E-Financial
Why #EndSARS Campaigners’ Bank Accounts are Still Frozen – Malami
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.
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.
Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
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