E-Financial
Robbery Attacks Paralyze Banking Activities in Ogun State

Following series of attacks on banks in Ogun State, banking operations in Ijebu land and Sagamu areas of Ogun State have been brought to a halt till further notice. It would be recalled that the state witnessed an upsurge of robbery attacks on commercial banks in Sagamu, Ijebu-Igbo, Ago-Iwoye, Ilaro, Ewekoro and Ota among others, where several millions of Naira were carted away. Banks in Ijebu and Shagamu axis have closed shop for the past three weeks, leaving Abeokuta, Sango- Ota as well as the Mowe/ Ibafo axis opened for business. Banks in Ijebu Igbo in the Ijebu North Local Government Area of the state have closed shops for over a year due to incessant armed robbery attacks. Nigeria CommunicationsWeek investigations revealed that none of the 11 banks at the permanent site of Olabisi Onabanjo University, Ago-Iwoye opened for business, neither was any of the ATMs functioning after eight of the banks were attacked by a gang of robbers four months ago. The permanent site known for bustling banking activities was a ghost of itself as all of the banks that competes for students’ patronage were under locks and keys. A security guard of one of the banks told Nigeria CommunicationsWeek that he was on duty to charge some electronic gadgets after which he will leave, disclosing that there was no resumption date in sight. Visitors to the higher institution of learning as well as students lament the situation as they have to go as far as Abeokuta to get banking services. Eniola Aderibigbe, a visitor to the school said he ran out of cash and had to visit one of the ATMs in the school premises to withdraw some money when he was told that banking activities in the school have grinded to a halt. He was left stranded and frustrated. Despite assurance by government that measures were being put in place to ensure improved security, the banks have refused to open shop. Olusegun Olusoga, chairman of Bankers’ Forum in Ijebu land said the decision to shut down was unanimously taken at an emergency meeting to protest the level of insecurity in the state. Olusoga said the meeting by the bankers was to review security situation in the state and lamented the alleged failure of the state government to put necessary security measures in place. According to Olusoga, “among the security measures we are demanding are the provision of Armoured Personnel Carriers (APCs) and deployment of patrol vans and policemen to protect banking institutions.” Olusoga argued that the recent robbery attacks on banks had forced them to engage in skeletal services before the meeting.
E-Financial
Linkage Assurance Mobile app to Deepen Digital Insurance Access in Nigeria

As part of its strategic commitment to enhance customer experience and expand digital access to insurance services, Linkage Assurance Plc has launched its new mobile application, now available for download on both iOS and Android platforms.

The Linkage Assurance App offers Nigerians a seamless, secure, and convenient way to purchase, verify, and manage motor insurance policies anytime, anywhere. With just a few taps, users can obtain genuine motor insurance certificates, renew existing policies, and access instant customer support—all from their mobile devices.
Speaking at the official launch in Lagos, Daniel Braie, managing director/CEO of Linkage Assurance Plc described the launch as a major milestone in the company’s ongoing digital transformation journey.
“Our goal is to make insurance simple, transparent, and accessible to everyone. The Linkage Assurance App demonstrates our commitment to customer-centric innovation and our vision of deepening insurance penetration through technology,” the MD/CEO stated.
The App features secure payment integration, a real-time policy management dashboard, and 24/7 customer assistance, ensuring that policyholders enjoy a smooth, convenient, and trustworthy digital experience.
While the current version focuses on motor insurance, the company noted that plans are already underway to expand the App’s functionality to include other product lines—such as general, retail, and corporate insurance solutions—in future updates.
Industry observers note that the rollout of the Linkage Assurance App highlights the growing importance of digital innovation in Nigeria’s insurance sector, as firms adapt to evolving customer expectations and the need for speed, convenience, and accessibility in financial services.
The company emphasized that the App will not only enhance convenience for existing customers but also help attract new users, particularly among younger, tech-savvy Nigerians who prefer mobile-enabled financial solutions.
Consumers the Company noted can now download the Linkage Assurance App from the Google Play Store or Apple App Store to experience a smarter and more convenient way to stay insured.
Linkage Assurance Plc is one of Nigeria’s leading insurance companies, providing innovative risk management and financial protection solutions across motor, fire, marine, engineering, agriculture, general business, oil & gas, and other specialized lines.
The company remains committed to delivering excellent customer service, digital innovation, and sustainable value creation for all stakeholders. AM Best, a global credit rating agency, has assigned Linkage Assurance Plc a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating.
E-Financial
Fidelity Bank reaffirms commitment to youth development, national pride, and community building through Gymfest 2.0

Fidelity Bank Plc, leading financial institution, has reiterated its commitment to youth empowerment by serving as the headline sponsor of Gymfest Championship 2.0.

The competition, which held in Lagos over the weekend, drew remarkable participation from children aged 3 to 12years who competed across levels 1 through 7., Gymfest 2.0 brought together gymnasts, parents, clubs, schools, and sponsors, all united by a shared vision to nurture young gymnastic talent across the country.
Speaking at the event, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, explained that the support for gymnastics is part of the bank’s broader vision to invest in platforms that empower young Nigerians to unlock their full potential and pursue greatness with intention.
“At Fidelity Bank, we believe sports are a powerful tool for transformation. They instill discipline, sharpen focus, and foster teamwork; qualities that shape character and build strong communities. These same values drive innovation, leadership, and national development.
“As headline sponsor of Gymfest, we are proud to support an initiative that promotes physical excellence, strengthens community bonds, and inspires national pride. Gymfest is more than a competition; it motivates children to set ambitious goals and pursue them with dedication and effort,” he said.
Also speaking at the event, Founder, Tee Tumblers Gymnastics Club and Co-founder, Gymfest Championship, Yoyin Akpose, outlined the long-term vision of the initiative as one that seeks to build a thriving community of children, parents, schools, clubs, and sponsors united by a shared passion for gymnastics.
Akpose stated that, “Our aim is to make gymnastics accessible to every child with a dream, creating fully equipped centers that provide training opportunities for all levels, from Surulere to Ikorodu, Ikeja, Apapa, and beyond.”
“GYMFEST is changing the narrative by offering a structured platform for talent development, international exposure, and professional training,” Akpose added.
One of the event’s highlights was the impressive performance of Oluwatoni Pitan, who emerged as the winner and overall best gymnast in the Level 2 Vault category.
Expressing her excitement, she said,“I feel very excited because I didn’t even expect this at all. This is my first Level 2 competition, and it took me three weeks of preparation. I encourage other female gymnasts to work hard and be consistent, you never know when your opportunity will come.”
Oluwatoni also expressed her gratitude to Fidelity Bank, the organisers, and her parents for the opportunity to showcase her talents and pursue her dreams as a young athlete.
Through strategic partnerships for initiatives like GYMFEST, Fidelity Bank continues to demonstrate its dedication to empowering the next generation, driving positive change, and fostering excellence through sports development in Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
E-Financial
SERAP Demands Answers over Missing N3 Trillion in CBN Account

Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), “to promptly account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, as documented in the recently published 2022 annual report by the Auditor-General of the Federation.”

SERAP said the grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.
SERAP urged him to “identify those responsible for the missing or diverted public funds and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.”
SERAP also urged him “to ensure the full recovery and return of any missing public funds to the treasury without further delay.”
In the letter dated 15 November 2025 and signed by Kolawole Oluwadare, SERAP, deputy director the organisation said: “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, and anticorruption standards.”
SERAP said, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”
According to SERAP, “These violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”
The letter, read in part: “According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion [N1,445,593,400,000.00] of ‘the Federal Government’s portion of operating surplus’ into the Consolidated Revenue Fund (CRF) account.”
“The Auditor-General fears that the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.”
“The CBN in 2022 failed to recover over N629 billion [N629,040,000,000.00] paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme, a programme ‘meant to support farmers to ensure sustainable food production in the country.’”
“But ‘the numbers of beneficiaries who collected the money are unknown.’ The CBN has also failed to ‘recover the money.’ The Auditor-General fears ‘the money may have been diverted’, which could have ‘contributed to the difficulty in sustaining food security in the Nation.’”
“He wants the money recovered and remitted to the treasury.”
“The CBN has also failed to recover over N784 billion [N784,410,108,864.47] ‘being 32 unpaid, overdue loans and interventions disbursed by the Bank between 2018 and May 2022.’”
“The Auditor-General said ‘there was no evidence that the Bank was doing enough to recover the loans/interventions, which ought to have been paid.’ He wants the money recovered and remitted to the treasury.”
“The CBN in 2022 also spent over N125 billion [N125,374,000,000.00] ‘on questionable intervention activities.’ The CBN claimed it spent the money ‘on intervention activities in connection with national security, the federal government, state securities, armed forces and to build the capacity of the financial sector’.”
“But the Auditor-General is concerned that the money may have been spent ‘without the approval of the National Assembly.’ There was also no document to ‘support the expenditure.’”
“The ‘expenditure also may not have been in the public interest and consistent with the objectives of the CBN in section 2 of the CBN Act.’ The Auditor-General fears the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.”
“The CBN in 2022 also ‘unjustifiably’ spent over N1 billion [N1,792,769,160.00] to buy 43 operational vehicles for the Nigeria Immigration Service (NIS). The ‘spending is unjustified because there is no connection with buying operational vehicles for the NIS and the objectives of the CBN as stated in section 2 of the CBN Act.”
“The NIS also ‘failed to provide any evidence to show that the vehicles were actually supplied and delivered.’ There ‘were also no procurement and payment records or documents.’ The Auditor-General fears the money may have been ‘diverted’. He wants the money recovered and remitted to the treasury.”
“The CBN also awarded 43 contracts for over N189 billion [N189,50,066,756.73] but ‘the contractors deliberately delayed completion of these contracts’ by seeking ‘extension of the completion period.’”
“The contractors then ‘requested for variation of contracts due to extension of completion period.’ Following the request, the CBN paid the contractors over N9 billion [N9,270,849,691.61] ‘irregular variation of contract price.’”
“There ‘were no relevant procurement documents such as contract files, procurement records, and payment vouchers’ for the payment. The Auditor-General fears ‘the money may have been diverted’ and the projects may have been abandoned.’ He wants the money recovered and remitted to the treasury.”
“The Katsina state branch of the CBN also failed to recover over N90 million [N90,163,610.00] being ‘outstanding loans and interventions disbursed to 33 small and medium enterprises during Covid 19 in 2020.’”
“The Auditor-General fears ‘the money may have been ‘diverted’ or ‘mismanaged’. He wants the money recovered and remitted to the treasury.”
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”
“Paragraph 708 of the Financial Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’”
“Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the constitution.”
“Paragraph 3112(ii) of the Financial Regulations 2009 provides: ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handed over to either the EFCC or the ICPC.’”
“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”
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