₦airaland Forum

Sanwo-Olu, Lawal, others laud Keystone Bank's strides at customers appreciation dinner

Keystone Bank Limited, a leading financial service provider in Nigeria, on Friday hosted an exclusive dinner event to celebrate and appreciate its loyal customers for their unwavering support throughout the year 2024.

The event, themed ‘Celebrating Partnership’ took place at the prestigious Eko Hotel and Suites in Lagos.

In her welcome remarks, chairman of Keystone Bank, Lady Ada Chukwudozie, expressed profound gratitude to the bank's stakeholders and noted that the appreciation dinner is part of Keystone Bank’s broader strategy to engage with its customers on a personal level and reinforce its position as a trusted financial partner.

Also speaking, the Managing Director/CEO of the bank, Mr. Hassan Imam appreciated the bank’s customers, stakeholders and the staff for their commitments and resilience in making Keystone Bank a leading financial institution in the country.

“We have developed several products that have also been approved by the CBN. Monthly account opening has increased by over 150 per cent.

“In addition, under our Corporate Social Responsibility, working with the state governments, we set up the Keystone Bank Educational Support Initiative for the educational sector.

In the first phase, we executed projects in 12 states: Lagos, Zamfara, Ekiti, Anambra, Katsina, Kaduna, Ebonyi, Akwa Ibom, Rivers, Kano, Benue and Borno states.

In separate remarks, Lagos State governor, Mr. Babajide Sanwo-Olu and his Zamfara State counterpart, Dr. Dauda Lawal expressed heartfelt gratitude to Keystone Bank for its meaningful CSR initiatives in their states. Governor Lawal, in particular, lauded Keystone Bank as the first financial institution to visit Zamfara State and implement impactful CSR programmes. Both governors praised the visionary leadership of the bank’s CEO, Hassan Imam, for spearheading the remarkable transformation of the bank in such a short period. They further reaffirmed their commitment to continuing their partnership with the bank, recognizing its positive impact in their states and communities.

Other dignitaries who attended the event included the Deputy Governor of Benue State, Dr. Samuel Ode; former Governor of Sokoto, Senator Aminu Tambuwal; former Deputy Governor of Kano, Dr. Nasir Yusuf Gawuna and Presidential candidate of the Labour Party in the 2023 election, Mr. Peter Obi.

Also, on the roll call are the Emir of Zazzau, Mal. Ahmed Nuhu Bamalli; Senator Iyiola Omisore; Senator Ben Murray Bruce; Senator Abdullahi Gumel; Polaris Bank CEO, Omokayode Lawal; former IGP MD Abubakar; Alh. Isiyaku Abdullahi, Executive Vice President (EVP), Downstream, Nigerian National Petroleum Company Limited; former NEMA DG, Alh. Sani Sidi; Former Minister of Interior of Nigeria, Captain Emmanuel Iheanacho; Chief (Barr.) Uju Ifejika; Chisco Transport CEO, Dr. Chidi Anyaegbu and many others.

Convicted ex-Bank PHB MD, Francis Atuche, re-arraigns with 2 others over alleged forgery


Mr. Francis Atuche, the convicted former Managing Director of the defunct Bank PHB Plc, was today re-arraigned for alleged conspiracy and forgery before the Lagos Special Offences Court, Ikeja. 

At uche was arraigned alongside the dou of Nnosiri Joachim, also known as Ifeanyi, and Uguru Onyike, before the court presided over by Justice O. O. Abike-Fadipe, by the the Economic and Financial Crimes Commission (EFCC).

The defendants, Nnosiri Joachim, also known as Ifeanyi, and Uguru Onyike, were initially arraigned before Justice Habeeb Abiru, who has since been elevated to the Court of Appeal. Hence the matter then began afresh before Justice Adeniyi Onigbanjo, who has now been transferred to another division of the Lagos High Court.

One of the charges against the defendants reads: “That you, Mr. Francis Atuche, Nnosiri Joachim (a.k.a Ifeanyi), and Uguru Onyike, on or about 4th day of March, 2013, in Lagos, within the Ikeja Judicial Division, with intent to defraud, conspired to commit felony to wit: forgery of a document titled: ‘BOARD RESOLUTION’ of Future View Securities Limited dated 17th December, 2007.”

Another charge specifically accused Joachim of fraudulently presenting a forged Board Resolution of Trajek Nigeria Limited to Keystone Bank. The document, dated December 15, 2007, was allegedly forged and purportedly signed by Elizabeth Ebi, a Director of Trajek Nigeria Limited.

All the defendants have pleaded “not guilty” to the charges when they were read to them in court.

Following the defendants’ pleas, Fanen Anum, the EFCC prosecution counsel, informed the court that the matter was starting de novo (afresh) and requested a date for the commencement of trial.

Atuche’s counsel, Anthony Ejere, appealed to the court to allow his client, who has already been convicted in a separate matter to continue to enjoy his earlier bail conditions.

Similarly, Clement Onwuenwunor, (SAN), representing Joachim and Onyike, also sought the court’s approval for his clients to retain the bail earlier granted by Justice Adeniyi Onigbanjo.

In her ruling, Justice Abike-Fadipe upheld the requests, allowing all the defendants to continue on their previous bail terms. She subsequently adjourned the case to May 6, 7, 8, 13, 20, and 27, 2025, for the commencement of trial.

Atuche’s fresh legal crisis reportedly stem from his involvement in procuring forged documents for submission in an ongoing EFCC case before Justice Lateefat Okunnu.

According to EFCC investigations, Atuche allegedly contacted Nnosiri Joachim, an office assistant at Keystone Bank’s Central Sharing Services Centre in Lagos, to deliver the forged documents to the bank’s corporate headquarters for onward submission in court.

The allegedly forged documents include the Board Resolutions of: Future View Securities Limited; Extra Oil Limited and Trajek Nigeria Limited.

The EFCC noted that the documents had been missing since October 2009 and were fraudulently recovered for use in court proceedings.

Atuche, a former key player in Nigeria’s banking sector, has been embroiled in multiple corruption and financial fraud cases since the collapse of Bank PHB, now Keystone Bank.

His earlier convictions underscore the gravity of systemic fraud that plagued Nigeria’s banking system in the late 2000s, with billions of naira in investor funds lost.

...adjourns to Feb 24 for continuation of hearing


The Federal High Court, Abuja, on Friday, granted the immediate past Governor of Kogi State, Yahaya Bello, bail in the sum of N500 million with two sureties in like sum.

This was after the former governor had pleaded not guilty to the 19-count charges brought against him by the Economic and Financial Crimes Commission.

He is facing an alleged money laundering trial to the tune of N80bn but pleaded not guilty to all the charges.

When the case was called for hearing, on Friday, Counsel for the EFCC, Kemi Pinheiro, SAN, notified the court of the intention of the Prosecution to withdraw an earlier application for abridgment of the earlier date fixed for arraignment.

He said the application had been overtaken by events. The Defendant's Counsels, led by Joseph Daudu, SAN, did not object and Justice Emeka Nwite, accordingly granted the request.

After the Defendant had taken his plea, Daudu SAN made clarifications on the reasons he had not been in court during the previous hearings.

"I would like to place on record that for any impression that might have been created that the Defendant did not wish to appear before your lordship, coincidentally, the ruling on my lord's sitting this morning dealt with the issue of jurisdiction.

"What the Defendant did was to ask his counsel to challenge the jurisdiction of the court, which got to the Court of Appeal and the Supreme Court.

"So it was not a wishful disrespect but he was only trying to defend himself. So we all hold your lordship in high esteem. If that impression must have been, he should not have presented himself for arraignment. That episode is gone and things are clearer now," the Counsel stated.

While moving an application for bail, he assured that the former Governor would always be present in court for the trial.

"I am saying this with the highest sense of responsibility that the defendant, a two-term governor of Kogi State, who travelled only two times out of his eight years in service, will always be present in court at all times.

"There should be no apprehension that he will jump bail. So we urge your lordship to grant us very reasonable conditions of bail such that he will be able to bear," the Defendant's Counsel said.

He commended the Prosecution Counsel, saying he had conducted himself in the best tradition because the matter was not a do-or-die one.

He said they had agreed that the counsels would not stress his lordship over the issue of bail.

The Prosecution Counsel concurred.

Pinheiro, SAN, said, "I must express my honour to the very eminent lead senior counsel. He is a man of immense stature, not because of his size.

"I do respect him as president of NBA. I also confirm that we have been engaging in series of discussion to ease the burden on your lordship in compliance with Rule 26 of Rules of Professional Ethics.

"I also note that your lordship had delivered not less than five rulings in this matter and it is our aim to ease the work.
We are prosecutors not persecutors and EFCC is a professional commission, a prosecutorial and not prosecutorial commission," he said.

He added, "We accept the assurances of the very eminent SAN that the defendant will make himself available subject to your lordship's discretionary terms that may be imposed.

"By so doing, we will ease the burden on the court. Therefore, we will not be opposing the eminent SAN's submission."

The Prosecution Counsel said though they had filed a counter-affidavit, they would not oppose the bail, going by the assurances of the learned SAN.

Ruling on the bail application, Justice Nwite said, "I have listened to the submissions of both counsels. It is not in dispute that both counsels have filed applications in respect of this.

"Based on the account exhibited by learned counsel for the defendant, which was exhibited and supported by prosecution counsel, I am minded to change my earlier stand on this matter."

He granted the Defendant N500 million bail with two sureties.

"Sureties must be landed property owners within the jurisdiction of this court. They must swear to affidavit of means. The title deeds of priority to be verified by the court registrar," he said.

The Defendant was also asked to submit his international passport while he would remain at the Kuje Correctional Centre pending the perfection of the bail conditions.

Recall that the ex-governor was earlier remanded in a fresh N110bn charge by the EFCC, pending his bail application.

Coming on the heels of his tours of the Western and Eastern Ports, the Managing Director of Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho will at the 7th edition of the annual conference of the Association of Maritime Journalists of Nigeria (AMJON), on Thursday, ex-ray the state of the infrastructure of the Nigerian ports.

This is as the NPA boss had earlier during his tour of the Lagos Ports announced an ambitious plan to increase container traffic from the current two million containers per year to over seven million, as part of a broader modernisation effort which would cost the Authority tens of millions of dollars.

The 2024 edition of the AMJON annual lecture is scheduled to commence at 10: 00am at the Rockview Hotel Apapa, Lagos. The conference is aimed at digging deep into the untapped Nigerian Blue Economy which is estimated at about $1.9 trillion.

The conference with the theme: "Nigeria's Maritime/Blue Economy Industry under the Renewed Hope Agenda: What is New", will spark fresh national conversations on what President Bola Ahmed Tinubu's Renewed Hope Agenda and creation of the Marine and Blue Economy ministry holds for Nigeria.

Minister of Marine & Blue Economy, Adegboyega Oyetola, will be the special guest of honour, while the Secretary General of the Maritime Organisation of West and Central Africa (MOWCA) who will be inducted on that day as a Patron of AMJON, will chair the event.

The event is also billed to have the Executive Secretary, Nigerian Shippers Council (NSC), Barr Pius Akutah, Managing Director of Nigerian Inland Waterways Authority (NIWA), and other maritime CEOs as guests and participants.

The Patron of AMJON, Chief Tony Nwabunike, along with other Notable drivers and stakeholders in the maritime sector will be on hand to chart this new course for AMJON and induct the new Patron.

Speaking, the outgoing president of the association, Paul Ogbuokiri, disclosed that the event will bring together influential voices for collaborative dialogue and development of the maritime industry, assuring that the association is ready for the big event.

Leveraging on the theme of the lecture, Ogbuokiri revealed that it will educate participants and stakeholders on the activities of government and its agencies in actualising the potentials, prospects and opportunities which abound in the Blue Economy sector.

"Stakeholders and investors shall be educated on the available opportunities and the conducive environment provided by government for investments to grow and yield tangible returns on investments, ROI, in the sector," Ogbuokiri said

According to Ogbuokiri, the 2024 AMJON annual lecture will be unique as it will feature installation of patrons and presentation of awards to deserving Nigerians and inauguration of the newly elected executives, led by Mr. Kelvin Kagbare; which shall pilot the affairs of the foremost maritime journalists association for the next three years.

Access Bank wins Financial Inclusive Bank of the Year Award at the IFIC Conference



Access Bank, Nigeria’s largest-growing financial institution, has been named Financially Inclusive Bank of the Year at the 2nd International Financial Inclusion Conference (IFIC).

Hosted by the Central Bank of Nigeria (CBN), the prestigious event was graced by major financial stakeholders, including deputy governor, Financial System Stability at CBN, Philip Ikeazor, Director-General of the National Pension Commission (PenCom), Omolola Oloworaran; Mastercard’s Country Manager and Area Business Head for West Africa, Folasade Femi-Lawal, and Chairman of the Committee of e-Business Industry Heads (CeBIH) Ajibade Laolu-Adewale, among others.

Themed “Inclusive Growth: Harnessing Inclusion for Economic Development,” the conference gathered global experts, policymakers, and industry leaders to discuss strategies for expanding financial access and fostering economic growth.

Access Bank was recognized for its significant role and contributions in the financial inclusion space, particularly through its branch expansion strategy to accommodate the unbanked communities across Nigeria whilst providing secure, fast, and digital financial solutions to its customers across Africa and beyond.

Responding to the award, Chizoba Iheme, Group Head, Financial Inclusion, Access Bank expressed immense gratitude to the organisers. In her words, “This award is not just a recognition of our efforts but a testament to the hard work and dedication of our entire agency banking, BETA proposition and the entire financial inclusion team. We remain committed to empowering individuals and businesses in the unbanked communities and beyond, and we will continue to strive for excellence in all we do.”

Access Bank is the leading commercial bank in Nigeria with over 600 branches and more than 60 million customers. The bank offers products and services tailored to suit the lifestyle of every Nigerian irrespective of age and demographic.

Court rejects EFCC's request to arraign Yahaya Bello without his counsel
...adjourns to Dec 13


The Federal High Court, Abuja, on Friday, adjourned sitting on the alleged N80bn fraud charge against the immediate past Governor of Kogi State, Yahaya Bello, to December 13, 2024 for the Motion for abridgment and possible arraignment.

Justice Emeka Nwite adjourned the sitting in the interest of fair hearing, noting that the matter had been originally adjourned to January 21, 2025.

When the matter was called on Friday, the former Governor was asked why his lawyers were not in court. He said he was only informed of the sitting late Thursday night and so could not contact his lawyers to be at the court.

The EFCC Counsel, Kemi Pinheiro, SAN, insisted that the Defendant's plea be taken.

"What the law requires is the presence of the Defendant, not the presence of his lawyers," he argued. But the judge declined.

While delivering a short ruling, Justice Nwite said, "The matter came up on the 30th of October 2024. It was adjourned to 21st January 2025. From the statement of the Defendant, his Lawyers are not aware of today's date. In the interest of fair hearing, I will not proceed for arraignment.

"The prosecution should serve the Defendant's Lawyer with the application for abridgment of time while we come back to take that.

"This matter is peculiar. It is peculiar in the sense that we have already agreed on a date, which is in January. It will be unfair if the matter is taken without the defendant's counsel. It would be a different thing if the defendant had no counsel," the Judge said.

The Court suggested December 13, 2024 for the Motion for abridgment.

However, the EFCC counsel applied that the date be for Motion and possible arraignment and that the Court should order that the defendant should remain in EFCC custody till the 13th of December when he is to appear before the Court.

The judge agreed and so ordered.
He directed that hearing notices be issued and served on the defendant's counsel, while the Defendant should remain in the EFCC’s custody till December 13.

Recall that at the last hearing on October 30, Justice Nwite had adjourned arraignment to January 21, 2025. But the EFCC had applied for the abridgment of the adjourned date initially fixed for arraignment.

The Defendant's lawyers were, however, not put on notice.

Former governor Bello is already in EFCC custody over a fresh N110bn charge before Justice Maryann Anenih of the Federal Capital Territory High Court.

The ruling on his bail application was adjourned to December 10, while he and his Co-Defendants were to remain in the Commission's custody till that date.

Yahaya Bello: Court to rule on bail application Dec 10
...defendants to remain in EFCC custody


Justice Maryann Anenih of the Federal Capital Territory High Court has fixed December 10, 2024 for rulings on the bail applications by the immediate past Governor of Kogi State, Yahaya Bello, and two others.

The Judge fixed the date after taking arguments for and against the bail request by Bello's lawyer, Joseph Bodunde Dauda, SAN and the Prosecution's Counsel, Kemi Pinheiro, SAN.

Ex-Gov Bello and two others had, on Wednesday, pleaded not guilty to the 16-count charges brought against them by the Economic and Financial Crimes Commission.

Bello, who is the 1st defendant, vehemently denied the allegations before Justice Maryann Anenih as they were reeled out by the Court Registrar.

After taking their plea, the Defendant's Counsel, JB Daudu, SAN, moved an application for bail. But the EFCC Counsel, Kemi Pinheiro, opposed the application, saying it had expired in October.

Making clarifications, the Defendant's Counsel clarified this, saying that the only relevant application before the Court was the motion for bail in respect of the first defendant, which was filed on November 22.

Relying on all the paragraphs of the affidavit, he added that the bail application was also supported with a written address.

"Exhibit A, which is the public summons is very vital and the appearance of the defendant in Court today, shows he has respect for the law," he said.

The EFCC had moved for trial to commence immediately and was ready to call its first witness.

But Bello's Counsel argued that they were served with the charge at 11 pm on November 26 and that he would need time to prepare his client.

On the bail application, Daudu SAN said the law in the country says a defendant is innocent until proven guilty.

"It is within his rights to enjoy his liberty while preparing for trial," he said.

"The prosecution's objection is based on the fact that he is facing charges at the Federal High Court and has refused to appear to take his plea.

"The court should not use issues from another court to determine issues before the FCT High c
Court," he noted.

Pointing out some paragraphs in the counter affidavit, he said the prosecution raised issues that had to do with a matter at the Federal High Court.

"When the jurisdiction of the Court is challenged, the defendant need not to appear until the issues arising from the jurisdiction are resolved," he noted.

Objecting to the submissions of Mr. Bello, counsel to EFCC held that his preliminary objection was anchored on three grounds - competence of the application; factual content of the application; and application of judicial principles and guidance.

Justice Anenih thereafter rose for a short recess.

After the recess, the prosecution counsel also opposed the bail application for the 2nd Defendant, saying since he was still a government official serving as the Director-General, Kogi State Government House, there was the likelihood of him committing the same offence.
But the Defendant's Counsel argued that the use of “may” in the prosecution's counter affidavit did not show where the 2nd defendant allegedly committed another offence after being granted bail.

He insisted that the counter affidavit lacked merit as it did not show that the defendant was a habitual offender. He therefore urged the court to grant the application for bail.

Justice Anenih adjourned ruling on the bail application to December 10 and directed that the three defendants should remain in EFCC custody.

Recall that Umar Shoaib Oricha and Abdulsalami Hudu had earlier been admitted to administrative bail by the EFCC while the former governor appeared before the court for the first time.

The immediate past Governor of Kogi State, Yahaya Bello, and two others, on Wednesday, pleaded not guilty to the 16-count charges brought against them by the Economic and Financial Crimes Commission.

Ex-Gov Bello, who is the 1st defendant, vehemently denied the allegations before Justice Maryann Anenih as they were reeled out by the Court Registrar.

After taking their plea, the Defendant's Counsel, JB Daudu, SAN, moved an application for bail. But the EFCC Counsel, Kemi Pinheiro, opposed the application, saying it had expired in October.

Making clarifications, the Defendant's Counsel clarified this, saying that the only relevant application before the Court was the motion for bail in respect of the first defendant, which was filed on November 22.

Relying on all the paragraphs of the affidavit, he added that the bail application was also supported with a written address.

"Exhibit A, which is the public summons is very vital and the appearance of the defendant in Court today, shows he has respect for the law," he said.

The EFCC had moved for trial to commence immediately and was ready to call its first witness.

But Bello's Counsel argued that they were served with the charge at 11 pm on November 26 and that he would need time to prepare his client.

On the bail application, Daudu SAN said the law in the country says a defendant is innocent until proven guilty.

"It is within his rights to enjoy his liberty while preparing for trial," he said.

"The prosecution's objection is based on the fact that he is facing charges at the Federal High Court and has refused to appear to take his plea.

"The court should not use issues from another court to determine issues before the FCT High Court," he noted.

Pointing out some paragraphs in the counter affidavit, he said the prosecution raised issues that had to do with a matter at the Federal High Court.

"When the jurisdiction of the Court is challenged, the defendant need not to appear until the issues arising from the jurisdiction are resolved," he noted.

Objecting to the submissions of Mr. Bello, counsel to EFCC held that his preliminary objection was anchored on three grounds - competence of the application; factual content of the application; and application of judicial principles and guidance.

Recall that Umar Shoaib Oricha and Abdulsalami Hudu had earlier been admitted to administrative bail by the EFCC while the former governor appeared before the court for the first time.

A former Governor of Kogi State, Yahaya Bello, has honoured the invitation of the Economic and Financial Crimes Commission again over alleged misappropriation of funds.

Bello went to the office with his lawyers on Tuesday morning, following the Supreme Court judgment which dismissed states' case on the constitutionality of the anti-graft agency.

The former Governor drove himself in a black hilux to the EFCC office with his lawyers.

At the last hearing on November 14, the EFCC had sought for adjournment till November 27 in the fresh case it instituted against Bello, saying that the 30 days window was still running for the summons earlier issued.

Details later...

Leading financial institution, Access Bank plc has denied allegation of N500m missing funds in the bank as untrue and baseless. 

The bank was reacting to a video on social media where allegations of missing funds and unethical behaviour was made against Access Bank plc.

The statement in full:

"Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
"First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously.
"Second, Access Bank Plc does not engage in or condone any unethical behaviour.
"In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
"There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
"We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

"Access Bank PLC operates with the highest ethical standards, and we protect our customers' interests whilst also respecting privacy laws.

"Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

"We remain committed to serving our customers."

...shareholders to receive one new share for five existing shares


Africa’s Global Bank, United Bank for Africa (UBA) Plc, will raise N239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares of 50 kobo each at N35.00 per share.

The Rights Issue, which opened on Friday, November 15, 2024, gives existing shareholders the opportunity to purchase additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every five existing ordinary shares held by shareholders, as of November 05, 2024.

In his letter to the shareholders informing them, the Group Chairman of United Bank for Africa, Tony Elumelu, noted that following the resolution of the Group’s shareholders at the Annual General Meeting held in May 2024, authorising the establishment of the N400 billion Equity Shelf Programme, UBA will embark on a Rights Issue, as the first step in its broader capital raising programme.

More:
https://themomentng.com/2024/11/14/uba-to-raise-n239-4-billion-through-rights-issue/

Lagos and Abuja will as from 30th November 2024 have access to major news content free of charge
Urban Express news, most reliable news platform that provides its readers with quality contents news ranging from Business, Politics, Urban& Rural lifestyles, Environment, Column and Sport.

The news medium that is notable in breaking verified news and ranked on of the best online newspapers that reports news with consideration against disinformation will be bringing out it print content to readers delight in Abuja and Lagos before the end of this month.

Announcing the print version of the Newspaper, the Publisher and Chief Executive officer of Urban Express News Nigeria Limited Mr. Olusegun Ariyo said the aim is to further meet the needs of todays audience with quality navigation with seamless access to information that watch with very keen interest areas of disinformation and misinformation that is capable of causing damage to both readers and the country in its entreaty and with the understanding of satisfying Ardent Urban Express News Readers who had over the years yearned for it Print Version.

Explaining further on the importance of print version of Urban Express Newspaper, the Publisher said it will create more opportunities for them to reach out to larger market even though according to him, the pilot projection of Abuja and Lagos was put in place to determine not only its sales but other cost benefit analysis in appraising it demands and supply with media reach in ensure wider sustainable readership

Ariyo said Urban Express Newspaper is intended to satisfy customers of both online and print with consideration for those in the mood of stepping out of social media, adding that the Newspaper will not be sold as it will be free to all our readers as we must ensure we ensure wider readership.

He said the real sense of it, the essence is to become visible, this is the best way we can compensate our partners who have remained with us year in year-out. It also goes beyond our partners; as our readers is equally important to us.

Without them, the massive traffic we now enjoy won’t be possible as we’re committed to ensure quality content that will satisfy the global village that’ll be of interest to all.

The Federal government has filed a criminal charge of tax evasion against an oil company, Newcross Petroleum Limited and it's six directors, before a Federal High Court, Lagos.

The Federal government accused Newcross Petroleum Limited and it's directors of evading tax payment, totalling $15, 729, 138. 60 million USD and N131, 467, 636. 06 million.

The evaded taxes, according to the federal government are: Companies Income Tax, Petroleum Profits Tax, Tertiary Education Tax, Value Added Tax and Withholding tax.

The six directors charged alongside their company are: Dr. F. A. Fadeyi; Dr. Bolaji Ogundare, Mr. Mutiu Sunmonu, Mr. Stephen Fadeyi, Dr Jackson Fadeyi, Mr. Oluseyi Oladapo and Mr. Victor Sodje.

The oil company and it's directors were alleged to have committed the infractions between 2014 and 2021.

Specifically, the oil company and it's directors were alleged to have failed to file correct and complete Companies income tax returns in the prescribed form and manner for 2019 to 2022.

They were also alleged to have unlawfully and willfully evade the assessment, payment, and remittance of tax due and payable to the Federal Government of Nigeria for 2019 to 2022.

The alleged illegal acts of the Newcross Petroleum Limited and it's director, according to the prosecutor, Barrister Moses Ideho from the AGF's office, contravened sections 40, 55 and 53 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).

Their actions is also contravened sections 26 & 27 of Federal Inland Revenue Service Establishment Act 2007 (as amended); Section 46 Petroleum Profit Tax Act for non - payment of tax and enforcement of payment of outstanding Petroleum Profit Tax; Section 11 of the Tertiary Education Trust Fund (Establishment) Act 2011 for non-compliance with extant provisions of the law.

The alleged illegal acts is also void to be contrary to and punishable under Section and 26 and 37 of the Value Added Tax Act (Establishment) Act. And Section 82 of the Companies Income Tax Act for failure to deduct tax and comply with the withholding tax regulations.

Neither the company or it's directors have appear before the court to take their plea on the allegations since September 12 2024, when the charge was filed.

The court has fixed January 23, 2025, for their arraignment.

Part of the charges against the defendants read: "That you Newcross Petroleum Limited, Dr. F. A. Fadeyi And Dr. Bolaji Ogundare, Mr. Mutiu Sunmonu, Mr. Stephen Fadeyi, Dr Jackson Fadeyi, Mr. Oluseyi Oladapo, Mr. Victor Sodje, sometime between 2014-2021 within the jurisdiction of this Honorable Court, whilst carrying out taxable services in the course of doing business, was obligated to pay tax liability in the sum of $7, 864, 569. 48 and N67, 682, 818. 03 for Companies Income Tax, Petroleum Profits Tax, Tertiary Education Tax, Value Added Tax and Withholding tax and thereby committed an offence contrary to and punishable under S.40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).

"That you Newcross Petroleum Limited, Dr. F. A. Fadeyi And Dr. Bolaji Ogundare, Mr. Mutiu Sunmonu, Mr. Stephen Fadeyi, Dr Jackson Fadeyi, Mr. Oluseyi Oladapo, Mr. Victor Sodje  sometime between 2014 and 2021, within the jurisdiction of this Honorable Court, whilst carrying out taxable services in the course of doing business, failed to file correct and complete Companies income tax returns in the prescribed form and manner for 2019 to 2022 years of assessment in the sum of $2, 200, 964. 20, for the purpose of paying the relevant tax administered by the Service and in so doing, committed an offence, contrary to and punishable under S. 55 of the Companies Income Tax Act (as amended).

"That you Newcross Petroleum Limited, Dr. F. A. Fadeyi And Dr. Bolaji Ogundare, Mr. Mutiu Sunmonu, Mr. Stephen Fadeyi, Dr Jackson Fadeyi, Mr. Oluseyi Oladapo, and Mr. Victor Sodje sometime between 2014 and 2022, in Abuja, Federal Capital Territory and within the jurisdiction of this Honorable Court, whilst carrying out taxable services in the course of doing business, did unlawfully and willfully evade the assessment, payment, and remittance of tax due and payable to the Federal Government of Nigeria for 2019 to 2022 years of assessment in the sum of $2,200,964.20, and in so doing, committed an offence, contrary to and punishable under S. 53 of the Company Income Tax Act (as amended).

"That you Newcross Petroleum Limited, Dr. F. A. Fadeyi And Dr. Bolaji Ogundare, Mr. Mutiu Sunmonu, Mr. Stephen Fadeyi, Dr Jackson Fadeyi, Mr. Oluseyi Oladapo, Mr. Victor Sodje  sometime between 2014 and 2021, in Abuja, Federal Capital Territory and within the jurisdiction of this Honorable Court, whilst engaged in the normal course of business of NEWCROSS PETROLEUM LIMITED, neglected and refused to deduct Tertiary Education taxes in the sum of $585, 749.73 for 2019 to 2021 years of assessment due to the Federal Government and in so doing committed an offence contrary to and punishable under Section 11 of the Tertiary Education Trust Fund (Establishment) Act 2011 for non-compliance with extant provisions of the law.

That you Newcross Petroleum Limited, Dr. F. A. Fadeyi And Dr. Bolaji Ogundare, Mr. Mutiu Sunmonu, Mr. Stephen Fadeyi, Dr Jackson Fadeyi, Mr. Oluseyi Oladapo, Mr. Victor Sodje,  sometime between 2014 and 2021, in Abuja, Federal Capital Territory and within the jurisdiction of this Honorable Court, whilst engaged in the normal course of business of NEWCROSS PETROLEUM LIMITED, neglected and refused to deduct Value Added taxes in the sum of $641,777.28 for 2014 to 2022 years and N11, 688,274.85 for 2019 to 2021 years of assessment due to the Federal Government and in so doing committed an offence contrary to and punishable under Sections 26 and 37 of the Value Added Tax Act (Establishment) Act.

"That you Newcross Petroleum Limited, Dr. F. A. Fadeyi And Dr. Bolaji Ogundare, Mr. Mutiu Sunmonu, Mr. Stephen Fadeyi, Dr Jackson Fadeyi, Mr. Oluseyi Oladapo, Mr. Victor Sodje,  sometime between 2014 and 2021, in Abuja, Federal Capital Territory and within the jurisdiction of this Honorable Court, whilst engaged in the normal course of business of NEWCROSS PETROLEUM LIMITED, neglected and refused to deduct Withholding taxes in the sum of $637,335.72 for 2014 to 2021 years of assessment and the sums of N52, 086,543.18 due to the Federal Government and in so doing committed an offence contrary to and punishable under Section 82 of the Companies Income Tax Act for failure to deduct tax and comply with the withholding tax regulations."

Another feather has been added to Urban Express New’s Cap as it received Africa leadership Award From the leadership Development in Africa for balanced reporting, fact-checking and clarity against disinformation

The Representative of the leadership Africa Developments, Mr. Oladehinde Adekunle who Presented the Awards to the Management of Urban Express News said noted that the Online News remains very diligent in discouraging disinformation with good understanding of fact-checking every news before dissemination to readers consumption which has stood it tall amongst it peers.

According to him, your quality presentation of News Analysis on Urban Express News is very good to emulate by other online platform as you’re on of the first that keyed into the campaign against misinformation and disinformation that has led many into astray, killings some while some are being accused wrongly because of what is dished out to the public glare that has led many being traumatic at the end of the day.

Here him, Africa Leadership Development Initiative is Proud to be Associated with you because of your style of reportage, investigation and transparency.

“In Today’s world, you can hardly achieve anything without the media. We know how powerful you are and that is why we believe in your objectivism as we assure you of our full corporation, commitment, and of course, we’re partners, if you see us doing what is wrong, please advise us Professionally’’

In Response, Urban Express News Representative, Miss Taiwo Popoola who received the award on behalf of the organization stated that it was a great honor for the organization to receive one of the best awards from Africa leadership Award initiative in what it termed special Award

She noted ‘’ this Award show that Africa Leadership Award Initiative appreciate the efforts of Urban Express News Managements. We’ll take this Award to the Publisher, and by the grace of God, we wont relents in our effort at combating fake News in the polity and the world.

She equally commended the NGO for efforts of Urban Express News Toward Nation Building. The Representative, Mr. Oladehinde Adekunle, also use the event to explain what the Africa Development Award Initiative is out to achieve, stating that the organization is determined to recognize those with quality leadership impact in all spheres essentially on media projection and that which is capable of ensuring transparency accountable to the world
We came up with this vision of Africa Leadership Award Initiative because its time to change the mindset on how we extract news and ensure misinformation and disinformation of News Dissemination in Nigeria and the entire world.

My friend, Paul, is Jamaican. He has a strong Jamaican twang that sometimes leaves me wondering what he is saying.

Paul and I met at our local pub in London and bonded over our mutual love for crossword puzzles. When he was about 12, his mother left Jamaica for the US and Paul’s life changed as he became a “barrel baby”.

The term “barrel children” was coined by Dr. Claudette Crawford-Brown, a lecturer at the University of the West Indies and it refers to children who receive food and clothes and money from parents who have migrated abroad in search of greener pastures.

Psychologists have spoken of the negative effect this can have on "barrel children" who may harbour feelings of abandonment but economists focus on the impact on the Gross Domestic Product (GDP) and wider economy because diaspora remittances from economic migrants are a huge source of economic empowerment for the people and country they leave behind.

In Nigeria we know of children, parents, spouses and sundry family members who make weekly visits to pick up funds sent by loved ones via Western Union or Moneygram.

Diaspora remittances were in focus in the last week of October in Washington as Yemi Cardoso, Governor of the Central Bank of Nigeria made a series of disclosures and announcements on the sidelines of the IMF/World Bank meetings. According to TheCable, Yemi Cardoso announced that the CBN has set a remittance inflow target of $1bn a month.

A few things are worthy of consideration regarding the announcement and disclosure. The volume of remittances has been on the rise since Yemi Cardoso took over at the CBN and implemented a few initiatives. One of which was the granting of approval in principle (AIP) to 14 new and eligible international money transfer operators (IMTOs) to trade on the official foreign exchange (FX) window through the implementation of a willing buyer-willing seller model. This enabled timely access to naira liquidity for IMTOs thereby enhancing liquidity in Nigeria’s FX market.

It has had a positive effect because in July the CBN reported that the country had recorded an all-time high diaspora remittance inflow  of $553m. During the IMF/World Bank meetings the CBN governor announced that remittance inflows surged past $600m.

According to Cardoso, “When I was in Washington for the spring meetings, I called the different IMTOs and…we engaged with them extensively and understood what the problems were. I would say that when we started, the volumes that were going through the remittances were in the region of maybe about $200 million and as at the end of last month, we were almost $600 million.”

It is on the strength of this growth that Yemi Cardoso has set the seemingly high $1bn monthly diaspora remittance target. How realistic is that target and what will it mean for the Nigerian economy?

It is realistic because diaspora remittances have averaged $20bn annually over the past decade and as I noted in an earlier intervention, when the CBN is in the spotlight, discussions almost always resolve to the foreign exchange rate.
The managed float of the naira coupled with other measures introduced by the CBN are having some positive impact seen in the comparative stability of the naira relative to the green back, the checkmating of round tripping, removal of speculative trading and arbitrage and positive contraction in the gulf between the official and parallel market rates.

The CBN governor believes that with the naira competitive Nigerians in the diaspora are now eager and should be encouraged to invest. “Our currency has now become extremely competitive and cheap. So they see the opportunity of taking positions in assets and businesses back home.”

What the CBN governor is alluding to here is that since the dollar can now get more naira for those abroad, the time may be right to set up that water-making factory or agro-product processing plant because aside from oil and remittances and bonds, the country needs return of productive capacity to help buoy the value of the naira.

This case is being made with gusto by the CBN governor and his lieutenants as well as bankers and financial sector stakeholders who have joined the train.

The CBN governor was guest at an event on October 22 on the sidelines of the IMF and World Bank annual meetings in Washington DC. Titled ““Strengthening Ties with Nigerians Abroad” A Conversation with Yemi Cardoso, Governor, Central Bank of Nigeria” it afforded him an opportunity to share ongoing reforms at the apex bank and contextualize the need to change the perspective on remittances from a focus on consumption to investment.

That same message resonated at a forum which held a day earlier in Houston, Texas under the theme “Optimizing Remittances to Nigeria: A Vision for the Future”. The event “brought together members of the Nigerian diaspora, business leaders, investors, and top executives from Nigerian banks to explore strategic pathways for enhancing remittance flows, a vital component of Nigeria’s economic stability and growth.”

To boost remittance flows, enhance diaspora BVN enrolment and facilitate banking transactions in Nigeria for those in the diaspora, the Nigeria Inter-Bank Settlement System (NIBSS) took advantage of the forum to introduce the Non-Resident Bank Verification Number (NRBVN), a new digital platform which simplifies Know Your Customer (KYC) verification for Nigerians in the diaspora and foreign investors.

The message was simple; remittances can be a strategic tool for promoting diaspora-led investments if we pay close attention to the pivotal role the Nigerian diaspora already plays in national development and direct a shift in focus.

As Philip Ikeazor, Deputy Governor, Financial System Stability, CBN told his audience “We are looking at remittances going beyond remittances for consumption, but remittances for investment.”

But will $1bn monthly diaspora inflows make much of an impact? The answer is easy. Increased remittance inflows will provide more foreign exchange liquidity which will have a positive impact not just on the dollar supply side but on the overall economy. So, the key is to move from $1bn monthly to more.

And to explain this I will return to my Jamaican friend and his country. Jamaica’s foreign exchange earnings come primarily from Tourism, Trade and Remittances. In 2023, remittances accounted for 19.1%, of their GDP down from 21.57% recorded in 2022.

Nigeria on the other hand earns its foreign exchange mostly from oil. Then we have receipts from the non-oil sector from trade in goods and services, agro products and solid minerals. Oil earnings have dwindled in recent times thanks to a cocktail of issues that do not need elaboration. In 2023, diaspora remittance inflows accounted for 5.65% of GDP indicating an increase from 4.26% recorded in the preceding year.

My focus on Jamaica which has a population of about 3m people may look like the proverbial apples to oranges comparison so let us look at diaspora remittances from the perspective of bigger low- and middle-income countries (LMICs).

According to 2023 statistics from the World Bank “remittances to low-and middle-income countries (LMICs) grew an estimated 3.8% in 2023,” albeit lower than the previous year’s with a total value of “$669 billion.”

The same World Bank report also lists the top 5 remittance recipient countries in 2023 as India ($125 billion), Mexico ($67 billion), China ($50 billion), the Philippines ($40 billion), and Egypt ($24 billion). Nigeria came in at $20.52bn for 2023.

The fact that the announcement was made in America in Houston which boasts the largest Nigerian population in the US is significant because America remains the largest source of diaspora remittances and to put it in perspective; in 2022, of the 4.8 million Indian Americans in America, 3.1 million were immigrants meaning they had ties at home conversely Nigeria had a population of about 712,000 with about 392,811 of those born in Nigeria and with ties to home.

The point of these figures is to show the potential while underlining the fact that diaspora remittances can impact the economy positively when the right environment is created for those who have japa’d to cast their financial gaze home.

The second point is that while Cardoso has set a $1bn remittance inflow target per month there is the feeling that it is a modest target and that the figure would be exceeded if ongoing engagements continue and the measures put in place are sustained.

To conclude let us look to a quote by Dulip Ratha, author of the report Migration and Development Brief 39 to help us understand why the renewed focus on remittances is a big deal.

“Remittances are one of the few sources of private external finance that are expected to continue to grow in the coming decade. They must be leveraged for private capital mobilization to support development finance, especially via diaspora bonds. Remittance flows to developing countries have surpassed the sum of foreign direct investment and official development assistance in recent years, and the gap is increasing.”

*Toni Kan is a PR expert and financial analyst.

Nigeria must launch national awareness campaigns to combat rising cybercrime, says ISSAN

The Information Security Society of Africa Nigeria (ISSAN) has urged the development of a national awareness campaign program that includes community engagement, a redesign of school curricula, and strategic Public-Private Partnerships to enhance awareness of cybersecurity threats in Nigeria. Dr. David Isiavwe, ISSAN’s president and Executive Director NOVA Bank, made this call during his opening address at this year’s Cybersecurity Conference in Lagos.

Dr. Isiavwe highlighted alarming statistics, noting that Nigeria experienced millions of cyberattacks in just the first half of the year, with a staggering 64% increase in data breaches reported nationally.

“In today’s interconnected world, cybersecurity is not merely a technical issue; it is a fundamental pillar of our national security, economic stability, and societal well-being. Nigeria, like many nations, faces significant cybersecurity challenges that demand our immediate and sustained attention. While we have made remarkable progress in digital transformation, the increase in internet access and digital technologies brings heightened cybersecurity risks. Cyber threats such as phishing, ransomware, and data breaches are becoming more sophisticated and frequent, posing serious risks to financial institutions, government agencies, and private enterprises,” he stated.

To address these challenges, Dr. Isiavwe emphasized the importance of focusing on talent development and capacity building. “We need to invest in cybersecurity education and training to nurture a new generation of experts equipped to protect our digital infrastructure. This requires collaboration between government, academia, and the private sector to create comprehensive training programs and career pathways in cybersecurity.”

He advocated for educational partnerships with universities and technical institutions to develop specialized cybersecurity curricula and degree programs. He also highlighted the need for continuous learning opportunities for current IT professionals to transition into cybersecurity roles, alongside public awareness campaigns, to educate citizens about cybersecurity threats and safe online practices. Additionally, he called for the creation of incentives to retain talent in the country, such as competitive salaries, career advancement opportunities, and supportive working environments.

Dr. Isiavwe reiterated ISSAN's long-standing commitment to promoting information security in Nigeria and across Africa. “Our efforts to organize this conference and bring together experts, policymakers, and stakeholders are commendable. It is through such collaborative platforms that we can share knowledge, exchange best practices, and develop innovative solutions to our cybersecurity challenges. Cybersecurity is a shared responsibility; the entire ecosystem is as strong as its weakest link. By working together, we can build a secure digital future for Nigeria and Africa. Let us commit to developing the talent and resources necessary to bridge the cybersecurity gap and protect our world.”

The conference included discussions on various sub-topics, such as building a cybersecurity workforce in Nigeria, future trends and challenges, and the role of innovation, entrepreneurship, and policy in addressing the cybersecurity gap. Panellists featured industry experts like Richard Amanfoye, Gbolabo Awolewa, and Dr. Harrison Nnaji, Oluseyi Akindeinde, Dr. Obadare Adewale and Bar. Basil Udotai, with sessions moderated by Dr Bode Oguntoke.

For nearly two decades, ISSAN has been at the forefront of promoting information security in Nigeria and across Africa. By organizing this conference and uniting experts, policymakers, and stakeholders, ISSAN fosters essential collaboration for sharing knowledge, exchanging best practices, and developing innovative solutions to cybersecurity challenges.

Lagos socialite and Sujimoto Home boss, Sijibomi Ogundele is currently embroiled in a shocking fraud case! The high-profile businessman was recently detained at the Force Criminal Investigations Department (FCID) in Abuja but has since been released on bail. 

The drama unfolded after a bombshell petition from human rights lawyer Pelumi Olajengbesi accused Ogundele of swindling a staggering $325,000 from one Kabiru Ibrahim. The allegations date back to November 5, 2020, when Ogundele allegedly convinced Ibrahim to make a hefty down payment for what was promised to be a luxurious three-bedroom flat in the upscale Leonardo estate—a property that was supposedly worth $750,000!

In the explosive petition, obtained exclusively by our sources, Olajengbesi detailed how Ogundele lured his client with flashy brochures and enticing offers. “Mr. Sijibomi Ogundele approached our client and fraudulently represented himself and the company,” the document states. “He offered to sell one unit of a three-bedroom flat at the estate, claiming that if our client paid 50% upfront, the total price would be reduced to $650,000!”

Ibrahim took the bait and handed over a jaw-dropping $325,000, which was acknowledged by Sujimoto Construction Limited. However, as time passed, Ibrahim was left in the dark—no construction updates, no property in sight, and certainly no sign of his investment!

When we reached out for comments, police spokesperson DSP Funmi Eguaoje confirmed that Ogundele had been released after an “interview.” “He came on invitation yesterday but they couldn’t resolve the matter then,” Eguaoje explained. “They called them in for an interview today, and now he’s going home!”

Attempts to reach Ogundele’s lawyer, Kenny Umenyi, hit a dead end when our call was abruptly cut off after we introduced ourselves. As of now, we’re still waiting for a response to our text message.

Read more: https://themomentng.com/2024/11/01/sujimoto-homes-boss-sijibomi-ogundele-arrested-over-325000-fraud-scandal/

Access Bank launches ‘Power of 100 Africa’ to celebrate trailblazing women across the continent

Access Bank, Africa’s leading commercial bank, has announced the launch of The Power of 100 Africa initiative, aimed at honoring women driving change across various sectors in Africa. Building on the success of the 2015 Power of 100 book, which celebrated influential Nigerian women, this expanded project will highlight remarkable women in business, healthcare, technology, education, and more.

In her opening remarks, Deputy Managing Director of Access Bank, Chizoma Okoli, explained the Bank’s motivation for expanding the project beyond Nigeria. “This year’s edition of Power of 100 will extend beyond Nigeria, celebrating women making significant impact across the African continent. The Power of 100 Africa is not just a celebration, but a call to action”.

“We are opening nominations today, inviting the public to help identify these phenomenal women—trailblazers, change-makers, and unsung heroes.”

Okoli also emphasized the importance of spotlighting African women leading innovations and driving social change, noting that the initiative aims to uplift women’s success stories and inspire the next generation of female leaders. According to her, the honorees will gain access to exclusive events, networking opportunities, and resources within Access Bank’s “W community”. They will also participate in mentorship programmes, either as mentors or mentees, to further develop leadership and community engagement skills.

Managing Director/CEO of ACT Foundation, Osayi Alile, explained that the Power of 100 Africa project will focus on 16 African countries where Access Bank has a presence, with Nigeria having 15 subsidiaries. She noted that this approach will enable the Bank to effectively engage with communities where it has established relationships, ensuring that the support and recognition provided are impactful.


Alile also highlighted that a diverse jury panel of industry experts and respected figures will evaluate nominees to ensure transparency and fairness. Women across the 16 eligible countries can register via the Bank’s website.

The participating countries include The Gambia, Sierra Leone, Zambia, Cameroon, Ghana, Rwanda, D.R. Congo, Guinea, Mozambique, South Africa, Kenya, Botswana, Nigeria, Tanzania, Uganda, and Angola.

Speaking on the alignment of the project with Access Bank’s mission, Group Head of W Initiative & Emerging Business, Abiodun Olubitan, said: “The Power of 100 Africa aligns with Access Bank’s commitment to empowering women and promoting gender equality. It also reflects the Bank’s broader mission to foster economic growth, support leadership development, and drive positive societal change across Africa.”

With The Power of 100 Africa initiative, Access Bank aims to inspire future generations by sharing the stories of African women who are making their mark.

To nominate a phenomenal woman or women driving change across different walks of life in Africa for global recognition, please click HERE.

Doris Uzoka-Anite and Nonye Ayeni: Amazons leading Nigeria’s non-oil export trade –Toni Kan


On July 11, 2024, Nonye Ayeni, ED/CEO at the Nigerian Export Promotion Council represented her supervising minister, Dr. Doris Nkiruka Uzoka-Anite, the honourable Minister of Industry, Trade, and Investment at the launch of HerAfCFTA in Lagos.

In the speech she read at the august gathering of technocrats and entrepreneurs, Mrs. Ayeni said “It gives me great joy to join such a distinguished gathering in calling attention to two issues that are very dear to my heart – trade and female participation. I want to begin by thanking the UNDP for this laudable initiative and formal launch of #HerAfCFTA which is proceeding under the theme: Breaking Barriers: Positioning women to harness Africa's trade opportunities… HerAfCFTA underscores the importance of collective effort by calling on all development actors to invest in securing a prosperous future for women in the unified African market.”

At the end of the prepared speech, the ED/CEO of NEPC spoke extempore for a few minutes and as she prepared to leave the stage she dropped a final sentence that set the hall agog, with participants rising to their feet to give a rousing and rapturous applause.

What did she say to get her audience clapping? Nonye Ayeni delivered a short quip credited to Margaret Thatcher aka 'Iron Lady', who was the first female British Prime Minister and the longest serving PM for over 150 years.

Thatcher is credited with saying that – “Sometimes, the best man for the job is a woman!”

Diversification of the non-oil export sector is a key policy plank of President Bola Ahmed Tinubu administration’s “Renewed Hope Agenda” and in giving a fillip to diversification, he chose perhaps, on purpose and maybe not, two eminently qualified women who cut their teeth as bankers and who both rose to Group Treasurer position at Zenith Bank.

Uzoka-Anite would subsequently become Commissioner for Finance and Coordinating Economy in Imo state while Nonye Ayeni was appointed pioneer Managing Director of Signature bank.

These two amazons versed in the intricacies of banking and treasury management and eloquent in the language of business and finance have received presidential imprimatur to develop and promote trade, investment and non-oil exports.

After one year in the saddle, it seems apposite to interrogate and evaluate their impact especially their focus on ensuring that Nigerian women entrepreneurs thrive in the international trade arena.

Dr. Uzoka-Anite upon resumption was clear in her approach. Her strategy is encapsulated under the “Industrial Revitalization Plan” which pays strong emphasis on the return of productive capacity as a catalyst for diversifying the Nigerian economy away from our mono-cultural dependence on oil.

Since her appointment she has made it her driving passion to seek investments and open up collaborations in growing Nigeria’s industrial capacity. Her drive seems anchored on the realization that anything built to last begins with a solid foundation.

Information is a globally recognized currency in our digital and connected world. This must have informed Dr. Uzoka-Anite’s establishment of the Trade Intelligence Unit in collaboration with other MDAs. The overarching objective is to map data and use same to attract FDI, expand the foreign exchange revenue base, create jobs and catalyse the economy.

Revitalizing industries in line with her encompassing strategy, requires funds and to meet that need, the honourable minister flagged off the Presidential Grant, Loan Scheme and Palliative Programme with the objective of facilitating financial support for businesses.

Again, her ministry is working with a partner, the Bank of Industry to administer and deploy the funds.

Attending her first United Nations General Assembly (UNGA) as Minister, Uzoka-Anite announced the launch of the National Talent Exchange Programme (NATEP) which will create a pipeline of trained and certified artisans who will be in the vanguard of industrial revitalization just as happened in Taiwan in the 70s and 80s.

Working in concert with another partner; the Industrial Training Fund (ITF), she noted that NATEP is expected to create 10 million jobs.

One year later on October 10, 2024, the minister posted on X formerly Twitter. “I am delighted to announce that the 1st cohort of the Federal Government’s National Talent Export Programme (@NATEPNigeria) is set to depart for Kuwait! This initiative, one of the key pillars of our commitment to creating global opportunities for Nigerians, has now unlocked 329 positions in various sectors, including Engineering, Healthcare, IT, and more.”

At this year’s UNGA, she signed an MOU with U.S. EXIM to enhance trade financing opportunities by providing easier access to capital for Nigerian businesses engaging in international trade.

Nonye Ayeni had an opportunity to present a score card on August 28, 2024 when she briefed the press on the H1 2024 performance of the non-oil export sector and what came across was a focused, intentional and measurable agenda for boosting trade and the non-oil sector.

She announced to her audience that Nigeria raked in $2.7bn from non-oil exports in the first half of 2024 representing a 6.26 percent increase compared to $2.53 billion earned in the same period in 2023.

The growth was attributed to what she said were “ongoing efforts to grow the non-oil sector and diversify the economy from the mono-cultural dependence on oil in alignment with the Industrial Revitalization Plan of the Honourable Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite and the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu (GCFR).”

She also cited growth in many areas - a total of 211 different products were exported in H1 2024 with the top 3 products - cocoa beans, urea/fertiliser and sesame seeds – contributing 23.18 percent, 13.78 percent and 11.04 percent of the total non-oil exports for the period indicating in her words “a shift from traditional agricultural commodities to more semi-processed and manufactured goods.”

In H1 2024, Nigeria’s non-oil products were exported to 122 countries with total volume put at 3,834,333.83 metric tonnes. The exporters utilized 19 exit points made up of Seaports, International Airports, and Land Borders.

Under her watch and with the trade facilitation championed by the minister of Trade and Investments, the Nigeria Customs Service has designated Lilypond Terminal as a non-oil export terminal thus easing port processes.

Since becoming CEO of the council, Ayeni has championed fresh initiatives that have contributed to the growth of the non-oil export sector and these include “Operation Double Your Exports” and “Export 35 Redefined” through which the Council has selected the top 20 agricultural products to focus on. In January 2024, Mrs. Ayeni launched NEPC CONNECT, the council’s result-driven customer service team ensuring seamless interaction between exporters and the Council.

While noting that there is enormous potential for growth, she announced that NEPC is making sure that the potential is realised by supporting exporters from the farm gate to the export terminal.

This has seen the council providing hybrid seedlings and agricultural inputs for improved productivity. The pilot was launched in Jigawa state on October, 8 2024. The choice of Sesame and Hibiscus is predicated on the fact that the global Hibiscus flower and Sesame seed market size was estimated at $7.44 billion in 2023 and is expected to reach $11.15 billion by 2032 and there has been a boost in exports and revenue since NEPC signed an MOU with Mexico in October 2023.

Working with the World Trade Organisation (WTO), the NEPC launched the Standard Trade Development Facility aka STDF 845 project in March 2024. The focus is on boosting revenue from cowpea and sesame by significantly reducing the number of rejected cowpea & sesame exports at international borders through better compliance with Maximum Residue Levels of pesticides & avoidance of Salmonella contamination in the targeted value chains.

The council is also providing further support in the areas of capacity training workshops, certifications (Halal, ISO, Organic), labeling and packaging. In H1 2024, 90 capacity-building programmes were held with 10,780 participants benefitting.

To facilitate the export process, NEPC under Ayeni’s watch has established Domestic Export Warehouses to streamline and facilitate export cargo consolidation. The council has also launched a brand logo for Shea Nigeria sector and established a business cluster for the Shea sector in Nigeria.

What has Nonye Ayeni done to enhance the participation of women in the non-oil export sector? NEPC launched the NEPC-ITC SheTrades partnership to connect more women-owned businesses to global markets while facilitating women empowerment and inclusion in the non-oil export trade. The overarching objective is to enhance the skills, capacity and competitiveness of women while generating employment and export revenues through increased productivity of women-owned businesses.

To conclude, it is germane to emphasise the importance of the non-oil export sector in helping Nigeria diversify from over dependence on oil. A Vanguard report of October 14, 2024 referenced comments credited to World Bank Vice President and Chief Economist, Mr. Indermit Gill who spoke at the opening session of #NES30# in Abuja. “In the coming years, Nigeria’s policymakers face three key options. First, prioritize non-oil exports…”

Geo-political and domestic disruptions in the oil and gas value chain continue to impact both output and revenue and non-oil exports should be the game changer. The reasons are not hard to see. Nigeria produces over 1,000 agricultural products & derivatives in commercial quantities and we also boast about 44 minerals. Nothing spells potential more than those and we are lucky to have two tried and tested amazons in the driving seat of the non-oil export trade and diversification train.

*Toni Kan is a PR expert and financial analyst.

Yemi Cardoso, Governor of the Central Bank of Nigeria was guest of the Harvard Club of Nigeria in Lagos on Friday October 4th, 2024.

In speaking to the topic - “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation”, he referenced the raising of the MPR from 18.45% in February 2024 a few months after he assumed office to the current level of 27.25% on September 24th, 2024.

According to a report, he told his audience that “Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation. Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these.”

Reading that portion of the report from his interaction with the Harvard Club of Nigeria Yemi Cardoso’s comments about the MPR, interest rates and inflation took me many years back to when I was a Deputy Manager in the Research and Economic Intelligence Department of Zenith Bank.

In that role, the bulk of my work was routine; stock and money market monitoring and analysis as well as analysis of foreign exchange transactions and trends.

But aside from data collection and trend analysis I did some writing; producing the Zenith Economic Quarterly and analyzing feasibility studies for new businesses. It was from analyzing feasibility studies that I gained some unique insights about setting up a business and the disposition of Nigerian entrepreneurs to banks and the loans they obtain from banks. It was there I learnt about interest rates and Nigerian businesses. But I will come to that shortly.

Back then at Zenith, I recall that when I started compiling money market reports, the reference for interest rates was something called the Minimum Rediscount Rate (MRR). It was replaced on December 4, 2006 with the now popular Monetary Policy Rate (MPR).

The CBN noted at that time that “The MPR would be the main instrument of the new monetary policy framework and will determine the lower and upper band of the CBN standing facility and is expected to have the capability of acting as the nominal anchor for other rates.” That lower and upper band is what we now know as the asymmetric corridors.

The MPR is therefore a benchmark that determines the interest rate at which banks lend to their customers. Raising or lowering the MPR also has an effect on inflation by controlling the amount of money in circulation. This is why Yemi Cardoso has made it a key aspect of his inflation control agenda.

Since taking office, the incumbent CBN governor has raised the MPR 5 times.

These increases have been anchored on what he described at the 294th Monetary Policy Committee Press Briefing as underscoring “the CBN’s commitment to the price stability mandate and the need to urgently bring inflation under control to ensure that the purchasing power of ordinary Nigerians is restored in the short to medium term.”

With each raise, financial analysts and commentators have expressed their opinions. While varied, the common denominator has been the fact that a high interest rate which is correlated with a high MPR will impact the borrowing costs for businesses and individuals.

The point has also been made that the negative impact on borrowing for investment and consumption purposes could slow down economic activity but what they do not say as loudly is that a high MPR rate means that those who put their money in savings deposits or TBs will get more bang for their buck and even foreign investors would be attracted by higher rates of return.

Basic economics tells us that inflation occurs when a few things happen, top of which is rising prices and too much money chasing too few goods. Others include, a rise in the cost of producing goods and services, demand exceeding supply, wages rising leading to increased purchasing power, natural disasters impacting farming or production, conflicts disrupting supply lines or when tax cuts lead to higher purchasing power.

Almost all of these have happened since 2023 and led to an increase in headline inflation something Cardoso also noted at that MPC briefing. In his words “members note the continued rise in headline inflation driven largely by food prices because of supply shortages and high cost of logistics and distribution.”

The last bit was, of course, a euphemism for high transport costs exacerbated by the increase in the fuel price.

So, curbing borrowing which leads to more money in circulation is clearly a step in the right direction.

While it is true that a high interest rate will discourage borrowing and potentially impact productive activities, the point should also be stressed that all over the world, the interest rate and inflation rate are connected because central bankers realize that the interest rate should usually be higher than the rate of inflation if prices are to stay stable which is what Yemi Cardoso is trying to do – keep prices stable and low and restore the purchasing power of ordinary Nigerians who are the most impacted.

A quick look at statistics from Statista will show us a trend for inflation vs interest rates for a few countries as at July 2024:

Australia, inflation rate of 3.5% and interest rate of 4.35%Brazil: inflation rate of 4.5% and interest rate of 9.5%Canada: inflation rate of 2.5% and interest rate of 4.5%Russia: inflation rate of 9.1% and interest rate of 16%UK: inflation rate of 2.2% and interest rate of 5.25%US: inflation rate of 2.9% and interest rate of 5.38%

Now, if central banks the world over have realised that interest rates must be higher than the inflation rate why do we scream blue murder each time the MPC raises the MPR?

The answer I believe is because we are looking at high double digits. Back in the mid noughties when I worked at Zenith bank interest rates were around 12 and 13% and I remember that fixed deposits used to attract less than 10% returns. So, if the MPR had been moved by 200 basis points from 12.75 to 14.75% there would be not so much hoopla.

To underline this point, let us go back to 2006. Resolutions from the MPC Meeting of February 14, 2006 included: “Resolved to work towards maintaining single digit (core) inflation… MRR will be maintained at 13% in line with the anti-inflation stance of the MPC.” This shows that the resort to MRR or MPR as an inflation monitoring tool is historic and pre-dated Cardoso and his team who have set an inflation target of 21.4% in the short term.

Another point that needs to be made is that if interest rates remain lower than the rate of inflation in an inflationary environment such as we have presently, it could be an invitation to financial rascality where loans are obtained and used for what they were not intended for.

And that point leads me back to my days as a researcher at Zenith bank. Back then, in analyzing and providing opinions on feasibility studies, I was often mystified when I read the financials presented by start-ups seeking loans. A service oriented business would, for instance, apply for N60m take off loan and present line items for its sunk costs showing – business registration, legal, rent, office equipment, salaries and wages etc. But then you would often discover that N25m had been allotted to be used for “buying cars for marketing.”

My boss back then always told me that such depreciating assets must never be allotted more than 20%!

The issue was that in those days, with interest rate at about 10%, the temptation to be imprudent was high. This is what Yemi Cardoso is fighting to stop in an era of high inflation. Whatever is borrowed now must be applied judiciously to productive activity.

So, do we expect the MPR to go higher? My view is that it should. The MPR must correlate in some particular with the rate of inflation and as the CBN governor noted at that Harvard Club event “in the face of economic challenges, it is imperative to focus on core objectives—restoring the credibility of the institution, building trust in the financial system, and, most critically, containing inflation. These are not just strategic goals; they are foundational to any meaningful recovery.”

In concluding, I must return to a submission I made in a previous intervention; for the economy to grow and the gains become apparent in the medium to long term, there must be a convergence of both monetary and fiscal policies? Monetary policy is not a silver bullet even though it seems to be working with headline inflation dropping and the gap between the official and parallel markets contracting. Interesting days lie ahead.

-Toni Kan is a PR expert and financial analyst.

Access Bank, a leading institution in the Nigerian financial sector, has partnered with SaltinGTein to unveil Winbundle Airtime2Win on its digital platform to provide customers a chance to turn airtime purchase into a potential life-changing event.

Winbundle Airtime2Win enables customers to purchase airtime via *901# and receive 70 percent airtime value and 30 percent raffle tickets into the consumer draw, with chances to win up to N100million weekly.

Senior Retail Advisor, Retail Banking, Access Bank, Robert Giles, while speaking on the service between Access Bank and SaltinGStein Limited, expressed the bank’s commitment to rewarding its customers. He said the bank’s 901 USSD services have been something that has helped the bank and the industry by generally improving access to finance.

“Our 901 USSD platform allows customers to open bank accounts. So you don't need to go to a branch anymore to open a bank account. You can open it from the comfort of your home. And that has enabled a much younger generation, and particularly female generation, to open bank accounts wherever they are in the country.

“It evolved further to bill payments, so you can, of course, top-up that phone that's so important to you. You can buy data, and also you can pay for your DSTV and other services. And as we've as we've

“We have evolved in all of our banking services, we have seen that, particularly with a new and younger generation, people want to be engaged more. Simply having a phone and doing transactions is not enough. And if we look at today's world, when we compare ourselves in the banking industry, we have to compare ourselves to big tech customers who are familiar with using social media”.

Giles added that the feedback from the bank’s customers is the reason the is poise to give them what they want.

What we are announcing today is as a result of feedback from our customers and it is yet another service on 901 that will help customers to do their transactions but also participate in a draw and have the chance to win life changing cash.
He added that the bank is pleased to be on the same page with WinBundle with the sole objective of switching utilities and Airtime payments for its customers with WinBundle’s Airtime2Win.

Oluremi Tinuola Gabriel, Group Head, Digital Channel, Access Bank, said, “The bank is in this partnership with WinBundle because customers want more and what the bank is doing is in response to what the customers want. They stand the chance of winning upto N100M every week”.

Stella Oshorinde, Chief Commercial Officer, WinBundle By SaltinGStein Limited, said, “If you dial *901# and select airtime on the menu, you will see items 3 and 4 for "Airtime plus raffle ticket to win up to N100M” for self and others, respectively. This is the future, and the future lies in the gamification of everyday utilities. This is what WinBundle by SaltinGStein represents—providing an opportunity for everyday spending to change lives”

“So basically, when you get that product, what you are doing is putting yourself into a national consumer draw, which happens every Friday, and in that draw, you stand a chance to win up to N100 Million. So what we have done with the WinBundle By SaltinGStein Limited is to enable Nigerians to gamify their everyday expenses or expenditure, as we call it universal gamification of sales and expenditure (UGeX)”.

“So not only are you fulfilling your utility needs, of buying airtime, or data top-up, you're also allowing yourself to win life-changing cash.

Amb. Engr. Kingsley Okwara Bags Honourary Doctorate Degree from Prowess University, Delaware, USA


In recognition of his outstanding contributions to engineering, project management, and his visionary leadership in Africa, H.E. Amb. Engr. Kingsley Onyekachi Okwara, Managing Director of BKING Engineering Services Ltd., has been awarded an Honorary Doctorate Degree by Prowess University, Delaware, USA.

Amb. Engr. Kingsley Okwara, a distinguished engineer with a rich academic and professional background, holds a B.Eng., MSc, and is a member of prestigious institutions including the Nigeria Society of Engineers (NSE), Council for the Regulation of Engineering in Nigeria (COREN), and Project Management Institute (PMI). He also recieved Executive Masters Degree programme on Multilateral Diplomacy and International Relations (EMADIR) recently from African School of Diplomacy and International Relations.

His leadership in sectors such as construction, oil and gas, real estate, and general contracting has earned him wide recognition, and his efforts continue to drive growth and development in Africa.

As a Pan-African leader, Amb. Dr. Engr. Okwara is committed to the principles of excellence, innovation, and integrity. His work with BKING Engineering Services Ltd., combined with his role as Deputy Head of Mission for the African Union Agenda 2063 Ambassadorial Assembly, reflects his commitment to promoting sustainable development and empowering future generations across the African continent. This honorary doctorate is a testament to his unwavering dedication to both his profession and his homeland.

Amb. Dr. Engr. Okwara’s illustrious career is marked by a series of remarkable achievements, including his leadership roles at Dayspring Project Development Company Ltd. and his fellowships at the Chartered Institute of Information and Strategic Management (FCIISM) and International Association of Computer Analyst and Research (FIACAR). His extensive experience in managing large-scale projects has solidified his reputation as a problem solver and industry expert.

Upon receiving this prestigious award, Amb. Dr. Engr. Kingsley Okwara expressed his gratitude to Prowess University, stating: "This recognition is not just a personal milestone, but a testament to the power of dedication, perseverance, and a commitment to excellence. I am deeply honored and remain committed to using my skills and experience to foster sustainable development, particularly in Africa."

This honor further reinforces Amb. Dr. Engr. Okwara’s position as a leader on both national and international platforms, advancing the fields of engineering, project management, and governance. As he continues to champion innovation and development, his contributions will undoubtedly leave a lasting legacy in the global community.

Inaugural Economic development Assembly canvasses $120bn in funding to tackle poverty in Africa

Initiative championed by Global Citizen and Bridgewater Associates, in partnership with the Government of Côte d'Ivoire and Harith General Partners

Today at the Economic Development Assembly: Advancing Africa’s Future in Abidjan, Côte d'Ivoire, it was announced that more than 100 eminent African and international CEOs, world leaders and artists have signed the Abidjan Accord, an urgent call to G20 governments to increase their contributions to IDA, the World Bank’s fund to help lift 77 of the world’s developing nations out of poverty, many of which are in Sub-Saharan Africa.

The Abidjan Accord urges the world’s wealthiest nations to support Africa’s development by working towards a $120 billion replenishment for the World Bank’s International Development Association's 21st funding round (IDA21), on the best terms possible for the poorest countries, this December.

Signatories of the Abidjan Accord include representatives from leading companies Intel and Cisco, public sector leaders including Heinz Fischer, Former President of the Republic of Austria, Lawrence H. Summers, Former US Treasury Secretary, Leo Varadkar, former Prime Minister of Ireland, Mary Robinson, Former President of Ireland, and Stefan Lofven, Former Prime Minister of Sweden; artists including Ariel Wayz, Berla Mundi, Davy-Carmel Ingabire, Falana, Femi Kuti, Gyakie, Jeune Lio, Made Kuti, Nomzamo Mbatha, Sophy Aiida and Stonebwoy, philanthropic leaders including Dr. Phumzile Mlambo-Ngcuka, Former Executive Director of UN Women and Deputy President of South Africa and The ONE Campaign; as well as presenting partners Global Citizen, Bridgewater Associates, Harith General Partners, and Laurel Strategies.

The powerful declaration was presented at the conclusion of the Economic Development Assembly, a two-day gathering to drive strategic investments in the African continent. Featured speakers included H.E. Alassane Ouattara, President of the Republic of Côte d'Ivoire; H.E. Robert Beugré Mambé, Prime Minister of the Republic of Côte d'Ivoire; H.E. Mohamed Ould Ghazouani, President of Mauritania and current Chairperson of the African Union; H.E. Julius Maada Bio, President of Sierra Leone; H.E. Faure Essozimna Gnassingbé, President of Togo; H.E. Umaro Sissoco Embaló, President of Guinea Bissau; H.E. Édouard Ngirente, Prime Minister of Rwanda; Ajay Banga, President of the World Bank; Hugh Evans, Co-Founder & CEO, Global Citizen; Marie-Ange Saraka-Yao, Chief Resource Mobilisation & Growth Officer, Gavi; Neal Rijkenberg, Minister of Finance of Eswatini; Nialé Kaba, Minister of Planning and Development, President of the Board of Governors, African Development Bank; Nir Bar Dea, CEO, Bridgewater Associates; and Tshepo Mahloele, Founder & Chairman, Harith General Partners, and many more.

The event was hosted by Cameroonian actress, international host, television presenter, and philanthropist Sophy Aiida, and included performances by Falana, Jeune Lio and Yvonne Chaka Chaka. Other artists and performers attending the Assembly included Nomzamo Mbatha, actress, humanitarian, and Global Citizen Ambassador; and Gbenga Akinnagbe, actor and writer.

Presenting partners of the Economic Development Assembly are international advocacy organization Global Citizen and asset management firm Bridgewater Associates, in partnership with the Government of the Republic of Côte d'Ivoire and Harith General Partners, and supported by Global Citizen’s global partner Citi.

During the Assembly, several new initiatives were announced to advance development across the continent, including several announcements in support of Gavi, the Vaccine Alliance. African countries passed the $100 million mark in co-financing paid to Gavi for the second year in a row at this time last year. As part of this total, it was announced that EDA hosting country Côte d’Ivoire has fully paid $9.9 million in co-financing to Gavi for 2024. And to extend vaccine delivery to rural communities in Côte d’Ivoire, Zipline, a drone delivery service company, announced it is extending its partnership with Gavi, valued at $500,000.

Additionally, business leaders announced investments in the future of the continent, including Energea and Hecate Energy, who are teaming up to build utility-scale solar installations in Africa. Energea will provide investment funding, while Hecate will bring their expertise and expand on the success of current projects under development in South Africa, Mozambique, Sierra Leone and Algeria with the aim to power millions of African homes and businesses.

Global Citizen and the Center for Music Ecosystems will collaborate to produce and disseminate original research to make the business case for investment into Africa’s creative economies and live events industry. Through the publication of comprehensive research data at various stages, the initiative will engage local and international partners, governments, and stakeholders to drive investment in the creative economy. Key elements will include providing free access to landmark research, enabling governments to make informed investment decisions. The research is being funded by Universal Music Group.

“The Economic Development Assembly in Abidjan highlighted the importance of collaboration between the private, public, and civil society sectors to discuss some of the most difficult challenges and opportunities that Africa faces - and the impact they will have on the global economy,” Bridgewater CEO Nir Bar Dea said. “As our research and collaboration with the World Bank, global policymakers, and thought leaders has highlighted, an increase in IDA funding will play an outsized role in advancing global growth by supporting important development goals like furthering healthcare, core infrastructure, and energy access.” — Nir Bar Dea, CEO, Bridgewater Associates.

“Too many developing countries are saddled by high-interest loans, strangling their economies and diverting funding that should be supporting social services such as healthcare, education, nutrition and building infrastructure. Fully funded, IDA has the potential to improve living conditions for almost 2 billion people. It’s one of the most strategic investment G20 governments can make in the global economy of the future.” – Hugh Evans, Co-Founder & CEO, Global Citizen.

“Investing in Africa is not just about capital; it’s about recognizing the potential of a continent with boundless resources, talent, and opportunity. The future of Côte d’Ivoire, and Africa at large, is bright, and those who invest today are planting the seeds for tomorrow’s prosperity.” – Tshepo Mahloele, Founder & Chairman, Harith General Partners.

“Today I join with 70 other leaders, organizations and individuals by adding my name to the Abidjan Accord, which is an urgent call to leaders of the G20 nations to urgently step up and invest to advance Africa’s future.” – Dr. Phumzile Mlambo-Ngcuka, Former Executive Director of UN Women and Deputy President of South Africa.

New research from Bridgewater Associates, Changing Sub-Saharan Africa’s Growth Trajectory, highlights the potential of economic growth amidst the region’s rapidly expanding population. Over the coming decades, the region's share of the global working-age population is projected to grow from 10 to 25 percent. This transformation will be a key driver of economic and geopolitical shifts worldwide, as Africa as a continent has the potential to become an engine of global economic growth. However, current trajectories suggest a risk of stagnation, which could leave a significant portion of the world behind, with far-reaching consequences.

The research underscores the need for urgent collaborative action among policymakers, private investors, and Multilateral Development Banks to harness the economic opportunities presented by Sub-Saharan Africa’s demographic growth. By doing so, the global community can help ensure a prosperous future for the region and contribute to the global fight against extreme poverty.

The Economic Development Assembly is a precursor to the G20 Summit, being held in Rio de Janeiro, Brazil in November and the IDA21 replenishment conference, being held in Seoul, Korea in December 2024.

More information about the Economic Development Assembly and its objectives can be found here.

Femi Kalejaiye, popularly known in the social circle as Femi Jaguar is alleged to be another Nigeria in the United Kingdom living on a fast lane.

Information circulating in the social circle is that he has amassed massive dirty funds in a large quantity even to the amazement of his cohorts.

Unlike flamboyant Husshpupi, Femi seems to be on the low side, limiting his ostateneous to clubbing and social circle.

Read on at:
https://themomentng.com/2024/10/09/femi-kalejaye-another-hushpuppi-emerges-in-london/

Access Bank launches sustainable finance accelerator program to boost eco-friendly initiatives in Nigeria


As part of its ongoing efforts to champion initiatives aimed at advancing access to credit for sustainable projects across Nigeria, Access Bank Plc has officially launched its Sustainable Finance Accelerator Program. Designed to support corporates, MSMEs, and nano businesses focused on climate mitigation, adaptation, health care, and other social projects, the program was unveiled during a hybrid event held both physically at Access Towers in Oniru, Lagos and online via live streaming platforms.

The Sustainable Finance Accelerator Program is structured to nurture innovative ideas within the sustainable development sector by offering comprehensive training, mentorship, and essential resources. The program’s goal is to transform participants' ideas into viable, impactful businesses that contribute to a more sustainable and resilient future.

Speaking at the event, Chizoma Okoli, Deputy Managing Director of Access Bank Plc, expanded on the purpose of the initiative, saying, “In the face of mounting climate risks, social inequalities, and resource scarcity, the call for sustainable finance is louder than ever. The financial sector has a pivotal role to play in driving the transition to a low-carbon, inclusive economy. At Access Bank, our mission has evolved beyond conventional banking to embrace sustainability as a core business principle. We have recognised that sustainable finance is not a niche or a temporary trend – it is the future of finance itself.”

Gregory Jobome, Executive Director of Risk Management at Access Bank Plc, highlighted the collaborative nature of the program, emphasising the Bank's dedication to providing participants with resources, including capacity building, funding, and professional networking opportunities.

“This journey is not just about Access Bank; it’s about all of us coming together, co-creating solutions, and scaling up sustainable initiatives across Nigeria and Africa,” Jobome said.

The Nigerian government has over the years, demonstrated increasing commitment to sustainable finance and climate action, recognising the need to address the disproportionate impact of climate change on Africa despite the continent's minimal contribution to global emissions. With initiatives like the inauguration of the Carbon Market Activation Committee and Sustainable Energy for All, Nigeria is taking significant steps to reduce emissions while tackling the dual crises of energy poverty and climate change.

According to, Temitope Akinyemi, Special Advisor to the Minister of Finance & Coordinating Minister of the Economy on Climate Finance, who spoke at the event, “While Africa contributes less than 3% to global climate change, the effects are felt acutely across the continent, especially in Nigeria. Our low level of industrialisation has kept our emissions relatively low, but we still face immense challenges, including deforestation, energy access, and the devastating impacts of flooding. It is imperative that we continue to mobilise the necessary resources, estimated at $17 billion, to meet our climate goals and ensure that sustainable development is at the heart of our national agenda,” Akinyemi added.

Interested applicants are encouraged to register on this link https: //sustainablefinanceaccelerator . accessbankplc . com/ follow Access Bank’s social pages and website for more information and guidelines for application to the Sustainable Finance Accelerator Program.

Access Bank partner Energy Stakeholders on actions to achieving Net-Zero Emissions

Stakeholders, including government officials, experts, and Civil Society Organizations (CSOs), have called for enhanced strategies to address climate change and air pollution while creating a more affordable and resilient energy system aimed at improving the economy and the quality of life.

They made this call at a two day conference of the Renewable Energy and Energy Efficiency Association (Alliance) REEEA-A themed themed “Road to Net Zero: Actionable Initiatives for Success.” held recently in Abuja.

Speaking at the conference, the President of the Renewable Energy and Energy Efficiency Association (Alliance) REEEA-A, Magnus Onuoha, highlighted the achievements and vision of the Alliance over the past five years.

He emphasized that, in collaboration with seven associated organizations, the Alliance has actively worked towards improving energy access and security in Nigeria and beyond.

He stated that through its mission, the Alliance has enhanced the quality and standards of renewable energy technologies, research, and policy by fostering knowledge generation and dissemination for sustainable development.

Onuoha highlighted key milestones of the Alliance, including the standardization and validation of energy efficiency measures and the harmonization of renewable energy policies between 2020 and 2021.

He further stated that the Alliance has also provided regulatory support to both public and private sector clients, focusing on network and information exchange, youth and gender empowerment, and research support services.

He acknowledged the contributions of partners such as the Nigeria Energy Support Program (NESP), a joint initiative between the European Union, the German government, the Federal Ministry of Power, and GIZ. Access Bank was also recognized for its sponsorship, underscoring the significance of private-sector involvement in achieving net-zero targets.

Onuoha stated that the theme “Net Zero” centers around addressing climate change and air pollution while creating a more affordable and resilient energy system.

Achieving net-zero emissions offers a path to a more productive economy and improved quality of life, focusing on human progress and sustainability.

In his remarks, Executive Director, Risk Management, Access Bank, Dr. Gregory Jobome emphasized on the need for universal access to modern energy. In his words; “As a bank, our mission has evolved beyond conventional banking to embrace sustainability as a core business principle. This journey is not just about us funding individuals or organizations, it’s about all of us working together, co-creating solutions, and scaling up sustainable initiatives across Nigeria and Africa.

To further achieve this, we lunched the Sustainable Finance Accelerator Program, an initiative from the bank to Boost Eco-Friendly Initiatives in Nigeria. The Program is structured collaborate and nurture innovative ideas within the sustainable development sector by offering comprehensive training, mentorship, and essential resources. The program’s goal is to transform participants' ideas into viable, impactful businesses that contribute to a more sustainable and resilient future. To be a part of this great adventure, please register ” Gregory concluded.

Earlier, the minister of Power, Adebayo Adelabu, who was represented by the deputy director of the Power and Energy Division, Owolabi Sunday, acknowledged the pressing challenges posed by climate change and the need for Nigeria to transition from traditional energy sources to cleaner alternatives.

He highlighted that Nigeria is blessed with abundant renewable resources such as sunlight, wind, and water, and therefore, transitioning to renewable energy is essential for the country’s sustainable future.

On September 22, 2024 Yemi Cardoso will mark one year in office as the governor of the Central Bank of Nigeria at a time of unprecedented economic headwinds. What will his scorecard look like?

A while back, I was discussing with a few friends and as is the case where one or two or more Nigerians are gathered, the discussion segued naturally to the economy. It was school fees season and three of us have children schooling abroad.

At some point, one of my friends blurted out. “Naira is now N1,580 to the dollar. What exactly is Cardoso doing at the CBN?”

This particular friend holds an MBA from a foreign university and runs two businesses in Nigeria so I was quite surprised when he reduced the functions of the CBN governor to just managing the value of the naira.
But it was not surprising. Speak to ten Nigerians and they will express almost the same sentiments. What is Cardoso doing if he can’t manage the foreign exchange rate?

The question is a valid one but also a bit reductionist because the job of a CBN governor extends beyond foreign exchange management, to include formulation and implementation of monetary policy, ensuring financial stability, reserve management, banking regulations, setting interest rates and more.

So, reducing the job description of the CBN governor to just one item in a long shopping list would be akin to a man who spends his time brushing one single tooth out of 32.

Why is foreign exchange management so important to Nigerians? Well, the short answer is that it makes news and impacts us in a lot of ways – school fees, medical care, travel, cost of goods, etc.

The naira has been making serious news since Cardoso assumed the mantle at CBN. According to the most recent World Bank’s biannual publication, Nigerian Development Update, of December 2023, the naira “depreciated against the US dollar by approximately 41% in the official market and by about 30% in the parallel market” between June and December 2023.

This was in the wake of the liberalization of the foreign exchange market or (managed) floating of the naira because the CBN is still intervening to reduce the pressure on the naira. Why was the naira floated? It was to ensure that the naira finds its true value, checkmate round tripping and remove speculative arbitrage. The ultimate aim is to achieve parity through a positive contraction in the gulf between the official and parallel market rates. But this cannot be achieved overnight.

Yemi Cardoso admitted as much when he appeared before the House of Reps in February 2024. Acknowledging that foreign exchange management is a key part of his remit, he also noted that ““the genuine issue impacting the exchange rate is the simultaneous decrease in the supply of, and increase in the demand for, dollars. It also seems that the task of stabilising the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the apex bank itself.”

This is because boosting the value of the naira against the dollar depends on more than just the CBN defending the naira. There are other factors; oil prices in the international commodity market, a productive economy, growth in exports both oil and non-oil products, increase in foreign reserves and dollar availability which often receives a boost from diaspora remittances, a reduction in the demand for dollars and containment of inflation.

The CBN is working to make these happen and Cardoso hit the ground running by taking quick key decisions; mandated banks to adhere to Net Open Position (NOP) limits to discourage hedging and prevent excessive holding of foreign currency assets. He also ensured that backlogs of unpaid forex obligations were cleared.

But the fact remains that for an economy to grow and the local currency gain strength there must be a convergence of both monetary and fiscal policies? Monetary policy is not a silver bullet.
We saw some movement recently on the fiscal front. The first domestic dollar denominated bond was oversubscribed by 180%. Planned to raise $500 million, the bond secured $900 million in commitments.

While the oversubscription surprised analysts and underlined investors’ confidence not just in the ongoing economic reforms but Nigeria’s economic stability and growth prospects there are concerns that the bond should have been targeted more at diaspora remittances instead of domestic dollar deposits as it put demand pressure on the dollar in local supply and the CBN may have to cough up about $200m in 5 years with interest rates of 9% per annum for bond holders.

While the jury is still out on the bond’s final impact on the economy, the fact remains that seamless fiscal and monetary synergy is required to get us out of the doldrums.

Prior to this, the CBN under Cardoso had recorded an all-time high $553m diaspora remittance inflow in July 2024 up by 130% compared to 2023. That significant uptick was thanks to the CBN’s decision to grant access to new and eligible international money transfer operators (IMTOs) to trade on the official foreign exchange (FX) window, implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs thereby enhancing liquidity in Nigeria’s FX market.

There have been other monetary, credit and foreign exchange policy initiatives introduced by Cardoso which are yielding positive results.

The Monetary Policy Rate was raised to 26.75% in July 2024, the 4th time in seven months. The increase which impacts the cost of borrowing while encouraging savings is to moderate inflation while ensuring price stability. While analysts have argued that it could stifle productive activity, the increase in the MPR appears to be having a salutary effect on month on month inflation with inflation dropping by 1.25% compared to July according to the Nigerian Bureau of Statistics (NBS).

To address the expressed concerns the CBN has lifted import restrictions on 43 goods with the aim of achieving stability and fostering growth because cheaper imported inputs will lead to local production which will in turn boost employment as closed factories re-open and consumers will benefit from more affordable imported retail products.

The restrictions which had been in place for about eight years was ostensibly to conserve forex and encourage local production as importers were barred from using forex sourced from the official market to import the goods. But the reverse seemed to be the case as the imports continued with importers sourcing their forex from the parallel market thereby “exerting additional demand pressure on the parallel market, widening the gap with the official rate and permanently segmenting the market.”

To reduce demand pressure in the foreign exchange market and promote price discovery, the CBN re-introduced the retail Dutch Auction System (rDAS). The Dutch auction mechanism is not new having been applied previously in 1987, 1990 and from 2002 – 2006. The system is helping sanitise the foreign exchange market by allowing for an objective evaluation of forex demand and supply ensuring that demand is for end users. Predicated on the volume of forex available for sale, rDAS, by giving forward guidance, promotes forex stability.

On August 6, 2024 $1.18bn bids were received from 32 banks with total bids of $876.26bn from 26 banks qualifying while $313.69 from six banks were disqualified for various reasons ranging from late submission, wrong template to unverifiable forms. In the pursuit of transparency, all the bids have been published on the CBN website. The effect of the return of rDAS was felt immediately with an appreciation in value.

Aside sale to banks through rDAS, the CBN is also ensuring forex availability to registered and qualified Bureaux de Change operators.

Another key initiative was the announcement that the CBN would no longer indulge the FG’s Ways and Means appetite until the previous loans, put at N18.16 trillion which is 40% higher than total money in circulation as at 2023 are repaid. Cardoso said the bank will insist on following the rules which states that the CBN cannot advance the federal government more than 5% of revenue earned in the previous year. Bold and fraught with political implications, it is meant to reduce currency in circulation and so moderate inflationary pressure.

Cardoso’s attempt to moderate government spending and fiscal dominance has already received political push back with the National Assembly approving an increase of that threshold from 5 to 10% of annual revenue.

In terms of its regulatory functions as banker to the banks, the CBN is focused on ensuring the financial stability of Nigerian banks. It is strengthening the banking system through the upward review of the minimum capital requirements, increase in the Cash Reserve Ratio (CRR) and ring fencing of the banking system through the Unclaimed Balances Trust Fund (UBTF) Pool Account.

According to the recapitalisation guideline issued on March 28, 2024, commercial banks with international authorization are now required to have a new minimum capital of N500bn which the CBN says will “enhance their resilience, solvency and capacity to continue to support the growth of the Nigerian economy.” While the targets differ based on the bank’s licence, the recapitalisation exercise is supposed to take place over 24 months and conclude on March 31, 2026. At the time of writing, share raise offers by Fidelity, Access and Guaranty Trust have been oversubscribed.

The increase of the CRR to 27.5% will help ensure that Nigerian banks are cash positive while reducing the amount of cash in circulation thereby helping achieve the CBN’s inflation moderation agenda.
The Unclaimed Balances Trust Fund (UBTF) Pool Account will warehouse “unclaimed balances in eligible accounts” helping to protect the banking system by limiting incidents of fraud to which dormant accounts are susceptible.

Finally to ensure that the policy initiatives are communicated and understood, the CBN is encouraging transparency with a return to full disclosure in the form of regular publications of reports and data. According to the CBN this is to reaffirm its “commitment to fostering transparency and accountability in the Nigerian economy.” It will also complement the data available from other sources like the NBS thus providing Nigerians a better view of the economy.

But is it working and is any one taking notice? To return again to the question we posed at the beginning; what will Cardoso’s scorecard look like?
While the naira’s battle against the dollar will dominate discourse, his adoption of proactive forex policies, regulatory initiatives and a robust  inflation-targeting framework indicate that Cardoso has shown himself as a CBN governor capable of coming up with and translating strategic initiatives into actionable outcomes.

One year into his tenure, the CBN’s target inflation rate of 21.4% has not been achieved and the naira is still on the back foot relative to the dollar, but time may well be on his side but not so for impatient Nigerians eager to see quick wins.

Toni Kan, is a PR expert and financial analyst

Former Governor of Kogi State, His Excellency, Alh Yahaya Bello earlier today, honoured the invitation of the Economic and Financial Crimes Commission.

This decision was made after due consultations with his family, legal team and political allies.

The former Governor, who has great respect for the rule of law and constituted authority, had, all the while, only sought the enforcement of his fundamental rights in order to ensure due process.

According to a statement from the former governor media office, the governor is yet to be interrogated.

THE STATEMENT:

1. Earlier today, we reported the voluntary visit of former Governor of Kogi State, HE Alh. Yahaya Bello to the Economic and Financial Crimes Commission office to honour the Commission’s invitation.

2. In the statement, we reiterated the former Governor’s great respect for the rule of law and constituted authority, and stressed that, all the while, he only sought the enforcement of his fundamental rights in order to ensure due process.

3. The EFCC did not, however, interrogate him as officials told him he could leave. We don’t know what this means yet. As we write, HE Alhaji Yahaya Bello has left the EFCC office. He was accompanied there by the Governor of Kogi State, HE Alhaji Ahmed Usman Ododo.

4. Recall that the case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. The former Governor decided to honour the invitation to clear his name as he has nothing to hide and nothing to fear.

Ohiare Michael
Director, Media

YAHAYA BELLO MEDIA OFFICE