E-Financial
CIBN Urges Stability of Financial System

The Chartered Institute of Bankers of Nigeria, CIBN, has stressed the need to create stability within the financial system which it said will go a long way in promoting economic prosperity of the country.
The CIBN, said to achieve this bank customers and stakeholders in the banking industry must embrace the Non-Performing Loans & The Global Standing Instruction (GSI) Policy to enhance loan recovery processes and promote financial system stability.
Mr. Bayo Olugbemi, President/Chairman of Council, made the call Tuesday in his remarks as the Chairman at a Webinar, organised by the Centre for Financial Studies (CFS) of The Chartered Institute of Bankers of Nigeria (CIBN).
Mr. Olugbemi maintained that bad loans have a long-standing issue in the Nigerian banking sector and the GSI will represent a new dawn in the credit management and debt recovery process.
According to him, Banks can only survive when borrowers pay their loans, funds are available to the financial institutions to service other customers and this way they can promote shared prosperity and more people can be lifted out of poverty.
The Webinar tagged CIBN Advocacy Dialogue Series 3.0 focused on “”Non-Performing Loans & The Global Standing Instruction (GSI) Policy: Impact & Insights for Financial Stability’.
Mr. Olugbemi told over seven hundred participants who connected to the programme through Zoom and YouTube that the issues of Non-Performing Loans and particularly those emanating from the attitudes of unrepentant debtors would be more efficiently resolved as a result of this policy.
In his intervention, Mr. Kevin Amugo, Director of Financial Policy and Regulation at the Central Bank of Nigeria (CBN) and keynote speaker at the webinar stated that banks have recovered N50.32 million bad loans from debtors within nine days of the commencement of the Global Standing Instruction (GSI).
” The size of the recovered NPLs was due to the fact that the Central Bank of Nigeria was still working on the GSI protocol for non-individual debtors, which means the recovery was made from individual loan defaulters, while the Other Financial Institutions (MFBs, PMBs, DFI & FCs) onto CRMS as well as Mobile Money Operators will commence onboarding thereafter GSI platforms.” he said.
According to Amugo, the data from the Central Bank of Nigeria showed that NPLs in banks were higher during the economic downturn, and as the figure of NPLs rise, the instability in the sector worsens, adding that between 2015 and 2017, when the country experienced sharp drop in crude oil prices, currency crisis as a result of the drop in foreign exchange inflows and the period of recession, the NPLs rose sharply from 5 per cent to 15 per cent.
Mr. Adesola Adeduntan, Managing Director/CEO of First Bank Nigeria who was ably represented by Olusegun Alebiosu, the bank’s chief risk officer, commended CBN for the recovery made so far, adding that GSI is what we have been looking forward to as a coordinated approach to addressing the NPL issue in the banking industry
In conclusion, Hajia Saratu Iya-Aliyu, National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture who was represented by Mrs. Margaret Orakwusi of NACCIMA said in other to discourage loan default and high NPLs, banks should reduce interest rate,”
Mr. Osaro Eghobamien, SAN, Managing Partner, Perchstone & Graeys and Dr. Biodun Adedipe, FCIB, Chairman, CIBN Research Committee and Chief Consultant BAA Consult were the other Speakers at the event.
E-Financial
FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
E-Financial
NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
E-Financial
SEC Directs Companies to Honour Unclaimed Dividend Requests

Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
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