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Equity Trading on Nigerian Exchange Surges 115% as Reforms Draw Foreign, Domestic Investors

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Transactions by domestic and foreign investors on Nigerian Exchange (NGX) more than doubled in the nine months of 2025, reaching ₦8.54 trillion a 115.2% increase from ₦3.97 trillion recorded in the same period of 2024.

According to NGX’s latest Domestic & Foreign Portfolio Participation in Equity Trading report, the surge marks a record high for total market activity, buoyed by stronger participation from Pension Fund Administrators (PFAs) and high-net-worth domestic investors.

Foreign portfolio investors (FPIs) accounted for ₦1.84 trillion of total trades, a 164% year-on-year rise from ₦696.9 billion a year earlier, while domestic investors contributed ₦6.7 trillion, up 104.7% from ₦3.27 trillion in 2024.

Foreign investors represented 21.6 per cent of total market activity during the period, up from 17.6% a year earlier. Domestic investors, while still dominant, saw their share ease slightly to 78.4% from 82.4%

Within the domestic segment, institutional investors led activity with ₦4.09 trillion, compared with ₦2.6 trillion from retail participants. Foreign transactions were strong on both the buy and sell sides. Inflows climbed 231% year-on-year to ₦1.03 trillion, while outflows rose 110% to ₦810.4 billion.

Over an 18-year horizon, NGX data shows domestic transactions have grown by 33% from ₦3.56 trillion in 2007 to ₦4.73 trillion in 2024, while foreign transactions rose 38% from ₦616 billion to ₦852 billion.

David Adonri, Vice Chairman of The Board at Highcap Securities Ltd says the rebound in foreign participation reflects renewed confidence following reforms in Nigeria’s foreign exchange regime by the Central Bank of Nigeria (CBN). The changes, aimed at improving transparency and stability in currency markets, have been credited with enhancing liquidity and reducing uncertainty for foreign investors.

“The surge underscores growing optimism about Nigeria’s reform trajectory and corporate resilience,” said one Lagos-based analyst. “The combination of exchange rate realignment, strong earnings, and the ongoing banking recapitalisation drive is making local equities increasingly attractive.”

The Nigerian capital market has benefited from the momentum of President Bola Tinubu’s economic reforms, with improved clarity around monetary policy and renewed interest in Nigeria’s oil and non-oil sectors bolstering investor sentiment.

Stanbic IBTC Insurance Unveils Manifold Endowment Plan to Stakeholders at Media Engagement

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L-R: Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance; Wole Adeniyi, Chief Executive, Stanbic IBTC Bank; Titi Ogungbesan, Executive Director, Business Development at Stanbic IBTC Insurance; Dr Julius Odidi, representative of the Commissioner for Insurance; Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers; and Prince Babatunde Oguntade, President, Nigerian Council of Registered Insurance Brokers (NCRIB), during the media launch of Stanbic IBTC Insurance’s Manifold Endowment Plan held recently in Lagos. 

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, hosted a media parley in Lagos, bringing together journalists and key stakeholders in the insurance industry for an engaging session on the future of insurance in Nigeria.

The event highlighted the company’s commitment to open dialogue, transparency, and collaboration as it continues to redefine the role of insurance in everyday financial planning.

The media parley served as a platform for robust conversations around the challenges and opportunities shaping the sector, particularly in building greater trust, deepening awareness, and delivering value-driven products to customers. Participants also explored the importance of collaboration between insurers, regulators, the media, and other stakeholders to foster a more inclusive and sustainable industry.

In his remarks, Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance, highlighted the company’s appreciation for the media’s critical role in shaping perceptions and driving education on insurance. He said:

“The media are vital partners in helping us demystify insurance and foster a culture of protection and planning among Nigerians. This parley was not just about sharing what we are doing as a company, but about engaging in dialogue, listening to feedback, and strengthening the partnerships that will move our industry forward.”

The session also provided an opportunity for Stanbic IBTC Insurance to share updates on its new product unveiling: Manifold Endowment Plan. This is a flexible life assurance product that combines protection with financial empowerment. The plan, designed to help Nigerians prepare for life’s uncertainties while achieving long-term goals, reflects the company’s focus on customer-first solutions.

The Special Guest of Honour in attendance at the media parley was Dr. Julius Odidi, representative of the Commissioner for Insurance/CEO of the National Insurance Commission, Mr. Olusegun Ayo Omosehin; other guests in attendance at the media parley included Prince Babatunde Oguntade, President, Nigerian Council of Registered Insurance Brokers (NCRIB); Mr. Tope Adaramola, CEO, Nigerian Council of Registered Insurance Brokers (NCRIB); Barrister Odion Aideloje, representative of the President, Institute of Loss Adjusters of Nigeria (ILAN); Mrs Abimbola Onakomaiya, MD, Peakthrust Insurance Brokers and President, Professional Insurance Ladies Association amongst others.

During her address, Abimbola Onakomaiya, MD, Peakthrust Insurance Brokers/ President of the Professional Insurance Ladies Association and a seasoned expert with over 40 years in the insurance industry, praised the Manifold Endowment Plan, stating, “This product is exceptionally well-designed, offering flexible premium options suitable for various social and financial backgrounds.”

She highlighted some of its key benefits, including the ability to make partial withdrawals during the policy term. The option to withdraw 25% of the sum assured twice within the policy period is particularly advantageous. In today’s context, many couples prefer to have fewer children, often planning for their education and utilising partial withdrawals to support their schooling when needed. Overall, I believe this is an excellent policy.”

Prince Babatunde Oguntade, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), applauded Stanbic IBTC Insurance for innovative thinking with the birth of the Manifold Endowment Plan and for providing a platform that promotes transparency and trust within the sector. He noted, “Manifold Endowment Plan” offers hope and reliability. He highlighted the importance of the two-year surrender value period, saying, “It’s realistic and encourages continued interest in life insurance policies.” Babatunde assured support from brokers, stating, “We will actively promote this initiative and collaborate for future success.

Representing the Commissioner for Insurance, Dr. Julius Odidi emphasised the significance of the Manifold Endowment Plan, stating, “While endowment plans are well known, Stanbic IBTC Insurance’s Manifold Endowment Plan stands out as an innovation worthy of emulation. I hope it inspires other industry players to remain committed to innovative products that continually meet the evolving needs of clients, bringing satisfaction to all Stakeholders.” He concluded enthusiastically, saying, “The Commission support this official launch and unveiling of Stanbic IBTC Insurance’s Manifold Endowment Plan.”

Stakeholders at the parley commended Stanbic IBTC Insurance for creating an avenue for open engagement and for taking the lead in bridging the gap between the insurance industry and the public. Discussions touched on practical ways the sector can simplify processes, improve claims management, and deploy technology to enhance accessibility and trust.

The Manifold Endowment Plan is a timely response to Nigeria’s growing demand for transparent, flexible, and rewarding insurance solutions.

With Manifold Endowment Plan, you can enjoy:

  • Life cover and Disability benefit of up to ₦1 billion
  • Flexible policy terms ranging 6, 9,12 and 15 years
  • Two tranches of 25% periodic partial withdrawals before maturity
  • 100% payout of the chosen sum assured at maturity
  • Accidental medical expenses coverage benefits to the tune of ₦50,000 per year.
  • 2% payout rate at maturity
  • Minimum premium amount of ₦10,000 monthly
  • Maximum entry age is 64 years.

Waiting Period

There is no waiting period in the event of accidental death.

However, a six (6) month waiting period applies during which no benefits are payable for the following:

  • Non-accidental death of the Life Assured/Policyholder
  • Accidental Total Permanent Disability

If any of the above-mentioned events occur within the waiting period, the total premium paid, less any expenses incurred, will be refunded to the policy holder.

Stanbic IBTC Pension Managers Champions Flexible Pension Options for Nigerians at Home, Abroad

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Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its support for the National Pension Commission’s (PenCom) recent reforms aimed at enhancing flexibility, inclusion, and global access within Nigeria’s pension system.

The new regulatory guidelines introduce two distinct pension options, the Personal Pension Plan (PPP) and Foreign Currency (FCY) Pension Contributions, both designed to empower individuals to save for retirement in ways that reflect their evolving work patterns and income sources.

The Personal Pension Plan (PPP), formerly known as the Micro Pension Plan, allows self-employed individuals, and informal sector workers to build retirement savings at their own pace. It also enables 9-5 employees in the formal sector to make additional voluntary contributions beyond the mandatory scheme. Through the PPP, participants can contribute as they earn, make partial withdrawals (50%) after three months of initial deposit when needed, and enjoy flexible investment options suited to their financial goals. Contributions are tax-free after five years, and participants can choose between conservative and growth investment funds for better control of their savings.

Complementing this is the Foreign Currency (FCY) Pension Contributions framework, which enables Nigerians earning in foreign currency, both those living abroad and those residing in Nigeria, to make pension contributions in United States Dollars (USD).

This structure allows contributors to safeguard their savings against currency depreciation and access a wider range of global investment opportunities such as Eurobonds, Global Depository Notes, and Exchange Traded Funds.

Withdrawals can be made after six months from the contingent portion of the account, while long-term balances are preserved for retirement. Benefits are payable in USD or converted to Naira at the contributor’s request.

Speaking on the development, Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, commended PenCom’s forward-thinking approach to broadening participation and accessibility in the pension industry.

He said: “These enhancements reflect the evolution of Nigeria’s workforce and the increasing global mobility of Nigerians. Stanbic IBTC Pension Managers will continue to help individuals, whether self-employed, salaried, or earning in foreign currency, take full advantage of these opportunities through expert guidance, transparent processes, and a seamless digital experience.”

Olumide added: “The company’s focus is on promoting financial inclusion, trust, and lifelong retirement planning, ensuring that more Nigerians can participate in the pension system regardless of where or how they earn.”

With over two decades of leadership in the pension industry, Stanbic IBTC Pension Managers continues to align its service offerings with PenCom’s vision for a more inclusive, technology-driven, and globally competitive pension landscape.

Lasaco Assurance Reports N13.19bn Claims Payment, 25% Revenue Growth in 2024

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L-R: Deputy Managing Director, Corporate Service, Lasaco Assurance Plc, Mr. Rilwan Oshinusi; Executive Director, Technical, Ademoye Shobo; Director, Ademola Oshodi; Director, Biodun Dosunmu; Company Secretary, Mrs. Gertrude Olutekunbi; Chairman, Mrs. Maria Olateju Phillips; Managing Director, Razzaq Abiodun; Director, Fola Tinubu; and Non-Executive Director, Tobi Lawal, during the company’s 25th Annual General Meeting (AGM) held in Lagos. 

Amid Nigeria’s challenging macroeconomic environment, Lasaco Assurance Plc has reaffirmed its commitment to policyholder trust and financial prudence with a total claims payout of ₦13.19 billion in 2024.

Speaking at the company’s 25th Annual General Meeting (AGM) held in Lagos, the Chairman, Mrs. Maria Olateju Phillips, said the claims expenditure underscores Lasaco Assurance’s dedication to fulfilling its obligations and supporting customers in times of need.

“Our ability to settle N13.19 billion in claims despite the prevailing economic headwinds reflects the strength of our balance sheet, prudent risk management, and unwavering focus on customer satisfaction,” she stated.

The Chairman noted that Lasaco Assurance demonstrated remarkable resilience and operational strength during the financial year, with insurance revenue rising to N22.82 billion in 2024, a 25% increase from N18.29 billion in 2023. The company also recorded a Profit After Tax (PAT) of N1.54 billion, representing an 18% growth over the previous year’s N1.31 billion.

She explained that the company’s strong performance was driven by market penetration initiatives, improved customer engagement, and disciplined cost optimization.

Despite rising regulatory costs and inflationary pressures, Lasaco’s total assets expanded to N30.94 billion, reflecting a 13% year-on-year growth, thereby reinforcing its liquidity and capacity to meet policyholder obligations.

In a move to strengthen its capital base and enhance competitiveness within the insurance industry, the company raised N11.1 billion through a private placement, adding 9.25 million new shares to its existing shareholding structure.

Looking ahead, Mrs. Maria Olateju Phillips outlined the company’s strategic outlook for 2025 and beyond, emphasizing innovation, digital transformation, and sustainability as key growth drivers.

She said Lasaco Assurance is investing in advanced software and omnichannel customer engagement tools to enhance service delivery, while also expanding retail insurance offerings through targeted products and strategic partnerships.

“We are not merely adapting to the future; we are defining it,” she affirmed. “With a clear vision, a strong financial base, and an unwavering commitment to excellence, Lasaco Assurance Plc is poised to set new benchmarks in Nigeria’s insurance industry.”

The Chairman expressed appreciation to shareholders, regulators, employees, and clients for their continued trust and support, assuring them that the company remains steadfast in its mission to create sustainable value and deliver on its promises.

 

 

Stanbic IBTC, Zenith, Axa Mansard, Leadway, MTN, GLO Lead Q3 2025 Brand Report

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As Nigeria’s media environment continues to evolve, brand sentiment has emerged as a key indicator of reputation, revealing how corporate narratives influence public confidence, trust and market perception.

A new report by P+ Measurement Services, Nigeria’s leading independent media intelligence consultancy, provides a data-backed analysis of how reputational factors shaped public narratives across the banking, insurance and telecommunications sectors in the third quarter of 2025.

The Q3 2025 Sentiment Report draws insights from over 1.3 million online publications, including news platforms, financial websites, forums, and blogs, alongside approximately 2,100 print publications across daily, weekly, and monthly editions.

Using a sentiment-based evaluation framework, the study identifies how tone, visibility, and perception influenced brand equity across major industries.

Commercial Banking: Innovation, CSR, and Financial Stability Drive Positive Visibility

Nigeria’s banking sector recorded a strong positive sentiment profile in Q3 2025, largely shaped by innovation, governance, and social impact initiatives.

Stanbic IBTC Bank led with 26% positive sentiment, boosted by its ₦800 million loan facility from the China Development Bank and recognition as West Africa’s Best Trade Finance Bank, both of which strengthened investor confidence.

Zenith Bank followed with 23%, supported by its 35th anniversary celebrations, EuroMoney Award for Excellence, and sustained media coverage highlighting corporate stability.

Fidelity Bank sustained 19% positive sentiment through community-driven CSR projects such as solar-powered school bag donations and food relief programmes, aligning profitability with purpose.

FirstBank achieved 17%, driven by financial inclusion campaigns and partnerships promoting digital accessibility, while FCMB recorded 15%, buoyed by initiatives supporting women entrepreneurs and sustainable finance.

However, reputation risks persisted. UBA accounted for 36% of negative sentiment, linked to reports of fire incidents, regulatory scrutiny, and operational disruptions.

Zenith Bank followed with 21%, tied to customer service complaints and system downtime, while Union Bank (18%) and Sterling Bank (16%) faced ownership transition issues and digital service challenges, respectively. Ecobank recorded 9% negative sentiment, reflecting compliance-related concerns.

Insurance: Advocacy, Performance and Market Perception Shape Reputation

Sentiment in the insurance industry reflected a more complex mix of public advocacy, market discipline, and investor confidence.

AXA Mansard Insurance emerged as the most visible brand, with 37% positive sentiment, driven by its gender advocacy campaign involving 900 employees and recognition as Insurance Company of the Year.

Leadway Assurance followed with 29%, supported by partnerships with Ecobank and state governments on climate-resilient insurance initiatives. AIICO Insurance (14%) maintained visibility through annuity engagement and sustainability-focused programmes, while Stanbic IBTC Insurance Limited (11%) deepened post-retirement trust through retirees’ engagement forums. SanlamAllianz Nigeria Insurance (9%) reinforced its youth-focused positioning through storytelling and essay competitions.

Negative sentiment was largely market-driven. AXA Mansard recorded 69% negative sentiment following reports of a sharp half-year financial decline and its perceived role in the NGX downturn. AIICO Insurance accounted for 31%, tied to investor caution and sell-offs within the insurance index. In contrast, Leadway Assurance, Stanbic IBTC Insurance, and SanlamAllianz maintained zero negative sentiment, underscoring strong communication, governance and proactive reputation management.

Telecommunications: Innovation and Infrastructure vs. Service Reliability

Nigeria’s telecommunications sector continued to attract significant media attention, balancing innovation-led visibility with persistent concerns about service reliability.

MTN Nigeria led with 47% positive sentiment, driven by its $120 million data centre launch and its entertainment collaboration with Ultima Studios on The Next Afrobeats Star, both reinforcing its digital inclusion and youth engagement agenda.

Globacom followed with 24%, buoyed by its 22nd anniversary celebrations, infrastructure expansion, and the introduction of a device protection service enhancing customer retention.

T2 (formerly 9mobile) achieved 16%, supported by its rebranding and repositioning drive, while Airtel Nigeria recorded 13%, reflecting growing confidence in its 5G rollout and broadband expansion projects.

On the negative side, MTN Nigeria also dominated unfavourable coverage with 68% negative sentiment, tied to regulatory penalties over unsolicited caller tunes and fibre cuts disrupting nationwide connectivity. T2 (9mobile) followed with 16%, facing backlash for network issues, while Globacom recorded 14%, linked to subscriber losses and legal disputes. Airtel Nigeria stood out with only 2% negative sentiment, signalling operational resilience and customer satisfaction stability.

Strategic Insight: Reputation is the New Balance Sheet

The Q3 2025 sentiment outlook underscores a clear divide between organisations that sustained trust through innovation, transparency, and stakeholder engagement, and those whose reputations were challenged by regulatory, operational, or service setbacks.

According to P+ Measurement Services, long-term reputational resilience in Nigeria’s corporate landscape will depend on three key factors:

  • Credibility – Consistent and transparent communication.
  • Responsiveness – Timely management of public and media narratives.
  • Reformability – Turning challenges into opportunities for renewed trust.

As the firm notes, “Reputation is no longer a soft metric, it is a measurable, strategic asset that directly impacts market confidence and business continuity.”

About P+ Measurement Services

P+ Measurement Services is Nigeria’s foremost independent media intelligence consultancy and a member of the International Association for the Measurement and Evaluation of Communication (AMEC).

The firm provides end-to-end solutions in media monitoring, sentiment analysis, and performance auditing for corporations, public institutions, and PR consultancies.

 

FSI, Mentors Without Borders Launch Tech Mentorship Program at Thomas Adewunmi Varsity

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Financial Services Innovators (FSI), in partnership with Mentors Without Borders (MWB), has announced the launch of a six-month Tech Mentorship Program at Thomas Adewunmi University (TAU) in Kwara State.

The initiative aims to upskill 50 students in high-demand technology fields and enhance their global employability.

Building on the successful collaboration that established the FSI Virtual Innovation Lab at TAU, this new mentorship program marks another milestone in FSI’s commitment to empowering young African innovators with practical digital skills.

The program will provide hands-on training and mentorship in the following fields:

  • Web Development
  • Machine Learning
  • AI Product Management
  • Project Management
  • Digital Marketing
  • Technical Sales Support

Designed to bridge the gap between theoretical learning and industry application, participants will work on real-life projects that can be added to their professional portfolios.

The program also connects students to mentors drawn from top global technology firms, including Microsoft, Google, and Atlassian, among others.

In support of the program, Mentors Without Borders has donated five laptops, ten Logitech H390 USB Computer Headsets, and a Starlink internet setup with a six-month subscription to the university’s computer lab. The total value of the program—including equipment and mentorship support—is estimated at ₦53 million, with ₦3 million in direct donations.

“This initiative represents our vision to build a strong pipeline of skilled tech talent across African universities,” said Aituaz Kola-Oladejo, Executive Director of Financial Services Innovators (FSI).

“Thomas Adewunmi University has shown exceptional commitment to innovation, and we are proud to pilot this transformative mentorship program here.”

“Our partnership with FSI has already shown how much we can achieve together when we focus on creating real opportunities for young people,” added Edmond Pruteanu, Founder & Executive Director of Mentors Without Borders. “Building on that success, we’re now excited to expand our work in Nigeria through a new collaboration with Thomas Adewunmi University. Nigeria has one of the most creative and ambitious young generations in Africa, and we’re proud to support them as they grow their tech skills and confidence for the future.”

Prof. Francisca Oladipo, Vice Chancellor of TAU, welcomed the partnership, emphasising its alignment with the university’s mission to nurture future-ready graduates.

“At TAU, we believe that education must be relevant and responsive to today’s global digital economy. This partnership will give our students direct exposure to international mentors, practical tools, and industry perspectives,” she said.

The MWB Mentorship Program at TAU will serve as a pilot initiative, with plans to expand to other universities across Nigeria and Africa upon successful completion.

About Financial Services Innovators (FSI)
FSI is a non-profit organisation that drives innovation and collaboration across Africa’s financial and technology ecosystem through programs, partnerships, and innovation labs, empowering startups, students, and developers to solve real-world challenges.

About Mentors Without Borders (MWB)
MWB is a Europe-based organisation that connects expert mentors with young professionals and students worldwide to promote global skill development, digital inclusion, and professional growth.

The Trouble with Nigeria’s Healthcare System

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By Michael Owhoko, Ph.D

The quality of a country’s healthcare system is a mirror image of its leaders’ commitment to citizens’ health.  Countries like Singapore, Japan, South Korea and Switzerland are among the world’s top countries with best healthcare for citizens, driven majorly by robust funding and well-structured policy programme.

Leaders in these countries do not go to foreign countries for medical tourism, as they have absolute confidence in the delivery capacity of the healthcare system.

But in Nigeria, the healthcare system is fraught with dysfunctionality, forcing elasticity of reliability southward.

Poor health facilities, unprofessionalism, unethical standards, weak regulatory agencies, bad personnel attitude, questionable health insurance schemes, unreliable health management organisations (HMOs), mismanagement, corruption, fake drugs and obsolete equipment are incidental to lack of commitment by Nigerian leaders to efficient and quality healthcare system.

Though, this is a symptom of greater disorders in Nigeria, poor funding and non-utilisation of health facilities by the ruling elites undermine efficiency, quality and delivery capacity of the healthcare system.  Why will leaders not trust and utilise the healthcare system they have built, equipped and made available to the people through funding?  When food is served to public by a provider who has no intention of eating, there is high probability that quality and hygiene may be compromised.

In the 2025 federal government budget, only N2.56 trillion was budgeted for the health sector, representing 5.15 percent of the country’s total budget of N49.7 trillion, which is far below the 15 percent recommended by the Abuja Declaration, to which Nigeria is a signatory.

Though the N2.56 trillion is an increase of about 58.53 percent of the 2024 budget of N1.62 trillion, however, when viewed in dollar terms, the amount decreased by 15.45 percent, dropping to $1.7 billion from $2.02 billion.

Since the famous coup speech of Late General Sanni Abacha on December 31, 1983 that the country’s health services were in shambles, and hospitals had been reduced to mere consulting clinics without drugs, water and equipment, the health sector has not shown promises of improvement.

Even 34 years after, the wife of Late President Muhammadu Buhari, Aisha, confirmed this in 2017 when she resorted to use of a private hospital wholly owned and run by foreigners due to dysfunctional x-ray machine and lack of syringes in the Villa Clinic.

Unfortunately, 42 years after these observations were made by the powers that were, the healthcare sector is still defined by lack of government’s commitment.  This is particularly worrisome when viewed against the background of Nigeria’s growing population, currently characterised by low life expectancy, high maternal and child mortality rates.

This means that dependable and quality healthcare provision is not a priority for government, and therefore, a mirage for Nigeria to achieve high quality healthcare in line with World Health Organisation (WHO)’s standard.

Globally, Nigeria is ranked 157th out of 191 countries by WHO in the areas of quality health delivery performance. As the largest oil producer in Africa and 16th largest in the world, it is untenable for Nigeria not to provide robust funding for the health sector, given the country’s huge earnings from crude oil sales.

Even among African countries, Nigeria is rated poorly in healthcare provision.

In a report released by The Legatum Institute, a London-based global healthcare assessment organization, Nigeria was ranked 11th out of 12 African countries with poor healthcare system.  The countries include Central African Republic, South Sudan, Chad, Lesotho, Somalia, Sierra Leone, Swaziland (Eswatini), Liberia, Guinea, Angola, Nigeria and Equatorial Guinea.

Despite this poor performance ranking, no concerted effort is being made by government to improve quality service delivery, as budget allocation to the health sector has been on the downward swing.

Since Nigerian leaders who determine the condition of the sector, do not utilise the facilities due to poor services, it means the Nigerian healthcare system is designed to service the health needs of the poor and common Nigerians, and not Nigerian leaders.

Put differently, the healthcare system in Nigeria is determined and conditioned by the thought process and preferences of those who do not use the services.

For example, the President of the Federal Republic of Nigeria and his cabinet members, including the Minister of Health, together with the Senate President and members of the Legislature, who approve the nation’s tertiary healthcare budget, do not patronize services of Nigerian hospitals.

State governors and their cabinet members, as well as members of the state houses of assembly responsible for approval of budget for secondary healthcare in the country, also, do not patronise health facilities at this level.

Same applies to the various local government chairmen and council members whose jurisdiction cover primary healthcare. They all seek better healthcare outside their domains.

The poor premium placed on the health sector by Nigerian leaders have obviously prevented them from knowing that there is a correlation between robust funding of healthcare system and a healthy workforce, and by extension, robust economy.

A vibrant economy is contingent upon a healthy population and a healthy workforce, as health is a critical contributory factor to economic development.  This is the reason advanced economies invest so much in healthcare services, a contrast to Nigeria’s healthcare sector that is troubled by incapacity, unable to address mounting health challenges in the country.

The healthcare delivery system in Nigeria is executed through public and private facilities.  Unfortunately, the private healthcare providers are also enmeshed in unprofessional conduct driven by pecuniary motive.  Most of them take advantage of the country’s weak systemic policies to deliver poor health services. Regulatory authorities like the National Agency for Food and Drug Administration and Control (NAFDAC), National Health Insurance Authority (NHIA), and The Medical and Dental Council of Nigeria (MDCN) are not doing enough to enforce professionalism and standards in the country’s healthcare system.

I recently lost a friend to prostrate operation in one of the private hospitals in Lagos.  Prior to the operation, he walked into the hospital by himself, looking normal.  But what he took to be a proactive step to avoid future complications, ended his life.

He was admitted under a health insurance cover managed by an HMO on executive plan with full options.  But rapid deterioration of his health in the hospital triggered skepticism on whether quality of treatment was commensurate with subscribed insurance plan.

There are numerous public complaints about HMOs conniving with private hospitals to render inadequate and poor services for financial gains. Most of these hospitals deliberately delay diagnosis and treatment until approval is obtained from HMOs, notwithstanding conditions of patients and category of insurance plans. The NHIA which carries out accreditation of HMOs before approval must look beyond this process to ensure they are continually monitored during operations.

My late friend’s case reminded me of a professional colleague, Mr. Yusuph Olaniyonu, who narrated how God spared his life and given another chance to live again at 58.

His story brought to fore, the ineptitude, inefficiencies, unprofessionalism and lack of commitment and management of patients in Nigerian hospitals. His experience also proved that without connection at the top, patients can die out of share negligence and abandonment without consequence.

After undergoing six major operations and three minor procedures for prostrate, his survival was still on a cliff edge, necessitating the intervention of the Minister of Health through the help of ThisDay Publisher, Nduka Obaigbena and former Senate President, Bukola Saraki.

This intervention notwithstanding, hopes dimmed, leading Saraki to fly him to Egypt where he underwent successful corrective surgical operations.

Olaniyony’s case casts aspersion on the entire medical system in Nigeria, and exposed the agony voiceless Nigerians go through in Nigerian health facilities.

Trust deficit induced by poor services in Nigerian hospitals, has given rise to patronage of unlicensed and quack herbal health practitioners whose activities are damaging vital organs of innocent Nigerians, with concomitant reduction in life expectancy.

It is depressing to know that out of about 34,000 general hospitals, 21,000 primary health centers and 60 teaching hospital and federal medical centers located across the country, only about 41,000 hospitals are functional.

Government must therefore reorder its priorities to make health facilities efficient, affordable and reliable to enable both leaders and poor Nigerians alike to receive treatment in-country, as against resort to medical tourism which cost Nigeria approximately $1.6 billion annually.

Dr. Mike Owhoko, Lagos-based public policy analyst, author, and journalist, can be reached at www.mikeowhoko.com, and followed on X {formerly Twitter} @michaelowhoko.

Sterling Bank Leads Africa’s Green Revolution with Agriculture Summit Africa 2025

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Africa’s agricultural rebirth gathers momentum as Agriculture Summit Africa (ASA) 2025, the continent’s foremost platform for advancing sustainable and inclusive agricultural transformation, returns under the bold theme ‘Survival of the Greenest: Reclaiming Africa’s Food Destiny.’

Scheduled for November 6–7, 2025, at the Transcorp Hilton, Abuja, ASA 2025 is set to spotlight financing pathways to drive sustainable growth in the agricultural sector.

Now in its eighth year and convened by Sterling Bank, the summit will bring together policymakers, agribusiness leaders, investors, and innovators from across Africa and beyond to explore innovative solutions to the continent’s agricultural challenges.

Furthermore, the event will foster collaboration and innovation, examining how green finance, digital tools, and climate-smart practices can transform Africa into the world’s next agricultural powerhouse.

Addressing attendees at the press conference to announce plans for the summit, Abubakar Suleiman, Managing Director and Chief Executive Officer of Sterling Bank, emphasised the Bank’s purpose for convening the summit, noting that, “At Sterling, we believe Africa’s food future will be secured not by chance but by deliberate, collective effort.”

“Our commitment is rooted in the conviction that agriculture is central to Africa’s transformation, socially, economically, and environmentally. ASA 2025 is a platform that has galvanised this transformation by uniting policymakers, innovators, and investors around one shared goal: reclaiming Africa’s food destiny through sustainability and innovation.”

With over 60% of the world’s uncultivated arable land and a rapidly growing population, Africa holds immense potential to become a global agricultural powerhouse.

However, productivity challenges, limited access to finance, and the escalating impacts of climate change continue to hinder food security. ASA 2025 will leverage multi-sector partnerships and policy alignment to accelerate the continent’s transition from dependence to self-sufficiency.

“This year’s theme, ‘Survival of the Greenest,’ underscores both the urgency and the unique opportunity before us,” commented Olushola Obikanye, Group Head, Agric Finance and Solid Minerals at Sterling Bank. “Africa’s food future lies in sustainability, innovation, and collaboration.

ASA provides a platform where governments, financiers, innovators, and farmers can engage meaningfully to design solutions that strengthen agricultural value chains, unlock financing, and foster inclusion. Agriculture is not just an economic imperative; it is the heartbeat of Africa’s transformation,” he added.

The two-day event will host delegates from over 30 African countries, providing valuable opportunities for networking, policy engagement, and investment facilitation among agribusinesses, innovators, and financiers enabling access to capital.

The event will also feature high-level panels, keynote addresses, policy dialogues, exhibitions, and an Investment Deal Room (a marketplace designed to connect investors with viable agribusiness ventures and initiatives).

Sunbeth Global Concepts, a global agro-commodities sourcing and trading company, will co-convene the summit, contributing its expertise in agribusiness strategy, capacity building, and development partnerships.

Eyitemi Adebowale, Head of Corporate Affairs and Communications at Sunbeth, spoke to the company’s commitment to sustainable agriculture, saying, “We are proud to co-convene ASA 2025 because we believe the future of Africa’s development is rooted in sustainable agriculture. Through this summit, we aim to spotlight solutions that empower farmers, attract investment, and promote climate-smart practices that build resilience across the continent.”

With strategic partners including Mastercard, which will lead discussions on digital tools for agricultural transformation, ASA 2025 is poised to ignite a movement toward innovation and financial inclusion within the agricultural sector.

Other key sponsors and partners include the International Finance Corporation (IFC), The Alternative Bank, Arzikin Noma, ONE Foundation, Noor Takaful, Bühler, and many others.

About Agriculture Summit Africa (ASA)

Agriculture Summit Africa (ASA) is the continent’s foremost platform for advancing agricultural innovation, investment, and sustainability. It brings together leaders from government, business, and development sectors to foster collaboration, share insights, and drive action toward a resilient, inclusive agricultural future for Africa.

About Sterling Bank Limited

Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of over 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.

Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation.

As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at large.

Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.

Fidelity Bank Celebrates International Day of the Girl Child with Debate Showcase 

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L-R: Second runner-up, Chizaram Ekueme of Awesome College; Head, Brand Management, Fidelity Bank Plc, Cynthia Ogbonna; Winner, Chizaram Unachukwu of Cedec International School; Broadcaster and Communications Expert, Wemimo Adewuni; First runner-up, Nwatu Chidera of Brookstones and Best Brains International School; and Head, Women Banking, Fidelity Bank Plc, Harriba Harry-Pepple; at the maiden edition of the Fidelity Bank She Leads debate competition held in commemoration of the 2025 International Day of the Girl Child in Lagos recently. 

Fidelity Bank Plc, a leading financial institution, recently hosted a debate competition for female secondary school students as part of its activities to mark the 2025 International Day of the Girl Child.

Held at the Fidelity SME Hub in Gbagada, Lagos on Thursday, October 16, 2025, the She Leads Debate Competition brought together students from six secondary schools to argue for or against the topic: “In today’s world, is digital literacy more essential for girls than traditional life skills?”

Welcoming participants, the Divisional Head, Product Development at Fidelity Bank Plc, Osita Ede, represented by the Head of Women Banking, Harriba Harry-Pepple, emphasised the importance of equipping girls with relevant skills and support to help them thrive as adults.

“Each year, this day reminds us of the limitless potential within every girl, potential that must be nurtured, celebrated and given a platform to shine. Through HerFidelity, our Women Banking Initiative, we are committed to creating opportunities that empower girls and women to dream boldly, learn confidently and lead fearlessly,” Ede said.

He added that the debate was not merely a contest but a platform for young female voices to express their ideas, challenge societal norms and showcase their intellectual strength. “When a girl is educated and supported with opportunities for self-expression, she becomes a catalyst for positive change in her community and beyond.”

Following a spirited debate session, Chizaram Ekueme of Awesome College emerged the second runner-up, receiving N150,000. Nwatu Chidera of Brookstones and Best Brains International School took the first runner-up position with a prize of N300,000, while Chizaram Unachukwu of Cedec International School won the competition and received N500,000.

The International Day of the Girl Child, observed annually on October 11, is a global movement that highlights the unique challenges girls face and promotes their empowerment and the fulfillment of their human rights.

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

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.

 

 

LASAA Hosts Legislators, Vows Commitment to Visual Order, Safety

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L-R: The Chairman, Committee on Information, Security and Strategy, Lagos State House of Assembly, Hon. Ogundipe Stephen Olukayode; Chairman, Committee on Energy and Mineral Resources, LAHA, Hon. Sobur Akanbi Oluwa; MD/CEO, Lagos State Signage and Advertisement Agency (LASAA), Prince Fatiu Akiolu; Chairman, Committee on the Environment (Parastatals), LAHA, Hon. (Engr.) Shabi Adebola; Chairman, Committee on Procurement, LAHA, Hon. Apata Samuel and the Committee Clerk, LAHA, Mr. Olaosebikan Ebenezer during the Committee’s oversight function at LASAA in Lagos.

The Lagos State Signage and Advertisement Agency (LASAA) recently welcomed a high-powered delegation from the house committee on environment of the Lagos State House of Assembly, led by its Chairman, Honourable Shabi Rasheed Adekola.

The visit served as a statutory oversight function, providing a critical platform for detailed engagement on the agency’s performance and regulatory adherence.

The LASAA management team, headed by the Managing Director/CEO, Prince Fatiu Akiolu, engaged the Committee in extensive discussions that spanned the agency’s activities, its performance metrics and compliance with regulatory responsibilities.

The meeting fostered productive conversations focusing on strategic policies and ongoing projects aimed at developing an organised, safe and visually appealing outdoor advertising space across the state.

Prince Akiolu seized the opportunity to express his profound gratitude to the Committee for their time, unwavering support and valuable guidance.

“We are deeply committed to upholding best practices in outdoor advertising regulation,” Prince Akiolu stated. “LASAA’s mission is to contribute meaningfully to the sustainable development of Lagos State’s visual environment, a goal we pursue rigorously for the benefit of all residents and visitors.”

In his remarks, Honourable Shabi Rasheed Adekola delivered a glowing assessment of LASAA’s operational efficiency. He particularly praised the agency’s efforts in maintaining a cleaner and safer Lagos through effective signage control and regulation under Prince Akiolu’s leadership.

The Chairman underscored the non-negotiable need for sustained cooperation between the legislature and all government agencies to guarantee efficient service delivery and accountability.

“We recognise LASAA’s vital role in keeping Lagos clean and safe,” Honourable Adekola stated. “This partnership between the legislature and government agencies is essential for ensuring service delivery and accountability that aligns perfectly with the agenda of Governor Babajide Sanwo-Olu.”

Honourable Adekola also issued a call to action, urging LASAA to intensify its efforts in public sensitization. He explained that engaging the public on the agency’s core mandate is crucial for ensuring continuous compliance and maximizing revenue potential.

Crucially, he reinforced the need for LASAA to reassure the public that the state’s outdoor advertising structures are maintained with “utmost integrity,” guaranteeing their safety.

The oversight visit successfully affirmed the shared commitment of both the legislature and LASAA to promoting transparency, efficiency and innovation within the public service, thereby enhancing the quality of life in Lagos State.

 

Stanbic IBTC FUZE Talent Show 2025 unveils Amy Aghomi as New Fashion Judge

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The Stanbic IBTC FUZE Talent Show 2025, themed “The Ultimate Show”, has announced the appointment of Amy Aghomi as its new fashion judge, bringing fresh expertise and perspective to the panel.

Amy is celebrated for her bold, original vision and her dedication to elevating African fashion. Her brand is known for luxury craftsmanship, bridal couture, and red-carpet designs that blend modernity with cultural heritage.

Over the years, she has styled some of Nigeria’s most iconic looks, among them, Mercy Eke’s crystal-encrusted “Diamond and Water” gown at AMVCA 2025, Faith Morey’s dramatic 3D floral couture at the Real Housewives of Lagos Reunion, and Chioma and Davido’s custom wedding outfits at #Chivido2025. She has also designed for celebrities like Sharon Ooja, Toni Tones, and Chioma Good Hair, while her recent collection, “Water to Wine”, showcased her evolution as a creative force. Her work has earned her awards, including La Mode’s Women’s Wear Designer Brand of the Year (2022) and Gleams Best Fashion Designer of the Year (2024).

Joining her on the judging panel are Korede Bello (Music), Don Flexx (Dance), and Akinwande Akinsulire (Tech), all returning judges whose expertise continues to enrich the competition. Back for another electrifying season, the Stanbic IBTC FUZE Talent Show 2025 welcomes celebrated actor and media personality Akah Nnani as host for the third consecutive year, bringing his signature energy, wit, and charisma to a show that continues to spotlight Nigeria’s finest creative talents.

As the countdown to the show begins, all eyes will be on Amy Aghomi and her fellow judges as they embark on this journey of talent discovery. The FUZE Talent Show 2025 promises to be an unforgettable celebration of Nigeria’s next generation of stars, continuing the legacy of fostering creativity and originality in the entertainment industry.

Stay tuned for “The Ultimate Show” and witness how these judges will guide and inspire participants in their artistic endeavours.

 

 

When Transparency Becomes Luxury: INEC and ₦1.5bn FOI Controversy

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By Chike Walter Duru

When the Independent National Electoral Commission (INEC) recently demanded a staggering ₦1.5 billion from a law firm for access to the national register of voters and polling units, many Nigerians were left bewildered.

The request was made under the Freedom of Information (FOI) Act, 2011 – a law designed to make public records accessible, not to commercialise them. INEC’s justification, couched in legalese and bureaucratic arithmetic, raises a deeper question: Is Nigeria’s electoral umpire genuinely committed to transparency and accountability?

At the heart of this controversy is a simple statutory principle. Section 8(1) of the Freedom of Information Act clearly stipulates that where access to information is granted, the public institution may charge “an amount representing the actual cost of document duplication and transcription.” The framers of this law envisioned modest fees; not financial barriers.

INEC, however, appears to have stretched this provision beyond reason. By invoking its internal guideline of ₦250 per page, the Commission arrived at the colossal figure of ₦1,505,901,750 for 6,023,607 pages – supposedly the total pages needed to print the entire national voters’ register and polling unit list. It is a mathematical exercise that may be sound on paper, but absurd in context and intent.

Let us be clear: transparency is not a privilege that comes with a price tag. It is a fundamental right. The Freedom of Information Act exists precisely to ensure that institutions like INEC cannot hide behind bureaucracy or cost to deny citizens access to information that belongs to them.

INEC’s justification, however elaborate, falls flat against the law’s overriding provisions. Section 1(1) of the FOI Act affirms every Nigerian’s right to access or request information from any public institution. More importantly, Section 1(2) establishes that this right applies “notwithstanding anything contained in any other Act, law or regulation.” This means that no internal guideline, regulation, or provision of the Electoral Act can supersede the FOI Act, within the context of access to information.

By relying on Section 15 of the Electoral Act 2022 and its own “Guidelines for Processing Certified True Copies,” INEC seems to have elevated its internal processes above a federal statute – a position that is both legally untenable and administratively misguided.

Civil society organisations have rightly condemned INEC’s response. The Media Initiative Against Injustice, Violence and Corruption (MIIVOC) called the fee arbitrary and unlawful, while the Media Rights Agenda (MRA) described it as a deliberate attempt to frustrate legitimate requests under the FOI Act.

These reactions are not misplaced. Charging ₦1.5 billion for public records is tantamount to weaponising cost – turning what should be a transparent process into a pay-to-play system.

The Attorney-General of the Federation’s FOI Implementation Guidelines pegged the standard charge for duplication at ₦10 per page. Even at that rate, printing the same documents would not amount to anything close to ₦1.5 billion. Moreover, in an age of digital data, it is difficult to believe that the only way INEC can share information is through millions of printed pages.

It is worth noting that the National Register of Voters is a digital database – already compiled, stored, and backed up electronically. The polling unit list is also digitised and publicly available. What, then, justifies this astronomical fee?

Democracy thrives on openness. The credibility of any electoral body depends not just on the conduct of elections, but also on the degree of public confidence in its processes. If the cost of accessing basic electoral data runs into billions, how can civil society, researchers, or ordinary citizens participate meaningfully in democratic oversight?

The African Commission on Human and Peoples’ Rights’ Guidelines on Access to Information and Elections in Africa (2017) are explicit: election management bodies must proactively disclose essential electoral information, including voters’ rolls and polling unit data. Nigeria, as a signatory to this framework, is obligated to promote – not restrict access to such information.

By placing financial barriers in the way of public access, INEC risks undermining not only its own credibility but also Nigeria’s broader democratic integrity. Transparency should not be a privilege of the rich or the powerful. It should be a right enjoyed by all.

This incident presents an opportunity for reflection and reform. INEC must immediately review its internal cost guidelines for information requests and align them with the FOI Act and the Attorney-General’s Implementation Guidelines. More importantly, it should embrace proactive disclosure by publishing the national register of voters and polling units in digital formats that are freely accessible to the public.

There is no reason why information already stored electronically should require billions to access. Doing so not only contravenes the spirit of the FOI Act but also erodes public trust in the Commission’s commitment to open governance.

Access to information is the lifeblood of democracy. It empowers citizens to hold institutions accountable and ensures that governance remains transparent. INEC’s ₦1.5 billion charge is not merely excessive; it is a dangerous precedent that could embolden other public institutions to commercialize public data and silence scrutiny.

If Nigeria must advance its democratic gains, the culture of secrecy and bureaucratic obstruction must give way to openness and accountability. INEC should lead that transformation, not stand in its way.

The Commission owes Nigerians not just elections, but the truth, transparency, and trust that sustain democracy.

Dr. Chike Walter Duru is a communications and governance expert, public relations strategist, and Associate Professor of Mass Communication.

He chairs the Board of the Freedom of Information Coalition, Nigeria. Contact: [email protected].

Unity Bank Corpreneurship Challenge Beneficiaries Hit 578 as 30 More Winners Emerge

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No fewer than 578 young entrepreneurs across Nigeria have benefitted from Unity Bank’s Corpreneurship Challenge — the Bank’s flagship entrepreneurial development initiative launched a few years ago.

Over this period, the Bank has invested in supporting budding entrepreneurs across multiple sectors to start businesses, create jobs, and contribute to Nigeria’s economic growth.

The ongoing initiative recently produced 30 new winners, who received a total grant of ₦16 million during the Batch B, Stream II edition of the National Youth Service Corps (NYSC) orientation course, held across 10 states of the federation.

The winners, innovative young entrepreneurs developing solutions across various value chains such as fashion design, bag making, pastry and beverage production, event management, and vegetable farming, emerged after pitching their business ideas during the challenge at NYSC Orientation Camps in Lagos, Delta, Kaduna, Jigawa, Kwara, Benue, Abia, Kogi, Rivers, and Plateau States.

At the NYSC Orientation Camp in Ipaja, Lagos State, Fiyinfoluwa Titilayo Ojo, who pitched a soap-making enterprise, emerged the overall winner to clinch the ₦800,000 grand prize. Ndukwe Chiamaka Joan, with her innovative Small Chops business proposal, claimed ₦500,000 as first runner-up, while Barakat Modinat Olamide secured ₦300,000 to support her beverage-making venture.

Expressing her excitement after emerging as the overall winner in Lagos, Fiyinfoluwa Titilayo Ojo described the experience as life-changing, stating, “I’m truly grateful to Unity Bank for this opportunity. Winning the Corpreneurship Challenge has given me the push and confidence I needed to scale my soap-making business. Beyond the grant, the experience taught me how to structure my business better and believe in its potential. It’s amazing to see a bank that genuinely invests in young people’s dreams.”

Across the remaining nine states, 27 other winners also emerged after pitching diverse business ideas ranging from fish and poultry farming to printing, piggery, and cake production.

Over the past six years, the Unity Bank Corpreneurship Challenge has become an integral part of the NYSC programme, aligning with the Federal Government’s drive to upskill young graduates and promote entrepreneurship amid the scarcity of white-collar jobs. Each edition attracts thousands of entries from corps members whose business plans are evaluated for originality, marketability, job creation potential, and overall business acumen.

Speaking during the grand finale in Lagos, Unity Bank’s Divisional Head, Retail & SME, Mrs. Adenike Abimbola, reaffirmed the Bank’s commitment to empowering Nigerian youth through enterprise. She said:

“At Unity Bank, we believe that the energy and creativity of young Nigerians are vital to the nation’s economic transformation. The Corpreneurship Challenge is our way of nurturing this potential — by giving corps members the financial boost, mentorship, and confidence to turn their ideas into thriving businesses. Seeing over 578 young entrepreneurs already impacted motivates us to keep expanding the initiative and deepening our support for the SME ecosystem.”

The Corpreneurship Challenge has earned Unity Bank national recognition for its role in youth empowerment and job creation, attracting over 2,000 applicants per edition.

In partnership with the NYSC Skill Acquisition and Entrepreneurship Development (SAED) programme, the initiative continues to serve as a launchpad for youth-owned enterprises, offering grants of up to ₦800,000 to help corps members turn their business dreams into reality.

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Polaris Bank Reinforces Commitment to Exceptional Customer Experience at Global Trade Forum in Ibadan

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Chris Ofikulu, Executive Director, Retail & Commercial Banking, Polaris Bank Limited with some Customers at the South West Trade Forum sponsored by the bank.

Polaris Bank has reaffirmed its commitment to delivering exceptional customer experience through deeper engagement and partnership with its clients. This was demonstrated last Thursday when the Bank hosted a successful Global Trade Forum in Ibadan, bringing together key stakeholders in the South-West region and valued customers to explore growth opportunities and strengthen collaborations.

The hugely attended Trade Forum was graced by the Executive Director, Retail and Commercial Bank, Chris Ofikulu, who expressed heartfelt appreciation to attendees for their participation and continued support.

In his opening remarks, Ofikulu warmly welcomed participants, particularly those who traveled from Kwara, Osun, Ogun, Ekiti, Ondo, and various parts of Ibadan. “Your presence here today reflects the deep trust and strong partnership and bond you share with Polaris Bank. We sincerely appreciate your continued support,” he said.

He further noted that the event aligns with the Bank’s ongoing efforts to deliver exceptional customer experience and enhance engagement with clients across regions. “This forum is part of our broader mission to deepen customer relationships and ensure that you experience Polaris Bank not just as a financial institution, but as a true partner in your success. We want every interaction you have with us to reflect excellence, empathy, and innovation,” Ofikulu stated.

He also highlighted that the timing of the forum coincided with the just-concluded Customer Service Week, which celebrates customers’ loyalty and trust. “It is only fitting that we use this opportunity to celebrate you, our customers. Today’s session is about listening, learning, and growing together. Your feedback continues to shape how we innovate and deliver value,” he added, officially opening the forum.

Bukola Oluyadi, Group Head of Customer Experience and Value Management, also addressed the forum, emphasising Polaris Bank’s commitment to understanding customers’ needs and empowering businesses. “Our vision is to be the preferred partner, and our mission is to empower your enterprises. We are here today to explore how we can continue to support your growth,” Oluyadi noted.

Ayo Adesanya, Ag. Divisional Head, Operations, spoke on the Bank’s operational services, particularly in trade facilitation. He discussed how Polaris Bank assists customers by verifying trade documents and offering payment services at minimal percentage costs. “We are committed to simplifying the trading process for our customers by ensuring that documents are properly verified and offering the option to pay on your behalf for a small fee,” Adesanya explained.

Anthony Anichebe, Sector Lead, Agric Exports, Manufacturing and General Commerce, delivered a keynote address on exports, underscoring the Bank’s role in supporting African businesses.

He highlighted the importance of exports to Nigeria’s economy and how Polaris Bank provides tailored financial solutions to foster growth in the sector. “Exports are key to the diversification of our economy, and Polaris Bank is here to support your export initiatives with solutions that help you navigate international trade,” Anichebe stated.

Olayemi Agbe Davies, Head of Treasury at Polaris Bank, provided an economic overview, noting positive trends in the Nigerian economy such as improved oil production, gradual inflation slowdown, and growing foreign reserves. “The outlook is promising, and Polaris Bank is here to support your business through trade finance, treasury solutions, and currency management,” he added.

Additionally, Olaleye Arinola, the Trade Services Officer, spoke on the Pan African Payment and Settlement System (PAPSS), a groundbreaking initiative designed to simplify cross border payments within Africa. “PAPSS allows businesses to make payments in local currencies, eliminating conversion costs and supporting intra African trade. It is fast, secure, and designed to promote business growth across the continent,” Olaleye explained.

The Global Trade Forum provided a unique opportunity for Polaris Bank customers to engage directly with bank leaders, gain valuable insights, and explore new avenues for business growth. Polaris Bank remains committed to strengthening relationships, enhancing customer experience, and empowering its customers to thrive in the global marketplace.

Fidelity Bank Bags Awards for Best Export, Trade Support and Innovation

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Fidelity Bank’s market leadership has been affirmed once again as the tier-one lender bagged double honours at the BusinessDay Bank and Other Financial Institutions’(BAFI) Awards 2025.

At the awards ceremony, which in Lagos, Fidelity Bank was presented with the awards for the “Best Bank for Export & Trade Finance” and “Most Innovative Bank of the Year”.

Dedicating the Export and Trade Finance Award to its customers, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, who was represented by the Executive Director/Chief Operations and Information Officer, Stanley Amuchie, said: “This recognition underscores our unwavering commitment to promoting non-oil exports and supporting Nigerian businesses to compete globally through initiatives such as the Fidelity International Trade & Creative Connect (FNITCC) and the Export Management Programme (EMP).

“I dedicate this award to all our exporters who continue to showcase the best of Nigeria to the world, our loyal customers, and our partners for their steadfast support.”

The BAFI Awards is the benchmark of distinction for institutions in the Nigerian financial services sector. Now in its 12th year, the awards recognise and celebrate organisations that are excelling in the delivery of financial services in Nigeria. The award acknowledges organisations demonstrating leadership, vision and impact in driving Nigeria’s growth trajectory.

Fidelity Bank’s recent recognition is attributed to significant accomplishments over the past twelve months. Notable milestones include the inauguration of the first privately constructed onshore oil export terminal in Nigeria in fifty years at the Otakikpo Marginal Field, which was funded by Fidelity Bank and commissioned by President Bola Ahmed Tinubu last week.

Additionally, the Bank launched the Fidelity SME Hub, a multipurpose facility designed to support small businesses through innovation, collaboration, and capacity-building initiatives.

Furthermore, Fidelity Bank organized the third edition of the Fidelity Nigeria International Trade & Creative Connect (FNITCC) in Atlanta, Georgia, USA, in September 2025. This event provided local businesses with opportunities to engage in deal rooms with U.S. buyers, including prominent retailers such as Walmart and Target, fostering potential partnerships.

“The innovation award is a special one for us as it validates our continued drive to enhance operational efficiency, elevate customer experience, and strengthen business performance. We sincerely appreciate BusinessDay Media for this recognition and reaffirm our commitment to introducing more impactful innovations that empower our customers and advance the Nigerian financial services industry”, commented Amuchie.