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NGX Group Declares ₦1.00 Interim Dividend, Sustains Track Record Of Shareholder Value Creation

NGX Group declares ₦1.00 interim dividend, sustains shareholder value creation track record - Champion Newspapers LTD
Nigerian Exchange Group Plc (NGX Group or the Group) has announced the declaration of an interim dividend of ₦1.00 per ordinary share of 50 kobo each, following the approval of its unaudited financial statements for the third quarter ended 30 September 2025, at the meeting of its Board of Directors held on Wednesday, 29 October 2025.

 

 

The interim dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday, 7 November 2025, while payment will be remitted electronically to qualified shareholders on Tuesday, 18 November 2025.

 

 

This declaration marks another milestone in NGX Group’s history of consistent dividend payments, underscoring the Board’s confidence in the Group’s resilience, profitability, and value-creation strategy.

 

 

Commenting on the announcement, the Chairman, NGX Group, Alhaji (Dr.) Umaru Kwairanga, stated: “The declaration of this interim dividend reaffirms the Board’s confidence in NGX Group’s solid fundamentals and long-term growth outlook. We have maintained a consistent dividend track record that reflects our unwavering commitment to shareholder value. This payment recognises our investors’ trust and remains focused on reciprocating that trust through consistent value addition to its shareholders. Our focus remains on delivering sustainable returns through disciplined execution and strategic growth.”

 

 

In his remarks, the Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola, noted: “Our commitment to shareholders is at the heart of every strategic decision we make. This dividend reflects the Group’s strong financial discipline, consistent profitability, and prudent capital allocation. As we advance our growth agenda, we will continue to unlock opportunities across our ecosystem, creating measurable value for our investors and reinforcing NGX Group’s position as a trusted driver of capital market prosperity in Africa.”

 

 

NGX Group will continue to demonstrate its commitment to transparent governance, financial discipline, and sustainable value creation.

Online Poster by — October 31, 2025 in Capital Market
Access Bank Deepens Engagement With SME Customers

Amaka Obiefuna

 

Access Bank Plc once again demonstrated its commitment to the growth and sustainability of Nigeria’s Small and Medium-Scale Enterprises (SMEs) as it hosted an exclusive roundtable with its SME customers in Abuja.

 

The event, aptly titled “An Exclusive Roundtable with Chizoma Okoli,” held on Thursday, October 23, 2025, at the Reiz Continental Hotel, Abuja, brought together hundreds of entrepreneurs and business owners across diverse sectors. It was more than a corporate engagement; it was a genuine heart-to-heart conversation between the Bank and its customers.

 

The session opened with a remark from the Bank’s Unit Head, Strategic Communications, Oge Kasie-Nwachukwu, who welcomed guests and set the tone for the conversation. She then introduced the Bank’s Deputy Managing Director (Retail South), Mrs. Chizoma Okoli, whose presence was both reassuring and inspiring for the customers.

 

Addressing customers at the event, Okoli said, ‘At Access bank, we love SMEs, and that is why we have been engaging our SME customers across Nigeria since last year to know their pain points and how to serve them better. We have engaged with our customers in Portharcourt, Enugu, and Lagos. Today, we are in Abuja, we are here for you; to engage, to listen, and to understand how we can make our products and services better suited to your needs,” she said, earning nods of approval from the audience.

 

The event quickly evolved into an open, candid engagement where customers were encouraged to share their experiences and challenges. Participants raised issues ranging from technology downtimes and loan conditions to communication gaps and staff responsiveness. One recurring concern was the stringent collateral requirements attached to loan facilities.

 

Mr. Bala Muhammed, a public health consultant, urged the Bank to review its loan policies to make them more accessible to small businesses. On the other hand, Mrs. Ifeoma Grace Okoye, a small business owner, praised the Bank for its sustained support but encouraged it to do even more to empower SME operators.

 

Okoli in her response, addressed each issue with some reassuring honesty. On technology, she revealed that Access Bank is undergoing a major digital upgrade to ensure faster and smoother transactions. On loan conditions, she explained that regulatory standards from the Central Bank of Nigeria (CBN) sometimes shape internal policies, but assured customers that the Bank was exploring ways to ease access to credit and improve turnaround times.

 

“We are here because of you. We cannot do without you. We are not an institution that claims to know it all. We recognize our shortcomings, and we are committed to doing more,” she said with a resonating tone that reflects humility and sincerity.

 

The Group Head, SME Banking, Mrs. Abiodun Olubitan, also took the stage to outline some of the Bank’s key SME support initiatives, including its collateral-free loan scheme and other innovative financing solutions tailored to help small businesses scale.

 

Oge Kasie-Nwachukwu, Unit Head, strategic communications also reaffirmed the Bank’s commitment to enhancing communication with its customers. She emphasized that Access Bank remains open to partnerships and sponsorships that can help SME clients gain more visibility and access to growth opportunities.

 

As the dialogue deepened, customers became more knowledgeable about products and interventions the Bank had introduced in recent years they had not been aware of. Another customer, Mr. Lolu Adewalure, Chief Operating Officer of Rex Africa, commended the Bank for its consistency in dishing out values. Mr. Adewalure however called for further improvements in its digital infrastructure to enhance customer experience.

 

At the end of the extended session that lasted well beyond the scheduled closing time, many customers described the engagement as enlightening and impactful. They applauded the Bank’s leadership for creating an avenue where customers could be heard directly and their concerns addressed in ample time.

 

For Access Bank, it was not just another customer engagement; it was a reaffirmation of its philosophy; more than banking, it is about building relationships that empower growth. As the guests departed with smiles and renewed confidence, one sentiment echoed across the hall: Access Bank was not just talking about customer care; it was living it.

Online Poster by — October 31, 2025 in Capital Market
SEC Partners CBN, EFCC To Track, Freeze Illicit Digital Wallets

SEC partners CBN, EFCC to track, freeze illicit digital wallets – Mediatracnet
 The Securities and Exchange Commission (SEC) has announced a collaboration with the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to track and freeze illicit digital wallets used for money laundering and other financial crimes.
 The Director-General of the Commission, Dr. Emomotimi Agama, disclosed this in Abuja while addressing participants at the Abuja Journalists Academy during a lecture on “The Regulation of Digital Assets and Virtual Asset Service Providers in Nigeria.”
Represented by the Head External Relations Department of the SEC, Mrs. Efe Ebelo, Agama said the partnership marked a major step in protecting investors and strengthening integrity in Nigeria’s fast-growing digital finance ecosystem.
“To strengthen enforcement, the SEC is working closely with the Central Bank of Nigeria and the Economic and Financial Crimes Commission to freeze illicit digital wallets and recover criminal proceeds. Our goal is to ensure that innovation serves progress, not predation,” he said.
 The SEC boss noted that Nigeria ranks among the world’s top adopters of digital assets, with more than one-third of the population involved in crypto-related activities.
This, he said, reflects the creativity of Nigerian youth, the spread of mobile technology, and the drive for financial inclusion.
However, he warned that the rapid growth of digital assets has also opened opportunities for abuse.
  He listed common threats such as crypto scams, fake wallet applications, phishing attacks, and ransomware schemes, which have defrauded many unsuspecting citizens.
“Without strong regulation, innovation can quickly become vulnerability,” he cautioned.
“Regulation is not about restriction; it is about building trust and ensuring that innovation strengthens our economy rather than weakens it.”
 To address these challenges, the SEC has established a detailed regulatory framework for Virtual Asset Service Providers (VASPs) under its 2022 Rules on the Issuance, Offering, and Custody of Digital Assets.
 The framework rests on three pillars of licensing, compliance and transparency.
Agama said these measures were part of the Commission’s broader commitment to build a transparent and trustworthy digital asset market that protects investors and discourages criminal activities.
Beyond issuing regulations, he said the SEC is also deploying modern technology to monitor transactions in the digital space. A
 Agama said the Commission now uses blockchain analytics tools and artificial intelligence (AI) to trace transactions, detect fraud, and improve cybersecurity.
 “We are leveraging blockchain analytics, AI, and advanced monitoring systems to strengthen our supervisory capacity,” he explained. “This will help us respond faster to suspicious transactions and protect market integrity.”
 He added that the Commission’s collaboration with the CBN and EFCC would enhance coordination between financial regulators and law enforcement agencies, allowing them to act swiftly against cross-border financial crimes.
 Dr. Agama also placed Nigeria’s regulatory approach within a global context. He said the FATF, through its Recommendation 15, now requires all VASPs worldwide to implement AML and CFT controls.
 He cited other jurisdictions such as the European Union, with its MiCA framework, and the United States, where enforcement against unregistered exchanges has intensified.
“The message globally is clear- digital finance must be as transparent, accountable, and investor-friendly as traditional finance,” the SEC DG stated.
According to Agama, the SEC is committed to maintaining a regulatory balance that supports innovation while safeguarding the financial system from abuse.
“If regulators clamp down too hard, innovation migrates offshore; if they regulate too softly, risks multiply,” he noted. “Our task is to find the right balance, one that encourages creativity while protecting Nigerians from exploitation.”
 He stressed that digital assets were no longer a fringe concept but a structural pillar of modern finance, reshaping markets and redefining trust, ownership, and value exchange globally.
 Agama concluded by reaffirming the SEC’s commitment to building a digital finance ecosystem grounded in ethics and transparency.
“The future of finance is digital, but its foundation must remain ethical, transparent, and trustworthy,” he said. “Trust is the ultimate currency, and as regulators, our highest duty is to preserve it.”
 He urged Nigerian innovators, fintech firms, and investors to embrace responsible innovation, assuring them that the SEC’s goal is to create a secure environment that promotes financial inclusion, investor protection, and national development.
Online Poster by — October 31, 2025 in Capital Market
Access Holdings Records N3.9 Trillion Gross Earnings In Nine Months

 

Access Holdings PLC (“the Group” or “the Company”) today announced its nine-month ended September 30, 2025 (“Q3 2025”) results, recording gross earnings of ₦3.9trillion, which represented a rise by 14.1% year-on-year over ₦3.4trillion as at Q3 2024.

This performance was driven by sustained growth in both interest and fees and commission, reflecting the strength of the Group’s diversified earnings base and improved performance from core operations across its banking and non-banking businesses.

Maintaining the same momentum, gross earnings rose by 56.2% quarter-on-quarter from ₦2.5trillion as at Half Year (H1) 2025.

Interest income rose by 21.1% year-on-year to ₦2.9 trillion in Q3 2025, compared to ₦2.4 trillion in Q3 2024. Net interest income also increased by 48.9% to ₦1.3 trillion from ₦845 billion in the same period. This performance was driven by loan book expansion, reflecting our disciplined risk management approach and a strategic focus towards higher-yielding, quality assets to strengthen portfolio returns.

On a quarter-on-quarter basis, interest income and net interest income grew by 42.1% and 27.8%, respectively, from ₦2.0 trillion and ₦984 billion in H1 2025.

There was 44.3% growth in net fee and commission to N476billion in Q3 2025 from N330billion in Q3 2024, reflecting higher transaction volumes and increased customer activity across digital and payment channels across both periods.

On a quarter-on-quarter basis, net fee and commission income also increased by 100.8% from N237billion in H1 2025.

While total non-interest income declined marginally by 8.1% to ₦872 billion in Q3 2025 from ₦984trillion in Q3 2024, the Group’s growth momentum from core operations continues to support overall earnings trajectory.

Operating income rose 18.8% to ₦2.13 trillion in Q3 2025 from ₦1.8trillion in Q3 2024.

Impairment on loans increased by 141.5% to N350billion as of Q3 2025 from N145billion in Q3 2024.

Operating expenses increased marginally by 6.7% in Q3 2025 to N1.2trillion from N1.1trillion in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% as at Q3 2024, as revenue growth outpaced operating expenses. We expect cost-to-income ratio to stay moderated from ongoing efficiency initiatives, cost optimization measures, and stronger revenue across the Group.

Profit before tax (PBT) increased by 10.4% to N616billion in Q3 2025 from N558billion in Q3 2024. Profit after tax moderated to N447billion in Q3 2025 from N458billion in Q3 2024.

Compared to H1 2025 performance, profitability demonstrated resilience, as profit before tax (PBT) increased by 91.9% from N321billion in H1 2025 YTD to N616billion in Q3 2025. Profit after tax (PAT) also showed improvement in the period with a 107.9% increase to N447billion in Q3 2025 from N215 billion as at H1 2025 YTD.

The Group’s balance sheet increased with total assets growing by 25.8% to N52.0trillion in Q3 2025 from N41.5trillion in FY 2024. The growth in balance sheet was supported by customer deposits, which grew by 47.0% to N33.1trillion in Q3 2025 from N22.5trillion in FY 2024. Loans and advances increased by 19.7% to N15.6trillion in Q3 2025 from N13.0trillion in Q3 2024. The Group is positioned to unlock revenue synergies, enhance cross-border collaboration, and drive sustainable earnings growth.

The Group’s strong performance was largely driven by its non-Nigerian subsidiaries, which together contributed over 50% of consolidated results. These subsidiaries continued to deliver strong growth across key metrics, reflecting the benefits of diversification and deepening franchise strength across our African markets. In comparison, the Nigerian operations experienced underperformance during the period, attributable to changing macroeconomic conditions, inflationary pressures, and continued regulatory adjustments. Despite these headwinds, the Group’s diversified structure continued to provide stability and resilience.

The return on average equity (ROAE) stood at 15.4% in Q3 2025, down from 22.2% in Q3 2024, while return on average assets (ROAA) also moderated to 1.3% in Q3 2025 from 1.8% in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% as at Q3 2024.

Looking ahead, Access Holdings will continue to strengthen our franchise across all our markets and businesses, deepen operational resilience, and create sustainable value for all our stakeholders.

Online Poster by — October 31, 2025 in Capital Market
NGX Group Fuels Women’s Investment Drive, Engages 9,000 At FinTribe Finance Fair 2025

Nigerian Exchange Group (NGX Group), through its regulatory subsidiary, Nigerian Exchange Regulation Limited (NGX RegCo), has reaffirmed its commitment to expanding financial inclusion and deepening retail investor participation following the successful FinTribe Finance Fair 2025, which convened over 9,000 women focused on wealth creation and capital market opportunities.

 

 

The event, organized by FinTribe, one of Nigeria’s fastest-growing women’s finance communities, has become a leading platform for promoting financial literacy and building investment confidence among women. NGX RegCo’s participation, through its flagship EquipHER initiative, featured interactive sessions that demystified capital market concepts and empowered women to make informed investment decisions.

 

 

“You have what it takes to step into greater capability and control over your financial agenda,” said Olufemi Shobanjo, Chief Executive Officer, NGX RegCo. “The same mindset that drives you to start a business, buy a home, or save for your child’s education, to plan, commit, and follow through, is exactly what makes women exceptional investors.”

 

 

Commending FinTribe for its sustained commitment to financial education, Shobanjo emphasized that the Nigerian capital market offers practical frameworks for translating financial discipline into purposeful wealth-building strategies. “Financial inclusion begins with awareness,” he affirmed. “When women understand how the market works, they can own their financial futures and build sustainable wealth.”

 

 

In alignment with these educational efforts, NGX Group’s technology-driven innovations are lowering barriers to market entry. The Group’s digital investment platform, NGX Invest, enables investors to participate in public offers and rights issues directly from their smart devices, bridging awareness with active market participation.

 

 

Jennifer Awirigwe, founder of FinTribe and popularly known as Financial Jennifer, commended the collaboration for driving meaningful impact. “Our partnership with NGX RegCo through EquipHER has created a bridge between knowledge and action,” she stated. “Women are not just learning about finance, they are taking ownership of their financial journeys and inspiring others to do the same. It’s equipping her, not in words, but in action.”

 

 

During an interactive Q&A session, Shobanjo addressed questions on share ownership transfers, portfolio management, and investment process navigation, encouraging participants to engage licensed stockbrokers and financial advisers for transparency and efficiency. “It can seem overwhelming at first,” he acknowledged. “But with the right professional guidance, investors can easily navigate the process and take control of their holdings.”

 

 

Throughout the fair, the EquipHER booth became a hub of engagement, attracting participants eager to learn how to initiate or expand their investment portfolios.

 

 

This initiative complements NGX Group’s broader retail engagement strategy, aimed at deepening participation in Nigeria’s capital market. Recently, the Exchange participated in a public lecture at Godfrey Okoye University, Enugu, themed “Harnessing the Capital Market for Catalyzing Infrastructure Development and Economic Transformation in Nigeria,” reinforcing NGX’s conviction that an informed and engaged public is essential to sustainable economic growth and inclusion.

 

 

Through initiatives such as EquipHER and regional retail engagements across Nigeria, NGX Group continues to build a more inclusive, informed, and empowered investor base, reflecting its vision to deepen market participation across gender, geography, and generation.

Online Poster by — October 30, 2025 in Capital Market
FATF Delisting Will Boost Investor Confidence In Nigeria — SEC DG

 

 

Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama has hailed Nigeria’s removal from the Financial Action Task Force grey list, describing it as a clear reflection of the country’s renewed policy direction and commitment to transparency.

 

FATF on Friday announced the delisting of Nigeria from its grey list of countries with deficiencies in anti-money laundering and counter-terrorism financing frameworks.

 

Speaking on Channels Television’s Morning Brief, Dr. Agama, said the development would significantly enhance investor confidence and attract more foreign investments.

 

“It means so much for us in the capital market; it means so much for us in the financial system. It brings about something that we have been craving for – investor confidence

 

“The release of Nigeria from the FATF grey list means that investor confidence would be boosted. Delisting from that grey list sends a very strong signal to investors and trading partners that Nigeria has made significant progress in strengthening its anti-money laundering and countering of financing of terrorism regulations,” Agama said.

 

He described the delisting as a “welcome call to new investments,” saying it would further strengthen productivity and growth in the Nigerian economy.

 

After implementing a 19-point action plan, the FATF removed Nigeria from the list more than two years later, acknowledging the country’s progress in tightening its AML/CFT framework.

 

Agama described the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility and commended the Mrs. Hafsat Abubakar Bakari, Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit and her team for their diligence in implementing the country’s action plan.

 

According to him, “The NFIU was in the fore front of this initiative and we commend their commitment which has earned Nigeria global recognition for its strengthened institutional framework to tackle financial crimes”

 

He also praised the efforts of the National Security Adviser, the Secretary to the Government of the Federation, the Ministers of Aviation, Budget and Economic Planning, Defense, Foreign Affairs, Solid Minerals, and State for Finance, as well as the leadership of the National Assembly and the Judiciary.

Online Poster by — October 30, 2025 in Capital Market
Fidelity Bank’s GAIM 6 Promo Extension: A Timely Boost Forr Financial Inclusion And Economic Empowerment

L – R: Direct Sales Executive, Fidelity Bank Plc, Adegboyega Ademokunwa; GAIM 6 Eight Monthly draw Winner, Innocent Okoro Orji; Branch Leader, Fidelity Bank Plc, Gbagada, Chinwe Umez-Eronini; and Product Manager, Savings, Fidelity Bank Plc, at the GAIM 6 prize presentation ceremony held at Gbagada Building Materials market in Lagos recently.
Amaka Obiefuna
As Nigeria looks to opening up the economy and empowering its citizens, Fidelity Bank Plc has taken a bold step to deepen financial inclusion and reward customer loyalty by extending its flagship savings campaign, the Get Alert in Millions (GAIM) Season 6 promo. The extension adds three more months to the campaign and raises the total prize pool from ₦159 million to a record ₦189 million. This move, announced in September 2025, comes at a critical time when the country’s economic landscape demands innovative financial solutions and inclusive banking strategies.
The Nigerian Economy and the Imperative of Financial Inclusion
Nigeria’s economy, while resilient, faces persistent challenges including inflation, currency volatility, and limited access to formal financial services. According to the Central Bank of Nigeria (CBN), recent reforms such as exchange rate unification and bank recapitalization are aimed at stabilizing the macroeconomic environment and positioning the banking sector to support a $1 trillion economy. The CBN’s Payment System Vision 2028 also underscores the importance of digital transformation and financial inclusion as tools for economic development.
In this context, Fidelity Bank’s GAIM 6 promo is more than a marketing campaign, it is a strategic intervention that aligns with national goals. By incentivizing savings and expanding access to banking services, the promo contributes to the broader mission of empowering underserved communities and fostering economic resilience.
World Savings Day 2025: A Global Call to Action
The extension of GAIM 6 coincides with the upcoming World Savings Day on October 31, 2025. Celebrated annually, this global observance promotes the importance of saving as a pathway to financial security and economic stability. Fidelity Bank’s decision to extend GAIM 6 during this period amplifies the theme of the 2025 World Savings Day – “This is not a savings account”, encouraging Nigerians to cultivate smart financial habits and leverage digital banking platforms for long-term growth.
Speaking to journalists, Osita Ede, Divisional Head of Product Development at Fidelity Bank, emphasized the bank’s commitment to listening to its customers. “They asked for more opportunities to benefit from the promo, and we listened. With management and regulatory consent, we’re thrilled to keep the excitement going for another three months,” Ede said.
GAIM 6 vs. Other Savings Promos: What Sets It Apart
While several Nigerian banks run savings promotions, GAIM 6 distinguishes itself through its scale, inclusivity, and strategic design. The campaign targets a wide demographic, including NYSC corps members, women, children, and market clusters—segments often excluded from formal banking. Winners are selected through electronic draws supervised by the Federal Competition and Consumer Protection Commission (FCCPC), ensuring transparency and fairness.
Unlike promos that focus solely on high-value deposits, GAIM 6 allows participation with deposits as low as ₦2,000. This democratizes access and encourages participation from low-income earners. Moreover, the campaign integrates financial advisory support through the Fidelity SME Hub, helping winners make informed decisions about their rewards.
How GAIM 6 Works
GAIM 6 is designed to be simple, accessible, and rewarding. Customers can participate by opening a Fidelity Savings Account via the bank’s mobile app, website, USSD (77001#), or at any branch. Each ₦5,000 deposit earns an entry ticket into the monthly and grand draws. The final draw will award ₦2 million to the second runner-up, ₦5 million to the first runner-up, and ₦10 million to the grand prize winner.
The campaign also includes targeted draws aligned with national events such as Workers’ Day, Children’s Day, and Independence Day. These draws are complemented by regional activations, campus storms, and market outreach programs that drive engagement and account openings.
A Millionaire Christmas: Transforming Lives Through GAIM 6
With over ₦47 million still available in upcoming draws – ₦30 million in monthly draws and ₦17 million in the grand draw, Fidelity Bank is poised to create a wave of new millionaires just in time for the festive season. In the 7th and 8th monthly draws alone, 20 customers received ₦1 million each. These life-changing rewards not only boost individual financial security but also stimulate local economies through increased spending and investment.
“We are delighted to welcome our newest beneficiaries and commend their loyalty. A million Naira is a life-changing amount, and we encourage them to make the most of it,” Ede noted.
The bank’s financial advisory services at the SME Hub further enhance the impact of these rewards, guiding recipients on how to grow their winnings through smart investments and business development.
A Strategic Win for Fidelity Bank and Nigeria
The extension of GAIM 6 is a testament to Fidelity Bank’s responsiveness, innovation, and commitment to customer-centric banking. By aligning the promo with national economic goals and global observances like World Savings Day, the bank reinforces its role as a catalyst for financial empowerment.
As the campaign enters its final phase, Nigerians have a unique opportunity to save, win, and transform their financial futures by simply inculcating a healthy savings habit.
Online Poster by — October 29, 2025 in Capital Market
Fidelity Bank Hails Air Peace On Maiden Heathrow Flight

 

 

Leading financial institution, Fidelity Bank Plc, has commended Air Peace for its historic inaugural direct flight from Abuja to London Heathrow, describing the milestone as a bold testament to Nigerian excellence in global aviation.

 

The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe,OON in a statement issued following the launch, praised Air Peace for its resilience and vision. The MD noted that the airline’s expansion into the prestigious Heathrow route reflects the strength of indigenous enterprise and the growing confidence in Nigeria’s aviation sector.

 

“We warmly congratulate Air Peace on the launch of its direct flights between Abuja and London Heathrow. This remarkable achievement marks another significant milestone in Air Peace’s journey and reflects its unwavering commitment to advancing the Nigerian aviation industry.

 

“Fidelity Bank is honoured to have been a trusted partner to Air Peace since it began operations 11 years ago. Our relationship has been built on shared values, strategic collaboration and a deep commitment to national progress. Today’s success is not only a triumph for Air Peace, it is a proud moment for Nigeria.

 

“We celebrate the Chairman and CEO of Air Peace, Dr Allen Onyema, his dedicated team and all Nigerians who share in this achievement”, said Onyeali-Ikpe.

 

The bank’s chief executive further highlighted Fidelity Bank’s longstanding role as a financial partner to key players in the aviation industry, reaffirming its position as a market leader in aviation financing and support services.

 

“Our partnership with Air Peace reflects our belief in the potential of Nigerian businesses to compete and thrive on the global stage. We have consistently backed the airline’s growth ambitions and will continue to do so as it opens new routes,” the MD added.

 

The MD also extended congratulations to the Minister of Aviation and Aerospace Development, Festus Keyamo, for his proactive support of local operators. “The Honourable Minister’s efforts to create an enabling environment for indigenous airlines are yielding tangible results. This Heathrow route launch is a clear example of what is possible when government and private sector work together,” the MD stated.

 

Air Peace’s new Abuja–London Heathrow route marks its second direct flight service to the United Kingdom, following the successful launch of the Lagos–London route earlier in the year. The development is expected to boost connectivity, reduce travel costs and enhance Nigeria’s presence in international aviation.

 

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

 

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Online Poster by — October 29, 2025 in Capital Market
UBA, Gtbank, Access Bank,Opay, Others Dragged to Court Over N1.13 billion Illegal Transfers

In a desperate move to recover a whooping sum of N1, 133, 808, 604. 31 billion, fraudulently removed by some customers, UBA, Gtbank, Access Bank and 41 other banks in Nigeria have been dragged before a Federal High Court Lagos by Lotus Bank.
Lotus Bank, in its motion on notice filed before the court confirmed that the money was removed on July 20, 2024, while it experienced system failure named ‘a system glitch’, due to a rollback fix carried out on its E-Bills Pay platform.
The bank also admitted that during the ‘system failure’, 718 customers  who made successful withdrawals and transfers from their accounts knew that they did not have the amounts in their accounts with the bank.
To salvage the unlawful withdrawal caused due to the ‘system glitch’, the 45 banks dragged before the court by Lotus Bank over the massive financial woe are: Palmpay Payment Services Ltd; Moniepoint Microfinance Bank Ltd; Opay Digital Services Ltd; United Bank For Africa Plc; Guaranty Trust Bank Ltd; Access Bank Plc; (formerly Diamond); Payment Service Bank Ltd; Wema Bank Plc; Kuda Microfinance Bank Ltd; Fairmoney Microfinance Bank Ltd and Sterling Bank Ltd.
Others include: Stellas Digital Bank Ltd; First Bank of Nigeria Ltd; Renmoney Microfinance Bank Ltd; Unity Bank Plc; First City Monument Bank Ltd; Beststar Microfinance Bank (Nig) Ltd; Globus Bank Ltd; Carbon Microfinance Bank Ltd; Jaiz Bank Plc; VFD Microfinance Bank Ltd; Premium Trust Investment Ltd; Pagatech Ltd; Keystone Bank Ltd; Stanbic-IBTC Bank Plc; Stanbic-IBTC (Ease Wallet); TAJ Bank Ltd and Providus Bank Ltd.
Others include: Union Bank of Nigeria Plc; kegow (Chamsmobile Ltd); Ecobank Nigeria Ltd; Smartcash Payment Service Bank Ltd; Amucha Microfinance Bank Ltd; Sparkle Microfinance Bank Ltd; Kredi Money Microfinance Bank Ltd; Alternative Bank Ltd; Lotus Bank Ltd; Gomoney Inc.; Paystack-titan (Paystack Payments Ltd); Momo Payment Settlement System and three others.
The suit according to Lotus Bank is pursuant to Order 3 Rules 1 6, and 9 of the Federal High Court (Civil Procedure) Rules 2019 and under the court’s inherent jurisdiction.
It asked the court the following questions for determination: “whether having regard to the Central Bank of Nigeria Guideline No. BPS FIRGEN/CIR/02/004 of 2015; BPS/FIRGEN/CIR/05/011 of 2018; Section 10.2.2-10.2.4, 10.3, 10.4 of the CBN Regulations, the Ist to 45th Defendants are not mandated to place a lien on the sums standing in the respective accounts of the 1st- 45th defendants’ customers/account holders.
“Whether having regard to the Central Bank of Nigeria Guideline No. BPS/FIRGEN/CIR/02/004 of 2015; BPS/FIRGEN/CIR/05/011 of 2018; particularly Section 10.2.1 of the Regulations, the Plaintiff is not entitled to a refund of all the funds illegally transferred into the respective accounts of the 1st-45th Defendants’ customers/account holders in the document. marked as Exhibit 1 attached herewith and domiciled with the Defendants where such funds are still available in the customers’ accounts
“Whether having regard to the Central Bank of Nigeria Guideline No. BPS/FIRGEN/CIR/02/004 of 2015; BPS/FIRGEN/CIR/05/011 of 2018; Section 10.2.2-10.2.4, 10.3, 10.4 of the CBN Regulations, where the sums in the customers’ accounts are not sufficient to cover the sums illegally transferred, the 1st-45th Defendants are not mandated to place a lien on any of the sums illegally transferred into the accounts of the customers/account holders domiciled with one or more of the Defendants and more fully shown in the document marked as Exhibit 1 attached herewith, until the entire sums are fully recovered and repaid to the Plaintiff.”
The bank states that upon the determination of the above questions, it pray the court for the following reliefs against the listed banks jointly and severally: “a declaration that by the Central Bank of Nigeria Act 2007, the Central Bank of Nigeria Guideline No. BPS/FIRGEN/CIR/02/004 of 2015; BPS/FIRGEN/CIR/05/011 of 2018; Section 10.2.2 -10.2.4, 10.3, 10.4 of the CBN Regulations, the 1st-45th Defendants has a duty and obligation to protect the banking and payment industry from abuse by dishonest users and to take reasonable steps to forestall any damages of the banking and – payment system whenever any abuse or fraud is within their knowledge or has been brought to their attention.
“A declaration that having regard to the Central Bank of Nigeria Guideline No, BPS/FIRGEN/CIR/02/004 of 2015;
BPS/FIRGEN/CIR/05/011 of 2018: Section 10, 2.2-10.2.4, 10.3, 10.4 of the CBN Regulations, the Plaintiff is entitled to a refund of all the funds illegally transferred into defendants customers/account holders more fully shown in the document marked as Exhibit 1 attached herewith where such funds are still available in the customers’ accounts.
“An order directing the 1st-45th defendants to immediately reverse and pay to the Plaintiff the sums wrongfully, illegally and illicitly debited from the Plaintiff and transferred into the 1st-45th Defendants customers’ accounts listed in Exhibit 1 in the aggregate sum of N1,133,808,604.31 (One Billion, One Hundred and Thirty-Three Million, Eight Hundred and Eight Thousand, Six Hundred and Four Naira, Thirty-One Kobo) domiciled with one or more of the 1st-45th Defendants or any amount subsequently recovered until the entire sums are fully recovered.
 “And such further or other orders as the Court may deem fit to make in the circumstance.”
Lotus Bank supported the motion with 19 paragraphs affidavit deposed to by Gbenga Ojerinde, a Fraud Investigation Officer with the bank. The suit is also attached with a written address and some documentary exhibits.
Some of the banks listed as defendants in the suit, have filed their responses to the suit.
However, the Presiding Judge, Justice Daniel Osiagor has adjourned the further hearing of the suit to December , 2025.
Parts of the aveerments in the affidavit read: “On 20th July 2024, the Plaintiff experienced a system glitch due to a rollback fix carried out on its E-Bills Pay platform. The said rollback fix was carried out to address a previous complaint but led to unintended and unexpected behaviour that allowed the Plaintiff’s customers to initiate transfers to other banks and financial institutions without the accounts of those customers being debited The outcome was that certain customers made multiple transfers to account? held with the Defendants in excess of the balances those customers had in their accounts with the Plaintiff.
“This glitch affected 718 customers of the Plaintiff who made successful withdrawals and transfers from their accounts knowing that they did not have in their accounts with the Plaintiff the sums they were transferring and succeeding in those transfers only because their accounts were not being debited.
“The initial financial exposure of the Plaintiff from this incident is about N1,133,808,604.31 (One Billion, One Hundred and Thirty-Three Million, Eight Hundred and Eight Thousand, Six Hundred and Four Naira, Thirty one Kobo) Now shown to me marked Exhibit 1 is the schedule providing detailed information of the affected customers of the Plaintiff, the Refund Amounts and the banks/other financial institutions warehousing the funds of the affected customers.
“The Plaintiff reported the issue of the system glitch and the resulting Erroneously Retained Credits to the Nigeria Inter-Bank Settlement System Plc (NIBSS), which is the Nigeria central switch responsible for the interoperability of the various players in the banking sector, including banks, mobile service operators, non-banking financial institutions, payment terminal providers, card acquirers, etc. And their customers…
“…… However, the said beneficiaries were not debited by the Plaintiff for the said transactions and in lieu retained the credit values. Consequently, the Plaintiff is entitled to receive the value of the respective Refund Amounts from the accounts of the beneficiaries of the Erroneously Retained Credits.
“I know that the courts provide a remedy where there is a wrong and that an Order of this Honourable Court is required to remedy the Plaintiff’s situation to enable the Plaintiff recover the erroneously Retained Credits in the accounts of the affected beneficiaries.
“I also know that the justice of this case demands that the beneficiaries of the” Erroneously Retained Credits are prevented from unjust enrichment in the circumstances of this matter.
“The plaintiff seeks the reliefs sought in this Originating Summons to place restrictions on the said accounts and reverse the Erroneously Retained Credits to the Plaintiff,
” know it is in the interest of justice, equity and fairness that the reliefs sought by the Plaintiff are granted by this Honourable Court.
“I, Gbenga Ojerinde, do solemnly declare that I depose to this affidavit conscientiously believing the same to be true in accordance with the Oaths Act.”
Online Poster by — October 28, 2025 in Capital Market
Nigeria recorded Over $50 Billion Cryptocurrency Transactions In One Year – SEC DG

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has disclosed that over $50 billion worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024, underscoring the sophistication and risk tolerance of investors that the traditional market has yet to capture.

 

Agama in a lead paper titled Evaluating the Nigerian Capital Market Masterplan 2015-2025 presented at the annual conference of the Chartered Institute of Stockbrokers, however raised concern over the alarmingly low participation of Nigerians in the traditional capital market, revealing that fewer than four percent of the country’s adult population are active investors.

 

He described the low participation rate as a major impediment to economic growth and capital formation.

 

He noted that while fewer than three million Nigerians invest in the capital market, more than 60 million engage daily in gambling activities, spending an estimated $5.5 million every day.

 

“This reveals a paradox, an appetite for risk clearly exists, but not the trust or access to channel that energy into productive investment.”

 

Agama also lamented that Nigeria’s market capitalization-to-GDP ratio stands at about 30 percent, far below South Africa’s 320 percent, Malaysia’s 123 percent, and India’s 92 percent, a disparity he said highlights the urgent need to deepen financial inclusion and rebuild investor confidence.

 

Recalling the vision of the ten-year CMMP launched in 2015, the SEC boss said it was designed to reposition Nigeria’s capital market as the engine of economic transformation by mobilizing long-term finance for infrastructure and enterprise development.

 

“Today, as we stand at the sunset of that ten-year plan, our task is not ceremonial; it is reflective and diagnostic. We must ask: what did we achieve, where did we fall short, and what lessons must anchor our next decade of reforms?” he stated.

 

Agama disclosed that less than half of the 108 initiatives under the CMMP were fully achieved, blaming limited alignment with national development plans, inadequate tracking metrics, and weak stakeholder ownership for the shortfall.

 

Despite progress in areas such as Green Bonds, Sukuk, fintech integration, and non-interest finance, he said market liquidity remains concentrated in a few large-cap stocks like Airtel Africa, Dangote Cement, and MTN Nigeria.

 

Agama, who listed six key challenges for the next phase of reforms, pointed at low retail participation, market concentration, falling foreign inflows, underutilized pension assets, untapped diaspora capital, and a widening infrastructure financing gap.

 

“Nigeria’s $150 billion annual infrastructure deficit far exceeds the market’s contribution, with only N1.5 trillion approved in PPP bonds. This shows a misalignment between financial innovation and national priorities,” he observed.

The DG called for a “reimagined SEC” that serves as both regulator and enabler of private-sector-driven growth, and added the next decade must focus on trust-building, transparency, and inclusion.

“Vision without execution is inertia — and reform without measurement is aspiration without accountability,” he declared.

Online Poster by — October 27, 2025 in Capital Market