Business
Account for N3trn public funds – SERAP drags CBN to court
A lawsuit has been filed by the Socio Economic Rights and Accountability Project, SERAP, against the Central Bank of Nigeria, CBN, over its alleged failure to account for N3 trillion in public funds, including over N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
This was disclosed in a statement issued on Sunday by SERAP Deputy Director, Kolawole Oluwadare.
The suit, numbered FHC/ABJ/CS/250/2026, was filed last week at the Federal High Court in Abuja.
SERAP stated that this lawsuit followed grave allegations contained in the latest annual report by the Auditor-General of the Federation, which was published on 9 September 2025.
It further stated that it wants the court to compel CBN to account for the missing funds as well as explanations on how the money is spent.
The plaintiffs argued that the alleged violations constitute a breach of public trust and contravene the provisions of the 1999 Nigerian Constitution (as amended), the CBN Act, and established anti-corruption standards.
The statement issued by SERAP on its official handle read, “We’ve sued @cenbank over failure to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including the over N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme.
“The lawsuit followed the grave allegations contained in the latest annual report by the Auditor-General of the Federation, which was published on 9 September 2025.
“In the suit number FHC/ABJ/CS/250/2026 filed last week at the Federal High Court in Abuja, we are seeking an order of mandamus to direct and compel the CBN to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including detailed reports of how exactly the funds were spent.
“These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, and anti-corruption standards.
“These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.
“Nigerians have the right to know the whereabouts of the missing or diverted public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.“
The Nigerian Electricity Regulatory Commission (NERC) says electricity Distribution Companies (DisCos) collected N207.49 billion from customers in December 2025.
According to a report by the News Agency of Nigeria (NAN), the regulator disclosed this in its December commercial performance factsheet published on its website in Abuja on Saturday.
According to the report, the 11 electricity distribution companies billed consumers N258.66 billion during the month.
“Out of the billed amount, the companies collected N207.49 billion, leaving a revenue shortfall of N51.17 billion,” the commission said.
It noted that the figures translate to a collection efficiency of 80.22 per cent across the 11 electricity distribution companies operating on the national grid.
The factsheet said the utilities received electricity worth N309.65 billion from the grid in December.
However, only N258.66 billion of the energy supplied was successfully billed to customers, representing a billing efficiency of 83.53 per cent.
The regulator said the actual average revenue realised by DisCos stood at N98.97 per kilowatt hour.
This compares with an allowed average tariff of N124.30 per kilowatt hour, giving the industry a revenue recovery efficiency of 79.62 per cent.
A breakdown showed that Abuja Electricity Distribution Company recorded the highest revenue collection during the month.
The company collected N38.11 billion from N46.68 billion billed, representing a collection efficiency of 81.64 per cent.
Ikeja Electric collected N36.20 billion out of N43.41 billion billed, achieving 83.38 per cent collection efficiency.
Similarly, Eko Electricity Distribution Company realised N38.01 billion from N41.41 billion billed, translating to 91.79 per cent collection efficiency.
The commission said Benin Electricity Distribution Company collected N18.38 billion from N21.53 billion billed.
It added that Port Harcourt Electricity Distribution Company recovered N17.62 billion out of N21.6 billion billed.
Also, Ibadan Electricity Distribution Company collected N23.60 billion from N28.34 billion billed.
Enugu Electricity Distribution Company realised N17.57 billion from N23.08 billion billed during the review period.
Kano Electricity Distribution Company collected N8.98 billion from N15.64 billion billed, representing 57.45 per cent collection efficiency.
The report added that Yola Electricity Distribution Company realised N3.55 billion from N4.25 billion billed.
According to the regulator, Jos Electricity Distribution Company recorded the lowest collection efficiency at 42.92 per cent.
It said the company collected N5.43 billion from N12.67 billion billed in December.
The commission, however, noted that data for the Kaduna Electricity Distribution Company was unavailable.
It attributed the gap to an ongoing upgrade of the company’s billing system to meet regulatory requirements.
The Central Bank of Nigeria (CBN) has clarified the status of some banks in Nigeria.
Earlier in the year, there was fear that some banks might be liquidated.
A relief came on Friday when the Central Bank of Nigeria declared that 30 banks had already met the new minimum capital requirements introduced under its ongoing banking sector recapitalisation programme.
The apex bank also assured Nigerians that the country’s banking system remains stable and secure.
The apex bank said the exercise was moving forward as planned and remains on course to strengthen Nigeria’s banking system.
In a statement issued on Friday by the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, the bank said the latest figures show further progress compared to the update given last month.
According to the CBN, “As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisations.”
The new figure shows an improvement from the position announced earlier by the CBN Governor, Mr Olayemi Cardoso. On February 24, Cardoso had told the public that 20 banks had already met the recapitalisation requirements set by the regulator.
The CBN explained that many banks across the country have been raising fresh funds to strengthen their capital base as part of the exercise.
Mrs Sidi Ali said a total of 33 banks have so far raised new capital through different funding methods in order to meet the regulatory requirements. “In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme,” she said.
Rights issues allow existing shareholders to buy additional shares in their banks, while initial public offerings involve selling shares to the public for the first time. Private placements involve raising funds from selected investors.
According to the CBN, the capital positions of the remaining banks are still being reviewed as part of the regulator’s standard verification process.
Sidi Ali said, “The capital positions of the remaining banks are currently undergoing the Central Bank’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.”
The recapitalisation programme was introduced by the CBN in 2024 as part of broader efforts to strengthen Nigeria’s banking sector and ensure that banks have enough financial strength to support the country’s economic growth.
Under the programme, banks are required to raise additional capital depending on the type of licence they hold. The policy is designed to make banks stronger, more stable, and better positioned to finance businesses, households, and large projects in the economy.
Since the announcement of the policy, many banks have approached the capital market to raise fresh funds from investors, while others have relied on existing shareholders or institutional investors to increase their capital base.
The CBN said the exercise is already improving the financial strength of banks and will further enhance the ability of the sector to support economic activities across the country.
The apex bank also assured Nigerians that the country’s banking system remains stable and secure.
According to the statement, “The Central Bank of Nigeria reiterates that the Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth.”
The regulator also said it will continue to closely monitor banks to ensure that they fully meet the required standards.
Mrs Sidi Ali said the CBN would maintain close supervision of financial institutions throughout the recapitalisation process.
“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” she said.
The recapitalisation exercise is seen by financial experts as an important step in preparing Nigerian banks for a larger and more competitive economy, especially as the country seeks to attract more investment and expand business opportunities in the years ahead.
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, hosted an exclusive screening and media parley event recently, at the company’s Lagos headquarters Campus in Victoria Island, officially premiering brand new television commercials for its flagship consumer brands, Quickteller and Verve, alongside corresponding integrated marketing communication assets (across TV, Radio, OOH and digital formats) for the respective brands.
The dual-brand campaign launch reinforces Interswitch’s long-standing belief that payments should be a seamless, intuitive part of everyday life, empowering Africans to move, transact, and thrive without friction.
Rooted in a simple but powerful truth that payments should happen effortlessly in the background of life’s biggest moments, Quickteller’s brand campaign celebrates the energy, resilience, and decisiveness of today’s African consumer, and is built around a bold rallying cry – “Run It!”
The new Quickteller TVC salutes the modern go-getter: ambitious, driven, and always moving forward. It captures everyday moments where ambition meets action, bills paid instantly, airtime topped up in seconds, transfers completed seamlessly, and opportunities seized without delay. At every touchpoint, Quickteller stands as the invisible but indispensable enabler, powering intuitive transactions at the speed of thought.
Alongside Quickteller’s unveiling, Interswitch also launched a new thematic brand commercial for Verve, the proudly African brand which powers Africa’s leading indigenous payment card scheme, currently with over 100 million cards in circulation across the continent.
Verve’s campaign is anchored in a powerful narrative: the African spirit is vibrant, beautiful, undaunted, and deeply committed to enjoying the good life. This ethos forms the creative foundation of the new commercial, which celebrates aspiration, resilience, culture, and progress, brought to life through seamless and secure payment experiences.
Over the years, Verve has evolved beyond payments to build deeper lifestyle connections with consumers, particularly through VerveLife, its fitness and wellness platform, which has engaged millions of Africans passionate about living healthier, more intentional lives for over eight years.
In the words of Cherry Eromosele, Executive Vice-President for Marketing & Communications at Interswitch Group, “Together, these two brand campaigns for our flagship consumer brands at Interswitch essentially reflect our continued commitment to driving financial inclusion, enabling commerce, and championing African ambition at scale…”
Elucidating further, she added, “We could not be prouder of how far Verve has come. From becoming Africa’s most successful indigenous card scheme to fostering vibrant lifestyle communities, Verve represents confidence in our own story. This campaign is our way of celebrating Africans who are
boldly enjoying the good life, on their own terms. Similarly, Quickteller, our digital payments platform continues to serve as a trusted payments platform that enables Africans to transact seamlessly, and with the new Quickteller TVC, we salute this energy and ‘can-do’ spirit, capturing the role that the brand, Quickteller, plays in facilitating intuitive transaction experiences at the speed of thought, for our users across multiple transaction channel touchpoints.”
Also speaking at the launch, Tomi Ogunlesi, Divisional Head for Brands, Communications, Content & CSR, explained that both campaigns will be deployed through a coordinated 360-degree media rollout across key African markets, leveraging high-impact television placements, dynamic digital storytelling, engaging radio spots, strategic outdoor installations, and immersive social media activations.
He specifically emphasized that both the Verve & Quickteller TV commercials and campaign expression, in terms of conceptualization and production, were fully delivered through local talent and using real human characters, across both cast and crew.
In his words, “For us, this was a deliberate creative decision underscoring Interswitch’s belief that African stories are best told by African voices. In an era where artificial intelligence is increasingly used to simulate storytelling, the team chose a different path, eschewing artificial intelligence (AI) in favour of organic, emotionally driven film-making that captures real faces, real places, and real emotions!”
As Interswitch deepens its pan-African presence, these campaigns signal a refreshed focus on cultural relevance, trust-building, and human connection, elements that now define the future of African technology companies’ branding.
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