Bank
Sterling Bank’s inhumanity overdose: customers sit on the bare floor, begging to withdraw
Sterling Bank’s inhumanity overdose: customers sit on the bare floor, begging to withdraw
”In our meetings with the banks, we have told them to set up tents and chairs, and give people numbers.” These were the words of The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who appealed to Nigerians days ago to show understanding about circulation and the accessibility of the new Naira Notes.
Emefiele had noted that he was seeing the protests and arguments surrounding the difficulty citizens were facing in accessing the new notes and therefore begged people to show understanding and be calm.
However, how else can man’s inhumanity to another be described than subjecting your fellow to untold hardship and not be concerned?
This was the case with one of the leading financial banks in Nigeria, Sterling Bank. Migrating from an identity and slogan of ‘The one-customer bank’ to ‘Your one-customer bank’, Sterling Bank has found it difficult to fulfill its mandate to its teeming customers.
An on-the-spot assessment of some of their branches mostly between Lagos and Ogun suburbs by Omonaijablog.com.ng, showed that CBN Governor’s appeal to the banks to at least show some level of respect and humanity to their respective customers is not of concern to Sterling Bank.
Omonaijablog reports that as early as 6 a.m. this morning, customers in their numbers had converged at one of the Sterling Bank’s branches close to Alagbole Road, Ojodu, with most of them sitting on bare floor!
Young, old, married, single, businessmen and women, students in their numbers sitting on the floor, some hanging beside the walls of the bank waiting for when the bank’s ATMs will be loaded and till past 9 a.m. when a reporter of Omonaijablog left the premises, there was no cash at sight.
Some who could not access the bank over the weekend were seen begging, pleading, and cursing! The scene was pathetic. Seeing people wearing sad emotions on a Monday morning isn’t a a good omen for the week. Something must be done!
Let us even ask ourselves, what would it cost the bank to hire a few dozen plastic chairs? Why would people go through such difficulties to withdraw their hard-earned money deposited in a bank legally?
How long do people need to be in the queue before the ATMs will be loaded? How many ‘rich guys’ were in the queue, yet they were the first to get the new notes?
What exactly do we refer to as customer service? And that is why notes were available at parties: birthdays, burials, etc. Being thrown about and trampled upon in ecstasy at events. Propelled by choice of wine and spirit, the rich flaunted the new currency and exposed the conspiracy with the banks.
This was the same bank whose one of the managers was arrested and paraded by CBN’s monitoring team over the week in Ado Ekiti for hoarding about #6 million new notes in the bank’s vault.
In a trending video on social media as reported by Omonaijablog.com.ng, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.
And to serve as a deterrent, the CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.
These commercial banks should know that the situation in Nigeria now is terrible and is eating deep into the downtrodden masses.
So, their efforts at sabotaging the whole process should be jointly condemned by all well-meaning Nigerians. Or how best can you describe a bank manager who hoards and sell the new Naira Notes to the highest bidder?
This is definitely different from how to lead a nation to prosperity. People are passing through pains!
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
Bank
Separating Fact from Confusion: What Nigerians Need to Know About the 7.5% VAT on Banking Service Fees
In recent weeks, digital-banking customers and social media, especially on Twitter have raised concerns about deductions labelled as “VAT” on transfers and other charges.
Some dangerously false narratives, which when you take a critical look, you’ll clearly see that they have been orchestrated and sponsored by malicious elements, have given the impression that the 7.5% Value Added Tax (VAT) is a new or arbitrary charge introduced by fintechs, or that it applies to the amounts customers send. These claims are misleading and deserve careful clarification which is the purpose of this piece.
First, it’s important to understand how VAT works in Nigeria’s financial sector today. VAT on fees and charges for financial services has long been part of Nigeria’s tax system. The then Federal Inland Revenue Service (FIRS) had issued information circulars on March 31, 2021 where it stated that VAT on Financial Services (Circular No. 2021/04) that most fees, commissions, and charges by financial institutions (banks, insurance companies, brokers) are subject to 7.5% VAT.
This justifies a recent advertorial the Nigeria Revenue Service (NRS) which stated unequivocally that VAT was not newly introduced on banking service charges by recent tax reforms, and that it did not impose a new tax obligation on customers in that regard.
However what was left unsaid in that publication was that on the 12th of December, the tax agency had written to all financial institutions and payment gateways based on past meetings with operators that following from the new Tax Act, they were reminded of their mandatory obligations to collect, deduct and remit VAT at the prescribed rate.
The Agency then gave an 18- day grace period to all players to configure and align their systems while directing full compliance with the directive with effect from January 19, 2026. And so, some fintechs sent messages to their customers in the spirit of clarity and transparency.
It must be said that what has changed is that in a bid to widen the tax net, microfinance banks and fintechs who were not obligated to deduct and remit said VAT before now, have now become compelled to do so. The enforcement and standardised collection of VAT across banks and fintech platforms including mobile transfers, USSD transaction fees, and card issuance fees with compliance deadlines issued by tax authorities. So why anyone would vilify any financial institution obeying the laws of the land beats my imagination.
For those who have raised questions around transparency and wrongly suggesting that fintechs are suddenly imposing new, unexplained costs on users – as it has been explained above, this is a matter of regulatory compliance, not a lack of transparency or customer exploitation. These VAT deductions are not new fees created by the companies themselves, and providers are not arbitrarily raising their prices.
In closing, two things that everyone must bear in mind as we move forward in this new tax climate – all stakeholders including fintech platforms and regulators must communicate better and clearly. Nigerians must refrain from peddling unsubstantiated claims and malicious narratives, it has no benefits for anyone and erodes trust in systems.
FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025
Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
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