Banking
New CBN governor to blacklist fraudulent bank debtors
ABUJA – The Central Bank of Nigeria, CBN, Governor, Mr. Godwin Emefiele, yesterday, unveiled his agenda, vowing to blacklist all fraudulent bank debtors and block them from obtaining further access to bank loans.
He also directed banks to stop, with immediate effect, all cash deposit charges and maintained that CBN would work towards bringing down interest rate with a view to enabling the real sector access credit to grow the economy.
Emefiele said the apex bank would incorporate job creation in its monetary policy formulation to open up employment opportunities for the nation’s teaming youthful population.
Addressing a crowded world press conference in Abuja, he said he would be apolitical and remain professional in piloting a central bank that is people-oriented and that will support efforts of the Federal Government in creating jobs, and ensuring economic growth and national development, stating that monetary and fiscal policies have to work together to grow the nation’s economy.
Managing threats
Mr. Emefiele told reporters, “we hope to sustain the effective management of potential threats and avoid systemic crisis.
“The core of my vision is to effectively manage potential threats to financial stability and create a strong governance regime that is conducive for financial intermediation, innovative finance and inclusiveness.
“In this regard, we hope to anchor on two main pillars: managing factors that create liquidity shocks and zero tolerance on practices that undermine the health of financial institutions.
“In order to achieve these goals, we would work with the relevant stakeholders to aggressively shore up reserves. We hope to engage the fiscal and political authorities, as well as other stakeholders to improve our policy buffers, which will further create space for the bank to implement monetary policy, using its limited instruments.
“We will enhance the bank’s supervisory purview over the banking system and strengthen macro-prudential regulation by improving supervisory diligence, ethical standards as well as highest level of professionalism in carrying out on and off-site supervision activities;
“Strengthen risk-based supervision mechanism of Nigerian banks to ensure overall health and banking system stability. To that end, banks shall be enjoined to proffer remedial actions where weaknesses are observed in RBS examination reports so as to avoid further build-up of NPLs.
“Where banks proffer inadequate remedies, the CBN shall advance its own solutions and insist on compliance. In the light of the size of the economy, following the rebased GDP, the trigger thresholds from a macro-prudential perspective are no longer adequate.
“In due course, the CBN would consider and announce measures to effectively address this anomaly.
On bad debtors, credits
“We would pursue a zero-tolerance policy on fraudulent borrowers. We will collaborate with commercial banks to significantly improve the credit culture in the Nigerian banking system.
“The CBN’s focus would be directed at serial debtors who access loans from different banks and default on all of them even when they have the means to pay.
“Going forward, the CBN will work towards reducing the effect of information asymmetry in the credit market. In this regard, we shall establish secured transaction and national collateral registry, strengthen the sanction system to include blacklisting of companies/individuals that have been found to be serial loan defaulters.
“Indeed, these names would be circulated in the banking system to guide banks in identifying bad borrowers and denying them access to credits in the banking system. We shall implement stringent loan provisions and penalties for banks that lends to blacklisted persons and companies.
Cashless policy, charges
“We hope to better align the cashless policy. This policy was introduced in 2012 with pilots now completed in Lagos, Kano, Anambra, Abia, Rivers, and the FCT.
“The policy is now expected to go nationwide on July 1. Over the course of the pilot, we have become aware of complaints by customers, particularly regarding the charges being imposed for cash deposits.
“This has resulted in customers devising various means to avoid the charges through opening of multiplicity of accounts and other disingenuous behaviour all aimed at undermining the objective of this policy.
“Given these outcomes and to better reflect our goal of having more cash under our control, all charges on deposits are hereby stopped with immediate effect. Charges on withdrawals, in view of their eventual elimination, remain sustained at the current three percent for individual transactions exceeding N500,000 and five percent for corporate transactions exceeding N3 million.
Currently, these fees go entirely to the commercial banks. However, going forward, the Central Bank shall determine what percentage of these fees on excess drawings that will be redeemed by the bank, while the rest shall be remitted to the CBN.
Economic Devt
“For quite some time, the dominant school of thought regarding central banking was that focusing on low inflation will eventually lead to greater growth, increase in employment generating activities, and poverty reduction.
“However, early and recent evidence of central banking in places such as the United States, England, Japan, and France indicate that supporting selected economic sectors using ‘direct methods’ of intervention have been essential tasks of their central banks.
“As Epstein (2005) encapsulates, ‘virtually all central banks, including the Bank of England, BOE, and the U.S. Federal Reserve, have used direct means to support economic sectors.
“In particular, a crucial role for the BOE and the US Fed have been to promote the financial sectors of their economies, and especially, to support the international role of their financial services industries.
“They have done this by using subsidised interest rates, legal restrictions, directed credit and moral suasion to promote particular markets and institutions.”
Upstream, professionalism
“To reduce the losses (theft and leakages) in the amount of produced crude that is officially sold, we will support initiatives to meter at ports and secure pipelines.
“Working with the lead ministry, we will look at investment incentives that encourage local Niger Delta based small and medium scales enterprises to play an active role in metering services and pipeline protection technologies.”
Mr. Emefiele promised to run a CBN “that is professional, people oriented, a central bank that dissipates its energy on building a resilient financial system that can serve the growth and development needs of our beloved country.
“We will not go into politics. What we will do is to focus on our banking business and use our skills to support the efforts of government in creating jobs for people.
On interest rate
“The study that we conducted shows that when you compare with other frontier markets, our interest rates are very high. We are discussing with the Committee of Governors and will come out with policies that will bring down our interest rates.
“We shall pursue a gradual reduction in interest rates. A comparison of selected macroeconomic aggregates from some emerging market countries including South Africa, Brazil, India, China, Turkey, and Malaysia indicate that Nigeria has one of the highest T-bill rates.
“Such high rates create a perverse incentive for commercial banks to simply buy virtually risk-free government bonds rather than lend to the real sector.
“While a reduction in deposit rates would encourage investment attitudes in savers, a reduction in lending rates would make credit cheaper for potential investors.”
On devaluation
On the fears that the forthcoming election could trigger high inflation rate on account of the expected elections expenditures, Mr. Emefiele said he would adopt a tight monetary policy that would address the expected excess liquidity.
He said: “In the interim, we would continue to maintain a monetary policy stance, reflecting the liquidity conditions in the economy and the potential fiscal expansion in the run-up to the 2015 general elections.
Asked if he would devalue the Naira, Mr. Emefiele said that as an import-dependent economy, devaluation of the nation’s currency was not an option.
He said: “Nigeria is a predominately import-dependent economy, where we import practically everything.
“We need to begin to look at how we can start produce some of these goods we are importing.
“When we are able to do that and we see a situation where we have transformed ourselves from being an import-dependent economy to an export-oriented one, then we can begin to look at what are the advantages of depreciating our currency.
“At this time it is not an option. But we will continue to see what we can do in the short run to use short-term tools to hold on strong to our exchange rate.”
– VANGUARD
Socio-Economic Rights and Accountability Project (SERAP) announced that it has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including the over N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme.”
The lawsuit followed the grave allegations contained in the latest annual report by the Auditor-General of the Federation, which was published on 9 September 2025.
In the suit number FHC/ABJ/CS/250/2026 filed last week at the Federal High Court in Abuja, SERAP stated that it is seeking “an order of mandamus to direct and compel the CBN to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including detailed reports of how exactly the funds were spent.”
In the suit, SERAP is arguing that, “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, and anticorruption standards.”
SERAP is also arguing that, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”
CBN Gov, Olayemi Cardoso
According to SERAP, “These violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”
SERAP also stated in its suit that, “Nigerians have the right to know the whereabouts of the missing or diverted public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
SERAP said, “Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power. Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the constitution.”
The suit filed on behalf of SERAP by its lawyers Oluwakemi Agunbiade and Valentina Adegoke, read in part: “According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion [N1,445,593,400,000.00] of ‘the Federal Government’s portion of operating surplus’ into the Consolidated Revenue Fund (CRF) account.”
“The Auditor-General fears that the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.”
“The CBN also failed to recover over N629 billion [N629,040,000,000.00] paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme, a programme ‘meant to support farmers to ensure sustainable food production in the country.’”
“But ‘the numbers of beneficiaries who collected the money are unknown.’ The CBN has also failed to ‘recover the money.’ The Auditor-General fears ‘the money may have been diverted’, which could have ‘contributed to the difficulty in sustaining food security in the Nation.’”
“He wants the money recovered and remitted to the treasury.”
“The CBN has also failed to recover over N784 billion [N784,410,108,864.47] ‘being 32 unpaid, overdue loans and interventions disbursed by the Bank between 2018 and May 2022.’”
“The Auditor-General said ‘there was no evidence that the Bank was doing enough to recover the loans/interventions, which ought to have been paid.’ He wants the money recovered and remitted to the treasury.”
“The CBN in 2022 also spent over N125 billion [N125,374,000,000.00] ‘on questionable intervention activities.’ The CBN claimed it spent the money ‘on intervention activities in connection with national security, the federal government, state securities, armed forces and to build the capacity of the financial sector’.”
“But the Auditor-General is concerned that the money may have been spent ‘without the approval of the National Assembly.’ There was also no document to ‘support the expenditure.’”
“The ‘expenditure also may not have been in the public interest and consistent with the objectives of the CBN in section 2 of the CBN Act.’ The Auditor-General fears the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.”
“The CBN in 2022 also ‘unjustifiably’ spent over N1 billion [N1,792,769,160.00] to buy 43 operational vehicles for the Nigeria Immigration Service (NIS).”
“According to the Auditor-General, ‘the spending is unjustified because there is no connection with buying operational vehicles for the NIS and the objectives of the CBN as stated in section 2 of the CBN Act.’”
“The NIS also ‘failed to provide any evidence to show that the vehicles were actually supplied and delivered.’ There ‘were also no procurement and payment records or documents.’ The Auditor-General fears the money may have been ‘diverted’. He wants the money recovered and remitted to the treasury.”
“The CBN also awarded 43 contracts for over N189 billion [N189,50,066,756.73]. The Auditor-General said that ‘the contractors deliberately delayed completion of these contracts by seeking extension of the completion period.’”
“The contractors then ‘requested for variation of the contracts due to extension of completion period.’ Following the request, the CBN paid the contractors over N9 billion [N9,270,849,691.61] ‘irregular variation of contract price.’”
“There ‘were no relevant procurement documents such as contract files, procurement records, and payment vouchers’ for the payment. The Auditor-General fears ‘the money may have been diverted’ and the projects may have been abandoned.’ He wants the money recovered and remitted to the treasury.”
“The Katsina state branch of the CBN also failed to recover over N90 million [N90,163,610.00] being ‘outstanding loans and interventions disbursed to 33 small and medium enterprises during Covid 19 in 2020.’”
“The Auditor-General fears ‘the money may have been ‘diverted’ or ‘mismanaged’. He wants the money recovered and remitted to the treasury.”
“Paragraph 3112(ii) of the Financial Regulations 2009 provides: ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handed over to either the EFCC or the ICPC.’”
“Section 51 of the Fiscal Responsibility Act provides that, ‘A person shall have legal capacity to enforce the provision of this Act by obtaining prerogative orders or other remedies at the Federal High Court, without having to show any special particular interest.’”
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”
No date has been fixed for the hearing of the suit.
Banking
Millions of customers still stranded worldwide 24 hours after GT Bank online operations suffered attacks
By Yemie ADEOYE
GT Bank, one of Nigeria’s leading banks, with operations across Africa and the United kingdom, and with an asset base of about US$3.11 trillion is under a cyber attack which has left millions of its customers across the world stranded in the last 24 hours.
The bank which was renowned for its seamless online operations at inception has suffered dwindling online efficiency in recent years and this current attack didn’t come as a surprise to many of its numerous customers. However, it is becoming worrisome that over 24 hours after its online operations went down, the bank has not been able to arrest the situation and restore its online services.
Stranded GT Bank customers outside the banks premises
Several customers of the bank took to their X (formerly known as twitter) handles to express their frustrations at the bank, as several of the customers in the diaspora are unable to access their accounts and carry on with their transactions. A customer , Jeff55 who lamented on his X handle about the development, stated that it is a thing of shock that a bank of this size couldn’t afford to have the necessary tools and experts to ensure a full protection of its online operations in this age and time.
Another customer Dimma stated that while Cybersecurity training may seem tedious, the recent #GTBank hack is a stark reminder that everyone is just a click away from a devastating attack.
Several media organisations had reported that hackers have stolen GT Bank website, and intercepted customers Data in massive phishing operation.
At the time of filing this report, Biztellers.com.ng checks on the banks website shows that it is still down and unaccessible, and neither GT Bank media and communications unit nor any of its agencies or surrogates have commented officially on the development.
Says output surge buoyed by reforms he announced in May 2024 to address gaps in PIA
President Bola Ahmed Tinubu on Sunday declared a resurgence in the oil & gas industry, commending the increased crude production to 1.6 million barrels per day.
The president, who said this in a national broadcast, maintained that the resurgence was buoyed by the reforms he announced in May 2024 to address the gaps in the Petroleum Industry Act (PIA).
Nigeria’s crude oil output got a boost to 1.61 million barrels per day in July 2024 through the president’s directive and the industry leadership provided by the Nigerian National Petroleum Company Limited (NNPCL).
Acknowledging what he called a resurgence of the once-declining oil and gas industry in his Sunday-morning broadcast to the nation, President Tinubu said that oil investors are coming back to Nigeria.
He said; “Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve. Investors are coming back, and we have already seen two Foreign Direct Investments signed of over half a billion dollars since then.
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“Fellow Nigerians, we are a country blessed with both oil and gas resources, but we met a country that had been dependent solely on oil-based petrol, neglecting its gas resources to power the economy.
We were also using our hard-earned foreign exchange to pay for and subsidise its use. To address this, we immediately launched our Compressed Natural Gas Initiative (CNG) to power our transportation economy and bring costs down.
This will save over two trillion Naira a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education.
“To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported PMS and AGO.
“We have started the distribution of conversion kits and the setting up of conversion centres across the country in conjunction with the private sector. We believe that this CNG initiative will reduce transportation costs by approximately 60 per cent and help to curb inflation.”
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