•Slams N1.69bn penalties on banks’ breaches

By Babajide Komolafe

Bank customers lodged 23,129 complaints against financial institutions in 2025, representing 11 per cent increase over the previous year, prompting the Central Bank of Nigeria, CBN, to order refunds totaling N19.12 billion and $329.3 million to affected consumers.

The apex bank also imposed N1.69 billion in penalties on financial institutions for regulatory breaches, poor complaint handling and failure to comply with its directives, according to its 2025 Annual Report.

The CBN attributed the increase in complaints  to  growing public confidence in its consumer protection framework rather than a deterioration in banking services.

The report stated: “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53 per cent above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”

The apex bank added: “A total of 18,824 complaints were resolved, indicating a 9.36 per cent increase over the 17,213 complaints resolved in 2024.”

On the value of disputed transactions, the CBN said: “Total claims in local currency increased to N40.61 billion from N17.13 billion in 2024. Foreign currency claims also rose, reaching $344.2 million compared with $1.06 million in the preceding year.”

According to the report, “Based on the resolved complaints, the sums of N19.12 billion and $329.3 million were refunded in 2025, compared with N9.66 billion and $0.67 million in 2024.”

The CBN said it strengthened enforcement against erring financial institutions during the year.

It stated: “During the review period, the Bank imposed 11 penalties on financial institutions totalling N1.26 billion for infractions ranging from regulatory breaches and failure to respond to regulatory queries.”

The report further disclosed: “In addition, the Bank imposed 21 penalties on financial institutions to the tune of N430 million for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”

By Ediri Ejoh

The Federal Government’s (FG) crude oil export earnings fell 14.41 percent to $31.54 billion in 2025 from $36.85 billion recorded in the corresponding period of 2024.

The drop was attributed to lower international crude oil prices arising from a global supply glut in the review period.

The Central Bank of Nigeria, CBN, made this disclosure in its 2025 Annual report and statement of account released yesterday.

The report stated: “Crude oil export earnings fell by 14.41 per cent to $31.54 billion, relative to $36.85 billion in 2024.”

Europe remained the major source of the export earnings where Spain led the region in purchases of Nigeria’s crude oil.

The CBN stated: “By continent, Europe remained the major destination for Nigeria’s crude oil export, accounting for $14.67 billion or 46.51 per cent of the total export value.

“Within the region, Spain ranked highest with US$3.30 billion, accounting for 10.46 per cent of the total. This was followed by France at $3.24 billion (10.27%); the Netherlands at $2.70 billion (8.56%); Italy at $2.37 billion (7.51%); and Germany at $0.70 billion (2.22%).

“Other countries in the group accounted for the balance.  Export to Asia followed, with a value of $6.93 billion (21.97%). In the group, India’s import of Nigeria’s crude oil was $2.84 billion (9.00%). This was followed by Indonesia, with a value of $2.46 billion (7.80%). Other countries in the group accounted for the balance.

“Export to North America was $4.66 billion, accounting for 14.77 per cent.  Canada and the US imported Nigeria’s crude worth $2.76 billion (8.75%) and $1.90 billion (6.02%), respectively.

“Export to South America was $0.76 billion (2.41%), with export to Peru, Uruguay and Brazil accounting for 1.33, 0.89, and 0.19 per cent, respectively. Nigeria realised $4.39 billion from the export of crude oil to Africa, representing 13.92 per cent of the total crude export.

“Export to South Africa was the highest, with a value of $1.57 billion (4.98%), followed by Côte d’Ivoire at $1.31 billion (4.15%) and Senegal, at $0.75 billion (2.38%).”

By Babajide Komolafe

Nigeria has lost nearly half of its dollar millionaires over the past decade, with the population of high-net-worth individuals falling by 47 per cent between 2015 and 2025, according to the 2025 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth.

Despite the sharp erosion in private wealth, Nigeria retained its position as Africa’s fourth-largest hub for dollar millionaires, with 7,200 millionaires, 20 centi-millionaires (individuals with investable wealth of at least $100 million) and three billionaires, trailing only South Africa, Egypt and Morocco.

The report showed that South Africa remained the continent’s wealthiest country by number of dollar millionaires, with 41,100 millionaires, 112 centi-millionaires and eight billionaires. Egypt followed with 14,800 millionaires, 49 centi-millionaires and seven billionaires.

Morocco ranked third with 7,500 millionaires, 35 centi-millionaires and four billionaires, narrowly ahead of Nigeria, while Kenya completed the top five with 6,800 millionaires, though it had no billionaires.

Mauritius occupied the sixth position with 4,800 millionaires, followed by Algeria with 2,700, Ghana 2,600, Namibia 2,500 and Ethiopia 2,400, completing the list of Africa’s top 10 countries by resident dollar millionaires.

Among the countries surveyed, Seychelles had the smallest millionaire population at 500, although it still recorded one billionaire and six centi-millionaires. Mozambique followed with 800 millionaires, while Rwanda and Zambia each had 1,000 millionaires. Uganda ranked fifth from the bottom with 1,600 millionaires.

The report attributed wealth trends across the continent to varying economic conditions, investment climates and capital market development, noting that several countries, including Tunisia and the Democratic Republic of Congo, were excluded from the ranking due to insufficient reliable data.

Nigeria’s decline in millionaire numbers underscores the impact of prolonged macroeconomic challenges, including currency depreciation, high inflation and weak economic growth, which have eroded private wealth over the past decade while other African markets have shown greater resilience.