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  • CBN Approves Abbey Mortgage Bank’s Conversion to Regional Commercial Bank

    The Central Bank of Nigeria (CBN) has approved the conversion of Abbey Mortgage Bank Plc into a regional commercial bank, paving the way for the institution to expand its services beyond mortgage banking.

    The approval marks a significant milestone for the bank, which has also completed a corporate rebranding and will now operate as Abbey Bank Plc.

    Bank adopts new identity

    The name change follows resolutions approved by shareholders in January 2025 as part of the institution’s long-term transformation strategy.

    With the new licence, Abbey Bank can now offer a wider range of commercial banking services while maintaining its presence in Nigeria’s financial sector.

    The move is expected to strengthen the bank’s ability to serve more customers and support financial inclusion initiatives across its operating region.

    Expansion and recapitalisation plans

    As part of its transition, Abbey Bank has begun efforts to meet the CBN’s recapitalisation requirement for regional commercial banks, which is set at N50 billion.

    Regulatory filings indicate that the bank has secured approvals to raise additional capital and establish a N100 billion debt issuance programme to support future growth and expansion.

    The institution said the initiative would enhance its operational capacity and support the development of its digital banking ecosystem.

    Strong financial performance

    Recent financial results released by the bank showed continued growth in key performance indicators.

    According to the latest figures, total assets rose to more than N222 billion as of March 2026, while gross earnings and profitability also recorded significant year-on-year increases.

    The conversion places Abbey Bank among financial institutions that have transitioned from specialised banking operations to broader commercial banking models as competition and regulatory expectations continue to reshape Nigeria’s banking industry.

  • NIBSS Drags Banks To Court Over ₦13.6bn Transfer Glitch Affecting 176 Accounts

    Nigeria’s digital payment system has come under fresh scrutiny after the Nigeria Inter-Bank Settlement System (NIBSS) approached the Federal High Court in Lagos over a ₦13.66 billion transfer error linked to a technical glitch on its payment platform.

    The incident, which reportedly occurred on September 6, 2024, affected 176 customer accounts across 19 commercial banks and microfinance institutions.

    How The ₦13.6bn Glitch Happened

    According to court filings, the issue originated from a fault on the Nigeria Instant Payment (NIP) platform, which powers instant interbank transfers across the country.

    The glitch reportedly triggered what industry operators describe as “dry posting,” where accounts received credit alerts without the corresponding debit transactions being completed.

    NIBSS said the funds were mistakenly credited into customer accounts that were never meant to receive the money.

    The settlement company reportedly informed affected financial institutions immediately after detecting the problem and requested restrictions on the impacted accounts.

    However, the banks allegedly refused to freeze the accounts without a valid court order.

    NIBSS Seeks Recovery After Nearly Two Years

    Almost 20 months after the incident, NIBSS is now asking the court to approve account freezes, Post No Debit restrictions, BVN-linked liens and the reversal of traceable funds.

    The organisation is also seeking legal backing to recover whatever remains of the ₦13.66 billion mistakenly transferred.

    The development has raised concerns over how much of the money may still be recoverable after such a long delay.

    Fresh Questions Over Nigeria’s Banking Infrastructure

    The case has reignited conversations about the stability of Nigeria’s financial technology and banking infrastructure as digital transactions continue to rise rapidly.

    Electronic transactions in Nigeria reportedly surpassed ₦1.07 quadrillion in 2024, with the NIP platform processing trillions of naira monthly.

    As the central switch for most bank transfers, fintech payouts and PoS payments, NIBSS plays a major role in Nigeria’s digital economy.

    Industry observers say even minor technical failures within such a system can lead to billions of naira moving wrongly within seconds.

    Series Of Banking Glitches Raise Concerns

    The latest controversy adds to a growing list of major banking and fintech system failures recorded in recent years.

    In 2023, a NIBSS-related issue reportedly contributed to a ₦21 billion payment incident involving Flutterwave.

    Several banks, including Wema Bank, Keystone Bank, Union Bank of Nigeria and Guaranty Trust Bank, have also experienced unauthorised transfer glitches involving billions of naira.

    Analysts say many of the failures are linked to rushed upgrades, weak third-party integrations and infrastructure struggling to cope with Nigeria’s expanding digital payment ecosystem.

    The NIBSS lawsuit is expected to further test confidence in Nigeria’s banking technology systems as regulators and financial institutions face increasing pressure to strengthen payment security and system reliability.

  • Jim Ovia Retires as Zenith Bank Chairman After 12 Years, Mustafa Bello Takes Over

    Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with Central Bank of Nigeria guidelines.

    The development was disclosed on Tuesday during the bank’s 35th Annual General Meeting.

    Ovia exits after 12-year tenure

    The bank said Ovia stepped down after serving the maximum 12 years as a non-executive director and chairman.

    He assumed the role on July 16, 2014, returning after previously serving as the bank’s founder and Group Managing Director/CEO from 1990 to 2010.

    The board commended his contributions, noting that his leadership strengthened governance standards and enhanced the bank’s reputation in the financial sector.

    Board names Mustafa Bello as successor

    Zenith Bank announced Engr. Mustafa Bello as the new chairman of the board.

    Bello joined the board on December 29, 2017, and is currently its longest-serving director.

    New chairman gets CBN approval

    According to the bank, Bello brings extensive leadership experience and a strong understanding of corporate governance.

    The board said his track record of integrity and strategic oversight positions him to lead the bank into its next phase.

    The appointment has received approval from the Central Bank of Nigeria.

    Transition signals new phase

    The leadership change marks a significant transition for Zenith Bank, one of Nigeria’s leading financial institutions.

    Industry observers say the move aligns with regulatory requirements and reflects ongoing efforts to strengthen corporate governance within the banking sector.

  • Elderly Man Exhumes Sister’s Remains to Claim Bank Funds, Shocks Officials in India

    An elderly man in eastern India shocked bank officials and customers after exhuming his late sister’s remains to prove her death and access money in her account.

    The incident happened on Monday in the Malipasi area of Keonjhar district in Odisha.

    Went to Withdraw Money, Faced Documentation Demand

    The man, identified as Jitu Munda of Dianali village, reportedly visited the Odisha Grameen Bank branch to withdraw about Rs 20,000 (around $200) from his sister’s account.

    His sister, Kalara Munda, had died on January 26.

    However, bank officials requested official documents before processing the withdrawal.

    Shocking Move Leaves Bank in Disbelief

    Frustrated by repeated visits and delays, Munda returned in a shocking manner.

    He exhumed his sister’s skeletal remains and brought them to the bank as proof of her death, leaving those present stunned.

    “I told them she had died, but they did not listen,” he said.

    Police Step In After Alert

    The incident prompted immediate police intervention after it was reported to authorities in the Patana division.

    Police described the situation as a breakdown in communication and understanding of banking procedures.

    “Jeetu is an illiterate tribal man. He does not understand legal heir procedures,” a police official said.

    Bank Promises Resolution Process

    Following police involvement, bank officials assured that the withdrawal process would be handled properly under legal guidelines.

    Authorities also said steps would be taken to help him obtain the required documents, including a legal heir certificate.

    Reports further indicated that complications arose as the account nominee had also passed away.

    Remains Reburied After Intervention

    The remains were later returned and reburied in the presence of police officers after the situation was de-escalated.

    Local authorities said they were working to ensure the man ultimately receives the funds due to him under the law.

  • EFCC Arrests Tunde Ayeni Over Alleged ₦36.5bn, $30m Fraud

    The Economic and Financial Crimes Commission has arrested businessman and former Skye Bank chairman, Tunde Ayeni, over alleged financial misconduct involving ₦36.5 billion and $30 million.

    Arrest in Abuja

    Ayeni was reportedly picked up in Abuja on Thursday and is currently in EFCC custody as investigations continue into the matter.

    Sources familiar with the case said the arrest is linked to an ongoing probe into alleged financial dealings connected to Polaris Bank Plc.

    Probe focuses on fund diversion

    According to the report, the anti-graft agency is investigating the alleged diversion and misappropriation of funds said to have been obtained through companies linked to the former bank chairman.

    The funds are suspected to have been moved through a network of corporate entities allegedly associated with him.

    Investigation ongoing

    While details of the case remain limited, sources indicated that the EFCC is examining the flow of funds and the roles played by the entities involved.

    The development adds to ongoing scrutiny of financial activities within Nigeria’s banking sector, as authorities continue efforts to tackle economic crimes.

    The case is already gaining traction in latest Nigerian news and breaking news Nigeria today as Nigerians await further updates from the EFCC.

     

  • CBN Raises ATM Card Fees to ₦1,500, Scraps Monthly Maintenance Charges on Naira Cards

    The Central Bank of Nigeria (CBN) has approved a 50 per cent increase in ATM debit and credit card issuance and replacement fees, raising the cost from ₦1,000 to ₦1,500.

    The apex bank also scrapped the ₦50 monthly maintenance charge on Naira debit and credit cards, though foreign currency cards will continue to attract $10 annual maintenance fees.

    The changes were contained in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, released on Thursday.

    New charges for ATM cards

    Under the new framework, regular ATM card issuance and replacement will now cost ₦1,500.

    Premium and hybrid cards will attract negotiable charges, while virtual cards remain free of charge.

    The CBN also maintained that all Point-of-Sale (PoS) merchant transaction fees will be borne by merchants and not customers.

    “All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder,” the circular stated.

    It added that Merchant Service Charge remains at 0.5 per cent, capped at ₦10,000, regardless of payment method.

    CBN explains review

    In a circular signed by the Director of Financial Policy and Regulation, Dr. Rita Sike, the apex bank said the review is aimed at strengthening Nigeria’s financial system.

    It added that the updated guide will encourage digital payments, financial inclusion, and innovation in financial services.

    According to the CBN, the revision also reflects changes in the banking sector since the 2020 guidelines and accommodates new financial service providers.

    Push for electronic banking

    The bank said the new charges are designed to support the adoption of electronic payment channels and reduce reliance on cash transactions.

    It added that the framework will improve micropayments, expand financial access, and strengthen oversight in the banking system.