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CBN Injects $500m into Forex Market vows to Clear Backlog



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Central Bank of Nigeria (CBN) has injected another $500 million into the market as part of measures to address the persistent backlog of verified foreign exchange (forex) transactions across the country.

Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, made this known in Abuja on Monday, January 29. She reiterated the bank’s commitment to settling all legitimate forex backlogs within a short timeframe.

“The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.”

Sidi Ali also assured Nigerians that the CBN is implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term. This strategy, according to the CBN spokesperson, is focused on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.

“As the governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years.”

The forex market reforms, Sidi Ali explained, are designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities. She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.

“We believe that a stable exchange rate will boost investor confidence and attract foreign investment.”

Sidi Ali urged all participants in the forex market to play by the rules, emphasizing that transparency in the market would enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.

“We urge all participants in the market to play by the rules. Transparency in the market will enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.”

The CBN’s latest intervention is part of a series of measures taken by the bank in recent months to address the forex backlog. This fresh injection comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.

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Zenith Bank Emerges as Nigeria’s Tier-1 Capital Leader for the 15th Consecutive Year @2024 Top 1000 World Banks’ Ranking



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Zenith Bank Plc for fifteenth consecutive year has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine.

This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability.

They are based on the 2023 year-end Tier-1 capital of banks globally and remain the primary source for global bank financials used by most international organisations in their assessments of banks.

Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.

Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are deeply honoured to be recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year.

“This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction. It also emphasises our resilience and strength in navigating the ever-evolving financial landscape.

“Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry.” She extended her profound and sincere appreciation to the Founder and Chairman, Dr. Jim Ovia, CFR, whose visionary and transformative leadership has played a pivotal role in cultivating a resilient and thriving establishment.

“She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers to the Zenith brand.

Zenith Bank’s financial performance for the year was driven by a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023.

This growth led to an improved market share in both the retail and corporate segments despite a persistently challenging macroeconomic environment. The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.

Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day held on 11th July 2024. It aims to raise the least amount of capital amongst its peers at N230 billion, considering it already maintains a robust capital base of N270.7 billion.

The Bank remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine.

The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.

Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards.

Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The Bank also received the accolades of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards, Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

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CBN Expects N20trn from Dormant Accounts



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Central Bank of Nigeria (CBN) has directed banks and other financial institutions to deposit unclaimed balances and funds in dormant accounts to the apex bank accounts.

CBN Expects N20trn from Dormant Accounts

According to the CBN the accounts dormant for at least 10 years are to be transferred to its custody, in a bid to standardise the management of these funds and curb potential abuses.

This initiative is part of new guidelines introduced by the CBN to enhance oversight and ensure these funds are managed appropriately for the benefit of their rightful owners.

Earlier data released by the CBN had indicated that the estimated dormant account balances in Nigerian banks have accumulated to over N20 trillion.

With nearly 20 million bank accounts that are inactive in the country, the CBN directed banks to begin transferring funds in dormant accounts into the “Unclaimed Balances Trust Fund (UBTF) Pool Account domiciled with it.

Data from the Nigeria Interbank Settlement System (NIBSS) show that there are 19.799 million bank accounts that are dormant as at the end of the first quarter of this year, representing 6.81 per cent of all bank accounts in the country.

This is according to the just released Guidelines on Management of Dormant Accounts, Unclaimed  Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.

A circular signed by John Onojah, acting director, Financial Policy and Regulation Department, noted that the guideline amongst others, standardised the management of dormant accounts, unclaimed balances and financial assets, and outlines the procedure for the administration of these balances, funds, and assets by banks and other financial institutions in Nigeria.

Consequently, account balances in bank accounts that have been dormant for a period of 10 years will be transferred into the pool account, however, banks are expected to publish on their websites, details of all dormant accounts, six months prior to their eligibility for transfer to CBN.

The guideline stated that eligible accounts are dormant accounts balances that have remained with the FIs for a period of 10 years and beyond. These include current, savings and term deposits in local currency as well as domiciliary accounts.

Likewise, deposits towards the purchase of shares and mutual investments; prepaid card accounts and wallets;  Government Owned Accounts; proceeds of uncleared and unpresented financial instruments belonging to  customers or non-customers of financial institutions, unclaimed salaries and wages, commissions, and bonuses will be eligible for transfer.

Others include proceeds of stale local and/or foreign currency drafts not presented for payment by beneficiaries; funds received from a correspondent bank without sufficient details as to the rightful beneficiary and/or a recall of funds made to the remitting bank to which the Nigerian bank account had not been debited; a judgment debt for which the judgment creditor has not claimed the amount of judgment award; and any other deposits or financial assets that may be designated by CBN.

However, accounts that are subject of litigation; a judgment debt for which the judgment creditor has not claimed the amount of judgment award and the case is still active in Court; accounts under investigation by a regulatory authority or law enforcement agency; and encumbered accounts including, but not limited to, collaterals and liens are exempted.







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RT Briscoe Launches Recapitalization Fund



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RT Briscoe Nigeria Plc is proud to announce the launch of a first of its kind, the “R.T. Briscoe Savings and Investment Fund”. The fund is the first to allow investors save within a regulated vehicle towards investing into the capital of a target company. Following approval from the Securities and Exchange Commission (SEC).

This milestone marks a significant step in RT Briscoe’s commitment to providing innovative opportunities to its existing and potential shareholders to invest in the company with a savings plan.

This approach ensures that investors can own a stake in R.T. Briscoe Nigeria PLC through a saving plan (monthly or otherwise) towards their target investment amount in the company., This makes it much easier and very accessible to a broader range of investors who may not have the one-off capital to invest at once but, instead would be able to save towards it over a period of time.

The R.T. Briscoe Savings and Investment Fund is an open-ended money market fund with the primary objective being to offer unitholders a steady stream of income whilst they save towards their target investment in the company and also provide the investor with capital preservation at the point of the conversion into ordinary shares of R.T, Briscoe.

By investing the pooled funds into a diversified portfolio of high-quality money market instruments, the fund ensures low risk and competitive returns. Essentially, this is a save-to-invest in your company, R.T. Briscoe.

The fund is professionally managed by DLM Asset Management Limited who recently won the best Asset Management company of the year at the African Industrial and Development Conference and Awards.

This accolade underscores their commitment to ensuring expert oversight and strategic investment decisions. First City Monument Bank Limited serves as the custodian, while UTL Trust Management Services acts as the trustee, providing additional security and transparency.

With a minimum subscription of 10 units at N1,000 per unit, the fund is accessible with a minimum investment of N10,000. The fund comprises 1,000,000 units available for subscription, providing many opportunities for investors.

Additionally, the fund offers liquidity, allowing easy access to investments and the final option to convert the investor’s holdings into equity ownership in R.T. Briscoe Nigeria PLC.

Seyi Onajide, Group Managing Director and Chief Executive of RT Briscoe Nigeria Plc, expressed his enthusiasm about the launch: “We are thrilled to introduce the R.T. Briscoe Savings and Investment Fund, demonstrating our dedication to providing reliable and accessible investment opportunities that empower all investors to achieve their investment goals in our company with ease.

“This launch underscores our commitment to innovation and growth, offering clients an opportunity to save to own a part of R.T. Briscoe Nigeria PLC.

“We believe this fund will not only ultimately enhance our capital position, but also reinforce our leadership across our diverse businesses, including Automobile, Industrial Air Compressor, Material Handling, Industrial Equipment, Power, and Real Estate.

Ugonnaya Osi, MD of DLM Asset Management, commented on the RT Briscoe Nigeria Plc fund, emphasizing, “With the expertise of DLM Asset Management Limited and the unwavering support of our trusted partners, we are confident that the RT Briscoe Fund will deliver significant value to our investors and the company.

“As stewards of the RT Briscoe Fund, our commitment extends beyond mere management; we aim to maximize returns and foster sustained financial growth through meticulous oversight and strategic foresight.

“This dedication ensures that every investment decision is informed by a deep understanding of market dynamics and investor needs, reinforcing our pledge to deliver excellence in financial management.” She added.

Investing in the R.T. Briscoe Savings and Investment Fund is straightforward. Interested individuals can fill out a subscription form and complete the Know Your Customer (KYC) requirements and just make their target monthly or otherwise payments towards owning a part of Nigeria’s corporate history. For more information and to access the forms, visit

RT Briscoe Nigeria Plc invites the public to join in this exciting investment opportunity and take the first step towards financial growth and stability of our investors and R.T. Briscoe’s future.

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