Business
Jobs losses loom as Nigerian banks battle to escape extinction
There is panic in the Nigerian financial sector over massive job losses as banks battle to meet the recently announced minimum capital requirements by the Central Bank of Nigeria.
The National President of the Association of Senior Staff of Banks, Insurance and Financial Institutions, Olusoji Oluwole, expressed these concerns during an interview with Channels Television on Monday.
He said the Association had already informed the CBN and the Ministry of Labour about the impact of the recapitalization exercise on workers in the sector.
“We are very aware of what happened in the past during such recapitalization programmes, the last being in 2005. We knew that some banks had to pull it through themselves, some through mergers, others through acquisition.
“It has an impact on the employment of workers; because of that experience, we have proactively acted by informing the Central Bank of Nigeria and the Ministry of Labour of the likelihood of the programme on our members.
“When things like this happen, there are bound to be jobs lost. We expect that there will be a lot of fairness in the actions of the banks and to ensure that our members are well protected and compensated”, he said.
DAILY POST recalls that the CBN raised the minimum capital requirements for commercial banks with international authorization, National Spread Regional, Merchant Banks, National Non-Interest Banks, and Regional Non-interest between 100 and 900 per cent last Thursday.
What the 2024 Recapitalization exercise means
With the move, the CBN proposed to achieve the $1 trillion economy of President Bola Ahmed Tinubu’s government.
Also, the bank said the exercise would engender the emergence of healthier banks with the capacity to underwrite larger levels of credit/loans.
The development came nearly 19 years after the apex bank had last conducted its recapitalization exercise in 2005 under former President Olusegun Obasanjo and Prof Charles Soludo as CBN governor.
According to reports, over 5,000 staff members of affected banks such as Oceanic bank, Fin Bank, Spring Bank, Union Bank, Intercontinental Bank, Stanbic IBTC, and others lost their jobs.
This is why the announcement of the 2024 recapitalization programme sent a shockwave across the country’s banking sector.
Banks’ available options
CBN had given all the banks 24 months, starting from April 1, 2024, to kick the ground running in meeting the new set capital benchmark.
Within the set period, Nigerian banks have been boxed into Injecting fresh equity capital through private placements, rights issue/or offer subscriptions, mergers and acquisitions( M & As) and Upgrades or downgrades of license authorization options.
It is left to banks to explore either option to escape extinction.
Controversy clause
Unlike in the 2005 recapitalization exercise, CBN placed a caveat that 2024 minimum capital requirements shall only comprise paid-up capital and share premiums, ruling out the shareholders’ funds.
The non-inclusion of the Shareholders’ Fund had raised dust among the sector’s players.
In his statement reacting to the development, Johnson Chukwu, CEO of Cowry Assets Management Limited, faulted the exclusion of retained earnings and advised the CBN to align the new capital requirements with industry dynamics to facilitate a seamless transition.
Will Nigerian Banks Survive 2024 Capitalization?
With the development, the top ten Tier 1 and 2, namely Guaranty Trust Bank, Zenith Bank, United Bank of Africa, Access Bank, First Bank of Nigeria, EcoBank, Stanbic IBTC, First City Monument Bank, Fidelity, Sterling and others, will have raised over N3.3 trillion minimum capital base in 24 months.
Meanwhile, Ernst and Young, a global financial services company, had earlier predicted that about 17 banks would survive recapitalization.
“In a worst-case scenario, i.e., given a capital multiplier of 15, about 17 out of 24 banks would not meet the new minimum capital,” it said.
Financial Experts Reactions
Speaking to DAILY POST on Monday, a renowned economist and former President and Chairman of the Council of Chartered Institute of Bankers, Prof Segun Ajibola, said many banks may be unable to meet the current requirements, especially the family-like banks in terms of ownership and operation.
The economist said that a successful banking recapitalization exercise could benefit the Nigerian economy if well implemented.
According to him, with the exercise, Nigeria’s domestic economy will enjoy the patronage of existing and new local and foreign investors to meet the capital requirements. However, he said the country needs to be mindful of how the ownership of Nigerian banks can be ceded to foreign interests.
“The recapitalization of Nigerian banks by their owners is no doubt an exercise that is long awaited due to the current value of Naira, and by extension the size of the bank’s financial position, when viewed globally. The current value has constrained the banks’ capacity to handle large ticket deals even within the domestic economy.
“Many banks may be unable to meet the current requirements, especially the family-like banks in ownership and operation. There may be voluntary and involuntary mergers and acquisitions.
“One only hopes that the situation of 2005, when banks formed ”unholy alliances” and strange bedfellows, those with conflicting orientations, cultures and governance practices, were forced together to save their shareholders from total loss, etc. Some banks may seek downgrades as a way out of pollution and dilution of their shareholders.
“It remains to be seen if the domestic economy can cough out the funds required to meet the required capital.
“However, the flow of foreign funds to the Nigerian economy by the existing and would-be shareholders will be a welcome development if it happens.
“There is a need for the authorities to assure potential investors of stable and consistent investment and exchange control policies for a safe and predictable investment environment, among others.
“The definition of what constitutes capital under the Basel Accord is shifting from Tier I to Tier III. As said earlier, it is hoped that the domestic economy will enjoy the patronage of existing and new local and foreign investors to meet the capital requirements.
“Again, one is mindful of the extent to which the ownership of Nigerian banks can be ceded to foreign interests.
“A successful banking recapitalization exercise can have a beneficial impact on the Nigerian economy. It can help to rejuvenate the overall growth of different sectors of the economy through appropriate, timely funding of economic activities.
“Yes, it has the likely effect of crowding out investments in other suitable areas of the economy. It can lead to some job losses. But the overall benefits outweigh these side effects if successfully executed”, he told DAILY POST.
On his part, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said that the real issue is that Nigeria’s soaring inflation has weakened the value of money over time, which makes recapitalization imperative and inevitable.
He, however, urged that the exercise be done to minimize shocks and disruptions to the banking system and the economy.
Yusuf added that the apex bank should caution all players in the banking sector against predatory and other anti-competitive practices in the industry because of the recapitalization policy.
He told DAILY POST: “The last major review of the minimum capital requirement was done in 2005, some 18 years ago. That was under President Olusegun Obasanjo, with Prof Charles Soludo as CBN governor.
“But since then, the value of the minimum capital has been significantly eroded by inflation. For instance, the official exchange rate in 2005 was about N130 to the dollar.
“This meant that the N25 billion for a national bank, for instance, was equivalent to $192 million. The naira equivalent today is about N250 billion. The International Banking license would be about $384 million, an equivalent of about N500 billion.
“The capitalization requirement has not increased materially in real terms when adjusted for inflation.
“The real issue is that inflation has weakened money’s value over time, making recapitalization imperative and inevitable.
“The essence is to ensure the safety of depositors’ funds, strengthen the financial system’s stability, deepen the banking system’s resilience and reposition the bank to support growth.
“Reports from the Central Bank of Nigeria attest that Nigerian banks have good soundness indicators. The industry Capital Adequacy Ratio as of January was 13.7 per cent, above the prudential threshold of 10 per cent.
“The Non-Performing Loans as a ratio of total loan assets was 4.81 per cent as against the prudential threshold of 5 per cent, which is also positive. The liquidity ratio is 40.14 against the prudential minimum of 30 per cent, which also reflects a healthy position.
“The summary is that based on the financial soundness metrics, Nigerian banks are judged to be generally healthy.
“However, this does not diminish the need for regulatory authority to ensure that this soundness and stability are preserved and improved, especially because of the recent macroeconomic headwinds.
“This, perhaps, is what informed the current policy of the CBN to review the capital base”, he stated.
Similarly, the CEO of SD & D Capital Management, Mr Idakolo Gbolade, said the recapitalization exercise will allow Nigeria to maintain its leading role in the African continent.
“The recapitalization of banks in categories is long overdue”, he told DAILY POST and advocated for the expansion of our economy.
“The time frame is very adequate as well. Some international banks have already envisaged this process and have started making provisions early enough. Banks that cannot meet the new capital requirements have mergers and acquisitions options.
“Nigeria has the highest GDP in Africa, and for us to maintain that position and operate a trillion-dollar economy, the banks must be adequately capitalized.
“A trillion dollar economy must have local capacity to initiate and execute million dollar transactions locally without foreign intervention in key areas of development like oil and gas, steel production, mining, mega construction projects and Public Private Partnerships with the government.
“This can only materialize if we have adequately capitalized banks that can rise to the occasion. Nigerian banks also need to take pride in Africa regarding capitalization because Nigerian banks are not among the most capitalized in Africa.
“Therefore, this new recapitalization policy will adequately position our banks for the emergency economy in Nigeria or Africa and worldwide.
“The exclusion of shareholders’ funds as additional Tier 1 capital shows the CBN wants to distinguish fresh funds from existing funds which could be subject to regulatory infractions because shareholders’ funds is not a statutory capital base”, he told DAILY POST.
The National President of the Association of Senior Staff of Banks, Insurance and Financial Institutions, Olusoji Oluwole, expressed these concerns during an interview with Channels Television on Monday.
He said the Association had already informed the CBN and the Ministry of Labour about the impact of the recapitalization exercise on workers in the sector.
“We are very aware of what happened in the past during such recapitalization programmes, the last being in 2005. We knew that some banks had to pull it through themselves, some through mergers, others through acquisition.
“It has an impact on the employment of workers; because of that experience, we have proactively acted by informing the Central Bank of Nigeria and the Ministry of Labour of the likelihood of the programme on our members.
“When things like this happen, there are bound to be jobs lost. We expect that there will be a lot of fairness in the actions of the banks and to ensure that our members are well protected and compensated”, he said.
DAILY POST recalls that the CBN raised the minimum capital requirements for commercial banks with international authorization, National Spread Regional, Merchant Banks, National Non-Interest Banks, and Regional Non-interest between 100 and 900 per cent last Thursday.
What the 2024 Recapitalization exercise means
With the move, the CBN proposed to achieve the $1 trillion economy of President Bola Ahmed Tinubu’s government.
Also, the bank said the exercise would engender the emergence of healthier banks with the capacity to underwrite larger levels of credit/loans.
The development came nearly 19 years after the apex bank had last conducted its recapitalization exercise in 2005 under former President Olusegun Obasanjo and Prof Charles Soludo as CBN governor.
According to reports, over 5,000 staff members of affected banks such as Oceanic bank, Fin Bank, Spring Bank, Union Bank, Intercontinental Bank, Stanbic IBTC, and others lost their jobs.
This is why the announcement of the 2024 recapitalization programme sent a shockwave across the country’s banking sector.
Banks’ available options
CBN had given all the banks 24 months, starting from April 1, 2024, to kick the ground running in meeting the new set capital benchmark.
Within the set period, Nigerian banks have been boxed into Injecting fresh equity capital through private placements, rights issue/or offer subscriptions, mergers and acquisitions( M & As) and Upgrades or downgrades of license authorization options.
It is left to banks to explore either option to escape extinction.
Controversy clause
Unlike in the 2005 recapitalization exercise, CBN placed a caveat that 2024 minimum capital requirements shall only comprise paid-up capital and share premiums, ruling out the shareholders’ funds.
The non-inclusion of the Shareholders’ Fund had raised dust among the sector’s players.
In his statement reacting to the development, Johnson Chukwu, CEO of Cowry Assets Management Limited, faulted the exclusion of retained earnings and advised the CBN to align the new capital requirements with industry dynamics to facilitate a seamless transition.
Will Nigerian Banks Survive 2024 Capitalization?
With the development, the top ten Tier 1 and 2, namely Guaranty Trust Bank, Zenith Bank, United Bank of Africa, Access Bank, First Bank of Nigeria, EcoBank, Stanbic IBTC, First City Monument Bank, Fidelity, Sterling and others, will have raised over N3.3 trillion minimum capital base in 24 months.
Meanwhile, Ernst and Young, a global financial services company, had earlier predicted that about 17 banks would survive recapitalization.
“In a worst-case scenario, i.e., given a capital multiplier of 15, about 17 out of 24 banks would not meet the new minimum capital,” it said.
Financial Experts Reactions
Speaking to DAILY POST on Monday, a renowned economist and former President and Chairman of the Council of Chartered Institute of Bankers, Prof Segun Ajibola, said many banks may be unable to meet the current requirements, especially the family-like banks in terms of ownership and operation.
The economist said that a successful banking recapitalization exercise could benefit the Nigerian economy if well implemented.
According to him, with the exercise, Nigeria’s domestic economy will enjoy the patronage of existing and new local and foreign investors to meet the capital requirements. However, he said the country needs to be mindful of how the ownership of Nigerian banks can be ceded to foreign interests.
“The recapitalization of Nigerian banks by their owners is no doubt an exercise that is long awaited due to the current value of Naira, and by extension the size of the bank’s financial position, when viewed globally. The current value has constrained the banks’ capacity to handle large ticket deals even within the domestic economy.
“Many banks may be unable to meet the current requirements, especially the family-like banks in ownership and operation. There may be voluntary and involuntary mergers and acquisitions.
“One only hopes that the situation of 2005, when banks formed ”unholy alliances” and strange bedfellows, those with conflicting orientations, cultures and governance practices, were forced together to save their shareholders from total loss, etc. Some banks may seek downgrades as a way out of pollution and dilution of their shareholders.
“It remains to be seen if the domestic economy can cough out the funds required to meet the required capital.
“However, the flow of foreign funds to the Nigerian economy by the existing and would-be shareholders will be a welcome development if it happens.
“There is a need for the authorities to assure potential investors of stable and consistent investment and exchange control policies for a safe and predictable investment environment, among others.
“The definition of what constitutes capital under the Basel Accord is shifting from Tier I to Tier III. As said earlier, it is hoped that the domestic economy will enjoy the patronage of existing and new local and foreign investors to meet the capital requirements.
“Again, one is mindful of the extent to which the ownership of Nigerian banks can be ceded to foreign interests.
“A successful banking recapitalization exercise can have a beneficial impact on the Nigerian economy. It can help to rejuvenate the overall growth of different sectors of the economy through appropriate, timely funding of economic activities.
“Yes, it has the likely effect of crowding out investments in other suitable areas of the economy. It can lead to some job losses. But the overall benefits outweigh these side effects if successfully executed”, he told DAILY POST.
On his part, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said that the real issue is that Nigeria’s soaring inflation has weakened the value of money over time, which makes recapitalization imperative and inevitable.
He, however, urged that the exercise be done to minimize shocks and disruptions to the banking system and the economy.
Yusuf added that the apex bank should caution all players in the banking sector against predatory and other anti-competitive practices in the industry because of the recapitalization policy.
He told DAILY POST: “The last major review of the minimum capital requirement was done in 2005, some 18 years ago. That was under President Olusegun Obasanjo, with Prof Charles Soludo as CBN governor.
“But since then, the value of the minimum capital has been significantly eroded by inflation. For instance, the official exchange rate in 2005 was about N130 to the dollar.
“This meant that the N25 billion for a national bank, for instance, was equivalent to $192 million. The naira equivalent today is about N250 billion. The International Banking license would be about $384 million, an equivalent of about N500 billion.
“The capitalization requirement has not increased materially in real terms when adjusted for inflation.
“The real issue is that inflation has weakened money’s value over time, making recapitalization imperative and inevitable.
“The essence is to ensure the safety of depositors’ funds, strengthen the financial system’s stability, deepen the banking system’s resilience and reposition the bank to support growth.
“Reports from the Central Bank of Nigeria attest that Nigerian banks have good soundness indicators. The industry Capital Adequacy Ratio as of January was 13.7 per cent, above the prudential threshold of 10 per cent.
“The Non-Performing Loans as a ratio of total loan assets was 4.81 per cent as against the prudential threshold of 5 per cent, which is also positive. The liquidity ratio is 40.14 against the prudential minimum of 30 per cent, which also reflects a healthy position.
“The summary is that based on the financial soundness metrics, Nigerian banks are judged to be generally healthy.
“However, this does not diminish the need for regulatory authority to ensure that this soundness and stability are preserved and improved, especially because of the recent macroeconomic headwinds.
“This, perhaps, is what informed the current policy of the CBN to review the capital base”, he stated.
Similarly, the CEO of SD & D Capital Management, Mr Idakolo Gbolade, said the recapitalization exercise will allow Nigeria to maintain its leading role in the African continent.
“The recapitalization of banks in categories is long overdue”, he told DAILY POST and advocated for the expansion of our economy.
“The time frame is very adequate as well. Some international banks have already envisaged this process and have started making provisions early enough. Banks that cannot meet the new capital requirements have mergers and acquisitions options.
“Nigeria has the highest GDP in Africa, and for us to maintain that position and operate a trillion-dollar economy, the banks must be adequately capitalized.
“A trillion dollar economy must have local capacity to initiate and execute million dollar transactions locally without foreign intervention in key areas of development like oil and gas, steel production, mining, mega construction projects and Public Private Partnerships with the government.
“This can only materialize if we have adequately capitalized banks that can rise to the occasion. Nigerian banks also need to take pride in Africa regarding capitalization because Nigerian banks are not among the most capitalized in Africa.
“Therefore, this new recapitalization policy will adequately position our banks for the emergency economy in Nigeria or Africa and worldwide.
“The exclusion of shareholders’ funds as additional Tier 1 capital shows the CBN wants to distinguish fresh funds from existing funds which could be subject to regulatory infractions because shareholders’ funds is not a statutory capital base”, he told DAILY POST.
Source: Daily Post
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
Wema Bank has successfully surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, a significant milestone achieved through the completion of a substantial N150 billion rights issue.
This important financial strategy positions the bank firmly ahead of the upcoming deadline of March 2026, as outlined in the CBN’s latest recapitalization framework.
In an official statement released on Thursday, Wema Bank proudly announced that its total qualifying capital has now reached an impressive N214.7 billion, comfortably exceeding the regulatory threshold of N200 billion.
The rights issue, which opened its doors on April 14, 2025, and closed on May 21, 2025, was a strategic response to the CBN’s directive aimed at fortifying the Nigerian banking sector.
By embracing this initiative, Wema Bank has not only positioned itself as a leader in compliance but also as a robust player in the quest for sustainable development within the financial landscape of Nigeria.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
Earlier in May, Wema Bank had announced its intention to raise an additional N50 billion through a private placement as part of its broader strategy to meet and exceed the CBN’s capital requirements.
At its Annual General Meeting (AGM), held electronically on May 22, 2025, shareholders formally adopted a resolution to secure this additional capital, signaling strong support for the bank’s growth agenda.
Under the CBN’s recapitalization framework, commercial banks with international authorization are required to maintain a minimum capital base of N500 billion, while those with national authorization, such as Wema Bank, must meet a N200 billion threshold.
Wema Bank’s swift and strategic response to these requirements highlights its resilience and forward-thinking leadership in Nigeria’s evolving financial landscape.
The Federal Competition and Consumer Protection Commission (FCCPC) has announced an impressive total of N10 billion in recoveries for consumers who were wronged, following a series of complaints directed at banks, fintech companies, and other entities.
This information was revealed in a statement issued on Thursday, which was signed by Ondaje Ijagwu, the Director of Corporate Affairs at the FCCPC.
The announcement comes in light of recent data that highlights the volume of consumer complaints received and subsequently resolved across major sectors of the Nigerian economy.
The data encompasses cases that were registered with the Commission between March and August 2025 and has been meticulously compiled from various complaint resolution platforms managed by the FCCPC.
“The top ten sectors by number of complaints received between March and August 2025 were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), fintech (1,442), and electricity (458).
“Other notable sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114),” the Commission stated.
The Commission stressed that the data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded N10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress,” the FCCPC added.
Reacting to the findings, the Executive Vice Chairman/Chief Executive Officer of the Commission, Mr. Tunji Bello, said: “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services. However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The publication of sector-specific complaint data is said to align with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
According to the report, Banking is the dominant source of consumer complaints, both in volume and financial exposure, highlighting recurring issues in loan deductions, account charges, and transaction disputes, and reflecting public reliance on the FCCPC to intervene in systemic financial service challenges.
“Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN).
“With 458 reported complaints, the electricity sector ranks 4th overall, behind banking, financial services, and FCMG, highlighting persistent billing disputes, service delivery failures, and the need for stronger coordination between the FCCPC, NERC, state electricity regulatory agencies and electricity distribution companies (DisCos).
“E-commerce disputes are relatively low-value but high-frequency, signalling broad consumer exposure at the retail level. While average monetary losses per complaint are low, the volume and recurrence of disputes (deliveries, refunds, counterfeit goods) reveal e-commerce as a growing consumer pain point,” the statement added.
The Commission stated it is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.
The Commission encouraged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
Consumers were encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
First Bank of Nigeria Limited (FirstBank) has secured a significant victory at the Court of Appeal in its case against General Hydrocarbons Limited (GHL) filed by their lawyers Babajide Koku SAN and Victor Ogude SAN, as reported by Nairametrics.
In its ruling on Thursday, 11 September 2025, the Court of Appeal set aside the earlier decision of the Federal High Court, Port. Harcourt, Obile J, which had dismissed FirstBank’s claims regarding the fraudulent diversion of proceeds from the sale of crude oil cargo pledged as collateral for loan facilities.
The dispute arose from crude oil aboard the FPSO Tamara Tokoni, which GHL had pledged to FirstBank as security for substantial loan facilities. Contrary to the terms of the pledge, GHL diverted the proceeds from the sale of the cargo, prompting the Bank to seek legal redress.
FirstBank filed an appeal challenging the trial court’s decision that had treated the matter as a simple debt recovery. The Court of Appeal, in its ruling, affirmed the maritime nature of the claim and emphasised the importance of preserving the Res, the crude oil cargo, as the central issue in dispute. The Court set aside the earlier order of the trial court vacating the order of arrest of the 2nd respondent.
The appellate court allowed FirstBank’s appeal and set aside the Federal High Court’s ruling. It authorised the sale of the crude oil cargo aboard FPSO Tamara Tokoni, with the proceeds to be deposited into an interest-yielding escrow account under the custody of the Chief Registrar of the Court of Appeal, pending the hearing and determination of the case at the trial court and the court of arbitration. The Chief Registrar was also appointed to take possession of the cargo and ensure its protection against dissipation or unauthorised disposition by any party.
This ruling marks a significant milestone for FirstBank and reinforces the Bank’s commitment to upholding the integrity of financial transactions and protecting the interests of its stakeholders.
FirstBank remains steadfast in its dedication to sound corporate governance, legal compliance, and the protection of its assets. The judgment of the Court of Appeal sets a strong precedent for the enforcement of collateral agreements and accountability in high-value commercial transactions.
There has been a surge of enthusiasm among many Nigerians as President Tinubu’s economic policies begin to yield promising outcomes.
The Central Bank of Nigeria (CBN) has enacted more stringent controls while sustaining a lower exchange rate at the official windows. Click link to continue reading.
The black market exchange rate for the dollar to naira continues to highlight Nigeria’s forex supply challenges, with many individuals and businesses relying on the parallel market for transactions.
CBN maintains tighter controls and a lower rate at official windows, limited access and allocation restrictions force most importers, businesses, and students abroad to turn to the parallel market, where prices reflect actual demand and supply pressures. Click link to continue reading.
MANCHESTER DERBY: Erling Haaland Vows To Revenge Against United
2027 Election: Why It Would Be Difficult For Tinubu – Fresh Analysis Predicts Possible Results
REVELEAD: Why Pastor Kumuyi Is Changing Some Deeper Life Principles
2027 Election: ADC’s Coalition Dumps Peter Obi, Amaechi As Party Set To Persuades Atiku Over Jonathan
Fresh Crisis Hits Air Peace As Pilot Tested Positive for Alcohol, Drug
Hospitals Shut As Resident Doctors Begin Five-Day Warning Strike
Delta Govt Clears Air on Olomoro–Igbide Road Project, Counters Misinformation
Dangote Refinery Sets Date For Direct PMS Supply To 11 States
Wema Bank Surpasses CBN Capital Requirement With Successful N150 billion Rights Issue
FCCPC Recovers N10 Billion For Angry Customers From Banks, Fintech
Politics4 days ago2027 Election: What Nigerians should know if Jonathan wins against Tinubu
- Sports2 days ago
EXPOSED: Osimhen fakes injury for Nigeria – Asamoah Gyan
- News4 days ago
Strike: No More N820/Litre; New Petrol Prices Emerge At Filling Stations; [DETAILS]
- Politics4 days ago
Fubara Return: New Twist As Suspended Rivers Governor May Lose Seat Over Pending Supreme Court Ruling
- News3 days ago
NO MERCY: Eric Chelle’s sack letter ready as Nigeria battles South Africa
- Business4 days ago
Jubilation as dollar crashed, new rate emerges
- News5 days ago
Smoke From The Altar: Reasons Deeper Life Church members are not happy with Pastor Kumuyi
