E-Financial
World Bank Urges CBN to Sustain Inflation Control Measures

Central Bank of Nigeria (CBN) must sustain efforts to tackle inflation, according to Sameer Matta, senior economist for Nigeria at World Bank.
Matta, spoke at the recent launch of the 2025 macroeconomic outlook of the Nigerian Economic Summit Group (NESG).
Nigeria’s inflation rose to 34.8 percent in December — up from 33.6 percent in November.
Speaking during a panel session at the event, Matta said the CBN must focus on taming inflation.
“I think what is critical in terms of inflation is to stay the course. I think that the central bank needs to continue to be focused on making sure that inflation is under control,” Matta said.
“Obviously, part of it is related to the supply side. What can be done to improve the yield on the agriculture side? What can be done to improve the link between rural and urban areas?
“There is the question of what can be done on the trade policy side. One would be to increase production locally, but that would take time.
“One of the things that can be done on the trade policy side is to think through which sectors could be targeted to allow some tariffs to be adjusted.”
Matta said the cost of not doing reforms is 2 percent of Nigeria’s gross domestic product (GDP) for fuel subsidy and 2 percent of GDP for foreign exchange (FX) subsidy.
“That’s five percent of GDP, and that is extremely high,” he said.
“I would liken these reforms to someone with a hard medical condition who had to make tough choices.
“Let’s not forget that at some point in Nigeria, the debt service to revenue was 100 percent; now, the good news is that we are around 50 percent, and that is a big decline.
“The cost of reforms comes mainly from high inflation, and in the case of Nigeria specifically, food inflation is impacted by FX and the fact that lots of agricultural products are impacted by the price of petrol.
“That means the impact of these reforms is being felt by the most vulnerable.
“It is very important that the government continues on the reforms on social protection but also accelerates the roll-out of these cash transfers. It is more important to finance them over the future.
“It will be very important to continue to encourage the authorities to scale up and accelerate these interventions, which are time-bound and targeted at those who are really impacted and done through a digital way to avoid any potential misuse in the future.”
Also speaking on inflation, Christian Ebeke, Nigeria’s country representative at the International Monetary Fund (IMF), reiterated the need for coordination between the fiscal and monetary authorities.
He said it is important that efforts to bring inflation down by the fiscal authorities are done in the “context of better coordination”.
“For example, one of the key decisions that took place last year was the commitment by both the central bank and the fiscal authorities to strengthen coordination,” Ebeke said.
“We didn’t see Ways and Means accrue again as we have seen in the past year in Nigeria, and it was welcome.
“This is something that should bring inflation down by tightening financial conditions but also by reducing money in circulation.
“The other important thing for the fiscal authorities to do is to tackle any distribution consequences of the reforms that have been implemented.
“Naira reforms or the completion of the fuel subsidy removal. We know that these key reforms in Nigeria will have redistributive consequences on the most vulnerable, and they may not be able to cope.
“Fiscal authorities have a key role to play because the transmission lag of fiscal policies is shorter compared to monetary policies.
“So, issues of social protection are very important. That is how fiscal policies can complement what the monetary authorities are doing.”
On the ways and means, Ebeke said Nigeria should not have been in that position.
“Cleaning up this big problem is taking time, and the persistent effect of the Ways and Means on inflation and, in general terms, on financial conditions,” he said.
“The CBN is trying to mop up liquidity. Just the practice of having deficit monetisation, as has been practiced in Nigeria for years, is now over.
“Again, big congratulations to both the CBN and the fiscal authorities for curbing that.
“Now, when it comes to the securitisation of these, central banks around the world have a memorandum of understanding with the fiscal authorities on this type of liability management.
“The securitisation has the benefit of spreading out the maturities. Also, this has been done transparently, so this is good.”
According to Ebeke, with the independence and fiscal prudence of the CBN, the country ought not to experience macroeconomic pressure, as well as the effect on the parallel exchange rate and inflation.
E-Financial
Banks Stops Instant Alerts for Cheques Pending Clearance

Banks in the country have begun suspending instant transaction alerts for cheques drawn from other banks until such cheques are fully cleared.
This is in compliance with a recent directive from the Central Bank of Nigeria (CBN).
This new policy affects customers who receive cheques from other banks, signaling a major change in how cheque payments are confirmed.
According to the CBN directive, the move is intended to prevent confusion around the status of cheque payments and to curb premature release of goods and services before the actual receipt of funds.
In an email sent to its customers, Access Bank stated that moving forward, alerts for cheques deposited into accounts will only be sent after the cheque has been completely processed.
This is to notify you of the recent directive by the CBN which requires banks to send transaction alerts on payments of other bank cheque only upon cheque clearance.
This means that you would only receive alerts for other banks’ cheques paid into your account after the cheque has been fully processed, that is, after the funds are paid into your account or if the cheque is unpaid and and returned from the other bank.
As a result of this new directive, you will no longer receive alerts for cheques lodged into your account until the cheque is cleared or returned”, the bank stated.
Access Bank also advised customers to monitor their accounts through other available channels such as the AccessMore app, internet banking platforms, PrimusPlus, and the USSD service *901# to stay updated on the status of their cheque deposits.
To track your transactions and ensure you do not part with your goods and services prior to payment. Please use our other channels; Accessmore, Internet banking, PrimusPlus, *901#.
We remain committed to delivering seamless and secure banking services to you always”, it said.
The CBN’s directive is designed to protect both payees and payers by ensuring that goods or services are not exchanged before the actual payment has been confirmed.
Previously, customers often received immediate alerts once a cheque was lodged, leading to confusion when the cheque was later dishonoured.
A banking industry insider commented, “This change is critical in promoting financial discipline. It safeguards businesses from losses due to bounced cheques and helps maintain the integrity of cheque payments.”
While digital payment methods are on the rise in Nigeria, cheques still remain a significant payment instrument in various sectors, particularly in wholesale trade and business-to-business transactions.
The apex bank’s new guideline is expected to strengthen trust in cheque transactions by ensuring that payment confirmations are accurate and timely.
As the financial ecosystem evolves, this move is one among several measures aimed at enhancing the safety and reliability of banking transactions across Nigeria.
Credit: Daily Sun
E-Financial
Sterling HoldCo Delivers Stellar H1 2025 Results; Capital Raise Strategy Gains Momentum

Sterling Financial Holdings Company Plc (“Sterling HoldCo”) has reported a remarkable 157% year-on-year growth in profit-after-tax, hitting ₦41.78 billion for the half-year ended June 30, 2025. This jump from ₦16.26 billion in H1 2024 reflects the Group’s strategic excellence and operational resilience.

Yemi Odubiyi
Profit after tax rose to ₦41.78 billion, while earnings per share climbed to 89 Kobo from 56 Kobo in the prior period. Gross earnings increased by 39.7%, reaching ₦212.61 billion. Interest income grew by 38.3% to ₦167.16 billion, and non-interest income surged 45% to ₦45.45 billion.
The Group’s cost-to-income ratio also improved significantly, declining from 75.7% to 64.5%, thanks to focused cost optimisation.
Sterling HoldCo’s total assets increased to ₦4.08 trillion as of June 2025, up 15.3% from ₦3.54 trillion in December 2024. Shareholders’ funds rose by 22.9% during the period, driven by strong retained earnings and successful recapitalisation. Asset quality also improved, with the non-performing loan ratio down to 5.1% from 5.4%.
Building on its financial strength, the Group completed a ₦100 billion private placement and rights issue, which enabled the recapitalisation of Alternative Bank and bolstered Sterling Bank’s capital base. A public offer to raise an additional ₦53 billion is set to launch in the coming weeks, forming the first phase of a US$400 million capital programme approved at the Group’s Annual General Meeting on June 30, 2025.
Group CEO Yemi Odubiyi attributed the half-year performance to strategic clarity and operational agility, noting that the results reflect resilience and value creation in a dynamic macroeconomic environment.
He reiterated the Group’s commitment to responsible growth, sustainable impact, and continued investment in Nigeria’s growth sectors, including renewable energy, healthcare, and community development.
Sterling HoldCo remains focused on leveraging its robust capital strategy to fuel long-term expansion, innovate across its financial services, and deepen its contribution to Nigeria’s economic progress.
E-Financial
Onuoha Takes Helm at ICAN Fidelity Chapter, Vows to Deepen Professional Excellence

Fidelity Bank Chapter of the Institute of Chartered Accountants of Nigeria (ICAN) has inaugurated Mr. Audifax Onuoha as its new Chairman, ushering in a fresh era of professional development and strategic collaboration within the bank.

L-R: Chairman of the Occasion and Regional Bank Head -Ikeja, Fidelity Bank Plc, Jude Monye, FCA; Associate Prof. & Member, Governing Council, Institute of Chartered Accountants of Nigeria (ICAN), Dr. Mrs Obal Usang Edet Usang, FCA; 4th Chairman, ICAN Fidelity Bank Chapter, Audifax Onuoha, FCA; 61st ICAN President, Mallam Haruna Yahaya MNI, PhD, FCA; and Immediate Past Chairman, ICAN Fidelity Bank Chapter and Chief Financial Officer, Fidelity Bank Plc, Victor Abejegah; during the 4th Investiture and Patron Conferment Ceremony of the ICAN Fidelity Bank Chapter, held at the Fidelity Bank Head Office in Lagos recently.
The investiture, which took place at Fidelity Place, Lagos, also featured the swearing-in of the Chapter’s 2025–2027 Executive Committee and the conferment of a Patron award on Mr. Stanley Amuchie, Executive Director/Chief Operations and Information Officer of Fidelity Bank Plc.
Onuoha, who currently serves as Group Head, Compliance Risk Management at Fidelity Bank, succeeds Mr. Victor Abejegah, the bank’s Chief Financial Officer. In his acceptance speech, Onuoha pledged to prioritise capacity building and continuous learning for ICAN members and non-members across the bank.
He said the new administration would focus on equipping professionals with the skills required to navigate the evolving financial services landscape, while strengthening the strategic alliance between ICAN and Fidelity Bank.
“We will deepen the synergy between Fidelity Bank and ICAN as a foundation for a resilient financial ecosystem,” he said.
Delivering the opening address, Mr. Jude Monye, Regional Bank Head – Ikeja, Fidelity Bank Plc, urged the new leadership to make professional development a top priority, describing capacity building as imperative in today’s financial environment.
Monye commended the Chapter’s growth and attributed its success to the support of Fidelity Bank’s leadership, particularly its Managing Director/CEO, Dr. Nneka Onyeali-Ikpe.
In his remarks, Abejegah highlighted achievements during his tenure, including entrepreneurship training in fish farming, snail farming, poultry, and export processing, as well as improved member welfare and insurance support for bereaved families.
The event also saw the conferment of the Chapter’s Patron award on Amuchie, in recognition of his over 25 years of exemplary service in banking. He described the honour as a call to serve as a mentor and advocate within the ICAN community and Fidelity Bank family.
The ceremony concluded with the swearing-in of the new executive committee by ICAN’s 61st President, Mallam Haruna Yahaya.
Fidelity Bank Plc is a full-fledged commercial bank serving over 9.1 million customers through digital channels, 255 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited. The bank has received multiple awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award and the Euromoney Award for Best Bank for SMEs in Nigeria.
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