The Central Bank of Nigeria, CBN, has imposed fines on at least nine Deposit Money Banks for failing to ensure cash availability via automated teller machines, ATMs, during the festive season.

The fines total N1.35bn, with each of the banks fined N150m.

The banks were found culpable after spot checks revealed non-compliance with the Central Bank’s cash distribution guidelines.

A statement released by CBN acting Director of Corporate Communications, Mrs Hakama Sidi Ali, on Tuesday, read: “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make naira notes available through automated teller machines during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”

The fine will be debited directly from the banks’ accounts with CBN.

FirstBank of Nigeria, the country’s oldest financial institution and a key entity under FBN Holdings, has exited approximately 100 senior executives as part of a sweeping organizational restructuring.

The move, which insiders describe as a repositioning effort for 2025, underscores the bank’s ongoing transformation under the leadership of Femi Otedola, Chairman of FBN Holdings.

According to sources familiar with the development, the restructuring includes the departure of top executives, including a prominent executive director whose tenure was not renewed under mutually agreed circumstances.

While some of the exits were voluntary, others were reportedly part of a deliberate effort by the board to inject new talent into the bank’s leadership.

The restructuring aligns with the bank’s strategic agenda to enhance governance and operational efficiency. Insiders suggest the changes were approved by FirstBank’s board to recalibrate leadership as the institution prepares for significant growth initiatives.

FirstBank’s leadership overhaul began earlier in the year following Otedola’s assumption of chairmanship at FBN Holdings.

In March 2024, the holding company appointed five elite directors to the board, signaling a commitment to revitalizing its governance structure. This was followed by a series of pivotal changes, including:

These changes are part of an ambitious plan to align the bank’s operations with its long-term growth strategy and reposition it as a leader in the Nigerian banking industry.

FirstBank’s recent restructuring efforts coincide with its broader financial and operational targets. The bank closed its N149.5 billion rights issue on December 30, 2024, positioning itself to meet the Central Bank of Nigeria’s recapitalization mandate.

Industry experts view these changes as essential for sustaining competitiveness in the highly dynamic Nigerian banking sector.

“The restructuring at FirstBank reflects a strategic response to evolving market realities,” noted Dr. Ayodeji Balogun, a financial analyst.

“With Otedola at the helm, the bank is clearly signaling its intent to prioritize governance, innovation, and long-term stability.”

FirstBank has been one of the standout performers among Nigeria’s top-tier banks in 2024, achieving an 18.47% year-to-date increase in share price.

The positive market response is attributed to investor confidence in the bank’s leadership direction and ongoing recapitalization efforts.

As FirstBank ushers in a new era under Otedola’s leadership, the institution appears poised for transformation. The sweeping changes to its leadership and operational structure aim to cement its position as a resilient and innovative financial institution, prepared to navigate Nigeria’s evolving economic landscape.

The coming year will test the bank’s ability to deliver on its repositioning agenda and maintain its legacy as a cornerstone of Nigeria’s financial sector.

Barely a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery, the Nigerian National Petroleum Company Limited has announced that the 125,000-barrel-per-day Warri Refining & Petrochemicals Company in Warri, Delta State, is now operational.

This was disclosed by the NNPCL Group Chief Executive Officer, Mele Kyari, during a tour of the facility on Monday.

A video posted by Channels TV on Monday showed Kyari addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

Before the tour commenced, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

According to him, although the repairs on the facility are not yet 100 per cent complete, operations have commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

Located in Ekpan, Uwvie, and Ubeji, Warri, the petrochemical plant produces 13,000 metric tonnes per annum (MTA) of polypropylene and 18,000 MTA of carbon black.

Commissioned in 1978 and managed by NNPCL, the WRPC was built to supply markets in the southern and southwestern regions of Nigeria.

The mechanical completion of the facility was initially scheduled for the first quarter of 2024, according to the NNPCL spokesperson, Olufemi Soneye.

“Warri should be done by Q1 (first quarter) 2024,” Soneye stated.

The WRPC is one of Nigeria’s four refineries, alongside the old and new Port Harcourt Refining Company in Rivers State and the Kaduna Refining and Petrochemical Company in Kaduna State.