Business
$7bn FX: OPS threatens to sue banks over rejected applications
Some businesses under the aegis of the Organised Private Sector of Nigeria are considering taking legal action against some commercial banks for not honouring forex requests which have lingered over an extended period.
The OPSN also called for a comprehensive audit of the Central Bank of Nigeria’s forex backlog payments. This follows a recent claim by the apex bank that all valid forex backlogs have been cleared.
Members of the OPS insisted that the claim by the apex bank that it had settled all forex backlogs was not entirely true.
Some of the member associations, speaking in separate interviews, faulted the process through which the CBN conducted the settlement of the backlogs. They argued that the process was not transparent, neither was it carried out in the interest of full disclosure.
The threat of litigation comes despite a recent stakeholder meeting comprising NACCIMA, MAN, the affected banks and customers which was convened by the Minister of Industry Trade and Investment at the Bank of Industry in Lagos on March 21, 2024.
The CBN, had on Wednesday announced that it has successfully cleared all valid foreign exchange backlogs, effectively eliminating a legacy burden.
The announcement was made by the bank’s Acting Director of Corporate Communications, Mrs Sidi Ali, in a statement made available to journalists on Wednesday.
The CBN followed this month by reporting a significant increase in external reserves, rising by $993m to $34.11bn as of March 7, 2024, the highest level in eight months.
Notably, the CBN recently completed the payment of $1.5bn, resolving obligations to bank customers and thereby clearing the residual balance of the FX backlog.
The statement partly read, “The Central Bank of Nigeria has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr Olayemi Cardoso, to process an inherited backlog of $7bn in claims.
“Clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy.
“Cardoso used the MPC meeting and a subsequent conference call with foreign portfolio investors to set expectations for sustained increases in Nigeria’s foreign currency reserves and improved liquidity in the foreign exchange market.”
Cardoso, speaking at a recent meeting, had underscored the importance of clearing the FX backlog to restore credibility and confidence in the Nigerian economy.
The clearance of the foreign exchange transactions backlog aligns with the strategy outlined during last month’s Monetary Policy Committee meeting.
In January, the Central Bank of Nigeria said it released $500m to various sectors in its determination to address the backlog of verified foreign exchange transactions.
This came barely a week after the apex bank paid approximately $2bn to settle outstanding commitments across various sectors.
Reacting to the apex bank’s claim, the National Vice President of the Nigerian Association of Small Scale Industrialists, Segun Kuti-George said the claim by the CBN on clearing all valid forex backlog was not entirely correct.
According to him, many businesses still have funds trapped at the banks without any communication from the CBN regarding what constitutes a valid forex request and those deemed invalid.
Kuti-George further argued that the claim by the CBN that some of the forex requests were invalid was ‘propaganda’ and that some of the affected businesses are contemplating taking legal action against the banks in order to force the CBN’s intervention in the matter.
Kuti-George said, “Some of the requests have been cleared, but there are others that they are saying were illegal and did not meet their criteria, but the importers are not aware of the reason why the requests have been rejected. Their monies are still with the bank, and they are groaning.
“The ones that they did not approve. Let us know why it was not approved. We don’t know, and our monies are still hanging. The deposits are still hanging. So, they are crying. In fact, some of them are saying that they are thinking of taking the banks to court, and the bank in return, will pull the CBN in.
“What makes the requests invalid? Have they told the banks? So that they can get back to the owners? No. the banks themselves are unaware of what makes them invalid and the owners still have the funds with the banks, expecting them to pay foreign exchange. One of them told me he has over a N100m hanging.”
In the same vein, the National President of the National Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Oye called on the CBN and the Ministry of Trade and Industry to craft an urgent solution to the unmet forex requests by some members of the OPSN to avert what appears to be a looming legal action on the part of the affected businesses.
Oye stated that several NACCIMA member companies and other private sector operators have challenged the completeness of the forex clearance.
He also noted that many of NACCIMA’s members have reported that despite the CBN’s commitment to provide foreign exchange, their funds in Naira have been retained for extended periods, some for over a year.
He expressed regret that this had occurred without adequate communication from their respective banks or the CBN, leaving their business operations in a state of uncertainty.
Oye also recalled that in February, NACCIMA as part of the Organised Private Sector of Nigeria, sought the intervention of the Minister of Finance to address these issues, emphasising the need for transparency and expedited resolution.
He added that NACCIMA, alongside NASSI, NASME and other associations, raised these concerns with the Minister of Industry, Trade, and Investment during a courtesy visit that same month.
Oye said, “As part of the Minister of Industry Trade and Investment’s preparation for the National Assembly Summons, a stakeholder meeting Comprising of NACCIMA, MAN, affected banks and customers was convened by the Minister of Industry Trade and Investment at the Bank of Industry in Lagos on March 21, 2024.
“At the meeting, it was gathered that there has been a lack of formal communication from the CBN regarding the rejection of foreign exchange bids. Furthermore, it was revealed that Deloitte, the consulting firm engaged by the CBN for verification purposes, had not directly engaged with the affected banks or their customers for clarification on any contentious transactions.”
According to Oye, the consensus from the meeting was that direct engagement with the CBN is essential. He recalled that the “Minister urged all parties to pursue dialogue and cautioned against actions like litigation that could hinder such discussions.”
Speaking further, Oye urged for a more comprehensive and transparent approach to resolving the remaining foreign exchange allocations.
This, he said, will not only support the integrity of banking processes but also bolster the confidence of the private sector in Nigeria’s financial institutions and the broader economic policies of the government.
He added, “NACCIMA appeals to the CBN to collaborate closely with the Honourable Minister of Industry, Trade, and Investment, as well as the banking sector and their clientele, to resolve all outstanding issues pertaining to legitimate letters of credit for which Naira has already been collected (for a considerable time) with a promise of fulfilment.
“It is important to underscore that the continuity of government obligations transcends the tenure of individual officeholders; hence, legitimate transactions initiated under previous administrations must be honoured with the same level of commitment.
On his part, the president of the Manufacturers Association of Nigeria, Francis Meshioye said the forex requests by its members are yet to be cleared.
According to Meshioye, the lingering status of the forex requests by manufacturers, which remains unmet, had taken a negative toll on many businesses.
Meshioye said, “Surely not. They have not cleared it. We know there are a lot of issues surrounding forward contracts, especially forex that is due to be paid. The agreement is that the money (forex) should be paid at a future date, and the future date has passed.
“They are in arrears. This is a concern to the manufacturers because it has a lot of effects, not only on the manufacturers but the country as a whole. In the first instance, you will lose your credibility.
“Forget about the woes it is causing the economy, you will lose your credibility in the international trade arena. It affects Nigeria as a brand. It is not good to the economy. Based on the obligation the CBN has entered in the past, there is a lot of money (forex) that is hanging, and we expect them to honour it.”
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.
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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.
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