Business
Customers panic as CBN bans Opay, Palmpay, others’ new accounts
Some bank customers have expressed panic as the Central Bank of Nigeria bans mobile money operators including fintech firms from onboarding new customers.
However, the Bank Customers Association of Nigeria backed the CBN directive.
The new directive will affect fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint, from opening new accounts until further notice.
Reliable sources from three major fintechs who requested not to be mentioned as they were not permitted to speak, confirmed the development to The PUNCH on Monday.
The CBN’s move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.
It was gathered that the CBN had summoned some of the heads of fintechs to Abuja to discuss issues around KYC last week.
The CBN has not yet publicly commented on the directive to the fintech firms. The PUNCH’s attempts to reach the apex bank for comment were unsuccessful.
Several calls made to the telephone line of the CBN spokesperson, Hakama Ali Sidi, were not responded to as of the time of filing this report.
Also, the directive coincided with the court order that the Economic and Financial Crimes Commission (EFCC) obtained to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.
The 85-page court order (document), which listed the bank account details suspected to be involved in illicit activities, was obtained by The PUNCH on Monday.
Justice Emeka Nwite, in a ruling on the ex-parte motion, moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.
Part of the court document read, “That the applicant’s (EFCC) application is hereby granted as prayed.
“That an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below, which accounts are owned by various individuals who are currently being investigated in a case involving the offenses of unauthorised dealing in foreign exchange, money laundering, and terrorism financing, to the extent that the investigation will be for a period of 90 (ninety) days.”
The EFCC, in the motion marked FHC/ABJ/CS/543/2024 dated and filed April 24 by Iheanacho, was heard by the judge the same day in the interest of national interest. “The motion was brought pursuant to Section 44(2) and (K) of the 1999 Constitution; Section 34 of the EFCC Establishment Act 2004; Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022; and under the inherent jurisdiction of the court.”
The President of the Bank Customers Association of Nigeria, Uju Ogubunka, backed the CBN’s move to suspend new account opening on the affected platforms.
He told The PUNCH that the strict regulations that govern deposit money banks must apply to fintechs, and microfinance banks in order to ensure the integrity of the financial institutions.
He said, “Anything that can disrupt the system should not be permitted. If the platforms are being used for things that are against the regulations, I think the CBN decision is OK. I don’t see anything wrong with that. It behoves on the companies now to get their KYC right.
“Let them do what they are supposed to do. KYC applies to banks and other financial institutions that deposit money. It should also apply to them so that the regulators can understand what is going on and hold them accountable.”
On the other hand, Emmanuel Odunsi on X (formerly Twitter) welcomed the move, citing the need for better KYC processes to prevent scams and fraudulent activities.
“Their KYC isn’t that great. Lots of scammers are using their apps to defraud people.
“Most of the accounts were created by mining phone numbers, with subscribers’ permission. Almost every phone number has been linked to an account,” Odunsi said.
A source from Moniepoint said the company had complied with the directive, effectively halting new account creation on their platform. However, the source denied having anything to do with KYC.
“It’s just a regulation from the CBN, and we’ve complied. The real question is, why are fintechs always targeted,” the source argued.
“It has nothing to do with KYC; I am aware that the CBN communicated, but this particular issue dwells on accounts related to cryptocurrency transactions,” the source revealed.
The CBN has an ambitious target to increase overall financial inclusion to 95 per cent of the adult population by 2024.
With the new order, the target may be affected, as the company processes about 100 new accounts every day.
The source argued that fintechs had played significant roles in deepening financial inclusion in the country.
The company had deployed robust and reliable digital payment infrastructure that has facilitated an average monthly transaction value of $12bn for about 1.6 million businesses, it said last year.
A senior employee of PalmPay confirmed to The PUNCH that there was a CBN directive for fintechs to reassess their KYC processes.
This is causing a temporary pause in onboarding new customers, the source stated.
She clarified that the KYC review was a collaborative effort with the CBN, and fintechs were awaiting further instructions without a specified timeline for resolution.
Another source at OPay, who also declined to be named, said they were following the CBN’s directive and could not comment further.
“We don’t really have anything to say. It’s just a directive that we are following. The CBN has issued their directive.“
Fintech companies have faced increased regulatory scrutiny over their account opening processes.
Customers worry
However, some customers have also used social media, both on X (formerly Twitter) and Facebook, to express their worries and opinions on the matter.
Some customers are anxious about the safety of their funds, with Warisenibo Jumbo suggesting it’s best to transfer their money out of Opay.
Oye Niran wondered if their Moniepoint account was safe, stating, “Hope my Moniepoint account is safe.”
Larry Leanz questioned the rationale for keeping money on these platforms.
“But is it still safe to keep money there?, Leanz questioned.
By Chinedu Sabastine
ENUGU – Value Circle Africa (VCA), a marketing outfit dealing in organic food products, has launched operations in Enugu, promising to promote health and wealth creation among millions of Africans.
The company, which markets products including soya bean oil, swallow, fufu and Ganadima mushroom, said it was targeting 20 million Africans through its business model.
Speaking at the unveiling in Enugu, Chairman of VCA, Elder Dennis Ogbonnaya Nwankwo, claimed that participants who purchase products worth N65,000 could earn up to N550,000 over six months under the company’s reward scheme.
Nwankwo said VCA was an offshoot of Nature’s Renaissance International Limited (NRI), founded by High Chief Clinton Brown Odiagbe.
He explained that the initiative was designed to share the company’s profits with customers rather than concentrate its earnings on business expansion.
According to him, a participant who purchases products worth N65,000 would receive N50,000 initially, with subsequent monthly payments of N100,000, subject to the company’s stated terms.
He further claimed that an investment of N6.5 million could yield about N55 million within six months.
Nwankwo said the company manufactured its organic products and intended to use the proceeds to improve the financial circumstances and health of its customers.
“Every other company is marketing its products and making its profit. We manufacture our organic products, including soya bean oil, swallow, fufu and Ganadima mushroom.
“But we decided that we should not use the money to establish an airline or acquire more estates. Instead, we decided to share it with people around us,” he said.
He added that the company encouraged participants to reinvest their earnings to build sustainable financial capacity.
“We believe that if we continue to do this, we will also train people not to consume all the money they earn but to reinvest it. That is how we intend to wipe away poverty,” he said.
The VCA chairman urged interested persons to participate in the scheme, claiming that those who borrowed N65,000 to purchase the products could repay their loans from subsequent payments.
He, however, did not provide independently verified financial records to substantiate the returns being promised.
One of the company’s beneficiaries, Pastor David Ime Jesus, said he joined the scheme in June 2026 and had received payments under the arrangement.
“I began to invest in June and have been earning N100,000 every month since the initial N50,000 I earned in July,” he said.
Business
No Bad Blood Over New Cement Factories, But Our Mining Rights Run Till 2045 — Ibeto Tells Ebonyi Govt
ABAKALIKI, EBONYI STATE — Billionaire industrialist and Chairman of Ibeto Group, Dr. Cletus Ibeto, has clarified his position on plans by the Ebonyi State Government to establish a new cement manufacturing plant, saying he has no objection to fresh investment in the state provided his company’s existing mining rights are respected.
Ibeto, who is also a core investor in the Nigerian Cement Company (Nigercem), said the proposed development should not interfere with areas covered by valid mining leases held by his company.
“We are not against the establishment of new cement factories in Ebonyi State. However, such developments must not interfere with or overlap the specific areas where Ibeto Group holds valid Mining Lease Licences issued by the Federal Ministry,” Ibeto stated.
He said the company’s statutory mining leases covering limestone deposits in the Nkalagu axis remain valid until 2045.
Ibeto stressed the need for proper delineation and mapping of mining areas to prevent conflicts between existing title holders and new investors seeking to establish businesses in the state.
Under Nigeria’s legal framework, mineral resources are vested in the Federal Government, with mineral titles administered through the Federal Ministry of Solid Minerals Development and the Mining Cadastre Office.
Nigercem Ready to Resume Operations
Addressing concerns over the future of the historic Nigercem plant, Ibeto said Ibeto Group remains committed to reviving the facility and is ready to commence work once outstanding administrative issues with the state government are resolved.
He said the company’s position should not be interpreted as opposition to new investment in Ebonyi, stressing that his concern was the protection of legally acquired mining rights.
The development could pave the way for both the revival of Nigercem and the entry of new investors into Ebonyi’s cement industry, provided the respective mining areas are clearly mapped out and existing legal titles are respected.
Business
Patience Jonathan Hails Azikel Boss Eruani as ‘Small Boy’ She Mentored Into Billionaire League
She said her guidance was behind his bold entry into big business at a relatively young age.
The former First Lady spoke on Tuesday in a video which went viral on Thursday during an inspection tour of the Azikel Refinery in Obunagha, Bayelsa State, alongside other dignitaries.
She said she personally introduced Eruani to billionaire businessmen, Aliko Dangote and Aminu Dantata, and pushed him to aspire to their level despite being the youngest among them.
“He’s a boy that I brought up. We are always together. Although he’s the little one among us when we are friends — Dangote, Seyi, Dantata, Eruani — among us, he’s the smallest. But I made sure he followed the Dangotes, he followed Dantata.
“Because I’m a woman in their midst, I made sure I told this small boy, ‘Go and follow them, and stop the grammar.’ But when he told me that one day he would be like Dangote, I said, ‘You’re thinking too high.’ I prayed to God to grant him his heart’s desire,” she said.
The former First Lady also recalled how the immediate past APC administration under Muhammadu Buhari initially failed to grant Eruani a refinery licence before eventually approving three.
“During the Buhari administration, he and others came to me and told me they were going to apply for a refinery. I told him, ‘Eruani, your brother, the President, did not give you a refinery.
“Is it the APC government that will give you one?’ I prayed it would happen. But later, they came back and told me they had been given three refineries,” she said.
The 25,000 barrels-per-day plant is a private hydro-skimming refinery designed to process condensate into petrol, diesel, aviation fuel, kerosene and other products.
It is set to become Nigeria’s second-largest full-slate refinery and the first major privately owned refinery in the Niger Delta.
The Managing Director/Chief Executive Officer of the Niger Delta Development Commission, Samuel Ogbuku, who joined the inspection tour, commended Eruani for his perseverance, noting that he had attended the project’s groundbreaking ceremony eight years ago.
Ogbuku described the refinery as an inspiration and a potential catalyst for investment, job creation and economic growth in Bayelsa State, and urged residents, particularly youths, to key into the opportunities it would create.
He also praised the Bayelsa State Government for improving road infrastructure leading to the refinery site and called for continued support for the project.
Governor Douye Diri, who was represented at the inspection by his deputy, Peter Akpe, has consistently backed the project, which is expected to employ hundreds of workers and drive industrialisation in the state.
Other dignitaries at the event included the Chairman of the Bayelsa State Council of Traditional Rulers, King Bubaraye Dakolo; Vice President of Azikel Group, Presley Asemota; and Isaac Yalah, among others.
A market check on Tuesday showed that NNPCL outlets in Abuja and nearby areas adjusted their petrol price from N1,155 per litre to N1,270 per litre.
The latest adjustment represents an increase of N115 per litre by the state-owned oil company.
The new price change follows recent increases by depot owners and petroleum marketers, who have adjusted their rates twice within a week.
The latest development also comes days after Dangote Refinery resumed the sale of refined petroleum products in dollars, a move that has raised concerns among industry players over the direction of fuel pricing in the country.
The Federal Government has disclosed that 13 of the 50 oil and gas blocks offered in the 2025 Licensing Round will be returned to the licensing basket after failing to attract bids from prospective investors.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.
Eyesan said that although 50 blocks were initially put up for bidding, prospective investors showed interest in only 37.
“At the end of the exercise, we had 50 blocks on offer, but we only had representation for 37 of those 50 blocks. Thirteen of those blocks will be returning back to the basket,” she said.
She further disclosed that 143 companies participated in the commercial bid process, submitting about 200 bids for the available oil and gas assets.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” Eyesan stated.
According to her, nearly 300 companies initially expressed interest in the licensing round, which she described as a sign of renewed investor confidence in Nigeria’s upstream petroleum sector.
“When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she said.
She explained that the number of interested companies was reduced to 196 following the prequalification stage, before the process moved to the technical and commercial evaluation phases.
“From the almost 300 interests that we got, we moved to the pre-qualification stage, and that number was pruned down to 196,” she added.
The 2025 Licensing Round was launched on November 11, 2025, in accordance with the Petroleum Industry Act 2021, with 50 oil and gas blocks put up for bidding across seven sedimentary basins.
The assets comprise 16 Niger Delta onshore blocks, 18 shallow-water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.
The bid portal opened on December 1, 2025, while a pre-bid conference was held in Lagos on January 14, 2026, to provide prospective investors with guidance on the bidding requirements.
Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.
The NUPRC said winning bids are being determined through a weighted evaluation that considers signature bonus commitments, proposed work programmes and performance security. The process combines technical and commercial scores rather than relying solely on financial offers.
The framework is aimed at ensuring that Nigeria’s petroleum assets are awarded to investors with the financial capacity, technical expertise and operational strength required to accelerate exploration and production in the country’s upstream sector.
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