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How Buhari Regime Depleted ECA by N1.5tn

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Between 2015 and 2019, the Federal Government withdrew N1.5tn (about $4.92bn) from the Excess Crude Account, statistics obtained from the Ministry of Finance have revealed.

The ECA, which was created by former President Olusegun Obasanjo in 2004 for the purpose of saving oil revenue in excess of the budgeted benchmark, rose from $5.1bn in 2005 to more than $20bn in November 2008.

But persistent demand by states to fund various programmes and the inability of the Federal Government to generate adequate revenue to fund its operations had put pressure on the Federal Government to draw down the account.

Available statistics showed that in the last five years, stretching from 2015 to 2019, a total of $4.92bn or (N1.5tn at the government rate of N305 to a dollar) was withdrawn from the account.

The Federal Government gave approval for the withdrawal of N458.14bn in the 2015 fiscal period from the ECA.

From this amount, N359.39bn went into petroleum subsidy payment and N98.19bn was used for revenue augmentation to the three tiers of government.

The 2016 fiscal period saw the Federal Government withdraw the sum of N85.17bn to augment revenue to the three tiers of government while $250m was taken out of the account in 2017.

In 2018, the Federal Government depleted the account by an additional amount of $2.87bn.

The withdrawal for 2018 was significantly higher than the $250m withdrawn in 2017 by about $2.62bn.

Based on an analysis of the figures from the Budget Office, the sum of $1.76bn was withdrawn in the fourth quarter of 2018 by the government for the Paris Club refund to state governments.

The $1.76bn represents about 61 per cent of the entire $2.87bn withdrawn during the 12-month period.

Further analysis of the figures showed that the sum of $496.37m was approved by the President, Major General Muhammed Buhari (retd.), and withdrawn for the purchase of Super Tucano Aircraft.

The withdrawal of that amount, according to findings, was made in the first quarter of 2018.

Similarly, the President also gave approval that the sum of $380.51m be withdrawn for the first batch of procurement of equipment for the Nigerian Army, Navy and Defence Intelligence Agency.

The withdrawal of the $380.51m, according to investigations, was made in the fourth quarter of 2018.

Similarly, the Federal Government also gave approval that $233.29m be withdrawn for states’ matching grant to the Universal Basic Education Commission.

The amount was taken out of the ECA in the fourth quarter of 2018.

The account also incurred bank charges of $122.23 during the 12-months period of 2018.

In 2019, the ECA witnessed a decline of about $306.04m or N98.48bn from $631m as of January ending to $324.96m as of the end of the year.

It was recently reported that the account was further depleted by N253.1m from $324.96m in January to $71.81m, the status of the account as of February 19.

The World Bank had said the Nigerian economy had become more vulnerable to shocks as a result of the depletion of the Excess Crude Account.

In its latest Nigeria Economic Update, the World Bank had warned that a ‘moderate’ decline in oil price could trigger another recession, noting that the exhaustion of the ECA had made the country more vulnerable.

“Fiscal buffers in the Excess Crude Account have been exhausted, rendering Nigeria more vulnerable to shocks,” the bank said.

Noting that the account was mismanaged, the report added, “The ECA has rarely operated as envisaged. When it was established in 2004, it was to be drawn on only when the actual crude oil price falls below the budget benchmark price for three consecutive months.

“However,  state governments contended that the federal Fiscal Responsibility Act of 2007 creating the ECA was not binding on state and local governments.”

The Lagos Chamber of Commerce and Industry and the Institute of Finance and Control of Nigeria have said the depletion of the country’s Excess Crude Account signalled pressure on government revenues.

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Access Sets New Benchmark for Nigeria’s Finance Talent Pipeline

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New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, a distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.

In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.

Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.

For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent. CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”

Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet. Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.

Access Holdings Group Chief Executive Officer, Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.” The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.

That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.

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UBA Partners Mikano to Launch Auto Financing Scheme

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has partnered Mikano Motors to launch an auto financing scheme, themed: ‘Drive Your Dream Today’, specifically designed to ease the purchase of new vehicles by making them more accessible to Nigerians. The flexible Financing solutions Initiative, requires customers to make an initial payment of just 30 percent while the Bank finances the remaining 70 percent.

Unveiled at the Mikano Motors showroom in Victoria Island, Lagos, the scheme allows eligible customers to repay the financed amount in instalments over a period of 36 months at an interest rate of 23 percent.

The financing is available to a broad range of customers, including individuals who are not on a salaried income, providing entrepreneurs, and other eligible Nigerians with a structured pathway to vehicle ownership.

The process begins with a simple eligibility check. Interested customers can visit their nearest UBA branch or email consumerlending@ubagroup.com to confirm their eligibility. Once approved, customers can proceed to Mikano Motors to obtain a proforma invoice for their preferred vehicle and continue with the financing process.

Speaking at the launch, UBA’s Group Executive Director, designate, Personal and Business Banking, Chidi Okpala, said the partnership reflects the Bank’s commitment to making everyday aspirations more attainable while promoting a stronger credit culture and advancing financial inclusion.

“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,” Okpala said. “A customer puts down 30 percent, we finance the rest, and they pay us back comfortably over a three years period. By removing the single biggest barrier to vehicle ownership where a customer just commits with an upfront cost, we are showing what customer-first banking looks like in practice, which is making their lives easier, by meeting our customers where they are and helping them get where they want to be.”

Also speaking, UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was designed to make vehicle financing straightforward and accessible to both salaried and self-employed customers.

“We have kept the entry simple and the terms clear, whether you earn a salary or run your own business,” Okoh said. “A short eligibility check at any branch or by email is all it takes to begin, and our team guides the customer through every step to the moment they collect their keys.”

For Mikano Motors, the partnership provides an opportunity to extend its vehicle ownership proposition to a wider pool of Nigerians

The company’s General Manager, Tarek Mostafa, said the collaboration aligns with Mikano Motors’ vision of providing customers with a high-end ownership experience supported by reliable after-sales services.

“Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to years down the road,” Mostafa said. “The backbone of any automotive business is not just the sale, but the after-sales service that follows. Every vehicle we sell is backed by genuine spare parts, reliable maintenance and quality service available anywhere in the country. Wherever you are we would come meet you at no extra cost”

“Partnering with UBA lets more customers enjoy that experience, and we are proud to build lasting relationships alongside a bank that shares our commitment to service,” he added.

Established in 2018 under Mikano International, Mikano Motors builds on more than 35 years of the group’s presence in Nigeria. The company offers a diversified portfolio of vehicles supported by nationwide sales and after-sales services.

The partnership further strengthens UBA’s consumer lending proposition, providing customers with structured financing solutions designed around accessibility, affordability and convenience. Through partnerships such as this, the Bank continues to expand access to credit while helping customers meet significant personal and lifestyle needs with ease.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

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Access Bank Issues Disclaimer, Says Shutdown Notice False, Misleading

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Access Bank Plc has said that a social media post announcing a shutdown of the bank’s operations, is false and misleading.

In a statement signed by the bank’s management, and made available to the media, the Bank insisted that the notice is the handiwork of mischief makers, who impersonated the bank’s official handle.

It advised members of the public to disregard the notice, and pay attention only to verified information from the verified accounts of the bank.

Below is the full statement:

“A message impersonating Access Bank’s official handle is currently circulating on social media and WhatsApp. It is false and misleading.

“We wish to reassure our customers, partners, stakeholders, and the public that Access Bank is safe, financially strong, and fully operational across all our subsidiaries. Our services continue to run seamlessly, and we remain committed to serving our customers with the highest standards of excellence.

“We are working closely with the relevant regulatory and law enforcement authorities to identify those responsible for creating and spreading this false information to cause panic and business disruption. Appropriate legal action will be taken in accordance with applicable laws and regulations.

“We also remind members of the public that creating, publishing, and disseminating false information capable of causing public alarm, damaging reputations, or undermining confidence in institutions constitutes an offence under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.

“If you receive a false and misleading message, please do not share or forward it. Instead, disregard it and rely only on information communicated through Access Bank’s official and verified channels.

“We thank our customers, partners, and stakeholders for their continued trust and confidence in Access Bank.”

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