Nigeria’s most forward-looking financial institution, Sterling Bank, has announced an over ₦2 billion commitment for fully-funded private university scholarships for young Nigerians. Unveiled on Democracy Day, the initiative titled Beyond Education, represents a decisive step towards building the country’s future leaders by dismantling the barriers that keep millions of Nigerians from accessing quality, future-focused learning.

This is one of the largest private sector investments ever made in a single Nigerian tertiary institution. It extends Sterling’s longstanding commitment to the HEART sectors: Health, Education, Agriculture, Renewable Energy, and Transportation.

The bank has deployed over half a trillion naira in financing and development programs across these critical areas.

“Progress is not a spectator sport,” said Abubakar Suleiman, Chief Executive of Sterling Bank. “While others talk about Nigeria’s potential, we are actively investing in it. These scholarships are direct investments in the architects of our future. We are funding the education of future leaders who will build the companies, systems, institutions and solutions Nigeria needs to thrive.”

The Sterling Beyond Education program will fully sponsor 600 students to study high-impact fields such as Technology, Finance, Sales, and Public Health. It is open to young Nigerians from all 36 states and the FCT, with a merit-based and inclusive admissions process.

Candidates can nominate themselves or be nominated by others, and final selection will be determined through a public voting process open exclusively to Sterling account holders.

“This is what inclusive investment looks like,” said Obinna Ukachukwu, Growth Executive leading the Retail & Consumer Banking Directorate at Sterling Bank. “This initiative goes beyond access to education, it’s access to a future. Education remains the most valuable asset anyone can have, and we’re proud to stand behind young Nigerians as they claim it.”

The pilot program is in partnership with Miva University, founded by renowned tech entrepreneur, Sim Shagaya. Fully accredited by the National Universities Commission, Miva is redefining higher education in Africa with scalable, affordable, and flexible programs tailored to the demands of the digital economy.

The program also reflects Sterling’s advocacy for organisations to shift from short-term philanthropy to long-term ecosystem development. With deep investments in digitised healthcare, school financing, agricultural cooperatives, solar energy, and low-cost transport systems, Sterling is building pathways to inclusive prosperity.

“We’re moving beyond charity,” Suleiman said. “This is about building systems that last and it is much bigger than hundreds of scholarships. It’s about the future of those brilliant young minds we build for our country.”

Nominations are now open at www.sterling.ng/FUTURE. As Africa’s youth population continues to grow, initiatives like Beyond Education may point to a new blueprint for private sector leadership, one where impact is measured not just in profit, but in people empowered.

About Sterling Bank

Sterling Bank is a leading Nigerian commercial bank and one of Africa’s most progressive financial institutions, widely recognised for its bold approach to customer advocacy and ethical banking.

From eliminating local transfer fees through its OneBank platform to championing inclusive access to capital, the bank has consistently led with impact. Renowned for its HEART of Sterling strategy, which focuses major investments into the Healthcare, Education, Agriculture, Renewable Energy, and Transportation sectors of the Nigerian economy, Sterling continues to build innovative solutions that go beyond banking to enable dignity, mobility, and opportunity for millions of Nigerians.

The Central Bank of Nigeria (CBN) has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.

The CBN, through its Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, described the information as false, misleading, and stated that it should be disregarded.

According to her, the Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.

She consequently urged the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources, such as the Bank’s website and authorised communication channels, before publishing or sharing news about the Bank and its regulatory directives.

The CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” Sidi Ali noted.

As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements: ₦2 billion for Tier-1 and ₦500 million for Tier-2 operators.

Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings, sponsored the 16th Honours Nite of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State Branch. The prestigious event held at the Lagos Continental Hotel featured the theme “Inspiring Excellence, Shaping the Future.”

This year’s Honours Nite served as a platform to recognise and celebrate exceptional achievements in the real estate and development ecosystem, bringing together industry leaders, corporate partners, and public sector decision-makers.

Stanbic IBTC Capital’s commitment to fostering innovation and excellence was evident through the Stanbic IBTC Residential Development of the Period Award, which honoured projects demonstrating significant market influence and superior execution.

Biufort Homes Limited’s Greenwich Gardens (Ketu) won the Silver Award, while UPDC Plc’s The Hampshire earned the Gold Award for its outstanding design, execution, and strategic contribution to the premium residential landscape.

In his opening remarks, Gbenga Ismail, Chairman of the NIESV Lagos State Branch, emphasised the importance of value-driven service: “Honours Nite gives us the chance to highlight the excellence and integrity inherent in our profession. While we celebrate today’s achievers, we set a precedent for a future that embraces innovation.”

The NIESV Lagos Branch plays a crucial role in promoting best practices and enhancing the real estate profession throughout Nigeria. The 16th Honours Nite not only acknowledged achievements but also   reaffirmed NIESV’s mission to cultivate a built environment characterised by excellence, ethics, and service to society.

Commenting on the event, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, stated:

“At Stanbic IBTC Capital, we believe that excellence in the real estate sector is necessary for sustainable growth and community development. By supporting events like the NIESV Honours Nite, we underscore our commitment to recognising and empowering the professionals who shape our built environment. Together, we can inspire innovation and uphold the highest standards, ensuring a future where quality housing and ethical practices thrive in Nigeria.”

L-R: Team Lead, Human Resource and Business Partner East and South, Fidelity Bank Plc, Osayi Uwumarongie; Principal, Government Junior Secondary School Elekahia, Port Harcourt; Dr Ekeh Florence; Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; and Procurement Officer/Class President, Suncrest 2025 Inductees Class, Fidelity Bank Plc, Euphemia Okereafor; during the Fidelity Helping Hands Programme Donation to Government Secondary School, Port Harcourt, Rivers State  recently.

In furtherance of its long-standing commitment to education and youth development, leading financial institution, Fidelity Bank Plc, has donated a wide range of relief and academic materials to Government Junior Secondary School, Elekahia, Port Harcourt, Rivers State.

The donation was made possible by the unwavering dedication and generosity of a class of newly inducted staff, known as the Suncrest Inductee Class, under the Fidelity Helping Hands Programme (FHHP).

Through the FHHP, staff across Fidelity Bank’s business locations identify projects that impact their immediate community and raise funds to execute them. The bank’s management thereafter matches this contribution with an equal amount and disburses it for the selected project.

Speaking about the donation event, Divisional Head, Brand and Communications, Dr. Meksley Nwagboh, noted the bank’s dedication to fostering community development and supporting children from underprivileged backgrounds.

“We deliberately chose a public school because we understand the challenges many students face. Our aim is to provide support that not only aids academic performance but also inspires hope for a brighter future,” said Dr Nwagboh.

He highlighted that the Bank’s initiative for school and students has spanned 15 years with numerous schools as beneficiaries nationwide.

“At Fidelity Bank, we believe that investing in the next generation is a direct investment in the future of our country. This initiative is deeply rooted in our philosophy of grooming responsible future leaders and promoting social equity, with our members of staff being able to significantly contribute right from their early days in the bank” he affirmed.

In her remarks, the Principal, Government Junior Secondary School, Elekahia, Dr. Ekeh Florence, expressed heartfelt appreciation to Fidelity Bank for its generous gesture.

“We are sincerely grateful that Fidelity Bank remembered the students of our school. The materials they provided – which includes exercise books, biros, socks, footwear, sanitary items such as pads and shaving sticks, and even snacks – will go a long way in boosting the morale and academic readiness of our students,” Dr. Ekeh stated.

The students expressed their joy and appreciation, describing the donation as the first of its kind from any corporate organisation. Many pledged to make the best use of the materials to improve their academic performance and personal development.

About Fidelity Bank Plc

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.

The attention of the Office of the Attorney General of the Federation and Minister of Justice has been drawn to reactions trailing the discontinuation of the criminal charge against the Managing Director and Chief Executive Officer MD/CEO of Fidelity Bank Plc.

The Attorney General’s decision to discontinue the criminal charge against Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, is a testament to the office’s commitment to upholding justice and fairness. As the chief law officer of the federation, the AGF has the constitutional power to enter a nolle prosequi, discontinuing a prosecution where it is deemed necessary to prevent a miscarriage of justice.

This decision followed a careful review of the case which did not connect Dr. Onyeali-Ikpe to the charge as she was neither the account officer nor the Managing Director of the Fidelity Bank when the account used in the alleged scheme of fraud was opened.

The Attorney General’s decision is guided by the principles of justice, fairness, and the rule of law, and we have every confidence that this decision is in the best interest of justice and the public.

This decision does not to exculpate Fidelity Bank from the allegations contained in the charge which is still pending before the court, but rather a demonstration of the Attorney General’s duty to ensure that justice is served.

We urge the public to allow the legal process to run its course and to refrain from speculation or jumping to conclusions.

The AGF will ensure that the best interest of Justice is served at all times and that all those found wanting, at any time, face the full weight of law to serve as a deterrent to others.

Kamarudeen Ogundele

S A to the President on Communication Publicity,

Office of the AGF& Minister of Justice

June 09, 2025

By Elvis Eromosele

For years, USSD (Unstructured Supplementary Service Data) banking in Nigeria has been a lifeline for millions of Nigerians.

It was simple, fast, and accessible even on the most basic mobile phones. From transferring money to paying bills, and checking balances to buying airtime, USSD provided seamless access to banking without the need for internet access.

But now, a terse, polite message from banks may have sounded the death knell of the service. In what feels like a final move in a long-standing tussle between telecom service providers and banks, the new directive from the Nigerian Communications Commission (NCC) mandates that going forward, USSD banking charges will be deducted directly from customers’ airtime, not their bank accounts.

The innocuous-looking message read in part “Dear Customer, from Tuesday, June 3, 2025, USSD banking charges will no longer be deducted from your bank account. Instead, the fees will be billed directly to your airtime in line with the NCC’s End-User Billing (EUB) directive. Each session will attract a charge of ₦6.98 per 120 seconds.”

Buried in this simple announcement is the latest twist in the long-drawn battle between telecom operators and banks over USSD service charges. This is a battle that has lasted for years, involving regulators and resulting in service disruptions, legal threats, and regulatory interventions. Now, it seems banks are preparing to exit the USSD battlefield altogether.

The NCC directive effectively removes the banks from the fee-collection equation and places the burden squarely on the end-user. For many, this change marks more than a billing switch; it signals the slow phasing out of a channel that revolutionised financial inclusion in Nigeria.

There are, undeniably, a few upsides to this new structure. First, customers now receive prompts before airtime deductions are made, ensuring a more transparent process.

Second, telcos finally receive payment for services rendered, which could encourage better service delivery and network investments. Finally, the new model simplifies the revenue flow i.e. banks no longer need to collect and remit fees on behalf of telcos. In short, the move creates regulatory clarity and administrative efficiency.

However, the challenges are just as significant, if not more so. USSD banking emerged as a revolutionary tool for financial inclusion. It brought formal financial services to people without smartphones, data, and internet access. With just a basic phone and a GSM line, millions of Nigerians were able to check balances, transfer money, and buy airtime.

Now, each session comes at a direct cost, ₦6.98 per 120 seconds. For the average urban user, this may seem trivial. However, for rural dwellers, low-income earners, petty traders, and others at the economic margins, this is a heavy toll.

There’s also the psychological shift. A service that was once “free” or indirectly billed now requires upfront airtime, confirmation prompts, and network reliability. Add this to the banks’ not-so-subtle nudging of customers towards mobile apps and Internet banking, and the writing becomes clear: USSD banking is being slowly phased out.

You can’t blame the banks, it’s simple economics. USSD doesn’t allow for tailored digital engagement or targeted marketing. It lacks the analytical depth of app-based platforms. And now that they must rely on telcos to facilitate and collect the fees, it’s no longer strategically beneficial.

But here’s the catch: Nigeria is still a country with high levels of digital illiteracy, device poverty, and limited internet penetration. To phase out USSD without adequate replacement infrastructure or support systems would risk reversing the gains made in financial inclusion over the past decade.

Some would argue that there would be winners and losers. Yes, Telecom operators who now receive direct payment for USSD sessions; banks which shed the headache of fee collection and shift customers to digital platforms they control and tech-savvy customers who already prefer app-based banking solutions are all winners.

However, low-income users who depend on USSD as their only form of banking, rural communities where smartphones and data access remain luxury items and Nigeria’s financial inclusion agenda which may face a major setback would all be losers.

Going forward, we must now ask: how do we preserve financial inclusion while embracing digital transformation? A few ideas come to mind:

Tiered USSD Pricing: Offer essential services (such as balance checks or intra-bank transfers) at no cost or heavily subsidised rates, while charging for higher-value services.

Digital Literacy Campaigns: Educate users, especially in rural areas, on the use of mobile apps and internet banking.

Device Accessibility Initiatives: Encourage partnerships to provide affordable smartphones and basic data packages.

Public-Private Subsidy Models: The government, banks, and telcos can jointly fund access for the poorest Nigerians, similar to universal service obligations in other sectors.

This shift in USSD billing policy may seem like just another regulatory adjustment. But for millions of Nigerians, it could determine whether they remain financially included or pushed out of the system entirely.

As we pursue a cashless, digital Nigeria, we must ensure that no one is left behind, not the market woman in Aba, the farmer in Katsina, or the street vendor in Agege. Progress should not come at the cost of access.

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

With plastic pollution still threatening lives, coastlines, and ecosystems across Nigeria, the Sterling One Foundation is taking concrete steps to confront the crisis through community-led cleanups, strategic partnerships, and ongoing policy engagement.

Earlier this year, the Foundation led a major cleanup at Elegushi Beach under its Beach Adoption Programme, a national initiative that has now formally adopted more than five beaches since 2021, including Alpha, Eleko, Lafiaji, Iwerekun and Okun Ajah.

Across these sites, the Foundation has cleared over 9,000 kilograms of waste, including more than 4,800 kilograms of recyclables, while working with local leaders to embed awareness and long-term stewardship in coastal communities.

“Our work on the beaches is not symbolic,” said Olapeju Ibekwe, CEO, Sterling One Foundation. “It is a deliberate strategy to improve coastal resilience, protect vulnerable populations, and link sustainability with real opportunity. Every cleanup is a chance to restore dignity to the environment and build trust in the systems meant to protect it.”

On June 13, Sterling One Foundation will join other stakeholders at WEDex 2025, a World Environment Day convening hosted by GreenHub Africa in partnership with the United Nations.

The Foundation will speak at the “Financing Youth Initiatives for Green Entrepreneurship” session at the UN House in Abuja, focusing on unlocking capital for community-based solutions to plastic waste.

The United Nations, a key partner on WEDex, also returns this year as co-convener of the Africa Social Impact Summit, scheduled for July 10 and 11 in Lagos.

The summit will focus on practical solutions for climate resilience and policy innovation under the theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation.

“Plastic pollution is a development issue but also an untapped opportunity,” said Ibekwe. “If we do not treat it as urgent and systemic, it will keep undermining livelihoods, health, and climate goals.

Yet, if we engage the right partnerships and investment, plastic waste can be turned into a driver of jobs and innovation, especially for young people across the continent. The call now is for both the public and private sectors to act, to see beyond the problem and unlock its potential for good.”

About Sterling One Foundation

Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security.

Gender Equality and women empowerment are integrated as a cross-cutting priority across all our programming areas.

The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs).