E-Financial
Access Bank: Between fact and fiction
By Jackson Ugbechie
One noble attribute of the average African is that he or she seeks opportunity to do good. The African man is his brother’s keeper.
This finds strong expression in an Igbo adage: “Let no one leave his kindred behind.” Access Bank and its Group Managing Director, Herbert Wigwe, just did that as Nigeria and indeed the rest of the world buckle under the Covid-19 pandemic.
Wigwe and his bank donated N1 billion apiece to a common purse managed by Central Bank of Nigeria (CBN) under the auspices Coalition Against Covid-19 (CACovid).
The donation was not directly to the Federal Government. It was to be administered by the apex bank for the building of isolation centres and acquisition of other medical facilities to combat the pandemic. Other corporate bodies and good-hearted Nigerians also contributed to the purse. By last count, over N27 billion had been donated into the purse.
Africa’s richest man, Aliko Dangote, oil magnate Femi Otedola are among the donors. Politicians like Bola Ahmed Tinubu and Atiku Abubakar also made donations in their own unique ways. It was clearly a freewill donation. Corporates who donated only fulfilled a part of their corporate social responsibility, CSR. Every year, corporate organisations vote millions and billions for CSR, as a way of giving back to the society. In recent years, CSR has become an integral component of corporate budgets and budgeting.
It helps to give capitalism a human face. It’s become a powerful public relations tool. If you make money from a community, it’s only fair that you donate to the same community.
It is part of global best practices. Corporates now recognise that an organisation is as good as its environment; that profit is not everything but impact is. Wigwe and his bank chose the path of impact. They chose to add value to society, to be a part of the solution to a plague that got the whole world into a lockdown mode. The efforts of these corporates and individuals is noble and commendable, especially as they are not under compulsion to give.
What they donated was used to build isolation centres in all the six zones of the country. It was to serve all Nigerians, poor or rich, irrespective of ethnic configuration. And truly, all categories of Nigerians have been profiting from these donations. The very fact that Nigeria has been able to increase the number of test centres, increase number and capacity of medics and successfully treated and discharged over 480 covid-19 patients owes largely to the efforts and goodwill of these donors. It’s therefore unfair to vilify any of these donors under any guise.
Wigwe, a chartered accountant, banker and economist while explaining reasons for the donation said: “In our characteristic manner of offering ‘more than banking,’ Access Bank is at the forefront of the fight against COVID-19. Through our various projects, we are looking to support the government and the Nigeria Centre for Disease Control (NCDC) by providing facilities that can serve as both testing and isolation centres.
“Despite the strides being made, we implore all Nigerians to adhere to stipulated social distancing guidelines, and practice regular hand-washing as directed by the World Health Organization. We are positive that we can beat the spread of the virus, if we all comply with the safety measures as advised by the NCDC and WHO,” he stressed.
Worthy of note is the fact that the same bank made similar donation in Ghana and got rave commendation, not denigration. Access Bank donated a fully equipped ambulance to the University of Professional Studies, Accra (UPSA) to improve health care delivery on campus and in the community in which it operates. The ambulance, which will be managed by the UPSA Clinic on campus, is equipped with basic emergency kits such as oxygen inhaler, fire extinguisher, stretcher among others. While the bank has been roundly commended in Ghana for its gesture, the contrary is the case in Nigeria where it gave even more. Is this a case of a prophet not being honoured at home?
Outside Africa, other public-spirited individuals and corporates have continued to make donations in cash and in kind. Chinese billionaire and e-commerce mogul Jack Ma has his donations shared across the world including Nigeria. World richest man, Bill Gates of Microsoft fame, through his foundation has been dishing out money to find a cure for the virus. He has already splashed $250 million of his money for this cause. He, too, needs commendation, not vilification.
It is therefore shocking to hear some Nigerians pour venom on Wigwe and his bank for making donations in the manner they did. It is an act of ingratitude to say the least. His maligners point to an imaginary sacking of Access Bank staff and an anticipated cutting of salary of staff as reasons for their criticism. Here, they miss the mark. The bank has not sacked any staff on account of covid-19 economic impact. Staff sacked were non-essential casual workers inherited from Diamond Bank which it acquired recently. Staff rationalisation is usually a consequence of mergers and acquisition. To continue to hold to the notion of staff layoff, therefore, is to continue to dwell on fiction, not fact.
Even with the intervention of CBN on staff layoffs, the impact of covid-19 on businesses cannot be ignored. Some Nigerian corporates including media houses have served notices to staff of inevitable layoff. The biggest and profitable global conglomerates have furloughed staff, some embarking on outright sack. General Motors, Scandinavian Airlines (SAS), Air Canada, Marriot (the world’s largest hotel conglomerate), Tesla (the automobile maker) have furloughed staff in thousands. The sombre song is same in South Africa and other parts of Africa, Asia and Europe. Note that most of these corporates also donated for the cause of Covid-19 in their respective countries. Commercial ventures are no charities. They mind the bottom-line.
Singling out Wigwe and his bank for purloining on a false premise of staff layoff is a show of ingratitude to a man of immense goodwill and a corporate citizen that has a history of public good. The Malaria to Zero initiative, Access Lagos Marathon, the “W” Initiative which seeks to broaden women participation in entrepreneurship, the UNICEF Charity Shield Polo Tournament 2016, and Health Awareness Programs focusing on awareness and sensitization on: Sickle Cell, Diabetes, HIV/AIDS, Cancer, Obstetric Fistula amongst other health-related challenges are a few of the many public-good ventures undertaken by the bank. Wigwe and his bank deserve garland, not guillotine.
- Ugbechie writes from Abuja
Hackers have hit the database of Zenith Bank, one of Nigeria’s largest financial institutions, stealing customers’ information.
Zenith confirmed the attack in an email to customers on Tuesday.
The bank said the hackers accessed limited customer information, “including email addresses and phone numbers, during a cyberattack that forms part of a broader global attack on organisations across different sectors”.
The lender stressed that the incident involved only limited customer information, adding that its banking services and digital channels remain secure and fully operational.
The bank said it is investigating the attack, noting that its incident response protocols and other cybersecurity measures were immediately activated after the breach was discovered.
“As a precaution, we encourage our customers to remain vigilant against phishing emails, text messages, or phone calls, and to never disclose their password, PIN, One-Time Password (OTP), or other security credentials to anyone,” the bank said.
Zenith Bank said it remains committed to protecting customers’ information and thanked them for their continued trust, adding that investigations into the incident are ongoing.
In August 2024, Guaranty Trust Bank (GTB) reported experiencing a similar incident.
The commercial bank said there were attempts to compromise its website domain, but customers’ data was not affected.
The latest attack comes months after the Central Bank of Nigeria (CBN) warned the public of cyber hack attempts to gain access to personal accounts of Nigerians.
The CBN said the hackers were circulating fraudulent messages and emails falsely claiming to originate from the bank.
According to the financial regulator, there were misleading messages circulating, designed to deceive Nigerians and compromise their personal information.
The regulator said the fake communications, which include emails and online messages, often prompt recipients to click suspicious links while spreading false claims about the bank’s leadership, licensing activities, and policy decisions.
Nigerians lost N25.85 billion to digital payment fraud in 2025, according to Central Bank of Nigeria (CBN).
Though the figure represents a significant decline from the N52.26 billion recorded in 2024, CBN, said the losses remained substantial for payment service providers (PSPs).
According to the report, although the value of digital payment fraud declined significantly year-on-year, when compared to the N52.26 billion recorded in the previous year, the losses remained substantial for Payment Service Providers (PSPs), underscoring the need for stronger fraud prevention measures across the industry.
In the report, the CBN, also identified systemic risks, cyber threats, the dominance of a few systemically important payment service providers, and the activities of unlicensed payment companies as major concerns confronting the financial sector.
According to the report, although the value of digital payment fraud declined significantly year-on-year, the losses remained substantial for Payment Service Providers (PSPs), underscoring the need for stronger fraud prevention measures across the industry.
“Digital payment fraud in Nigeria stood at N25.85 billion in 2025,” the apex bank said.
It noted that while this represented a considerable improvement from the N52.26 billion lost in 2024, the amount remained significant.
“Though this was lower than N52.26 billion in the preceding year, it represented a substantial loss for PSPs,” the report stated.
The CBN attributed the reduction in fraud losses to enhanced security measures implemented across the financial sector.
It said, “The lower losses in 2025 reflected improvements in monitoring, BVN-NIN integration, and tighter controls.”
Beyond fraud, the report warned that Nigeria’s rapidly expanding digital payments landscape faces increasing systemic vulnerabilities as banks and fintech companies become more interconnected through shared payment infrastructure.
According to the report, a major operational failure involving a single payment service provider could quickly spread across the financial system because of the growing dependence on integrated payment platforms.
The CBN observed that despite ongoing efforts to strengthen payment system integration, interoperability remains a significant challenge.
It disclosed that about half of fintech stakeholders continued to express dissatisfaction with the current level of system-wide interoperability.
The report stated that “about 50.00 per cent of fintech stakeholders continued to rate system-wide interoperability as poor, primarily due to the lack of universal APIs and data-sharing standards.”
The apex bank also expressed concern over the concentration of payment activities among a few Systemically Important Payment Service (SIPS) providers, warning that operational failures involving any of them could have widespread consequences.
It explained that the failure of such providers could trigger a “domino effect”, where insolvency or operational glitches in one payment service provider spread rapidly to others, disrupting the smooth functioning of the financial system.
Cybersecurity also featured prominently among the risks identified in the report.
The CBN warned that payment service providers remain vulnerable to ransomware attacks, data breaches and credential theft, noting that cybercriminals are becoming increasingly sophisticated in targeting financial institutions.
According to the report, “Banking and fintech institutions remained prime targets for ransomware, data leaks, and credential theft.”
It added that, “Cyber threats in Nigeria are no longer random cybercrimes, but increasingly targeted, organised, and identity-driven campaigns.”
The report further cautioned Nigerians against transacting with unlicensed payment companies, stressing that such entities operate outside regulatory oversight and expose users to significant financial risks.
It warned that customers using unlicensed PSPs are not protected by existing regulatory safeguards and that such operators could facilitate illicit financial activities.
“Users of unlicensed PSPs are not covered by regulatory protection that comes with effective oversight and supervision,” the CBN said.
It further warned that, “Unlicenced payment companies are gateways for money laundering which could undermine regulatory efforts and corrode public trust.”
The report underscores the growing importance of strengthening fraud detection systems, improving payment infrastructure interoperability, enhancing cybersecurity resilience, and intensifying regulatory oversight as Nigeria continues to expand its digital payments ecosystem.
Nigeria Revenue Service (NRS) yesterday announced that medium and large companies in Nigeria that earn income from cryptocurrency and other virtual asset transactions will now be subject to a 30 per cent corporate income tax.
NRS stated this in its new guidelines setting out a tax framework for cryptocurrency and other digital asset transactions.
The guidelines cover registration, record-keeping, valuation, and tax treatment for VASPs, P2P operators, and individuals in the virtual asset space.
NRS said the move is aimed at encouraging voluntary compliance and improving transparency as Nigeria’s digital asset sector grows.
The Guidelines on the Taxation of Virtual Assets, provide a comprehensive framework for the taxation of virtual asset transactions and businesses operating within Nigeria’s digital economy.
The guidelines apply to companies, individual taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators and other participants in the virtual asset ecosystem
The latest framework follows the signing of the Presidential Executive Order on Virtual Assets Coordination, 2026 by President Bola Tinubu, which established a coordinated regulatory structure for cryptocurrencies, stablecoins, tokenised assets and other digital assets across government agencies.
According to the NRS, companies that derive profits from virtual asset activities will be taxed under the provisions of the Nigeria Tax Act (NTA), 2025. While small companies will continue to enjoy applicable tax exemptions under the law, medium and large companies will be liable to the standard 30 per cent corporate income tax rate.
The agency stated that taxable income under the guidelines covers a broad range of virtual asset-related activities, including cryptocurrency trading, the operation of virtual asset exchanges, transaction fees, brokerage commissions, custody and wallet services, token issuance, mining, staking, decentralised finance (DeFi) activities, investment gains and other virtual asset business operations.
According to the guidelines, “Applicable rates under the NTA include progressive rates for individuals, and 30 per cent for companies other than small companies.”
The NRS said the guidelines were introduced to provide clarity, certainty and consistency in the administration of Nigeria’s tax laws as they apply to virtual assets, adding that the framework is intended to improve transparency, encourage voluntary tax compliance and support the development of an efficient tax regime for the digital asset sector.
The agency also clarified that merely holding cryptocurrencies or other virtual assets does not constitute a taxable event.
Any appreciation in the value of a digital asset while it remains in a taxpayer’s possession will not attract income tax until the asset is sold, exchanged or otherwise disposed of through a taxable transaction.
Similarly, transfers of cryptocurrencies or other virtual assets between wallets owned and controlled by the same individual are exempt from income tax, provided there is no change in beneficial ownership.
This means that moving digital assets such as Bitcoin or Ether between personal wallets will not trigger a tax liability.
However, the exemption does not extend to transfers involving companies, partnerships, trusts, unincorporated associations or other legal entities, where different tax rules may apply.
The NRS further explained that although these non-taxable transactions do not attract immediate tax, they establish the acquisition cost for future disposals.
Consequently, taxpayers are required to maintain adequate records of acquisitions, transfers and disposals to facilitate accurate tax computations when taxable events occur.
The guidelines also reaffirm that unrealised gains on cryptocurrencies and other virtual assets are not subject to income tax. Instead, tax liability arises only when a taxable disposal takes place, aligning Nigeria’s approach with internationally recognised principles for the taxation of digital assets.
The issuance of the guidelines is expected to provide greater regulatory certainty for investors, businesses and digital asset service providers, while strengthening the government’s efforts to expand the tax base and improve compliance in Nigeria’s growing virtual asset ecosystem.
FG Commences 90,000km Fibre Optic Rollout within Weeks
Kaspersky Reveals a New Malicious Framework Targeting Cryptocurrency Users with the Use of OkoSpyware
PalmPay Targets Hong Kong IPO after $1Bn Valuation
CMS T&M Launches TMO Rides to Enable a Faster & Cashless Transport Experience for CMS – Ajah Passengers
Nigeria Tightens Data Privacy Compliance as FG Issues Directive to MDAs
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
NELFUND Investigates 34 Universities Over Students’ Missing Tuition Refunds
News2 days agoAtte, Nigerian Develops AI Algorithm for Hair Transplants
News2 days agoFG to Abolish Subsidies in Power Sector in 2027 – Minister
E-Financial2 days agoCBN Exposes over 13,000 BVNs Tied to Fraud as Banks Tighten Security
E-Financial2 days agoFCT Court Awards Ex-Customers N15m against Stanbic IBTC over Data Privacy Breach
Telecom2 days agoStarbase Technologies Introduces Yolly, a Reward-Based Social Entertainment Platform
General News2 days agoDare Tackles Onaiyekan over Criticism of Tinubu, Says Economic is Working
General News2 days agoSERAP Asks Tinubu to Probe Alleged N6.79Bn Missing Police Funds, Firearms
Telecom2 days agoAdefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-dealing @Pan African Towers