Access Holdings has announced the appointment of Mr. Innocent Ike as the substantive Group Managing Director/Chief Executive Officer of the Company, effective August 29, 2025, following the receipt of regulatory approval.

Mr. Ike will succeed Ms. Bolaji Agbede, who has served as the Company’s Acting Group Managing Director/Chief Executive Officer for the past 18 months and has played a vital role in driving the Company’s performance. Due to regulatory stipulations on the required years of experience for a Financial Holding Company’s Managing Director, Ms. Agbede will revert to her substantive role as the Company’s Executive Director, Business Support.

During Ms. Agbede’s tenure, Access Holdco achieved significant milestones, including ensuring workforce stability and seamless transition following the demise of the former Group Chief Executive Officer; successful execution of the Company’s N351 Billion Rights Issue and seamless hosting of two Annual General Meetings of the Company. Her leadership and strategic vision have not only maintained the Company’s momentum but also strengthened its competitive position in the industry.

Commenting on the development, the Company’s Chairman, Mr. Aigboje Aig-Imoukhuede, said:

“We are thrilled to welcome Mr. Innocent Ike as we move forward. At the same time, we want to express our deepest gratitude to Ms. Bolaji Agbede. Her outstanding contributions over the past 18 months have been invaluable, and we appreciate her dedication in navigating the Company through challenges and opportunities. While regulatory requirements necessitate this change, we are grateful for the strong foundation that has been laid.”

Mr. Ike graduated from the University of Lagos with a BSc (Hons) in Accounting in 1988, receiving recognition as the Best Graduating Student. He is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and a Certified IFRS expert.

He has over three decades experience in banking and financial services, ten years of which were spent at Access Bank, where he rose to General Manager, overseeing portfolios in corporate, commercial, and public sectors.

He served as the Managing Director/Chief Executive Officer of Polaris Bank from 2020 to 2022, during which he launched VULTe, the bank’s digital banking platform, earning several industry awards including the BusinessDay BAFI Digital Bank of the Year Award and the Nigerian Fintech Digital Bank of the Year Award in 2021 and 2022, respectively.

Speaking on the appointment, Mr. Ike said:

“I am honoured to take on the role of Group Managing Director /Chief Executive Officer and excited to work alongside the talented team at Access Holdings. I look forward to building on the strong legacy established by Herbert Wigwe and Bolaji Agbede, and driving our vision forward, ensuring we continue to deliver exceptional value to our shareholders and stakeholders.”

Access Holdings remains committed to becoming the World’s Most Respected African Financial Services Group, and with Innocent Ike at the helm, the Company is well-positioned for sustained success and growth.

Ecobank Nigeria, a subsidiary of the leading pan-African banking group has announced the launch of its Super Rewards campaign in celebration of the Group’s 40th anniversary.

As part of the campaign, more than ₦60 million in cash rewards has been earmarked for loyal customers. The campaign will run from September 2025 through January 2026.

Over the five-month period, a total of 914 customers will be rewarded with various cash prizes amounting to ₦61.2 million, in addition to enjoying a range of benefits that comes with banking with Ecobank.

Announcing the launch in Lagos, Victor Yalokwu, Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, explained that the campaign is designed both to commemorate the Group’s four decades of service in Africa and to reward customer loyalty.

According to Yalokwu “this year’s campaign is a special celebration of Ecobank Group’s 40 years of operations across Africa and show appreciation to our customers by rewarding their loyalty even as we deliver first-class banking services to them. The campaign is open to new and existing individuals, businesses (including SMEs and schools), and youth (students) customers nationwide, including those who reactivate dormant accounts and meet specified deposit and transaction requirements. Monthly draws will be held, ending with a grand finale draw in January, 2026.”

Customers stand a chance to be rewarded with monthly cash prizes, stipends, education scholarships, business funding, and other lifestyle-enhancing rewards. The breakdown of the rewards includes:

Individual accounts: 420 customers from the monthly draws will get ₦16.8 million, with 8 customers getting the grand prize of ₦8 million in January.

Business accounts: 420 customers from the monthly draws will get ₦16.8 million, with 4 customers getting the grand prize of ₦16 million to support their businesses.

Student accounts: 50 customers will be rewarded during the monthly draws, each receiving ₦40,000 (totalling ₦2 million), with 4 youth customers taking the grand reward, receiving education grant of ₦400,000 each (totalling ₦1.6 million).

Yalokwu emphasised the simplicity of the qualification process to encourage broad participation. New individual customers must open an account with a minimum of ₦10,000 and maintain it for 30 days to qualify for monthly draws. For the grand prize, customers must maintain a minimum deposit of ₦40,000 for 3 consecutive months.

Business customers need to open accounts with at least ₦40,000 and maintain the balance similarly, with grand prize qualifications requiring deposit growth of at least ₦400,000.

All participants must transact through Ecobank’s digital channels—including the Ecobank Mobile app, USSD (*326#), Ecobank Business app, OMNIPLUS, internet banking, or debit card. Monthly draw eligibility requires a minimum of four transactions, while grand prize qualification requires twelve transactions. Each deposit increment of ₦10,000 (individual) or ₦40,000 (business) increases chances to earn rewards.

Prospective customers can open accounts via the Ecobank Mobile app, while customers with dormant accounts can reactivate by visiting www.ecobank.com/ng/personal-banking.

“We encourage everyone to join and experience the benefits of banking with Ecobank, while getting rewarded for their loyalty,” Yalokwu concluded.

Growth in the Nigerian private sector continued to gain momentum during August as customer demand improved and inflationary pressures softened. Sharper increases in output and new orders were recorded, although rates of expansion in purchasing activity and employment eased.

Meanwhile, business confidence softened but firms remained optimistic that output will increase over the coming year. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI).

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Business activity increased further in August and has remained above 50 points for the ninth consecutive month. The increase in business activity was driven by sharper increases in output and new orders.

Notably, output (56.8 points vs July: 56.1 points) increased in line with customers’ willingness to commit to new projects, while the growth in new orders (58.3 points vs July: 57.3 points) quickened to a 19-month high amid reports of increasing customer demand. Given these higher new orders, firms expanded their staffing levels for the third consecutive month.

The opening of new branches and marketing plans are also supporting firms’ optimism that output will increase over the coming year. Elsewhere, input cost eased to its lowest level since March 2023 even as the latest increase is still above the series average.

In line with this, the rate of increase in output prices moderated for the fourth consecutive month in August and the slowest since April 2020. The continued moderation of input and output prices still suggests that inflation is likely to remain soft in the near term, and may incentivize the MPC of the CBN to switch to an accommodative monetary policy by September from the current neutral stance.

Indeed, we estimate headline inflation to moderate further in August to 21.45% y/y – 21.63% y/y, and possibly settle at 17.19% y/y – 17.92% y/y by November.

Accordingly, we still expect up to 150 bps cumulative rate cut in 2025. Nigeria’s rebased economy shows real GDP increasing by 3.13% y/y in Q1:25 – slower than the 3.76% y/y revised growth in Q4:24 – and also the lowest since Q1:24 when the economy grew by 2.27% y/y.

At 78.6%, relative to 70.0% in Q4:24, services contributed the most to GDP growth in Q1:25, but agriculture shrank to 0.5% in Q1:25, from 19.7% in Q4:24. Industries in Q1:25 contributed an impressive 20.9%, from 10.4% in Q4:24, in line with our long-held view that industries should start contributing more to real GDP growth from 2025 amid the structural shift introduced into the sector by the operations of Dangote Refinery. Overall, the Nigerian economy is still on track to grow by 3.5% y/y in 2025 from 3.4% y/y growth seen in 2024 supported by softer inflation, improvement in FX liquidity conditions, and structural reforms.”

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

At 54.2 in August, the headline PMI was above the 50.0 no-change mark for the ninth month running, signalling a sustained improvement in the health of the Nigerian private sector. Moreover, the latest reading was up from 54.0 in July, pointing to a solid strengthening of business conditions and one that was the most pronounced since April.

The rise in the headline index primarily reflected sharper expansions in output and new orders, with rates of growth hitting four- and 19-month highs respectively. Panelists reported stronger customer demand and a greater willingness among clients to commit to new projects. Output increased across three of the four broad sectors covered by the survey, the exception being manufacturing.

While firms continued to expand staffing levels in response to higher new orders, the rate of job creation was only slight and softer than that seen in July. Companies were nonetheless able to deplete outstanding business for the first time in five months.

A slower increase in purchasing activity was also registered in August. Nonetheless, input buying rose markedly in response to improving customer demand, with positive expectations for the future also encouraging firms to accumulate inventories.

Expectations for output growth over the coming year reflected predictions of higher new orders, the opening of new branches and advertising activity. Sentiment eased for the second month running, however, and was relatively muted. Inflationary pressures waned midway through the third quarter. The pace of increase in purchase prices slowed for the fourth consecutive month and was the weakest since March 2020. Meanwhile, the pace of staff cost inflation eased to a three-month low. Where wages increased, panelists linked this to incentives for faster project delivery and cost-of-living payments.

In line with the picture for input costs, the pace of output price inflation also eased in August, slowing for the fourth month running to the weakest in almost five-and-a-half years. The latest rise was also softer than the series average, despite remaining marked as companies passed higher costs through to their customers.

Union Bank of Nigeria, one of the nation’s longest-standing financial institutions, today announced the successful completion of its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN).

This milestone concludes a process that began with the signing of a Share Sale Agreement in 2021 and positions Union Bank as an even stronger force within Nigeria’s financial services sector. Under the terms of the merger, Union Bank has fully absorbed Titan Trust Bank’s operations and assets.

The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.

With an expanded footprint of over 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels, Union Bank is poised to deliver enhanced value across retail, SME, and corporate segments. The merger combines Union Bank’s trusted heritage with Titan Trust’s agility and innovation, creating a platform for sustainable growth and broader financial inclusion.

Union Bank’s Managing Director and Chief Executive Officer, Mrs. Yetunde Oni, described the development as “a pivotal moment in our 108-year journey, and a launchpad for delivering greater value to our customers. By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.”

Also speaking on the transaction, Chairman of the Board of Directors, Mr. Bayo Adeleke, said: “This is a new era of growth, collaboration, and shared prosperity. By bringing together the strengths of both institutions, we are committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.”

The Bank has assured customers that there will be no disruption to existing services. Account details remain unchanged, and customers will continue to access a full suite of products and services seamlessly, with an accelerated push towards enhanced digital solutions.

This strategic consolidation strengthens Union Bank’s market position, unlocks operational synergies, and underscores its ambition to deliver a modern, robust, and inclusive banking experience for all.

L-R: Dr. Olayinka Olutola, Director General/CEO, Association of Enterprise Risk Management Professionals; Maureen Chigbo, President, Guild of Corporate Online Publishers; Mr. Paul Ehiagbonare, Chief Digital Officer,  Accion Microfinance Bank Ltd; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Mr. Afeez Ramoni, Head, of Data and Innovation and representative of Chairman, NGX Group; Mrs. Bukola Ifemade, former Chairperson, Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers and Dr. Jeff Duru, Managing Director/CEO, Universal Insurance Plc during the 2nd Business Journal Fintech & Financial Inclusion Roundtable ’25, on the theme, ‘Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria’ held in Lagos on Friday.

Stakeholders at the 2^nd Business Journal Fintech & Financial Roundtable 2025 have called for collaboration by regulators and operators to advance sustainable growth of fintech ecosystem and financial inclusion in the country.

Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) in his remarks as Chairman of the event, said Nigeria has emerged as one of Africa’s most vibrant fintech ecosystems in the last decade.

“We have witnessed the rise of mobile payments, digital lending platforms and wealth management applications that have transformed how Nigerians access and interact with financial services. At the Nigerian Exchange Group, we have recognised this trend not as a disruption to be resisted, but as an opportunity to be embraced. Our mission has always been to democratise access to investment opportunities and to deepen participation in the capital market. To achieve this, we have consistently opened our doors to fintech innovation.”

On the role of NGX in driving financial inclusion, Kwairanga stated:

“From deploying API-driven market data solutions that allow fintech companies to seamlessly integrate trading information into their platforms, to creating regulatory sandboxes that encourage innovation, and supporting digital trading applications that provide retail investors with direct market access, we have worked deliberately to ensure that fintech inclusion in the capital market is not just an aspiration but a tangible reality.”

During the panel session, the stakeholders agreed that harmonisation of relevant policies by such regulatory agencies as the Central Bank of Nigeria (CBN), Securities & Exchange Commission (SEC), National Identity Management Commission (NIMC), National Insurance Commission (NAICOM) and the Nigerian Deposit Insurance Corporation (NDIC) will ensure public confidence and mitigate various operational risks in the fintech space.

Dr. Olayinka Odutola, Director-General/CEO, Association of Enterprise Risk Management Professionals (AERMP) commended the rising level of fintech and financial inclusion practice in the country, insisting however that the greed factor remains a potent danger in the market.

“Fintech and financial inclusion have started very well in Nigeria but we must consider the greed factor in terms of risks and cyber breaches. People can hack into systems and engage in identity fraud. People-risk is a major risk. Prevention is still better in terms of players and institutions to contain digital fraud.”

Odutola bemoaned the regulatory fragmentation in the system and called for harmonisation of policies and information sharing by the CBN, SEC, NDIC, NAICOM and NIMC to protect both operators and institutions in the system. He lamented that data privacy and ethical hacking are still under-rated.

Dr. Jeff Duru, the Managing Director/CEO of Universal Insurance Plc stated that both fintech and insurtech provides great opportunities for the insurance market in terms of financial inclusion.

“There is little level of financial inclusion in the hinterlands but fintech and insurtech will close the gap in the area of insurance penetration. Insurance companies alone cannot handle financial inclusion. There must be collaboration to ensure reality and no longer a talking point.”

Duru added that both fintech and insurtech are tools to grow the business of insurance in Nigeria in terms of speed, which is a critical issue for operators because it builds trust.

Mrs. Bukola Ifemade, the former chairperson, Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB), said the Council is passionate about insurance penetration through fintech and financial inclusion.

“We believe in collaboration. We are making efforts on insurance penetration through the deployment of fintech and financial inclusion.”

In her submission, Ms. Maureen Chigbo, President of the Guild of Corporate Online Publishers (GOCOP) raised the issue of credible communication in the expanding space of fintech and financial inclusion in the country.

“Communication is key in advancing financial inclusion and fintech operations in Nigeria. We need to combat the rising level of misinformation and disinformation in order to deal with the issue of trust in the system.”

Chigbo added that the emerging online publishing community stands ready to combat such communication threats and become a veritable tool for businesses to market their products and services for sustainable growth of the Nigerian economy.

“Fintech can also support human capital development through training, re-training and financial literacy programs in schools and communities.”