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Stanbic IBTC Revamps Private Banking with Rewards via Save and Enjoy Promo

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Stanbic IBTC Bank has transformed its Affluent Banking segment, rebranding it as Stanbic IBTC Private Banking to deliver unparalleled financial solutions tailored for high-net-worth individuals.

The bank hosted a distinguished media parley and prize presentation event in Lagos to announce this milestone and celebrate the inaugural Save and Enjoy Promo, honouring loyal clients with exclusive rewards that reflect the prestige of its revitalised private banking services.

Attended by Bunmi Dayo-Olagunju, Deputy Chief Executive, Stanbic IBTC Bank, the event emphasised Stanbic IBTC’s commitment to redefining legacy with elegance and purpose.

The Save and Enjoy Promo draw, held under the supervision of the Advertising Regulatory Council of Nigeria (ARCON), sparked excitement among Stanbic IBTC Private Banking clients.

Four winners received open business class tickets to the UK, USA, or Canada, offering the freedom to travel in unmatched style. Five others were awarded a one-year Priority Pass, granting access to over 900 airport lounges worldwide.

At the same time, 32 clients received luxury vintage travel boxes, a refined symbol of the exclusivity tied to the bank’s private banking experience. Presented at the event, these rewards honour the confidence that clients place in Stanbic IBTC Private Bank to advance their financial goals.

The rebranded Private Bank offers enhanced investment returns, streamlined digital loans, exclusive benefits through the Platinum Connection Hub, and personalised support, setting a new benchmark for affluent banking in Nigeria.

Bunmi Dayo-Olagunju, Deputy Chief Executive, Stanbic IBTC Bank, shared her perspective: “Stanbic IBTC Private Bank is devoted to crafting financial solutions that empower our clients to create and preserve enduring legacies with elegance and precision.”

Layo Ilori-Olaogun, Head Private Banking, shared her vision at the parley: “Stanbic IBTC Private Bank is dedicated to empowering our clients to create lasting legacies. With dedicated relationship managers and innovative digital platforms, we deliver seamless, bespoke services that align with their ambitions.”

For the winners, the prizes represent exceptional privileges that elevate their lifestyle. One recipient, holding their business class ticket.

“This reward enhances my global travels, and it is remarkable to feel so valued by Stanbic IBTC Private Bank. They truly understand our aspirations.” The launch of Stanbic IBTC Private Bank, paired with the Save and Enjoy Promo, highlights the bank’s dedication to rewarding loyalty while fostering wealth creation and preservation.

Stanbic IBTC invites its affluent clients to experience this reimagined private banking journey, designed to transform aspirations into enduring legacies.

 

 

NIMC DG: SIM-NIN Linkage Tops 173m by May 2025

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Remarks by Engr. Abisoye Coker-Odusote, Director-General/CEO, National Identity Management Commission (NIMC) at a 2-day workshop with publishers of online newspapers in Lagos.

President and Secretary of GOCOP

Distinguished Publishers

Ladies and Gentlemen

Good morning and welcome to this very significant workshop.

Let me begin by expressing my sincere appreciation to each of you for your presence and for the work you do in amplifying public discourse, informing citizens, and holding institutions accountable. And for being partners in our drive to reposition the Nigerian Digital Identity Landscape.

I am especially thankful to the President and Commander-in-Chief of the Nigerian Armed Forces, His Excellency, Bola Ahmed Tinubu for his interest in and commitment to a more robust and inclusive digital identity system for Nigeria.

Your role is pivotal and indispensable to the successful transformation of Nigeria’s digital identity landscape.

The National Identity Management Commission (NIMC) under my stewardship, is most appreciative of the partnership we have built and maintained with the publishers of Online Newspapers under the auspices of the Guild of Corporate Online Publishers, GOCOP.

Since my assumption of office as DG/CEO of NIMC, we have been proactive, transparent, and inclusive in our engagement with all stakeholders across government institutions, the private sector, the media, NGOs, CSOs, women’s forums, disability clusters, and local communities.

This deliberate stakeholder-focused strategy has supported our core objective: to reposition the National Identity Management System to make it robust, inclusive and sustainable such that no one is left behind and the issued IDs guarantee their access to services and government interventions.  

Building a Unified Identity System

The identity ecosystem in Nigeria was once fragmented, revenue-gulping, and exclusionary.

Today, that story is changing. Through collaboration with our stakeholders, we are building a unified, secure, and people-centered ID system—one that is becoming the cornerstone of national planning, financial inclusion, economic empowerment, and digital governance.

Since January 2022, when NIN enrolment stood at 72.7 million, we have recorded a phenomenal increase. As of July 2025, enrolment stands at over 122 million and counting.

This represents a 49% increase in enrolment rate, which is a clear testament to the progress we have made in just over three years.

Monthly, millions of Nigerians are now being enrolled and issued a verifiable means of identification, unlocking access to critical services in education, agriculture, healthcare, social protection, and beyond. 

Institutional and Systemic Reforms

We have focused our efforts on addressing the deep-rooted issues that once plagued the identity enrolment process.

  • Extortion and unofficial fees have been curtailed by over 40%, thanks to our enforcement of a transparent fee structure.
  • Enrolment remains free, and modification and authentication fees are standardised and publicly disclosed.
  • On the infrastructure front, we have invested in system automation, backend upgrades, and capacity expansion.

NIMC’s strategic collaborations with many government organisations have significantly enhanced service delivery across critical sectors. Key partners include the National Health Insurance Scheme (NHIS), Federal Inland Revenue Service (FIRS), Nigeria Immigration Service, Joint Admissions and Matriculation Board (JAMB), Independent National Electoral Commission (INEC), Central Bank of Nigeria (CBN), Federal Road Safety Corps (FRSC), Nigerian Communications Commission (NCC), and the National Correctional Service (NCoS).

These collaborations support identity verification for inmates, staff, and service processes within the correctional system. Recent partnerships also extend to the National Social Insurance Trust Fund (NSITF), CreditCorp, and the National Pension Commission (PENCOM), which has integrated its Enhanced Contributor Registration System (ECRS) with the NIMC database to improve data accuracy and reduce pension-related fraud. Collectively, these collaborations have streamlined verification processes, enhanced access to essential services, and strengthened public confidence in identity-based systems.

Beyond technical integration, these partnerships continue to deliver tangible benefits to millions of Nigerians. Students now access educational loans more efficiently through NELFUND, while entrepreneurs and small businesses receive timely and transparent disbursements from SMEDAN and the Bank of Industry.

Through a NIN-enabled farmer registry managed by the Federal Ministry of Agriculture, verified farmers benefit from targeted subsidy programmes. Workers experience smoother compensation processes via NSITF, and individuals can build verifiable credit histories through CreditCorp.

Collectively, these initiatives reflect how a secure and unified digital identity system can open doors to education, financial inclusion, enterprise support, and social protection, driving real and inclusive progress across the country.

We have also introduced digital tools such as the NINAuth mobile app, the Self-Service NIN Enrolment and Modification app, and Contactless Biometric Solutions. Together, these tools have improved accuracy, reduced waiting times, and empowered millions of Nigerians to securely enroll, update, or verify their identity at their convenience. This aligns our processes with global ID4D standards for data protection and enhances user experience by making identity services faster, more accessible, and citizen-centered.

Digital Identity for Social Inclusion

Everyone deserves a verifiable means of ID, and our mission is to ensure no one is left behind.

Working through the Project Implementation Unit (PIU), we have reached out to underserved communities with emphasis on persons with disabilities, women and children, bringing enrolment services directly to their doorsteps.

With the aid of geospatial mapping and our innovative billing model for front-end partners, we have improved access, accountability, and performance across our national footprint.

So far, over 7, 167 revalidated Front-End Enrolment Partners and agents have been trained to serve these communities professionally and inclusively.

The Front-end enrolment partners and agents will be under strict monitoring and supervision.

Their services are now complemented by dedicated grievance redress officers deployed across all 36 states, ensuring that any concerns from enrollees or agents are addressed promptly through a 24/7 toll-free line.

NIMC also adheres to the highest level of data security protocols. Data Collected by NIMC is used only for the purpose of issuing the NIN and confirming the identity of the NIN holder.

Inter-agency Synergy and National Co-ordination

In March 2024, we inaugurated the Nigeria Digital ID4D Project Steering Committee, chaired by the Secretary to the Government of the Federation (SGF), with me as Secretary.

This high-level body includes the National Population Commission, Nigeria Immigration Service, National Bureau of Statistics, and others.

It is tasked with harmonising identity databases, embedding NIN into all government service delivery, and coordinating legal reforms to strengthen inclusion and data protection frameworks.

Citizenship, Services, and the Economy

With NIN now a prerequisite for accessing student loans, farmer subsidies, SIM card registration, and social welfare schemes, we are seeing unprecedented levels of financial inclusion.

Over 3 million farmers and 800,000 students have already benefited from NIN-linked services.

In addition, SIM-NIN linkage as at May, 2025 has reached 172.67 million, enhancing regulatory compliance and financial service accessibility.

Our partnership with the National Social Safety Net Coordinating Office (NASSCO) has further expanded enrolment coverage among Nigeria’s most vulnerable populations, validating entries into the National Social Register and enabling better-targeted poverty alleviation programs.

Workforce Development and Financial Stability

At NIMC, we are equally investing in our people. Between 2023 and 2024, a total of 2,327 staff were promoted, 1,395 in 2023, and 932 in 2024, reflecting our commitment to rewarding excellence and fostering career growth.

Additionally, over 1,300 staff members have undergone training and retraining programmes, further equipping the Commission to deliver world-class identity management services.

In line with our commitment to operational efficiency and stakeholder trust, the Commission has successfully cleared the entire two-year backlog of payments owed to enrolment partners. This milestone underscores our resolve to maintain transparency, restore confidence, and strengthen partnerships across the identity ecosystem. 

General Multipurpose Card, GMPC

We are on track to unveil a new General Multipurpose Card by October 2025.

This secure, multifunctional ID will provide seamless access to government services, financial platforms, health insurance, and other digital ecosystems.

Dear publishers and media partners-

  • You have walked this journey with us.
  • You have reported the highs and the lows. You have challenged us, supported us, and held up a mirror to our processes.

Today, I ask that we deepen this collaboration. Let us collectively combat misinformation, promote transparency, and use your powerful platforms to ensure every Nigerian knows their rights, understands the value of their identity, and is included in this national transformation.

As we consolidate the significant progress made so far, we must also acknowledge the critical gaps that persist, particularly in public awareness, digital literacy, and countering misinformation that threatens to undermine trust in our national identity system.

While NIMC continues to strengthen infrastructure, expand enrollment channels, and enhance data protection, we recognise that these efforts can only reach their full potential if Nigerians truly understand and embrace the importance of enrolling and keeping their identity records updated.

It is here that your role as publishers and shapers of public discourse becomes indispensable in reporting milestones, and in explaining why identity matters for everyday life, and in dispelling doubts and rumours before they take root.

Therefore, I call on you, our esteemed partners in the media, to actively help us bridge these gaps. Support us in taking accurate, clear, and citizen-focused information to every corner of the country; spotlight success stories and the real-life impact of digital identity; and work with us to design special campaigns, fact-check initiatives, and educational content that simplify complex processes for the average Nigerian.

By doing so, you will not only amplify the voice of NIMC but become co-builders of a robust, trusted, and inclusive identity system that leaves no one behind. Together, we can ensure that every Nigerian is empowered to say, confidently and securely: “I am recognised, I am included, I am identified.”

 

 

 

FirstBank, NLNG, Shell Back QEDNG Creative Powerhouse Summit

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First Bank of Nigeria has joined forces with Mighty Media Plus Network Limited for the maiden edition of the QEDNG Creative Powerhouse Summit.

Also supporting the event are Nigeria LNG (NLNG) and Shell Nigeria, two major players in the country’s energy and development sectors.

Chief Executive Officer of Mighty Media Plus Network Limited, Mr. Olumide Iyanda, announced the partnerships in a statement.

Iyanda described FirstBank’s involvement as a strong statement of the bank’s belief in the power of Nigeria’s creative sector.

“FirstBank’s support is a reaffirmation of its long-standing commitment to promoting the creative economy,” he said. “Through First@arts, the bank has become a reliable partner to talents, institutions, and organisations working to grow Nigeria’s cultural assets.”

First@arts is FirstBank’s platform for supporting the arts. It provides financing, advisory services, and exposure for creatives across the value chain. The bank has backed major cultural events and partnered with institutions such as British Council, Duke of Shomolu Productions, Live Theatre Lagos, Freedom Park and Terra Kulture.

Among the projects FirstBank has supported are The Headies Awards, Lagos International Theatre Festival, The Oxymoron of Kenny Blaq, Kurunmi, Eni Ogun, and Oke Langbodo.

Iyanda also praised NLNG for its role in promoting excellence in literature and science through The Nigeria Prize for Literature, The Nigeria Prize for Science, and The Nigeria Prize for Literary Criticism.

“NLNG has shown leadership by rewarding creativity and innovation in ways that impact both the literary and scientific communities,” he said.

The prizes, worth up to USD100,000, are among the most prestigious on the continent. They celebrate Nigerian authors, critics, and scientists whose work makes a real difference.

Shell’s support for the summit reflects its ongoing commitment to education and social development. The company focuses on sustainable, community-driven educational projects, ranging from scholarships to infrastructure development and ICT donations.

“Shell’s belief in education as a foundation for long-term progress aligns with our vision for the summit,” Iyanda added.

He further noted that more sponsors will be unveiled in the coming weeks.

The QEDNG Creative Powerhouse Summit, themed “Financing as Catalyst for a Thriving Creative Economy,” will take place on Tuesday, August 12, 2025 at 10:00 a.m. The venue is Radisson Blu Hotel, Isaac John Street, Ikeja GRA, Lagos.

The summit will bring together creatives, investors, policymakers, and business leaders to explore solutions to the funding challenges facing Nigeria’s creative industries.

Stanbic IBTC Bank Secures CNY800m Term Loan Agreement with China Development Bank

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, is pleased to announce the successful signing of a 3-year, CNY800 million term loan agreement with China Development Bank (CDB).

This landmark facility, executed under the strategic collaboration framework between Standard Bank Group (SBG) and CDB, marks a significant milestone in deepening financial cooperation between Africa and China.

The facility underscores Stanbic IBTC Bank’s direct access to Chinese Renminbi (CNY) liquidity from the Chinese market, enabling the bank to provide enhanced financing solutions to Nigerian corporates and institutions engaged in Africa-China trade and investment flows.

It also reinforces Standard Bank Group’s long-standing, trusted partnership with CDB, anchored on a shared vision for driving sustainable economic growth across the continent.

Commenting on the agreement, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, said:

“We are delighted to announce this landmark agreement with China Development Bank, which reflects the strength of our strategic partnership and our collective commitment to Africa’s economic development. This facility provides us with direct access to much-needed Renminbi liquidity, enabling us to better serve our clients involved in Africa-China trade and investment. It is a significant step in advancing our Africa-China strategy, which is focused on unlocking growth opportunities, promoting cross-border trade, and driving sustainable development for Nigerian businesses.”

The collaboration between Stanbic IBTC Bank and China Development Bank is expected to play a vital role in supporting Nigerian businesses, facilitating trade transactions, and encouraging foreign direct investment.

It also represents a significant step in Stanbic IBTC’s broader Africa-China strategy, which seeks to position the bank as the partner of choice for businesses seeking to participate in the growing economic corridor between Africa and China.

Stanbic IBTC Bank remains committed to providing innovative financial solutions that support economic development and create long-term value for its clients, stakeholders, and the wider Nigerian economy.

 

About Stanbic IBTC

Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings- a member of Standard Bank Group, Africa’s largest banking group ranked by assets with a legacy spanning over 162 years. As a leading end-to-end financial solutions provider in Nigeria, Stanbic IBTC offers a wide range of products and 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.

The recent establishment of its fintech subsidiary, Zest Payments, further underscores its commitment to provide innovative financial solutions. Stanbic IBTC plays a pivotal role in driving Nigeria’s growth, leveraging deep local insights and international expertise enhanced by being a member of Standard Bank Group.

 

Universal Insurance Reports N15.25bn Premium in 2024

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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.

Universal Insurance Plc said it posted Gross Written Premium (GWP) of N15.25 billion in the 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), which they sponsored.

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’ fund as at the first quarter is 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 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 seamlessly, and you can also initiate claims payment and we follow it up at the backend.

“Universal insurance has come to stay and to serve the industry, give them 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 insure cover. The shop insure cover was basically designed for shop owners and businessmen that operate businesses at a Small and Medium Enterprise (SME) level. It provides them with fire insurance cover, burglary, cover for personal injury and alternative accommodation during relocation.

“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 chatbot or Artificial Intelligence (AI) driven chatbot and visual assistant. That is 24/7 services that will take the position of our service centers at any point in time. Our chatbot 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. 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 the use of manpower, reduce 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.

 

 

 

 

NAICOM, Insurance Industry Mourn Buhari

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It is with profound sadness that we received the news of the passing of His Excellency, Muhammadu Buhari, GCFR, former President of the Federal Republic of Nigeria. On behalf of the National Insurance Commission (NAICOM) and the entire insurance industry, I extend our deepest condolences to the family, friends, and the good people of Nigeria.

During his tenure, former President Buhari GCFR demonstrated unwavering commitment to the growth and development of the insurance industry, and his leadership had a lasting impact on the nation’s economic landscape.

May his legacy continue to inspire us as we strive to build a more resilient and prosperous Nigeria. May his soul rest in peace. Amen. 

Mr. Olusegun Ayo Omosehin

Commissioner for Insurance/CEO

Polaris Bank Partners Woodhall Capital, UK, Lagos State in ₦1.5bn Creative Economy Fund

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L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend in Lagos.

Woodhall Capital in partnership with Polaris Bank, Lagos and UK governments have announced the launch of a ₦1.5 billion Creative Sector Fund aimed at expanding access to structured financing for creative entrepreneurs meant to scale their output across fashion, film, music, and digital content.

The fund was unveiled during the launch of the Creative Currency Podcast, an initiative designed to foster collaboration between creatives, financiers, policymakers, and global stakeholders.

The platform will serve as both a podcast and policy engagement forum, tackling long-standing challenges such as limited access to finance, weak Intellectual Property (IP) enforcement, and the absence of scalable business infrastructure within the creative ecosystem.

In May 2022, Polaris Bank partnered with the Lagos State Employment Trust Fund (LSETF) to establish a ₦1 billion funding initiative targeted at artisans in Lagos State.

The objective of the partnership was to deliver critical financial support to empower skilled artisans and entrepreneurs within the MSME sector who had maintained active business operations for at least one year ultimately fostering wealth creation and economic inclusion across the state.

At the launch event held on Thursday evening at the Ikoyi residence of the British Deputy High Commissioner, Polaris Bank’s Executive Director, Abimbola Ozomah, who sat on a panel at the launch, emphasized that the fund is a long-overdue response to the structural exclusion of creatives from formal financing systems.

She described the initiative as a deliberate attempt to recognise creative endeavours, intellectual property as a bankable asset and to build a framework where creatives are treated as serious entrepreneurs capable of generating significant economic value.

“This fund represents more than capital, it reflects our belief in Nigerian creativity as a global force,” said Polaris Bank’s Executive Director, Abimbola Ozomah. “We’re not just exporting talent. We’re exporting ownership, structure, and long-term value.”

Founder and CEO of Woodhall Capital, Mojisola Hunponu-Wusu, reiterated the urgent need to redefine how the financial system engages with the creative sector. She committed to providing bespoke financial products, advisory services, and investor-matching support tailored specifically for the needs of creative MSMEs.

The UK Government, through the British Deputy High Commissioner, Mr. Jonny Baxter, highlighted its longstanding commitment to Nigeria’s creative economy. The UK-Nigeria Creative Industries Partnership signed in 2024 was cited as a milestone in unlocking trade, investment, and collaborative opportunities between both countries. The Deputy High Commissioner praised the initiative as a blueprint for global creative cooperation.

The Lagos State Government, a key driver of the initiative, reaffirmed its ambition to cement Lagos as Africa’s creative capital.

According to the Governor’s representative, Representing the Governor, Mrs. Folashade Ambrose-Medebem, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, highlighted the state’s efforts in supporting the sector through progressive policy reforms, infrastructure development, and the provision of zero-interest loans of up to ₦10 million via the Lagos Creative Fund. These measures are designed to empower creatives to scale operations, access markets, and formalize their business practices.

The newly launched Creative Currency Podcast is positioned to be more than a media channel. It is a knowledge-sharing ecosystem that brings together local talents, international investors, legal experts, and cultural stakeholders to explore opportunities, identify risks, and share solutions that will elevate Nigeria’s creative industries to global standards.

Throughout the panel sessions, panelists emphasised the need for deeper structure, transparency, and professionalism in the sector. Creators were encouraged to develop clear business plans, maintain accurate financial records, formalise their operations, and assert their rights to royalties and IP protection.

As conversations deepened, financial institutions acknowledged the need for a mindset shift. Traditional risk models, they agreed, must be reimagined to reflect the unique nature of creative enterprises many of which are driven by intangible assets, flexible revenue models, and export potential.

The event concluded with a call to action: invest in the systems, not just the stories. Stakeholders were unanimous in their belief that a more structured, collaborative, and well-capitalised creative economy will deliver jobs, exports, and global relevance for Nigeria.

Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empower micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.

Heirs Insurance Group Reports N61bn GWP in 2024, an Increase of 70%

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Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has announced its audited financial results for the year ended December 31, 2024, showing strong year-on-year growth across all business lines and metrics.

The insurance Group reported a combined Gross Written Premium (GWP) of ₦61 billion in 2024, for its life and general insurance companies, reflecting a 70% increase from the ₦35.8 billion recorded in 2023.

Its achievements:

  • Combined Gross Written Premium of ₦61 billion, representing 70% YoY growth, from ₦8 billion in the previous year.
  • Combined earned Insurance Revenue rose from ₦5 billion in the previous year to ₦31.4 billion in 2024, indicating a 53% increase.
  • Combined Profit Before Tax (PBT) rose from N4.8 billion in 2023 to ₦2 billion, more than double the previous year’s figure, and representing a 133% year-on-year growth.
  • The Group also sustained customer trust by paying a staggering combined ₦4 billion in claims during the year, compared to ₦4.18 billion in 2023, marking a 149% growth.
  • In addition, the Group’s combined total assets grew by 66%, rising from ₦8 billion in 2023 to ₦92.9 billion in 2024.

Breaking down the results, Heirs Life Assurance (HLA), its specialist life insurance company, achieved staggering results:

  • The company reported an 85% increase in Gross Written Premium from ₦87 billion in 2023 to ₦44.22 billion in 2024.
  • Insurance Revenue stood at ₦1 billion, a staggering 109% growth from ₦7.3 billion in 2023.
  • Profit Before Tax grew to ₦5 billion, up from ₦1.88 billion, indicating a remarkable 193% increase.
  • Claims paid by Heirs Life also rose significantly to ₦67 billion, a 120% increase from ₦2.5 billion paid to customers in 2023.
  • Investment income rose from ₦8 billion in 2023 to ₦4.6 billion, marking a 65% increase.
  • HLA closed the year with total assets of ₦2 billion, a staggering 75% jump from ₦37.8 billion in the previous year.

Heirs General Insurance (HGI), its general insurance company, also marked significant growth and maintained a strong growth trajectory:

  • Gross Written Premium marked a 42% rise from ₦9 billion in 2023 to ₦16.9 billion in 2024.
  • Insurance Revenue stood at ₦3 billion, a 19% increase from ₦12 billion recorded in 2023.
  • Profit Before Tax grew by 104%, rising from ₦4 billion in 2023 to ₦4.9 billion in 2024.
  • The company also demonstrated strong claims responsiveness, with claims paid amounting to ₦7 billion, up 25% from ₦3.7 billion the previous year.
  • Investment income jumped by 27% from ₦5 billion in 2023 to ₦5.7 billion in 2024.
  • Total assets marked a 48% increase from ₦1 billion in the prior year to stand at ₦26.7 billion in 2024.

In addition, Heirs Insurance Brokers (HIB), its insurance broking and risk management consulting firm, marked significant growth:

  • Revenue grew by 54% from ₦28 billion in FY2023 to ₦1.97 billion in 2024, driven by increased client acquisition and retention.
  • Profit Before Tax (PBT) marked a 53% rise from ₦59 million in the prior year to ₦805.91 million in 2024, highlighting strong cost discipline and operational efficiency.

These results were confirmed in the Group’s 2024 financial statements, audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM).

Heirs Insurance Group has maintained a consistent year-on-year growth streak, reflecting strong leadership and corporate governance, and a focus on driving digital innovation to make insurance simple and accessible.

Its digital-first channels, including USSD code *1100#, SimpleLife mobile app, Prince – its AI-powered chatbot, and Nigeria’s first digital insurance experience centre, ensure ease and convenience.

Beyond technology, the Group drives advocacy across all customer clusters, aligning with its purpose to improve lives and transform Nigeria.

Its Essay Championship drives insurance literacy among young students and the school ecosystem, and its travel festival advocates for more inclusive policies to enable cross-border travel, among many other initiatives.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.

Stanbic IBTC Holdings Meets CBN’s N200bn Recapitalisation Policy

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In a landmark achievement that highlights the steadfast confidence of its stakeholders, Stanbic IBTC Holdings has successfully met the Central Bank of Nigeria’s ambitious N200 billion recapitalisation requirements.

This remarkable feat follows a highly successful Rights Issue, which raised an impressive N148.7 billion, garnering overwhelming support from existing shareholders.”

The standout aspect of this Rights Issue was its astonishing oversubscription rate of 21.9%, translating into an additional N181.4 billion in capital. This robust participation not only reflects shareholders’ trust in Stanbic IBTC’s strategic vision but also highlights the institution’s operational excellence and resilience in a dynamic financial landscape.

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 oversubscribed by 21.9% to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand.

In March 2024, the Central Bank of Nigeria (CBN) mandated that commercial banks with international authorisation raise their capital base to N500 billion, while national banks are required to reach N200 billion. Additionally, banks with regional authorisation must achieve a minimum capital threshold of N50 billion.

The injection of N140 billion into Stanbic IBTC Bank from the parent company further enhances the bank’s capacity to meet the growing demands of its customers and increasingly competitive market dynamics.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, 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.”

Successful recapitalisation is not just about numbers; it is about resilience, commitment, and a shared vision for the future. Stanbic IBTC Holdings remains committed to promoting economic growth and generating value for its stakeholders, laying the groundwork for a prosperous financial future for all.

 

 

 

SanlamAllianz Partners NCRIB on 2025 Empowerment Series

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Dr. Abosede Adegbite, Consultant, Family Physician; Tope Adaramola, Executive Secretary/CEO, NCRIB; Mrs. Ekeoma Ezeibe, Deputy President, the Nigerian Council of Registered Insurance Brokers; Prince Babatunde Oguntade, President, NCRIB; Tunde Mimiko, MD/CEO, SanlamAllianz Life Insurance; Yomi Onifade, MD/CEO, SanlamAllianz General Insurance; Mrs. Adetayo John-Fischers, MD/CEO, First Standard Insurance Brokers.

SanlamAllianz, the newly launched joint venture between Sanlam and Allianz in Nigeria, successfully hosted the first edition of the 2025 NCRIB Empowerment Series, a flagship initiative designed to empower insurance professionals and drive industry growth.

The event, which took place at the Insurance Brokers House in Lagos, brought together top brokers, industry experts, thought leaders, and professionals to share insights and experiences.

“We are proud to have hosted the 2025 NCRIB Empowerment Series, which has helped to build capacity, foster innovation, and drive industry growth,” Tunde Mimiko, MD/CEO SanlamAllianz Life Insurance Nigeria, said in his welcome address at the event.

“We are committed to supporting the growth and development of the insurance industry in Nigeria, and we look forward to continuing our partnership with Nigerian Council of Registered Insurance Brokers,” he concluded.

The event featured an empowerment session on Insurance Pitching as well as a health talk on Hepatitis. The high point of the event was the special unveiling of the SanlamAllianz brand to the elite association by the MD/CEO, SanlamAllianz General Insurance, Yomi Onifade.

“Today, we formally unveil to you a new champion of insurance and non-banking financial services, with ambitions for every player in Africa, whether individuals, public or private employees, large companies and SMEs, major projects, or large risks. But also, workers in the informal sector, he said.

In his speech, the President of NCRIB, Prince Babatunde Oguntade, expressed gratitude to SanlamAllianz for the sponsorship highlighting the significance of the event being the first of the Empowerment Series in 2025.

In alignment with the industry’s recently launched maiden edition of the Nigerian Insurance Awareness week, SanlamAllianz is currently leading a 12-city tour to introduce the brand to its retail customers and promote insurance education across the country. The tour has already covered cities like Akure, Ibadan and Abuja with major cities like Port Harcourt, Jos, Enugu, Owerri, Kano, Uyo Onitsha, Warri and Onitsha on the itinerary.

 

About SanlamAllianz

SanlamAllianz is a leading insurance company in Nigeria, offering a range of life and general insurance products and services. With a strong presence in the country, SanlamAllianz is committed to providing innovative solutions and exceptional customer service.

PTAD: The Welfare of Pensioners in Nigeria is Paramount

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The Pension Transitional Arrangement Directorate (PTAD) has reiterated its commitment to protection of pensioners’ rights and their wellbeing.

To this end, the Directorate said it has introduced various initiatives aimed at actualising its mandate which is to manage pension benefits for Federal Government retirees under the old Defined Benefit Scheme (DBS), who did not transit to the Contributory Pension Scheme (CPS).

Speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) sponsored by PTAD in Lagos, the Executive Secretary/CEO, Mrs. Tolulope Odunaiya, highlighted the mandates of the Directorate and their achievements so far.

Odunaiya, who was represented at the occasion by the Head, Corporate Communication, Mr. Olugbenga Ajayi and Head, Lagos Regional Office, Mr. Casmir Audu, said the Directorate is fully committed to protecting the pensioners’ rights to pension as well as their wellbeing.

Ajayi said the Directorate was specifically established to handle pensions of those who did not move to the Contributory Pension Scheme, noting that PTAD’s mandate is to ensure that eligible pensioners receive their due pension payments promptly and accurately.

“Since the establishment of PTAD in 2013, and up till this present moment, PTAD has never failed to pay pensions every month; that is why we have been able to take pensioners out of the streets; that is one of the credibility the present government is enjoying because nobody is diverting money meant for payment of pensions anymore,” he said.

He stated that the Directorate has continued to introduce various initiatives to enhance its efficiency and effectiveness, some of which are: Field Verification, I Am Alive Confirmation, Mobile Verification, among others.

“As we progressed, we discovered that we shouldn’t be calling our fathers and mothers, especially, those from far distance to come and do verification here in Lagos and a technology was introduced. We call that technology ‘I Am Alive’ Confirmation. Why do we call it ‘I Am Alive’? Because pension under DBS is for life.  Once you are still alive, you are entitled to your pension. I Am Alive enable pensioners to confirm their status even inside their home at every location. This is done through Internet-enabled phone and anybody can help you do it. Once you confirm your aliveness status, in the next six month, your pension will continue to run.

“We have introduced Mobile Verification for people who are sick, or those who are alive but are incapacitated to attend normal verification, we schedule mobile confirmation for those who have done Am Alive verification but later falls sick,” he added.

Ajayi disclosed that PTAD is a federal government treasury-funded agency with no commercial bank account, adding that their responsibility is to prepare schedules for pension payment.

“PTAD don’t have any account in any commercial bank so we don’t keep any money because we are a treasury-funded agency. Pensions are paid by the Central Bank of Nigeria (CBN) and are paid directly into pensioners’ account. Our duty is to prepare the schedules of payment and it will pass through various tables including Federal Auditors, Internal Auditors, Accountant General Office, so it is not something that somebody will just wake up and say PTAD has money somewhere,” he explained.

He said PTAD is ensuring that nobody tampers with pensioners’ money. PTAD offices are in 13 States of the country.

The $200 Billion Quest for Reliable Electricity in Nigeria

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By Elvis Eromosele

Nigeria is an energy starved nation. Imagine a country in the 21st century with over 200 million people and an unstable power supply. It’s a recipe for backwardness. It is also a sad commentary on the failure of successive governments over a hundred years. No wonder the hum of progress is too often drowned out by the silence of power outages.

Today, homes flicker into darkness, businesses grind to a halt, and dreams of economic growth stall in the face of an unreliable electricity grid. The numbers paint a grim picture. Nigeria generates a mere 6,000 megawatts (MW) of electricity against an estimated demand of 40,000 MW needed for a stable, nationwide supply.

The World Bank estimates this power deficit costs the economy $29 billion annually, an economic hemorrhage that highlights the urgency of reform. This may explain why Adebayo Adelabu, Nigeria’s Minister of Power, laid out a bold vision: a $200 billion investment over 20 years to deliver a 24/7 electricity supply.

This staggering figure, $10 billion a year, has sparked both hope and skepticism. Can Nigeria transform its beleaguered power sector, and what will it take to light up the nation?

Experts argue that Nigeria’s power crisis is a hydra-headed beast. The issues span generation, transmission, and distribution. The national grid, a relic of decades-old infrastructure, is plagued by inefficiencies. Reports indicate that for every 100 MW generated, 7.79 MW is lost in transmission, a figure that reflects both technical shortcomings and systemic neglect. Vandalism compounds the problem. Indeed, between January 2022 and October 2024, the government spent ₦29.3 billion (roughly $17.7 million) repairing 266 vandalised electricity towers, an average of $66,500 per tower. These fixes however are mere Band-Aids on a system that demands a full overhaul.

The human toll is palpable. In Lagos, small businesses and homeowners alike are compelled to rely on costly petrol/diesel generators to keep their machines/households humming. Many businesses spend more than half of their earnings on fuel.

Across rural Nigeria, entire communities remain off the grid, their potential stifled by darkness; e.g. Otueke in Bayelsa state. The metering gap, less than half of customers have metres, further complicates matters, leading to estimated billing and revenue losses for distribution companies and discontent from electricity consumers. These challenges are not new, but the scale of the solution proposed is unprecedented.

The $200 billion goal is ambitious. It seeks to achieve a generation capacity of 88,000 MW, enough to ensure uninterrupted electricity nationwide by 2045. This figure encompasses upgrades across the entire value chain, generation, transmission, and distribution. It also accounts for the integration of renewable energy, grid modernisation, and policy reforms to attract private investment.

Breaking down the numbers, the plan allocates significant funds to each segment. Transmission infrastructure, for instance, requires a massive investment. The Presidential Power Initiative, launched to modernise the grid, has already committed $1.9 million and €62.9 million in its first phase, boosting capacity by 2,000 MW.

Yet, industry experts estimate that $100 billion over 20 years is needed just to maintain current service levels, let alone expand them. Distribution upgrades, including metering initiatives, also demand substantial funding. The Nigerian Electricity Transmission Access Project (NETAP), backed by a $486 million World Bank credit, is a step toward addressing these gaps, but it’s a drop in the bucket compared to the broader need.

So, while the government focuses on grid expansion, decentralised solutions like mini-grids and solar projects are gaining traction. In a country where vast rural areas remain unconnected, off-grid systems offer a lifeline.

Mini-grids, in particular, are emerging as a game-changer. In northern Nigeria, communities like Gbangba in Niger State have seen transformative change through solar-powered mini-grids. One shudders to imagine what the people used before the project.

The private sector’s role is critical. Of the $32.8 billion needed by 2030 for universal electricity access, the government plans to provide $17 billion, leaving $15.8 billion to come from private investors.

Embedded generation, small-scale power plants serving specific communities or industries, and renewable projects like solar and hydro are seen as cost-effective, but progress is slow. Revenue shortfalls and bureaucratic red tape deter investors, leaving Nigeria’s power sector in a Catch-22: it needs funds to improve, but improvement is needed to attract funds.

The $200 billion estimate is a roadmap, but its success hinges on collaboration between government, private investors, and communities.

We can agree that the $200 billion price tag is daunting. But this is not just about money. Implementation efficiency, transparency, and anti-corruption measures are equally critical. Nigeria’s history of mismanaged projects looms large, with critics pointing to past initiatives that fizzled out despite hefty budgets. The truth is that the funds are one thing, but execution is another. Without accountability, $200 billion could vanish into thin air.

Short-term goals offer a glimmer of hope. Experts estimate that $15-30 billion by 2030 could stabilise the grid, expand metering, and deploy more mini-grids. These steps wouldn’t deliver 24/7 power but could significantly reduce outages and connect millions more to electricity.

For urban centres like Lagos and Abuja, grid upgrades could mean fewer blackouts. For rural areas, off-grid solutions could bridge the gap, promoting economic growth and improving quality of life.

The stakes are high. A reliable power supply could unlock Nigeria’s potential, fueling industries, creating jobs, and reducing poverty. The World Bank’s $29 billion annual loss estimate underscores the cost of inaction.

Yet, the path to transformation is fraught with challenges, technical, financial, and political. As Nigeria grapples with its power crisis, the $200 billion question remains: Can the nation muster the resources and resolve to light up its future?

Eromosele, a corporate communication professional and public affairs analyst, wrote via [email protected]

 

 

NHIA DG: Health Insurance Now Covers 20m Nigerians

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The National Health Insurance Authority (NHIA), says it has expanded the national health insurance scheme to cover some extreme health cases including people with HIV (PLHIV) and for TB patients, with pilots under way in four states.

This was disclosed by Mrs. Aisha Abubakar Haruna, Acting Director, Lagos regional office of the NHIA who represented Dr. Kelechi Ohiri, the Director General of NHIA at the Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos.

Ohiri, who announced that the health insurance now covers no fewer than 20 million Nigerians up from 16.8 million in 2023 and achieving 99 percent of the 2027 presidential target explained that the Authority achieved an additional 800,000 beneficiaries who joined the basic health care provision fund bringing the total to 2.6 million as of May 2025.

Ohiri also stated that the NHIA embarked on addressing drug shortages and care delays via the multi-project strategy.

He said: “NHIA has focused on expanding health insurance coverage, improving quality of care and protecting the rights of enrollees while strategically and creatively deploying health insurance to save lives in a way that contributes and sustains significant benefit to the health sector.

“As of June 2025, NHIA has achieved 20 million enrollees in the health insurance. This was the combined efforts by the state health insurance agencies, health maintenance organisations and the National Health Insurance Scheme. As a matter of fact, we have exceeded the mandates that have been given to us by the president. He gave us a target which we exceeded in June. We have a significant jump from 16.8 million Nigerians enrolled by 2023. By June 2025, we have hit 20 million. We have also embarked on addressing drug shortages and care delays via the multi-project strategy.”

The NHIA DG noted that from 2024 to 2025, NHIA has strategically intervened in the revision of tariffs revising the accreditation processes and mandating one hour limit on care authorisation while mitigating any previous issues for medicine shortages, denial, delay in issue codes and provider payment delays.

Stanbic IBTC Capital Advises Tolaram on Mandatory Takeover Offer of Guinness Nigeria

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Stanbic IBTC Capital, a leading investment banking and capital market solutions provider is pleased to have acted as Sole Financial Adviser to Tolaram (acting through N Seven Nigeria Limited) on its recently completed Mandatory Takeover Offer (MTO) to the minority shareholders of Guinness Nigeria Plc, undertaken to comply with regulatory requirements following its acquisition of a 58.02% stake in Guinness Nigeria last year.

The MTO was completed on 20 May 2025 and Guinness Nigeria minority shareholders successfully tendered a total of 283,099,431 shares (₦22.94 billion transaction value), thus increasing Tolaram’s shareholding in Guinness Nigeria from 58.02% to 70.85%

Stanbic IBTC provided comprehensive end-to-end support across both transactions, delivering a full suite of investment banking and capital markets solutions to facilitate the successful completion of this complex corporate action.

“We thank Tolaram for the longstanding partnership and for trusting Stanbic IBTC Capital to handle this important MTO, having also advised Tolaram on its acquisition of Guinness Nigeria last year” said Oladele Sotubo, Chief Executive of Stanbic IBTC Capital.

Dinesh Rathi, Group Finance Director, Tolaram stated: “We are grateful for the end-to-end support Stanbic IBTC Capital provided Tolaram throughout the MTO process. Their on-the-ground presence and expertise was invaluable in navigating the regulatory landscape and ensuring that interested Guinness Nigeria minorities were given the opportunity to sell their shares at the same price that Tolaram acquired the Guinness Nigeria stake from Diageo Plc.

Guinness Nigeria has sufficient free float despite the MTO and Tolaram intends to continue to maintain Guinness Nigeria’s listing on Nigerian Exchange Limited”.

As the Nigerian business landscape continues to evolve, this deal marks a significant milestone for Stanbic IBTC Capital, underscoring its expertise in advising on complex transactions and delivering comprehensive financial solutions to clients.

SEC DG: Digital Assets Fraud Threatens Market Integrity

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The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has expressed concern over the growing threat of digital assets fraud, warning that it poses a significant challenge to market integrity and undermines investor confidence.

Speaking in Abuja at an event to mark African Union Anti-Corruption Day, themed “Understanding Virtual Assets and Investment Fraud”, Agama noted that corruption continues to be a major obstacle to Africa’s economic growth, social development, and attractiveness to investors.

He stated: “Today, as digital innovation transforms financial systems, we face new challenges, particularly the rise of virtual asset fraud and sophisticated investment scams exploiting unsuspecting investors. These threats undermine market integrity, erode trust, and divert resources meant for sustainable development.”

He explained that the SEC, as a frontline regulator, remains committed to “strengthening investor education on recognising and avoiding fraudulent schemes.; Enhancing regulatory frameworks to keep pace with evolving risks in virtual assets and digital investments; and Fostering cross-border collaboration to combat corruption and illicit financial flows.”

He stated that the Investment and Securities Act (ISA) 2025 introduced key provisions to regulate virtual assets (cryptocurrencies, digital tokens, and other blockchain-based assets) in Nigeria, with Commission as the primary regulator for virtual assets classified as securities or investment products.

Agama stated that all Virtual Asset Service Providers (VASPs) (exchanges, custodians, brokers) must obtain SEC approval and meet capital, governance, and cybersecurity standards.

On risk disclosures, the SEC DG noted that all platforms must warn investors about volatility, fraud, and regulatory risks, warning that there are stiff penalties for market manipulation, insider trading, and Ponzi schemes.

“The ISA 2025 provides a comprehensive legal framework for virtual asset regulation, balancing innovation, investor protection, and financial stability. The SEC will continue to issue guidelines to ensure compliance while fostering a secure digital asset ecosystem.

“We urge all stakeholders—governments, private sector players, civil society, and citizens—to join forces in promoting transparency, accountability, and ethical practices. Together, we can build resilient markets that drive Africa’s prosperity”, he added.

In his remarks, the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, described virtual asset fraud as a fast-evolving threat to national economic security.  “Another rising criminal engagement that has a potential to outpace, even money laundering, on the continent is virtual assets and investment scam.”