NDIC Lauds CBN Recapitalisation Of Banks

Published

2 years ago

April 12, 2024

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NDIC Lauds CBN Recapitalisation Of Banks—-The Nigeria Deposit Insurance Corporation (NDIC) has lauded the Central Bank of Nigeria (CBN) for its move to recapitalise banks to achieve economic resilience in the country.

The Managing Director of NDIC, Mr Bello Hassan, made the commendation on Friday during the NDIC Special Day at the ongoing 35th Enugu International Trade Fair.

The News Agency of Nigeria (NAN) reports that the fair, which began on April 5, is themed: “Promoting made-in-Nigeria products for global competitiveness.”

Hassan pledged that the NDIC would continue to collaborate with the apex bank in ensuring a seamless transition while safeguarding depositors’ interest.

According to him, in the light of the ongoing global economic dynamics, the CBN has stepped up regulatory efforts to ensure the resilience and stability of the Nigerian banking sector.

The managing director said that significant stride in this direction remained the recent revision and pegging of higher minimum capital requirements for banks operating in Nigeria.

“Under this proposal, commercial banks would be required to maintain minimum capital levels of N500 billion, N200 billion, and N50 billion for International, national, and regional institutions.

“As well as N50 billion for merchant banks, while national and regional non-interest banks are required to maintain N20 billion and N10 billion respectively.

“This strategic recapitalisation initiative is in line with President Bola Tinubu’s administration urge to grow Nigeria’s economy to the ranks of $1 trillion base economies.

“This will not only strengthen the banking system but would also enhance the sector’s ability to withstand financial shocks,’ he said.

Hassan revealed that since the CBN revoked the licenses of 179 Microfinance Banks and four Primary Mortgage Banks in 2023, the NDIC had continued to efficiently disburse insured sums to verified depositors of these closed institutions.

He noted that depositors, who have undergone verification and have provided alternative account details, had received their payments seamlessly within a record period of five working days.

“While it is worth noting that depositors with amounts exceeding the insured limit will receive liquidation dividends once debts are recovered and assets of the closed banks are disposed.

“Moreover, the NDIC strongly encourages depositors of the affected banks to come forward with their Bank Verification Number (BVN), proof of account ownership, proper identification, and/or alternative account details.

“Various channels are available for claims, including visiting nearest NDIC offices in person, using the NDIC App online, or accessing the Claims Page on the NDIC website: www.ndic.gov.ng.

“Additionally, they can reach out through our Toll-Free Help Desk Line at 0800 634 424 357 for further inquiries as we remain steadfast in fulfilling our mandate and prioritising the safety of depositors funds,” he said.

Earlier, President of Enugu Chamber of Commerce, Chief Odeiga Jideonwo, said that NDIC had given Nigerians sleep and rest of mind that their deposit is safe.

Jideonwo appreciated the work of the Corporation as it had ensured financial stability, growth and confidence in the financial sector, adding those days when depositors are worried about their deposits are gone.

He also said that NDIC had been in the forefront of using the fair to enlighten depositors on how to safe guard their bank accounts/deposits against fraudulent practices in the banking/financial sector.

“The Chamber is happy that the decade-long relationship with NDIC is very healthy and we envisage higher synergy in years to come,” he said.

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UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments

Published

1 month ago

May 12, 2026

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UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments—-Three of Nigeria’s largest financial institutions have reported combined fraud-related losses of approximately ₦2.13 billion in their latest audited financial statements, highlighting the growing threat of cybercrime and electronic banking fraud in the country’s financial sector.

The affected institutions include Access Holdings Plc, Guaranty Trust Holding Company Plc, and United Bank for Africa Plc.

According to details contained in the banks’ 2025 financial reports, fraud incidents linked to the three lenders totalled approximately ₦10.29 billion. However, through recoveries, transaction reversals, and security interventions, the banks were able to prevent or recover about ₦8.16 billion, leaving actual losses at approximately ₦2.13 billion.

Among the banks, Access Holdings recorded the highest direct loss to fraudsters, losing an estimated ₦1.24 billion within the financial year.

United Bank for Africa reported over 26,400 fraud-related incidents, with actual losses totalling approximately ₦621.57 million, while Guaranty Trust Holding Company recorded approximately ₦269.44 million in losses tied to fraudulent activities.

Industry analysts say the figures reflect the increasing sophistication of cybercriminals targeting Nigeria’s rapidly expanding digital banking ecosystem.

Most of the fraud cases were reportedly connected to electronic banking channels, including unauthorised transfers, mobile banking compromise, phishing schemes, identity theft, and other forms of digital payment fraud.

The development comes as Nigerian banks continue to accelerate the country’s transition toward a cashless economy through mobile banking platforms, internet banking services, agency banking networks, and digital payment systems.

Despite the losses, the financial institutions significantly increased investments in technology infrastructure and cybersecurity measures during the year under review.

Collectively, the banks reportedly spent over ₦280 billion on technology upgrades, fraud monitoring systems, customer authentication processes, and transaction security enhancements aimed at reducing cyber threats and protecting customer funds.

Meanwhile, the Central Bank of Nigeria has also intensified regulatory efforts to curb financial fraud across the banking industry.

The apex bank recently introduced stricter compliance measures requiring financial institutions to strengthen fraud detection systems, improve transaction monitoring, and respond more rapidly to suspicious activities and customer complaints.

Financial experts have warned that as digital banking adoption continues to rise across Nigeria, banks and customers alike must remain vigilant against increasingly advanced cybercrime tactics targeting the financial sector

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

Published

3 months ago

March 9, 2026

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

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