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Verve, Africa’s leading domestic payment cards and tokens brand, has launched its tokenization solution in partnership with Wema Bank, with the pilot deployment enabling eligible Wema Bank customers with Verve cards to make contactless payments using their mobile devices.

The launch marks an important step in Verve’s efforts to expand secure and convenient digital payment experiences, while opening its tokenization capabilities to other financial institutions across Nigeria.

Through the solution, eligible Wema Bank customers with Verve cards can tokenize their cards within the Wema Bank mobile banking application and enable them for Mobile Tap-to-Pay at supported contactless terminals. Once activated, customers can use compatible mobile devices to make payments without having to present their physical Verve cards.

Tokenization replaces sensitive card details with a secure digital token that can be used to facilitate payments without exposing the underlying card information. This adds an additional layer of security to the payment experience while giving customers a more convenient way to pay.

Commenting on the launch, Vincent Ogbunude, Managing Director, Verve International, said:

“The launch of our tokenization solution with Wema Bank marks an important step in our commitment to delivering payment experiences that are secure, convenient and aligned with how consumers increasingly want to pay. By enabling Verve cardholders to securely tokenize their cards and use their mobile devices for contactless payments, we are expanding the ways customers can access and use their cards while strengthening the security around digital transactions. We are pleased to begin this journey with Wema Bank and look forward to making this capability available to more financial institutions and their customers across Nigeria,” he said.

For Wema Bank customers with eligible Verve cards, the experience is designed to be straightforward. Customers can access the Wema Bank mobile banking application, tokenize their card and enable it for Mobile Tap-to-Pay. Once activated, they can use their compatible mobile device to make contactless payments at supported terminals.

The solution is designed to extend beyond the Wema Bank pilot, with Verve’s tokenization capabilities available for other banks across Nigeria. Financial institutions can leverage the solution to offer their customers secure digital payment options and support the growing use of mobile and contactless payments.

The launch reflects Verve’s continued investment in payment innovation and its focus on developing solutions that respond to the changing needs of consumers and the wider payments ecosystem. By combining tokenization with Mobile Tap-to-Pay, Verve is enabling a payment experience that brings together security, convenience and flexibility.

As Verve expands its tokenization capabilities, the company will continue to work with banks and other ecosystem partners to broaden access to secure and convenient digital payment experiences for consumers across Nigeria.

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Trading activity on Nigeria’s official foreign exchange market surged last week, with daily turnover climbing to a record $1.45 billion as the market recorded one of its busiest trading sessions since the beginning of the available data series.

Data from the Nigerian Foreign Exchange Market (NFEM) showed that turnover rose to $1.454 billion on September 10 from $544.11 million the previous day, representing a 167.2 per cent increase within a single trading session.

The figure was also more than double the $674.38 million recorded on Thursday, September 3, in the preceding week, representing a 115.6 per cent week-on-week increase in turnover for the corresponding trading day.

The September 10 turnover was the third-highest single-day turnover recorded in the NFEM data, which covers transactions from December 2024 to date.

It came behind the $1.82 billion recorded on May 12 and $1.53 billion on July 21.

The sharp increase on Thursday was accompanied by 470 deals, the highest number of daily deals recorded during the week. Interbank transactions accounted for $357.30 million of the day’s total turnover.

The spike on September 10 helped lift total NFEM turnover for the five trading days ended September 11 to $3.87 billion, representing a substantial 47.2 per cent increase from the $2.63 billion recorded in the preceding week.

Despite the surge in value traded, the number of transactions was relatively stable, with 1,572 deals recorded during the week, compared with 1,580 deals in the previous week, a marginal decline of 0.5 per cent.

The figures suggest that the sharp increase in turnover was driven more by the size and value of transactions than by a corresponding increase in the number of deals.

Trading activity during the week started at $482.24 million on Monday, September 7, before rising sharply to $933.78 million on Tuesday.

Turnover moderated to $544.11 million on Wednesday before the major spike to $1.45 billion on Thursday. Activity subsequently eased to $458.99 million on Friday.

The Tuesday figure was also significantly higher than the $574.42 million recorded on the corresponding Tuesday of the previous week, while Wednesday’s $544.11 million was below the $658.46 million recorded on September 2.

Friday turnover of $458.99 million was also lower than the $495.70 million recorded on September 4.

The week-on-week increase was therefore concentrated around the sharp expansion in trading on Tuesday and, particularly, Thursday.

The weekly performance also placed September 7–11 among the busiest trading weeks in the NFEM since the beginning of the available series.

However, it did not set a weekly record. The highest weekly turnover recorded in the dataset was $5.28 billion between August 17 and 21, followed by $4.82 billion between July 20 and 24 and $3.97 billion between March 9 and 13.

The latest $3.87 billion therefore ranks as the fourth-highest weekly turnover in the available NFEM data.

The performance is nevertheless notable because the market achieved the volume despite recording fewer deals than in some of the earlier high-turnover weeks.

For instance, the July 20–24 week generated $4.82 billion from 1,610 deals, while the August 17–21 week recorded $5.28 billion from 1,420 deals.

By comparison, the September 7–11 week generated $3.87 billion from 1,572 deals.

Interbank activity also contributed significantly to the week’s performance. Total interbank turnover stood at approximately $763.24 million during the five-day period, with Thursday alone accounting for $357.30 million.

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Foreign exchange turnover at the Nigerian Foreign Exchange Market (NFEM) stood at $3.80 billion in the week ended August 7, 2026, as market activity increased towards the end of the week, with 1,514 deals executed across the five trading sessions.

Analysis of NFEM data showed that total turnover between Monday, August 3 and Friday, August 7 stood at $3.80 billion, with Friday recording the highest daily turnover of $1.25 billion.

The Friday turnover accounted for about 32.8 per cent of total transactions recorded during the week, reflecting the stronger activity in the market towards the end of the trading period.

Thursday followed with $878.55 million in turnover, while Tuesday recorded $684.60 million. Monday and Wednesday recorded $532.25 million and $460.14 million respectively.

Friday recorded 273 deals, despite posting the highest turnover for the week, while Thursday recorded the highest number of deals at 292.

Monday followed with 333 deals, Tuesday recorded 343 deals, while Wednesday recorded 273 deals.

Overall, the five trading sessions produced an average of about 303 deals per day, with Tuesday recording the highest daily number of transactions at 343 deals.

Interbank activity accounted for a significant portion of the transactions during the week. A total of 572 interbank deals were executed, representing about 37.8 per cent of the 1,514 deals recorded across the NFEM.

Interbank turnover stood at $860.92 million during the week, representing approximately 22.6 per cent of total NFEM turnover.

Friday recorded the highest interbank turnover at $393.48 million, accounting for almost half of the week’s interbank transactions. Tuesday followed with $156.23 million, while Monday recorded $137.05 million.

Thursday and Wednesday recorded $98.80 million and $75.36 million respectively in interbank turnover.

The relationship between the number of deals and turnover also varied considerably across the week. For instance, Tuesday recorded the highest number of deals at 343, but its total turnover of $684.60 million was below Friday’s $1.25 billion from 273 deals.

Similarly, Thursday recorded 292 deals and generated $878.55 million, indicating relatively higher transaction values compared with some of the other sessions.

Overall, the weekly data points to sustained activity in the official foreign exchange market, with turnover averaging about $760.90 million per trading day.

The concentration of turnover towards the end of the week was particularly notable, as Thursday and Friday jointly accounted for about $2.13 billion, or approximately 56 per cent of total NFEM turnover during the five-day period.

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eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.

The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.

In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this on Wednesday at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”

Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.

However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.

She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.

 Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.

“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.

Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.

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United Bank for Africa (UBA) Plc, has partnered Mikano Motors to launch an auto financing scheme, themed: ‘Drive Your Dream Today’, specifically designed to ease the purchase of new vehicles by making them more accessible to Nigerians.

The flexible Financing solutions Initiative, requires  customers to make an initial payment of just 30 percent while the Bank finances the remaining 70 percent.

Unveiled at the Mikano Motors showroom in Lagos, the scheme allows eligible customers to repay the financed amount in instalments over a period of 36 months at an interest rate of 23 percent.

The financing is available to a broad range of customers, including individuals who are not on a salaried income, providing entrepreneurs, and other eligible Nigerians with a structured pathway to vehicle ownership.

Speaking at the launch, UBA’s Group Executive Director, designate, Personal and ������Ƶ Banking, Chidi Okpala, said the partnership reflects the Bank’s commitment to making everyday aspirations more attainable while promoting a stronger credit culture and advancing financial inclusion.

“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,” Okpala said. “A customer puts down 30 per cent, we finance the rest, and they pay us back comfortably over a three years period. By removing the single biggest barrier to vehicle ownership where a customer just commits with an upfront cost, we are showing what customer-first banking looks like in practice, which is making their lives easier.”

Also speaking, UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was designed to make vehicle financing straightforward and accessible to both salaried and self-employed customers.

“We have kept the entry simple and the terms clear, whether you earn a salary or run your own business,” Okoh said. “A short eligibility check at any branch or by email is all it takes to begin, and our team guides the customer through every step to the moment they collect their keys.”

For Mikano Motors, the partnership provides an opportunity to extend its vehicle ownership proposition to a wider pool of Nigerians 

The company’s General Manager, Tarek Mostafa, said the collaboration aligns with Mikano Motors’ vision of providing customers with a high-end ownership experience supported by reliable after-sales services.

“Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to years down the road,” Mostafa said.

.Projects N184.9tn public debt

.Says debt distress risk remains moderate

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A report by CardinalStone has projected that Nigeria’s fiscal deficit will widen to N25.7 trillion, representing 4.9 per cent of Gross Domestic Product (GDP), by the end of 2026, as elevated government spending continues to outpace revenue growth despite ongoing fiscal reforms, Research has said.

The investment firm’s 2026 Mid-Year Outlook, titled, “Steady Hands-on Shifting Grounds,” noted that although fiscal reforms have significantly strengthened government revenues, expenditure remains substantially higher.

The report stated: “Given limited oil windfall gains and elevated government expenditure of N63.0 trillion, we estimate that the fiscal deficit will likely be N25.7 trillion, 4.9 per cent of GDP by the end of the year.” 

According to CardinalStone, the federal government has already financed part of the deficit through domestic borrowing.

It said: “To finance the deficit, the government has so far net-borrowed about N8.6 trillion from the local market through bonds and NTBs. Additionally, the government has, in recent times, gravitated towards external debt financing, both budgetary and non-budgetary.” 

The report listed the government’s external funding sources to include the proposed $5 billion Total Return Swap (TRS) programme from First Abu Dhabi Bank, a $1 billion UK Export Finance facility, a $1.3 billion World Bank loan and a $516 million syndicated loan for the Sokoto-Badagry Superhighway. 

Despite the increased borrowing, CardinalStone maintained that Nigeria’s debt profile remains sustainable.

It projected that total public debt would rise to N184.9 trillion, equivalent to 35.5 per cent of GDP, this year, lower than 36.9 per cent of GDP recorded in 2025.

According to the report, “By our estimate, Nigeria’s debt will reach N184.9 trillion, or 35.5 per cent of GDP, in 2026, lower than in 2025 (36.9% of GDP), supported by Naira gain and faster nominal GDP growth.” 

It added that the country’s debt outlook remains favourable, saying: “By the IMF’s assessment, the overall risk of sovereign distress is moderate, supported by a low debt-to-GDP ratio, the long maturity structure of Nigeria’s debt stock, and improvements in macroeconomic conditions.” 

CardinalStone also highlighted significant improvements in government revenue since the implementation of fiscal reforms in 2023.

It stated, “Revenue mobilisation has improved since the reforms were introduced in 2023, with monthly gross FAAC earnings now averaging N2.2 trillion (vs N0.9 trillion pre-reform), supported by gains from the recent surge in oil prices and stronger non-oil earnings.” 

The report noted that stronger tax collections and reforms in the oil sector have also strengthened government finances. It cited Bloomberg data showing Nigeria generated N15.8 trillion in tax revenue in the first five months of the year on an annualised basis, while an executive order signed in April eliminated several deductions previously retained by the Nigerian National Petroleum Company Limited (NNPC), allowing more oil revenue to flow into the Federation Account. 

However, CardinalStone cautioned that Nigeria should not expect a substantial oil windfall despite the surge in crude prices witnessed during the Middle East conflict.

According to the report, “Even though oil prices were well above the budget target of $64.85/bbl, we estimated the potential oil windfall gain between March and May at N256.0 billion or N85.3 billion per month, reflecting weaker-than-budgeted oil production of 1.60 mb/d (vs the target of 1.84 mb/d).” 

It added, “Had production met the budget target, the estimated windfall gain could have scaled to N2.0 trillion.” 

The report also noted that higher revenues have improved the fiscal position of state governments adding, “Aggregate state revenues increased to N15.4 trillion in 2025 from N12.1 trillion a year earlier, while internally generated revenue rose by 47 per cent, enabling states to increase capital spending and reduce their debt burden.”

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FCMB Group Plc has successfully secured a national banking licence for its flagship subsidiary, following a major capital raise that ensures uninterrupted domestic operations. The move positions it to pursue the higher capital requirements necessary for international status under Nigeria’s ongoing banking sector recapitalisation programme.

The development comes as the Central Bank of Nigeria’s (CBN) recapitalisation drive, launched in 2024, continues to highlight contrasting strategies among lenders ahead of the March 31, 2026 deadline.

Under the revised framework, banks seeking international licences must maintain a minimum paid-up capital of N500 billion, while national banks are required to hold at least N200 billion.

Regulatory filings show that FCMB crossed the national threshold after completing a N147.5 billion public offer in 2024, enabling it to secure the national licence for its banking operations.

Securing the national licence places FCMB ahead of the minimum requirement for domestic operations and ensures continuity as the recapitalisation process progresses.

These initiatives include a N160 billion offer launched in late 2025 and a broader shareholder-approved programme of up to N400 billion, subject to regulatory approvals. If completed, the additional capital would place FCMB above the N500 billion benchmark, expanding its operational reach beyond Nigeria’s borders.

The recapitalisation programme is reshaping the sector more broadly, driving mergers, asset divestments, and strategic realignments. Smaller lenders are increasingly choosing regional or niche licences, while non-interest banks have largely met their capital obligations.

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Lovonus Microfinance Bank is positioning value-chain financing and digital expansion as the twin pillars of its next growth phase, as it navigates a challenging macroeconomic environment and rising pressure on microfinance operators.

Managing Director and Chief Executive Officer, Adeola Ayibiowu, in a statement noted that the bank is prioritising financing along trade and agriculture-linked value chains, where structured cashflows and clustered activities offer stronger risk management and more sustainable returns. He noted that focusing on economically active clusters allows the bank to support productive enterprises while preserving asset quality.

Ayibiowu said Lovonus will also deepen its use of digital channels to improve customer onboarding, loan processing and repayment efficiency, describing technology as an operational enabler rather than a branding exercise. According to him, increased digital adoption is helping to lower service costs, shorten turnaround time and improve the overall customer experience, particularly for micro and small businesses with limited access to physical branches.

He added that youth- and women-led enterprises remain a core focus of the bank’s strategy, noting that these segments are often underserved despite their strong contribution to grassroots economic activity. The bank plans to scale support for such businesses through tailored products, cooperative-based lending structures and partnership-led outreach.

It states: “Looking ahead, Ayibiowu identified value-chain financing, particularly within trade and agriculture-linked clusters, as a major growth opportunity for the bank. He also pointed to youth- and women-focused enterprise financing, as well as agency and partnership-led expansion, as more sustainable pathways than costly brick-and-mortar growth. Geographically, he said targeted expansion within economically active corridors makes more sense than aggressive nationwide spread, arguing that growth in the current climate must be selective and deliberate.”

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Nigeria’s business community entered the final quarter of 2025 with renewed optimism, as firms across key sectors expressed confidence in improved economic conditions and stronger business activity, strong naira amongst others over the next six months, the Central Bank of Nigeria’s (CBN), November 2025, ������Ƶ Expectations Survey (BES) has revealed.

The survey showed that the aggregate Confidence Index (CI) stood at 37.5 index points in November, firmly in positive territory, reflecting widespread optimism about the macroeconomic environment. 

This outlook is projected to strengthen further with confidence expected to rise to 43.9 points next month, 49.6 points in three months, and peak at 52.8 points over the next six months.

According to the report, the sustained positive sentiment was largely driven by favourable expectations around the volume of business activity, as respondents anticipate improved demand conditions heading into 2026.

A sectoral breakdown showed that all major sectors, Industry, Agriculture and Services recorded positive outlooks in the review month, with the industry sector leading at 38.1 index points. Confidence, the report added, is expected to remain strong across all sectors over the medium term, underpinned by expectations of rising output and improved operating conditions.

 The Mining and Quarrying sector emerged as the most optimistic, recording a confidence index of 50.0 points, followed by Agriculture and Market Services. Respondents were also upbeat about business expansion and hiring plans, with the Construction sector posting the strongest expansion outlook, while Mining and Quarrying led employment expectations for December 2025. 

According to the report, “In line with the expected business expansion plan, businesses anticipate hiring more workers in December 2025. An analysis of the sectors showed that the

construction sector had the highest prospect for expansion while mining and quarrying had the highest prospect for employment in the review month.”

Regionally, optimism was uneven. The North-East recorded the highest confidence level at 52.7 points, while the South-East posted the lowest at 18.7 points, highlighting persistent structural and security-related disparities across the country. Nonetheless, expectations for the coming months remained positive across all regions, with the North-West and South-West projected to post stronger confidence levels over the six-month horizon.

Despite the upbeat sentiment, businesses flagged insecurity, high and multiple taxation, insufficient power supply, high interest rates, and financial constraints as the most significant challenges weighing on operations. Insecurity topped the list of constraints, underscoring its continued impact on productivity and investment decisions 

On the macro front, firms expressed optimism about the exchange rate outlook, with respondents expecting the naira to appreciate against the US dollar across all review periods. Borrowing rate expectations also remained positive, suggesting cautious optimism around credit conditions.

They said, “Respondents expect the Naira to US Dollar exchange rate to steadily appreciate

across the review periods, as indicated by the positive indices. Also, they anticipate continuous positive outlook for the borrowing rate during the same periods.”

Average capacity utilisation across sectors stood at 50.1 per cent in November, with the Mining sector recording the highest utilisation rate, reflecting relatively stronger activity levels.

The BES, conducted between November 10 and 14, 2025, covered 1,900 business enterprises nationwide across Industry, Services and Agriculture, achieving a response rate of 99.1 per cent. While the report reflects respondents’ views, the CBN noted that it does not necessarily represent the Bank’s official position

Nume Ekeghe

Fidelity Bank Plc in its bid to strengthen its push for community safety and environmental sustainability with the donation of firefighting and preventive equipment to the Ikoyi Fire Service Station in Lagos, underscoring its growing focus on grassroots impact.

The donated items, which include firefighting hoses and gasoline-powered water pumps, were provided under the bank’s Fidelity Helping Hands Programme (FHHP) by its True Serve team. 

Commenting on the reason behind the donation, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, emphasized that the donation reflects the bank’s dedication to strengthening emergency response capabilities and promoting public safety within the communities it serves.

According to him: “Fidelity Bank remains committed to supporting initiatives that contribute to the protection of our environment, lives and property. We see community safety as a shared responsibility and continuously extend support to both corporate bodies and individuals.”

 Nwagboh further noted that, “We believe that preventive measures are far more effective than reactionary responses. This donation is part of our efforts to drive sustainable practices by providing the necessary tools. Our goal is to ensure that people live meaningful, safe, and empowered lives.”

In her comments, Lagos State Controller, Federal Fire Service and Controller of Fire (CF), Funke Adebayo commended Fidelity Bank for the timely support, while cautioning residents to exercise heightened vigilance during the festive period, especially with the dry weather conditions.

“We appreciate Fidelity Bank for this timely donation. We are in a harsh weather period where fire incidents can escalate quickly. Parents must educate and caution children against the use of fireworks during celebrations. Fire should never be treated carelessly,” Adebayo said.

On his part, Area Commander, Onikan Fire Station and Chief Superintendent of Fire (CSF) Oswere Michael expressed appreciation to Fidelity Bank for supporting their operations. He encouraged families, business owners, and community members to prioritize fire safety at all times.

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Governance expert and seasoned corporate executive Funmi Ekundayo has been announced as the new President of the Corporate Secretaries International Association (CSIA), the foremost body representing governance professionals and corporate secretaries across more than 4 continents.

The announcement which was made over the weekend on the Association’s offficial website marks a major milestone for Nigeria’s governance community and reinforces Ekundayo’s standing as one of the country’s most accomplished voices in corporate governance, law, and the financial services sector.

Ekundayo currently serves as Group Managing Director of STL Capital Group, a role in which she has led strategic transformation and strengthened the firm’s position as one of Nigeria’s leading trust and fiduciary services institutions.

An alumna of the Harvard ������Ƶ School, Ekundayo holds Bachelor and Master of Laws degrees from the University of Lagos and is a Fellow of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), where she serves on the Governing Council. She recently completed her term as President and Chairman of the Governing Council of ICSAN (2023–2025), becoming the first female to hold the position in the Institute’s 57-year history, a tenure remembered for significant institutional reforms, capacity building, and unprecedented visibility.

With more than 29 years of professional experience, Ekundayo began her career at Bentley, Edu & Co (in association with Irving & Bonnar), spending nearly a decade in legal practice before transitioning into the financial services and capital markets sector. She later held senior roles at Sterling Asset Management & Trustees and United Capital Trustees, before joining STL Trustees where she rose through the ranks to become MD/CEO and later Group Managing Director of STL Capital Group.

Her professional influence spans multiple sectors and sub sectors. She is a Past President of the Association of Corporate Trustees of Nigeria and previously served as Honorary Treasurer and Vice President of CSIA before assuming its presidency. She is also a Fellow of the Chartered Institute of Bankers of Nigeria; Institute of Capital Market Registrars; the Chartered Institute of Directors; the Institute of Investment Advisers and Portfolio Managers; and the Association of Enterprise Risk Management Professionals. Ekundayo is an Associate of both the Chartered Institute of Stockbrokers and the Chartered Institute for Securities & Investment (CISI).

In a statement, STL Capital Group said, “We are pleased to share the exciting news that, this afternoon, our MD/CEO was officially announced as the new President of the CSIA. Congratulations are in order as we celebrate this remarkable achievement.”

Funmi on her part, stated that she looks forward to working with member Institutes across the globe to strengthen corporate governance standards, expand professional capacity-building programmes, and further position CSIA as a global leading voice for governance professionals.

Nume Ekeghe��

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, is set to address industry leaders and top financial sector stakeholders at the 2025 Annual Bankers’ Dinner organised by The Chartered Institute of Bankers of Nigeria (CIBN).��

CIBN in a statement noted that the high-profile event, scheduled for 28 November 2025, remains one of the most prestigious gatherings in Nigeria’s financial sector and will take place in Lagos this weekend.

Recognised as a major agenda-setting platform, the Annual Bankers’ Dinner offers the CBN Governor the opportunity to articulate monetary policy direction, review economic developments, outline regulatory expectations.

CIBN President and Chairman of Council, Prof. Pius Deji Olanrewaju, stated that this year’s edition, which is the 60th, underscores the sector’s commitment to strengthening financial intermediation, enhancing system resilience, and supporting sustainable economic growth. He added that the Governor will be sharing perspectives on economic policies and financial market developments in the year, as well as the economic outlook for the year ahead.

Chairman of the planning committee and MD/CEO of Premium Trust Bank, Dr. Emmanuel Emefienim assured that this year’s dinner will be exceptional, noting that several activities have been carefully integrated into the programme to engage and delight participants.

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The 2025 IPMC ESG Ratings Reporthasrevealed that Zenith Bank Plc, Stanbic IBTC Holdings Plc, and Access Holdings Plc led the Nigeria’s financial sector as strongest performer in governance maturity. 

IPMC in thereport disclosed that a framework was used to evaluate a company’s sustainability and ethical impact.

According to the report, the three banks recorded the highest levels of structured sustainability integration, board-level oversight and transparent ESG reporting, even as the sector continues to lag in key climate-risk disclosures required under IFRS S2.

“The sector demonstrates the strongest governance maturity, with near universal disclosure of board composition, risk management policies, and audit procedures. However, only 12 per cent of disclose financed emission or climate-related credit exposures, creating a major blindspot under TFCD and IFRS 52 principles. Progressive banks are beginning to adopt green lending frameworks, but without a harmonised taxonomy or verification. 

“The Financial Services sector demonstrates Nigeria’s highest ESG integration maturity, with clear evidence of governance discipline and structured sustainability reporting.  Leading Institutions such as Zenith Bank, Stanbic IBTC Holdings, and Access Holdings show measurable progress in embedding ESG principles into corporate strategy, risk oversight, and disclosure,” said the report.

The report revealed that Zenith Bank got an overall ESG score of 39 per cent with a balanced Environmental (14 per cent), Social (18 per cent and Governance (39 per cent) performance. Following was Stanbic IBTC Holdings with an overall ESG Score of 34 per cent as it showed strong alignment with the ISSB principles through sustainability-linked finance and transparent governance reporting and Access Holdings got an overall ESG Score of 32 per cent. The report said that Access Holdings integrates ESG at the enterprise level, linking it to lending criteria and customer engagement. 

The report added that banks and other financial institutions exhibit the highest governance disclosure levels among Nigerian corporates, with their board independence and audit transparency aligning closely with the guidelines of the Nigerian Exchange Limited and the Securities and Exchange Commission.

“However, financed emissions, a critical component under IFRS S2, are disclosed by only two institutions (= 12 per cent), and none have external assurance of climate-risk data. Social disclosures (employee training, customer protection, and financial inclusion) are improving. while gender diversity at senior management level remains below 25 per cent. Environmental aspects are emerging mainly through green-lending frameworks and participation in climate-finance initiatives. 

“The sector is policy-strong but evidence-light, reporting frameworks exist, but assurance and Scope 3 accounting must evolve for Nigeria’s financial sector to achieve regional parity with Kenya and South Africa, ”it said.

The pre-event gathering brought together the vibrant Vervelife fitness community and star trainers from across Africa including Nigeria’s best in the game namely; Ekemini Ekerette (Kemen), Mayowa Morgan (Mayorfit), Anwanabasi Udoh (Coach Trebla), Dolapo (Dolly) Philips, SandraOsaigbovo, Gbenga Akinpelu (Benfit), Alvin Lee from Kenya, Ebunoluwa Omolola (Dami), Moses Oyije (Ceejay), Eyo Effiong (Macblake), Taiwo Lawal (TL Funky)and Elvis Eko, Jane Amuta (Body by Jane), Jane Okafor (Jane Dovey), and a selection of South Africa’s best trainers including Nkululeko Dlamini (King of Squats), Gakearabe Khumalo (Mamiki Slayqueen) and Mapule Ndlovu (Queenfitnass), among other stellar acts. The room buzzed with energy, inspiration, and a shared commitment to wellness, perfectly setting the tone for what promises to be an electric grand finale.

Speaking at the event, Cherry Eromosele, Executive Vice President, Group Marketing and Corporate Communications, Interswitch Group, said:

“Vervelife has truly grown to become the biggest fitness event in Africa in line with its vision from Day 1. This year’s theme,&�Բ�����;‘Elev8’, captures the spirit of everything we have set out to achieve this season. From the awareness campaigns to the stellar lineup of trainers, engaging activities, and even the choice of venue (Eko Hotel), every element reflects that desire to raise the bar. This year’s edition will be different, both in production and overall experience, so&�Բ�����;�𱹱����DzԱ�’s&�Բ�����;encouraged to bring their A-game and deliver an unforgettable, exhilarating experience for participants.

We appreciate the support of our trainers, partners and team all through the last 7 seasons of Vervelife. This support has been an invaluable part of the brand’s success. Once again, we’re poised to show the world what Vervelife truly represents and raise the FOMO sky high.”

Also speaking, Kemen, CEO PureFitness Africa and Vervelifetechnical partner, highlighted the transformative impact of the Vervelife platform on the trainers’ personal and professional growth. He noted:

“Vervelife has left an indelible effect on us as fitness professionals. The platform has elevated our visibility and relevance on the global fitness stage, and in turn, we’ve continued to push ourselves to grow, innovate, todeliver the best possible experience for participants. Each year, Verve Life challenges us to raise the bar, to become better trainers and stronger brands, and that’s a journey we embrace wholeheartedly. Our partnership with Verve Life keeps evolving, and this year, we are looking forward to creating even more exciting and memorable moments with the community.”

The epic grand finale is scheduled to take place on Saturday, November 1, 2025, at Eko Hotels & Suites, Victoria Island, Lagos with an invigorating multi-attraction fitness event starting by 7am and an exclusive but thrilling afterparty set for 7pm at the same venue. Over the years, Vervelife has evolved into one of Africa’s most vibrant fitness and wellness movements, reflecting Verve’s commitment to promoting healthy living, fostering a sense of community, and inclusivity. The initiative blends fitness, fun, and lifestyle into an immersive experience that inspires people to live healthier, more rewarding lives.

The 2025 Vervelife Grand Finale will feature an eclectic mix of high-energy workouts, engaging challenges and attractions, music, entertainment, and networking opportunities for participants across all fitness levels.

The countdown is on. Register now at myverveworld.com/lifeand follow our social media handles@vervelife_ and @vervecard for the latest updates.

Nume Ekeghe

Access Bank Plc has launched the seventh edition of its flagship women’s wellness campaign,&�Բ�����;‘W’ Health Month, under its Women Banking initiative, reaffirming its commitment to advancing women’s health and wellbeing across Africa.

In a statement, Group Head, Women Banking at Access Bank, Nene Kunle-Ogunlusi, explained that the initiative continues to evolve in response to the most pressing health challenges faced by women, while also providing practical support and preventive care.

“The 2025 edition of W Health Month will spotlight maternal and preventive health, with particular focus on raising awareness around fibroids, cancer, and maternal nutrition. One of the key highlights will be the Physical Health Screening Event scheduled for October 9, 2025, at Onikan General Hospital in Lagos.

“We are also providing W Care Packs containing essential items for women and babies, in partnership with The Milk Booster further demonstrating our commitment to supporting women at every stage of their health journey,” she said.

Nume Ekeghe

In a bid to strengthen corporate decision-making and support business resilience amid Nigeria’s evolving economic landscape, Stanbic IBTC Bank has hosted a high-level strategic client forum themed,&�Բ�����;‘Beyond the Numbers: Unpacking Nigeria’s Economic Trajectory – 2025 and Beyond.’

The engagement, held in Lagos, brought together chief executives, industry leaders, and institutional investors to dissect Nigeria’s macroeconomic outlook and explore strategies for navigating 2026 and the years ahead.

The bank in a statement noted that the global market forum featured expert presentations that highlighted the significance of macroeconomic analysis and market intelligence in navigating Nigeria’s economic landscape.

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

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

Nume Ekeghe

The Board of Stanbic IBTC Holdings PLC has announced the appointment of Mr. Chukwuma Nwokocha as the substantive Group Chief Executive, with effect from 02 October 2025, following the receipt of all required regulatory approvals.

 Nwokocha’s appointment follows the completion of Dr Adekunle Adedeji’s tenure as Acting Chief Executive, during which time the Board undertook a formal appointment process in accordance with regulatory requirements. Dr Adedeji will continue in his role as Executive Director/Chief Finance and Value Management Officer of the Company.

Commenting on the development, Mrs Sola David-Borha, the Chairman of the Company, expressed the Board’s delight at Mr Nwokocha’s appointment, highlighting his strong track record in board governance, financial oversight, strategic transformation as well as regulatory engagement.

The Chairman also extended the Board’s deep appreciation to Dr Adedeji for his exemplary leadership and dedication; and for steering the affairs of the Company and Group during the transition period: “It is worthy of mention that under Dr Adedeji’s leadership, the Group recorded its best financial performance since inception. 

Sync Capital and Advisory Ltd is pleased to announce that it has secured a Finance Company Licence from the Central Bank of Nigeria (CBN). The Company will operate as Sync Finance Company Limited.
This regulatory milestone authorizes Sync Finance to operate as a licensed non-bank finance company, focused on bridging funding gaps for underserved MSMEs with a view to stimulate diverse sectors of the economy.

Positioned at the intersection of finance and technology, Sync Finance is poised to deliver an inclusive financial services ecosystem that supports Nigeria’s development goals through the empowerment of viable entrepreneurs leading small businesses, stimulating employment, and accelerating GDP growth.

Speaking on the development, the Chief Executive Officer, Sync Finance Company Limited, Mr. Ikenna Imo was pleased with this milestone and emphasized the need for responsive and innovative financing solutions as an integral ingredient to stimulate economic growth. “Our mission is to be the financial institution of choice for budding/established Entrepreneurs and MSMEs in the markets where we operate. He further confirmed the Company’s resolve to leverage data-driven credit assessments, accessible and expedient loan considerations, and embedded investment digital tools, which aim to unlock capital for the everyday Nigerian entrepreneur and business.”

In addition to deploying accessible credit, Sync Finance will also provide tiered investment products, providing both individual and institutional investors the opportunity to access rewarding and secure investments delivered conveniently through digital channels.

Commenting further on the Company’s strategic direction, Non-Executive Director, Mr. Uhabia Ojike noted: “Sync Finance is uniquely positioned to fund the real sector, especially in key areas like retail trade, and local value chains. With the backing of an experienced Board and a robust governance framework, we are building a financially sound and impact-driven institution that reflects the aspirations of the Nigerian economy.”

Sync Finance’s leadership comprises professionals with decades of experience in commercial banking, structured finance, credit risk, professional services, oil & gas and financial technology, ensuring strong governance oversight and execution discipline.

By Niyi Aderibigbe

In his book Competitive Identity, Simon Anholt, an independent policy advisor who coined the term “nation brand,” notes that we often view the world through simplistic clichés. To many, Paris is elegance. Japan is technology. Switzerland is precision. Rio is carnival. Tuscany is the good life. Unfortunately, many African nations are reduced to tired stereotypes of poverty, corruption, and instability. These mental shortcuts, whether accurate or not, shape where we travel, where we invest, and which products we trust.

This dynamic is particularly true for Nigeria. Despite being Africa’s largest economy and a global cultural powerhouse, the country’s reputation is often defined by negative perceptions. Travel advisories from the U.S. and other nations highlight risks such as crime, civil unrest, and inconsistent healthcare. These warnings, while legitimate, reinforce a global image of Nigeria as unsafe and unstable, often drowning out its successes.

And yet, reality tells a different story. Afrobeats is filling stadiums worldwide. Nollywood is a force on streaming platforms. Nigerian tech startups are attracting hundreds of millions in foreign investment. This tension between a country’s vibrant reality and its outdated global perception is at the heart of Nigeria’s branding challenge.

Anholt calls this (pdf), a strategy that combines branding, public diplomacy, and economic policy to manage a nation’s reputation. For Nigeria, it’s not just theory. It’s an urgent necessity.

Why Nation Branding Matters

Marketing a country is not about slogans on football jerseys or billboards in foreign capitals. It is about shaping perceptions that drive real choices: where investors place capital, where tourists spend their money, and how citizens feel about their own country.

According to the World Travel & Tourism Council, tourism accounted for  in 2024. Perception often determines who shares in that pie. The Anholt-GfK Nation Brands Index consistently shows that  (FDI).

Rwanda offers a clear example. Deliberate rebranding, paired with policy reforms, helped lift  to record highs; $820 million in 2024 alone, with more than $2.7 billion attracted between 2020 and 2024.

For Nigeria, the stakes are just as high. Negative perceptions raise the cost of borrowing, slow investment flows, and erode citizens’ pride. Conversely, a stronger nation brand could unlock tourism revenues and close the credibility gap that many Nigerian entrepreneurs often face abroad. Our creative exports, already thriving through sheer excellence, would have found global reckoning far easier under a stronger national brand.

Culture as Currency

One of Nigeria’s greatest strengths is culture. Afrobeats has become one of the fastest-growing music genres in the world. Spotify reports  globally, while Burna Boy, Davido, and Wizkid headline arenas from London to New York. That is not just music; it is soft power.

Nollywood tells a similar story. According to , Nigeria produces around 2,500 films annually. The country’s entertainment and media market, worth $9 billion in 2023, is projected to reach $13.6 billion by 2028. Nollywood’s growing presence on Netflix and other platforms has only deepened its global reach.

By leveraging these industries, which the government has wisely  through policy and investment, Nigeria projects influence, earns foreign exchange, and creates jobs. Every concert abroad, every Nollywood film streamed in Paris or Rio, is a brand touchpoint for Nigeria.

Lessons from Others

Nigeria is not alone in wrestling with reputation. Other nations have shown how deliberate branding can shift perceptions.

 harnessed the global rise of K-pop and film, supported by sustained government investment in education and technology, to reposition itself as both a cultural and technological powerhouse.

, once dismissed as a “tropical backwater,” transformed into a thriving global city-state by aligning infrastructure, policy, and communications until it became synonymous with efficiency and business-friendly governance.

 in 2019 is another case study. By appealing directly to the African diaspora, the country attracted nearly a million visitors and boosted tourism revenues by $1.9 billion.

Each of these examples shows that branding only works when matched with genuine reforms and investments. Storytelling without substance is just spin.

The Inside-Out Challenge

The harder part of branding Nigeria lies within. How do you sell a country to the world when many of its citizens are cynical about it?

, one of the pioneers of nation branding, stressed that internal buy-in is critical. Citizens are the first ambassadors of a country’s brand. If they don’t believe the story, no one else will.

This begins with making benefits visible. When Afrobeats creates jobs or Nollywood generates billions, those wins should be communicated clearly and consistently. Citizens need to see how global success translates into local opportunity.

It also means localizing the narrative. Messages resonate more when they are told by community leaders, young people, and creatives; people who reflect the realities of everyday Nigerians. Nigeria has experimented with this approach, such as veteran Nollywood actress Sola Sobowale recently  alongside a government minister to promote the Nigerian Postal Service. While it grabbed attention, the framing was still government-led. For such efforts to resonate, cultural figures and community voices must lead, with officials taking a back seat.

Finally, the message must align with policy. It is impossible to market tourism when safety is in question, or attract investors when bureaucracy frustrates entrepreneurs. Branding cannot paper over structural gaps; it must be reinforced by real improvements on the ground.

Role of the National Orientation Agency

Nigeria’s National Orientation Agency (NOA) carries the statutory mandate to promote national identity, patriotism, and civic values. In principle, it should sit at the center of Nigeria’s nation-branding effort. In practice, it has often lacked the modern storytelling tools, cultural partnerships, and measurement frameworks that make branding effective.

Imagine if NOA collaborated with Afrobeats stars to embed civic pride into music, or if Nollywood films subtly showcased innovation and resilience. Those narratives would cut through more powerfully than any press statement or billboard.

To its credit, the agency has recently launched campaigns on  and civic values; signs of an institution attempting to rise to its mandate. The real test, however, lies in execution: whether such campaigns resonate with citizens and build the credibility required to support Nigeria’s global brand.

That tide may now be shifting. The  of Patricia Obozuwa as Managing Director of the Nigeria Global Reputation Management Project, a flagship initiative under the NOA, signals a serious step-change in how Nigeria intends to project its identity to the world.

With more than two decades of experience in global communications, sustainability, and brand leadership, Obozuwa brings more than optics. As she wrote on LinkedIn, “Our mandate is clear — to align global perception with Nigeria’s dynamic economic and cultural reality. We will proactively manage our nation’s reputation as a key strategic asset that fuels economic growth, attracts sustainable investment, and enhances our diplomatic standing.”

Her appointment reframes the NOA from being merely a mouthpiece to becoming the operational hub of Nigeria’s nation-brand engine. It signals that the government is moving from symbolic gestures toward real institutional capacity; integrating brand strategy, international outreach, and reputation management under one roof.

In the framework of Competitive Identity, this development strengthens Nigeria’s pillar of institutional consistency. For the first time in a long time, there is a national-level project with dedicated leadership whose success will be judged not just by perception shifts but by tangible outcomes; investment inflows, partnerships secured, and global credibility earned.

Data-Driven Storytelling

Nation branding works best when it’s backed by hard numbers. Nigeria has plenty to highlight.

The fintech sector is booming. Paystack became a household name when Stripe acquired it for ; Nigeria’s most high-profile startup exit. Flutterwave, valued at over $3 billion after its 2022 Series D, is . Moniepoint joined the unicorn club in 2024, raising $110 million in a round led by Google at a valuation above $1 billion. Each milestone signals not just capital, but confidence in Nigeria’s digital economy.

The events economy is also thriving. Detty December, the end-of-year season of concerts and festivals, has become an economic juggernaut. Estimates suggest it injected (₦330 billion) into the economy in 2023. In Lagos alone, the 2024 festivities generated $71.6 million (₦108 billion) in , fueled by 1.2 million visitors. Hotels pulled in more than ₦50 billion, short-let apartments ₦21 billion, beach resorts ₦4.5 billion, and luxury car rentals ₦1.5 billion.

And then there are creative exports. Afrobeats, Nollywood, and fashion, all carrying Nigeria’s voice abroad. Making revenues and royalties visible both at home and abroad builds credibility internationally and pride locally.

In short, if storytelling humanizes the brand, data gives it weight. Numbers turn narratives into proof.

Fixing the Fundamentals

The Nigerian government is not blind to the value of soft power. The Ministry of Art, Culture, and the Creative Economy has launched initiatives to support the creative industry. The Ministry of Information has also pushed reorientation campaigns through NOA. These are steps in the right direction.

But for nation branding to truly work, three structural challenges must be addressed.

First, consistency. Campaigns often change with every new administration. A nation brand cannot be reinvented every four years or every time a minister changes. It needs continuity and ownership beyond politics.

Second, infrastructure and security. No amount of clever marketing can outweigh the realities of unreliable power or safety concerns. The brand promise must match people’s daily experiences.

Third, coordination. Ministries and agencies should create the enabling environment, but private players uch as artistes, filmmakers, entrepreneurs, must be the storytellers. Nigeria’s most credible narratives will come from those who already command global audiences.

A Playbook for Nigeria

To build a brand that commands respect and inspires pride, the path forward for Nigeria is simple but strategic.

The country needs to prioritize industries where it already leads: creative exports and fintech. These sectors have global recognition and proven economic impact.

It is also critical to create a cross-sector nation branding project team including NOA, ministries, professional bodies such as NIMN and NIPR, trade groups such as ADVAN, and private-sector champions.

Nigeria should look towards cultural and entrepreneurial icons as official partners in projecting Nigeria’s story, not just incidental successes that can be latched onto.

Periodically published dashboards showing jobs created, investments attracted, and export growth can also elevate the gains and foster trust. When citizens see hard data, they are likely to believe. When investors see it, confidence follows.

Marketing Nigeria is not about spin. It is about aligning policy, performance, and storytelling to create a narrative that citizens and the world can believe.

When political affiliation, tribe, or religion no longer distort views of the nation and camaraderie extends beyond sports rivalries, then the branding will have worked.

Until then, the task is clear: fix the fundamentals, amplify the wins, and tell the story with data.

About Niyi Aderibigbe

Over the past 13 years, Niyi has told brand stories across different industries, including Hospitality, Banking, Media and Advertising. He has also worked on and executed strategies to grow brand appeal and profitability through marketing campaigns, the launch of new products and services, as well as strong public and media relations. He currently leads Marketing at the African Medical Centre of Excellence (AMCE), where he develops and executes growth strategies to help redefine healthcare delivery in Africa.

In 2023 and 2024, Niyi was named one of the Top 50 PR professionals in Nigeria in recognition of his work at Transcorp Hotels Plc. In 2025, the Nigerian Institute of Public Relations recognised him as a distinguished spokesperson in the Hospitality Industry.

 
Vogue ������Ƶ has unveiled its annual 100 Innovators list for 2025, spotlighting the entrepreneurs, leaders, and disruptors shaping the future of fashion, beauty, and luxury.

Among this year’s honourees is Nigerian entrepreneur Yinka Ash, Founder & CEO of Ashcorp Group, recognized in the Entrepreneurs & Founders category.

The 100 Innovators list celebrates individuals who are redefining industries through innovation, influence, and cultural impact. From fashion and sustainability pioneers to beauty disruptors and tech masterminds, the list highlights the dynamic voices reshaping the global creative and commercial industry.

Yinka Ash joins fellow honourees including Nina Briance, Founder & CEO of Cult Mia; Jess Hunt and Jenna Meek, Co-founders of Refy; Johan Bello, Founder & CEO of UNCUT; Caio Amato, Global President of Oakley; and others. The Entrepreneurs & Founders category, in particular, recognizes those who are building bold businesses, driving transformation, and setting new standards for creativity and leadership.

Through his brands Ashluxe and Ashluxury, Yinka has established himself as a leading force in global fashion and luxury. Ashluxe has garnered international recognition, worn by artists such as Nigerian musician Davido and Colombian singer Maluma, and expanded into the UK earlier this year. Ashluxury has become a Lagos landmark, growing into a 120-square-metre flagship store curating over 100 African and international brands.

“This recognition is a reflection of the incredible community of creatives, partners, and supporters who believe in our vision,” said Yinka Ash. “Our goal is not only to redefine what African luxury and streetwear can be but also to expand its influence globally, creating opportunities, attracting talent, and forming partnerships that shape the future of fashion.”

With Ashcorp Group’s growing influence across fashion and luxury, this recognition cements Yinka Ash’s position as a key player in shaping what comes next for the global industry.

.Surpasses 2bn Transactions

Nume Ekeghe

Sterling Bank Limited has celebrated the first anniversary of SeaBaas, the revolutionary core banking system designed and built in Africa.

In a statement, the bank said in just twelve months since its go-live, SeaBaas has processed over 2 billion transactions, reduced processing times by about 60 per cent, and driven a 66 per cent surge in customer adoption, setting new benchmarks for scale, efficiency, and reliability in financial technology.

“Since launch, the platform has powered Sterling’s digital ecosystem, OneBank, SterlingPro, Switch, Specta, and more, while enabling fintech integrations, agent banking networks, and third-party solutions. With zero downtime across 365 days of service, SeaBaas has proven its resilience as one of the most dependable financial platforms on the continent.

“SeaBaas, to us, represents a proof of possibility” said Abubakar Suleiman, Chief Executive, Sterling Bank. “It shows that Africa can build world-class technology, solve complex problems locally, and scale globally. This milestone is a collective victory for every Sterling colleague, our partners, and our customers who believed in the vision.”

Designed by Sterling Bank and developed in collaboration with Peerless Software, KPMG, “Bazara Technologies, Revent Technologies, and AppQuest Solutions, alongside Sterling’s in-house engineering talent, SeaBaas has become a model of courage, ingenuity, and execution excellence in Nigeria. Beyond technology, it has unlocked significant cost savings, freed resources for reinvestment, and accelerated financial inclusion across Nigeria’s economy.

Looking forward, Sterling intends to build on this momentum by expanding SeaBaas capabilities to tackle bold challenges, reimagine financial systems, and showcase the potential of African innovation on a global stage. “SeaBaas reminds us that when we dare to dream boldly and build courageously, there is no limit to what we can achieve in Africa,” added

Suleiman.  “This is only the beginning.”

Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of

Sterling Financial Holdings Company. With a heritage of more than 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.

Nume Ekeghe

Nigeria’s decision to revise its Medium-Term Debt Management Strategy (MTDS) for 2024–2027 has stirred mixed reactions among analysts, who acknowledge the need to adapt borrowing plans to prevailing realities but warn that the higher debt ceiling could expose the economy to greater vulnerabilities if revenue mobilisation remains weak.

The framework, unveiled by the Debt Management Office (DMO) and approved by the Federal Executive Council��last week,��resets Nigeria’s borrowing parameters in line with the MTEF 2025–2027 and the 2025 Appropriation Act. It seeks to balance cost and risk within sustainable thresholds after earlier assumptions in the 2024–2026 MTEF were overtaken by sharp currency fluctuations.

A key feature of the new strategy is the upward adjustment of the public debt ceiling. The debt-to-GDP ratio, which breached the previous 40��per cent��cap after climbing to 52.3��per cent��in 2024, is now capped at 60��per cent. The interest payment-to-GDP ratio was also raised to 4.5��per cent��from 3.7��per cent,��highlighting the rising cost of debt servicing.

While the shift provides��the��government with wider fiscal space, some analysts argue it reflects a growing dependence on borrowing rather than a clear path to fiscal sustainability. With GDP currently estimated at $243 billion, the expanded limit could encourage further debt accumulation at a time when revenues continue to underperform due to oil price volatility and sub-2.0mbpd output.

Commenting, analysts at Afrinvest stated: “While periodic recalibration of debt strategy is consistent with global best practice, the shift raises important considerations. The higher debt ceiling appears less about sustainability and more about creating room for increased borrowing. With GDP currently estimated at $243billion and the government targeting a jump to $1trillion by 2027, lifting the debt ceiling from 40��per cent��to 60��per cent��effectively creates wider fiscal space for additional borrowing, particularly at a time when revenues continue to trail expectations on the back of oil price volatility and sub-2.0mbpd output.
��
“Nevertheless, the reweighting towards domestic borrowings is a prudent step that could shield the sovereign balance sheet from further FX-induced shocks. Going forward, we believe the government should place greater emphasis on reducing its debt burden and significantly improving revenue mobilisation, rather than simply creating more room to borrow. Without stronger revenue performance, higher ceilings risk compounding fiscal vulnerabilities instead of supporting long-term growth.”
��

After more than two decades at the helm of some of Africa’s leading institutions, Dupe Olusola, one of the continent’s most visible and respected corporate leaders, is charting a new path. In a move that underscores both her ambition and her commitment to Africa’s future, Olusola has joined Harvard University as an Advanced Leadership Fellow, one of the Ivy League’s most prestigious fellowships.

“Being selected as a Harvard Advanced Leadership Fellow is such an honour and truly, a defining moment in my journey,” Olusola said. “It’s not your typical academic program. It’s designed for people who have already led major change in their industries and are now ready to take that experience into the world’s biggest challenges. For me, it’s a bridge between everything I’ve built and the bigger impact I’m now ready to pursue across economic inclusion, development, education, and sustainability.”

The Advanced Leadership Initiative (ALI) is one of Harvard’s most elite programs, admitting only a handful of exceptional global leaders each year as a launchpad for their next chapter of impact. Entry into Harvard’s ALI is highly competitive, reserved for accomplished leaders at the top of their fields who are committed to driving bold change. With a rigorously selective process, Harvard’s ALI convenes an extraordinary cohort of high-powered global leaders, making it a true platform for transformative impact.

ALI Fellows are immersed in Harvard’s classrooms, engaged in collaborative labs, and challenged to design bold solutions that move beyond boardrooms and into society. One of the great privileges of the Initiative is that fellows get to audit courses across all of Harvard’s schools, offering a unique opportunity to engage with different disciplines and broaden perspectives and areas of impact.

For Olusola, who has spent her career driving transformation, from her trailblazing leadership at Transcorp Hotels Plc to her influence in financial services and development, the program offers something rare – a moment to reflect, reset, and pivot, as she continues to make cross-sectoral impact.

“Personally, it’s a time to slow down just enough to think deeply about what’s next. Professionally, it’s about making space for the kind of work that changes lives, not just bottom lines,” she said.

That “what’s next” is already coming into focus. Asked about the big ideas occupying her, Olusola’s gaze turns squarely to Africa.

“Africa fills me with hope. The potential is everywhere—in trade, infrastructure, tech, energy, and especially in our young people,” she said. “I’m asking big questions like: How do we get more capital into African-led ideas? How do we make African businesses go global? And how do we grow our economies in a way that also grows people? One thing I know for sure is Africa’s future has to be inclusive. Women, youth, and underserved communities can’t be left behind.”

Olusola describes her next chapter as one of “building bridges: between Africa and the world, and between resources and opportunity.”

That vision is consistent with her track record. At Transcorp Hotels, she spearheaded innovation that positioned the company as one of West Africa’s most resilient hospitality brands, even steering it through the COVID-19 crisis with agility and a renewed guest experience-driven strategy. Earlier in her career, she played a pivotal role in economic development through her time in financial services and impact-driven initiatives.

Stepping away from corporate life, however, has also brought personal discoveries. “I’ve realized how much I genuinely love learning; diving into new ideas, new disciplines, new ways of thinking,” she admitted. “I’ve also found peace in knowing I made the right move at the right time. Stepping away from the corporate world wasn’t about slowing down, it was about making space for something deeper. My time and energy are now directed at what truly moves the needle. And that, for me, is a different kind of power.”

For Dupe Olusola, Harvard is not an endpoint but a launchpad. The months ahead will be about deep inquiry, cross-pollination with global peers, and shaping a bold agenda for Africa’s future.

As she puts it, “This is just the beginning of my next act.”

Nume Ekeghe

A leading fiscal governance advocate and Fellow of the Chartered Institute of Taxation of Nigeria (CITN), Morenike Tejuade Babington-Ashaye, has called for a wholesale rethinking of Nigeria’s tax system, warning that without deliberate focus on welfare, transparency, and citizen equity, the country’s 2024 tax reforms may amount to revenue extraction without justice.

Delivering a keynote address at the 20th Anniversary Tax Debate of the University of Lagos (UNILAG) Tax Club, Babington-Ashaye underscored the urgent need for Nigeria to restructure its tax policy framework to directly tackle poverty, inequality, and exclusion issues she described as central to the country’s long-term economic and political stability.

“One of the principles which an ideal tax system must have is, sufficiency in the performance of public functions and services  better life for the people, quality environment, quality education, quality health care, among others.

“All cash benefits which the Constitution demands for the people’s happiness have never been done in Nigeria. While the tax reforms have taken care of those working, there is a need for the National Assembly to make a law on the payment of cash benefits to the unemployed, the elderly, the physically challenged individuals, and the newly born whose parents are not employed. Social amenities and benefits are the inalienable rights of citizens to guarantee their welfare and happiness,” she said.

“Framing taxation as a vehicle for citizenship rather than merely a fiscal obligation, the former CITN president warned that policies which exempt certain groups from taxation without providing compensatory social benefits risk further marginalising them from governance structures.Tax is the price every citizen pays for lawfully belonging to a nation. Granting tax exemption to some citizens is deliberately eliminating their political power,” she said.

According to her, for tax reform to achieve legitimacy, it must be grounded in a social contract that respects the dignity of all citizens, not just those already economically productive.

Babington-Ashaye went further to challenge the colonial-era governance mindset still embedded in Nigeria’s fiscal system arguing that true democracy cannot exist when citizens are excluded from their own resources.

She said, “The time has come for the government to remove the colonial and military mentality of ‘governance by force’. The citizens own their country, and God gave them mineral resources to eradicate poverty. Those whose communities have mineral resources that God planted are endangered and impoverished. The time has come for part of the revenue from the proceeds of mineral resources to be shared equally with households for peace, happiness, and prosperity. The social vices we witness today are due to governments depriving the citizens of their wealth.”

Nume Ekeghe

The Bank Verification Number (BVN) database reached a new milestone in July 2025 with a total of 66,230,369 enrollments, representing a 4.3 per cent increase from the 63.48 million recorded at the end of 2024. The surge, achieved within just seven months, highlights renewed traction in the uptake of biometric identity systems across Nigeria’s banking sector.

The latest data from the Nigeria Inter-Bank Settlement System (NIBSS) positions 2025 as one of the most promising years for BVN enrollment since 2021. Over the last four years, the growth trajectory has remained steady: from 51.9 million in 2021, BVN enrollment rose by 7.9 per cent to 56 million in 2022. In 2023, the figure grew by another 7.4 per cent to reach 60.1 million, before slowing slightly to a 5.6 per cent increase in 2024. With 2025 already showing a 4.3 per cent growth in just over half the year, the system is on track to outperform the previous year’s total by December.

One of the notable drivers of growth in 2025 is the rise in enrollments through the Non-Resident Bank Verification Number (NRBVN) initiative. The NRBVN is a dedicated framework that allows Nigerians living abroad to register for BVNs remotely, without the need to physically visit bank branches in Nigeria. This solution has significantly expanded the reach of the BVN system, helping to deepen diaspora participation in formal financial services.

The increase in non-resident registrations has been supported by enhanced Know Your Customer (KYC) compliance requirements across the banking industry and broader collaboration with fintech firms that facilitate onboarding processes. The combined effect has reinforced BVN’s role as a key pillar of digital identity and financial inclusion in Nigeria.

Parallel to the rise in BVN enrollment, the banking sector has also seen increased account activity. As of March 2025, the number of active bank accounts stood at 320,053,030, the highest ever recorded. Dormant accounts were reported at 33.4 million, while a total of 29.4 million accounts had been closed. This compared with slightly lower figures in February, which recorded 316.8 million active accounts, 19.9 million dormant accounts, and 33.3 million closed accounts.

The rebound in March suggests that more Nigerians are engaging with the formal banking system, in line with broader efforts by financial institutions and regulators to improve access, trust, and compliance within the sector.