E-Financial
Reps Ask CBN, NDIC to Verify Status of Savannah Bank
House of Representatives has mandated the Committee on Banking and Currency to interface with the Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC) to determine the current status of Savannah Bank.
The house charged the committee to ascertain whether the bank has fulfilled all the requirements to commence business.
This was sequel to a unanimous adoption of a motion by Rep. Magaji Aliyu (APC-Jigawa) at the plenary on Thursday.
Aliyu, while moving the motion earlier, said that the operating licence of Savannah Bank Plc was withdrawn by the CBN on Feb. 15, 2002.
He said the withdrawal was on the grounds that the bank did not have enough assets to meet its liabilities and did not comply with CBN obligations.
According to him, the promoters had been unable to prevent further deterioration of the bank.
The lawmaker recalled that the Nigerian Deposit Insurance Corporation (NDIC) took over as liquidator of the bank which led to the sealing off of the branches of the bank all over the country.
“The bank challenged the closure in court and in a ruling on Oct. 20, 2006 High Court of the Federal Capital Territory, Abuja, held that the CBN had acted properly in revoking the bank’s licence.
“The Court of Appeal in a ruling on Feb. 6, 2009 ordered the re-opening of the bank and also ordered the CBN and the Nigerian Deposit Insurance Corporation to pay N100 million to the bank as damages.
“History was made in the Nigerian banking industry when in line with the order of the court, the licence was restored thus putting an end to seven years of agony for directors, depositors and other stakeholders of the bank,” he said.
According to him, the 17 years after Savannah Bank’s licence was restored, the bank has yet to commence operations.
The Rep said that at the time of its forceful closure, the bank had nearly 85,000 shareholders, a share capital of N1 billion and about 118 branches with depositors funds which were in hundreds of millions.
Aliyu said that most of the depositors whose funds were trapped in the bank for the last 17 years were either dead, bankrupt or in dire hardships after many years of depression and discontentment.
The house directed the committee to interface with the shareholders and the new management of the bank on possible ways to refund funds of depositors.
The committee will also find out from the CBN effective measures put in place to avoid the reoccurrence of what led to withdrawal of the licence of the Savannah Bank and its eventual closure in 2002.
The committee is to report back within two months for further legislative action.
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
Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.
A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.
The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.
At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.
This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.
As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.
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