E-Financial
Worries as CBN Begins Abuja Office Decongestion Affecting 1,533 Staff

There is a growing concern among workers as the Central Bank of Nigeria (CBN), commenced the decongestion of its head office in Abuja, affecting 1,533 staff.
According to an internal memo, the departments affected include Banking Supervision; Other Financial Institutions Supervision; Consumer Protection; Payment System Management, and Financial Policy Regulations.
The move is to decongest the apex bank’s head office.
Some staff members of the bank have reportedly resisted the transfer, claiming that it is motivated by sectional bias.
However, an official of the CBN who spoke on condition of anonymity, said the transfer of some departments to Lagos is for the safety of the members of staff and their increased productivity.
“If a company with over 500 members of staff in its head office normally sends about 200 of them to go and work in other states and return to the head office, it will be more economical for the company and safer for the affected members of staff for the company to relocate them fully to go and work in those states. It will also enhance their productivity,” the official explained.
The official added that only a few departments of the apex bank were affected by the transfer.
He stated that the move is also aimed at cutting costs and ensuring their safety.
According to the memo, the departments affected by the relocation approved by Yemi Cardoso, governor, CBN, include Banking Supervision; Other Financial Institutions Supervision; Consumer Protection Department; Payment System Management Department and the Financial Policy Regulations Department.
Speaking further on the plan, the CBN official noted that most of bank headquarters are in Lagos.
According to him, the CBN usually sends members of staff of the affected departments from Abuja to work in Lagos for a duration of up to one or two months before they return to the head office.
“It is not safe for them to be on the road all the time and it is also not cost-efficient for the bank. Anybody who is asked to leave his or her comfort zone will feel the initial discomfort and complain. So, it is natural that some of the affected workers are complaining,” the official added.
He also noted that the Abuja head office was designed for 3, 000 members of staff, adding that the staff strength at the head office has hit 4, 000.
“The facility managers have already warned of the implication; the security of staff is also at stake with the increased number because it overwhelms the managers,” the official said.
Part of the internal memo reads: “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion plan designed to optimise the operational environment of the bank.
“This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office space.
“This action is necessitated by several factors, including the need to align the bank’s structure with its functions and objectives, redistribute skills to ensure a more even geographical spread of talent and comply with building regulations, as indicated by repeated warnings from the Facility Manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.
“The action plan focuses on optimising the utilisation of other bank’s premises. With this plan, 1,533 staff will be moved to other CBN facilities within Abuja, Lagos and understaffed branches.
“Our current occupancy level of 4,233 significantly exceeds the optimal capacity of 2,700 designed for the Head Office building. This overcrowding poses several critical challenges:
“Safety Concerns: The building’s infrastructure was designed for a specific number of occupants. Exceeding this capacity has raised safety concerns, increased health and accident risks – and hinders efficient emergency evacuation.
“Reduced Efficiency: Crowded workspaces are negatively impacting productivity and collaboration. Additionally, overstretched facilities have led to increased maintenance costs.
“Structural Integrity: The building’s integrity can be compromised by exceeding its designed capacity.”
The memo further said the decongestion would also improve the apex bank’s operational and workflow efficiency.
“Strategic alignment: The decision to redistribute departments and staff is rooted in a strategic approach to align the structure of the bank with its functions and objectives. Certain departments may be better suited to operate in proximity to financial institutions’ head offices, which are predominantly located in Lagos. This strategic alignment ensures optimal collaboration and efficiency,” the memo stated.
E-Financial
Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.
Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.
The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.
Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.
This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.
Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.
Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.
Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.
Offsetting this were write-offs and reversals that mitigated losses.
First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.
Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.
Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.
Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.
On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.
Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.
FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.
Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.
Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.
E-Financial
SEC Flags FF Tiffany as Ponzi Scheme

Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
”These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
E-Financial
AccionMonie App to Empower Low-Income Households

Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.
Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.
“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.
He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.
According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.
Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.
Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.
“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.
Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.
“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.
One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.
In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.
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