E-Financial
More Groups Join Arewa Youth’s Call for CBN Governor’s Resignation
Seven different groups have added their voices to that of the Arewa Youth Assembly, calling for the resignation of Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), over his alleged inability to stabilise the country’s bleeding economy.
Godwin Emefiele, governor of the Central Bank of Nigeria
Earlier, Mohammed Salihu, speaker of the Arewa Youth Assembly, said, his organisation has given Mr Emefiele three options to either resign voluntarily, get sacked by Presiden Muhammadu Buhari or youths will occupy the CBN premises in their numbers until he resigns.
“Based on the Arewa Youth Assembly earlier call on the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele to resign his position as the apex bank boss over his inability to stabilise the glaring nose-diving country’s economy, we have noticed the sponsored backlash and propaganda against our persons instead of the issues we have raised.
“The fact that the sponsored messengers of the propaganda couldn’t come up with an issue-based argument is a clear indication that Mr Emefiele has truly failed and they are only helping in further exposing his flaws because Nigerians are watching.
“Mr governor would have proved us wrong with facts and figures, and possibly, engage the services of those with related intellectual to defend his inability to stabilise our bleeding economy.
“We are surprised that, Mr governor would engage those with track records in dirty jobs because of their stomach infrastructure. Those that never promoted a genuine course that can prosper the country except sowing the seed of divisional tune in the country are the ones Mr governor is paying to insult us just for saying the obvious.
“While we maintain our three options available for Emefiele – to resign, to get sacked by President Muhammadu Buhari or to force us to occupy the CBN complex, it is important to remind Mr governor and his think-thank the personality of his defenders in this stance.
“We expect Mr Emefiele’s errand boys to come out in his convincing defence. They should tell us that it is not true that our legal tender, the naira has drastically lost its value against other foreign exchanges even in Africa where Nigeria is a big brother.
“They should tell us that it wasn’t true that ₦150bn NIRSAL loan money got missing under Mr Emefiele’s watchful eyes. They should tell us that CBN under Mr Emefiele has been very up to date with her audited report.
“They should tell us that the dishing out of BDC licenses has followed due process and are being issued to the right individuals. They should tell us that Mr Emefiele is not nursing a secret Presidential ambition that has stolen his attention and plunged the Nigerian economy into a quagmire.
“They should also come out to tell us that their action in defence of Mr Emefiele is not for the money they have collected from the CBN to do so. Failure to do all these puts them clearly on the plates as Mr Emefiele’s number one enemies who are hell-bent on ensuring that he gets sacked”, he said in a statement.
Relatively, in a statement made available by a coalition of 35 groups though signed by seven of them, Isah Abubakar hinged the current high poverty rate in the land on the failure of the country’s economy under Mr Emefiele’s watch as CBN governor.
The group who signed the press statement include The Nigeria Citizens Action Group, Unified Nigerian Youth Forum, Concern Northern forum, Igbo unity forum of Nigeria, Federation of Idoma Youths, Igbo Youth Assembly and Itsekiri National Youth Council.
“The Nigeria Citizens Action Group (NCAG), a coalition of 35 civil society organisations is constraint to lend its voice with that of numerous other concerned Nigerians that have been calling on Mr Godwin Emefiele, Nigeria’s CBN to resign with immediate effect to save the country from total collapse.
“This call became necessary following the extensive review of the tenure of Mr Godwin as the head of our apex bank which has come to the sad conclusion that he should humbly step aside and allow a more competent person to step in to save our country from total collapse.
“We understand that it will be difficult for him and his heirs to reason with us, but we wish to beg on them to put on their garment of patriotism and save our country”, Isah said.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’
Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
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 warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
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