Business
Glo, Palmpay, Partner to Unveil Edition 2 of ‘‘Recharge and Win Bonanza’’
For the second year running, Nigeria’s leading fintech, PalmPay, is collaborating with digital Solution provider, Globacom, to unveil the second edition of the “Recharge and Win Bonanza” which gives Nigerians who purchase Glo airtime and data via the PalmPay app the chance to win amazing prizes.
The promotion, according to a joint statement from the companies will run from June 19th to August 8th, 2025.
The statement explained that, “A weekly live raffle draw will be held and streamed on PalmPay’s official social media channels throughout the campaign. Customers who make Glo transactions through the PalmPay app will stand a chance to win prizes such as the iPhone 15 Pro, Infinix Hot 40, and many other exciting items”.
It added that every transaction above N500 gives participants an extra shot at winning, adding that daily social media challenges will also offer participants a chance to win cash prizes. Additionally, PalmPay users can enjoy up to 6% cashback when they buy Glo airtime and data through the PalmPay app. As an added bonus, customers who have not subscribed to a Glo data plan in the last 90 days will receive a 100% bonus on their recharge during the campaign period.
To participate in the promo subscribers can log onto http://bit.ly/PalmPaySms
Wayne Ruppel Head of Billers, PalmPay Limited stated that: “This collaboration is a major step in our mission to deliver MORE – more support, more rewards, and more innovation to our customers. Partnering with Glo, a leader in the telecommunications sector, is a testament to our shared commitment to improving everyday experiences for all Nigerians. We are excited to reward our users and encourage everyone to take full advantage of this exciting opportunity.
“PalmPay has transformed the digital payment landscape with its easy-to-use and reliable payment app. Offering free transfers, access to over 30 different services on its app, and a network of mobile money agents and merchants, it has rapidly grown to be a preferred payment platform for over 35 million users across Nigeria. We are therefore delighted to offer our customers the opportunity to win amazing prizes”.
On its part, Globacom expressed optimism that the bonanza will be another opportunity to create additional value for its subscribers through unique customer-appreciation schemes.
“Our partnership with PalmPay on the ‘Glo with ‘PalmPay bonanza” perfectly underscores our commitment to delivering exceptional value and experiences. Over the years, we have always sought innovative ways to enrich the lives of our customers. We, therefore, enjoin our subscribers to utilize the opportunity provided by the bonanza and enjoy the many benefits it offers”.
Both PalmPay and Glo are dedicated to providing an outstanding customer experience, rewarding loyalty, and reinforcing their shared goal of making digital transactions more accessible, rewarding, and secure for millions of Nigerians throughout the campaign.
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.
