Central Bank of Nigeria (CBN) and commercial banks are reviewing the large number of transaction alerts sent to customers and the complaints about bank charges.

So called bank alert refers to real-time SMS or email notifications from your financial institution about transactions, balances, or security updates.

Olayemi Cardoso, governor, CBN, said this in Abuja after the 305th Monetary Policy Committee meeting.

He explained that many bank customers are confused because they receive too many debit alerts for a single transaction.

To address this, the CBN has created a quarterly meeting system involving its consumer protection team, commercial banks, and the top 10 microfinance banks. The goal is to resolve customer complaints faster and improve banking services.

Cardoso said one major issue being studied is how banks send multiple notifications for one transaction.African Politics Analysis

He said this often confuses customers and suggested that alerts should be simplified and combined so people can clearly understand what each debit is for.

He added that the issue is still being worked on and solutions will be proposed soon.

On the N50 stamp duty charge, the CBN governor explained that it is not a bank charge.

He said the charge comes from tax authorities, while banks only collect it and send it to the government.

He advised customers who notice wrong charges to first complain to their bank. If the issue is not resolved, they can escalate it to the CBN’s consumer protection department.

Cardoso also said the CBN has strengthened its monitoring system to ensure banks handle complaints properly, compensate customers when needed, and improve customer service.

The CBN is also reviewing how banks apply rules on charges and customer complaints, with the aim of improving transparency and reducing repeated issues in the banking system.

Griffin Capital Group Limited has announced its official market entry as a fully integrated financial services group, bringing together investment banking, asset management, trusteeship, lending, and insurance capabilities under a unified institutional platform.

The launch reflects a deliberate response to the evolving demands of Nigeria’s financial ecosystem, where the need for disciplined capital deployment, stronger Corporate Governance frameworks, and deeper market liquidity continues to shape the next phase of growth.

Structured as a multi-business financial services group, Griffin Capital is designed to operate across the full spectrum of capital formation, from origination through innovatively structuring complex financial transactions in a simplified manner; to execution, distribution, and investment management. This enables us to both advise on and actively participate in transactions.

The Group enters the market with a leadership team whose experience spans investment banking, Insurance brokerage, capital markets, corporate finance, development finance, and investment management across Africa and global financial centers.

Griffin Capital’s operating model reflects a clear emphasis on institutional discipline, combining advisory expertise with balance sheet strength to support more efficient capital allocation and improved transaction quality.

As Nigeria’s economic reforms continue to unlock new opportunities across infrastructure and project finance, financial advisory, and private capital markets; the Group is positioned to support both issuers and investors through a structure designed for scale, transparency, and execution.

Commenting on the launch, the Group Chief Executive Officer, Babatunde Obaniyi said: “The opportunity in Nigeria’s financial markets is significant, but unlocking it requires more than capital. It requires structure, governance, and the ability to deploy capital with discipline. Griffin Capital Group has been built to address these fundamentals. Our model allows us to operate across the full lifecycle of transactions from advisory to execution, while maintaining a strong focus on risk management and long-term value creation.

“We are entering the market with a clear sense of responsibility, particularly in how capital is structured, deployed, and preserved. Our ambition is to build an institution that contributes meaningfully to market development while maintaining the highest standards of governance and execution.”

The Chairman of the Group, Musa Bello added: “Financial institutions play a critical role in shaping economic outcomes, particularly in emerging markets where capital must be deployed with both precision and purpose. Griffin Capital Group represents a long-term commitment to building an institution that combines local market understanding with global standards of governance and execution.

“As Nigeria continues to deepen its capital markets and expand private sector participation, institutions with the capacity to structure, mobilize, and manage capital effectively will be essential. Our focus is not only on participating in this evolution, but on contributing to it in a meaningful and sustainable way.”

With a medium-to-long-term strategy focused on growth in assets under management and expanded participation across key sectors, Griffin Capital Group intends to play an active role in facilitating capital flows within Nigeria and across the African continent.

The Group’s integrated platform is expected to support a broad range of clients, including retail, corporates, institutional investors, development finance institutions, government institutions, and high-net-worth individuals, through tailored financial solutions and disciplined execution.

A High Court of the Federal Capital Territory, presided by Justice Christopher Oba, has ordered Globus Bank Ltd to pay a total of N256 million to an Abuja-based company, Haril Global Solutions Ltd, for breaching a contractual agreement.

In the suit marked; FCT/HC/CV/1456/2026, Haril Global Solution Ltd, Chinedu Mba, Idris Olayiwola and the Economic and Financial Crimes Commission (EFCC), were listed as Defendants to the counterclaim filed by the bank.

The Claimant filed the suit by way of Writ of Summons, wherein it complained of breach of contractual agreement and wrongful deductions running into millions of naira by the bank.

Delivering judgement on the matter, Justice Oba declared that there was a valid and subsisting contract between the Claimant and the Defendant, pursuant to the letter of offer of facility dated July 4, 2023, signed by both the Claimant and the Defendant and the Overdraft Facility Agreement executed between the Claimant and the Defendant dated July 4, 2023.

Subsequently, the Court made a declaration that the Claimant is entitled to the return of the Debt Service Reserve Fee Sum of One Hundred and Nine Million Naira (N109M) wrongfully withdrawn by the Defendant from the Claimant’s Debt Service Reserve Account with account number 4000006572 and transferred to the Claimant’s Overdraft with account number 1000085336 on December 29, 2023, contrary to the Overdraft facility Agreement executed between the Claimant and the Defendant dated July 4, 2023 and the letter of offer of facility dated July 4, 2023.

The Court also mandated the Defendant to return the sum of Twenty-Six Million, Seventy-Six Thousand, Three Hundred and Eighty-Eight Naira Thirty-Two, kobo (N26,076,388.32) wrongfully withdrawn on January 31, 2024, from the account of the Claimant with account number 1000085336 as interest despite the fact that a Post-No-Debit has been placed on the Claimant’s account as a result of which the Claimant could not carry out his business.

In addition, the Judge ordered Globus Bank to return the sum of Fifteen Million Naira (N15,000,000.00) wrongfully withdrawn from the account of the Claimant on February 6, 2024, with account number 1000085336, with interest despite the fact that a Post-No-debit has been placed on the Claimant as a result of which the Claimant could not carry out its business.

The Court equally ordered the Defendant to pay the Claimant Five Million Naira (N5M) as general damages for breach of contract, as well as pay the Claimant the sum of One Million Naira (N1m) as the cost of this suit.

According to the Court, the Defendant breached the accepted Letter of offer of facility dated July 4, 2023, overdraft facility agreement executed between the Claimant and the Defendant dated July 4, 2023.

“A declaration of this honourable court is hereby made that the contract between the Claimant and the Defendant pursuant to the Letter of offer of facility dated the 4th July, 2023, and the Overdraft Facility Agreement executed between the Claimant and the Defendant dated 4th day of July 2023, is discharged by the breach occasioned by the Defendant.

“A declaration of this Honourable Court is hereby made that the defendant is liable to the Claimant for breach of contract thus liable to pay the Claimant general damages for breach of contract.

However, the court dismissed the counterclaim by Globus Bank on the ground that it failed to adduce credible evidence to establish its claims for fraud or unlawful interference with the contract terms by Haril Global Solutions Ltd.

The Counter-Claimant had alleged that the Claimant manipulated the system by debiting other merchants to credit its own account.

“However, no evidence was led to show which specific merchants were debited or to provide testimony from such third parties, the court stated.

Regarding the Police investigation report (Ex Q1-2), the court stated that the report did not indict the Claimant for the alleged fraud, noting that the report mentioned a figure of N900 million, which was vastly different from the N2.5 billion sought in the Counter-Claim.

The Judge held that the Police Investigation Report was a mere report and not a judicial pronouncement that the court can use to determine the allegation of fraud against the Claimant.

“Consequently, the Counter-Claimant has failed to provide cogent, credible, and compelling evidence to establish its claims for fraud or unlawful interference with trade.

“The reliefs sought in the Counter-Claim are declaratory and monetary in nature, and such reliefs cannot be granted on the basis of unsupported allegations or documents that have been expunged by the Court.

“In the circumstances, I find that the Counter-Claimant has failed to discharge both the legal and evidential burden of proof required by law.

“I hereby dismiss the counter-claim in its entirety for lack of merit. On the whole, the case of the Claimant succeeds” Justice Oba said.