E-Financial
Interswitch System Glitch: Court Orders Freezing of Accounts in 54 Banks
Justice Peter Lifu (JP) of a Federal High Court sitting in Lagos has granted an order freezing some accounts in about 54 financial institutions in the country where alleged funds from Interswitch accounts were moved to various accounts domiciled in the named banks.
Some of the banks affected by the freezing order are Access Bank PLC, GTBank PLC, First Bank of Nigeria, Fidelity Bank PLC, Globus Bank, Providus Bank, Keystone Bank, FCMB, Sterling Bank, SunTrust Bank, Ecobank, among other financial institutions in the country.
The freezing order was sequel to an ex-parte application filed by Mr E.A Okorie, counsel to Interswitch Nigeria Limited, seeking the order of court directing the banks and other financial institutions to freeze, place a lien or post no debit on some accounts domiciled in these institutions.
The plaintiff, Interswitch, is seeking the freezing order so as to prevent the dissipation of a huge amount of money that was illegally moved from its account into various accounts in the different financial institutions due to a glitch in its server.
In particular, the applicant is seeking the order of the court freezing the accounts of EARTHOLEUM NETWORKS LIMITED to the extent of the sums illegally received following the system glitch in the Plaintiffs server into the accounts of the 8th defendant, EARTHOLEUM NETWORKS LIMITED.
The plaintiff prayed the court for an order of Interim Mareva Injunction mandating all the defendants to comply with the Central Bank Guidelines No. BPS/DIR/GEN/CIR/02/004 of 2015 and the Central Bank of Nigeria’s Regulatory Framework for Banking Verification (BVN) Operations and Watchlist for the Nigerian Banking Industry, October 2017 by blocking, freezing, placing a lien and/or placing a “Post No Debit” restriction on the affected accounts domiciled with the aforementioned banks and other financial institutions pending the determination of the substantive suit.
Interswitch Nigeria Limited further sought for an order of interim mareva injunction mandating the respondents to Freeze, place a Lien and Post No Debit on any and all accounts belonging to and in the name of the 8th Defendant EARTHOLEUM NETWORKS LIMITED to the extent of the sums illegally received (following the system glitch in the Plaintiffs server) into the said accounts pending the hearing of the substantive application.
The plaintiff also asked the court for an order directing the defendants to disclose on oath to the court within 7 days of service of the order of court, the amounts standing in credit in the respective accounts of the 1st to 54th Defendants’ customers accounts domiciled with them from 19th of October 2023 to date.
AN ORDER directing the respondents to disclose on cath to this honourable Court within 7 days of service of the order of court, the details of the amounts standing as credit balance in the respective beneficiaries accounts of the 1st, 9th, 12th, 13th, 14th, 41st and 48th defendants’ customers/Account holders listed in a document marked EXHIBIT C attached herewith and domiciled with the 1st, 9th, 12th, 13th, 14th, 41st and 48th defendants from the 9th of May 2022 to date.
After listening to tE. A. Okorie, the plaintiff counsel, Justice Peter Lifu (JP), trial Judge, granted an order mandating the defendants to comply with the Central Bank Guidelines No. BPS/DIR/GEN/CIR/02/004 of 2015 and the Central Bank of Nigeria’s Regulatory Framework for Banking Verification (BVN) Operations and Watchlist for the Nigerian Banking Industry, October 2017 by blocking, freezing, placing a lien and/or placing a “Post No Debit” restriction on the affected accounts aforesaid to the extent of the sums illegally received (following the system glitch in the Plaintiffs server) into the respective Bank accounts of several customers who are listed in a document attached to the court papers marked ‘ Exhibits A’ pending the determination of the substantive suit.
The defendants in the suit are:
ACCESS BANK PLC, BAINES CREDIT MICROFINANCE BANK LTD, BANK OF INDUSTRY, BLURIDGE MICROFINANCE BANK, BRANCH INTERNATIONAL FINANCIAL SERVICE, CREDIT DIRECT LIMITED, ECOBANK PLC, EARTHOLFUM NETWORKS, FAIRMONEY MICROFINANCE BANK, FEWCHORE FINANCE COMPANY LTD, FIDELITY BANK PLC, FIRST CITY MONUMENT BANK PLC, FIRST BANK OF NIGERIA LIMITED, GLOBUS BANK PLC, GUARANTY TRUST BANK PLC, HASAL MICROFINANCE BANK LTD, HERITAGE BANK PLC, INFINITY TRUST MORTGAGE, IZON MICROFINANCE BANK LTD, JAIZ BANK PLC, KEYSTONE BANK PLC,
KUDA MICROFINANCE BANK LTD, DE -L.A FAYETTEE MICROFINANCE BANK LTD , L APO MICROFINANCE BANK, LINKS MICROFINANCE BANK, LOTUS BANK PLC, MIM FINANCE COMPANY LTD, NEW EDGE FINANCE, NIGERIAN NAVY MICROFINANCE BANK, NIRSAL MICROFINANCE BANK, OPAY DIGITAL SERVICES, PAGATECH LIMITED, PALMPAY LIMITED, PARALIEX BANK PLC, POLARIS BANK PLC, PROVIDES BANK PLC, Ceremony MICROFINANCE BANK LIMITED, ROLFZ MICROFINANCE BANK LIMITED, SMART CASH PAYMENT SERVICES BANK LIMITED, SPARKLE MICROFINANCE BANK LIMITED, STANBIC IBTC BANK PLC, STANDARD CHARTERED BANK PLC, STERLING BANK PLC, SUNTRUST BANK PLC, TAJ BANK LIMITED, TANGERINE MONEY MICROFINANCE BANK, TOL CHIGOLD MICROFINANCE BANK LTD, UNION BANK OF NIGERIA PLC, UNITED BANK FOR AFRICA PLC, UNITY BANK PLC , VALE FINANCE LIMITED , VFD MICROFINANCE BANK , WEMA BANK PLC and ZENITH BANK PLC.
Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.
Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year.
Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.
Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth.
This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”
Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.
Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.
“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
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