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Nigeria must focus on youths to drive inclusive economic growth- Stanbic IBTC

Published

4 years ago

November 3, 2021

Stanbic IBTC Holdings Chief Executive, Dr. Demola Sogunle, stated in a recent interview that at Stanbic IBTC, we consider infrastructure development as a key driver of economic growth and development. This is one of the reasons behind the launch of the Stanbic IBTC N100 billion Infrastructure Fund. We aim to deploy proceeds of the fund for the development of infrastructure in critical sectors to boost economic activities in those areas. Some of the identified areas are transportation, education, and health. I’d like to quickly chip in that education and health are key CSI pillars for us at Stanbic IBTC. We launched Series One, the first tranche of the Infrastructure Fund, and the result has been positive as it has been widely accepted. Our strategy in using the Series One as a vehicle to attract investments from domestic institutional investors has been successful. We also saw a good turnout from insurance companies and high networth individuals. They bought into the story and vision of trying to invest their funds in the Infrastructure Fund, which can be categorised as an alternative asset plan.

Steps to secure Nigeria’s future

It is well known that the future of any country lies in the youth. It is therefore very important to prioritise their education because the kinds of decisions and actions they take will be dependent on their level of knowledge. It is also very important to focus on their health. As a country, we also need to deploy resources towards reducing the level of unemployment.
The average Nigerian youth exudes so much energy and we have seen this play out in the occurrences in the last 12 months. We are witnesses to the innovativeness and the creativity of the Nigerian youth. We have developed three unicorns driven primarily by young Nigerians. The Nigerian youth is energetic, creative, innovative. By focusing on them, we will be able to secure our future.
Secondly, we need to look at the enablers of economic development and inclusion, because there is no point having economic growth that is not inclusive. The youths are very important to ensure inclusiveness within the context of our economic growth.

Expectations from NESG

There is the need to take urgent actions. People are more desi People are desirous of fulfilled promises and a thriving economy. We need to execute the initiatives which are geared towards economic development and improving the lives of the populace. There should be a proper alignment and proper coherence between the public and private sectors. One of the key outcomes of the 2021 NESG summit for me is the resolve by various stakeholders to execute tasks with speed with the aim of achieving positive results. This is fundamental so that when we come back next year, we can itemise the recommendations and implementation and possibly measure results. It is important for the public and private sectors to come to a point where execution is accorded priority in summits such as the NESG.
How does Stanbic IBTC drive Nigeria’s growth
Between 2015 and now, Stanbic IBTC has facilitated over 35 billion dollars’ worth of capital inflows into the country. Despite the advent of Covid-19 and the negative impact of the economy, we have attracted almost 0.8 billion dollars of foreign portfolio investment this year alone. This is evident of Stanbic IBTC’s ability to facilitate foreign capital inflow despite economic headwinds.
We are funding and making sure that savings of retirees are well managed, and payments made monthly to ensure that they continue to enjoy the fruits of their labour. We achieve this with our pension subsidiary, Stanbic IBTC Pension Managers, which is Nigeria’s biggest pension fund administrator by number of customers and assets under management.
One of our mantras as an organisation is that “Nigeria is our home, we drive our growth”. This is beyond a tagline. You can say that it is in our DNA to give back to the communities where we operate and Nigeria as a whole. The Stanbic IBTC Infrastructure Fund was also launched on the back of that mantra. We have already committed a certain percentage towards the development of critical infrastructure. Besides, it is also a key governance requirement.
We are doing a lot in the health care sector as well. Over the weekend, we commissioned a teaching hospital at the Baze University. This will be the largest private teaching hospital in the South of the Sahara. It measures about 10,000 square meters and we are funding it. We are intervening in public healthcare sectors and education because, as I mentioned earlier, they represent the pillars of our social initiatives as a responsible corporate entity. Our interventionist activities include giving scholarships, donation of learning materials, building educational structures, and even resuscitating dilapidated structures. We are also involved in extra-curricular activities such as sponsoring football competitions among students of tertiary institutions. We aim to develop the knowledge of our youths and even help some of them develop their talents and skill sets, which may hitherto be hidden. We train youths interested in Artificial Intelligence, programming, coding, data analytics, data science and we also pay for them to be certified.
We are doing a lot on economic empowerment. In the last 12 months, we have increased our portfolio for SMEs. The percentage increase is more than 300% and we are just starting. We will continue to do even more

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ZENITH BANK TO EXIT CBN’S REGULATORY FORBEARANCE BY 30TH JUNE, ASSURES SHAREHOLDERS OF CONTINUED DIVIDEND PAYOUT

Published

7 hours ago

June 19, 2025

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Zenith Bank Plc, Nigeria’s biggest bank by Tier-1 Capital, has assured shareholders and investors of its readiness to satisfy all relevant conditions to exit the Central Bank of Nigeria’s (CBN) regulatory forbearance by June 30, 2025. The bank also expressed confidence in meeting shareholders’ dividend expectations in the 2025 financial year.The clarification comes on the back of heightened scrutiny of Nigerian banks’ capital health following the new CBN directive that suspends dividend payments and tightens oversight for banks with outstanding forbearance-related loans or breaches of the Single Obligor Limit (SOL).In a statement presented to the Nigeria Exchange (NGX) Group on Tuesday, June 17, 2025, the Bank stated that its exposure under the Single Obligor Limit (SOL) forbearance relates solely to a single obligor, pointing out that this exposure will be brought within the applicable regulatory limit on or before June 30, 2025. The bank also confirmed that the forbearance granted on other credit facilities applies to only two (2) of its customers, noting that it has made substantial provisions in respect of these facilities and taken appropriate and comprehensive steps to ensure full provisioning by June 30, 2025.The bank further emphasized its strong financial footing, stating that it has successfully raised and surpassed the new regulatory capital requirement of N500 Billion, and is therefore well positioned to continue delivering value to all its key stakeholders.Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offering, unique customer experience and sound financial indices. The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.The Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom. The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025

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National Credit Guarantee Company Limited: Powering Inclusive Growth Through Risk-Sharing Guarantees

Published

6 days ago

June 13, 2025

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The National Credit Guarantee Company Limited (“NCGC” or the “Company”) is set to commence operations on 01 July 2025, as a specialised financial institution established to unlock access to credit and drive inclusive economic growth across Nigeria’s real economy. With an initial capital commitment of ₦100 billion, recently announced by President Bola Ahmed Tinubu, the NCGC is positioned to reshape how Micro, Small and Medium Enterprises (MSMEs), manufacturers, and strategic sectors access much-needed financing.

For decades, Nigerian businesses especially micro, small and medium scale enterprises have faced significant challenges accessing loans due to collateral barriers and high-risk perception. NCGC is bridging that gap. By providing partial credit coverage, the company will offer banks and other financial institutions a safety net, allowing them to lend more confidently to eligible borrowers, particularly in underserved and high-growth sectors.

NCGC does not lend directly to businesses. Instead, it partners with Participating Financial Institutions (PFIs) including commercial banks, microfinance banks, fintechs, CBN-licensed institutions and other development financial institutions to share lending risk and support broader financial inclusion. The model is simple but powerful: enable lenders to do more by reducing the risk that prevents them from reaching viable, underfunded borrowers.

Key Beneficiaries

NCGC’s framework targets a wide range of beneficiaries:

· MSMEs across all regions

· Local manufacturers and value chain operators

· Credit consumers

· Youth and women-led enterprises

· Export-oriented and non-interest-based businesses

· Large enterprises within priority sectors

Our Core Services

NCGC offers three primary services:

· Partial Credit Guarantees – Covering up to 60% of outstanding principal on qualifying loans.

· Co-Guarantees – Collaborating with other institutions to jointly share lending risk.

· Technical Assistance – Providing capacity-building support for lenders and borrowers to enhance credit readiness and portfolio quality.

Guiding Principles

The company’s operations are underpinned by globally accepted credit risk-sharing principles:

· Risk-sharing, not risk transfer

· Strategic issuance to preserve borrower discipline

· Tiered eligibility to promote inclusion and developmental impact

· Full alignment with CBN regulations

These principles ensure every guarantee issued is responsible, irrevocable, and impact-driven.

Product Suite

NCGC offers a diverse set of guarantee products:

· Individual Guarantees – For high-value, project-specific loans.

· Portfolio Guarantees – For pool of loans in homogeneous sectors (e.g., agro-processing, creative economy).

· Performance Bond Guarantees – For businesses seeking to meet contract-based obligations.

Sectoral Coverage

Our guarantees are available across critical sectors including:

· Agriculture & Agribusiness – From inputs to processing and logistics.

· Renewable Energy & Green Economy – Including solar, clean tech, and mini-grids.

· Manufacturing & Infrastructure – Targeting value-added production and light industry.

· Digital & Tech Enterprises – Including startups, fintechs, SaaS, and logistics tech.

· Solid Minerals and Metal – Metal fabrication, recycling, beneficiation, coating, etc.

· Textile – Fashion, leather works, jewelry

· Export-Oriented SMEs – Especially in non-oil sectors.

· Women & Youth Enterprises – Including all women-owned businesses (promoter age not more than age 65).

· Islamic Enterprises (coming soon) – Non-interest, Shariah-compliant financing models.

A New Era of Credit Confidence

NCGC is more than just a financial institution; it is a catalyst for Nigeria’s economic transformation. By incentivizing lenders to serve more businesses safely and sustainably, NCGC is enabling job creation, driving productivity, and fostering a more self-reliant economy.

Its operational model is built to:

· Unlock access to finance for real sector growth

· Create jobs and alleviate poverty

· Drive inclusive economic outcomes

· Strengthen the MSME ecosystem

· Build trust and scale in Nigeria’s credit markets

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Ecobank Adire Lagos Exhibition Fair Opens in Grand Style … Dignitaries Grace the Venue

Published

2 weeks ago

June 7, 2025

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Left: Founder, Chief Responsibility Officer, Ruff ‘n’ Tumble/ Founder, Betti-O School of Fashion, Adenike Ogunlesi; Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal and Lagos State First Lady, Her Excellency, Dr. Ibijoke Sanwo-Olu at the ongoing Adire Lagos Exhibition Fair holding at Ecobank Pan African Centre, Lagos

Ecobank Nigeria has officially launched the much-anticipated fourth edition of its Adire Lagos Exhibition Fair, a vibrant cultural and commercial event dedicated to promoting Nigeria’s indigenous fashion industry and supporting Small and Medium Enterprises (SMEs). The four-day fair runs from June 5 to 8, 2025, at the Ecobank Pan African Centre, 270B1 Ozumba Mbadiwe Avenue, Victoria Island, Lagos. Visitors are welcomed daily from 10:00 AM.

Over 130 vendors are showcasing a diverse range of Adire designs, fashion items, and lifestyle products. The fair attracts a wide audience, including fashion enthusiasts, cultural professionals, creatives, entrepreneurs, and shoppers from across Nigeria and beyond.

Notable dignitaries who have so far graced the fair include the Lagos State Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka, who represented the Lagos State Governor, Babajide Sanwo-Olu; Lagos State First Lady, Her Excellency Dr. Ibijoke Sanwo-Olu; the wife of the former Ekiti State Governor,Erelu Bisi Fayemi ; Ogun State Commissioner for Women Affairs and Social Development, Mrs. Adijat Motunrayo Adeleye-Oladapo; former Chairman of Ecobank Transnational Incorporated, Emmanuel Ikazoboh; founding President of the FinTech Association of Nigeria (FANI), Dr. Segun Aina; and the owner of Nike Art Gallery, Nike Davies-Okundaye, among others.

Omoboye Odu, Head of Small and Medium Enterprises at Ecobank Nigeria, expressed delight at the strong turnout, stating, “This year’s exhibition promises a dynamic blend of established brands and emerging designers who embody innovation, cultural pride, and export potential.” She further emphasized the fair’s role as a major Corporate Social Responsibility (CSR) initiative by Ecobank.

“The Adire Lagos Exhibition Fair is a key CSR initiative, offering SMEs a platform to showcase their products free of charge while fostering economic growth and national unity. Last year’s event attracted over 20,000 visitors in four days, with one vendor making N30 million in sales—equivalent to six months’ revenue—demonstrating the fair’s strong commercial potential.”

Exhibitors also praised the growing appeal of Adire designs. Ms. Fadilat Lawal, Managing Director of Sanyaolu Trading Stores, Abeokuta, highlighted the durability and cultural symbolism of Abeokuta Adire. Ms. Cynthia Uma, Creative Director of Cecesignature Unisex Clothing, Lagos, emphasized Adire’s growing global recognition as a revenue driver for her business.

The Adire Lagos Exhibition Fair continues to serve as a premier platform for celebrating Nigeria’s cultural heritage while empowering local artisans and entrepreneurs to thrive.

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