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E-Financial

Why #EndSARS Campaigners’ Bank Accounts are Still Frozen – Malami

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Abubakar Malami, SAN, attorney-general of the federation and minister of justice, has given reasons the federal government was yet to obey the court order to unfreeze bank accounts of 20 #EndSARS protesters.

Why #EndSARS Campaigners' Bank Accounts are Still Frozen - Malami

Malami, who spoke on Sunrise Daily, a Channels TV programme monitored in Lagos, Malami said the federal government’s decision not to unfreeze the bank accounts immediately was because it was still weighing options as allowed by the law on such matters.

On October 15, 2020, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), directed banks to place a Post-No-Debit order on the accounts of 20 persons linked to the #EndSARS campaign.

Three weeks after, Mike Aondoakaa, counsel to CBN obtained an ex parte order from the Federal High Court in Abuja to freeze the bank accounts of the #EndSARS campaigners for a period of 90 days.

At the expiration of the 90-day order on February 2,2021, CBN moved to extend the period but later withdrew the application on Wednesday.

It was on this note that Ahmed Mohammed, a judge of the Federal High Court in Abuja, ordered the unfreezing of the bank accounts.

But speaking on the programme, Malami said: “We need to take in a lot of factors with particular reference to the compliance with the court order and within the context of striking a balance, the options that are available are multiple.

“One, the consideration of or a possibility of wholehearted compliance with the court order; that is, comprehensive, unconditional compliance with the order relating with the unfreezing of the #EndSARS account.

“But, that does not take away the right of government to give a further consideration when the need arises, a consideration, for example, of excising the right of appeal against the order, if the need arises, coupled with the right of stay of execution of the order or perhaps, application of variation of order, among others.

“While the government has chosen to exercise those rights and, indeed, an appeal of variation of the court order or an appeal for setting aside the order or perhaps stay of execution of the order, you cannot within the context of the rule of law adjudge the government as operating in breach of the order.

“It all depends on, for example, where parties unilaterally settle for arrangement or the order is a product of settlement arrangement. I think the possibility of considering options associated with appeal of variation of the order or setting aside the court order may not necessarily come into play.

“But where it indeed is product of contentions between the party ‘A’ saying, ‘this is the way it is’, and the other party saying no, ‘this is the way it is’, the court will now decide to make a ruling one way or the other.

“So, the right of appeal, right of application to set aside the court order or perhaps, maybe a staying of execution of the order may come into play.

“It all depends on the prevailing circumstances. It is the prevailing circumstances that determine what decisions, what provision, what direction the party involved in the suit or the party affected by the order will consider as the next line of action to take.

Speaking on the same programme, Mr. Femi Falana, SAN, counsel to the protesters, said the Federal Government had nothing to act on to freeze the accounts of the protesters, saying the development was a violation of constitutional provisions which guaranteed the rights of Nigerians to protests.

Falana also asked CBN to stay out of politics and stick to the business of banking.

Noting that the apex bank went out of its way, Falana said: “I do hope that sufficient lessons have been learnt, particularly by CBN to desist from jumping into the political arena by attempting to freeze the accounts of people who are involved in the struggle one way or the other against the government.”

He argued further that CBN misled the court into believing that some grave offences had been committed, which would require time to investigate.

He, however, noted that no offence was committed and that no attempt was made by CBN to investigate any individual.

The lawyer urged CBN to be more circumspect in the future, adding that the individuals whose accounts were frozen will be going to court to challenge the “gross violation” of their rights to their property.


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E-Financial

GTCO to Become First Nigerian Bank to List on London Stock Exchange

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By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.

GTCO to Become First Nigerian Bank to List on London Stock Exchange

As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.

This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.

The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.

On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.

It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.

In place of the GDRs, the group will list all its ordinary shares directly.

aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.

The shares will also begin trading on the LSE’s main market for listed securities.

According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.

Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.

This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.

As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.

 


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E-Financial

NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance

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The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.

Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.

The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.

This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.


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E-Financial

World Bank Approves Extra $65m for Nigeria’s SPESSE

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World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.

World Bank Approves Extra $65m for Nigeria’s SPESSE

The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.

The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.

The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.

This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.

The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.

Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.

This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.

In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.

Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.

These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.

Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.

In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.


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