E-Financial
CBN, SEC Fine Access Holdings N1.21Bn for Infractions

Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have jointly imposed a total fine of ₦1.21bn on Access Holdings Plc for a series of regulatory breaches committed during the 2024 financial year.

The move reflects a more assertive regulatory approach by the country’s financial watchdogs, aimed at reinforcing discipline and aligning Nigeria’s banking standards with global best practices.
According to the group’s audited financial statements submitted to the Nigerian Exchange (NGX), the fines represent a sharp increase of over 217 per cent compared to the ₦38m penalty issued during the same period in 2023.
This significant rise in sanctions signals a new era of stricter enforcement and zero tolerance for non-compliance within the banking sector.
Access Holdings was penalised by the CBN for multiple contraventions, including failures related to anti-money laundering (AML) compliance, poor reporting of cybersecurity incidents, the unauthorized warehousing of government funds, and violations of consumer protection standards.
One of the most substantial penalties was a ₦718.5m fine imposed for breaches of AML regulations.
The central bank also issued a ₦300m fine for the improper warehousing of funds belonging to a government agency, which constituted a serious lapse in financial governance.
Further sanctions were issued for the group’s failure to properly report cyber incidents, resulting in a ₦69m fine, while additional penalties were imposed for breaches related to targeted financial sanctions and ineffective screening solutions within the bank’s systems.
The group got the sum of N10m penalty for contravention of regulations on targeted financial sanctions and screening solutions relating to the Bank’s database and ₦2m for wrongful renewal of debit cards, which violated consumer protection guidelines.
The financial institution was also penalised ₦5m for non-compliance with regulations related to mystery shopping exercises involving confiscated naira notes,
The SEC, on its part, sanctioned Access Holdings with a ₦100.6m fine for the unauthorized sale of securities, a serious infraction that undermines the integrity of Nigeria’s capital market.
This particular violation highlights concerns around operational transparency and internal controls within the bank’s investment services.
Regulatory authorities have emphasized that these enforcement actions are not isolated but part of a broader commitment to strengthen financial supervision across Nigeria’s banking and capital markets.
Under the leadership of Olayemi Cardoso, governor, CBN, the central bank has prioritized reforms that promote financial stability, strengthen institutional compliance, and reduce the risk of systemic failures.
The focus on anti-money laundering and combating the financing of terrorism (CFT) has become particularly pronounced, reflecting both domestic priorities and Nigeria’s obligations under international financial agreements.
The SEC, similarly, has reaffirmed its dedication to maintaining order in the capital markets and ensuring that all participants adhere to existing rules and ethical standards.
Both agencies have adopted a proactive stance in recent years, intensifying oversight mechanisms and increasing the frequency of audits and inspections to deter infractions before they escalate.
The fines imposed on Access Holdings underscore the seriousness with which regulators now view non-compliance.
As the financial landscape evolves and becomes increasingly digitized, institutions are being held to higher standards of accountability, operational integrity, and consumer protection.
The CBN and SEC have made it clear that ensuring a sound, transparent, and globally competitive financial system is a top priority—and enforcement actions such as these are central to achieving that goal.
E-Financial
Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

Fidelity Bank Plc is basking in endless and stakeholders are happy.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc
With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.
This a crucial evidence for investors that the bank is solution driven.
For instance, at the capital market, the bank was the toast of investors as its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.
Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.
Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.
Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.
Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.
Despite the immense responsibility and intense pressure, especially during turbulent times, Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.
Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as reputation.
She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.
The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.
This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.
Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.
By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.
Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.
Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.
A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.
Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.
Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).
The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).
Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution upward trajectory will be indelible.
She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.
E-Financial
FCMB, BHM Champion New Revenue Models for Media Sustainability

First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.

L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.
The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.
Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.
Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.
Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”
Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”
The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.
The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.
E-Financial
CRMI Backs CBN’s New Measures to Curb Fraud

Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.

Kevin Ugwuoke, president and chairman of Council, in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.
He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.
“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.
The institute, however, stressed that the success of the measures would depend largely on effective implementation.
It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.
CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.
The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.
The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.
Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.
The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.
In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.
News2 days agoBuhari, SSG’s Signatures Forged to Defraud Nigeria of $6.2m in CBN – EFCC
General News2 days agoReliable Payment Rails Key to Financial Inclusion – TeamApt
News2 days agoCSCS Targets Market Leadership Through Technology, Diversified Revenue
General News2 days agoMTN Powers the Ultimate Youth Link-Up with the Launch of Live It 100 Youth Campaign
General News2 days agoEFCC Declares Tejuosho, City Boys Movement’s Women Leader Wanted over “419”
E-Business2 days agoAngst as FG Drops $32.8m Fine on Meta for Data Breach
General News2 days agoAfreximbank to Fund 3 New Refineries in Nigeria
Telecom1 day agoALTON Urges Urgent Resolution of Regulatory Dispute over Airtime Loans


















