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Sovereign Trust Insurance Celebrates 2025 Customer Service Week

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Sovereign Trust Insurance Plc has been actively involved in this year’s edition of the Customer Service Week, themed, Mission Possible.

In the last four days, we have had different tactical dress codes to celebrate the week-long activities.

Day 1: Rep your Dream Job

Day 2: Rep Your Alma Mater

Day 3: Rep Your Mentor (Local or Global)

Day 4: Rep Your Jersies and the Nerd in You

Day 5: Community & Culture

It has been an exciting week for members of staff and Management of Sovereign Trust Insurance Plc since the event started.

Ugochi Odemelam, Executive Director, Marketing and Business Development Division and Segun Bankole, DGM, Corporate Communications and Investor Relations being flanked by members of Staff of the organisation.

 

Stanbic IBTC Bank Hosts Strategic Forum to Arm Clients with Economic Clarity

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Stanbic IBTC Bank has taken a significant step in empowering stakeholders by hosting a strategic client forum focused on Nigeria’s economic trajectory.

The event, themed “Beyond the Numbers: Unpacking Nigeria’s Economic Trajectory – 2025 and Beyond,” brought together key stakeholders to discuss the country’s economic future and the role of financial institutions in driving growth.

The global market forum featured expert presentations that highlighted the significance of macroeconomic analysis and market intelligence in navigating Nigeria’s economic landscape. Attendees were provided with insightful perspectives on current trends and future projections, enabling them to make informed, strategic decisions in a dynamic environment.

Eric Fajemisin, Executive Director, Corporate and Transaction Banking, Stanbic IBTC Bank, expressed the bank’s commitment to enabling clients and partners to make informed choices. “Our goal with this forum is to empower our clients and partners to navigate these times when economic conditions are continually evolving,” he remarked.

Dare Otitoju, Head, Global Market Nigeria, Stanbic IBTC Bank, highlighted the bank’s focus on evolving beyond traditional financing solutions. “Our role extends beyond traditional financing. We strive to be true partners that enable success for all our clients by equipping them with relevant tools that foster growth,” he stated.

The forum provided a platform for attendees to engage directly with the bank’s team of economists and analysts, fostering a collaborative atmosphere that encouraged the sharing of innovative ideas and strategies. Feedback from attendees indicated that the event was a resounding success, with many remarking on the importance of informed decision-making in navigating economic challenges.

Stanbic IBTC Bank’s dedication to thought leadership and client empowerment is evident in this initiative. As Nigeria navigates significant reforms and global shifts, this forum has equipped participants with the clarity and context needed for effective decision-making.

NCDMB Launches Nigerian Content Lecture Series, Lines Up Jonathan, Nwapa, Avuru, Verheijen

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In continuation of its human capacity building initiatives and provision of thought leadership in the Nigerian oil and gas industry, the Nigerian Content Development and Monitoring Board (NCDMB) is set to launch Nigerian Content Academy Lecture Series focussing discourse on strategic areas in the oil and gas industry.

The weekly lecture series is organised by the Nigerian Content Academy, a specialised unit of the NCDMB, and it has already lined up heavy weights in the oil and gas industry and the national economy for the speaking roles.

Some of the confirmed speakers include former President Dr. Goodluck Ebele Jonathan, pioneer Executive Secretary of NCDMB, Dr. Ernest Nwapa, Special Adviser on Energy, Mrs. Olu Arowolo Verheijen, Executive Chairman of AA Holdings and former Chief Executive Officer of Seplat Ltd, Mr. Austin Avuru, among other distinguished industry leaders.

According to the Director of the Nigerian Content Academy, Dr. Ama Ikuru, the lecture series will be delivered in twelve (12) sessions, one per week. Each session will provide insights on emerging industry challenges, explore innovative strategies, and chart pathways for sustainable local content development in Nigeria’s oil and gas industry.

He added that the lecture series is designed to “bring together key stakeholders in the oil and gas industry to review progress, reimagine implementation and shape the issues around delivering the Nigerian Content implementation mandate.” He expressed hope that the presentations and discussions would be thought-provoking and impactful to the industry.

Some of the lectures will be delivered virtually, while some will be physical, with each edition expected to convene key stakeholders, including operating companies, NCDMB personnel and industry partners.

According to the programme, Dr. Ernest Nwapa will deliver the first lecture on the topic “Staying the Nigerian Content Course in the Midst of Delivery Challenges”. The lecture will be delivered virtually on Thursday, October 9, 2025. The Chief Operating Officer of Seplat Energy Ltd, Mr. Sam Ezugworie, will take the stage the following week, October 16, speaking on “Managing Non-Technical Risks and Local Content Growth in Oil and Gas Industry.

Mrs. Verheijen, Special Adviser on Energy to President Bola Tinubu is scheduled for November 12, and she will speak on “Maximizing Nigeria’s Foreign Direct Investments Through Local Content Implementation,” while the former Nigeria’s President, Dr. Goodluck Ebele Jonathan will be speaking on December 10, 2025 on “Nigerian Oil and Gas Industry Content Development Act, 2010- 15 Years on Achievements and way Forward.” Similarly, Avuru will speak on “Indigenous Operators as the Pillars for Local Content Growth” on October 29, 2025, while the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe will speak on “New Initiatives, New Thinking for Growing Nigerian Content in the Oil and Gas Industry” on December 18, 2025.

As a specialised arm of NCDMB, the Nigerian Content Academy is dedicated to developing human and material resources by providing world class training, fostering entrepreneurship, and equipping Nigerians with critical skills to thrive in the oil and gas sector and beyond. Its overarching goal is to empower Nigerians to take full advantage of economic opportunities, in the oil and gas industry and it linkage sectors, thereby enhancing national development and deepening the implementation of local content.

Other distinguished speakers expected to feature in the lecture series include Mr. Chidi Nkazi, Prof. Mike Onyekwu, Dr. Nosa Omorodion, Barr. Mohammed Umar, Mazi Sam Onyechi, and Prof. Joseph Atubokiki-Ajienka.

With its carefully selected line up of thought leaders, the Nigerian Content Academy Lecture Series promises to be a premier knowledge sharing platform. It will provide a unique opportunity for stakeholders to speak to key issues, provide solutions, and reaffirm Nigeria’s commitment to advancing local content development as a key driver of national growth.

 

NCDMB, NDDC Hold Knowledge Sharing Session, Commit to Collaboration for Effective Service Delivery

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In the pursuit for improved corporate governance, enhanced performance and effective service delivery to the nation and citizens, the Nigerian Content Development and Monitoring Board (NCDMB) and the Niger Delta Development Commission (NDDC) held a knowledge exchange session, leading to a strong committing to inter-agency collaboration, peer review of operations.

The session held at the Nigerian Content Tower (NCT), Swali, Yenagoa, Bayelsa State, and was attended by select management staff of the NDDC. The Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, spoke through the Director, Corporate Services, Dr. Abdulmalik Halilu, and observed the benefit of having a review system whereby sister organisations periodically compare notes and evaluate each other’s performance with a view to identifying and eliminating weaknesses.

The NCDMB boss appreciated the Commission’s recognition of the Board as “the number one institution” for a peer review mechanism, noting that the engagement would serve as “a two-way traffic” where the Board could gain useful insights from the NDDC team to improve its own standards, while it shared its own experience and knowledge with the visitors.

“Let us compare notes and adopt what works,” he stated, pointing out that “Sessions like this” exemplify “what institutions should be doing to improve service delivery to stakeholders,” which he listed as government, the Nigerian people, communities and oil and gas companies.

In regard to governance framework, the Executive Secretary threw light on some salient aspects, noting that NCDMB has an Anti-Corruption Unit that helps to identify vulnerable areas, and that the Board is “always on the pathway towards continuous improvement.” According to him, “some of the automation in Human Resources, management systems and several other automated activities are all products of periodic system checks.”

Engr. Ogbe said the NCDMB and NDDC have a number of areas where collaboration would be mutually beneficial in furthering their respective statutory responsibilities. The multibillion-naira Oloibiri Oil and Gas Museum and Research Centre, he noted, is a project where the Commission’s involvement is expected, especially after the NDDC’s Management made such a pledge at the groundbreaking ceremony in February 2023.

He also drew attention to the Board’s “Community Content Guideline,” which he explained is part of corporate strategy to have host communities integrated into the oil and gas value chain, through employment and business opportunities for youths, funding and policy support for contractors, and establishment of project offices, among other things, as stipulated by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.

The Board, he explained, has also instituted a “Back-to-the-Creeks” initiative, which seeks to provide targeted interventions in oil- and gas-producing communities to empower youths through skills acquisition and appropriate incentives, and motivation of teachers in schools within rural communities through provision of adequate educational infrastructure.

According to him, “The more we invest in young talents in host communities the more they are made available to participate in the oil and gas activities, and as we build entrepreneurs… they are integrated into the oil and gas supply chain.”

In his own response, NDDC’s Director of Corporate Governance, Mr. Anele Stephen Nzelaw, commended the NCDMB for its exceptional performance and accomplishments within a short space of time. He said his team was at the corporate headquarters of the NCDMB to learn “those things that have made your organization achieve so much within such a short period.”

Citing “the world-class fabrication and construction yards” that have emerged with the advent of the NOGICD Act and the Board, and “massive programmes of human capital development,” he noted, “You’ve been around for only 15 years.” His organisation, according to him, could learn from the Board.

The NDDC Director disclosed that the new Management was poised for far-reaching reforms, that having been around for 25 years with mixed results, the present Management thinks that “it is time to move our businesses from a transactional dimension to a strategic transformational level.”

In furtherance of that plan, he noted, the Commission decided to develop a governance framework by engaging a foremost organisation, KPMG. Such a framework, he explained, would ensure continuity of policies and programmes.

He said that the governance framework of the NCDMB, as well as strategies, internal controls, and accountability measures were of especial interest to his team.

The addresses were followed by presentations on a variety of topics. Dr. Zuwairat Azekome, Supervisor, Transformational Projects, of the NCDMB, spoke on “NCDMB’s Governance Framework, Projects and Programme Implementation”; Ms. Onajero Osiebe, General Manager, Human Resources Division, spoke on “Capacity for Governance and Organisational Discipline”. Similarly, Ms. Seleke-Ere Owoupele, Manager, SERVICOM, made a presentation on “NCDMB Service Level Charter and the Journey to the Top of Transparency Ranking,” while Ms. Mercy Azibayam Egba, Supervisor, Audit, spoke on NCDMB’s Internal Audit processes.

The visit was concluded with a guided tour through different sections of the Nigerian Content Tower, including the Technology Innovation and Incubation Centre, and the 1,000-capacity ultramodern Conference Centre.

De-dollarization: Not So Fast—What it Means for Africa

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Aboubakr Barry, CFA

Managing Director

Results Associates

Bethesda, MD

Why Must Global Trade Rely on the Dollar?

In April 2023, Brazil’s President Lula questioned in Shanghai why global trade should rely so heavily on the U.S. dollar—a currency whose supremacy was never the result of a democratic global vote. Despite frequent headlines about “de-dollarization,” the basic reality endures: the dollar’s dominance is maintained due to its liquidity, scale, and unrivaled supply of trusted assets. According to Paul Blustein in King Dollar (2025), around 60 percent of central bank reserves are held in dollars, predominantly U.S. Treasuries. Over three-quarters of global trade outside Europe occurs in dollars, and in the Western Hemisphere it’s an astonishing 96 percent.

The dollar accounts for 60 percent of cross-border deposits and loans, 70 percent of all international bonds, and about 90 percent of foreign exchange trades.

Even for business transactions between unrelated currencies, such as between Nigeria and Chile, the dollar typically remains the vehicle.

Why the Dollar Still Dominates

Exporters prefer billing and borrowing in dollars to reduce exchange rate risk. Once paid, those dollars are exchanged for local currency needs, driving continued FX demand. Risk management worldwide is built around dollar-based instruments.

The Bank for International Settlements (BIS) reported that daily FX trading hit $9.6 trillion in April 2025, with the dollar involved in 89 percent of trades.

The U.S. Treasury market, the world’s largest, stands at $18 trillion with $600 billion traded daily—allowing participants to transact huge sums without moving prices.

As David Mulford, a longtime advisor to Saudi Arabia, noted, such liquidity is absent elsewhere; even $5–10 million can impact prices in smaller markets. U.S. financial markets retain haven status due to strong property rights, reliable contract enforcement, and monetary independence.

What About the Euro and the Yuan?

The euro’s global ambitions face persistent structural and policy barriers.

ECB President Christine Lagarde wrote in June 2025 that Europe’s slow growth, fragmented capital markets, and shortage of high-quality safe assets (sovereign bonds rated AA or better are under 50 percent of EU GDP, versus over 100 percent in the U.S.) all limit the euro’s international reach.

For the euro to rise as a global currency, Europe must complete its single market, streamline regulations, and unify its capital markets.

Additionally, eurozone government debt is fragmented, which restricts the bond market’s depth and hinders the euro’s liquidity.

China is gradually increasing the yuan’s role. The Cross-Border Interbank Payment System (CIPS) now processes $90 billion in daily transactions—a leap from 2020 but small compared to $1.8 trillion daily via CHIPS, the dollar system.

The yuan only covers around 4.5 percent of international payments and about 2 percent of all global FX reserves. Restricted by capital controls, limited legal protections, and official oversight of many transactions, the yuan cannot offer the versatility of the dollar.

Past attempts at de-dollarization reveal key limits. In 2018, Xi Jinping encouraged Saudi Arabia to denominate oil sales in yuan, yet major questions emerged about how to use excess yuan. Similarly, when Russia sold oil to India in rupees (2023), Foreign Minister Sergei Lavrov admitted the funds could not be easily used without conversion to a more liquid global currency.

What This Means for Africa

Dollar appreciation, especially following Fed rate hikes in 2022, triggered severe consequences for many African economies. Dollar-denominated debts and imports ballooned. UNCTAD and The New York Times reported local wheat prices in Egypt soared 112 percent from 2020–2022 (well above the global average), with Ethiopia seeing a 176 percent increase. In Ghana, essential household costs rose by two-thirds in a year and borrowing costs exploded from 8 percent in 2016 to over 35 percent by 2022.

Lessons and Next Steps

The Asian response to the 1997 crisis is instructive. Kenneth Rogoff, ex-IMF chief economist, terms it the “Tokyo consensus,” recommending:

  • Accumulating large FX reserves (as seen in Japan, India, Brazil, and South Africa) to reduce IMF reliance.
  • Strengthening financial regulations and liquidity rules.
  • Applying selective capital controls to curb volatile inflows.
  • Granting central banks operational independence, focusing on price stability and deepening local currency markets to reduce dollar reliance.
  • Opting for a managed exchange rate—neither strictly pegged nor fully floating—to improve competitiveness while mitigating USD volatility.

Former Malaysian central bank governor Zeti Akhtar Aziz admits building deep local markets and strong regulation is arduous work, but essential for emerging markets’ financial resilience.

For Africa, core priorities must include stabilizing exchange rates, empowering independent central banks, reinforcing financial regulation, and especially broadening the ability of governments and businesses to borrow in domestic currency.

This trajectory allows for reduced over reliance on the dollar. African finance ministers and central bank chiefs have real power to improve conditions by adapting the Tokyo consensus, tailoring it to African realities.

The critical determinant will be the political will to enact challenging reforms and resist pressures for easy but unsustainable solutions. As Paul Volcker, legendary Federal Reserve chairman, said, “The exchange rate is the most important price in an economy.”

By managing this crucial variable, Africa can better insulate itself from external shocks, strengthen sociopolitical stability, and attract investment for transformative growth.

 

 

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

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L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi Ogunbiyi of Branding & Sponsorship;  Ayotunde Adeniyi, Head, Branding & Sponsorship, both of Zenith Bank; Ije Jidenma, Chairman, Nigeria-South Africa Chamber of Commerce/Chairman of occasion; Ray Echebiri, Editor-in-Chief, NextMoney; Cornelius Onuoha; Kemi Ogunmolu, Head of Management Reporting, Dangote Cement, and Segun Olalandu, Head, Digital Marketing & Communications, AIICO Insurance Plc, during the NextMoney top 100 Companies Awards in Lagos.

Dangote Cement, Zenith Bank, Access Holdings, Seplat Energy, AIICO Insurance, Guaranty Trust Holding Company (GTCO) emerged as high-performing companies in the performance analysis and ranking of publicly-held companies in Nigeria by NextMoney Magazine, a publication Centre for Financial Journalism. Other companies that came out on top in the analysis and ranking based on the 2024 audited financial reports of the companies listed on the Nigerian Exchange (NGX) are First HoldCo, NEM Insurance and Axa Mansard Insurance.

The high-performing companies were specially recognised and given awards at the maiden edition of NextMoney Top 100 Companies Awards held last Friday, October 3, 2025, at The Civic Centre, Victoria Island, Lagos.

The awards whose theme is Nigeria’s Top 100 Companies: Yesterday, Today and the Future was chaired by Dr. Ije Jidenma, Chairman of Nigeria-South Africa Chamber of Commerce and Chief Executive of Leading Edge Consulting, and keynoted by Mr. Olufemi Awoyemi, Chairman of Proshare Nigeria.

On the global award category, Access Holdings clinched two awards: The Largest Company in Nigeria (for posting the largest total assets) and The Largest Company in Nigeria by Revenue. Dangote Cement also won two awards: The Most Valuable Company in Nigeria (for recording the highest market capitalisation in the 2024 accounting year) and The Largest Company in Nigeria by Number of Employees. Zenith Bank won The Most Profitable Company in Nigeria award, while Seplat Energy bagged The Highest Tax Paying Company in Nigeria award.

In the banking sectoral category, Access Holdings won The Largest Bank in Nigeria (for reporting the largest total assets) and The Largest Bank in Nigeria by Revenue awards. Zenith Bank bagged The Most Profitable Bank in Nigeria and The Highest Tax Paying Bank in Nigeria awards. Guaranty Trust Holdings Company (GTCO) won The Most Valuable Bank in Nigeria award (for recording the highest market capitalisation), while First HoldCo won The Largest Bank in Nigeria by Number of Employees award.

In the insurance sectoral category, AIICO Insurance won three awards: The Largest Insurance Company in Nigeria (for posting the largest total assets), The Largest Insurance Company in Nigeria by Revenue and The Largest Insurance Company in Nigeria by Number of Employees. Axa Mansard Insurance won The Most Valuable Insurance Company in Nigeria and The Highest Tax Paying Insurance Company in Nigeria awards, while NEM Insurance clinched The Most Profitable Insurance Company in Nigeria award.

Dangote Cement clinched all the awards in the manufacturing sectoral category: The Largest Manufacturing Company in Nigeria (for reporting the largest total assets), The Most Profitable Manufacturing Company in Nigeria, The Most Valuable Manufacturing Company in Nigeria, The Largest Manufacturing Company in Nigeria by Revenue and The Highest Tax Paying Manufacturing Company in Nigeria.

In his welcome address at the event, Chairman of Centre for Financial Journalism, Mr. Ernest Ebi, MFR said NextMoney Top 100 Companies Awards is unique because it is rooted in objectivity, not perception or popularity. Ebi who was represented by Professor Akpan Ekpo, a member of the board of trustees of Centre for Financial Journalism pointed out that the awards is based solely on the audited financial statements of the awardee companies – the most transparent and verifiable measure of corporate performance.  Continuing, he said: “This is not an award you can lobby for, embellish, or influence. It is earned. It is deserved”.

He further remarked that: “In a time when trust in institutions is paramount, we believe that celebrating companies that uphold financial discipline, good governance, and shareholder value is not just necessary – it is urgent. These companies are not only profitable; they are principled. They are not only growing; they are guiding. They are not only surviving; they are shaping the future of Nigeria’s economy.

“To the awardees: you are the standard-bearers of corporate Nigeria. Your performance has spoken louder than any campaign could. You have shown that excellence is not an aspiration – it is a habit. We salute your leadership, your teams, and your unwavering commitment to transparency and growth”.

In his keynote presentation, Mr. Awoyemi said that while corporates and governments exist today, they must prepare for tomorrow as they internalise the lessons of yesterday. “Indeed, corporate success is not about the certainty of today but the effort to meet the needs of tomorrow”, he said. He therefore advised the companies that received awards to submit the crystals to the heads of their strategic planning units, along with a request to develop a plan outlining the trends they need to manage to remain relevant in the next decade or more at the minimum.

 

 

Rosatom: Nuclear Energy Holds key to Africa’s Sustainable Future

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The role of nuclear energy in meeting Africa’s future energy needs is the highlight of the ongoing African Energy Week 2025 (AEW 2025), presently in South Africa. State Atomic Energy Corporation Rosatom is proudly participating in the landmark energy event.

This prominent gathering has convened over 5,000 distinguished representatives from government, investment communities, and senior energy sector professionals, fostering critical dialogue on innovative strategies to ensure Africa’s energy security and sustainable growth.

Kirill Komarov, First Deputy Director General for Corporate Development and International Business of Rosatom, took part in a high-profile panel discussion entitled “Nuclear Energy in Africa: Financing, Economics, and Sustainable Deployment.”

The dialogue addressed the sector’s foremost challenges, including infrastructure development, regulatory environments, and financing mechanisms. Experts exchanged insights on mobilising investments and securing the sustainable advancement of nuclear projects throughout the continent.

In his remarks, Kirill Komarov emphasised:

“Addressing Africa’s burgeoning energy needs calls for pioneering solutions underpinned by steadfast, long-term collaboration. Our experience in Egypt serves as compelling evidence that nuclear technology, when coupled with investments in human capital, infrastructure, and transparent engagement, can significantly bolster national energy security and propel sustainable development.

“Rosatom is honoured to collaborate closely with African partners to cultivate a balanced and sustainable energy framework, share deep expertise, and help build a resilient, low-carbon economy for generations to come.”

Vladimir Aptekarev, Deputy Director General for Floating Power Energy Solutions, Rosatom, contributed to the Russia–Africa Energy Summit which explored strategic cooperation between Russia and African nations across the oil, gas, and nuclear sectors.

The session focused on opportunities for technology transfer, infrastructure development, and deepening economic ties — particularly in the context of Africa’s growing energy demand and the significance of reliable, sustainable solutions such as nuclear power.

Rosatom’s presence at AEW 2025 coincides with the momentous celebration of the 80th anniversary of the Russian nuclear industry — a milestone commemorating eight decades of technological excellence and groundbreaking innovation in nuclear energy.

This historic occasion was celebrated during the Global Atomic Week, held in Moscow from 25 to 28 September 2025, an event that united industry visionaries and pioneers in a shared commitment to strengthening international cooperation and fostering the development of safe, reliable nuclear technologies worldwide.

African Energy Week (AEW) is an esteemed annual forum organised by the African Energy Chamber, which convenes Africa’s foremost energy leaders, global investors, and senior executives from both public and private sectors.

Over an intensive four-day programme, participants engage in forward-looking discussions aimed at shaping the future of Africa’s energy landscape.

Founded in 2021, AEW serves as a premier platform combining conferences, exhibitions, and networking opportunities with the ambitious goal of eradicating electricity deficits across Africa by 2030. The agenda features expert panels, investor forums, industry summits, and transformative sessions designed to chart a sustainable energy trajectory for the continent.

Russia maintains an active and expanding collaboration with all interested nations. Significant international projects are being implemented, with Rosatom and its subsidiaries playing a pivotal and leading role in these global initiatives.

 

RMRDC Targets 30% Value-Added Policy on Export of Local Raw Materials

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The Raw Materials Research and Development Council (RMRDC) says it has developed a new policy framework of ensuring 30% value-added on export of local raw materials to support the growth of Small & Medium Enterprises (SMEs) in Nigeria.

Engr. Obassi Ettu, the Deputy Director, Process Equipment Maintenance Division at RMRDC, said at the 9th Annual Conference of the Guild of Corporate Online Publishers (GOCOP) in Lagos that the policy became imperative because some raw materials have the capacity to generate three or four end-products rather than one being paid for by importers.

Ettu added that RMRDC also has an on-going partnership with China on both capacity building and seedling development.

“We send our people to China every year. It is helping us. For example, in terms of Sweet Sorghum, we have already developed 13 varieties but we are testing the toxicology to determine the effect on human consumption.”

He lamented that Nigeria was importing raw materials even when the country had comparative advantage over other nations.

“Now, we advise the federal government on what raw materials to place a ban on or substitute for local manufacturing. We now have a policy of applied commercialised Research & Development (R & D). We have equally developed technologies for processing raw materials through a process of reverse engineering.”

He described RMRDC as a child of circumstance due to economic downturn in the country then. The current mission of the Council according to him is to develop the abundant raw materials existing in the country.

On the way forward, the RMRDC Deputy Director said:

“We now create wealth for the nation. We are experimenting with tomato seeds that people can grow at home, harvest and sell to restaurants within their neighbourhood. We need a system of policy continuity to sustain the progress made so far by the Council.”

NDIC, CIBN Strengthen Collaboration in Emerging Issues in the Financial Sector

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L-R: President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Deji Pius Olanrewaju presenting the Institute’s Commendation Plaque to the Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation, (NDIC), Mr. Thomson Oludare Sunday during a courtesy visit at the Corporation’s Head Office in Abuja.

The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called for enhanced collaboration between the Corporation and the Chartered Institute of Bankers of Nigeria (CIBN) in addressing emerging risks and challenges within Nigeria’s banking sector.

The MD/CE made the call during a courtesy visit by the President/Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju, and members of his executive team to the NDIC Head Office, Abuja.

The NDIC Chief Executive emphasised the need for stronger partnership between both institutions in critical areas such as digital banking, cyber- security, fraud and forgery prevention, and sound risk management.

Mr. Sunday noted that while the phenomena of the emerging issues are on the rise, regulators and operators must come together to proffer solutions which help build a stronger financial ecosystem that withstands the vagaries of the innovations to deliver value to the economy.

While commending the growth of the CIBN as a professional body over the years, and its positive impact on the banking system, the NDIC Boss further called on the Institute to take critical interest in working more closely with regulators to fashion innovative failure resolution strategies that strengthen the overall resilience of the banking sector.

The NDIC boss reiterated the Corporation’s commitment to supporting professional institutions such as the CIBN in developing and implementing programs that foster innovation while maintaining sound risk management frameworks and financial system stability.

President/Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju congratulated Mr. Sunday on his appointment as Managing Director/Chief Executive of the Corporation. He expressed confidence in the capacity of the MD/CE to uphold the trust reposed in the Corporation by the public based on his sound track record and expertise.

He particularly commended the NDIC for its notable milestone achievements, highlighting the upward review of deposit insurance coverage aimed at strengthening public confidence in the banking system; the deployment of technology to expedite the reimbursement of depositors of the failed Heritage Bank; and the commencement of liquidation dividend payments within one year of the bank’s closure. Prof. Olanrewaju noted that these accomplishments have significantly enhanced depositor and investor confidence in the financial system.

The CIBN President also expressed appreciation to the NDIC for its invaluable contributions and active role as a member of the Institute’s Governing Council, noting that its participation has greatly strengthened the Council’s oversight functions, policy direction, and ethical leadership.

Fidelity Bank Commences Disbursement of FGN MSME Intervention Funds

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Tier One Lender, Fidelity Bank Plc, has commenced the disbursement of the Federal Government of Nigeria’s (FGN) MSME Intervention Funds, administered by the Bank of Industry (BOI), to qualified SMES with a strategic focus on empowering women-owned businesses across the country.

The FGN MSME Intervention Fund is designed to provide accessible financing to micro, small, and medium enterprises (MSMEs) across all 36 states of the federation.

The intervention aligns with Fidelity Bank’s commitment to inclusive economic growth and its long-standing support for Nigeria’s SME sector. In this phase of the disbursement, the bank is prioritizing women entrepreneurs, reinforcing its belief in the catalytic role of women-led enterprises in driving sustainable development and job creation.

Speaking on the development, Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, said: “As a bank deeply committed to the growth of SMEs, we are proud to partner with the Federal Government and the Bank of Industry on this critical intervention. For this phase, we are placing women at the forefront because we recognize their resilience, innovation, and pivotal contributions to wealth creation and employment generation in Nigeria.”

Fidelity Bank has also put in place a robust structure to ensure seamless onboarding and fund disbursement. Leveraging its nationwide branch network, digital banking platforms, and experienced relationship managers, the bank is poised to reach and support entrepreneurs across urban and rural communities.

The bank’s emergence as a critical player in the disbursement of the FGN MSME intervention Fund strongly aligns with its ongoing initiatives as the leading supporter of SMEs in Nigeria. Recently, the Fidelity SME Empowerment Programme (FSEP) was launched at its Gbagada SME Hub in Lagos.

This flagship initiative provided 100 growth-ready SMEs with ERPRev-enabled POS systems, business software, receipt printers, barcode scanners, inventory support, bookkeeping and branding training, three-day masterclasses, and six months of post-installation monitoring—all at no cost.

Earlier in May 2025, Fidelity Bank also signed an MoU with SMEDAN, Nigeria’s Small and Medium Enterprises Development Agency, to deliver SME-friendly low-interest financing, capacity-building support, and market access for SMEs referred under the agreement.

“Our vision goes beyond financing. We are building an ecosystem of support for SMEs by offering capacity-building programs, mentorship opportunities, and market access. Women entrepreneurs, in particular, will benefit from a larger share of the fund as part of our broader strategy to promote gender inclusion,” Ede added.

The FGN MSME Intervention Fund will further advance the bank’s commitment to empowering small and medium-sized enterprises by expanding access to affordable financing and strategic support. Through this fund, Fidelity Bank aims to deepen its impact on Nigeria’s MSME ecosystem, fostering sustainable growth, job creation, and economic resilience across the country.

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 the 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.

Fidelity Bank Honours Afreximbank President, Benedict Oramah, in Lagos

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L -R: Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; the outgoing President and Chairman of the African Export-Import Bank (Afreximbank), Professor Benedict Okechukwu Oramah; his wife, Mrs. Chinelo Oramah; Lagos State Governor, Mr. Babajide Sanwo-Olu; Managing Director and Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite; and Minister of Art, Culture, Tourism and Creative Economy, Ms. Hannatu Musawa at a black-tie dinner hosted by Fidelity Bank to celebrate the retirement of Prof. Oramah in Lagos recently.

In recognition of his unwavering commitment to Africa’s development, Fidelity Bank Plc recently hosted a grand black-tie dinner to celebrate the retirement of Professor Benedict Okechukwu Oramah, outgoing President and Chairman of the African Export-Import Bank (Afreximbank), after ten years of transformative leadership.

Held at the Lagos Continental Hotel, the event was themed “Celebrating a Titan” and drew a distinguished gathering of dignitaries, captains of industry and international guests. They came together to honour a man widely regarded as one of Africa’s most influential financial leaders.

Welcoming guests to the event, Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, described Prof. Oramah as “a towering figure in Africa’s economic renaissance.” She noted that his tenure at Afreximbank was defined by bold ideas, strategic foresight and a relentless pursuit of inclusive growth. “From Cairo to Kigali, Lagos to Lusaka, his influence has touched lives, empowered businesses and strengthened the very fabric of African integration,” she said. She also highlighted his role in pioneering initiatives such as the Pan-African Payment and Settlement System and his advocacy for intra-African trade and creative industries.

Among the guests in attendance were the Lagos State Governor, Mr. Babajide Sanwo-Olu; Ogun State Governor, Prince Dapo Abiodun; Minister of Art, Culture, Tourism and Creative Economy, Ms. Hannatu Musawa; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; and Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite.

Special recognition was given to Mrs. Chinelo Oramah, whose steadfast support was acknowledged as instrumental to her husband’s success. “Her dedication to maintaining the home front has been pivotal,” said Dr. Onyeali-Ikpe, “as Prof. Oramah pursued the transformational initiatives that have distinguished his tenure.”

The evening featured tributes from several guests including Mr. Babajide Sanwo-Olu; Chairman of Vista Group Holding, Mr. Simon Tiemtore; and Chairman of Fidelity Bank Plc, Mr. Mustafa Chike-Obi, who described Prof. Oramah as “the most consequential African person in the last 10 years.”

In his remarks, Prof. Oramah expressed deep appreciation for the honour. “I want to thank the board and management of Fidelity Bank for this honour. It is not always that when a leader of an institution gets to the twilight of his tenure that those he works with deem it important to say we appreciate you. I really cherish this event. On behalf of my family and wife as well as the Afreximbank family, I say thank you.”

He also reflected on the longstanding relationship between Afreximbank and Fidelity Bank. “Our relationship with Fidelity Bank dates back to the 1990s and it has grown from year to year. Fidelity Bank is one of the trusted partners that we have. Fidelity Bank has helped us to achieve some of the things we have achieved here in Nigeria. When my dear sister, Nneka, took over, she did more than everyone expected. The transformation that we continue to see in Fidelity Bank is something that makes all of us proud. With all of the activities that you do that complement what we do at Afreximbank and the type of financing that supports what we do at Afreximbank, I believe that the partnership in the years ahead will grow even stronger.”

The evening was anchored by broadcast journalist Ojinika ‘Ojy’ Okpe and comedian and actor Okechukwu Anthony Onyegbule, popularly known as Okey Bakassi. The celebration reached its climax with a musical performance by Nigerian highlife singer Chinedu Okoli, professionally known as Flavour N’abania.

Union Bank Champions Employee Wellness with Stay Recharged Health Walk

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Union Bank of Nigeria held its first-ever Stay Recharged Health Walk, a dynamic event that affirmed the Bank’s steadfast commitment to employee well-being and sustainable workplace development.

The walk kicked off at the Stallion Plaza, Union Bank’s Head Office in Marina. It concluded at the Bank’s Sports Complex, The Stable, on Bode Thomas Street, Surulere, tracing an energising 7.5km route through Lagos’ vibrant streets.

The overwhelming participation and enthusiasm from employees from diverse departments and locations made it a celebration of physical fitness, mental health, and the power of community spirit.

Stay Recharged is a featured event drawn from a cornerstone of Union Bank’s employee value proposition: employee wellness, thoughtfully crafted to foster a culture where health, happiness, and productivity flourish.

The initiative responds directly to the urgent need for purposeful wellness programmes that nurture both physical and mental health at work. It reflects the Bank’s recognition that employee wellbeing is fundamental to sustained productivity, engagement, and organisational excellence.

Omayuli Wale-Ajayi, Chief Talent Officer, emphasised the significance of this milestone event:

“At Union Bank, well-being is not an afterthought; it is part of how we work. Our inaugural Stay Recharged Health Walk reflects our commitment to building a culture where our people are energised, supported, and thriving. When we take care of ourselves, we build stronger teams and stronger institutions.”

The Stay Recharged Health Walk aligns with the United Nations Sustainable Development Goals, specifically SDG 3: Good Health and Well-being and SDG 8: Decent Work and Economic Growth. This initiative reflects Union Bank’s commitment to fostering a workplace culture that prioritises employee wellness, supports decent and productive work, and contributes to long-term organisational sustainability.

By investing in these wellness experiences, Union Bank not only strengthens its internal community but also reinforces its reputation as an employer of choice.

Union Bank remains dedicated to developing innovative, health-focused programmes that inspire employees to adopt healthier lifestyles, supporting long-term growth for both individuals and the organisation.

 

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

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Leadway, one of Nigeria’s foremost non-banking financial services and wellbeing providers, is celebrating 55 years of innovation, resilience, and inclusive impact across West Africa.

From its inception in 1970 as an insurance company, Leadway has evolved into a diversified group championing financial access, inclusion, and wellbeing for individuals and businesses across the region.

Today, Leadway’s integrated offerings span life and general insurance, health coverage, pensions, asset and wealth management, estate planning, hospitality and credit solutions, empowering millions to build resilient financial futures.

“Leadway’s journey is, in many ways, the story of Nigeria itself—one of resilience, diversity, and progress,” said Tunde Hassan-Odukale, Group Managing Director of Leadway Holdings. “We began with the mission of providing succour and financial freedom to individuals and businesses through risk management.

Over the years, that mission has expanded into building a holistic ecosystem that now encompasses insurance, pensions, health, investments, trusteeship and hospitality. This milestone is both a testament to the trust we have earned and the excellence we continue to uphold.”

Leadway has built its reputation as Nigeria’s most consistent claims-paying insurer, disbursing nearly ₦500 billion in claims between 2016 and 2024, including ₦117 billion in 2024 alone.

Through its HMO subsidiary, the group continues to deliver award-winning healthcare services to millions of Nigerians through a network of more than 2,500 hospital providers nationwide while continuously increasing robust financial portfolios and securing the future of many Nigerians through its Pensions and Asset Management subsidiaries.

Beyond Nigeria, Leadway has expanded its regional footprint into Côte d’Ivoire, strengthening its leadership in Francophone West Africa through Leadway Assurance, Ankara Services and Leadway IARD. The Group’s legacy also extends to impactful social initiatives.

Leadway Media Dash provides young entrepreneurs and SMEs with visibility by showcasing their businesses on Leadway-owned platforms. Its long-standing support for the Lagos International Trade Fair underlines its commitment to commerce and enterprise in the sub-region.

Leadway also invests in Nigeria’s creative economy, sponsoring the Lagos Leather Fair, supporting the Nigerian Pavilion at the London Design Biennale, and championing emerging talent through the +234 Art Fair and Creative Bloc Carnival. Recognising the power of youth, Leadway engages with the next generation through LeadForward, a financial literacy and wellness programme for NYSC members, and Campus Connect, a university initiative promoting learning, entrepreneurship, and wellbeing.

It also champions women’s empowerment through Hersurred, a platform launched in 2024 that offers mentorship, skills workshops, and networking opportunities, including an annual International Women’s Day event.

As Leadway marks its 55th anniversary, it reflects on a journey marked by impact, resilience, and trust while restating its goal to create creative and inclusive financial, health, and wellness ecosystems for its clients.

“We are committed to creating the next chapter of Africa’s financial services wellbeing powerhouse, offering digital-first solutions that are unparalleled, people-focused, and competitive on a global scale, with our past guiding us and shaping the future ahead,” Tunde Hassan-Odukale reaffirmed.

Stanbic IBTC Holdings Reports Remarkable Financial Growth for H1 2025    

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Overview of Financial Performance 

As of June 30, 2025, Stanbic IBTC Holdings Plc showcased remarkable financial resilience and growth, despite operating within a highly competitive and regulated Nigerian financial services sector.

The company’s interim financial statements highlight a strong upward trajectory across various key metrics, emphasising the success of its strategic initiatives and operational efficiencies.

Robust Balance Sheet Growth

Stanbic IBTC reported total assets of ₦8.12 trillion, a significant increase from the ₦6.91 trillion recorded at the end of December 2024. This growth demonstrates effective asset management, as well as an uptick in customer deposits and investments.

On the liabilities side, total liabilities escalated to ₦7.17 trillion from ₦6.24 trillion, a change primarily driven by increased borrowings and the bank’s expanding operational scale.

Equity attributable to ordinary shareholders also climbed notably, reaching ₦941.73 billion, compared to ₦661.89 billion previously. This rise reflects not only the profits generated during the period but also the successful execution of a rights issue, which has fortified the company’s capital structure.

Impressive Profitability Metrics    

Analysis of the income statement reveals that Stanbic IBTC achieved gross earnings of ₦516.63 billion, representing an impressive 35.20% increase compared to the previous year’s performance. This surge reinforces the bank’s robust business model and strategic positioning in the market.

Profit before tax soared to ₦243.74 billion, marking a substantial 65.81% increase, while profit after tax rose by 49.05% to ₦173.43 billion. Basic earnings per share improved to 1,078 kobo, up from 884 kobo, indicating an overall increase in shareholder value and affirming the bank’s ongoing commitment to its investors.

Cash Flow Dynamics    

A review of cash flows highlights the company’s focus on sustainability and growth. Net cash flows from operating activities totaled ₦173.13 billion, underscoring strong operational performance. Investing activities used ₦4.38 billion, mainly for capital expenditures and investments in financial assets. Financing activities generated ₦121.58 billion, primarily from borrowings and the rights issue. Despite dividend payments amounting to ₦40.17 billion, the company effectively managed its liquidity, balancing shareholder rewards with reinvestment in growth.

Changes in Equity and Shareholder Value    

Changes in equity during the period were significant. Share capital increased from ₦6.48 billion to ₦7.95 billion, driven by a rights issue of 2.95 billion ordinary shares at a ratio of 5 for 22. The share premium also saw a corresponding increase, while retained earnings grew substantially, demonstrating the organization’s solid financial health despite the outflow for dividends.

Management Insights and Strategic Vision

Management expressed satisfaction with the organisation’s financial results, attributing the achievements to growth across all business segments. An interim dividend of 250 kobo per share was announced, further reinforcing the commitment to returning profits to shareholders.

The Group maintains its ambition to become Nigeria’s leading end-to end financial solutions provider, with a continued focus on enhancing customer experience and developing innovative products.

Navigating Risks and Challenges    

While the company’s growth indicators are positive, it recognizes ongoing risks and challenges. Operating in a highly regulated environment requires agility and adaptability to manage regulatory changes effectively.

Credit, market, and liquidity risks remain present, as does competition within the Nigerian financial services sector. However, Stanbic IBTC has demonstrated effective risk management through strategic planning and operational flexibility.

Trading Liquidity Snapshot 

As of September 5, 2025, Stanbic IBTC Holdings’ indicative share trading liquidity over the preceding 12 months stood at US$16.78 million (₦25.98 billion), averaging US$1.4 million (₦2.17 billion) per month. This level of activity underscores healthy investor interest and vibrant market participation.

Conclusion 

In summary, the interim financial results for the first half of 2025 reveal Stanbic IBTC Holdings Plc’s strong financial performance, marked by substantial growth in asset management, profitability, and shareholder equity.

This encouraging trajectory suggests the company is well-positioned to uphold its commitment to excellence in financial services. Investors are encouraged to consult the full report for a detailed review of the company’s financials and to seek guidance from financial advisors before making investment decisions.

 

Securing the Future of Finance: Unpacking Robust Security Architecture of Stanbic IBTC Mobile App 3.0

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In an era where digital interactions drive everyday banking, the security of financial transactions has become paramount.

Stanbic IBTC Bank’s Mobile App 3.0 establishes a new standard for secure digital banking through a meticulously designed, multi-layered security architecture. Each customer interaction is guarded by a suite of advanced security measures, ensuring both protection and peace of mind for users navigating the digital landscape.

Comprehensive Multi-Layered Security Framework

The Stanbic IBTC Mobile App 3.0 employs a comprehensive approach to security, integrating advanced encryption, biometric and multi-factor authentication, secure coding standards, and behavioural risk profiling.

This layered defence strategy is designed to counteract evolving cyber threats, meaning every login, transaction, and exchange of information remains protected. Such a holistic framework empowers customers to confidently manage their finances, knowing that robust safeguards are in place at every step.

A Shared Commitment to Security

Stanbic IBTC’s dedication to security extends beyond technological solutions; it embodies a culture of shared responsibility. As highlighted by Abumere Igboa, Chief Information Security Officer at Stanbic IBTC Holdings PLC: “Stanbic IBTC prioritises the safety of its customers and continually ensures the security of its digital platforms with innovative technology to detect, monitor and protect against online threats during financial transactions.

Staying safe and secure online is a shared responsibility that begins with you and me. We must jointly support and remain committed to a safer Cyber space. Should you notice any suspicious activity when using any of our digital and online platforms, don’t delay – act promptly and reach out to our 24/7 customer support centre.”

This philosophy fosters an environment where cutting-edge security tools are complemented by customer empowerment, creating a vigilant and resilient banking ecosystem.

Biometric and Multi-Factor Authentication

At the heart of the app’s security is its robust biometric and multi-factor authentication (MFA) system. This foundation ensures secure and seamless digital access by requiring multiple independent identity verification methods, moving beyond the limitations of traditional passwords.

The result is a significant reduction in the risk of account takeovers, strengthening overall account security. The biometric authentication feature enables customers to utilise fingerprint or facial recognition on compatible devices, combining convenience with stringent protection.

By making unauthorised access exceedingly difficult, the app upholds the premium security standards expected by its users.

Encryption and Data Security

Encryption is integral to every interaction within the app, safeguarding sensitive data both in transit and at rest.

This protection prevents unauthorised interception or tampering, ensuring that critical information—such as transaction details and personal identifiers—remains inaccessible to unauthorised parties. Together, these measures create a comprehensive “defence-in-depth” security strategy.

Customer Empowerment and Self-Service Safeguards

The app further empowers users with self-service security features, allowing them to instantly immobilise their accounts upon detecting suspicious activity.

Additionally, a USSD fallback option (9091*911#) is available for blocking accounts, enabling immediate action in cases such as device loss. This ensures that customers retain control and can act swiftly to protect their financial assets.

Redefining Premium Banking Security

Stanbic IBTC Mobile App 3.0 stands as a model for layered, intuitive, and resilient banking security. By embedding sophisticated features into a unified platform, the bank reinforces its commitment to safeguarding customer funds and cultivating lasting trust in an increasingly digital world.

To experience these enhanced security measures first-hand, download the app from the Google Play Store or Apple App Store today, and embrace a future where financial security is at the forefront.