Category: Business

Access Bank’s ₦1.34bn Fraud: Court Orders 71 Banks, Fintechs to Freeze Accounts

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The Federal High Court in Lagos has ordered 71 banks and other financial institutions to place debit restrictions on accounts allegedly linked to the unauthorised transfer of ₦1.34 billion from Access Bank customers’ accounts. Justice Akintayo Aluko issued the order following an ex parte application filed by Access Bank after the lender detected the alleged fraud. According to court documents, Access Bank discovered the incident on August 12, 2026, and said the transactions were carried out through its internet banking platform, the Access SME App. The bank said its internal…

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Kenya: President Ruto Orders Foreigners Running Small Shops, Hawking Businesses to Shut Down From September 7

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Kenyan President William Ruto has directed authorities to begin a crackdown on foreign nationals operating small-scale businesses in the country, with enforcement scheduled to start on Monday, September 7, 2026. Ruto specifically mentioned foreigners engaged in hawking and operating small retail shops, saying such businesses should be reserved for Kenyan citizens. The President gave the directive on Wednesday, September 2, while addressing Micro, Small and Medium Enterprise (MSME) traders at State House in Nairobi. According to Ruto, Kenya welcomes foreign investment but foreigners should not compete with local citizens in…

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Uber Exits Nigeria After 12 Years, Ends Ride-Hailing Operations

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Uber has officially ended its ride-hailing operations in Nigeria after 12 years of providing transportation services in the country. The global ride-hailing company announced its exit from Nigeria, with the shutdown taking effect on September 2, 2026. Uber launched its operations in Lagos in 2014 before expanding to other Nigerian cities, becoming one of the major players in the country’s rapidly growing e-hailing industry. The company said the decision followed a review of its business priorities and investment focus across Africa. However, Uber did not specifically state that its Nigerian…

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GTBank Customer Loses N4.6m to Alleged Unauthorised Transfer, Demands Refund

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A Lagos-based customer of Guaranty Trust Bank (GTBank), Onifade Isaac, has alleged that N4.6 million was transferred from his savings account without his authorisation. Isaac, a warehouse manager, said the money was transferred from his GTBank account on August 22, 2026, to a Pocket App account bearing the name Zahara’u Iliyasu. According to him, he did not initiate or authorise the transaction and did not receive an SMS alert or One-Time Password (OTP) for the transfer. Isaac said he only discovered that the money was missing later that day when…

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Union Bank’s alpher empowers 98 women entrepreneurs with skills, mentorship, funding

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Union Bank of Nigeria’s dedicated proposition for women, alpher, has partnered with Zuri Circle Network (ZCN) to empower 98 female entrepreneurs through the Fearless Female Founders (FFF) 2.0 Accelerator Programme. The initiative was designed to bridge the gap between women-led businesses and access to capital, business knowledge, mentorship and opportunities for sustainable growth. The programme attracted 2,810 applications from women entrepreneurs across Nigeria, with 98 founders selected after a rigorous screening process involving business verification and compliance checks. As part of its commitment to supporting women entrepreneurs, Union Bank also…

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Fidelity Bank to Unlock Growth Opportunities for Northern Businesses with Quarterly Business Forum in Kano

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Leading financial institution, Fidelity Bank Plc, is set to host the next edition of its Quarterly Business Forum on Wednesday, September 2, 2026, in Kano, bringing together business owners, entrepreneurs, industry leaders and key stakeholders to explore opportunities for business growth and sustainability across Northern Nigeria. The Kano edition builds on the success of the Bank’s previous Quarterly Business Forum held in Port Harcourt, which provided business owners and entrepreneurs with practical insights, valuable industry connections, and opportunities for sustainable business growth. Themed “Positioning Northern Businesses for Growth,” the forum…

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Fidelity Bank Deepens Commitment to Food Security in Abeokuta

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As part of its efforts to alleviate hunger and support livelihoods across Nigeria, leading financial institution, Fidelity Bank Plc, has donated more than 2,000 food packs to residents in Abeokuta, Ogun State, through its Fidelity Food Bank Initiative. The distribution exercise, held at St. Peter and Paul Catholic Cathedral, Itesi, Adatan, Abeokuta is a part of the bank’s Corporate Social Responsibility (CSR) programme focused on supporting vulnerable populations and expanding access to essential food supplies. Speaking at the event, Folaranmi Jemirin, Regional Bank Head, South West 1, Fidelity Bank Plc,…

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Polaris Bank Hosts Children for a Day of Fun, Learning and Workplace Discovery

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Polaris Bank has hosted some children of its employees to a memorable day of fun, learning and workplace discovery as part of its commitment to strengthening employee engagement and creating meaningful experiences for staff and their families. The “Bring Your Child to Work” programme, which welcomed children aged six years and above, provided the young participants with an opportunity to experience the workplace from a different perspective, see where their parents work, meet their colleagues, and gain a better understanding of what their parents do every day. The children, selected…

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NPS Processes Over 26million Transactions as First Bank and Fidelity Bank Lead in Volume and Value

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The Nigeria Inter-Bank Settlement System (NIBSS) Plc, Nigeria’s foremost payments infrastructure provider, has commenced the rollout of the National Payment Stack (NPS), a sovereign, ISO 20022 compliant digital infrastructure designed to succeed legacy NIBSS Instant Payment (NIP) system and modernize Nigeria’s financial ecosystem. Unifying payments, identity, and data onto a single intelligent rail, the multi-currency architecture bridges transaction processing and payment intelligence while establishing robust cross-border capabilities. Initial operational metrics highlight rapid commercial adoption, with the NPS platform already recording 26.55 million transactions valued at ₦1.4 trillion across 48 participating…

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The Asset No Creditor Can Seize

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In the corridors where money and power meet, integrity is not a soft virtue to be admired from a distance. It is the hardest risk control an institution owns, and the one asset that outlives us. Eyitayo Quadri Much of my working life is spent thinking about what can go wrong and/or how it can be done better in a safe way. That is the quiet vocation of a risk officer: to sit in the room where decisions are made, to ask the unpopular question, to imagine the failure before…

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