to funds, emotional distress, and exemplary damages.
They claim that the banking disruption, which lasted over a week, paralyzed personal lives and businesses, with customers unable to make essential payments despite having sufficient funds in their accounts.
In the second ground-breaking case, Moyosola Okeremi acting on behalf of herself and an estimated 33 million customers of Zenith Bank, has instituted a lawsuit against Zenith Bank Plc at the Federal High Court, Lagos Division.
Okeremi accuses Zenith Bank of violating fundamental data protection laws, infringing on privacy rights, and causing emotional distress through persistent, unsolicited marketing communications.
The plaintiff alleges that Zenith Bank, a public liability company operating in Nigeria and internationally in countries such as the United Kingdom, Gambia, Ghana, Sierra Leone, China, and the UAE, unlawfully exploited customers’ personal data.
This data, which includes names, dates of birth, phone numbers, email addresses, signatures, and other sensitive information, was originally collected under the “Know Your Customer” (KYC) Small business credit schemes guidelines mandated by the Central Bank of Nigeria (CBN).
Okeremi contends that while the data was collected for legitimate banking purposes such as issuing account statements—Zenith Bank repurposed it without obtaining explicit consent from the customers.
Between July and August 2024, customers reportedly received relentless marketing communications via phone calls, text messages, and emails promoting Zenith Bank’s public share offerings.
These unsolicited communications, she argues, were not only intrusive but also violated several legal statutes, including the Nigeria Data Protection Regulation (NDPR) 2019 and the National Data Protection Act (NDPA) 2023.
The plaintiffs claim that Zenith Bank’s actions were unfair, inconsiderate, and executed without any regard for the privacy of its customers.
In the case against Access Bank, the plaintiffs argue that Access Bank’s failure to maintain a robust IT system and implement contingency plans during service disruptions constitutes a breach of the contractual obligations owed to its customers.
They emphasized that the bank, licensed by the Central Bank of Nigeria (CBN) and with over 36 million customers as of 2023, has a legal duty to provide uninterrupted financial services.
The plaintiffs claim that Access Bank breached several legislations such as the Central Bank of Nigeria Consumer Protection Regulations 2019, the Federal Competition and Consumer Protection Act 2018, and the Constitution of the Federal Republic of Nigeria 1999 (as amended) by failing to ensure continuous service delivery and by not having adequate backup systems in place.
They also cite the Consumer Code of Practice Regulations 2007 and the Consumer Protection Framework 2016, which mandate financial institutions to safeguard consumer interests and ensure service reliability.
The plaintiffs allege that the IT meltdown caused widespread hardships, harassment from creditors, inability to pay for essential services such as school fees, medical bills, utilities, and business transactions, resulting in emotional distress, embarrassment, and financial losses.
The lawsuit claims N200 billion for the inability to access funds, N200 billion for emotional distress, and an additional N20 billion in exemplary damages to deter future negligence.
These cases could set a significant precedent for Nigeria’s financial sector, particularly regarding customer rights in the digital banking era.
Credit: BusinessDay
In a bid to woo global capital and enhance investor’s confidence, Nigeria’s top financial leaders presented a unified front at a strategic investment forum hosted at the Nasdaq MarketSite in New York.
The event was organised by the Central Bank of Nigeria (CBN) in collaboration with Nigerian Exchange Group (NGX Group), JPMorgan, and the African Private Capital Association (AVCA).
The exclusive gathering brought together leaders from the Nigerian diaspora, global investment institutions, and corporate executives for insightful dialogue on the country’s evolving financial landscape and its readiness to attract global capital for sustainable growth.
Governor of the CBN, Olayemi Cardoso in a fireside chat with Nobel Prize-winning economist Dr. James Robinson, outlined Nigeria’s monetary policy direction, growth prospects, and efforts to deepen its financial markets.
He reaffirmed the CBN’s commitment to disciplined policy management, market-friendly reforms, and enhanced transparency to foster a stable, investor-friendly environment. Cardoso also stressed the importance of strong collaboration between regulators like the CBN and market operators such as NGX Group, describing it as critical to building a resilient financial system and mobilising long-term investments.
Temi Popoola, Group Managing Director/CEO of NGX Group, moderated an engaging discussion on how Nigeria’s reforms are repositioning the country as an increasingly attractive destination for global capital.
“Today’s dialogue marks a pivotal step in reshaping global perceptions of Nigeria’s investment story,” said Popoola. “The candid engagement between policymakers, market operators, and investors reflects the real progress Nigeria is making. NGX Group remains committed to supporting reforms that strengthen market structures, drive innovation, and accelerate economic growth.”
While investors welcomed Nigeria’s reform agenda, they emphasized that sustained confidence will require consistent FX policies, lower transaction costs, reduced regulatory friction, clearer direction on non-oil revenue reforms, an improved ease of doing business, and continued transparency in monetary and fiscal communication.
The forum ended on an optimistic note, with participants expressing strong confidence in Nigeria’s economic prospects and its potential for deeper integration into global financial markets, provided reform momentum continues.
For decades, financial institutions have struggled to communicate the depth and breadth of their services in a single, coherent message.
FCMB Group’s latest TVC, The Power Of The Group, masterfully accomplishes this by placing its subsidiaries at the heart of the narrative.
The ad opens with a heated basketball game with a lone basketballer then pans out to the full force of the 5-woman team, subtly introducing the idea of collaboration. As the story unfolds, viewers are taken on a journey across Taraba, Abuja and Lagos States, each symbolising a key aspect of FCMB’s ecosystem.
The imagery of the drummers playing on Mambila Plateau reinforces the brand’s message: success is not achieved in isolation—it’s built through strategic partnerships.
From banking to consumer finance, investment management to investment banking, the TVC seamlessly weaves in elements from all arms of the FCMB Group, making it clear that power lies in collaborative innovative efforts.
The tagline ‘The Power Of The Group’ encapsulates the campaign’s essence, reinforcing the importance of unity in financial empowerment.
The production process was an extensive undertaking, requiring 4 months of production and a team of over 1,000 industry professionals.
The investment, said to run into hundreds of millions, underscores the bank’s commitment to delivering not just a commercial but a landmark campaign that defines its brand for years to come.
As the industry takes note, FCMB Group’s approach could redefine how corporate Nigeria tells its story.
Central Bank of Nigeria (CBN) has reminded banks, payment service banks, and fintech companies of their obligations to comply with applicable sanctions regimes.
These sanctions include the United Nations Consolidated Sanctions List, the Nigerian Sanctions List in line with the Terrorism (Prevention and Prohibition) Act 2022, and guidelines on targeted financial sanctions related to terrorism and its financing.
This was contained in a letter dated April 17, 2025 and signed by Amonia Opusunju for the director of the Compliance Department.
The CBN directed all financial institutions to ensure strict adherence to sanctions lists maintained at both international and national levels.
According to the apex bank, financial institutions are expected to regularly update their systems to identify designated persons or entities and prevent the misuse of financial platforms to facilitate illegal transactions.
The letter read: “Financial Institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to Identify and respond promptly to updates or changes across all applicable sanctions lists; Prevent the use of their systems and platforms for transactions involving designated individuals or entities; Conduct real-time screening of customers, transactions, and beneficial owners; and File appropriate reports with the Nigerian Financial Intelligence Unit (NFIU) and notify the CBN, where necessary.”
The CBN’s directive also covers real-time screening of customers, transactions, and beneficial owners.
Institutions are to report suspicious activities to the Nigerian Financial Intelligence Unit (NFIU) and notify the apex bank where necessary, the apex bank warned.
According to the bank, non-compliance with the regulations could attract sanctions in form of enforcement actions or regulatory penalties.
It added that sanctions compliance frameworks must be periodically reviewed and aligned with prevailing laws and regulatory expectations.
The CBN advised all financial institutions to take note of the guidance and act accordingly.
“This letter serves as a regulatory reminder and all Financial Institutions are expected to ensure continued compliance with applicable laws and CBN directives,” the apex bank stated.
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