IPI Nigeria Appoints Idris, Garba Shehu, Egbemode, Ohwahwa, 25 Others to Committees

15/04/2025

The International Press Institute (IPI) Nigeria has announced the appointment of prominent media personalities to its standing committees, aimed at promoting press freedom and responsible journalism in Nigeria.

The committees include Fundraising, Programming, Advocacy, and Membership, each comprising seasoned industry professionals.

Notable appointees include Minister of Information and National Orientation, Alhaji Mohammed Idris; Senior Special Assistant to ex-President Muhammadu Buhari on Media and Publicity, Malam Garba Shehu; former President of the Nigerian Guild of Editors (NGE), Mrs. Funke Egbemode; former Managing Director of Champion Newspapers, Mr. Emma Agu and former Provost of the Nigerian Institute of Journalism, Mr. Gbemiga Ogunleye.

Committee Chairs and Members:

Fundraising Committee:

– Chair: Ms. Funke Egbemode, former President of the Nigerian Guild of Editors (NGE)

– Secretary: Alhaji Yusuf Alli, Managing Editor, Northern Operations, The Nation

– Members:

– Alhaji Mohammed Idris, Minister of Information and National Orientation

– Juliet Bumah, Editor, New Telegraph

– Garba Shehu, Senior Special Assistant to ex-President Muhammadu Buhari on Media and Publicity

– Ken Ugbechie, publisher of Political Economist

– Victoria Ibanga, publisher of The Next Edition

– Olufunke Fadugba, Chairman of the Editorial Board of PenPushing Media

– Gbemiga Ogunleye, former Provost of the Nigerian Institute of Journalism (NIJ)

Programming Committee:

– Chair: Mr. Oladotun Oladipo, Managing Editor/CEO, Premium Eagle Limited, publishers of The Eagle Online

– Secretary: Hajia Sani, Director, Digital Media at Voice of Nigeria (VON)

– Members:

– Hajiya Zainab Suleiman Okino, Chairman Daily of the Editorial Board of Blueprint

– Dayo Aiyetan, Executive Director at The International Centre for Investigative Reporting (ICIR)

– Catherine Agbo, Deputy Editor, 21st Century Chronicle

– Emma Agu, former Managing Director/CEO, Champion

– Ahmed I. Shekarau, CEO, Media Trust Group

Advocacy Committee:

– Chair: Tobi Soniyi, Media Adviser to the Chief Justice of Nigeria (CJN)

– Secretary: Ochiaka Ugwu, Editor, Features, Peoples’ Daily

– Members:

– Sule Ya’u Sule, Associate Professor at Bayero University Kano

– Danlami Nmodu, publisher of Newsdiaryonline

– Laide Abbas, Assistant Director, News, Nigeria Television Authority (NTA)

– David Ajikobi, Nigerian Editor of Africa Check

– Fred Ohwahwa, former Editor at The Guardian and Senior Partner, Tokee Consult Limited

Membership Committee:

– Chair: Ruqayyah Yusuf Aliyu, Associate Professor at Bayero University Kano

– Secretary: Linda Dooyum Kpum, IPI Nigeria’s Administrative Secretary

– Members:

– Fidelis Mbah, Al Jazeera Media Network and Deputy President of IPI Nigeria

– Naziru Mikailu Abubakar, PhD Fellow at the University of Westminster, United Kingdom

– Bolanle Ismail, lecturer, Crescent University, Abeokuta

The committees are tasked with key responsibilities:

– The Fundraising Committee will plan, coordinate, and execute fundraising activities to support IPI Nigeria’s programs.

– The Programming Committee will design initiatives and develop compelling programs aligned with IPI Nigeria’s objectives.

– The Advocacy Committee will provide strategic direction for IPI Nigeria’s advocacy efforts, promoting press freedom and engaging with public officials on key policy issues.

– The Membership Committee will focus on attracting new members, assessing applicants’ qualifications, and enhancing member engagement.

IPI Nigeria President, Musikilu Mojeed, stated that the reconstitution of these committees aims to accelerate efforts in safeguarding press freedom and promoting responsible journalism practices in Nigeria.

NCC Committed to Fairness on Unclaimed Recharges

Business Journal

15/04/2025

Distinguished guests, esteemed industry stakeholders, ladies and gentlemen, It is my pleasure to welcome you to this stakeholder engagement forum on unclaimed recharges. Your presence and participation here is appreciated as we engage in meaningful discussions on a matter that is important to both consumers and operators.

The telecommunications industry has long been a pillar of economic growth, financial inclusion, and digital transformation. With the widespread reliance on mobile services, prepaid plans have provided millions of Nigerians with flexibility and affordability.

However, as the sector evolves, and in line with our commitment to ensuring Quality of Experience for telecom consumers, we must address emerging challenges especially those that may compromise consumer rights. One of such is the fate of prepaid balances when accounts become inactive.

Striking the right balance between safeguarding consumer rights, ensuring effective regulatory oversight, and maintaining industry sustainability requires a collective effort, and this forum presents an opportunity to explore practical solutions on this subject. At the heart of our discussions today is the issue of unclaimed recharges.

The Quality-of-Service Business Rules 2024 stipulates that a prepaid line without a Revenue Generating Event for six months must be deactivated, and if inactivity persists for another six months, the line may be recycled. Subscribers have the right to reclaim their unused credit within one year, provided they can demonstrate ownership.

However, the broader debate remains—should operators be required to refund unused airtime, or should the principle of “use it or lose it” prevail? Our goal is to arrive at a framework that protects consumers while ensuring the continued efficiency and competitiveness of the industry. The Commission remains committed to fostering a fair, transparent, and consumer-centric telecommunications landscape.

Today’s discussion is critical to refining our policies and ensuring that our regulatory approach aligns with the dynamic nature of the market. As we deliberate, I encourage open and constructive engagement, as your insights will be invaluable in shaping a framework that balances the interests of all stakeholders.

I look forward to productive discussions and meaningful outcomes that will strengthen consumer trust and regulatory clarity. On behalf of the Nigerian Communications Commission, I thank you for your participation, and I wish us all a productive and successful forum.

Dr. Aminu Maida

Executive Vice Chairman/CEO

Nigerian Communications Commission (NCC)

GCEO of NNPCL, Bayo Ojulari, Pledges to Consolidate on Predecessor’s Achievements

Business Journal

15/04/2025

R-L: New Group CEO NNPC Limited, Mr. Bayo Ojulari and his predecessor, Mr. Mele Kyari display handover notes during a brief handover ceremony held at the NNPC Towers, Abuja.

The new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, has officially taken over the reins of the company from his predecessor, Mr. Mele Kyari.

In a brief handover ceremony held at the NNPC Towers, the GCEO commended Kyari for his contributions to the growth of NNPC Limited and his sterling service to the nation.

He disclosed that the objective of his management was to consolidate on the successes of his predecessor and take the company to the next level.

He said though the targets set for his management were quite enormous, he would be relying on the co-operation of the Management and staff of the company, as well as the counsel of his predecessor to achieve set targets.

“I will be counting on your support. I will need it. I will be coming around to seek your counsel,” Ojulari told Kyari.

Earlier in his remarks, Kyari congratulated Ojulari and thanked the Management and staff of the company for their support while in office.

He pledged to do everything within his power to support the new Management to succeed, stressing that he was only a call away.

Expert Laments Low Insurance Penetration Despite Youth Population

Business Journal

14/04/2025

Dr. Akeem Oyewale, the Chief Executive Officer of Marble Capital Limited, who delivered the keynote paper at the recent BusinessToday Annual Conference in Lagos said a financially empowered youth population boosts national savings and investments, just as higher insurance adoption reduces reliance on government social support, creating a more sustainable economy.

The theme of the conference was “Banking on the Future: Youths, Pension and Insurance Penetration.”

Oyewale lamented however that despite the growing youth population, insurance adoption remains alarmingly low, with Nigeria’s insurance penetration at just 0.5% of GDP, with minimal youth engagement.

“While the global average stands at 6.80%, Nigeria’s rate is significantly lower, suggesting that the country’s insurance sector is underdeveloped. Even in the African context, Nigeria’s penetration rate lags far behind leaders like South Africa (11.54%) and Namibia (7.41%).”

In his goodwill message, Mr. Segun Omosehin, the Commissioner for Insurance and CEO at NAICOM said the Commission is focused on driving innovation and expand youth penetration in the insurance sector in Nigeria.

“As the future depends on how we engage and equip our youth, it’s essential to prioritise their exposure and relevance in the financial sector. To achieve this, the Commission is focusing on building trust and driving innovation to cater to the evolving needs of our growing young population. By that, we encourage the insurance industry to ensure that insurance products and services are tailored to meet the unique requirements of younger generations, promoting financial inclusion, stability and greater adoption of digital insurance solutions.”

He said by emphasising youth engagement and promoting financial literacy, there is a huge opportunity to unlock the potential for growth and development in the insurance sector. This he added, will in turn, contribute to the overall economic prosperity of Nigeria, as the insurance industry plays a vital role in mobilising long-term savings, financing infrastructure projects and promoting risk management.

“As a Commission, we are committed to building trust and driving innovation which will pave the way for a more inclusive and sustainable financial system, where the needs of the young generation are at the forefront.”

He said to secure the financial future of young people, stakeholders must rethink engagement strategies by offering youth-friendly financial products to meet the unique needs of young people, strengthening financial education by introducing targeted literacy programs, leverage workplace initiatives to promote insurance participation.

“Insurance services are key initiatives that when made youth-friendly, can change the face of capital formation and wealth dynamics in Nigeria.”

NGX Group Honours Retiring Board Members

Business Journal

14/04/2025

AAN Launches Teachers’ Manual for Teaching Students with Albinism

Business Journal

14/04/2025

In a significant move towards inclusive education, the Albinism Association of Nigeria (AAN) has produced a teaching manual for teaching of students with albinism in the classroom.

The Association in collaboration with the Federal Ministry of Education, recently trained 60 teachers drawn from the six geopolitical zones of the country on inclusive education for students with albinism.

The three-day virtual training, funded by the Disability Rights Fund (DRF) under is aimed to equip educators with the tools and strategies needed to address the unique learning challenges faced by students with albinism particularly in the areas of vision and health.

Declaring the training open, Programme Officer for Disability Rights Fund, West Africa, Theophilus Oduada, underscored the significance of the initiative.

“Students with albinism have long faced discrimination, stigmatization, and neglect. This training is about transformation not only in how we view students with albinism, but in how we build educational systems that are inclusive and supportive,” he said.

Highlighting the years of advocacy that led to the training, he announced the official launch of a newly developed manual to guide teachers in effectively supporting students with albinism in classrooms.

This manual is not just a book — it’s a tool for change. Through our advocacy and partnerships, we have seen tremendous progress, and we have made significant strides in ensuring that the needs of these students are not overlooked.

However, much more remains to be done, and this training marks a critical starting point in eradicating the challenges that persist” Oduada stated.

In her welcome address Executive Director of the Albinism Association of Nigeria, Dr. Bisi Bamishe, expressed deep gratitude to stakeholders and reaffirmed the organization’s commitment to inclusive education.

This initiative, as you may know, is designed to equip educators with the knowledge and skills to foster a truly inclusive learning environment for students with albinism. We have come together with a common goal: to build a robust educational framework that will effectively address the unique needs of these students.

“As you may be aware, students with albinism have long faced discrimination, stigmatization, bullying, and a lack of attention to their specific needs, particularly in the areas of vision and health. These issues, unfortunately, continue to hinder their academic progress and achievement.

“This training is aimed at addressing those barriers and providing teachers, administrators, and stakeholders with the tools and strategies they need to help these students overcome these challenges and thrive academically, just like their peers.

“This initiative is a dream come true. We are setting a foundation for schools that recognize and accommodate the unique needs of our children,” she said.

Dr. Bamishe also thanked the DRF, AAN team, consultants, and the Federal Ministry of Education for their collaboration, noting that the training represents a pivotal moment in the association’s advocacy journey.

On his part, the Head of Special Needs Education at the Federal Ministry of Education, Aisuedion Akere, emphasised the policy implications of the training.

He noted that the newly launched manual could undergo official approval processes through national curriculum and policy bodies such as the National Council on Education and the Nigeria Educational Research and Development Council (NERDC).

“Now that we already partner with the Ministry, we can push this manual through official channels for curriculum integration,” he said.

Akere also shared a personal reflection on the lack of awareness among some educators regarding the needs of students with albinism.

LEADERSHIP – Africa’s Missing Link to Transformation …a Nigerian Perspective

Business Journal

12/04/2025

By Moses Braimah

Africa is blessed with abundant resources, immense talent and a youthful population bursting with potential.

Yet, what continues to elude us—and arguably remains the most critical ingredient for true transformation—is leadership. In Nigeria, this deficit is even more pronounced.

Despite decades of democracy and natural endowments, the country lingers in a state of economic and social underdevelopment. The truth is stark: we have almost everything except the leadership that can turn our fortunes around.

Leadership in Africa, and particularly in Nigeria, has too often been reduced to power grabs—an unending cycle of domination, oppression, looting and a brazen display of wickedness. This is a far cry from what visionary nations like Singapore, Rwanda, and even China have demonstrated.

These countries didn’t wait for their citizens to become perfect or entirely patriotic. Instead, they were driven forward by a small but determined band of focused and courageous leaders with a clear vision and unwavering resolve.

What Nigeria needs today, and indeed many other countries in Africa, isn’t an army of angels, but a handful of leaders with integrity, purpose, and national interest at heart.

Once the vision is clear and the people are convinced of good intentions, it is much easier to create a band of good and trusted followers to move a nation towards the path of greatness, transformation and development. Righteousness, as they say, exalts a nation.

With the right leadership in place, Nigeria could experience rapid and unstoppable transformation within just three to five years. The foundations for change already exist: widespread dissatisfaction, increasing awareness among the populace and an undeniable longing for a better nation. What’s missing is a moral compass at the top to galvanise this energy into positive nation-building.

As Nigeria, for example, reflects on the consequences of past leadership failures, many seemed to be unhappy and regret roles played in bringing and sustaining the challenging leadership style of Buhari, which resulted to so many disappointments and probably need for ‘revenge.

The real question is: MUST WE CONTINUE IN THAT PATH?

Our thinking for nation development needs to be gotten correctly. This may require many sacrifices, especially from those who invested a lot in the last regime and felt bruised, used and dumped.

From Obasanjo till now, maybe with the exemption of Yar Adua, it’s the same pattern. Nigeria has been locked in a familiar pattern—rhetoric over results, personal ambition over national good. Priority is given to getting 2^nd term.

The biggest challenge PBAT is facing is the reality of the last election result and what he inherited from Buhari. Every move currently can be summarised as ‘desperation’. No dulling! The economy seemed to have tanked. The only way he is comfortable with and most likely a sure banker is what he is doing now. Every move appears desperate, but also calculated towards 2027. Will he succeed? Most likely. But will success lead to better governance and sustainable reform? That remains uncertain. No guaranty. Why? He doesn’t just leave after completing his tenure. Looking at antecedents … sustainability is key after tenure is complete. However, sacrifice is a necessary price for national rebirth.

What is certain is this: leadership remains the key to Africa’s transformation. Righteousness, as they say, exalts a nation. And for Nigeria, the path to greatness lies in finding and empowering that rare breed of leaders who place country above self. Leaders who understand that the goal is not just to govern, but to lay down structures that endure long after they leave office.

The potential for transformation is real. But it will only become reality when leadership becomes about service, not survival.

Until we get leadership right, our potential will remain a dream deferred. But once we do, the world will witness a reborn Nigeria and Africa as a whole – bold, thriving, and finally living up to its promise.

NB: Braimah is an advocate of good governance and sustainable progress.

Heirs Life Assurance Wins ‘Agency Company of the Year’ Award by CIFM

Business Journal

09/04/2025

L-R: Yetunde Ayeni, Group Head, Resources, Heirs Insurance Group, and Mrs. Yetunde Ilori, President, Chartered Insurance Institute of Nigeria at the award presentation of the Agency Company of the Year to Heirs Life Assurance by the College of Insurance and Financial Management (CIFM), last week in Ogun State.

Wafira Ntaba Partners Leadway Assurance to Launch Plan B Insurance, a Bespoke Product for Nigerian Women

Business Journal

09/04/2025

Leadway Assurance, Nigeria’s leading insurance provider, has partnered with Wafira Ntaba Limited to launch a bespoke insurance policy for Nigerian women.

The product, Plan B Insurance, comes in simplified and affordable packages for as low as twenty-six thousand Naira per quarter, broadening financial inclusion and income protection for women-led Small to Medium-sized Enterprises and lifestyle protection for women across different social strata in Nigeria.

One uniqueness of the Plan B product is in its single-wide coverage from risks and perils related to auto insurance, healthcare, personal accident, fire, burglary, life insurance and education cutting across its different product packages – SME, Corporate and Premier packages.

Ayona Aguele Trimnell, the visionary behind the innovative Plan B Insurance for Nigerian women, shared the inspiration behind the products.

She stated: “Plan B is an idea that has been in development for 10 years. As I began exploring insurance products aimed at women in other countries, I recognised the need for an insurance product that promotes financial inclusion in Nigeria, specifically for women. I believed we could create something that addresses their unique concerns. Women need to understand how insurance can alleviate their worries and the benefits of being insured. I have personally enjoyed the advantages of insurance for over fifteen years, and I believe other women should have the opportunity to experience the same benefits.”

The product focuses on gender-inspired market penetration, amplifying insurance benefits and helping more women secure a more financially secured future.

“Financial inclusion is important and achievable, and we can make it happen if we put in deliberate effort to educate more women about insurance, simplify the benefits to help even the uneducated, understand and be convinced to secure their future by becoming a policyholder. It has been proven and tested that women too buy insurance, but more women need to be aware and get insured”, Ayona Aguele Trimnell said.

Kike Fischer, Leadway’s Director Sales, Retail and Partnerships, discussed the market approach for the Plan B product, stating: “We are confident that these products will help women of all classes in Nigeria create and protect wealth, recover from economic challenges, pursue their purposes, and lead their families with peace of mind.

We believe these products should reach women in every household, so we have developed strategies to engage women in small socioeconomic groups. This will require increased effort, particularly at the retail level. There will be questions, and we must be prepared to provide answers. Our goal is to help women understand insurance and encourage them to actively participate in driving financial inclusion. This begins with securing their futures and then spreading awareness.”

She explained that Plan B is a comprehensive financial product designed to sell insurance policies to women and educate them about the purpose of having insurance and how it can help them achieve financial independence.

By partnering with the Plan B product, Leadway has reinforced its commitment to promoting financial inclusion and ensuring secure financial futures for women.

About Leadway Assurance Company Limited

Leadway Assurance is one of Nigeria’s foremost insurance service providers, renowned for its efficiency and customer reliability.

With over 50 years of experience, Leadway has consistently honoured its underwriting commitments and earned a reputation for excellence in claims handling.

The company remains at the forefront of the insurance industry, offering innovative solutions that meet the evolving needs of its clients.

About Wafira Ntaba Limited

A Marketing Company based in Lagos. Its core area of expertise is Communication Strategy and Development within the financial `sector with extensive experience in insurance product design, market insights, brand development, profitability management and distribution.

The company’s goal is to continue to co-develop products for niche markets in Nigeria for Women, Youths and Group/Affinity schemes.

Stanbic IBTC Bank Budgets N130m in 4th Season of Reward4Saving Promo

Business Journal

04/04/2025

Stanbic IBTC Bank, a leading financial services provider in Nigeria, has launched Season 4 of its highly successful Reward4Saving Promo, reinforcing its commitment to fostering a strong savings culture among Nigerians.

Building on the success of the previous three seasons, over 1,900 winners have collectively received ₦318 million, and this year’s edition is poised to be even bigger. A total of ₦130 million will be awarded to 874 lucky winners, providing customers even more chances to save and win big.

The promotion encourages Nigerians to develop a savings culture and reward their loyalty. Simply fund your new or existing savings or @ease wallet with a minimum of #10,000 for at least 30 days. The more multiples of #10,000 you save, the higher your chances of winning.

Speaking about the initiative, Wole Adeniyi, the Chief Executive of Stanbic IBTC Bank, emphasised the bank’s dedication to financial empowerment: “We are committed to empowering our customers to achieve their financial goals. The Reward4Saving Promo is our way of saying ‘thank you’ to our loyal customers and encouraging them to develop a savings culture.”

To participate, eligible individuals must maintain a minimum balance of ₦10,000 in their Stanbic IBTC Bank Savings Accounts or @ease Wallet for at least 30 days to be automatically entered into the promotion. Non-account holders are encouraged to open Stanbic IBTC Bank Savings Accounts and maintain a balance of ₦ 10,000 to participate. Winners will be selected through a transparent random draw process and receive exciting cash prizes ranging from N100,000 to ₦5 million.

To lend credence to the transparency of the winners’ selection process in the Reward4Saving Promo, the draws are usually supervised by representatives from National Lottery Regulatory Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON). The promo has won “The Most Transparent Consumer Promotion” Award, two years in a row at the Industry Awards.

The Reward4Saving Promo Season 4 is officially open, and now is the perfect time to begin your journey toward financial security.

Open a savings account or @ease Wallet with Stanbic IBTC, start saving, and stand a chance to win big!

STI CEO, Soyinka to Nigerians: Cultivate a Culture of Insurance

Business Journal

04/04/2025

The Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, Olaotan Soyinka has made a plea to Nigerians to imbibe the culture of insurance considering the economic situation in the country.

He made this statement at the company’s first quarter review of operations and processes of the underwriting firm at the corporate Head Office in Lagos at a press parley.

The MD/CEO reiterated the need and importance of insurance in the everyday life of all Nigerians irrespective of the tribe, religion or social status in the society.

He said “insurance is an integral part of our socio-economic life that should not be taken for granted.” Olaotan posited that a lot of Nigerians are really trying to make ends meet and therefore, they should be encouraged to have an ally that can be there for them when the eventuality happens and that can only come through having one form of insurance policy or the order.

He also alluded to the biblical story where the Noah’s Ark was the succour for those who took refuge inside it after the flood had receded.

In his words: “The earth was restored to its former position with God not having to go through the process of creation like He did in the beginning when the earth was formed.” Like Noah’s Ark, he added that insurance takes you back to your former position before the loss.

Soyinka said this is the time Nigerians need to consciously educate themselves on the benefits they are bound to derive in taking up an insurance policy.

He said there are various insurance products that the insuring public can take in protecting their lives and properties but that the most important thing is for the customers out there to willingly open their minds in accepting the fact that insurance is a very important aspect of their lives.

In closing, Soyinka said: “Nigerians have waited too long in willingly accepting and recognising the fact that without insurance, one is like building a House without a foundation and in no time, it could come crashing; and when that happens, you will have to start from the scratch again with even more funds than you initially spent.”

Soyinka said insurance gives you the promise of a safe and comfortable future.

“The earlier we disabuse our minds of the old notion that insurance doesn’t work, the better it will be for all of us. Nigerians should begin to cultivate an uncompromising culture of insurance.”

Sterling Bank Champions Cancellation of Transfer Charges

Business Journal

03/04/2025

In a landmark move that sets a new benchmark for customer-focused banking in Nigeria, Sterling Bank has championed the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.

The announcement, made on April 1st, initially sparked widespread arguments, with many

assuming it was a marketing prank tied to April Fools’ Day. However, Sterling has confirmed that this is no stunt: the zero-transfer-fee policy is real, and effective immediately.

With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.

“We believe access to your own money shouldn’t come with a penalty,” said Obinna

Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate. “This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.”

“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added. “Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”

Under the new policy, Sterling customers will enjoy free transfers for all local transactions

conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.

This customer-first orientation is not new for Sterling. During the COVID-19 pandemic, the bank stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support. From that moment to now, Sterling has continued to redefine what it means to be a responsible and responsive institution.

The bank’s latest move has been met with widespread public approval, sparking positive

reactions across social media and placing pressure on industry peers to follow suit.

We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think

differently about what customers truly need from their banks, not just in services, but in values.”

Online communities were not excluded as WhatsApp Nigeria lit up with viral broadcasts as users forwarded the news across various groups, including one from a prayer circle that read:

“Please my good people this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbour Justina just transferred N100k and no charges!!! God bless Sterling Bank.”

The message quickly gained traction, sparking massive public interest and mounting pressure on other banks to follow suit.

Sterling’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.

About Sterling Bank

Sterling Bank is a full-service national commercial bank in Nigeria, focused on building a more equitable and sustainable future through its HEART strategy, targeting investments in Health, Education, Agriculture, Renewable Energy, and Transportation.

With a growing reputation for innovation and customer advocacy, Sterling continues to lead with impact, empathy, and execution.

Stanbic IBTC Bank PMI: Sharpest Rise in New Orders in 14 Months

Business Journal

02/04/2025

The recovery in the Nigerian private sector gathered strength in March, with output, new orders and employment all increasing to greater degrees than in February.

Firms were helped to some extent by softening inflationary pressures, with input costs increasing at the slowest pace since May 2023.

The headline figure derived from the survey is the Stanbic IBTC Bank Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI posted 54.3 in March, up from 53.7 in February and above the 50.0 no-change mark for the fourth consecutive month.

Moreover, the latest improvement in business conditions in the private sector was solid and the most marked since the start of 2024. Central to the latest strengthening in the health of the private sector was an improving demand climate.

This helped lead to a fifth successive monthly expansion of new orders in March. Moreover, the pace of increase was sharp and the fastest in 14 months. In turn, the pace of output growth also quickened at the end of the opening quarter. Here too, the latest rise was the sharpest since January 2024.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Softening inflationary pressures are helping to improve domestic demand conditions, in turn, supporting an overall improvement in private sector activity in Nigeria.

Consequently, private sector activity strengthened for the fourth consecutive month, with the headline PMI settling higher at 54.3 points in March from 53.7 points in February – its highest print since January 2024 (54.5 points).

Central to this improvement is an increase in customer requests, which ensured the rate of growth in new orders in March quickened to their fastest pace in 14 months.

In addition, the employment level increased for the fourth month running in March although some firms reported hiring staff on a contract basis.

Meanwhile, the pace of increased input costs for the Nigerian companies moderated sharply in March, with the latest rise being the slowest since May 2023, albeit still marked. In line with this, the pace of output price inflation softened further – easing for the third successive month to the weakest since May 2023. Nonetheless, staff costs continued to rise at a solid pace and companies generally linked the efforts to increase staff pay to helping workers deal with higher living costs.

Private sector activity in Q1:25 was at a much better position compared to the preceding quarter and this is consistent with a likely 3.9% y/y growth in the non-oil sector in Q1:25, signifying a further improvement in business conditions.

For the full year 2025, the non-oil sector is poised to improve further compared to 2024 as the lingering FX stability and improved FX liquidity conditions bode well for the real sector activities, including manufacturing, trade and real estate.

This, in addition to the anticipated reduction in borrowing costs, should further support the growth of the non-oil sector in 2025. Accordingly, we project the non-oil sector to grow by 3.4% y/y in 2025. Therefore, we still expect the Nigerian economy to grow by 3.5% y/y in real terms in 2025 with the Q1:25 growth print forecasted to settle at 3.7% y/y.”

Output expanded across all four sectors covered by the report. Increases in new orders and output requirements encouraged companies to expand their staffing levels and purchasing activity accordingly. A modest rise in employment was nonetheless the most marked in seven months, while input buying was up sharply. Higher purchasing activity fed through to rising stocks of inputs, with companies looking to build inventories in line with current and future business needs.

Some firms also took advantage of softer price inflation to stockpile inputs. Although overall input costs continued to rise sharply, the pace of inflation eased for the fifth month running and was the slowest since May 2023.

Both purchase prices and staff costs increased at slower rates at the end of the opening quarter of the year. In turn, companies also posted a softer increase in selling prices in March. Here too the pace of inflation was the least marked since May 2023.

Meanwhile, suppliers’ delivery times continued to shorten, with improved vendor performance linked to prompt payments and good road conditions. Lead times shortened solidly, albeit to a lesser extent than seen in February.

Although rates of expansion in output and new orders quickened in March, companies were less optimistic regarding the 12-month outlook for business activity. Confidence was at a three-month low and weaker than the series average.

Those firms that predicted a rise in output linked this to planned advertising, as well as business investment and the opening of new branches.

Barth Nnaji to Deliver The Bullion Lecture 2025

Business Journal

02/04/2025

Globally acclaimed energy expert, Professor Barth Nnaji, is to deliver the 2025 edition of The Bullion Lecture.

The theme of the lecture is “Architecting the Energy Sector for Nigeria’s $1-Trillion Economy Vision”. The lecture is scheduled for 10am on Thursday, April 10, 2025 at The Civic Centre, Victoria Island, Lagos.

Nnaji, a recipient of three national honours: Officer of the Order of the Niger (OON), Commander of the Order of the Niger (CON), and Nigerian National Order of Merit (NNOM), is the Founder/Chief Executive Officer of Geometric Power Limited (the pioneer private power company in Nigeria).

Nnaji who was appointed as member of the National Energy Council in 2009, also served as the Special Adviser to the President on Power (2010 -2011); Chairman, Presidential Task Force on Power (June 2010- July 2011); and Minister of Power (2011 -2012). He led the implementation of the Power Sector privatisation and the unbundling of NEPA while serving as Minister of Power from July 2011 until his resignation in August 2012.

A professor of Mechanical and Industrial Engineering, University of Massachusetts, USA (1983-1996), Nnaji was also William Kepler Whiteford Professor of Engineering, and ALCOA Foundation Professor of Engineering, University of Pittsburgh, USA (1996-2007).

He was Baker Distinguished Research Awardee (Highest research award given by the International Institute of Industrial Engineers). In October 1998, he received the Distinguished Scientist Award by the World Bank/International Monetary Fund Africa Group.

The Bullion Lecture, a platform conceptualised by Centre for Financial Journalism for lively discussion on national and international issues, is always delivered by first-rate academics and professionals.

According to a press statement in Lagos by Dr. Ray Echebiri, Founder/CEO of Centre for Financial Journalism, organisers of The Bullion Lecture, the 2025 edition of the lecture (9^th in the series) will be graced by Chief Adebayo Adelabu, Minister of Power as the Special Guest of Honour.

The lecture will be chaired by National President of Women in Energy Oil and Gas (WEOG), Tolulope Longe, while the Group Managing Director, Aiteo E&P, Sir Victor Okoronkwo, and CEO, ThinkBusiness Africa/Convener, Africa Business Convention, Dr. Ogho Okiti, will be on hand to dissect the presentation by the Guest Lecturer as Panelists.

Expected guests at the lecture include government officials, captains of industry, banking and finance executives, maritime executives, lawyers, ICT professionals, energy sector executives, members of the academic community, members of the diplomatic corps, representatives of multilateral institutions, media practitioners and members of the public.

RMB Leads Investor Roadshow in Nigeria, Reinforcing Market Confidence, Investment Opportunities

Business Journal

02/04/2025

L- R: Regional Lead, Institutional Client Group, RMB, Eyitope Owolabi; Special Adviser to the Minister of Finance, Kikelomo Longe; EM Sovereign Credit Analyst, Thrivent Matthew Greenman; Specialised Finance Analyst, Sanlam Mpho Mbuyazi; Permanent Secretary Special Duties, Federal Ministry of Finance, Raymond Omachi; Honourable Minister for Finance and Coordinating Minister of the Economy, Wale Edun; Nigeria CEO, RMB, Bayo Ajayi; Africa Structured Debt Financier, Sanlam, Zuko Hewana; Senior Country Risk Analyst, Sanlam, Candy Van Der Walt; FI Strategist, Bank Invest, Jakob Christensen; Senior Portfolio Manager, Abu Dhabi Investment Authority, Ron Raychaudhuri at the recently held RMB Nigeria and Ministry of Finance Investor Roadshow facilitated by Rand Merchant Bank Nigeria in Abuja.

Rand Merchant Bank (RMB), a prominent corporate and investment bank in Africa, recently conducted a series of high-level meetings in Abuja as part of its West Africa investor roadshow.

These meetings involved institutional investors, asset managers, and senior government officials, focusing on Nigeria’s macroeconomic landscape and investment prospects.

The delegation engaged with key policymakers to discuss topics such as foreign exchange market stability, debt management strategies, and reforms aimed at attracting foreign investments.

A notable highlight was an exclusive meeting with the Honourable Minister of Finance & Coordinating Minister of the Economy, Wale Edun, which provided a platform for direct dialogue on Nigeria’s fiscal policies and economic direction.

Key RMB representatives included Bayo Ajayi, Nigeria CEO; Eyitope Owolabi, Regional Lead, Institutional Client Group; and Samantha Singh-Jami, Research Lead for Broader Africa.

They were joined by institutional investors and asset managers like Ron Raychaudhuri, Senior Portfolio Manager at Abu Dhabi Investment Authority; Jakob Christensen, FI Strategist at Bank Invest; Matthew Greenman, EM Sovereign Credit Analyst at Thrivent; and Candy Van Der Walt, Senior Country Risk Analyst at Sanlam.

RMB Nigeria CEO, Bayo Ajayi, emphasised the significance of investor confidence in promoting economic growth and capital inflows, stating:

“Ensuring open and transparent engagement between investors and policymakers is key to deepening confidence in Nigeria’s economic landscape. This roadshow provided an opportunity for institutional investors to gain direct insights into the country’s evolving policy framework, reinforcing Nigeria’s position as a long-term investment destination.”

The investors appreciated the transparent policy discussions and expressed interest in ongoing engagement with the Nigerian government regarding investment opportunities.

RMB Nigeria remains dedicated to connecting capital with opportunities to drive both business and economic development.

About RMB Nigeria Limited

RMB Nigeria Limited, a member of the FirstRand Group, is a leading African corporate and investment bank, providing innovative advisory, funding, trading, corporate banking, and principal investing solutions to clients across key sectors.

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