Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

N400Bn Bad Debt: Banks to Publish Names of Debtors by August 1

Published

on

CBN HQ.jpg
Kindly share this post

About N400 billion bad debt outstanding in the banking sector is causing panic in the industry and most of the debtors are individuals who have the capacity to pay but have refused to do so.

Following this development, the Central Bank of Nigeria (CBN), and Deposit Money Banks in the country have concluded plans to publish the list of such debtors starting from August 1, 2015.

Mrs Tokunbo Martins, director, Banking Supervision, CBN, who spoke tojournalists on the outcome of the 322 Bankers Committee meeting in Abuja said that  “You will recall that at the last Bankers Committee meeting, we discussed about publishing the names of serial debtors of banks.

“We discussed this again because of the fact that the date is drawing close. Last time we had the meeting, we said that there should be three months of grace to give the debtors the opportunity to put the facilities back to performing status.

 “So, by the 1st of August, any debtor that hasn’t done so, the name will be published by the bank. So, the banks are encouraged to speak to their customers that fall into that category that they should put in more effort to pay off,’’ she said .

Martins said that the total credit currently in the system was between N13 and N14 trillion and about three per cent of it was non-performing.

She stressed that banks had an upper limit target of five per cent.

On the electronic banking space, Mr Phillip Oduzua, chief executive of UBA, said that 12.5 million customers had been enrolled on the Bank Verification Number (BVN) exercise.

“We believe that this is a substantial mileage that we have made and there is still room to close the gap knowing that the deadline for everybody to enrol is June 30th.

“In the event that any customer is not enrolled, it is possible that the customer may not be able to enjoy a lot of the banking services.

“As such, we will urge all customers of banks to enrol so that they would continue to enjoy unhindered services from the banks,’’ he said.

According to him, customers who fail to enrol may not enjoy credit facilities, foreign exchange services and internet banking, among others.

On cashless policy, Oduzua said with the progress made so far, the policy would be extended to every part of the country before the end of third quarter.

On the foreign exchange market, Mr Jubril Aku of Ecobank said that the committee reviewed the sector and would continue to partner CBN to meet legitimate needs of customers.

“There are some demands that raised concerns, so sometimes when such request are made, we make analysis and see the effect on the economy.

“As long as they are legitimate demands, we will make sure it is met. So, the committee is satisfied with the stability attained and will continue to look at the sector critically,’’ he said.

Henry Semenitari, chief executive officer of Unity Bank, said the committee also reviewed the enhancement witnessed in the credit culture in the sector.

He said that the culture would now be extended to other financial institutions of Insurance and non-banking institutions within the banking space.

“As the culture continues to improve, the requisite data that will lead to uninformed judgement in terms of given credit to businessmen will become easier and control effective.

“So, what we will require or implore people to do is to provide the necessary Know-Your-Customer (KYC) to their banks to ensure they are registered through the credit registry as well as other banking and non-banking financial institutions,’’ he said.

Semenitari said that this would help to stabilise and institute a sound culture of credit that would be relevant to the economy and in consonance with financial inclusion policy.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

FIRS Launches Revised SOP to Streamline Tax Payment

Published

on

Kindly share this post

Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.

FIRS Launches Revised SOP to Streamline Tax Payment

According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.

“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.

He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.

The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.

More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.

Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”

The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.

The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.

Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.

“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.

The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.

The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.

 


Kindly share this post
Continue Reading

E-Financial

Confidence in Nigerian Economy Grows as Forex Inflows Reach $5.96Bn

Published

on

Kindly share this post

Foreign exchange inflows from domestic sources have reached their highest level in six years, according to a report by the Central Bank of Nigeria (CBN).

The increase reflects a growing confidence in the Nigerian economy and the impact of recent macroeconomic reforms by the federal government.

The CBN’s latest report revealed that foreign exchange inflows into the Nigerian Foreign Exchange Market (NFEM) surged to $5.96 billion in May 2025, representing a 62 per cent increase from $3.67 billion in April. Of this total, 83.2 per cent, $4.96 billion came from domestic sources, marking the highest domestic contribution to forex inflows since 2019.

The growth was primarily driven by a sharp rise in contributions from exporters and importers, which jumped from $655.7 million to $3.11 billion. Inflows from non-bank corporates also rose from $1 billion to $1.11 billion, while individual inflows surged from $15.1 million to $91.4 million. Conversely, the CBN’s own contribution fell significantly from $1.35 billion to $649.8 million over the same period.

Foreign sources accounted for 16.8 per cent of total inflows, rising by 51.7 per cent from $657.4 million to $997.6 million, the highest level in three months. Inflows from foreign portfolio investors climbed by 61.3 per cent to $880.8 million, while other foreign corporates contributed $83.9 million, up 10 per cent. However, foreign direct investments declined slightly by 6.3 per cent to $32.9 million.

The CBN also released its latest Purchasing Managers’ Index (PMI) report, which showed continued business expansion. The composite PMI stood at 52.1 points in May, just below the 52.2 recorded in April. All sectors remained in expansion territory, with agriculture at 53.4, industry at 51.6, and services at 51.7.

Analysts at Cordros Capital said the rise in business activity and forex inflows was due to an improving macroeconomic outlook. “Looking ahead, we expect sustained expansion in private sector activity, underpinned by improving macroeconomic fundamentals such as a more stable naira and moderating inflation. Nonetheless, tight financial conditions remain a potential headwind to broader economic performance in the near term,” the firm stated.

President Bola Tinubu’s macroeconomic reforms have drawn widespread praise from business leaders and international analysts. Africa’s richest man, Alhaji Aliko Dangote, commended the President’s efforts, saying, “Your leadership has been both decisive and reassuring. Your actions have reignited hope for a prosperous Nigeria of today and of the future.”

He highlighted the administration’s removal of fuel subsidies, unification of the naira exchange rate, and pro-Nigeria industrial policy as key achievements. “From the very start of the administration, Your Excellency has worked tirelessly to foster an enabling environment for private sector-led growth,” Dangote added.

Chairman of BUA Group, Alhaji Abdulsamad Rabiu, also praised the administration’s performance. “Under your leadership, we have witnessed real and rapid progress,” he said, pointing to the government’s infrastructure initiatives and policy reforms.

On the global front, credit rating agencies have noted the positive impact of Nigeria’s economic reforms. Moody’s Investors Service recently upgraded Nigeria’s sovereign rating from Caa1 to B3, citing “a more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.”

Fitch Ratings followed suit in April 2025, upgrading Nigeria’s rating from “B-” to “B” and declaring a stable outlook. The agency credited the administration for improved policy coherence, foreign exchange liberalisation, and progress toward eliminating fuel subsidies.

“These have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent domestic challenges and heightened external risks,” Fitch said.


Kindly share this post
Continue Reading

E-Financial

AGF Drops Charges Against Fidelity Bank MD, Cites Lack of Direct Involvement

Published

on

Kindly share this post

The Office of the Attorney General of the Federation has dismissed reactions trailing the withdrawal of criminal charges against Dr. Nneka Onyeali-Ikpe, the Managing Director and Chief Executive Officer of Fidelity Bank Plc.

In a statement issued on Monday, Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity, said the decision followed a careful review of the case, which revealed that Onyeali-Ikpe had no direct connection to the alleged fraudulent transactions.

The AGF exercised its constitutional authority to enter a nolle prosequi, effectively discontinuing the prosecution to prevent a miscarriage of justice.

Investigations confirmed that Onyeali-Ikpe was neither the account officer nor the Managing Director of Fidelity Bank when the account in question was opened.

“The decision does not absolve Fidelity Bank Plc from the allegations contained in the charge, which remains pending before the court,” the statement emphasized.

The AGF reaffirmed commitment to justice, fairness, and the rule of law, urging the public to allow the legal process to run its course.

“We urge the public to refrain from speculation or jumping to conclusions. The AGF remains committed to ensuring that all those found wanting will face the full weight of the law,” Ogundele added.

Punch reporters contacted legal analysts and financial experts, who noted that the decision might influence public perception of corporate governance standards within the Nigerian banking sector.

Meanwhile, Fidelity Bank has yet to officially respond to the development.


Kindly share this post
Continue Reading

Trending