Business
ISAN Rejects CBN Revocation Of Banks
The Independent Shareholders Association of Nigeria (ISAN) has described as obnoxious and illegal the revocation of three operating commercial banks by the Central Bank of Nigeria (CBN).
Reports say that ISAN urged President Goodluck Jonathan to declare an emergency in the nation’s banking industry to avert what they termed “global concerns on Nigeria’s economic and financial status.”
The association said in a statement that the revocation of the operating licences of three commercial banks, namely Afribank Plc, Bank PHB Plc and Spring Bank Plc, remained a calculated subversion of the nation’s economy and the great people of Nigeria.
“Importantly and as concerned shareholders, ISAN strongly feels that the revocation of banking licences remains an open gridlock that in the medium term erodes the transformation agenda of the administration of President Goodluck Jonathan.
“That the Central Bank of Nigeria Re: Resolution of Recapitalisation through Bridge Banks remains an attestation of failure or inept leadership by the current management of the apex bank toward finding a permanent answer to the nation’s induced banking problems,” ISAN said.
According to ISAN, the revocation of the operating licences of the banks will deepen the crisis of confidence in the nation’s domestic financial sector, particularly the banking and the capital market.
The statement signed by ISAN National Coordinator, Sir Sunny Nwosu, also stated that “CBN’s revocation approach to the nation’s self-induced banking distress would further improvise the citizens and Nigerians ability to create wealth through long term savings window of the capital market.”
They argued that the revocation of the operating licences of three commercial banks was an illegal policy that had clearly showcased Nigeria as an unfriendly polity for sustainable business engaged in a class war championed by few individuals in the corridors of power at the CBN.
The Nwosu-led group submitted that the hurried revocation of the licences remained a calculated plot to forcefully compel the new Minister of Finance to be part of an alleged agenda in the banking industry.
Nwosu said that the revocation of the operating licences was an affront on the nation’s Judiciary, as there were substantive cases over the banks in question in competent law courts.
The association also said that it had been vindicated in its earlier posture that the Assets Management Company of Nigeria (AMCON) was floated to re-nationalise commercial and quoted banks.
“By this action, the CBN has actualised the subsisting threat to revoke the operating licences of banks whose shareholders challenged in law courts the apex bank’s recapitalisation method,” ISAN said.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
-
Oil & Energy5 days ago‘Redirect $2b REA Fund To Industrial Power’
-
Sports5 days ago
DEPUTY PRESIDENT EXPRESSES COMMITMENT TO SUPPORT SPORTS DEV, SWAN
-
Maritime5 days agoCustoms To Partner NAPTIP On Human Trafficking Menace
-
News5 days agoRSG EXPRESSES CONCERN OVER FLOODING IMPACT, EROSION
-
Oil & Energy5 days agoStakeholders Lament Poor Crude Oil Supply To Indigenous Companies …..Urges President To Pressure NNPCL To Prioritise Local Refineries
-
News5 days agoFUBARA PLEDGES STRONG PARTNERSHIP WITH NDE TO TACKLE UNEMPLOYMENT …..Says Oyorokoto Beach Fronts’ Expansion’ll Create More Jobs, Business Opportunities For Rivers People
-
Niger Delta5 days agoBayelsa Partners Chinese Firm On Road, Agric, Other Projects
-
Sports5 days ago
ATLANTICBELL CEO ADVICE SPORTS WRITERS ON SPECIALIZATION