Local Content, NCDMB on the Spotlight at 2025 NOG Conference

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11/07/2025

The recently held 2025 Nigeria Oil and Gas (NOG) Conference in Abuja highlighted the pivotal role of the Nigerian Content Development and Monitoring Board (NCDMB) in advancing local content policies and driving Nigeria’s energy sector transformation.

At different sessions at the conference, leaders of the of the Nigerian oil and gas industry lauded the contributions of NCDMB and highlighted the impact the Nigerian Oil and Gas Industry Content Development (NOGICD) Act has played in transforming the oil and gas landscape, emphasising the need for continued support by Government and other stakeholders.

Through strategic initiatives, partnerships, and policy advocacy, NCDMB has empowered indigenous companies, fostered economic resilience, and positioned Nigeria as a leader in regional energy collaboration.

NCDMB’s Strategic Contributions to Local Content
The NOG Conference, spanning June 30 to July 2, 2025, showcased NCDMB’s leadership in implementing local content policies that have significantly reshaped Nigeria’s oil and gas industry.

At the gala dinner, Green Energy International Limited (GEIL) praised NCDMB for enabling the commissioning of the Otakikpo Crude Export Terminal in Rivers State, Nigeria’s first indigenous onshore crude oil export terminal in over 50 years.

With a $400 million initial investment and a projected total cost of $1.3 billion, the terminal, featuring a 750,000-barrel storage capacity (expandable to 3 million) and a 360,000-barrel-per-day pumping capacity, exemplifies NCDMB’s success in fostering indigenous infrastructure development. By reducing evacuation costs by up to 40%, the terminal enhances the economic viability of marginal fields, aligning with NCDMB’s goal of boosting Nigeria’s crude output to 2 million barrels per day.
NCDMB’s “Nigeria First” policy, emphasized by Executive Secretary Engr. Felix Omatsola Ogbe during the conference’s opening, underscores a commitment to prioritising local goods, services, and capabilities across the oil and gas value chain.

Building on the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 and President Bola Tinubu’s Executive Orders, the policy mandates local procurement unless foreign alternatives are justified, aiming to retain economic value, create jobs, and drive technological innovation. NCDMB is operationalizing this through a “Nigeria First Procurement Policy,” integration into Nigerian Content Plans, and studies to assess local service provider capacities, ensuring transparency and accountability.
The revamped Community Contractors Financing Scheme, part of the Nigerian Content Intervention (NCI) Fund, was another focal point. Restructured to address past inefficiencies, the scheme now offers up to ₦100 million in loans to community contractors, with simplified collateral requirements and partners with financial institutions like FCMB and the Bank of Industry (BOI), to enhance accessibility and participation in the value chain for oil-producing communities. This initiative reflects NCDMB’s dedication to inclusive growth, ensuring host communities benefit directly from energy projects.
The “Back-to-the-Creek” initiative, showcased during the conference, further demonstrates NCDMB’s focus on human capital development. Targeting underserved oil-producing communities, it promotes STEM education, vocational training, and digital skills through digitization programs, heritage preservation, and educational empowerment schemes. By aligning with President Tinubu’s 8-Point Agenda, this initiative aims to create a skilled workforce, fostering inclusive development and economic opportunities in marginalized areas.

Local Content Achievements and Industry Impact
NCDMB’s local content policies have driven a significant shift in Nigeria’s energy landscape, with indigenous producers now accounting for over half of the nation’s oil and gas output, as highlighted by Abdulrazaq Isa, Chairman of the Independent Petroleum Producers Group (IPPG).

The Divestment and the transfer of onshore and shallow water assets from international oil companies (IOCs) to local operators has enabled IPPG members to target 1.3 million barrels per day of oil and 4.5 billion cubic feet of gas by 2027. The successful transfer of assets to local players were enabled by the growth of Nigerian Content in the operating and service sides of the oil industry, as Nigerian operators have shown capacity to play in the big league.

NCDMB’s support for financing, policy stability, and capacity building has been instrumental in this transition, fostering economic linkages and industrialization.
The conference also underscored NCDMB’s role in major infrastructure milestones. Engr. Bashir Bayo Ojulari, Group CEO of NNPC Ltd, highlighted NCDMB’s support for the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline’s progress, including its successful crossing of the River Niger, with completion expected by Q4 2025. NCDMB’s collaboration with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) also supported initiatives like the Project 1 Million Barrels, contributing to a production increase to 1.7 million barrels per day, with a target of 2.5 million by 2026.
Also at the NOG, industry leaders defended NCDMB’s local content framework against criticisms that it inflates costs, arguing that its economic benefits, including job creation and GDP growth, far outweigh short-term expenses.

Dr. Daere Akobo of Pana Holdings highlighted NCDMB’s role in projects like Africa’s first digital refinery, emphasizing technology’s role in enhancing efficiency. Mr. George Onafowokan of Coleman Cables and Wires praised NCDMB’s data-driven approach, noting a 56% local content achievement as a significant milestone.

Regional Influence and Challenges Ahead
NCDMB’s local content model is gaining traction across Africa, with Nigeria’s policies serving as a blueprint for regional energy collaboration.

Dr. Ernest Nwapa, NCDMB’s pioneer Executive Secretary of NCDMB, noted that over 16 African nations have adopted similar laws, inspired by Nigeria’s NOGICD Act. The conference highlighted initiatives like the West African Gas Pipeline and the Nigeria-Morocco Gas Pipeline, which position Nigeria as a key gas supplier to Europe. Ghana’s Deputy Chief Executive, Nasir Alfa Mohamed, called for standardized regulations and joint regulatory bodies to enhance cross-border collaboration, while Engr. Farouk Ahmed of NMDPRA emphasised the PIA’s Midstream and Downstream Gas Infrastructure Fund as a model for de-risking investments.
Despite these achievements, challenges remain. Panelists at NOG Energy Week stressed the need for sustained investment in human capital to support Nigeria’s refining ambitions, as infrastructure alone is insufficient without skilled professionals.

Mr. Anibor Kragha of ARDA highlighted Nigeria’s $2 billion expenditure on imported petrochemicals in 2023 as a gap that local capacity development could address. NCDMB’s focus on training and education, through initiatives like “Back-to-the-Creek,” aims to bridge this gap, but scaling these efforts requires broader stakeholder collaboration.
Criticisms of local content policies as cost-inflationary were addressed head-on, with panelists arguing that fragmented data and operational inefficiencies, not local content mandates, are the primary cost drivers. NCDMB’s emphasis on technology integration and data consolidation was seen as critical to addressing these issues, ensuring cost efficiency while maintaining local participation.
NCDMB’s participation at the 2025 NOG Conference underscored its transformative impact on Nigeria’s energy sector. By championing local content through policies like “Nigeria First,” revitalising community financing, and investing in human capital, NCDMB is driving indigenous leadership, economic resilience, and regional collaboration.

As Nigeria aims for 2 million barrels per day by mid-2025 and beyond, NCDMB’s strategic vision positions the country as a global energy hub, with local content at the heart of sustainable growth.

UBA Announces Strategic Expansion into Key Markets across Africa

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10/07/2025

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UBA Group senior executives recently concluded the Group’s Half Year Business Review. Held at global headquarters in Lagos Nigeria, Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.

It was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets. With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence,

The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base. The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.

The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets. Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.

Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.

“UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents. Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.

“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY. These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.

As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.

Operating in 20 African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

United Bank for Africa is one of the largest employers in the financial sector on the African continent with 25,000 employees’ group wide and serving over 45 million customers globally.

Capital Market: Shettima, Agama, Others Charge Judiciary to Foster Confidence

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09/07/2025

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Vice President Kashim Shettima, the Minister of State for Finance, Doris Uzoka Anite, the Director-General of the Securities and Exchange Commission Dr. Emomotimi Agama and other stakeholders in the capital market called on Nigeria’s judiciary to enhance trust and efficiency within the country’s capital market.

They stressed that the judiciary has a critical role in driving the agenda of the federal government to achieve the N1tn target for the Nigerian economy.

Speaking at the Securities and Exchange Commission (SEC) Judges’ Workshop in Abuja, Shettima highlighted how effective dispute resolution mechanisms underpin investor confidence and market stability.

Themed “Repositioning the Nigerian Capital Market for National Economic Transformation through Effective Dispute Resolution,” the workshop brought together the Chief Justice of Nigeria, President of the Court of Appeal, Chief Judges, Attorney-General, SEC officials and key legal practitioners.

“A strong and trustworthy capital market is fundamental to national economic transformation,” the Vice President said.

He noted that beyond its role as a trading platform, the capital market mobilizes long-term funds crucial for infrastructure, business expansion, and job creation, all vital to Nigeria’s development goals amid a young and growing population.

Shettima stressed that investor trust hinges on a legal system capable of resolving disputes promptly and fairly.

“Justice delayed is justice denied, especially in financial markets where timing is critical,” he stated, urging judges to deepen their knowledge of capital market laws and work closely with the SEC to uphold market integrity.

He also reassured participants of the government’s commitment to supporting judicial independence and improving access to justice, including through alternative dispute resolution techniques such as mediation and arbitration, aimed at easing court congestion and speeding up settlements.

Also speaking, Agama said the workshop seeks to build judicial capacity, encourage consistency in rulings, and foster collaboration between regulators and the judiciary.

He commended the President and the National Assembly for the successful passage and signing into law of the Investments and Securities Act, 2025.

He said: “The ISA 2025 is a legislative success, a legal milestone and a reform that ushers in a new era for our capital market.

“By enacting this progressive law, Nigeria has taken a bold step toward fostering a more transparent, efficient, resilient and secure investment climate.

“The diligent efforts of the Executive and Legislative arms in ensuring the seamless passage of this Act reflect a shared commitment to economic growth, financial stability and sustainable development.

“Your excellences, the capital market community celebrates this achievement and we express our sincere gratitude for your unwavering dedication to policies that advance our collective prosperity.

“May this Act serve as a beacon for further economic reforms that will attract investments, empower businesses and create lasting opportunities for all Nigerians.

“This workshop is part of the Commission’s objective of engaging the Judiciary in all aspects of capital market operations especially on the specialized law, regulations and ethics upon which market integrity heavily relies on.

“This Workshop is part of the firm commitment of SEC to a deeper engagement with all stakeholders, ensuring that the provisions of the ISA 2025 are widely disseminated, discussed and fully understood, in order to achieve our goals in restoring investors’ confidence, bringing timely succour to aggrieved investors and creating a broad-based participation of Nigerians in wealth creation. “

Within the context of national economic transformation, Agama said the capital markets assume a more prominent role, as no economy can develop without a vibrant and resilient capital market that facilitates capital formation and promotes economic growth.

“The capital market is critical to addressing our challenges, such as infrastructure deficit and unemployment, by supplying government with long term financing for infrastructure and allowing companies to raise funds to expand their operations and create jobs.: he said.

“As judges, your interpretations of these provisions will set legal precedents that will shape market behaviour for decades.

“Furthermore, recent cases have highlighted the need for judicial preparedness. This workshop will therefore provide practical case studies on capital market litigation, foster dialogue between judges, regulators, and market operators and equip the judiciary with tools to handle sophisticated financial crimes.”

The Chief Justice of the Nigeria, Justice Kudirat Kekere-Ekun said the capital market is no longer a distant abstraction limited to high finance or institutional investors, adding that it has become a critical lever of economic participation and empowerment.

She said: “From pension contributors and fintech entrepreneurs to diaspora bond subscribers and small-scale investors, the capital market affects livelihoods, opportunities, and national competitiveness.

“As such, it is not merely an economic mechanism, it is a democratic tool for wealth creation and national stability. Yet, like all vital systems, it is vulnerable.

“The capital market is a repository of trust, but also a potential site of distortion. It is a platform for innovation, but also susceptible to fraud and regulatory 4 arbitrage. In this regard, the Judiciary has a profound role to play.

“Not as passive arbiters, but as active custodians of economic integrity and commercial justice. We must acknowledge the emergence of new financial frontiers— digital assets, cryptocurrency transactions, green financing instruments, and transnational securities.

“These developments often outpace the tools of traditional adjudication. It is not sufficient to apply existing principles without adaptation; nor must we yield to the illusion that novelty negates precedent. Instead, we must engage with these issues in a manner that preserves legal consistency while remaining responsive to evolving commercial realities.”

The CJN said the recent enactment of the Investments and Securities Act, 2025 is a welcome development, adding that the provisions offer enhanced regulatory clarity and investor protection mechanisms.

She added: “Our task, therefore, is to breathe life into these 5 statutory instruments and to give them meaning that aligns with legislative intent, commercial logic, and ethical consciousness.

“This workshop is not simply a training exercise. It is a platform for self-examination and renewal; a crucible for deepening our understanding of the demands that modern financial adjudication places on the Bench.

“The decisions we render in capital market disputes reverberate beyond the courtroom; they shape public confidence, influence investor behaviour, and impact the stability of financial institutions. Let us not lose sight of the powerful signals our decisions send.

“When justice is swift, sound, and credible, capital is attracted, innovation flourishes, and prosperity becomes inclusive. When judgments are delayed, ambiguous, or uninformed, economic activity is stifled and confidence eroded.

“The Judiciary must therefore see itself not only as an interpreter of the law but as a co-architect of national economic order.”

In her comments, Uzoka-Anite emphasised the significance of the platform for dialogue and capacity building among institutions responsible for maintaining financial market integrity.

She described the capital market as a catalyst for economic growth, structural development, innovation, and job creation, especially in a potential-rich economy like Nigeria.

According to her, the collaboration between regulators, the judiciary, and all stakeholders is essential to preserve public trust, resolve disputes efficiently, and ensure consistent interpretation and application of capital market laws.

She identified SEC as a critical partner in achieving Nigeria’s economic agenda through regulatory oversight of the capital market.

Universal Insurance Reports N15.25bn Premium, N2.8bn Profit in 2024

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09/07/2025

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L-R: Dr. Jeff Duru, Managing Director/CEO, Universal Insurance Plc; Mrs. Nkechi Naechie-Esezobor, Chairperson, Nigerian Association of Insurance and Pension Editors (NAIPE) and Mr. Tunji Oyebayo, Head, Marketing, Universal Insurance Plc at the 2024/2025 NAIPE AGM in Lagos.

One of the oldest insurance companies in Nigeria, Universal Insurance Plc has reported Gross Written Premium (GWP) of N15.25 billion in the financial year ended December 31, 2024.

The Managing Director/CEO of the Company, Dr. Jeff Duru, disclosed this in Lagos while speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).

He also disclosed that as at the first quarter of 2025, the Company achieved a GWP of N8.07 billion, above 100 per cent higher than the target for the quarter.

According to him, “last year, we recorded N15.25 billion in Gross Written Premium (GWP) and profit after tax of N2.8 billion. Our shareholders’ funds as at the first quarter was in the neighbourhood of N16.4 billion when compared to N13.25 billion reported in 2024. We are charged to serve the public better to make them have that experience. Our claims payment is now top-notch. Our services are top-notch. We are fully computerised. All our Personal Line products are digitised. You can go through our website, access our products, get your quotes and make payment there seamlessly, and you can also initiate claims payment and we follow it up at the backend.”

He continued: “Universal insurance has come to stay and to serve the industry, give them the peace of mind, give them an excellent customer experience. That is what we are doing.

“As at the first quarter, we have produced N8.07 billion in terms of GWP, and that was about 130% of our first quarter target. We are progressive, we are highly innovative and bringing insurance to the doorstep of our customers, with seamless operations, accessibility and affordability. Our products are highly affordable. You can try us and you will get the best service with peace of mind.”

On products and initiatives, Duru said: “Our initiatives and products include Shop in Shop cover. The shop in shop cover was basically designed for shop owners and businessmen that operate businesses at a the Small and Medium Enterprise (SME) level. It provides them with fire insurance cover, burglary, hotel insurance cover, cover for personal injury and alternative accommodation during relocation effort.

“We have OkadaPass. This product was designed for companies, organisations that are into delivery, people that deliver products and services through bike. It’s an online or digital service provision for the delivery business. It covers the bike, the rider and the package, because the package can be of great value to the service providers and personal injury to the riders.

“Our initiatives also include our digital customer portal, mobile app through which our customers can access our products, get quotes, initiate renewals, and initiate claims.

“We have our digital chat box, or Artificial Intelligence (AI)-driven chat box and visual assistant. That is 247 services that will take the position of our service centers at any point in time, our chat box will deliver fantastic experience to the customers both chat and voice services.

“We have our digital pre and post loss survey, especially for motor vehicles. Now the manual intervention in surveying or inspecting vehicles is no longer there, once you want to insure your vehicle, our survey team will deploy the digital portal for the AI driven portal to you through your phone, and you will use your phone to do the physical inspection of your vehicle, and even when there is a claim, it will still be deployed to use it to do your inspection and the information will come to our database and we can see everything. It cuts down fraud, cuts down manpower, reduces cost and gives you that excellent touch with speed of service for our claim delivery. These are part of the advantages that come from that service.”

Universal insurance Plc is a non-life insurance underwriter that has existed for over 60 years, re-engineered and regenerated to serve customers better. The company is fully recapitalised with asset base of over N20 billion.

Tinubu Tax Reforms: Transformative Policy Deployment for Nigerian Economy in a Generation – IMPI

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07/07/2025

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The Independent Media and Policy Initiative (IMPI) has said that the new tax reforms will go down in the country’s history as President Bola Tinubu’s major legacy to Nigerians.

This according to the group is because of the potentials of the new laws to transform the Nigerian economic space more than any policy deployment in a generation, if well implemented.

In a statement signed by its Chairman, Dr. Omoniyi Akinsiju, IMPI noted that it came to that conclusion after a cursory look at the Nigeria Tax Act (NTA) 2025.

It said: “In the tradition of objective analysts, we have reviewed the new tax laws within the framework of policy contextuality, realism, and pertinence. Our verdict is that Nigeria’s federal administration, led by President Tinubu, has gifted the country a body of legacy fiscal policies with the potential to transform the Nigerian economic space more than any policy deployment in a generation.

“Based on our evaluation, the four tax acts — the Nigeria Tax (Fair Taxation) Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act — meet all the fiscal conditions required for accelerated and inclusive economic growth.

“By our reckoning, these tax reforms, as reflected in the substance of the four tax acts, alongside the removal of fuel subsidies and the harmonisation of foreign exchange transactions windows, are at the heart of the coordinated effort to reset the Nigerian economy on a sustainable and inclusive growth path.

“The ideal tax system raises essential revenue without excessive government borrowing. It should also do so without discouraging economic activities or deviating too much from tax systems in other countries.

“On this count, we submit that President Tinubu has accomplished multiple fiscal objectives in a single strategic manoeuvre, consolidating and reshaping Nigeria’s fragmented and complex tax architecture and emphasising rebuilding trust in the system.

“The new tax regime promotes tax compliance through fairness and positions the country as an attractive destination for domestic and foreign investments. In this light, Nigeria has just now commenced its long-held crystallisation of its economic renaissance.”

The group also pointed out that the new tax law has multiple provisions targeted at boosting domestic and foreign investment.

“With the implementation of the Nigerian tax laws starting in January 2026, foreign direct investment inflows into the country are expected to be reinvigorated. A major thrust in this regard is the adoption of the Minimum Effective Tax Rate (ETR) in the Nigerian Tax Act 2025 and other fiscal measures.

“Whereas the normal company income tax rate on a large company in Nigeria is 30 percent of the company’s profit, with the adoption of the ETR, Nigerian companies that are members of a multinational group with an aggregate group turnover of 750 million euros and above or have an annual turnover of 50 billion Naira and above will now be subject to a minimum effective tax rate (ETR) of 15% of their net Income.

“The goal is to avoid the double taxation of dividends and unrealised gains or losses. This reduction in tax rates and clarity around double taxation for multinational companies will undoubtedly influence the flow of global capital to Nigeria.

“This is in addition to introducing the Economic Development Incentive, which replaces the “pioneer” tax holiday incentive. This incentive introduces a 5% tax credit per annum for 5 years on qualifying capital expenditure purchased by eligible companies within 5 years, effective from the production date.

“The Act further provides that if a company has unused tax credits or qualifying capital expenses, it can carry them forward for 5 years. The EDI effectively reduces the company’s income tax obligation for a five-year consecutive period if it is part of a multinational group. Another attraction for global entrepreneurial capital is the prospect of establishing a residence in Nigeria.

“In addition, the tax exemption threshold for selling company shares in Nigerian companies has been increased to 150 million Naira (from 100 million Naira) in any 12 consecutive months, provided that the gains do not exceed 10 million Naira. This is another ease-of-doing-business policy.

“The overall tax structure, including the progressivity of income taxes, can influence income distribution and aggregate demand, affecting economic growth. This is substantially reflected in the NTA 2025. Section 56 of the Act stipulates that small companies with a gross turnover of 100 million Naira or less per annum and total fixed assets not exceeding 250 million Naira now enjoy zero per cent income tax.

“This is an extension of the threshold for benefiting companies from 25 million Naira in turnover under the 2020 Finance Act to 100 million Naira in the NTA 2025. This higher threshold captures more Nigerian companies, especially those considered to be medium-sized, in categorising companies that are no longer required to pay Company Income Tax (CIT).

“The most profound provision of the NTA 2025 is the zero tax charge on the personal income of Nigerians earning between 0 and 800,000 Naira annually. Nothing demonstrates the progressive nature of the new tax laws than this.

“We submit that this exposition of the progressivity of income taxes, as captured in the NTA 2025, will influence income distribution and aggregate demand, thereby driving economic growth. We can now envision the impact of the disposable income available to the approximately 5,800,000 wage workers in this category,” the policy statement added.

Udeme Ufot to Chair QEDNG Creative Powerhouse Summit

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07/07/2025

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Mighty Media Plus Network Limited, publishers of the online newspaper QEDNG, has announced Udeme Ufot as Chairman of the inaugural QEDNG Creative Powerhouse Summit.

Ufot is the Group Managing Director of SO&U, one of Africa’s foremost marketing communications groups.

The announcement was made in a statement on Friday. It follows the recent confirmation that the summit will take place on Tuesday, August 12, 2025, at Radisson Blu Hotel, Isaac John Street, Ikeja, Lagos.

Themed “Financing as Catalysts for a Thriving Creative Economy,” the summit will bring together key figures in the creative space—including industry leaders, investors, policymakers, and emerging talents—to discuss ways to boost the sector’s growth and sustainability.

Olumide Iyanda, Chief Executive Officer of Mighty Media Plus Network Limited and Convener of the summit, said Ufot’s career achievements and support for the creative economy make him an ideal choice.

“The summit will explore innovative funding solutions, fostering partnerships between creatives and investors, and provide tools for effective financial management. It will also serve as a space for collaboration between creatives, industry leaders, and policymakers to drive sustainable growth,” Iyanda said.

He recalled Ufot’s long-standing relationship with QEDNG, dating back to the platform’s launch in 2014. According to him, Ufot’s guidance and encouragement helped shape QEDNG’s direction and identity.

“Mr Ufot’s position as chairman will underscore his role as a thought leader and champion of Nigeria’s creative industry. His leadership and insights will inspire participants to pursue innovation and excellence, reinforcing the importance of strategic collaboration. It will also highlight his pivotal contributions to the advancement of the creative sector in Nigeria,” Iyanda added.

Ufot began his career in 1984 at Insight Communications, where he rose to the position of Deputy Creative Director (Art). In 1989, he joined CASERS as Creative Director. Just six months later, he co-founded SO&U, which has since become one of Nigeria’s most respected advertising agencies.

He holds a Bachelor’s degree in Industrial Design from Ahmadu Bello University, Zaria, and has also completed programmes at the Swedish Institute of Management and the Lagos Business School.

Over the years, Ufot has held several leadership roles in the industry. He served as President of the Association of Advertising Agencies of Nigeria (AAAN) and Chairman of the Advertising Practitioners Council of Nigeria (APCON).

He also chairs the Board of the Policy Innovation Centre, sits on the board of the Nigeria Economic Summit Group (NESG), and co-chairs its Policy Commission on Tourism, Hospitality, Entertainment, Creative Industries and Sports (THECS).

Ufot is committed to developing future industry leaders. He mentors young professionals and lectures at the School of Media and Communication, Pan-Atlantic University, where he chairs the advisory board.

He is a past President of the Lagos Business School Alumni Association and former Board Chair of LEAP Africa, a non-profit organisation focused on youth leadership and entrepreneurship. He also serves on the board of Special Olympics Nigeria.

In 2014, the Federal Government of Nigeria honoured him with the Member of the Order of the Federal Republic (MFR) for his contributions to the corporate sector.

The QEDNG Creative Powerhouse Summit is open to a broad audience, including artists, filmmakers, musicians, designers, advertisers, academics, and financial institutions. It is expected to be a landmark event for collaboration, innovation, and investment in Nigeria’s creative economy.

NESG-Stanbic IBTC Business Confidence Monitor: Easing Macro-economic Pressures, Favorable Business Climate

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07/07/2025

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The Business Confidence Monitor (BCM) is the flagship survey-based report of the Nigerian Economic Summit Group (NESG), supported by Stanbic IBTC.

The report obtains qualitative information on the current business performance within the Nigerian economy and gauges expectations about overall economic activities in the short term. It is anchored on business managers’ optimism on key leading economic indicators such as investment, prices, demand conditions, employment, etc.

The NESG-Stanbic IBTC BCM combines leading qualitative indicators on Production, Investment, Export, Demand Conditions, Prices, Employment, and the General Business Situation to gauge the overall business optimism of the Nigerian economy.

The target respondents for the Business Confidence Survey (BCS) are business establishments operating in Nigeria that have been engaged in economic activities since the beginning of 2023. The survey is administered to senior managers and business executives.

Businesses in Nigeria maintained a positive performance streak for another month, as the BCM Index stayed in the expansion region for the sixth consecutive month in 2025.

According to the NESG–Stanbic IBTC Business Confidence Monitor (BCM), the Current Business Index rose to 113.6 points in June, up from 109.8 points in May 2025. This performance is attributed to several tailwinds, including easing inflationary pressures, improved investor confidence and climate, and stronger business resilience across key sectors.

Sectoral analysis showed expansion across all sectors and broader economic activities. Strong business growth was observed in Manufacturing (123.6), non-manufacturing (120.7), and Trade (121.0) in June 2025. The Agriculture and Services sectors also expanded, though only slightly above the origin (100 index points), reaching 108.9 and 106.3 index points, respectively.

However, non-manufacturing’s performance declined when compared with its May 2025 level of 122.2. This decline is linked to factors such as credit squeeze, rising inventories due to weak demand, and high (weak) exchange rates, which fuel imported inflation and escalate production costs, especially as many companies in this sector depend on imported inputs.

Despite the overall positive trend, structural challenges constrained broader business growth. Key BCM sub-indices investment, export, supply order, prices, and employment recorded lower values compared to the previous month.

The cost of doing business also rose in June, reversing the slight relief observed in May 2025. Businesses identified major constraints such as limited access to financing, persistent electricity supply shortages, inconsistent economic policies, inadequate foreign exchange availability, and elevated commercial lease and rental costs.

In June 2025, the NESG–Stanbic IBTC Business Confidence Monitor (BCM) Index for the Agriculture sector rebounded from its temporary contraction in May 2025, returning to the expansion region. The sector index rose to 108.9 points in the month, up from 98.2 points in May.

This recovery was primarily driven by a swift rebound in the Crop Production sub-sector, which contributed over 80% of total output. The reversal of the May 2025 downturn is attributed to several favorable developments: the harvest period coinciding with the New Yam Festival celebrated nationwide, the commencement of wet-season planting, a boost in livestock activities following the inclusion of high-yield Danish dairy heifers, and the operationalisation of various agro-processing initiatives supported by multilateral development institutions.

A breakdown of performance across the five agricultural sub-sectors shows that only Fishing recorded a contraction (below 100 points) in June 2025. Other sub-sectors experienced expansion in business activities, with significant growth in Crop Production (109.6, up from 95.1 in May 2025). Agro-Allied (108.2), Livestock (105.2), and Forestry (100.0) also remained in the expansion region.

Despite these gains, many agribusiness owners pointed to several ongoing challenges affecting their operations, with limited access to finance being the most critical. Many reported difficulty securing loans, which limits their ability to procure essential inputs like feed, drugs, and agricultural equipment. Other challenges include infrastructure deficits particularly unreliable power supply and weak transportation and logistics networks rising input costs, high rental and operational expenses, growing insecurity, and regulatory burdens.

Unstable power supply remains a major concern, especially for poultry and fish farmers who rely heavily on cold storage and water systems, thus increasing their energy costs. This situation contributed to a rise in the cost-of-doing business index to 136.3 in June, from 120.2 in May 2025.

NESG–Stanbic IBTC Business Confidence Monitor (BCM) Index for the manufacturing sector showed that businesses experienced expansion, recording an index of 123.6 points in June 2025. This marks a significant improvement from 114.4 points in May 2025.

The uptick reflects stronger performance across key sub-sectors, boosting overall manufacturing output in Nigeria. Major contributors to this expansion include Textile, Apparel & Footwear; Cement; Plastic and Rubber Products; Wood and Wood Products; and Pulp, Paper and Paper Products.

Despite this progress, manufacturers highlighted persistent structural constraints, raw material shortages, unreliable electricity, high import tariffs, inflation, and insecurity. Rising production costs, high rents, imported machine parts, and diesel worsened by weak domestic currency continue to weigh on output and profits.

Multiple taxes, weak demand, unstable policies, and poor access to finance further stifle growth and expansion. In addition, insecurity hampers the sourcing of raw materials, further disrupting production. While most sub-sectors recorded positive performance, some particularly Motor Vehicle and Assembly posted declines. Still, the strength of major sub-sectors outweighed these losses, driving the sector’s overall index improvement.

Business conditions in Nigeria’s non-manufacturing sector posted a reading of +120.7 points in June 2025. This marks the second month in a row of declining business performance, highlighting growing concerns among businesses about the challenging economic environment.

While still within expansion territory, the index continues a downward trend from 123.6 points in April and 122.2 in May, reflecting growing strains on sector-wide business optimism. Many non-manufacturing industries attributed the weakening momentum to persistent structural and macroeconomic challenges. Poor power supply has increased reliance on costly diesel, while high rents, dilapidated roads, and other infrastructural deficits have inflated production and transportation costs, eroding business efficiency. Although the overall performance remained positive, the outlook varied across sub sectors.

Apart from Oil and Gas Services, which reported improved business activity, all other sub-sectors registered a decline compared to May, with “Other Non-Manufacturing” sliding into contraction at 98.4 points. Amplifying these pressures are rising exchange rates and restricted access to finance, which hinder procurement and planning.

Meanwhile, mounting regulatory burdens and elevated inflation continue to compress productivity and profit margins. These worsening conditions have increased operational costs, curtailed expansion, and weakened investor confidence across the sector.

Nigeria’s Services sector sustained its business expansion momentum in June 2025, following a slight slowdown in the previous month (May 2025). The NESG–Stanbic IBTC Services Business Confidence Monitor (BCM) Index rose to 106.3 points from 104.5 in May 2025.

The improvement in business performance was driven by growth in the Broadcasting and Real Estate sub-sectors, supported by rising client/consumer demand and more stable operating conditions Five of the six major service sub-sectors recorded business expansion.

However, the Telecommunications and Information Services sub-sector experienced a contraction due to structural challenges, including the rising cost of service delivery primarily energy-related-delayed tariff adjustments, high exchange rates, and soaring dollar-denominated expenses for tower leases, network equipment, and international connectivity.

Other Services sub-sectors reported weak expansion in June, as amplified business constraints such as energy-related cost pressures, logistics bottlenecks, currency volatility, and persistent security issues, particularly in northern and rural areas continued to hinder service growth and raise operating costs. These factors eroded competitiveness and dampened business activity during the period.

The NESG–Stanbic IBTC Trade index recorded an expansion in June 2025, with the index rising to 121.0 points, up from 114.1 points in May 2025. The Retail sub-sector showed a notable rebound, shifting from the contraction zone of 89.2 points in May to 111.7 points in June 2025.

In contrast, the Wholesale sub-sector experienced a slight decline but remained in the expansion zone, registering 130.3 points in June. This performance underscores the enduring structural and macroeconomic constraints that continue to weigh heavily on the trade sector.

The modest improvement in some areas of sectoral performance was largely driven by increased consumer demand for essential goods, relative stability in the retail prices of fast-moving consumer goods (FMCGs), and improved conditions in supply chain logistics.

Traders across key urban centers reported higher sales volumes in food items, personal care products, and household essentials categories typically considered non-discretionary partly due to heightened demand from festival-related activities nationwide.

Despite these gains, many trade businesses in Nigeria continue to struggle with a wide range of structural and operational challenges that impede their growth and profitability. Chief among these is the lack of capital, followed closely by market price volatility and logistics and transportation bottlenecks.

These challenges discourage investment, reduce business competitiveness, and make it increasingly difficult for entrepreneurs to sustain operations. Entrepreneurs frequently cite limited access to affordable financing and prohibitively high interest rates on loans as key constraints. These financial barriers hinder the ability to expand operations, replenish inventory, or invest in productivity-enhancing tools.

To capture the short-term outlook and performance expectations of business owners in the country, the NESG–Stanbic IBTC Future Business Expectation Index provides insights into the levels of optimism and pessimism among businesses for the next one to three months.

For June 2025, the index stood at 134.5 points, reflecting a slight improvement from 132.4 points in May 2025. Across the sectors, the Manufacturing sector recorded the highest optimism at 160.4 points, followed by Trade (158.0 points) and non-manufacturing (153.5 points).

Meanwhile, the Services sector, at 122.3 points, showed the lowest level of optimism regarding expected improvements in the business environment. Notably, sentiment improved in four sectors; Non-manufacturing, Manufacturing, Services, and Agriculture compared to May 2025, suggesting that despite higher index scores, businesses remain cautiously optimistic in their expectations due to ongoing macroeconomic uncertainties.

The generally optimistic outlook for Nigerian businesses is driven by a combination of seasonal economic activity, policy-driven interventions, relative exchange rate stability, ongoing infrastructure development, and a gradual recovery in consumer demand.

These drivers continue to support cautious optimism across various sectors, particularly in Agriculture, Retail Trade, Non-manufacturing, and Services. As these positive trends continue to build momentum, many businesses are positioning themselves to take advantage of new opportunities and more favorable operating conditions.

Universal Insurance, NHIA, PTAD, Rite Foods Sponsor NAIPE 2025 AGM

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07/07/2025

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The Universal Insurance Plc, National Health Insurance Authority (NHIA), Pension Transitional Arrangement Directorate (PTAD) as well as Rite Foods Limited will sponsor the 2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).

This year’s NAIPE AGM will be held on Tuesday, July 8, 2025 at the Nigerian Insurers House in Victoria Island, Lagos.

NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.

NAIPE holds its AGM in July every year and companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members in the course of the event who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.

Stories generated from the event will be in the media for over one month.

The Universal Insurance Plc is one of the nation’s largest personal lines insurers with over N8 billion in assets, selling eight major lines of insurance, including auto, property and commercial.

Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.

According to Universal Insurance Plc, “Our vision is to be a dominant, specialised non-life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non-life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”

On the other hand, the National Health Insurance Authority (NHIA) was established under the National Health Insurance Act which was signed into law on 19 May 2022, replacing the National Health Insurance Scheme Act of 1999.

As of today, data shows that about 20 million Nigerians are covered by the scheme.

NHIA offers several benefits, including financial protection against high medical costs, access to quality healthcare services, and a comprehensive benefits package that covers a wide range of medical needs.

Also, the Pension Transitional Arrangement Directorate (PTAD) was established in 2013 and drawing its mandate from the Pension Reform Act of 2014, PTAD was tasked with consolidating and managing pensions under the Defined Benefit Scheme (DBS) for pensioners who retired on or before June 30, 2007 and did not transit to the Contributory Pension scheme.

PTAD has marked a significant milestone of revolutionizing Nigeria’s public sector pension administrative system.

When the Directorate was created, it inherited a host of challenges that had long plagued the legacy pension offices. These offices, comprising the Police, Customs, Immigration, Prisons, and the Civil Service, as well as the Boards of Trustees of Treasury funded Parastatals, Universities and Research Institutions and Agencies, were historically managed in a fragmented, inefficient, and underfunded manner. By 2004, this mismanagement had culminated in pension liabilities exceeding N2 trillion.

On the helm of affairs of the Directorate is the Executive Secretary, Tolulope Abiodun Odunaiya, a dynamic and results-oriented professional with a proven track record of managing complex workflows and consistently driving measurable outcomes. She was appointed to the position in November 2024, by President Bola Ahmed Tinubu.

Rite Foods Limited is the producer of Bigi Drinks, Fearless Energy Drinks, Sosa Fruit Drinks, and Rite and Bigi Sausage Rolls.

The company ably led by managing director/CEO, Mr. Seleem Adegunwa believes in the power of innovation and its potential to change the recycling business.

As Nigeria’s top food and beverage manufacturer, it said: “we are committed to helping recyclers to adopt cutting-edge techniques to recycling plastic trash, particularly in coastal areas, among other Corporate Social Responsibility (CSR) initiatives.”

MTN, 9mobile Ink National Infrastructure Partnership Deal

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04/07/2025

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L-R: Abolaji Idowu, Chief Financial Officer, 9mobile; Omotola Ojutayo, General Manager, Business Development, MTN; Lynda Saint Nwafor, Chief Enterprise Business Officer, MTN; Obafemi Banigbe, CEO, 9mobile, and Ayham Moussa, Chief Operating Officer, MTN at the Media Briefing to announce 9mobile and MTN National Roaming Partnership in Lagos.

In a landmark move set to redefine Nigeria’s telecom landscape, MTN Nigeria Communications Plc and Emerging Markets Telecommunications Services Limited (9mobile) have officially announced the rollout of their national roaming agreement, approved by the Nigerian Communications Commission (NCC).

The three-year agreement enables 9mobile subscribers to roam seamlessly on MTN Nigeria’s expansive network, significantly extending 9mobile’s coverage and improving service quality for its customers. The partnership signals a shift toward greater industry collaboration, aligning with the NCC’s vision for a more inclusive and efficient digital ecosystem.

Beyond infrastructure sharing, the agreement drives greater operational efficiency, stronger connectivity, and an enhanced user experience. It also paves the way for deeper collaboration between the two telcos, most notably a proposed spectrum leasing deal, in which 9mobile will lease its 900MHz (5MHz) and 1800MHz (15MHz) bands to MTN for three years, further strengthening MTN’s network capacity and service quality.

“This partnership marks a bold resurgence for 9mobile,” said Obafemi Banigbe, CEO of 9Mobile. “It empowers us to meet the needs of our customers, especially youthful and enterprise users, by delivering consistent, high-quality service as we roll out city by city in the weeks ahead.”

Banigbe acknowledged the leadership of Dr. Aminu Maida, Executive Vice Chairman and the leadership of the NCC, for enabling such progressive industry collaboration, and Dr. Bosun Tijani, Honourable Minister of Communications, Innovation, and Digital Economy, for his advocacy of a resource-efficient, consumer-first telecom ecosystem.

“In today’s telecom environment, access is more strategic than ownership,” Banigbe added. “Access to infrastructure is now more important than ownership,” Banigbe added. “Rather than duplicating networks, we’re investing in access that is commercially viable and sustainable. Network infrastructure typically accounts for 70–75% of an operator’s costs, savings here mean we can reinvest in innovation and customer experience. At 9mobile, our mantra is simple: build infrastructure where necessary, share it where possible,” he concluded”

Dr. Karl Toriola, CEO of MTN Nigeria, described the agreement as a milestone for the sector: “This collaboration underscores our commitment to industry innovation, customer-centricity, and support for the NCC’s goal of a fully connected Nigeria,” said Toriola. “It reflects our shared value philosophy, prioritizing partnerships that benefit the entire ecosystem.”

Toriola also praised Dr. Tijani’s efforts in promoting meaningful collaboration as a key driver of digital access, service quality, and nationwide inclusion.

This pioneering agreement sets a new benchmark for infrastructure sharing in Nigeria. It exemplifies how competitors can collaborate to address systemic challenges, reduce redundancies, and collectively transform the industry—ultimately delivering broader coverage, better service, and faster access to emerging technologies for Nigerian consumers.

Stanbic IBTC Holding’s N148bn Rights Issue Oversubscribed by 21.9%, Injects N140bn into Stanbic IBTC Bank

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04/07/2025

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Acting Group CE Statement

Commenting on the just concluded rights issue programme, the Acting Chief Executive of Stanbic IBTC Holdings Plc, Dr. Kunle Adedeji stated that after the completion of the verification exercise by the Central Bank of Nigeria and final clearance by the Securities and Exchange Commission, Stanbic IBTC Holdings Plc is announcing the successful close of the N148.7 billion Rights Issue subscription exercise.

The turnout and participation of existing shareholders taking up their rights was impressive such that the rights issue was over-subscribed by 21.9% to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand.

“We appreciate the support of the Central Bank of Nigeria, The Securities and Exchange Commission, the Lead Issuing house, Joint Issuing houses and other stakeholders in the successful completion of the recapitalisation exercise.

We are optimistic about future opportunities, as the injection of new capital will position us to take advantage of them to enable us to deliver to our shareholders.

To all shareholders, we are grateful for your unwavering belief and support for the Stanbic IBTC Brand and your willingness to continue this journey with us.”

Having received an injection of N140 billion from the parent company, the Chief Executive of the Banking subsidiary, Mr. Wole Adeniyi, remarked that ‘the injection of the new capital into the banking subsidiary is a positive development. This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL). We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support.’

About Stanbic IBTC Holdings Plc

Stanbic IBTC Holdings is a member of Standard Bank Group. Standard Bank Group is Africa’s largest banking group ranked by assets and has been in business for over 162 years.

With a controlling stake of 68.46% in Stanbic IBTC Holdings Plc, Standard Bank Group employs over 50,000 people (including Liberty) worldwide; operates in 20 African countries including South Africa and has operations in five key financial centres outside Africa, including London, Sao Paulo, Dubai, New York, and Beijing.

Stanbic IBTC Holdings’ strategy is to position itself as the leading end-to-end financial services solutions provider in Nigeria. The Group offers expert services in four business segments – Personal and Private Banking, Insurance and Asset Management, Business & Commercial Banking and Corporate and Investment Banking.

With a team of experienced and customer-focused staff, Stanbic IBTC offers services which include specialised finance, trade finance, stockbroking, trustee services, global markets, custodial services, foreign exchange, asset and pension management, insurance brokerage, life insurance, lending, savings, and investment products.

NAICOM Hands over New Licences to SanlamAllianz Life, General Insurance

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03/07/2025

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The National Insurance Commission (NAICOM) today handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Limited in a brief ceremony held in Abuja.

Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, emphasised the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements.

He urged the companies to prioritise good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

Access Bank Highlights Leadership at Climate Governance Initiative Launch

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03/07/2025

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Access Bank Plc has once again demonstrated its leadership in sustainable finance with a strong showing at the launch of the Climate Governance Initiative Nigeria (CGIN) Chapter, hosted by Lagos Business School.

Dr. Greg Jobome, Executive Director, Risk Management at Access Bank, was specially invited to speak at the event in recognition of the Bank’s pioneering role in integrating sustainability into its business model and its inspiring leadership within Nigeria’s corporate landscape.

In his presentation, Jobome provided a comprehensive overview of how Access Bank has embedded climate risk considerations across its governance structure, operations, and financial decision-making processes. He noted that climate change is a standing agenda item at both Board and Executive Management levels, with dedicated policies and systems in place to monitor and manage its impact.

Access Bank operates in 24 countries and serves over 60 million customers, with more than 18.5 million digital banking users and over 800 branches. The Bank has a capital adequacy ratio of 20.46% for its banking group and maintains a broad international footprint, including branches in Paris and subsidiaries in Angola.

The Bank has implemented a range of climate-focused initiatives including the measurement and reporting of Scope 1, 2, and 3 emissions, adoption of the Partnership for Carbon Accounting Financials (PCAF) model for financed emissions, and application of global reporting frameworks such as Task Force on Climate-related Financial Disclosures (TCFD) and the recently launched International Financial Reporting Standard (IFRS) S1 and S2 standards.

To date, Access Bank has installed over 974 solar-powered ATMs, reduced paper usage by more than 72% through process automation, and achieved a 50% reduction in landfill waste at its headquarters through comprehensive recycling initiatives. Its Sustainable Finance Accelerator programme has supported numerous businesses in the climate space, providing funding, capacity building, and technical assistance. The bank has also reached over 63 million lives through social investments.

Dr. Jobome stated that climate considerations are integrated into credit approvals, capital expenditure planning, and the development of green financial products. These include offerings like Switch to Solar, Solar for Health, and mini-grid solutions targeted at supporting energy transition and low-carbon growth.

Access Bank has also issued Green and Sustainability Bonds and is the first commercial bank in Africa to be certified by the Sustainability Standards and Certification Initiative. Over the years, the Bank has received several recognitions including the World Finance Award for Most Sustainable Bank in Nigeria (twelve consecutive times), Euromoney’s Best Bank for ESG (Ghana), and the IFC’s Best Trade Partner in West Africa.

“Access Bank’s climate risk journey reflects a long-standing commitment to building a sustainable institution,” Jobome said. “We recognised early that climate risk is financial risk. We did not wait for regulation; instead, we acted proactively. That decision has made our institution more resilient and positioned us to unlock new growth opportunities.”

Dr. Jobome was invited to speak because Access Bank’s journey in building a sustainable organisation and leading the Nigerian corporate landscape has been truly inspiring. The Bank’s proactive stance, deep expertise, and results-driven implementation have made it a model for other financial institutions in Nigeria and across Africa.

The Climate Governance Initiative Nigeria Chapter was formally launched by Lagos Business School as part of the World Economic Forum’s global network to promote climate-conscious decision-making in corporate boardrooms.

The event brought together board members, C-suite executives, regulators, and sustainability experts to strengthen climate governance and drive corporate responsibility in addressing climate change.

Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative

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Business Journal

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03/07/2025

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Henry Asiegbu, Divisional Head, Operations, Fidelity Bank Plc (Left); Adebayo Adeyinka, Executive Technical Assistant to the Managing Director/Chief Executive Officer, Fidelity Bank Plc (5th from Left); Meksley Nwagboh, Divisional Head, Brand and Communications, Fidelity Bank Plc (Right); flanked by some of the beneficiaries at the Fidelity Food Bank outreach in Eti Osa Local Government Area, Lagos recently.

As part of its unwavering commitment to reducing food insecurity and supporting vulnerable communities, Fidelity Bank Plc, a leading financial institution, has distributed food packs to residents of Victoria Island in the Eti-Osa Local Government Area of Lagos as part of its nationwide Fidelity Food Bank initiative.

This initiative, which attracted beneficiaries from diverse backgrounds, forms a key pillar of the bank’s Corporate Social Responsibility (CSR) strategy and reinforces its dedication to driving meaningful impact across Nigerian communities.

Speaking during the distribution event, Mr. Adebayo Adeyinka, Executive Technical Assistant to the Managing Director/CEO of Fidelity Bank Plc, emphasised the long-term impact of the initiative. “The Fidelity Food Bank was established to address the pressing challenges of poverty, hunger, malnutrition, and infant and maternal mortality within our communities,” he said.

“It aligns with Goal No. 2 of the United Nations Sustainable Development Goals – Zero Hunger – and reflects our long-term commitment to improving lives across the country. From IDP camps to flood-affected regions like Niger State, this is a nationwide outreach that we are proud to continue,” Adeyinka added.

Also present at the event was the Divisional Head, Operations, Fidelity Bank Plc, Mr. Henry Asiegbu, who highlighted the growing support and impact of the program.

“This intervention has been positively received at all levels – from community members to government and partner organisations,” he noted. “The support has been overwhelming, and it encourages us to sustain and expand the initiative further.”

For many of the community members, the gesture offered more than just nourishment – it restored dignity and hope. Victoria Olubiyo, resident and representative of the members of the community, expressed her gratitude, saying, “Fidelity Bank has brought joy to our lives. Even during the no-cash crisis, their ATMs were always working. They’ve provided boreholes, fulfilled their promises, and shown genuine care. Today, people – men, women, children, even those living with disabilities – are supported. I urge other banks to follow their example.”

Another beneficiary, Jerome Igbe, echoed this sentiment, saying: “This means so much to struggling families. I honestly didn’t expect this kind of support. May God bless them and replenish their resources.”

Through initiatives like the Fidelity Food Bank, the bank continues to demonstrate its role as a socially responsible corporate organisation committed to impacting Nigerians positively.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Union Bank Strengthens Sustainability Leadership with Symposium, School Recycle Bin Donations on World Environment Day 2025

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03/07/2025

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Union Bank of Nigeria Plc, a leading advocate for environmental sustainability and ESG in Africa, marked World Environment Day 2025 by partnering with the Nigerian Conservation Foundation (NCF) to host a high-impact symposium themed “Ending Plastic Pollution” at the Lekki Conservation Centre, Lagos.

The event brought together corporate leaders, environmental experts, and stakeholders to address the urgent challenge of plastic pollution and champion innovative solutions for a cleaner future.

The symposium featured thought-provoking discussions on the environmental and economic risks posed by plastic waste.

Speaking at the event, Union Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, said: “At Union Bank, sustainability goes beyond banking. We are dedicated to empowering communities with knowledge and resources, like recycling initiatives to tackle plastic pollution and rejuvenate our environment.”

In line with this commitment, Union Bank extended its impact through an educational outreach in Lagos secondary schools, donating recycling bins and raising awareness about environmental preservation among young Nigerians.

These efforts are part of the bank’s broader UnionCares platform, which drives impactful Corporate Social Responsibility (CSR) initiatives across Nigeria.

The bank remains steadfast in promoting ethical business practices, social responsibility, and sustainable community development.

About Union Bank Plc:

Founded in 1917, Union Bank is a pioneer in the Nigerian financial industry, renowned for its “Simpler, Smarter Banking” and unwavering commitment to empowering individuals, businesses, and communities through innovative solutions and sustainable initiatives.

The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers various banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance.

The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

Stanbic IBTC Bank Wins GTR Award for Best Trade Finance Bank in West Africa

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03/07/2025

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Stanbic IBTC Bank has been honoured with the Best Trade Finance Bank in West Africa award at the Global Trade Review (GTR) Awards in London on June 26, 2025.

This award recognises the bank’s exceptional performance in trade finance and its commitment to delivering innovative solutions.

The GTR (Global Trade Review) Leaders in Trade Awards recognise excellence in global trade, commodity, supply chain, export finance, and fintech sectors. The GTR hosts these annual awards to honour institutions that have demonstrated exceptional performance and innovation in their respective fields. Securing the Best Trade Finance Bank award highlights Stanbic IBTC Bank’s strong market position and reinforces the Bank’s commitment to delivering exceptional services.

Commenting on the award, Eric Fajemisin, Executive Director of Corporate and Transaction Banking, Stanbic IBTC Bank, emphasised the importance of trade finance in fostering economic development: “Trade finance is vital for the growth and sustainability of businesses, especially in emerging markets. This award is a recognition of our efforts to empower businesses and contribute to the overall economic progress of West Africa. We remain focused on enhancing our service offerings and supporting our clients in achieving their trade objectives and beyond”.

The recognition at the GTR Awards underscores Stanbic IBTC Bank’s leadership and expertise in trade financing solutions, positioning the bank as a vital partner in promoting international trade across West Africa. The bank’s ongoing commitment to innovation and customer-centric solutions continues to drive its success in the competitive trade finance landscape.

Jesuseun Fatoyinbo, Head, Transaction Banking, Stanbic IBTC Bank, shared insights on the significance of the recognition: “This Award of Best Trade Finance Bank in West Africa is not only an honour but a responsibility. It reinforces our role as a leader in the market, committed to enhancing trade capabilities for businesses in the region. We understand the challenges that our clients face in navigating global trade, and we will continue to innovate and provide the partnership they need to succeed. This recognition inspires us to stay at the top and maintain our commitment to excellence.”

Ryan Stokes, Head, Transaction Banking, International, Standard Bank Group, received the award on behalf of the Bank.

As Stanbic IBTC Bank forges ahead, the focus remains on leveraging technology and developing new strategies to meet the evolving needs of clients, ensuring that businesses in the region can thrive in the global marketplace.

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