Business
Deadline on NIN/account linkage: Most banks yet to implement directive
As the deadline given to banks to link all bank accounts to NIN elapsed last Thursday, many banks in the country are yet to implement the directive.
Recall that the Central Bank of Nigeria, CBN had issued a directive to all commercial banks in the country last year to restrict tier-1 accounts without proper Biometric Verification Number, BVN and National Identity Number, NIN link by Thursday, March 1st, 2024. And as at that date, approximately 91 million bank accounts faced the risk of being frozen by their respective banks.
Vanguards’ investigation has revealed that against expectations that banks will start blocking accounts not linked to NIN/BVN, few banks were only focused on blocking accounts without BVN but allowed customers that are yet to link their NIN unhindered access to their accounts.
Further investigation also revealed that some customers that have not linked their SIM cards to their NIN were barred by their network providers from using the SIM cards, which consequently affected the mobile transactions of such customers.
Vanguard’s visit to some of the new generation banks around Old Ojo Road at Abulado axis in Lagos State showed partial compliance to the CBN’s directive.
Out of the four banks (Zenith Bank, Ecobank, Access Bank, and Stanbic IBTC Bank) visited by Vanguard only Zenith Bank has started implementation of the directive.
When Vanguard visited Zenith Bank branch around the axis, some customers who visited the bank to rectify blockage were seen trying to fill NIN update form in order to have their accounts unblocked.
An official of the bank told our correspondent that several accounts have been blocked as a result of non-linkage of customers’ account to NIN.
“Several accounts that are not linked to NIN, especially corporate accounts, have been blocked. People who are affected have been coming in to sort it out. Once you fill the NIN update form and submit, the account will be unblocked,” he said.
A customer of Zenith Bank, who simply identified herself as Ngozi, told Vanguard that two separate transfers she made did not go through even though she was debited.
“When I came to the bank to find out what happened, they said that I have to link my NIN to my account,” she said.
However, a customer relations staff at Stanbic IBTC Bank told Vanguard that no account has been blocked in the bank due to non-compliance.
“I am not aware of any customer’s that has been as a result of failure to link their account to NIN. Nobody has complained about it today” she said.
Our findings also revealed that Ecobank has not started implementation of the directive as well. An official of the bank, who spoke with our correspondent, simply said that no account has been blocked and she isn’t aware of when the bank would start implementing the directive.
The story was the same at Access Bank where customers have full access to their accounts without any form of hindrance.
A customer relations officer at the bank told our correspondent that only accounts without BVN are being denied access.
Meanwhile, a visit to GT Bank located along Lasu-Igando road showed that the bank is yet to commence implementation.
Speaking on the development, Mrs Ibekwe Onyedikachi, a customer of GT Bank said: “The reason I came to the bank for assistance is not because my GTB account was blocked but because my sister’s GTB account in Nigeria was affected. She cannot carry out any bank transactions because her Nigeria phone number has been barred due to her not linking NIN to her SIM.
Also speaking, Mr Babs who banks with First Bank said: “For some time now I have been receiving messages from my network company that I should link my NIN to my SIM, I have linked my NIN and SIM before, but when the messages kept coming often and often, I decided to go and link my SIM and that was successful.
“It was hectic, trying to link or do anything in Nigeria is always stressing, you will go through hassles to achieve what you would have achieved ordinarily. But I have a First Bank account that I am using, but I cannot use the account for any transaction for now because when I wanted to do a transaction they instructed me to go and link because that account has been barred.”
Meanwhile, a visit to Fidelity Bank in Alaba International Market shows that the bank is yet to implement the directive to block bank accounts that are not linked to NIN.
However, a staff of the bank told Vanguard that the Bank could commence implementation of the directive by the middle of March.
Speaking on the condition of anonymity she said: “For now, our customers are still carrying out their banking transactions without hassles as we are yet to implement the directive. However, information reaching us is that our bank can commence in the middle of the month.”
Also the Alaba International branch of Union Bank is also yet to implement the directive as the bank customers were seen going about their banking transactions unhindered.
Although, the customer care section was crowded with customers wanting to link their NIN to their bank accounts.
Meanwhile in Abuja, some commercial banks have begun implementation of the policy of freezing defaulting accounts.
Checks by Vanguard revealed that some of the banks have already commenced the implementation of the policy, restricting noncompliant customers from accessing their accounts.
When our reporter visited Fidelity bank branch at Federal Housing Estate, FHA, Lugbe, Abuja, staff of the bank confirmed that the policy had commenced and that affected customers were being directed to provide all the necessary information before their accounts could be defrozen.
The banker who pleaded for anonymity said, “Yes we have started implementing the policy, we freeze any account not linked to BVN and NIN, and for us to defreeze such account, the affected customers have to present their NIN, evidence of birth certificate, and make sure that the same names in BVN is what is on the NIN.”
When our reporter visited Wema Bank also in FHA, Lugbe, the story was the same. The bank officials who spoke to our reporter said, “We have started since last week to freeze accounts that were not linked to BVN and NIN. We are a responsible bank and we try as much as possible to follow the CBN directives.”
When asked on the remedy for the affected customers, the banker said, “We have two options for them, either they come to us with their valid identity cards, that is NIN to link their account to BVN or they download the available app and link their NIN to their BVN on their own, they do not necessarily need to come to the bank.”
Some of the bank customers, who spoke to our reporter, confirmed the implementation of the policy by the bank. One of them, Janet Agbo said, “Yes, they have started blocking accounts, they have frozen my own account, I tried to access it few minutes ago and I could not.”
Another bank customer, Uchenna Ekele, who also spoke to our reporter said his account had been frozen but he was going to provide them with all the needed documents to unfreeze it.
Another visit to UBA in the same vicinity showed that the bank is yet to commence the implementation. The head of Customer Care Unit, who spoke to our reporter said, we have not started blocking any account because we have not been given such directive. I am aware that the deadline was last Thursday but we have to be instructed before we can take action on that policy.”
When we paid a similar visit to Polaris bank, the bank officials said, “We have not been given directive to start freezing customers’ accounts that have not been linked to BVN and NIN. We are still receiving customers willing to link their accounts to their BVN and NIN. Until we receive an instruction from the authorities we cannot do otherwise.”
Meanwhile, the World United Consumer Organisation, WUCO, has urged the Central Bank of Nigeria, CBN, to create remote access methods and alternative procedures for Nigerians in diaspora to be able to link their National Identity Number, NIN, and Bank Verification Number, BVN.
The global advocacy group which is dedicated to ensuring equitable access to essential services for consumers worldwide, equally urged the apex bank to reconsider its deadline for NIN/BVN linkage.
In a statement issued on Tuesday, WUCO, through its President and human rights lawyer, Mr. Clement Osuya, stressed that though the CBN’s directive may be well intentioned, “It fails to consider the unique challenges Nigerians living abroad face.”
The Central Bank of Nigeria has released a total sum of $1.259bn to oil sector players for the importation of petroleum products and other related items into the country, as reported by The PUNCH.
According to The PUNCH, the amount released between the first three months of 2025 is against the backdrop of the insistence of marketers to continue fuel import despite the availability of petrol from Dangote Refinery.
According to fresh data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Petroleum marketers imported 69 per cent of the 21 billion litres of petrol Nigerians consumed between August 2024 and the first 10 days of October 2025.
Between January and March 2025, a total of 2.28 billion litres of petrol were imported despite improved refined product output from the Dangote refinery.
Fuel imports, a significant consumer of foreign exchange, impact the country’s foreign reserves and the naira-to-dollar rate.
The volume represents one of the lowest quarterly import figures in recent years, reflecting the gradual shift towards local refining and blending of petroleum products.
A breakdown using the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2025, the apex bank released a total of $1.26bn for import transactions between January and March.
A month-by-month breakdown showed that $457.83m was disbursed in January, representing 36.2 per cent of the total.
This dropped sharply to $283.54m in February, accounting for 22.5 per cent, before rebounding to $517.55m in March, which made up the largest share at 41.3 per cent of the total forex released for the quarter.
While NMDPRA data showed that the January imports stood at 724.5million litres, while 760 million litres and 803.7 million litres were brought in during February and March, respectively.
The struggle for market share between the Dangote Petroleum Refinery and fuel-importing marketers has intensified in recent months, as both sides compete for dominance in Nigeria’s downstream sector.
It could be recalled that while some marketers have insisted on importation, the Dangote refinery has been exporting petrol to other countries, including the United States. The 650,000 refinery has consistently boasted of its capacity to meet local fuel demands while exporting to foreign countries.
However, pricing has remained the major determinant for marketers when choosing a supplier, amid growing competition between the Refinery and fuel importers. Many operators in the downstream sector shift allegiance based on cost advantage rather than source.
Confirming the development, the National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers would naturally buy from any source offering the lowest price to stay in business.
Ukadike explained in an interview, “In this business, pricing is everything. Marketers will always go for the most affordable option because our margins are very thin. If imported products are cheaper, we have no choice but to patronise importers. But if Dangote’s refinery offers a better price, of course, we will buy locally.”
He added that the price gap between locally refined products and imports fluctuates depending on global oil prices, exchange rates, and government policies.
“No marketer can afford sentiment when it comes to survival,” he said. “Our decision is driven by economics, not emotion.”
Meanwhile, the latest Energy Bulletin released by the Major Energies Marketers Association of Nigeria has shown a further reduction in the estimated import parity price of key petroleum products, reflecting sustained pressure from global oil prices and exchange rate fluctuations.
According to the report, the estimated import parity price of Premium Motor Spirit has reduced to N805.46 per litre at the spot rate.
The Nigeria Customs Service (NCS) has launched a new digital verification platform designed to curb vehicle smuggling, enhance transparency, and strengthen accountability in the automobile importation process.
The initiative, known as the Customs Verification Management System (CVMS), was officially unveiled at the NCS Headquarters in Abuja by the Comptroller-General of Customs, Adewale Adeniyi.
Speaking at the launch, CGC Adeniyi described the initiative as a milestone in the Service’s ongoing modernisation agenda, noting that it closes long-standing loopholes in the vehicle clearance process.
“For years, verification of imported vehicles relied on fragmented and outdated methods that left room for misinformation, fraud, and revenue leakages. The launch of this system is another score on the board for our bold transformation agenda.” CGC Adeniyi said.
He explained that the CVMS was developed in collaboration with the Trade Modernisation Project (TMP) and local technical experts to provide a secure and transparent verification process accessible to all Nigerians.
According to him, the digital platform will significantly reduce the circulation of smuggled and improperly cleared vehicles while boosting government revenue.
He said: “This new solution empowers the public and strengthens the integrity of our Service by promoting transparency, accountability, and trust.”
CGC Adeniyi added, “Anyone who invests millions of naira in a vehicle would not hesitate to pay N15,000 to verify its authenticity and ensure their investment is protected.”
The Customs chief noted that payments can be made using any valid card issued by financial institutions in Nigeria or abroad, with verification results generated instantly.
He further explained that the platform creates a centralised database through which vehicle details can be traced, verified, and confirmed within minutes, improving operational efficiency across Customs formations and enhancing inter-agency coordination.
Nigerian Breweries Plc grew its topline by 48 per cent to N1.04 trillion in the third quarter as the company expanded consumer sales activities.
The company has also completed the full integration of Distell Nigeria into its operations. The integration followed the full acquisition of the company in March 2025.
The interim report and accounts for the nine-month period ended September 30, 2025 showed that total revenue rose from N703 billion in third quarter 2024 to N1.04 trillion in third quarter 2025. Cost of sales rose from N495 billion in third quarter 2024 to N627 billion in the period under review. Marketing, distribution, and administration expenses went up by 38 per cent from N184 billion in third quarter 2024 to N254 billion in third quarter 2025 driven by increased brand and sales activities.
The company witnessed a major rebound in profitability with pre-tax profit of N129.47 billion in third quarter 2025 as against loss of N203 billion in comparable period of 2024. After taxes, net profit stood at N85.5 billion in 2025 as against net loss of N149.50 billion in 2024. Earnings per share thus improved from a loss of N14.55 to a positive earnings of N2.75.
Company Secretary and Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, in a statement, said the company was still able to deliver strong growth in the topline and in the operations during the period under review despite a high double-digit inflation rate which continues to constrain consumer spending and high input costs.
Agbebaku explained that the company was also able to consolidate its market leadership, which was primarily influenced by premiumisation, increased competitiveness, and enhanced route-to-market.
He said: “The group’s revenue grew by 47 per cent, supported by appropriate pricing and the strong performance of the premium portfolio. Operating profit improved significantly supported by cost management and supply chain efficiencies, while the net profit increased by 157 per cent due to the strong operating profit and a lower net finance cost. The rights issue programme of 2024 has contributed in no small measure to the positive turnaround in the profitability of the Group compared to a year ago”.
He added that as earlier anticipated, the third quarter of 2025 itself witnessed the seasonal market demand decline which, together with a one-off impairment charge relating to the integration of its subsidiary, Distell Wines and Spirits Nigeria Limited, resulted in a net loss in the quarter. With a rebound expected in the market in the last quarter of the year due to the usual peak period associated with year-end festivities, the Board expects the full year results to remain positive.
He said the board continued to appreciate the shareholders for their unwavering support and confidence, which have enabled the company to deal with the challenges of the last couple of years, and maintain a path towards recovery and long-term growth.
Corporate Affairs Director, Nigerian Breweries Plc, Uzodinma Odenigbo, at a media parley in Lagos, said Nigerian Breweries has completed the installation of a state-of-the-art manufacturing line for Distell brands at the Ibadan Brewery and has since commenced the manufacturing of Distell wines and spirit brands, including Chamdor, 4th Street.
He said: “I am pleased to announce that we have now completed the full integration of Distell Nigeria, and we have now installed a state-of-the-art manufacturing facility in our Ibadan Brewery for the production of the Distell Wines and Spirit Brands”.
He explained that the full integration is in line with Nigerian breweries’ ambition to become a ‘Total Beverage Company’, which goes beyond beer.
He added that the full integration has now expanded Nigerian Breweries Plc’s brand portfolio to include wine, spirits, and ready-to-drink (RTD) brands.
He recounted that Nigerian Breweries commenced the acquisition of Distell Wines and Spirits Nigeria in June 2024, initially acquiring an 80 per cent majority stake after obtaining statutory approval from the South African Reserve Bank. The company acquired the remaining 20 per cent minority stake in March 2025 shares from Ekulo International and Next International Nigeria Limited.
Access Holdings Plc expanded its total asset base to N42.45 trillion in the first half, sustaining its lead as Nigeria’s largest bank by assets.
Key extracts of the audited report and accounts for the half year-ended June 30, 2025 released at the Nigerian Exchange (NGX) at the weekend showed that total assets rose from N41.5 trillion in December 2024 to N42.45 trillion by June 2025.
Customer deposits had risen from N22.52 trillion to N22.90 trillion. Loans and advances increased from N13.07 trillion to N13.21 trillion while shareholders’ funds rose from N3.76 trillion in December 2024 to N3.83 trillion by June 2025.
Profit and loss accounts also showed resilient growths with gross earnings rising by 13.8 per cent to N2.5 trillion in first half 2025 as against N2.2 trillion in first half 2024. Top-line growth was driven by strong growth in interest income which increased by 38.9 per cent to N2.0 trillion in first half 2025 from N1.5 billion in first half 2024.
Net interest income also increased by 91.8 per cent to N984.6 billion in first half 2025 from N513.4 billion in first half 2024. Net fees and commission income also increased by 16.1 per cent to N237.7 billion from N204.7 billion.
However, the group bottomline was impacted by impairment charge. Profit before tax stood N320.57 billion in first half 2025 as against N348.92 billion in first half 2024. After taxes, net profit closed first half 2025 at N215.92 billion compared with N281.33 billion in comparable period of 22024.
The report showed that the banking group subsidiaries contributed 65 per cent to the banking group’s profit before tax in first half 2025, highlighting the group’s r journey towards sustainable performance and execution across key African and international markets.
The group’s non-banking subsidiaries maintained a strong growth momentum. For Access – ARM Pensions, financial performance was robust, with revenue up 29.9 per cent to N21.0 billion and profit before tax up 65.1 per cent to N13.1 billion. The business delivered ROAE of 48.1 per cent, a cost-to-income ratio of 35.1 per cent, and a pre-tax profit margin of 62.5 per cent, underscoring strong operational efficiency and profitability.
Also, Hydrogen Payments recorded a 40.5 per cent growth in top-line revenue. Profit before tax grew by 273 per cent. The total transaction value processed increased by 211 per cent, reaching N41.1 trillion in first half 2025, up from N13.8 trillion in first half 2024.
Access Insurance Brokers sustained strong momentum, recording a 125 per cent increase in gross written premium, 146 per cent growth in revenue, and a 161 per cent improvement in profit before tax.
Oxygen X, the group’s digital lending arm, sustained strong momentum since launch in third quarter 2024, delivering N5.4 billion in revenue and N2.2 billion in profit before tax in first half 2025.
The board of Access Holdings stated that the group’ businesses are well-positioned to deepen market penetration, expand product offerings, and leverage cross-sell opportunities across the group to drive continued growth and profitability.
“The group’s focus remains on driving prudent growth and continued execution of its strategic priorities, scaling its digital and transaction-led income streams, increasing revenue diversification, embedding efficiency, innovation, and disciplined portfolio management across all areas of the business. It will also continue to uphold the highest standards of risk and governance discipline to ensure sustainable profitability.
“Access Holdings remains confident that it will continue to deliver sustainable value and returns to its shareholders. Its long-term objective is to build a stronger, more agile group that consistently delivers superior returns, fosters innovation-driven growth, and optimises portfolio performance to create inclusive value across its markets while reaffirming investor confidence in the strength and future of Access Holdings.
“The group appreciates the continued trust and support of its shareholders, customers, and employees. Together, the Group is building a stronger future,” the board stated.
Recently, a heated exchange erupted between Dangote Refinery and fuel marketers united under the banner of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).
The marketers accused the refinery of favoring foreign buyers with alluringly low prices for petroleum products, alleging that this strategy not only undermines local businesses but also includes frequent price cuts that place significant financial pressure on the marketers.
In the midst of this turmoil, Africa’s wealthiest individual, Aliko Dangote, made waves with an announcement that he plans to sell between five and ten percent of the shares in the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) Limited within the coming year. This move is poised to transform the landscape of the Nigerian oil market, as it opens the doors for potential investors to participate in one of the continent’s most ambitious energy projects.
Speaking in an interview with S&P Global on October 20, Dangote said the move would follow the same path taken by other Dangote Group subsidiaries listed on the stock market, such as Dangote Cement and Dangote Sugar Refinery.
“We don’t want to keep more than 65%-70%,” Dangote said, adding that the refinery shares would be offered gradually, depending on investor demand and market conditions.
The billionaire industrialist revealed that the group is also exploring strategic partnerships with Middle Eastern investors to fund the refinery’s expansion and support a new petrochemicals project in China.
“Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he stated.
Dangote also hinted at a possible increase in the Nigerian National Petroleum Company (NNPC) Limited’s stake in the refinery.
The national oil company had earlier reduced its ownership to 7.2 percent, but Dangote said further discussions could take place once the refinery’s next growth phase begins.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” he said.
The refinery, which began operations in 2024, plans to ramp up its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of the year. Dangote said the long-term goal is to increase output to 1.4 million bpd, surpassing the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd.
Beyond refining, the company is also expanding its chemical production. Dangote disclosed plans to boost polypropylene output from one million to 1.5 million metric tonnes annually and develop new projects in base oils and linear alkylbenzene.
Commenting on ongoing maintenance operations, Dangote said most technical issues had been resolved but added that a one-month shutdown might be required for final adjustments.
“We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month,” he said.
He noted that the maintenance schedule would be timed to avoid disruption during the end-of-year surge in fuel demand.
BREAKING: Naira Rise Again, See New Rate Today
Despite a semblance of optimism, the naira continues to grapple with intense pressure in the financial markets. The Nigerian currency is struggling to attain a stable exchange rate, reflecting the ongoing challenges it faces.
As of October 18, 2025, Nigeria’s foreign exchange reserves have climbed to an impressive $42.668 billion. Click link to continue reading.
The Nigerian Naira appreciated further against the United States dollar in the parallel market on Tuesday, extending the modest recovery seen at the start of the week.
On October 21st 2025, the Dollar to Naira Black Market exchange rate traded at ₦1,470 per dollar for buying and ₦1,480 per dollar for selling, according to data from major currency traders in Lagos, Abuja, and Port Harcourt.
The latest movement represents a continued strengthening of the local currency following steady inflows from remittances and moderate demand from importers. Market participants said dollar availability slightly improved in key hubs, easing pressure on the Naira after several weeks of volatility.
Black Market Dollar to Naira Rate Overview
Date Market Type Buying (₦) Selling (₦) Change
Tuesday, Oct 21, 2025 Black Market 1,470 1,480 +₦10 ▲
Monday, Oct 20, 2025 Black Market 1,480 1,490 –
Official (CBN) — — — See CBN
Figures compiled from market operators and verified by Investors King.
How Much Is Dollar to Naira Today in Black Market
As of this morning, the Dollar to Naira Black Market rate stands at ₦1,470 for buying and ₦1,480 for selling. The modest improvement reflects a calmer trading environment, with dealers reporting steady flows from informal remittances and bureau-de-change networks.
Demand for foreign exchange remains active, though slightly lower than in early October. Many traders expect the Naira to hold near current levels if dollar inflows from oil sales and diaspora remittances continue. For official rates and policy updates, visit the Central Bank of Nigeria (CBN).
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