President Bola Tinubu has said his administration is working assiduously to create a system that will be sustainable and globally competitive for Nigerian banks and other financial institutions to thrive.

Speaking on Wednesday when he performed the groundbreaking ceremony for a new state-of-the-art headquarters of First Bank of Nigeria at Eko Atlantic City in Lagos State, the President said banks can only prosper under a thriving economy.

Represented at the event by his deputy, Vice President Kashim Shettima, the President, however, pointed out that what his “administration does and sets out to accomplish rests on the cooperation and capacity of” the financial institutions.

He noted that government policies under his administration are motivated by the reality that the nation no longer has the luxury of time to postpone its economic transformation.

“Banks are the engines of economic growth, and we owe it to them to champion a system that guarantees sustainability and global competitiveness. Our expectation is for our banks to excel, to expand beyond our shores, and to earn their place among the world’s most viable and profitable enterprises”, he said.

President Tinubu maintained that his administration is working to create an enabling environment for businesses to flourish despite assuming office at a time that required difficult but necessary decisions to stabilise the nation’s economy.

He said, “We assumed office at a time that demanded bold, progressive thinking—a time that called for difficult but necessary decisions to stabilise our fiscal and monetary landscape. Our policies are inspired by the reality that we can no longer afford to postpone our economic transformation.

“This administration is committed to creating an enabling environment for businesses to flourish, and I assure you that you have a partner in this government. We are here to climb the hills of progress with you.”

The President commended First Bank for standing the test of time, saying the secret of the bank’s steadfastness, legacy of innovation and adaptability lies in the art of reinvention.

“From the Bank of British West Africa to Standard Bank of West Africa and, finally, to this 130-year-old success story, First Bank has remained a towering institution, outliving disruptions and redefining banking through the decades.

“In an industry where the fate of many banks is sealed in the dusty pages of history, surviving—let alone thriving—demands more than just calculated risks; it takes ambition and the brilliance of refined minds. I join you here today to celebrate a legacy of innovation and adaptability that has kept First Bank ahead of the curve”, he added.

President Tinubu congratulated the board and management of First Bank for investing in a new head office, noting that it is a reassurance to the bank’s “customers, shareholders, and the government that Nigeria’s oldest financial institution is not resting on its laurels. I understand all too well that history demands the best of us. The ability to manage risk is what distinguishes great banks from transient institutions.

“This groundbreaking ceremony is not just about laying the foundation for a new edifice; it testifies to First Bank’s commitment to reinvention—to adapting to the realities of our time while staying true to its heritage.

“The decision to establish this state-of-the-art headquarters in Eko Atlantic City is symbolic of a vision that extends beyond the present, positioning First Bank as a financial powerhouse in Nigeria and beyond.”

Lagos State Governor, Babajide Sanwo-Olu, in his remark, thanked Vice President Shettima for the work he is doing for the country in support of the President.

The Governor poured encomiums on President Tinubu, recalling that he was in his cabinet when the idea to create Eko Atlantic City was birthed, many of the cabinet members expressing doubt about the possibility to create a dry ground out of the bar beach.

“We want to set Lagos on a trajectory of becoming the centrepiece of finance and commerce not only in Nigeria but Africa and beyond. It will be Africa’s mega city that is safe and secure to take the mantle of leadership in the financial sector.”

Sanwo-Olu thanked the Chairman of First Bank of Nigeria (FBN) Holdings, Femi Otedola, noting that while he is economical with his words, each statement he makes carries significant weight.

Also speaking, Ogun State Governor, Prince Dapo Abiodun, said it was an honour to witness what could be aptly described as an iconic building and a significant milestone for the First Bank.

He noted that the building further redefines First Bank and its resilience in the banking industry, saying, “This is bold, audacious, what tenacity is all about and First Bank has always blazed the trail.”

According to him, First Bank has, since 1894, evolved into a bank with well over seven hundred branches in Nigeria and worldwide.

On his part, the Chairman of First Bank Holdings, Chief Otedola, expressed gratitude and excitement over the groundbreaking ceremony, just as he eulogised President Tinubu “for his unalloyed support for this great project.”

Otedola also praised Vice President Shettima for being at the forefront of encouraging development in the country, even as he thanked the Lagos State Governor for his unwavering support and for creating a conducive atmosphere for doing business in the state.

He expressed gratitude to customers of First Bank and the regulators, especially the Governor of Central Bank of Nigeria for stabilising the activities of the services industry in the country, among others.

Welcoming the dignitaries and other guests to the ground breaking event, Managing Director and CEO of First Bank Plc, Mr Olusegun Alebiosu, said since its establishment in 1894, First Bank had been at the forefront of Nigerian banking evolution, stressing that the journey of the bank has been defined by accountability, transparency and unwavering commitment to customers.

“It is a legacy that stood the test of time – over 13 decades, engulfing the financial landscape of our great nation and continuously shaping the business of banking in Nigeria and beyond”, he stated.

In his goodwill message, the chairman of Dangote Group, Alhaji Aliko Dangote, commended the Chairman of First Bank Group and his Board members “for building the massive structure”, describing it as always being first while others follow.

He said he is being challenged to join First Bank in Eko Atlantic City, noting that after delivering the refinery, he needed to rest but will join Eko Atlantic City in the near future.

Zenith Bank says it has raised N350.46 billion through rights issue and public offer to meet the Central Bank of Nigeria’s (CBN) minimum capital requirement.

In a statement dated January 24, but published on the Nigerian Exchange Group (NGX) on Monday, Michael Otu, Zenith Bank’s company secretary, said the bank has secured full regulatory approval from both the CBN and the Securities and Exchange Commission (SEC) for its recently concluded hybrid offer.

Otu explained that the hybrid offer included a rights issue of 5,232,748,964 ordinary shares of 50,000 each at N36 per share, along with a public offer of 2,767,251,036 ordinary shares of 50,000 each at N36.5 per share.

“The Public Offer was 160.47% subscribed, with a total of 4,440,587,250 Ordinary Shares allotted based on the terms of the Offer and the CBN’s Capital Verification Exercise (“CVE”),” Otu said.

“The Rights Issue was also 100.18% subscribed with a total 5,232,748,964 ordinary shares allotted.

“The target of the Hybrid Offer was thereby achieved with the Company raising a total of N350,460,397,329.

“The Hybrid Offer garnered substantial interest from domestic and international investors.

“This development has positioned the Company as one of the few banks in Nigeria to meet and even surpass the Central Bank of Nigeria’s N500 billion minimum capital requirements for Banks with International Authorization well ahead of the March 2026 regulatory deadline.

“The bank’s share capital would now rise to N614.65bn, which is N114.65bn above the regulatory minimum requirement.

“The Company has once again reiterated its leadership and pole position amongst the Nigerian banks.

“It successfully executed a largely digital offer embracing the power of technology to improve access to equity capital market as it seamlessly leveraged the Nigerian Exchange Limited’s e-Offer platform.”

Otu added that Zenith Bank plans to use the hybrid offer proceeds to solidify its market leadership, expand operations across Africa and Europe, and invest in technology and other growth initiatives.

On March 28, 2024, CBN announced an increase in the minimum capital requirements for commercial banks with international licences to N500 billion.

The following month, Zenith Bank disclosed its plans to raise funds through a share issuance, possibly via private placement, rights issue, or both, in both Nigerian and international markets.

Sterling Bank Limited and its holding company, Sterling Financial Holdings Company have been accused by the Nigeria Police Force of money laundering, fraudulent deductions and other financial crimes, as reported by The Witness.

This was contained in a report presented to the House of Representative Committee on Public Petition during the hearing of a petition by Maiden Systems Ltd against Sterling Bank, Central Bank of Nigeria (CBN) and Shell Petroleum Development Company in Abuja.

Maiden system Ltd had petitioned the Committee on alleged mismanagement, fraudulent debit, and misappropriation of funds from its account domiciled with Sterling Bank.

Presenting the report before the committee, the representatives of the Inspector General of Police, Kabiru Yahaya and Sunny Amison, both Chief Inspectors of Police, said that after intensive investigation and arrest made on the matter, the bank was found wanting.

According to them, after arrest was made and an extensive investigation carried out, the bank could not provide evidence to counter the allegations made against it by Maiden System Ltd.

Yahaya said: “We were saddled with the responsibility to investigate mismanagement, fraudulent debit, and misappropriation of funds from the account of Maiden Systems Limited by Sterling Bank.

“In the course of our investigation, findings emerged about the issue of non-issuance of statement of account, fraudulent debit, and misappropriation of funds. More importantly, Maiden Systems Limited raised the issue of accounts. There are four accounts operated by Sterling Bank Plc for Maiden Systems Limited. Two are U.S. dollar accounts, while two are Nigeria NGN accounts.

“Major remittance is coming to the account of Maiden Systems Limited, domiciled with Sterling Bank, and Shell Petroleum Development Company Limited. Now, we have cutting records from Shell over the period 2017 up to 2020. Shell failed, this is our finding, Shell failed to supply the financial reports for 2021, 2022, 2023, and 2024.

“Now, having regard to the complaint of Maiden Systems that it was denied the statement of account, we interfaced with an account officer, who gave us in writing that the company is being furnished with the statement of account. And I asked ‘how?’ He said electronically, or by short message service. But there is no proof. There’s no proof to debunk that aspect of the allegation.

“Secondly, we discovered from the statement of account generated by the bank, not provided by the petitioner, or its counsel, or any third party. These are accounts and statements of account generated by the bank.

“We did not just call for a statement of account to just look at it and dump it.

“We looked at it holistically and saw the grey areas where there were discrepancies or where there are questions to be raised.”

According to CSP Amison, “We discovered a Debt Service Repayment Account (DSRA) where money is being used to service the loan.

“The loan offer as of 2012 was $30 million. We need to understand it was restructured in 2017, with capital and interest to arrive at US$30 million.

“Having regard to the account, we, a team of detectives, started seeing debits, debits from Maiden System account for loan repayment. And we took it upon ourselves to ask the account officer that first came before us to explain the loan repayment but he said it was a mere narration adopted while applying funds to the company’s loan account. We found this very vague and ambiguous.

“We discovered that about US$28.3 million was debited from this company’s account for loan repayment but there’s no explanation.

“Particularly, on the 29th September, 2016, the sum of US$2,413,000 was debited from the company’s account. Account number 00148517716 for loan repayment with reference FT16271UZYO. On 14th November, 2016, the sum of US$1.256 million was equally debited from this same account for loan repayment.

“While on the 16th of January, 2017, the sum of US$28,302,140.59 was debited from the company’s account for loan repayment. And like I said, we’ve waited for Sterling Bank to provide account officers who have managed this account to throw more light on this. It is not our document.

“It is their own document. The facts are before them. If somebody has managed that account before and is no longer an account officer, they could call them, provide names since they are no longer in the bank.

“One of the account officers specifically wrote that the outstanding balance was about US$27.25 million, while the executive director gave us a figure of over US$30 million. That is to say, nothing has been paid, nothing has been debited to clear the loan.

“We equally discovered what the bank captured in the statement of account, in-branch transfer, account to account. And we asked, what does the bank or the account officers mean by in-branch transfer, account to account?

“We have come up with the recommendation that, since the bank has failed to provide evidence for itself to debunk the allegation raised by Median Systems, evidence as used so far from their own statement of account corroborates the offences alleged. Financial mismanagement, fraudulent debit, misappropriation of funds and more importantly, when funds are being moved that way, if you go deeper, money laundering. We could not even go deeply towards the petitioner raising their petition.”

Responding, the Chairman of the Committee, Mike Etaba, assured both parties that the report would be studied by the Committee and justice served.

“At the committee level, we will look at the Police report and I assure us that justice will prevail,” Etaba said.

Moniepoint Microfinance Bank is currently battling to recover a N1.1 billion allegedly stolen by fraudsters from the bank.

The hacker, Sunday Ozimede, was said to have invaded the vault of Moniepoint and defrauded the lender of a sum of N1,190, 728, 076 billion.

The hacker who has been arrested by the operatives of the Police Special Fraud Unit (PSFU), was arraigned before Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, on charges bordering on conspiracy, obtaining the sum of N945, 728, 076 million by false pretence.

The 43 years old alleged hacker, was also accused of causing financial loss to Moniepoint Microfinance Bank to the tune of N145 million, by planting a bug in the bank’s data system.

The PSFU’s prosecutor, Barrister Justine Enang, on the arraignment of the defendant, told the court that Ozimede and others said to be at large, committed the alleged offences sometimes in May, 2024.

Specifically, the prosecutor told the court the the defendant Sunday Ozimede, fraudulently diverted the mentioned sum from various Moniepoint Microfinance Bank’s customers deposited funds through numerous transactions to other banks.

He told the court that the illegal acts of the defendant, are contrary to and punishable under sections Section 27 (i)(b); 14 of the Cyber Crimes (Prohibition, Prevention etc) Act, 2015 as Amended in 2024, Road along with section 14 (1) of the same Act.

The prosecutor also told the court that the act of the defendant contravened section 18(2) (b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The defendant denied the allegations and pleaded not guilty to the charges.

However, defendant’s lawyer, Abdulmalik Ibrahim, through a motion for bail, pleaded with the the court to admit his client to bail in the most liberal terms.

The application was strongly challenged by the prosecutor, who told the court that the defendant is a ‘flight risk’, saying that he may not turn up for his trial if granted bail.

Justice Lewis-Allagoa, after listening to the parties, however, admitted bail to the defendant in the sum N50 million with one surety in like sum.

The judge also ordered that the surety must be a landed property owner within the jurisdiction of this court. Adding that the terms of the bail must be verified by the court’s Registrar and the prosecutor.

The matter has been adjourned to March 13, for the defendant’s.

The amended charge against against the defendant reads: “that you Sunday Ozimede “M” and others now at large, sometime in May, 2024, in Lagos State within the jurisdiction of the judicial Division of the Federal High Court, with intent to defraud, did conspire amongst yourselves to commit a felony to wit: obtaining the sum of N945, 728, 076. 00 (Nine Hundred and Forty Five Million, Seven Hundred and Twenty Eight Thousand and Seventy Six Naira) by false pretence and thereby committed an offence contrary to Section 27 (i) (b) of the Cyber Crimes (Prohibition, Prevention etc) Act, 2015 as Amended in 2024, Road along with section 14 (1) of the same Act.

“That you Sunday Ozimede “M” and others now at large, sometime in May, 2024, in Lagos State within the aforementioned Judicial Division of the Federal High Court, did knowingly and without authority cause financial lost to Moniepoint Microfinance Bank to the tune of N145,000,001.00 (One Hundred and Forty Five Million and One Naira) by planting a bug in the company’s data system and moved the above sum from its Operational account into account number 6343898097 trading under the name: Sunday Ozimede which sum you fraudulently diverted from Moniepont Microfinance Bank customers deposited funds through numerous transactions to other banks, thereby conferred economic benefit on yourselves by converting the money in question to your own use against Moniepoint Microfinance Bank and thereby committed an offence contrary to and punishable under Section 14 (1) of fhe Cyber Crimes (Prohibition, Prevention etc) Act, 2015 as Amended in 2024,

“That you Sunday Ozimede “M” and others now at large, sometime in May, 2024, in Lagos State in the aforementioned Judicial Division of the Federal High Court, Lagos, did directly or indirectly converts or transfers, retains or takes possession or control of funds belonging to Moniepoint Microfinance Bank intentionally, knowingly or reasonably ought to have known that such funds is, or forms part of the proceeds of an unlawful Act and thereby committed an offence contrary to Section 18(2) (b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

One of Nigeria’s largest banks, Zenith Bank, is set to increase staff salaries in January as galloping inflation continues to erode the purchasing power of its employees.

Sources within the bank informed Nairametrics that the management will implement new salary increases in a matter of days. This adjustment would mark the first increase for the bank since 2023, amidst rising economic pressures.

Nigeria’s exchange rate has significantly depreciated, dropping from about N910/$1 at the end of 2023 to over N1,600/$1 in early 2025, exacerbating the financial strain on Nigerians.

In response, Zenith Bank’s decision to elevate salaries comes as a move to alleviate the financial burden on its staff and retain top talent.

Leadership under Adaora Umeoji

The salary increases and widespread promotions also reflect the first major personnel adjustment under the leadership of the bank’s new Managing Director/Chief Executive Officer, Adaora Umeoji.

Since her appointment, Umeoji has focused on building staff morale and addressing operational challenges while navigating the ever-evolving banking sector, a source remarked.
A senior source within the bank also stated that In addition to salary increases, over 4,000 employees have reportedly been promoted across various roles within the bank.

Zenith Bank reported it had about 8,146 employees as of June 2024.

While most staff contacted by Nairametrics confirmed hearing about the planned raises, they noted that they had yet to receive their January salaries, making it difficult to verify the actual adjustments.

Rising Costs and Competitive Challenges
Zenith Bank recorded personnel expenses of N150.5 billion in the first nine months of 2024, compared to N124 billion for the entire year of 2023.

This substantial rise in costs reflects not only inflationary pressures but also the bank’s strategic focus on retaining top talent amid Nigeria’s competitive labor market.

The bank faced significant IT challenges in late 2024, as software upgrades disrupted services and impacted its operational efficiency.

Sources attribute these challenges partly to an exodus of skilled staff seeking better opportunities abroad.

This trend has put pressure on banks to offer more competitive compensation packages and focus on talent retention strategies to maintain service quality.

Implications for the Banking Sector
Zenith Bank’s decision to adjust salaries is expected to ripple across the Nigerian banking sector. As one of the country’s largest and most influential financial institutions, any significant restructuring or compensation adjustment often sets a benchmark for the industry.

“Zenith Bank’s move will likely force other banks to review their own compensation structures,” said a senior analyst familiar with the sector.

“Talent retention is becoming increasingly challenging, and with inflation eroding income levels, banks will need to act to remain competitive.”

Furthermore, banks in Nigeria recently raised significant capital following recapitalization requirements set by the Central Bank of Nigeria (CBN). Zenith Bank, for example, raised over N290 billion in 2024, providing the financial strength to implement these changes.

Source: Nairametrics

It was a night of glitz, glamour and celebration at the 18th edition of the SERAS Africa Sustainability Awards, held at the Lagos Oriental Hotel, Lagos recently, Leading brands like Zenith Bank Plc, International Breweries Plc, NNPC Foundation, and others took center stage, carting home the coveted awards.

Zenith Bank Plc stole the show on the night by emerging as the overall Best Responsible Corporate Organisation in Africa ahead of NNPC Foundation, International Breweries Plc, and Nasper and Prosus, which came second, third, and fourth, respectively. The bank was also crowned as the Best Company in Transparency & Reporting and the Best Company in Gender Equality & Women Empowerment.

International Breweries Plc won two categories- Best in Poverty Reduction and Best in Climate Action, while NNPC Foundation was recognised as the Best in Good Health & Well Being and Best in Workplace Practice. The Chief Executive Officer of NNPC, Mr. Mele Kyari was crowned as the CEO of the Year.

Other winners at the 2024 SERAS include Lagos Free Zone, IHS Tower, Flour Mills of Nigeria Plc, Coca-Cola Nigeria, Bank of Industry, BUA/Abdul Samad Rabiu Foundation, Nestle Plc, Stanbic IBTC Bank, Live Your Dreams Africa, Building Practice, Polaris Bank, Seplat, Heir Insurance, Channels TV, OKOBI-an initiative of Imo State Government, and Airtel/UNICEF.

In her welcome remarks, Mary Ephraim-Egbas, the Executive Director of the SERAS Africa Sustainability Awards, stated that the award, which began 18 years ago, has evolved into a prime sustainability platform in Africa and the gold standard for recognising organisations at the forefront of driving change. Egbas noted that the award has led to the transformative journey of initiatives that have shaped communities and inspired a shared resolve to actualise the Sustainable Development Goals by 2030.

She stated that this year’s edition was remarkable as it recorded an unprecedented 256 entries, with 41 organisations participating for the first time. According to her, the feat is not just a number but a confirmation of the growing commitment to sustainability, innovation, and collective impact across the continent.

Speaking on the 2024 edition of the award themed ‘Beyond Sustainability: Enabling Business Transformation Through Full Disclosure,’ the lead convener, SERAS, Ken Egbas, affirmed that many organisations had demonstrated exemplary leadership, creativity, and a commitment to sustainable development considering the level of investment witnessed in the last 12 months. While congratulating the participants, including the winners, for making it to the finals of the awards, he noted that their contributions to sustainable development in Africa remain invaluable.

“Tonight is not just a celebration of achievements but a testament to the power of vision, dedication, and collaboration in driving Africa toward a more sustainable future. Whether you are a long-standing advocate or a first-time participant, your efforts ripple across the continent, creating a legacy of hope, resilience, and innovation,” he said.