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Sterling & Founder Institute Fellowship Award holds in February

Published

3 years ago

January 28, 2022

Sterling Bank Plc, Nigeria’s leading commercial bank, has said it will organize an award in early February, known as the Sterling Heart Fellowship Award, for tech founders whose businesses employ innovative solutions to tackle challenges in the HEART sectors and have been selected to partake in the Founder Institute Lagos Virtual Spring Program.

The HEART sectors include health, education, agriculture, renewable energy and transportation. They represent the sectors where the bank is focusing investments on in its HEART’s of Sterling strategy.

Head, Business Growth and Partnerships with Sterling Bank, Mr. David Adebayo who disclosed this in a statement issued by the bank recently, said recipients for the forthcoming awards includes founders who applied through the Founder Institute application link and whose businesses align with the Sterling HEART Fellowship guidelines.
Concerning eligibility, he added that a founder’s business must fall within the HEART Sectors and the founder must have taken the Entrepreneurship DNA assessment test and made it to the “Accepted” category to be eligible for the award.
After receiving and reviewing successful applications, the admissions team will be assigning founders to one of the following categories, including: Accepted – these founders are invited to complete the final steps to enrollment, and immediately get access to all course materials; Reviewing – these are founders whose application or assessment is receiving a secondary review, Finalist – Founders designated as Finalists are placed on the “Waiting List” and their application will be re-reviewed at a later date, Declined – Declined founders are not accepted to the programme as a result of low performance across all the admissions criteria and the declined founders are given access to free company-building materials from its programme and are welcome to move their existing applications to future semesters for consideration.

Adebayo said all founders who meet the preceding requirements are ranked according to their performances and the best from each of the sectors will be offered a Sterling Bank Fellowship to attend the Founder Institute Lagos Virtual Spring programme.

He said the organisers of the fellowship are targeting Nigerian start-up founders within the age bracket of 18 to 40 years of age who are young tech founders and tech enthusiasts; especially those with ideas and initiatives within the HEART sectors.

He said the under the Spring Program, the Founder Institute (FI) will focus on helping tech or tech-enabled businesses at the idea and pre-seed stages, including both solo-founders and teams, adding that this includes established businesses that are at pre-funding, prototype and minimum viable product stages as well as part-time founders with just ideas.

All applications to the Founder Institute program have been human-reviewed by the admissions team, based at its Silicon Valley headquarters with support from the team in Lagos, Nigeria. They are able to provide an admissions decision via email within 72 hours.

On the entrepreneur DNA test which is included in the assessment, spokesperson for the Founder Institute, Chukwuma Fred Agbata Jr said that FI is serious about its belief that “Great Companies Start with Great People.” In fact, it has been working with leading social scientists since 2009 to develop a test that identifies people with the raw skills and personality traits conducive to entrepreneurship.

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

Published

1 hour 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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