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.”
Business
Again, fresh trouble hits MultiChoice as NDPC slams DSTV/GOtv owner with over ₦766.24 million fine
NDPC said it found MultiChoice allegedly violated the Nigeria Data Protection (NDP) Act after investigating suspected breaches of privacy rights of the company’s subscribers and illegal cross-border transfer of personal data of Nigerians.
“NDPC found, among others, that Multichoice violated the data privacy rights of subscribers and their friends who are not necessarily subscribers,” the regulator said.
“The Commission also found that Multichoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria.
The Nigeria Data Protection Commission (NDPC) says it has fined MultiChoice Nigeria, the parent company of DStv and GOtv, N766.24 million for “violating the privacy of subscribers and their friends”
In a statement on Sunday, signed by Babatunde Bamigboye, NDPC’s head, legal, enforcement and regulations, the commission said the penalty was a result of an investigation which commenced in the second quarter of 2024.
NDPC said it found MultiChoice allegedly violated the Nigeria Data Protection (NDP) Act after investigating suspected breaches of privacy rights of the company’s subscribers and illegal cross-border transfer of personal data of Nigerians.
“NDPC found, among others, that Multichoice violated the data privacy rights of subscribers and their friends who are not necessarily subscribers,” the regulator said.
“The Commission also found that Multichoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria.
“The depth of data processing by Multichoice is patently intrusive, unfair, unnecessary and disproportionate. This is a grave affront to fundamental right to privacy as enshrined in section 37 of the 1999 Constitution of the Federal Republic of Nigeria.
“Nigeria is entitled to protect her citizens, and data sovereignty under both international and extant municipal laws – as these have far-reaching implication for rule of law, national security and economic growth.
“In line with its standard remediation procedure, the Commission directed Multichoice to carry out appropriate remedial measures. However, the Commission found the measures undertaken by Multichoice in this regard unsatisfactory.
“For want of cooperation, the Commission has directed Multichoice to pay N766,242,500 for violating the Nigeria Data Protection Act.”
In view of the foregoing, NDPC said Vincent Olatunji, the agency’s national commissioner, has directed that all outlets through which MultiChoice is collecting personal data of Nigerian citizens should be investigated for non-compliance.
Olatunji added that any outlet that processes personal data in violation of the NDP Act is liable to a penalty under the Act.
Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by The Banker, Financial Times Group, United Kingdom.
This ranking places Zenith Bank Plc as the 581st Bank globally, with a Tier-1 Capital of $2 billion.
The global rankings, published in the July 2025 edition of The Banker, was based on the 2024 year-end Tier-1 capital of banks. This is the primary basis for most international organizations’ assessments of banks.
Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are thrilled to have retained our position yet again as the Number One Bank in Nigeria by Tier-1 capital for the 16th consecutive year. This achievement is a reflection of the bank’s robust financial performance, prudent risk management and steadfast dedication to delivering exceptional value to our customers and stakeholders”.
She thanked the Founder and Chairman, Jim Ovia, CFR, for his visionary and transformative leadership which has played a pivotal role in cultivating a resilient and thriving institution. She also expressed her deepest appreciation to the bank’s esteemed customers for their continued loyalty to the Zenith brand, the Board for the sound corporate governance, and the staff for their relentless & tireless efforts in ensuring the bank’s success.
Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.
According to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX), the Bank recorded a double-digit growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book.
Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023. This performance saw the bank record an unprecedented total dividend payout of N195.67 billion at N5.00 per ordinary share in the 2024 financial year.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and being listed in the World Finance Top 100 Global Companies in 2023.
Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank was acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards from 2022 to 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.
Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.
The Nigerian currency is less than N30/$ away from breaking the key resistance level of N1500/$ in Nigeria’s official market.
The Naira is trading at N1528/$ on Friday, slightly lower than Thursday’s closing price.
Nigeria’s naira’s fundamentals significantly improved after Nigerian banks resumed foreign currency transactions using naira debit cards.
Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC reinstated the ability for their customers to spend using naira cards internationally.
Customers were notified by GTBank that they could now pay for their favorite items anywhere in the world with their naira card, which now has a $1000 limit for international transactions over three months.
“This limit covers cash withdrawals from ATMs abroad up to $500 and online and point-of-sale transactions up to $1000. We would like to remind everyone that the $1000 cap on all other transactions outside of Nigeria applies to cash withdrawals, online payments, point-of-sale payments, and services related to withdrawals paid for in dollars”, the orange coloured bank stated.
UBA also stated, “As part of our unwavering dedication to enhancing your banking experience, we are delighted to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variant cards, are now fully operational for international transactions.”
The naira’s firmness followed support from the IMF for Nigeria’s disinflation strategy. They describe the CBN’s tight monetary policy as “appropriate and necessary” in losing inflation expectations and securing the macroeconomic framework in the Fund’s latest Article IV Consultation Report for 2025.
“Directors agreed that the Central Bank of Nigeria is appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched,” the IMF said in the report released Wednesday.
The IMF also acknowledged the CBN’s policy shift to stop monetization of deficit control, which had contributed to inflation in previous years. They also praised efforts to improve governance and transparency in the monetary system.
The Nigerian Apex Bank held the MPR steady at 27.5 per cent and kept the Cash Reserve Ratio at 50 per cent for commercial banks and 16 per cent for merchant banks during the last MPC meeting in May.
Dollar index settled lower in global markets
The greenback eased lower on Friday after gaining in the previous session.
The Dollar Index’s value decreased by two-tenths of a percentage point to 96.605, tracking the dollar’s exchange rate against a basket of six other currencies. It showed slight declines over the week, even after a 0.4 per cent increase on Thursday.
Better-than-expected US jobs data delayed the Federal Reserve’s possible rate-cutting timeline, which caused the US currency to gain strength on Thursday. With high tariffs set into effect on July 9, these gains, however, were short-lived as focus turned to ongoing trade negotiations between the US and many of its trading partners.
Only three agreements have been announced thus far, and US President Donald Trump escalated tensions by declaring on Thursday that numerous nations will receive letters on Friday outlining the tariff rates they will be subject to.
This is a departure from Trump’s prior pledge to negotiate individual agreements with trading partners.
Jerome Powell, the chairman of the US Federal Reserve (Fed), and Trump have been at odds for several weeks. The European Central Bank (ECB) has lowered its key interest rates multiple times, but the central banker is unwilling to do the same.
His worry? Because inflation is likely to get out of control once more.
However, Jerome Powell suggested that he might cut these rates in the upcoming months at the ECB’s Sintra (Portugal) forum.
“When we saw the size of the tariffs and that almost all inflation forecasts for the United States have increased significantly, we suspended our activities,” the Fed chairman said. Additionally, he promised that his only concern is leaving his successor “a healthy economy.”.
However, it should be noted that a reduction in key rates could also be due to a devaluation of the US dollar. In Europe, EUR/USD increased by 0.1 per cent to 1.1774, with the single currency expected to gain 0.5 per cent per week.
German industrial orders dropped 1.4 per cent from May on a seasonally and calendar-adjusted basis, which was significantly more than anticipated, according to data released earlier Friday.
The European Central Bank lowered interest rates for the eighth time in a year in June, but decision-makers said they would probably take a break at their subsequent meeting.
Wema Bank has given N3 million in business grants to three top businesses at the Lagos Leather Fair 2025, a strong reaffirmation of its commitment to growth of Micro, Small and Medium Enterprises (MSMEs).
The beneficiaries — EwaOluwa Morenikeji of House of Ewa Limited, Joy Fache James of Paciencia, and Fatima Yusuf of House of Zibima — each got N1 million following their performances at a pitch competition sponsored by Wema Bank at the fair.
The initiative, which coincided with World MSME Day, is part of the bank’s broader strategy to empower indigenous businesses, boost economic inclusion, and foster sustainable business practice in Nigeria’s MSME sector.
EwaOluwa Morenikeji, founder and chief executive of House of Ewa, a bag-making brand, said the grant would be channelled on advanced machinery and improving production output.
“I’m grateful for this opportunity to put my business out there and get the support I need to scale. This will help my business grow, and I thank Wema Bank for thinking of small businesses like mine and supporting us,” she said.
Wema Bank’s Managing Director and chief executive officer, Moruf Oseni, noted the bank’s long commitment to empowering businesses and driving inclusive economic growth.
“MSMEs present a two-fold opportunity for us at Wema Bank. Empowering MSMEs not only stimulates the Nigerian economy, but it also extends the reach of our impact to the grassroots.
“For 80 years, we have been committed to empowering lives and businesses. We will continue to meet the needs of MSMEs and create tailored opportunities for them to thrive,” Oseni said.
The fair, considered the premier leather industry event in West Africa, drew local and international stakeholders across the value chain — including designers, manufacturers, and suppliers.
Alhaji Aminu Alhassan Dantata, a renowned Nigerian businessman and philanthropist, has passed away at the age of 94.
The news of billionaire businessman’s demise was disclosed via a social media post on Saturday by the Deputy National Treasurer of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Uba Tanko Mijinyawa.
According to him, details of the Muslim funeral prayer (Jana’iza) for Dantata will be announced in due course.
“Inna Lillahi wa’inna ilaihi Raji’un. Allah ya yi wa babanmu Dattijo, Alhaji Aminu Alhassan Dantata, rasuwa. Muna addu’a Allah ya jikan sa, ya gafarta masa. Za a sanar da lokacin jana’izarsa,” Tanko wrote in Hausa language.
Tanko’s message about the late philanthropist, who is also an uncle to Africa’s richest man, Aliko Dangote, was translated as “Indeed, we belong to Allah and to Him we shall return. May Allah have mercy on our father and elder, Alhaji Aminu Alhassan Dantata. We pray for his forgiveness. The time of his funeral will be announced.”
Also confirming the news, his Principal Private Secretary, Mustapha Abdullahi Junaid, disclosed in a statement Saturday morning that the Janazah details will be shared later.
Junaid wrote, “Innalillahi wa inna ilaihi rajiun. Innalillahi wa inna ilaihi rajiun. It is with heavy heart that I announce the passing of our beloved father, Alhaji Aminu Alhassan Dantata. May Allah grant him Jannatul Firdaus and forgive his shortcomings. The Janazah details will be shared later insha Allah.”
Alhaji Aminu Dantata, who was the founder of Express Petroleum & Gas Company Ltd., is also credited with having played a key role in the establishment of Nigeria’s first non-interest (Islamic) bank, Jaiz Bank.
Business
South Africa firm, MultiChoice desperately reduces DSTV, GOTV subscription after losing 1.4 million customers
Nigerians have made significant progress against one of their primary competitors in Africa by implementing widespread boycotts of products from South African companies.
This movement has resulted in a substantial reduction of 1.4 million customers for these firms, representing a considerable setback in recent months.
MultiChoice Nigeria has slashed the price of its DStv decoder by 50 per cent, dropping it from ₦20,000 to ₦10,000.
The company announced that the move aimed to attract more customers and curb declining subscriptions.
This was coming after it lost 1.4 million subscribers between March 2023 and March 2025.
According to the firm’s Chief Executive Officer, John Ugbe, in a statement released on Tuesday, the offer was a way of rewarding customer loyalty and delivering enhanced value to subscribers.
“We want to ensure our customers feel appreciated and have access to the best entertainment every day. The ‘We Got You’ campaign is about making premium content more accessible and showing that DStv offers something for everyone, not just football fans.
“By repositioning itself as a platform for daily value, DStv aims to encourage content discovery across a wider array of genres, including movies, drama, kids’ programming, and news.
“This means more channels, more shows, and more reasons to tune in every day,” the statement added.
The company also announced a promotional offer granting subscribers a free upgrade to the next DStv package tier when they pay for their current plan in full between June 16 and July 31, 2025.
Multichoice maintained the price slash, and the free upgrade initiative is a response “to the noticeable economic impact on the everyday lives of Nigerians.”
Recall that MultiChoice Nigeria increased its DStv and GOtv bouquet prices three times within 12 months — first in April 2023, followed by another hike in November 2023, and a third announced in April 2024, which took effect on May 1.
Again, fresh trouble hits MultiChoice as NDPC slams DSTV/GOtv owner with over ₦766.24 million fine
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