Banking
Fitch Upgrades Access Bank National Rating to ‘A+(nga)’
By Modupe Gbadeyanka
Fitch Ratings has affirmed Access Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’. The Outlook is Stable and at the same time upgraded the lender’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’. All other ratings have been affirmed.
The upgrade of Access’ National Long-Term Rating reflects Fitch’s view of an improvement in its creditworthiness relative to other rated Nigerian institutions. This considers continued expansion of the bank’s franchise and stable asset quality.
Access Bank’s IDRs are driven by the bank’s intrinsic creditworthiness as defined by its Viability Rating (VR). Access’ VR reflects solid financial metrics, which are stronger than most Nigerian banks.
Asset quality metrics compare especially well with its immediate peers. The bank’s stock of non-performing loans has remained under control, comprising 2.6% of gross loans at end-September 2017, the lowest of all large Nigerian banks. In our view, resilient asset quality reflects Access’ good corporate banking franchise and good management stability, including a robust risk management framework. A high Fitch Core Capital ratio (19.6% at end-September 2017) also provides a buffer against potential asset quality deterioration.
Asset quality has remained favourable despite challenging operating conditions in Nigeria, including tight liquidity in both local and foreign currency. Tight liquidity dates back to the sharp fall in oil prices, which has also adversely impacted asset quality sector wide.
Access’ VR also considers adequate profitability, albeit lower than the highest rated Nigerian banks. This reflects a larger cost base and Access’ modest retail franchise, resulting in a higher cost of funding than peers, although low loan impairment charges partially offset this. Access’ smaller retail franchise increases reliance on wholesale funding sources (as evidenced by its higher cost of funding). However, large cash holdings (22% of assets at end-September 2017) provide sufficient liquidity to mitigate this. The refinancing of the bank’s Eurobond in 2016 eased the bank’s foreign currency liquidity position.
Access’ National Ratings are a reflection of its relative creditworthiness to the best credits in Nigeria.
The long- and short-term ratings on Access’ senior unsecured programme have been affirmed at ‘B’. The long-term rating of senior debt issued under the programme has also been affirmed at ‘B’ with a Recovery Rating of ‘RR4’ indicating average recovery prospects.
The long-term rating on subordinated debt issued by Access is notched down once from its VR to ‘B-‘. This reflects higher loss severity compared to senior debt. The Recovery Rating has been affirmed at ‘RR5’, a lower expected recovery than senior debt issued by the bank.
Fitch believes that sovereign support to Nigerian banks cannot be relied on given Nigeria’s (B+/Negative) weak ability to provide support, particularly in foreign currency. In addition, there are no clear messages from the authorities regarding their willingness to support the banking system. Therefore, the Support Rating Floor of all Nigerian banks is ‘No Floor’ and all Support Ratings are ‘5’. This reflects our view that senior creditors cannot rely on receiving full and timely extraordinary support from the Nigerian sovereign if any of the banks become non-viable.
RATING SENSITIVITIES
IDRS, VIABILITY RATING AND NATIONAL RATINGS
Access’ IDRs are sensitive to rating action on its VR. Access’ VR is sensitive to a material weakening of liquidity. The VR is also sensitive to a sharp deterioration in asset quality that would erode capital and threaten the bank’s viability. This is not Fitch’s base case. An upgrade of the bank’s IDRs would require continued improvement in financial metrics to the level of the highest rated banks in the country. In particular, a material improvement in the bank’s funding structure in order to capture a greater share of stable low retail cost deposits would be credit positive.
Access’ National Ratings are sensitive to a change in its creditworthiness relative to other Nigerian banks.
The long-term and short-term ratings on Access’ senior unsecured programme are sensitive to any change in Access’ IDRs.
SUBORDINATED DEBT
The long-term rating on subordinated debt issued by Access is sensitive to any change in Access’ VR.
SUPPORT RATING AND SUPPORT RATING FLOOR
The SR is potentially sensitive to any change in assumptions around the propensity or ability of the sovereign to provide timely support to the bank.
The rating actions are as follows:
Long-Term IDR affirmed at ‘B’; Outlook Stable
Short-Term IDR affirmed at ‘B’
Viability Rating affirmed at ‘b’
Support Rating affirmed at ‘5’
Support Rating Floor affirmed at ‘No Floor’
National Long-Term Rating upgraded to A+(nga) from ‘A(nga)’
National Short-Term Rating affirmed at ‘F1(nga)’
Senior unsecured long-term rating affirmed at ‘B/RR4’
Senior unsecured short-term rating affirmed at ‘B’
Subordinated long-term rating affirmed at ‘B-‘/’RR5’
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
By Margaret Banasko
Urbanization is reshaping Nigeria’s economic landscape, creating new possibilities for millions of young people who relocate each year in search of opportunity. Cities like Lagos, Kano, and Abuja continue to expand as ambitious Nigerians leave their hometowns with the hope of building stable, sustainable livelihoods.
Recent figures highlight the pace of this shift. As of 2024, more than half of Nigeria’s population – around 128 million people – live in urban areas. Many of these individuals are young entrepreneurs and self-employed workers determined to turn their skills, ideas, and hustle into meaningful income. However, navigating the financial requirements needed to sustain and grow a small business is often challenging for those operating in informal or early-stage sectors.
This is where digital financial platforms have become transformational. With only a mobile phone, an internet connection, and a Bank Verification Number (BVN), Nigerians are increasingly able to access a wider range of financial tools designed to support their daily needs and long-term goals. FairMoney is among the institutions driving this progress by offering services that meet people where they are and support their ambition to grow.
Aigbe Osasere’s experience reflects this evolution. He moved from Benin City to Lagos with the goal of establishing a fish farming business in Ijegun, Alimosho. His vision was clear: create a small, efficient operation that could supply fresh fish to local buyers. Like many small business owners, he needed reliable access to funds to purchase fingerlings, buy feed, replace equipment, and maintain steady production. Managing these cycles required financial tools that matched the fast pace of his operations.
Through the FairMoney app, Aigbe gained access to digital banking services immediately after completing BVN verification. The availability of instant loans provided the flexibility he needed to restock quickly and maintain continuous production. For a business model where timing is central to profitability, this support allowed him to keep his operations consistent and responsive to customer demand.
Opening a FairMoney bank account and receiving a physical debit card further strengthened his business structure. Bulk buyers began paying him directly into his account, giving him clearer financial records and better visibility into his daily revenue. With his debit card, he could purchase supplies, withdraw cash conveniently, and manage his finances in a more organized way.
Aigbe also adopted FairMoney’s savings features to help him preserve and grow his earnings. By setting aside a portion of his daily sales, he is gradually building the capital needed to increase his fish tanks, expand his capacity, and move toward a more scalable operation.
Beyond supporting his business, FairMoney has become part of his everyday life. From the app, he sends money to family members, pays bills, buys airtime and data, and settles electricity tokens quickly and efficiently. This convenience allows him to focus more fully on running and growing his business.
Aigbe’s story is one example of how digital banking is broadening access to financial services across Nigeria. Entrepreneurs, freelancers, traders, and young workers are increasingly leveraging digital platforms to manage money, plan for growth, and participate more actively in the financial system.
As more Nigerians pursue self-employment and urban entrepreneurship, tools that offer accessibility, speed, and flexibility are playing an important role in supporting their progress. With FairMoney, many are finding a dependable partner that aligns with their goals, their pace, and their vision for the future.
Margaret Banasko is the Head of Marketing at FairMoney MFB
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