Business
Accountant General, Customs CG Disagree over N28bn Unremitted Fund
The Comptroller-General of the Nigeria Customs Service, Col. Hameed Ali (retd.), on Thursday disagreed with the Accountant-General of the Federation, Ahmed Idris, over the N28bn allegedly under-remitted into the Federation Account in 2015.
Ali and Idris appeared before the Senate Public Accounts Committee to address the panel over the audit query issued to the Accountant General Office by the Auditor-General of the Federation, Anthony Ayine.
Ayine had in his Financial Statement for 2015 asked the Accountant-General to explain the differentials in the amount remitted by the Customs Service and the figures contained in his own records.
The audited report showed that the NCS remitted N185bn as against N157bn in the Accountant-General’s document.
The Accountant-General who was represented by a director in his office, Feyintola Olusegun, had earlier referred the Auditor-General and the Senate Panel to the NCS for clarification.
The NCS boss while appearing before the Senator Matthew Uroghide-led SPAC on Thursday absolved his agency of any wrongdoing.
Ali said the query was strange to the service because the mode of Customs collections was purely automated.
The Accountant-General therefore said the N28bn was for ECOWAS Stabilisation Fund for 2015.
The members of the panel said the Accountant-General’s latest explanations did not reflect in his earlier written submission to the Senate Panel.
He was also unable to provide documentary evidence to back up his claim.
On the query of non-remittance of pension fund, Ali admitted that his command defaulted in 2015 because it did not have sufficient funds to meet up with the obligation.
But the Accountant-General was asked to explain the N37.8bn borrowed from the 10 per cent Rice Level Account for urgent expenditure in 2013.
The Senate Panel asked why the Accountant General had failed to include the loan in the budget since then.
The Customs Service benefitted N4.5bn from the said loan.
Other beneficiaries of the unpaid loan are the Independent National Electoral Commission, PHCN, and NIMCOMSAT.
The Senate panel, however, asked the Accountant General to come forward with details of the loan that could help it conclude its probe.
The Chairman of the Senate panel expressed disappointment with the MDAs over their inability to defend audit queries issued to them.
Urhogide lamented that for over five years, many MDAs hadn’t produced their audited accounts.
He said, “How can we say we are fighting corruption under this situation?
“The Customs Act says you must send in your audited accounts, six months into another financial year.
“We must clear the outstanding unaudited accounts. What the President does with this will tell us how we are fighting corruption.”
The Punch
Fidelity Bank has announced its commitment to exit Central Bank of Nigeria (CBN) forbearance arrangements by the end of the first half of 2025, ensuring compliance with regulatory requirements and positioning itself for a dividend payout to shareholders for the 2025 financial year.
In a statement issued on Wednesday, the bank disclosed that its exposure under the Single Obligor Limit (SOL) forbearance is tied to two obligors, but expressed confidence that this exposure will be brought within regulatory limits by the first half of 2025.
According to the statement signed by Company Secretary, Ezinwa Unuigboje, Fidelity Bank remains committed to maintaining strict compliance with all regulatory policies, including the recent CBN directive on forbearance, which aims to strengthen capital buffers, improve financial resilience, and promote prudent lending practices across the banking sector.
The bank says forbearance granted on other credit facilities applies to four customers; however, steps have been taken for the return of the accounts to performing status by June 30.
“With respect to the forbearance granted on other credit facilities, the Bank confirms that this applies to four customers. We have proactively made substantial provisions on these facilities and have taken targeted and comprehensive steps to ensure full provisioning or return of the accounts to performing status by June 30, 2025,” the statement reads.
The bank added that it has successfully raised N273 billion through a Public Offer and Rights Issue, which were oversubscribed by 237.92% and 137.73%, respectively.
In a bid to meet the N500 billion minimum capital requirement mandated by the CBN for banks with international authorization, the bank plans to raise an additional N200 billion through a Private Placement in the 2025 financial year.
The statement confirmed that CBN and shareholder approvals for the Private Placement have been obtained, while other regulatory approvals are still being processed to ensure timely completion in 2025.
Reaffirming its commitment to financial stability and shareholder value, Fidelity Bank assured investors that “it expects to exit all CBN forbearance arrangements (SOL/Credit) and remains in a strong position to meet the prevailing requirements to enable it to pay dividends for the current financial year and subsequently.”
Business
Zenith Bank to Exit CBN’s Regulatory Forbearance by June 30, Assures Continued Dividend Payout
Zenith Bank Plc, Nigeria’s biggest bank by Tier-1 Capital, has assured shareholders and investors of its readiness to satisfy all relevant conditions to exit the Central Bank of Nigeria’s (CBN) regulatory forbearance by June 30, 2025.
The bank also expressed confidence in meeting shareholders’ dividend expectations in the 2025 financial year.
The clarification comes on the back of heightened scrutiny of Nigerian banks’ capital health following the new CBN directive that suspends dividend payments and tightens oversight for banks with outstanding forbearance-related loans or breaches of the Single Obligor Limit (SOL).
In a statement presented to the Nigeria Exchange (NGX) Group on Tuesday, June 17, 2025, the Bank stated that its exposure under the Single Obligor Limit (SOL) forbearance relates solely to a single obligor, pointing out that this exposure will be brought within the applicable regulatory limit on or before June 30, 2025.
The bank also confirmed that the forbearance granted on other credit facilities applies to only two (2) of its customers, noting that it has made substantial provisions in respect of these facilities and taken appropriate and comprehensive steps to ensure full provisioning by June 30, 2025.
Business
CBN’s Directive: Access Bank Assures Shareholders, Stakeholders of Compliance, Dividend Payment
Access Bank Plc has responded to the letter of the Central Bank of Nigeria, directing temporary suspension of dividend payment among other bonuses, saying that the bank was the first to meet and exceed the Central Bank of Nigeria’s authorisation on meeting N500 billion minimum capital requirement.
In the statement signed by the bank’s secretary, Sunday Ekwochi, and made available to the National Association of Online Security News Publishers (NAOSNP), the bank stated it was prepared to comply with the apex bank’s directive on exiting forbearance by June 30, 2025, while maintaining strong capital buffers and paying dividend to its shareholders.
The statement in full:
RE: CENTRAL BANK OF NIGERIA’S LETTER ON TEMPORARY SUSPENSION OF DIVIDEND PAYMENT, BONUSES, AND INVESTMENT IN FOREIGN SUBSIDIAIRES
With reference to the Central Bank of Nigeria’s letter, BSD/DIR/COM/LAB/018/008, dated June 13, 2025, concerning regulatory forbearance on Single Obligor Limit and other credit facilities, as well as Chapter 17 of the Nigerian Exchange Rulebook 2015 regarding disclosure of material circumstances, Access Holdings Plc (‘the Company’) wishes to make the following disclosures to the investing public.
As of December 31, 2024, the Company’s banking subsidiary, Access Bank Plc N500 billion minimum capital requirement for commercial banks with international (‘the Bank’) was the first bank to meet and exceed the Central Bank of Nigeria’s authorisation.
In accordance with the Central Bank of Nigeria’s directive mentioned in the requirement as of the date herein and will continue to ensure adherence to this referenced letter, the Bank is currently compliant with the single obligor limit regulation.
Regarding the regulatory forbearance on credit facilities, the Bank will comply with the apex bank’s directive by June 30, 2025, while maintaining strong capital buffers and paying dividend to its shareholders.
We assure our esteemed shareholders and stakeholders of our commitment to delivering sustainable value in the immediate and long term and thank them for their trust and support over the years.
