E-Financial
Reps Ask CBN, NDIC to Verify Status of Savannah Bank

House of Representatives has mandated the Committee on Banking and Currency to interface with the Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC) to determine the current status of Savannah Bank.
The house charged the committee to ascertain whether the bank has fulfilled all the requirements to commence business.
This was sequel to a unanimous adoption of a motion by Rep. Magaji Aliyu (APC-Jigawa) at the plenary on Thursday.
Aliyu, while moving the motion earlier, said that the operating licence of Savannah Bank Plc was withdrawn by the CBN on Feb. 15, 2002.
He said the withdrawal was on the grounds that the bank did not have enough assets to meet its liabilities and did not comply with CBN obligations.
According to him, the promoters had been unable to prevent further deterioration of the bank.
The lawmaker recalled that the Nigerian Deposit Insurance Corporation (NDIC) took over as liquidator of the bank which led to the sealing off of the branches of the bank all over the country.
“The bank challenged the closure in court and in a ruling on Oct. 20, 2006 High Court of the Federal Capital Territory, Abuja, held that the CBN had acted properly in revoking the bank’s licence.
“The Court of Appeal in a ruling on Feb. 6, 2009 ordered the re-opening of the bank and also ordered the CBN and the Nigerian Deposit Insurance Corporation to pay N100 million to the bank as damages.
“History was made in the Nigerian banking industry when in line with the order of the court, the licence was restored thus putting an end to seven years of agony for directors, depositors and other stakeholders of the bank,” he said.
According to him, the 17 years after Savannah Bank’s licence was restored, the bank has yet to commence operations.
The Rep said that at the time of its forceful closure, the bank had nearly 85,000 shareholders, a share capital of N1 billion and about 118 branches with depositors funds which were in hundreds of millions.
Aliyu said that most of the depositors whose funds were trapped in the bank for the last 17 years were either dead, bankrupt or in dire hardships after many years of depression and discontentment.
The house directed the committee to interface with the shareholders and the new management of the bank on possible ways to refund funds of depositors.
The committee will also find out from the CBN effective measures put in place to avoid the reoccurrence of what led to withdrawal of the licence of the Savannah Bank and its eventual closure in 2002.
The committee is to report back within two months for further legislative action.
E-Financial
Sterling Bank Pledges ₦2bn to Fully Fund University Scholarships

Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
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.
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