Access Holdings Plc has announced that its subsidiary, Access Bank Plc, has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in the country.

The Managing Director and Chief Executive Officer of Access Bank PLC, Roosevelt Ogbonna, said in a statement on Tuesday that the expansion into Namibia represents a crucial step in establishing a “railroad” for intra-African trade within the Southern African region and beyond.

Ogbonna added that the bank’s entry into the Namibian market also represents the bank’s broader ambition to build a strong global franchise that will unlock new opportunities for businesses and individuals alike.

“This expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world. It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion, thereby empowering many to achieve their dreams,” Ogbonna said.

“Our entry into the Namibian market also represents a pivotal step in our broader ambition to build a strong global franchise and will unlock new opportunities for businesses and individuals alike. We look forward to partnering with local stakeholders to drive innovation, empower communities, and contribute meaningfully to the prosperity of the region.”

Meanwhile, Access Holdings Plc’s spokesperson, Olakunle Aderinokun, also noted that Access Bank’s operations in Namibia are expected to stimulate the local economy and strengthen its position as a leading regional player.

FairMoney Microfinance Bank has said that it has resolved the issue with one of its customers over a mistaken loan of N2 million naira.

FairMoney said this on Monday in an update on its official X account in which it responded to a claim of a mistaken loan request.

“We recently received feedback from one of our FairMoney valued customers about a loan transaction,” the Microfinance Bank said.

“The customer claimed she received a higher loan amount than initially requested through the FairMoney app.

“Following a careful review and thorough investigation, we can confirm that the customer applied for the loan and utilized it over a few weeks ago with no issues or indication of error reported to us (until the social media post came to our attention).

“However, in keeping with our commitment to your satisfaction, FairMoney’s Customer Support Team reached out to the customer multiple times via phone and email and clarified the matter.

“As a result and in line with our commitment to putting our customer first and our appeasement policy, FairMoney has resolved the issue with the customer and the loan has been duly closed.

“We would like to reassure all our customers of the highest level of service and transparency in all transactions and that our processes adhere to strict internal and regulatory standards & protocols.”

For more questions and inquiries, the Microfinance Bank has directed the public to please contact its customer care lines on 07000362362, 02017001276, or +2348101084635 for WhatsApp.

The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) bonds for subscription in October at N1,000 per unit.

According to a statement issued by DMO, the first offer is a two-year FGN savings bond due on Oct. 16, 2026, at an interest rate of 17.084 per cent per annum.

The News Agency of Nigeria (NAN) reports that the second offer is a three-year FGN savings bond due in Oct. 16, 2027, at an interest rate of 18.084 per cent per annum.

The opening date for the offers is Oct. 7, with the closing date set for Oct. 11, the settlement date Oct. 16, while coupon payment dates are Jan. 16, April 16, July 16 and Oct. 16.

“They are offered at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

“Interest is payable quarterly, while bullet repayment (principal sum) is on the maturity date,” DMO said.

The DMO also said that the savings bonds, like all other FGN securities were backed by the full faith and credit of the Federal Government.

“They qualify as securities in which trustees can invest under the Trustees Investment Act.

“They qualify as government securities within the meaning of the company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors.

“They are listed on the Nigerian Exchange Limited, and qualify as liquid assets for liquidity ratio calculation for banks,’’ it said.

The Nigerian National Petroleum Company Limited (NNPC) has reportedly terminated its exclusive purchase agreement with Dangote Refinery.

The termination, according to PREMIUM TIMES, will open up the market for other marketers to buy petrol directly from the refinery and allow other marketers to purchase petrol from the refinery at prevailing market prices.

The development came after NNPC claimed in September that it was buying petrol from Dangote Refiner at N898.78 per litre and selling it to marketers at N765.99 per litre, resulting in a subsidy of nearly N133 per litre.

NNPC lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30. The refinery was able to load 2,207 of the 3,621 trucks sent to it within the period under review.

The vehicles carried just 102,973,025 litres of the planned 400,000,000 litres of petrol earmarked to be lifted from the refinery at 25 million litres per day.

However, an anonymous senior NNPC official who spoke to PREMIUM TIMES on Monday, confirmed the termination, saying, “Yes, it is true. We can no longer continue to bear that burden.”

The termination comes after Devakumar Edwin, vice president of Dangote Industries Limited, announced in September that the 650,000 barrels per day Dangote Refinery has begun processing petrol and that NNPC Limited will buy its product exclusively.

But NNPC’s spokesperson, while reacting to a statement that the Dangote Refinery is being undermined by actions of the company at the time, said it was not the sole off-taker of all products from the Dangote Refinery.

NNPC said that the Dangote Refinery and any other domestic refinery were free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products such as diesel, aviation fuel, and kerosene.

The statement stated, “The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd).”

“The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.”

“Furthermore, we emphasise that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria.”

“The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products.”

 Customers of various banks have decried arbitrary debit of their monies by their banks.

Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday said that the charges were becoming exorbitant and unnecessary.

Mrs Helen Agodo, a customer with First Bank Plc, said that daily debits from her account by her bank was becoming unbearable.

Agodo said that some days, she could receive debit alerts totally about N1,000 from her bank.

”In fact, I do not blame some people who decide not to put their monies in a bank.

”There was a day I calculated the debit alert  charges that I received from my bank, it was up to N1,000 just for a day.

”You will now imagine the total amount the bank will get if they do the same deduction from like 1,000 to 2,000 of their customers,” she said.

Miss Cheta Ugochukwu, a customer of Guaranty Trust Bank (GTB), described the charges as unfair.

Ugochukwu said the development was not a good or sincere business model.

She alleged that most banks were out to only make profits and not to satisfy their customers.

”The charges are getting too much and the worst is that it is every midnight that you get the alert.

”Most times, I can get the N6.98 Telco fee from my bank like 10 times in a day but whereas I did like three online transactions.

”I wonder how they calculate this because it is unfair given the current state of the economy,” she said.

Mohammed Muazu, the Head Complaint Management Division, Consumer Protection Department of CBN, urged customers to study the CBN’s guide to bank charges to know how much they should be charged for any transaction.

Muazu advised customers to always study their online bank statements sent by their banks to check variations between the CBN’s guidelines and what they were being charged.

”If your bank charges you more than what is in the CBN guideline, you have the right to say no. Let us try to know our rights.

”Most customers do not even review their statements when their bank sends to them.

”Review your account statement every month and if you see what you do not understand, complain.

”Do not sleep on what you do not understand.

”CBN is not your first line of defence, we only listen to escalated complaints,” he said

Muazu advised bank customers to ensure adequate understanding of any product before subscribing to them in banks.

A bank official who pleaded anonymity, said their bank charged customers in line with the CBN guidelines to bank.

Mr Okechukwu Unegbu, a former president, Chattered Institute of Bankers of Nigeria (CIBN), has urged bank customers to approach the courts if they observe irregular deductions from their accounts.

Unegbu, who is also a former managing director of the defunct Citizens International Bank, gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

He spoke against the backdrop of complaints by bank customers on unexplained, multiple deductions from their accounts.

According to him, the best thing is for customers to initiate court cases against such banks, even while accepting that the justice system is slow.

“That bothers them a lot. In one instance, I won a case against First Bank and and they paid damages.

”The only problem is that the judiciary is slow,” he said.

Unegbu said that the best way to sort such issues out would have been through the bank customers association, which was not active.

According to him, the banks can charge five Naira or N10 per transaction; people see it as small, so they just ignore.

“But when you consider that they have millions of customers that they take such charges from, you will know that it is a lot of money for them,” he said.

He said that there were Central Bank of Nigeria (CBN) guidelines on bank charges.

Unuegbu urged customers to take cognisance of the document and seek redress when they got charges outside the guidelines.

“That document explicitly states the legal charges that banks are entitled to from their customers.

“But most Nigerian banks charge much more than what is recommended, which is against all principles of banking.

”Such things do not happen abroad. And the problem is that most customers do not complain.

“If customers get such charges, they should start by writing to the banks to complain. Going to the bank physically might not yield any positive result.

“If customers can develop the habit of complaining, the banks will start learning,” he said.

He said that the CBN had a complaint desk for such issues, adding that the desk appears not to be very effective.

Meanwhile, findings from the NAN revealed that there are charges approved by the apex bank across all banks in Nigeria.

According to the CBN guidelines, transactions below N5,000 will incur a maximum fee of N10; transfers between N5,000 and N50,000 will attract a charge of N25; and transfers beyond N50,000 will receive a charge of N50.

The guidelines state that account card maintenance costs have been eliminated because the accounts already have maintenance fees.

“Savings accounts will be charged a card maintenance cost of N50 every quarter rather than N50 every month.

“The annual card maintenance cost for cards denominated in foreign currency (FCY) has been reduced from 20 dollars to 10 dollars.

“There is no charge for Naira debit or credit cards linked to the current account.

“The fee for issuing a credit card is N1,000 (one-off charge), regardless of the type of card issued, whether premium or regular,” it said.

It said that the fee for reissuing lost or damaged cards (at the customer’s request) is N1,000 (one-off charge), while renewal fee when existing cards expire, was N1,000 (one-off charge).

“Monthly statements of account for current and savings accounts are required and are free of charge. Special statement of account request is a maximum N20 per page.

“SMS alert is mandatory. If a customer chooses not to receive SMS alerts, the consumer must provide the bank with an indemnity (for any damages that may occur as a result).

“There is no cost for receiving an email notification,” it said.

The CBN announced that any financial institution that violated any of the terms in the guidelines would be fined two million Naira per violation, or as the CBN may determine from time to time.

The bank advised customers to give deposit money banks at least two weeks to resolve any issues, failure of which it would intervene.

“If after lodging your complaint your bank still fails to engage you and resolve the complaint within two weeks, you have the right to escalate your complaint to the Consumer Protection Department (CPD) .

“Customers can contact the CPD by sending an email to cpd@cbn.gov.ng, contactcbn@cbn.gov.ng or call +234 7002255226. Customers can lodge a complaint directly on the CBN website,” it said.