The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of insured deposits to customers of 46 microfinance banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN). The move is part of the corporation’s statutory responsibility to protect depositors and ensure confidence in Nigeria’s financial system.

According to the NDIC, eligible depositors are receiving their insured deposits through an automated payment process linked to their Bank Verification Numbers (BVNs) and alternative bank accounts. The corporation explained that this approach is intended to speed up reimbursements and reduce the need for customers to visit its offices physically.

The corporation also disclosed that it has intensified efforts to recover outstanding loans and dispose of the assets of the failed institutions. These recoveries are expected to fund additional payments to depositors whose account balances exceeded the maximum insured limit provided under the NDIC Act.

The 46 microfinance banks lost their licences after the CBN determined that they no longer met the regulatory requirements for continued operation. Following the revocation, the NDIC automatically assumed the role of liquidator, taking responsibility for closing the institutions, verifying claims, reimbursing depositors, and managing the liquidation process in accordance with the law.

The NDIC urged affected customers to cooperate during the claims process and ensure that their banking information is accurate to facilitate prompt payment. It also warned members of the public against carrying out transactions with the affected institutions or interfering with their records and assets, noting that such actions could attract legal sanctions.

Financial analysts said the prompt settlement of insured deposits is critical to maintaining confidence in Nigeria’s banking system, particularly within the microfinance sector, which provides financial services to millions of small businesses, traders, and low-income households. They noted that an effective deposit insurance system helps protect savers while reinforcing financial stability.

Stakeholders also believe that the orderly liquidation of failed financial institutions demonstrates the effectiveness of Nigeria’s financial safety framework. They stressed that strong regulatory oversight, prudent risk management, and prompt depositor protection remain essential to safeguarding public trust and ensuring the resilience of the country’s banking sector.

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Polaris Bank has empowered more than 6,200 journalists across Nigeria through a series of capacity-building programmes aimed at strengthening professional reporting, promoting financial literacy, and supporting the growth of responsible journalism. The initiative forms part of the bank’s corporate social responsibility efforts to enhance media professionalism and contribute to national development.

According to the bank, the training programmes were organised through workshops, seminars, and strategic engagements designed to equip journalists with practical knowledge on financial reporting, digital transformation, economic trends, and ethical journalism. The initiative also sought to improve media practitioners’ understanding of the evolving financial services industry.

Polaris Bank stated that empowering journalists with relevant skills and knowledge is essential for promoting accurate, balanced, and impactful reporting that supports informed public discourse. The bank noted that the media plays a critical role in fostering transparency, accountability, and economic awareness across society.

The financial institution reaffirmed its commitment to investing in human capital development and building long-term partnerships with media professionals. It added that supporting journalists aligns with its broader objective of contributing to sustainable development through education, innovation, and professional excellence.

Industry stakeholders commended the initiative, noting that continuous training helps journalists adapt to emerging trends, improve reporting standards, and effectively communicate complex economic and financial issues to the public. They also encouraged stronger collaboration between financial institutions and the media to promote financial inclusion and public education.

Polaris Bank said it will continue to expand programmes that strengthen professional capacity while supporting initiatives that create lasting social and economic impact across Nigeria.

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Fraudsters rake in ₦134bn from banks customers CBN data has revealed, exposing the scale of financial losses suffered across Nigeria’s banking and payments sector over a six-year period.

According to information contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document, banks and their customers recorded combined fraud-related losses of ₦134.48 billion between 2020 and 2025. During the same period, attempted fraud cases amounted to ₦187.79 billion.

The losses were recorded across multiple payment channels, including internet banking, mobile banking, automated teller machines, point-of-sale terminals, e-commerce platforms, cheque transactions, web channels, and over-the-counter banking services. The figures reflect the increasing security risks associated with Nigeria’s rapidly growing digital payments landscape.

Data from the report showed that annual fraud losses increased steadily over the review period. Losses rose from ₦11.61 billion in 2020 to ₦12.77 billion in 2021, before reaching ₦14.32 billion in 2022. The figure increased further to ₦17.67 billion in 2023 and surged sharply to ₦52.26 billion in 2024, the highest annual loss recorded during the six-year period.

The 2024 figure accounted for nearly 39 per cent of the total losses recorded between 2020 and 2025. The CBN attributed the significant increase largely to a major internal fraud incident involving approximately ₦30 billion. The report noted that while fraud losses declined across some payment channels, the large-scale case significantly increased overall industry losses.

Attempted fraud also followed an upward trend, rising from ₦13.26 billion in 2020 to ₦86.36 billion in 2024 before declining in 2025. Actual fraud losses similarly fell in 2025 to ₦25.85 billion, indicating some improvement in fraud management and detection measures across the financial sector.

The report highlighted evolving fraud patterns across payment platforms. Previous years saw increases in point-of-sale fraud, ATM-related fraud, corporate account compromises, and web-based attacks, demonstrating the changing tactics employed by cybercriminals targeting financial institutions and customers.

Financial industry stakeholders have continued to strengthen fraud prevention systems as digital transactions become increasingly common across Nigeria. The CBN has also introduced measures aimed at reducing fraud response times and improving coordination among banks and payment service providers.

Analysts say the figures underscore the need for stronger cybersecurity frameworks, enhanced customer awareness, improved identity management systems, and greater collaboration among financial institutions to combat increasingly sophisticated fraud schemes.

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Polaris Bank debunks reports of 34 deaths in Lagos branch fire, describing the claims as false and misleading.

The bank issued a statement addressing reports circulating on social media and other platforms that alleged dozens of people lost their lives during a fire outbreak at one of its Lagos locations.

According to Polaris Bank, the information being shared does not reflect the actual events surrounding the incident. The institution maintained that no deaths were recorded and that reports suggesting otherwise were inaccurate.

The bank explained that emergency response teams acted promptly to contain the situation and prevent further damage. It added that relevant authorities and safety agencies responded to the incident in line with established emergency procedures.

Polaris Bank emphasized that the safety and wellbeing of its employees, customers, and visitors remain a top priority. The institution noted that measures were taken immediately after the incident to ensure the area was secured and properly assessed.

The bank also urged members of the public to rely on verified information from official sources and avoid spreading unconfirmed reports that could create unnecessary panic.

Management reiterated its commitment to transparency and responsible communication, assuring customers that operations and services remain focused on maintaining safety standards across its branch network.

The clarification comes amid growing concerns about the spread of misinformation online, particularly during emergency situations where inaccurate reports can quickly gain attention and cause confusion.

Polaris Bank stated that it will continue to cooperate with relevant authorities regarding any investigations or assessments linked to the fire incident while ensuring customers remain informed through official communication channels.

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The Central Bank of Nigeria’s (CBN) monetary policy decisions continue to shape financial market conditions, as the apex bank maintains a tight stance aimed at stabilising the naira while inadvertently slowing credit expansion and business growth.

Although exchange rate stability remains a key priority, analysts say the prolonged high-interest-rate environment is creating significant pressure on corporate lending and economic activity.

CBN Holds Rates at 26.5% Amid Inflation Concerns

Following its Monetary Policy Committee (MPC) meeting, the CBN maintained the Monetary Policy Rate (MPR) at 26.50 percent, signalling a pause in its aggressive rate-hiking cycle.

Investment analysts at Meristem Securities Limited warn that this decision reinforces a “higher-for-longer” interest rate environment, which will continue to restrict access to credit across sectors of the economy.

Credit Conditions Remain Tight for Businesses and Households

According to analysts, the elevated interest rate level is making borrowing increasingly expensive for both businesses and individuals.

Many firms are now delaying expansion plans, capital projects, and operational investments due to high financing costs.

Households are also reducing borrowing, especially for discretionary spending, as loan repayments become less affordable.

Meristem analysts noted that:

“High cost of borrowing is expected to keep credit creation relatively weak as both lenders and borrowers remain cautious amid still-tight financial conditions.”

Banks Shift Focus to Treasury Income

While the tight monetary environment is slowing lending, it is benefiting commercial banks in other ways.

Banks are expected to record stronger earnings from:

• Government securities
• Treasury bills
• Repriced interest-bearing assets

However, analysts say credit growth will remain weak as risk-averse lending behaviour continues across the financial system.

This means bank profitability is likely to rely more on fixed-income investments than traditional loan expansion.

CBN Defends Tight Monetary Policy

CBN Governor Olayemi Cardoso defended the decision to maintain a restrictive monetary stance, saying exchange rate stability remains essential to controlling inflation.

He noted that recent inflation increases were driven largely by external shocks and described them as temporary.

According to him:

“The centrepiece of our toolkit is ensuring that our foreign exchange rate remains stable.”

Liquidity Flows Into Government Securities

With limited credit expansion in the real economy, excess liquidity is increasingly moving into safer government instruments such as Treasury bills and bonds.

Analysts expect continued strong demand at bond auctions, even as yields remain elevated due to inflationary pressures and government borrowing needs.

Outlook for Investors

Market analysts advise investors to adopt a cautious and selective strategy in the current environment.

They recommend focusing on:

• Strong, defensive stocks
• Companies with stable earnings
• Firms with reliable dividend payouts

In fixed-income markets, continued demand for government securities is expected to support liquidity flow.

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The Nigerian Deposit Insurance Corporation (NDIC) and Wema Bank have become embroiled in a legal battle over disputed properties in Banana Island, Lagos, with the assets estimated to be worth about N63 billion.

The dispute has led to two separate lawsuits filed at the Federal High Court in Lagos by NDIC, acting in its capacity as liquidator of the defunct Gulf Bank Plc.

The legal action forms part of efforts by the corporation to recover and liquidate assets linked to the failed bank, more than two decades after its collapse.

NDIC Claims Property Worth N63bn

In one of the lawsuits, NDIC alleged that Wema Bank took custody of a 14,000-square-metre property linked to Gulf Bank.

According to the corporation, with land in the area valued at approximately N4.5 million per square metre, the property is estimated to be worth about N63 billion.

The agency stated that the assets were allegedly acquired through Euston Wenberg Engineering Company Limited, described as a shell company associated with Gulf Bank.

NDIC argued that the properties were used to secure an inter-bank deposit valued at N771.78 million. However, investigations reportedly found no evidence of such a deposit in Gulf Bank’s records.

Questions Over Missing Records

The corporation disclosed that a joint examination conducted by the Central Bank of Nigeria and NDIC in September 2005 failed to establish records supporting the existence of the alleged deposit.

According to NDIC, explanations provided by the defunct bank at the time were considered unsatisfactory and lacked documentary evidence.

The corporation further maintained that Gulf Bank acquired six Banana Island plots between 1998 and 2003 through Euston Wenberg Engineering Company Limited and insisted the properties remained beneficially owned by the bank.

Second Lawsuit Challenges Sale of Properties

The second suit concerns another six Banana Island properties allegedly acquired through Bacad Finance and Investment Limited, now known as Supra Commercials Limited.

NDIC stated that Gulf Bank had significant ownership in the company, controlling over 80 percent of its shares.

The corporation alleged that Gulf Bank invested N20 million in the company in 2001 to increase share capital and later injected another N60 million in 2003.

According to NDIC, Wema Bank later sold the disputed properties for N524 million through managers’ cheques issued between 2006 and 2007.

The agency argued that the sale was conducted without any valid mortgage agreement, court order, or proprietary interest.

NDIC Questions Sale Value

NDIC also challenged the reported sale value of the properties, describing the amount as unrealistic.

The corporation argued that each of the disputed Banana Island properties was valued at more than N4 billion at the time, making the N524 million transaction figure questionable.

The case is expected to determine ownership rights and the legitimacy of transactions involving the disputed assets linked to the defunct Gulf Bank.

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Abbey Mortgage Bank Plc is seeking shareholders’ approval to raise up to N164.5 billion through a combination of equity and debt instruments as part of its expansion and restructuring plans.

The proposal is contained in the notice for the bank’s 34th Annual General Meeting scheduled to hold virtually on May 25, 2026.

According to the notice filed with the Nigerian Exchange Limited, shareholders will consider resolutions covering fresh capital raising, debt issuance, and broader corporate restructuring initiatives.

Bank Plans N64.55bn Equity Raise

According to the AGM notice signed by Company Secretary Geoff O. Amaghereonu, the bank intends to raise approximately N64.55 billion through a private placement of 26.56 billion ordinary shares priced at N2.43 per share.

If approved and completed, the exercise would significantly increase the bank’s issued share capital from about N5.08 billion to approximately N18.36 billion.

The proposed shares will rank equally with existing shares in all respects.

Abbey Mortgage Targets N100bn Debt Programme

In addition to the equity raise, the bank is also seeking approval for a N100 billion debt issuance programme.

The programme may include several instruments such as:

• Senior unsecured or secured notes
• Subordinated debt
• Convertible securities
• Commercial papers
• Medium-term notes
• Bonds

The bank said the fundraising would be executed in tranches and subject to approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited.

Capital Raise To Support Expansion

According to the bank, the capital raise forms part of a broader restructuring strategy aimed at strengthening capital adequacy, improving operational efficiency, and supporting long-term growth.

The lender stated that the fresh funding would help refinance existing obligations, expand its loan portfolio, and improve resilience within Nigeria’s evolving financial services sector.

“This will support the bank’s ability to meet minimum capital thresholds while ensuring continued compliance with industry regulations and sustaining business continuity,” the notice stated.

Shareholders To Receive Dividend

Shareholders will also consider approval for a dividend payment of 12 kobo per 50 kobo ordinary share for the 2025 financial year.

If approved, payment will be made on May 25, 2026, to shareholders whose names appeared in the register as of May 12, 2026.

The proposed dividend represents a 100 per cent increase from the 6 kobo dividend paid in 2024.

Profit Rises By 154%

In its audited 2025 financial results, Abbey Mortgage Bank reported a pre-tax profit of N3.12 billion, representing a 154.32 per cent increase compared to N1.22 billion recorded in 2024.

Post-tax profit rose to N2.16 billion, while interest income increased from N11.95 billion in 2024 to N18.97 billion in 2025.

The bank’s earnings per share also improved to 21 kobo from 11 kobo in the previous year.

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The Central Bank of Nigeria (CBN) has dismissed widespread rumours suggesting that Polaris Bank is undergoing liquidation, assuring the public that the country’s banking system remains stable and secure.

In a statement shared via its official X (formerly Twitter) account, the apex bank described the viral claims as false and misleading.

CBN Flags Viral Claim as Fake

The clarification followed the circulation of a report alleging that Polaris Bank had failed to meet recapitalisation requirements and was at risk of losing its operating licence.

The viral post further claimed that the Nigeria Deposit Insurance Corporation (NDIC) was set to take over the bank’s liquidation process.

It also alleged that billionaire industrialist Razaq Okoya had made a move to acquire and revive the bank, pending regulatory approval.

Reacting, the CBN categorically debunked the claims.

“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank stated.

Recapitalisation Milestone Strengthens Sector

The apex bank’s reassurance comes shortly after it confirmed that 33 banks met the revised minimum capital requirements under its recapitalisation programme.

According to the CBN, the exercise raised about N4.65 trillion over a 24-month period, strengthening capital adequacy ratios across the banking sector and improving resilience in line with global benchmarks.

However, the bank noted that a small number of institutions are still undergoing regulatory and legal processes within established frameworks.

Background on Polaris Bank

Polaris Bank has faced several regulatory and governance challenges in recent years.

In January 2024, the CBN dissolved the boards and management of Polaris Bank, alongside Union Bank of Nigeria and Keystone Bank, as part of broader reforms to reinforce oversight and stability.

The bank was also involved in controversy in 2022 following disputes over its sale process, with reports indicating that the House of Representatives Nigeria intervened and directed a suspension of the transaction.

Regulatory Developments Continue

More recently, a Federal High Court in Lagos reportedly overturned the removal of the board and management of Union Bank of Nigeria.

In response, the CBN said it would review the judgment while maintaining that the bank’s regulatory status remains unchanged.

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Abbey Mortgage Bank has reported a strong financial performance for the 2025 fiscal year, posting a profit before tax of N3.1 billion, representing a significant 154.32 percent increase compared to N1.2 billion recorded in 2024.

The bank’s audited financial statements highlight a year of accelerated growth, driven by rising interest income, improved operational efficiency, and expanding asset base.

Interest Income Drives Revenue Growth

The lender recorded total interest income of N18.9 billion, marking a 58.71 percent increase from N11.95 billion in the previous year.

A breakdown of the figures shows that earnings were largely supported by cash and short-term funds, which contributed N14.2 billion. Additional income came from investment securities valued at N2.5 billion and loans generating N2.1 billion.

Despite the strong revenue growth, interest expenses also rose significantly to N13.8 billion from N8.5 billion, primarily due to increased obligations to customers.

However, the bank still achieved a net interest income of N5.08 billion, up by 49.81 percent year-on-year.

Profitability Strengthens Across Key Metrics

The improved top-line performance translated into stronger profitability metrics across the board.

Net operating income rose to N6.16 billion, reflecting a 62.66 percent increase from N3.79 billion recorded in 2024. This growth was supported by non-interest income streams, including fees and commissions of N766.8 million and other income of N297.5 million.

After accounting for minimal impairment charges of N15.2 million, the bank maintained strong earnings momentum.

Operating expenses increased moderately to N3.04 billion, driven largely by personnel costs and depreciation. Despite this, profit before tax surged to N3.12 billion.

Following a tax expense of N960.5 million, profit after tax settled at N2.16 billion, more than double the N1.06 billion reported in the previous year.

Earnings Per Share Improves

Shareholders also benefited from the improved financial performance, with earnings per share (EPS) rising to 21 kobo, up from 11 kobo in 2024.

This reflects enhanced value creation for investors and improved profitability per unit of shareholding.

Balance Sheet Expands Significantly

The bank’s balance sheet showed strong expansion, with total assets growing to N165.8 billion from N84.2 billion.

Financial investments accounted for 64.8 percent of the total asset base, indicating a strategic focus on income-generating instruments.

Total liabilities increased to N155 billion from N75 billion, largely driven by customer deposits, which stood at N79.6 billion.

On the equity side, shareholders’ funds rose to N10.78 billion, supported by retained earnings of N2.4 billion.

Market Reaction and Investor Outlook

As of April 1, 2026, the bank’s share price had yet to react significantly to the release of its audited financial results.

However, market performance has remained strong, with the stock delivering over 54 percent returns year-to-date, reflecting sustained investor interest.

Analysts suggest that the impressive financial results could trigger further positive sentiment in the market, particularly if the bank maintains its growth trajectory.

Outlook

With rising interest income, improved profitability, and a strengthened balance sheet, Abbey Mortgage Bank appears well-positioned for continued growth.

The bank’s performance underscores its growing relevance within Nigeria’s financial sector, particularly in the mortgage and housing finance space.

Sustaining this momentum will depend on managing rising costs, optimizing asset allocation, and leveraging opportunities in Nigeria’s evolving real estate market.

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