Author: Anuoluwapo Ige

Stanbic IBTC Holdings Plc has announced plans to allocate 27 per cent of the N148.71bn proceeds from its ongoing rights issue to support its business and commercial banking operations. This move is aimed at facilitating the growth of small and medium-sized enterprises and commercial enterprises, particularly in the general commerce sector. The acting Chief Executive Officer of Stanbic IBTC Group, Kunle Adedeji, disclosed this during the company’s Facts Behind the Issue presentation at the Nigerian Exchange Group. He noted that the allocation aligns with the group’s strategy to boost key sectors critical to Nigeria’s economic development. Adedeji stated, “We are…

World Trade Organisation members convened for a retreat aimed at addressing challenges faced by developing and least-developed countries in global trade. The members convened for the retreat recently in Geneva. In her opening remarks, WTO Director-General Ngozi Okonjo-Iweala emphasised the centrality of development in the organisation’s mission. “The development dimension remains central to furthering the organisation’s purpose of raising living standards, creating jobs, and advancing sustainable development,” she stated. Okonjo-Iweala urged members to adopt innovative approaches to ensure inclusivity. “The world is rapidly changing. This retreat offers a unique opportunity to begin to think differently and use this organisation to…

In Nigeria’s bustling markets and commercial districts, countless business owners face a common challenge: accessing the tailored financing they need to scale their operations. A furniture maker in Benin City, Edo State, needs capital to purchase modern equipment but lacks the required collateral for financial institutions. In Aba, Abia State, a garment producer with surging demand struggles to expand due to high loan interest rates. In Jos, Plateau State, a vegetable farmer seeks credit to invest in irrigation systems to mitigate dry-season challenges but cannot meet stringent lending requirements. Meanwhile, a promising tech startup in Lagos struggles to secure bridge…

In a recent post on his official X (formerly Twitter) handle, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso outlined the bank’s commitment to three core pillars for economic progress: price stability, financial system resilience, and inclusive growth. Reflecting on the transformative year of 2024, Cardoso described it as a period defined by bold decisions, collective resilience, and substantial progress. Prior to the appointment of the new leadership, Nigeria faced severe economic challenges, including soaring inflation, exchange rate distortions, unsustainable deficit financing, and quasi-fiscal interventions that undermined market confidence. “In response to these challenges, the CBN introduced a series of…

Sustainable irrigation is crucial in tackling the interconnected issues of food security, water scarcity, and environmental degradation. As the global population grows, the demand for agricultural products intensifies, making efficient water management even more critical. Traditional irrigation methods, however, often result in significant water wastage and soil degradation, undermining agricultural productivity over time. Sustainable irrigation practices, such as drip irrigation, rainwater harvesting, and the use of treated wastewater, are designed to optimize water use while minimizing environmental impact. These methods not only conserve water but also improve crop yields and soil health. Furthermore, they play a vital role in enhancing…

Corporate Social Responsibility (CSR) initiatives offer a powerful way for businesses to give back to communities, promote sustainable practices, and address social challenges. Securing funding for CSR programs can be a pivotal step in amplifying these efforts. However, the process requires careful planning, strategic alignment, and effective communication. Here’s a guide on how to approach CSR funding opportunities and increase your chances of success: 1. Identify Potential Funding Sources Corporate Foundations and Grants Many companies have dedicated foundations that support CSR projects aligned with their values. Researching these foundations can reveal funding opportunities that directly support your initiative. Additionally,…

The Federal Government has unveiled the Technology Export and Digital Trade Desk, an initiative aimed at attracting more investments into Nigeria’s tech sector and increasing annual funding for the country’s startups to $5 billion. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, announced the launch on Monday, emphasizing that the initiative was developed in collaboration with the Federal Ministry of Industry, Trade, and Investment. This launch marks a significant milestone in the Ministry’s ongoing efforts to strengthen the role of Information and Communication Technology (ICT) in Nigeria’s economic growth. Promoting Nigerian Tech Exports Tijani highlighted that trade,…

As a business owner for nearly two decades, I’ve witnessed firsthand the evolving challenges and rewards of entrepreneurship. Starting from a one-person operation and growing into a company with hundreds of employees, I’ve gained invaluable insights into the common learning curve faced by new hires. More recently, however, I’ve observed something remarkable: new employees are adapting and learning at an accelerated pace. The rise of AI has undoubtedly played a major role in this shift. At my company, we encourage our employees to leverage the latest technology to automate repetitive tasks, allowing them to focus on more meaningful, high-impact work.…

The African Development Bank has approved a $100 million loan to enhance access to finance for youth and women-led small and medium enterprises (MSMEs) through the Nigeria Youth Entrepreneurship Investment Bank (YEIB) initiative. The Nigeria YEIB is a pioneering institution designed to drive economic growth and job creation by acting as a central hub that connects financial and non-financial stakeholders to support youth entrepreneurship. This initiative fosters collaboration to effectively address the needs of young entrepreneurs across the country. The Bank is spearheading coordination among key Nigeria YEIB investors and partners, including the Federal Government of Nigeria, the Ministry of…

Oluwashola Bello stands out as a prominent figure in Nigeria’s business and taxation sectors, known for her dedication, expertise, and unwavering commitment to excellence. As a Deputy Manager at the Federal Inland Revenue Service (FIRS), Bello plays a crucial role in the assessment, collection, and accounting of tax revenues for the Federal Government—a pivotal function that directly contributes to Nigeria’s economic development. Bello’s career is a testament to her exceptional abilities and drive. Holding a bachelor’s degree in Computer Science from Ladoke Akintola University of Science and Technology, she initially made her mark in the banking industry. Starting as an…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to enhance transparency and accountability in Nigeria’s oil and gas sector through the implementation of two key initiatives: the Advance Cargo Declaration Solution and the Engineering Audit of Upstream Measurement Equipment and Facilities. In a statement, the Commission emphasized that these initiatives aim to track the movement of crude oil exports to ensure greater transparency and accountability in the sector. These efforts are being executed in partnership with P-Lyne Energy and PE Energy Limited. P-Lyne Energy will oversee the implementation of the Advance Cargo Declaration Solution, while PE Energy Limited…

In a historic move aimed at revitalizing Nigeria’s agricultural financing sector, the Federal Government has unveiled plans to privatize the Bank of Agriculture (BOA). This decision is set to attract private sector investment, broaden access to credit, and enhance operational efficiency, marking a significant shift in the bank’s management and ownership structure. The Bank of Agriculture, established to provide financial support to farmers and agribusinesses, has long struggled with inefficiencies, inadequate funding, and administrative challenges. The proposed privatization seeks to address these issues and reposition the bank as a more dynamic and inclusive institution capable of better serving Nigeria’s agricultural…

High Chief Michael Onuoha, President and Chief Executive Officer of Ailes Group, has made a significant mark as an entrepreneur, business coach, and philanthropist. Renowned for his visionary leadership and unwavering dedication, Onuoha has consistently developed impactful platforms that empower individuals to pursue their ambitions. Through Ailes Group, he has created a network of opportunities for emerging entrepreneurs and professionals, fostering an environment where talent thrives and dreams are realized. His commitment to empowerment has served as the cornerstone for countless successful careers. A trained economist from Nwangele Local Government Area of Imo State, Onuoha oversees a diversified portfolio of…

Rotimi Awofisibe is the Managing Director of VFD Microfinance Bank. In this interview with SEGUN KASALI, he delves into the challenges and opportunities within Nigeria’s fintech ecosystem, alongside his personal journey and the strategic vision for his bank. WHAT was life like for you after university? After completing my university studies, I began my career at Sterling Bank’s Oju Iwoye branch, where I focused on deposit mobilization. The experience was tough—sometimes, we had to go into markets to collect cash, including handling large sums, like the N400,000 on my first day amidst a bustling market. It wasn’t the kind of…