The Central Bank of Nigeria (CBN) has noted some misreporting that falsely implies the Bank disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items. Such reporting is entirely inaccurate and misleading.

The Bank noted that the referenced figure of US$1.259 billion, as published in the CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent CBN disbursements.

It said the figure reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors — including oil and gas — under the willing buyer, willing seller framework.

According to the Bank’s spokesperson, Mrs. Hakama Sidi Ali, “since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN. Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”

She explained that the data cited in the report merely captures aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in full compliance with existing regulations. She stressed that these are legitimate market transactions, not instances of direct CBN intervention in the oil sector.

The spokesperson assured that the CBN remains committed to a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability and ensures confidence in Nigeria’s financial system.

Polaris Bank has reaffirmed its commitment to supporting small and medium-scale enterprises (SMEs) and driving economic growth in Nigeria’s South-South region with the commissioning of the new ‘Everyday Supermarket’ Yenagoa Store.

The grand opening, which took place yesterday at Bay Bridge Junction on the Kpansia-Epie Expressway, Bayelsa State, marks the retail chain’s entry into the Bayelsa market and a significant milestone in the region’s business expansion efforts.

Speaking at the event, Mr. Raphael Abaziem, Directorate Head, Polaris Bank, South-South, described the launch as a testament to growth, resilience, and the power of strategic partnership.

“This milestone represents more than the opening of a new outlet. It speaks to our shared vision of economic expansion, local enterprise development, and improved access to quality goods and services for the people of Bayelsa State,” Abaziem stated.

He further noted that the new outlet builds on earlier successes, including Polaris Bank’s financing of the Everyday Group’s flagship shopping complex in Port Harcourt in February, 2025.

“When we partner, we empower, expand, and raise the bar for retail development across Nigeria. Polaris Bank is proud to have supported this journey and to stand with ‘Everyday Supermarket’ as it extends its footprint and impact. We look forward to deepening our collaboration and continuing to support businesses that are creating opportunities, empowering communities, and driving sustainable development across the country,” he added.

In his remarks, Mr. Yemi Osindero, Chairman of ‘Everyday Supermarket’, expressed delight at the brand’s expansion into Bayelsa, noting that the group continues to grow from strength to strength.

“Everyday Group is 28 years old, with 15 stores across the South-East and South-South, including Owerri, Asaba, and Abakaliki. We are excited to be in Yenagoa for the first time and look forward to opening more stores in Bayelsa. Plans are also underway to expand into Aba, Benin, Uyo, Enugu, and Abuja,” Osindero said.

The launch of the Yenagoa branch underscores Polaris Bank’s role as a key enabler of enterprise development and its commitment to supporting businesses that drive local economic empowerment and regional growth.

Stanbic IBTC Bank remains committed to putting smiles on the faces of its customers by enhancing their financial well-being. At the bank’s recent Reward4Saving Season 4 Promo combined draw, 78 savers emerged as joint winners of ₦16 million.

The milestone event combined the sixth monthly draw with the second quarterly draw for this season. The initiative continues to turn everyday savings into meaningful rewards while inspiring more Nigerians to embrace the saving culture.

The combined draw, which was held on Wednesday, 15 October 2025 at Stanbic IBTC’s Head Office in Victoria Island, Lagos, saw 70 winners, 10 from each of the bank’s seven business zones, receive ₦100,000 each. Adding to the celebrations, seven lucky customers went home with ₦1 million each, while one saver clinched the grand quarterly prize of ₦2 million. Altogether, winners got ₦16 million in cash prizes.

The draw was overseen by regulators including the Federal Competition and Consumer Protection Commission (FCCPC), Advertising Regulatory Council of Nigeria (ARCON), and the Lagos State Lotteries and Gaming Authority (LSLGA) to ensure transparency and fairness throughout the process.

Since the launch of the Reward4Saving Season 4 campaign, 436 customers have collectively won ₦60 million. With a total prize pool of ₦130 million, the excitement is far from over, as ₦70 million remains to be won before the promo ends on 31 March 2026.

This generous reward scheme continues to fuel enthusiasm and strengthen loyalty among Stanbic IBTC Bank’s growing customer base nationwide.

Speaking at the draw, Sadiya Ojo, Head, Entrenchment, Stanbic IBTC Bank, reaffirmed the bank’s dedication to customers and its role in deepening Nigeria’s savings culture: “We are here to witness Stanbic IBTC Bank’s commitment to acknowledging the efforts of our loyal customers while promoting the importance of saving within our community.

Today, we are rewarding 78 savers with ₦16 million. This promotion is open to both existing and new customers. By saving just ₦10,000 in your Stanbic IBTC Savings Account or @ease Wallet for a continuous 30-day period, you automatically qualify for the draw. The more you save, the better your chances of winning.”

Bidemi Iziomoh, who emerged as the grand quarterly winner of ₦2 million, also shared his excitement. He said:

“I started banking with Stanbic IBTC Bank after facing challenges with my former bank. A friend introduced me to Stanbic IBTC, and I wasn’t even aware of the promo until I got a call. As a cybersecurity expert, I had to confirm the authenticity, so I checked the number on Truecaller and conducted some online research. To my delight, it was genuine. I have received my money, and I am deeply grateful to Stanbic IBTC Bank.”

Francis Goma, a dry cleaner and one of the ₦1 million beneficiaries, expressed his joy at winning in the Stanbic IBTC Bank Reward4Saving Promo. He said:

“When I first got the text message, I thought it was a scam. But I decided to come and verify, and to my surprise, it was real. I have been credited, and I am so happy because I plan to invest the money in my business. I honestly did not expect to win; I was simply saving as part of my normal routine. Today, I am a millionaire, thanks to Stanbic IBTC Bank.”

With six monthly draws, two quarterly draws, and the grand finale still to come, more opportunities lie ahead. Customers are encouraged to save at least ₦10,000 for 30 consecutive days in a Stanbic IBTC Savings Account or @ease Wallet for a chance to be among the next winners.

Access Holdings Plc has announced its half-year audited financial results for the period ended June 30, 2025.

The Group’s financial results for the half year ended June 30, 2025, reflect the resilience of our business model, the diversification of our revenue streams, and the steady progress to the execution of our five-year strategic plan.

Gross earnings increased by 13.8% year-on-year to ₦2.5 trillion in H1 2025 from ₦2.2 trillion in H1 2024, driven by strong growth in interest income which increased by 38.9% year-on-year to ₦2.0 trillion from ₦1.5 billion in H1 2024.

Net interest income also increased by 91.8% year-on-year to ₦984.6 billion in H1 2025 from ₦513.4 billion in H1 2024.

Complementing this performance was a growth in net fees and commission income, which increased by 16.1% year-on-year to ₦237.7billion in H1 2025 from ₦204.7 billion in H1 2024.

Profit before tax (PBT) and profit after tax (PAT) closed at ₦320.6 billion and ₦215.9 billion respectively underscoring the strength and resilience of our business model in the markets we operate in.

Key balance sheet indicators remain strong with total assets, customer deposits, loans and advances, and shareholders’ equity closing at ₦42.4 trillion, ₦22.9 trillion, ₦13.2 trillion ₦3.8 trillion respectively.

The Banking group demonstrated resilient performance in H1 2025. Interest income grew by 38.7% year-on-year to ₦2.0 trillion in H1 2025 from ₦1.5 trillion in H1 2024. Net interest income increased by 85%, from ₦536.7 billion in H1 2024 to ₦992.7 billion in H1 2025. Fee and commission income increased by 27% to ₦294.9 in H1 2025 from ₦232.5 billion in H1 2024 driven by increased transaction volumes. Profit before tax (PBT) and profit after tax (PAT) closed at ₦303.0 billion and ₦199.3 billion respectively.

Banking group subsidiaries contributed 65% to the Banking group’s profit before tax (PBT) in H1 2025. This result highlights our journey towards sustainable performance and execution across our key African and international markets.

The Group’s non-banking subsidiaries maintained a strong growth momentum. For Access – ARM Pensions, financial performance was robust, with revenue up 29.9% to ₦21.0 billion and profit before tax up 65.1% to ₦13.1 billion. The business delivered a solid ROAE of 48.1%, a cost-to-income ratio of 35.1%, and a PBT margin of 62.5%, underscoring strong operational efficiency and profitability.

Hydrogen Payments recorded a 40.5% growth in top-line revenue compared to H1

2024. Profit before tax (PBT) grew by 273% year-on-year. The total transaction value processed increased by 211%, reaching ₦41.1 trillion in H1 2025, up from ₦13.8 trillion in H1 2024.

Access Insurance Brokers has sustained strong momentum, recording a 125% year-on-year increase in gross written premium, 146% growth in revenue, and a 161% improvement in profit before tax (PBT).

Oxygen X, the Group’s digital lending arm, has sustained strong momentum since launch in Q3 2024, delivering ₦5.4 billion in revenue and ₦2.2 billion in profit before tax in H1 2025.

Access Holdings’ businesses are well-positioned to deepen market penetration, expand product offerings, and leverage cross-sell opportunities across the Group to drive continued growth and profitability.

The group’s focus remains on driving prudent growth and continued execution of its strategic priorities, scaling its digital and transaction-led income streams, increasing revenue diversification, embedding efficiency, innovation, and disciplined portfolio management across all areas of the business.

It will also continue to uphold the highest standards of risk and governance discipline to ensure sustainable profitability.

Access Holdings remains confident that it will continue to deliver sustainable value and returns to its  shareholders.

Its long-term objective is to build a stronger, more agile Group that consistently delivers superior returns, fosters innovation-driven growth, and optimises portfolio performance to create inclusive value across its markets while reaffirming investor confidence in the strength and future of Access Holdings.

The Group appreciates the continued trust and support of its shareholders, customers and employees. Together, the Group is building a stronger future.

The Central Bank of Nigeria (CBN) welcomes the Financial Action Task Force’s (FATF) formal announcement of Nigeria’s removal from the list of jurisdictions under increased monitoring, known as the “grey list”, following a successful on-site evaluation of reforms implemented across the financial system.

The FATF decision recognises significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks, particularly in combating money laundering, terrorist financing, and proliferation financing.

It marks an important milestone in the country’s continuing efforts to strengthen financial system integrity, transparency, and international confidence.

The FATF’s decision follows a two-year reform programme coordinated by the Federal Government of Nigeria, involving multiple agencies including the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC).

The CBN’s contribution centred on enhancing supervision, governance, and transparency across the financial system. Key reforms assessed by the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA, FATF’s regional assessment body, included:

• Strengthened oversight of financial institutions through updated AML/CFT regulations, risk-based supervision, and fit-and-proper assessments.
• Expansion of compliance reporting and monitoring across remittance channels, bureaux de change, and fintech platforms to improve traceability and transparency.
• Enhanced inter-agency data-sharing and enforcement coordination between the CBN, NFIU, EFCC, and law-enforcement bodies.
• Implementation of market governance tools, including the Foreign Exchange Code (FX Code) and Electronic Foreign Exchange Matching System (EFEMS). Together, these measures have materially strengthened Nigeria’s compliance with global standards and reinforced confidence in the integrity of its financial system.

Nigeria’s removal from the grey list will yield tangible benefits for businesses and households alike including – lowering compliance costs, improving access to international finance, and making cross-border transactions faster and more affordable.

In time, these gains will translate into smoother trade settlements, quicker remittance inflows, and even more predictable access to foreign exchange – enhancing livelihoods, supporting enterprise growth, and deepening financial inclusion.

The FATF decision reinforces the broader restoration of global confidence in Nigeria’s economic management. Recent international assessments underscore this momentum, with Moody’s and Fitch upgrading Nigeria’s ratings outlook on the back of stronger external balances, credible policy execution, and renewed monetary-policy credibility.

Similarly, the IMF’s 2025 Article IV Consultation highlighted improved reserve adequacy, greater transparency, and a reform agenda increasingly aligned with global standards. Commenting on the announcement, Governor Olayemi Cardoso said: “The FATF’s decision to remove Nigeria from the grey list is a strong affirmation of our reform trajectory and the growing integrity of our financial system. It reflects a clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms. Our priority now is to consolidate these gains, ensuring that compliance, innovation, and trust continue to advance hand in hand to reinforce financial stability and strengthen Nigeria’s global credibility.”

Nigeria joins South Africa, Mozambique and Burkina Faso as the latest African countries to achieve this milestone, reflecting broader progress across the continent.

The CBN remains committed to strengthening collaboration with domestic and international partners to sustain a sound, transparent, and trusted financial system that safeguards financial stability and market integrity while advancing inclusive and sustainable economic growth.