E-Financial
NIBSS Heads to Court to Recover N4Bn Lost due to System Glitch

Nigeria Inter-Bank Settlement Systems (NIBSS) PLC has approached a Federal high court in Lagos to salvage the sum of N4.1 billion vanished from it coffers due to system glitch.
NIBSS filed the suit before the court and joined 45 other financial institutions as defendants.
The applicant is urging the court to issue an order mandating the respondent’s financial institutions and the named banks to immediately place a Post No Debt restriction on all the accounts of the beneficiaries.
According to an affidavit sworn to buy Patience Johnson, a litigation officer at Manifield Solicitors and filed before the court by her law firm, the deponent alleged:
The Applicant Nigeria Inter Bank Settlement System PLC is a duly registered company with the Corporate Affairs Commission and licensed by the Central Bank of Nigeria to provide a mechanism for clearing and settlement of interbank transfers and payments.
However, on the 6th day of September 2024, the Applicant experienced a system glitch that affected the Applicant’s Instant Pay (NIP) engine, resulting in an unexpected behavior that allowed customers of the financial institutions named before the court as respondents to initiate the unauthorized transfer of funds to various accounts.
The unauthorized transfer transactions covered a period between 6th September 2024 to 9th September 2024, and this occurrence was observed at about 12.30 pm on Monday, 9 September 2024. In the course of concluding the settlement for the NIP Transaction conducted over the weekend,
These transfers were routed to 176 accounts residing with the respondents.
The financial exposure of the Applicant from this incident is in the sum of N13,662,138,920.00 (thirteen billion, six hundred and sixty-two million one hundred and thirty-eight thousand nine hundred and twenty naira only). Details of the fund and respective accounts with the Respondents had been filed before the court.
The Applicant, having observed the transactions, immediately took steps to contact the respondents, requesting that a Post No Debt status be placed on the respective accounts where the funds had been traced
Further investigation in collaboration with relevant stakeholders, regulatory bodies, and law enforcement agents revealed a further attempt to dissipate the funds to a previously unknown set of beneficiaries who are domiciled with the respondents
The funds dissipated to the new set of beneficiaries amount to N4 190 101 636 (Four billion one hundred and ninety million, one hundred and one thousand six hundred and thirty-six naira).
The funds dissipated to another set of beneficiaries amounting to the sum N8 151 388 207.70 Eight billion one hundred and fifty-one million three hundred and eight-eight naira thousand two and seven naira seven kobo). The details of the fund and respective accounts with the respondents are as set out in Exhibit filed before the court.
Without the intervention of the Court, the funds which form the subject matter of this suit may be irretrievably dissipated.
The Applicant is fully aware that its interest can only be protected by restriction of the accounts to the tune of the sums received to avoid dissipation of the funds which could lead to a total loss of these funds.
By virtue of the CBN Circular of 13th September 2018 on the regulation of instant (Inter-bank) Electronic Funds Transfer and by Clause 10 of the CBN Regulation on Instant (inter-bank) Electronic Funds Transfer Services in Nigeria, 2018, NIBSS is entitled to block of the accounts and the cooperation the banks to recover the funds.
Consequently the Applicant seeks the Order of the Court to place restrictions and a Post No Debit (PND) status on the said funds pending the determination of the instant suit
E-Financial
NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m

Banks in Nigeria closed 29.4 million accounts as of March 2025, according to the latest report by the Nigerian Interbank Settlement System (NIBSS).
The figure represents a sharp year-on-year increase of 30.43 per cent from the 22.54 million closed accounts recorded in March 2024.
It also reflects a steady rise in account closures over recent months, with 33.29 million closed accounts reported in February 2025 and 29.43 million in January.
The report also revealed a significant increase in dormant accounts, which surged to 33.39 million in March 2025, up from 19.79 million in the same period in 2024, a 71.3 per cent rise in inactive accounts over the past year.
Despite the spike in closures and dormant accounts, the number of active bank accounts rose from 219.64 million in March 2024 to 320.05 million in March 2025, representing an increase of over 100 million, or 45.7 per cent.
NIBSS defines a dormant account as one that has seen no deposit, withdrawal, transfer, or point-of-sale transaction for a period of six months.
The surge in account closures and dormancy follows the Central Bank of Nigeria’s directive issued in December 2023, mandating commercial banks to restrict Tier-1 accounts not linked to a Bank Verification Number (BVN) and National Identification Number (NIN) by March 1, 2024.
In response to the directive, BVN enrolment increased from 61.6 million in April 2024 to 66.23 million by July 2025, as more Nigerians rushed to meet the CBN’s compliance deadline.
E-Financial
Cardoso, CBN Boss Risks Arrest over Alleged N5.2 Trillion Unremitted Funds

The Joint Committee of the House of Representatives on Public Accounts and Public Assets has threatened to issue a warrant of arrest against Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), over repeated failure to honour its invitations regarding the probe into non-compliance with the Fiscal Responsibility Act 2007 and Finance Act 2020.

Olayemi Cardoso,, Gov, CBN
In a joint statement released on Friday and signed by Hon. Bamidele Salam and Hon. Ademorin Kuye, chairmen of the committees, the lawmakers decried the CBN governor’s continued disregard for legislative summons.
The committee is investigating the non-remittance of operating surplus as well as the mismanagement of unclaimed dividends and dormant account balances.
According to the committee, the Office of the Auditor General for the Federation reported a liability of N5.2 trillion in unremitted operating surplus due to the federal government from 2016 to 2022; a claim corroborated by the Fiscal Responsibility Commission in a separate submission to the National Assembly.
The committee cited provisions of the Finance Act 2020, which mandate that unclaimed dividends from publicly listed companies and dormant bank account balances older than six years be transferred into the Unclaimed Fund Trust Fund. The fund is to be managed by a Governing Council led by the Minister of Finance and the Debt Management Office (DMO).
Contrary to this, the CBN maintains that the Financial Institutions Act 2020 empowers it to manage dormant balances.
However, the committee noted that the Attorney General of the Federation has issued a legal opinion affirming that the Finance Act 2020 remains the valid law guiding the management of such funds.
Following extensive submissions, the committee resolved that the CBN must remit N3.64 trillion, representing 70% of the undisputed N5.2 trillion operating surplus, within 14 days from receipt of its June 27, 2025, directive, pending final reconciliation of the disputed amount.
Additionally, the apex bank was directed to submit a detailed report on the total sum of unclaimed dividends and dormant account balances by June 30, 2025.
The CBN was also ordered to transfer these funds into the Unclaimed Fund Trust Fund within 14 days and furnish the House with evidence of the transaction.
The lawmakers expressed frustration that, despite the clear directives and ample time, the CBN governor has failed to respond or appear before the joint committee to provide an explanation.
“In view of this continued defiance, the Committee will be compelled to exercise its constitutional powers to compel Mr. Olayemi Cardoso to appear before it,” the statement warned.
E-Financial
Moody’s Upgrades Ecobank’s Outlook to Stable

Moody’s has upgraded the outlook on Ecobank Transnational Incorporated’s long-term issuer and senior unsecured debt ratings to stable from negative.
In the latest rating commentary, made available to media on Thursday, Moody’s also affirmed the pan-African banking group’s B3/Not Prime long- and short-term issuer ratings; B3 senior unsecured debt rating; b2 notional Baseline Credit Assessment and b1 Adjusted BCA.
ETI’s subsidiaries operate across 38 countries, including 35 African countries, and total assets of $28.9bn as of March 2025, details from the rating note highlighted. Moody’s said the decision to change the outlook to stable on the long-term issuer and senior unsecured ratings reflects ETI’s resilient financial performance.
The rating upgrade also takes into consideration higher dividends being upstreamed to ETI, resulting in lower double leverage and reduced refinancing risk.
The rating adjustment also reflects an expectation that the recapitalisation process of Ecobank Nigeria Limited will be completed by the end of 2025, with limited impact on the group’s financial fundamentals.
“The stable outlook also captures our expectation that a series of capital-boosting initiatives and actions to cure Ecobank Nigeria’s total capital position will be completed before the end of 2025”, according to the ratings agency.
In May 2025, ETI received shareholder approval to raise $250 million in Additional Tier 1 (AT1) capital and announced the launch of the transaction effective 9 July 2025, of which a portion is expected to be downstreamed to Ecobank Nigeria as AT1 capital during Q3 2025.
Ecobank Nigeria’s plan to raise $200m in AT1 capital was noted in the rating note. The ratings analysts said they consider
“We also note that Ecobank Nigeria’s recent successful offer to tender $150m of its February 2026 $300 million notes and consent to remove the capital adequacy ratio covenant from this bond’s terms alleviates risks of an event of default in Nigeria that would trigger cross default at the ETI level. Over the past year, ETI has shown resilience in its financial performance, which supports our change in outlook to stable. Liquidity risks are being moderated by the group’s gradually improving profitability during 2024 and Q1-2025.
“This has translated into a 22 per cent increase in dividends upstreamed to ETI during 2024, these being received from 22 dividend-paying subsidiaries compared to just 14 in 2021,” the rating commentary revealed.
In turn, albeit high, ETI’s double leverage ratio, which measures the liquidity risk taken on by the holding company, as a result of it borrowing in order to invest in the equity of its subsidiaries, has eased to 168 per cent as of December 2024 from 173 per cent in 2023.
Additionally, the stable outlook reflects reduced liquidity risk at the holding company level with the refinancing of short-term liabilities in 2024 with longer-term funding.
Moody’s said this is underpinned by demonstrated market access, notably through senior unsecured notes issuance of $400m in October 2024 and a tap increase of $125m in May 2025, maturing in October 2029.
ETI’s B3 long-term issuer ratings affirmation reflects the affirmation of the group’s b2 notional BCA; the affirmation of the group’s b1 adjusted BCA as captured by a one-notch uplift for affiliate support, reflecting Moody’s assessment of a moderate probability that the firm’s major institutional shareholders would extend support to the group. Moody’s said asset quality for the group has improved over recent years.
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