Business
Customer Demands Fresh Payment From Bank
A woman, who mysteriously lost her money after making a withdrawal from the bank in Jos last Wednesday is disputing what she received from the cashier and demanding fresh payment.
Mrs Justina Andrew, a confidential secretary with Plateau Teachers’ Commission, claimed that N657,000 that she withdrew from the bank turned into a big stone shortly after she left the banking hall.
“Diamond Bank has to give me my money because I have not gone far from the bank when I discovered that what they gave me was a big stone and not money,’’ Andrew said.
She claimed that the money was sent by her son, Murgak, for his ongoing building project but that on withdrawing the money she turned to a shop beside the bank to buy a wrapper in company of her two daughters-in-law.
She claimed Murgak had instructed her to buy any good wrapper of her choice with part of the money.
“It was at the point of paying for the wrapper that we discovered the mystery. We immediately rushed back to the bank and confronted the cashier that paid the money to me.
“To our surprise, the cashier said he knew nothing about what I was saying. I repeated myself but he told me that there was nothing he could do about it,” Andrew said.
She demanded to see the branch manager of the bank but was told he was not available.
She said that when she went back to the bank on Thursday, she was told that the manager was not yet available.
“I am taking up the matter to the police because the bank seems not to be keen at hearing my plight and predicament, “ she threatened.
“My daughters-in-law were with me when I withdrew the money. It was even one of them that was carrying the money while I led the way to the shop,’’ she said.
She claimed that when the incident happened, she and her daughters-in-law were left with nothing on them, adding that “it was a Good Samaritan that gave us transport fare to go home.“
In his reaction, Mr. Nnamdi Chime, the Branch Manager of Diamond Bank, dismissed the claim, saying, “what we pay is money and not stones.
“If the woman had a problem outside the bank after the withdrawal, it is none of our business.
“Thank God she testified to the fact that she was paid her money but for her to come back with that kind of story is not fair, particularly to the corporate image of our bank.”
Chime advised the public to be careful whenever they made bank withdrawals so as not to allow miscreants to take advantage of them.
When contacted, the Police Public Relations Officer, Mr. Emmanuel Abuh, said that the incident had not been reported to the police command.
“As I am talking to you now, no such report has reached my office, except she reported it to the ‘C‘ Division at the City Centre, Terminus, “ Abuh said.
Reports say that Andrew’s case is the second after the one that involved St. Mary’s Parish, Hwolshe, Jos when the church cashier brought money to another commercial bank and it allegedly turned into bundles of papers before she deposited it.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
