The International Finance Corporation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have signed an agreement to increase local currency financing for private businesses in Nigeria by $1 billion. This partnership aims to support priority sectors like agriculture, housing, infrastructure, energy, small and medium enterprises (SMEs), and the creative and youth economy by expanding access to Nigerian naira financing.

In a statement, IFC highlighted the importance of the deal, noting that managing currency risks will enable it to channel more investment into Nigeria’s critical sectors. The agreement aligns with IFC’s goal to significantly increase its financing across essential areas, providing over $1 billion in the coming years.

Governor Yemi Cardoso of the Central Bank of Nigeria emphasized the significance of the collaboration, calling it a step forward in the CBN’s efforts to deliver innovative economic development initiatives. He noted that this approach marks a shift from traditional intervention programs, aiming instead to leverage partnerships with third-party service providers, which will advance Nigeria’s economic diversification efforts.

IFC Managing Director Makhtar Diop stressed the importance of expanding affordable local currency financing for small businesses in Nigeria, highlighting the impact on economic growth and job creation. “This partnership with the CBN is critical for us to address the increasing demand for diverse funding options and to better manage currency risks,” he said.

With an active portfolio of investments in Nigeria totaling $2.13 billion—the second highest in Africa—IFC prioritizes local currency financing to meet the needs of emerging markets. The organization is committed to leveraging innovative financial instruments and strengthening partnerships to expand local currency financing across these markets.

There are indications that the Nigerian Sugar Master Plan (NSMP) has been revitalized after approximately 12 years of underperformance since its establishment. The NSMP, designed by the National Sugar Development Council (NSDC) to boost local sugar production and develop the entire value chain for self-sufficiency, has struggled, particularly in the area of backward integration, since its inception in 2012.

During a press briefing in Lagos over the weekend, Kamar Bakrin, the Executive Secretary and Chief Executive Officer of the NSDC, announced that a new lease of life has been given to the NSMP. He highlighted that the new management team, under his leadership, has laid a solid foundation for rapid growth in the sugar sector.

Since taking office a year ago, Bakrin revealed that the team has revised the NSMP, which he described as the engine room of the NSDC. He stated that the implementation of the new NSMP has begun, with a development plan that requires about $5 billion in funding.

The revamped NSDC is also focused on improving the Nigeria Sugar Institute to enhance manpower development and research, ensuring the industry remains globally competitive. Bakrin noted that the Council has transformed its project monitoring function, allowing for better oversight of industry operators to ensure compliance with regulations.

Key operators in the sector who have previously disregarded Federal Government directives concerning incentives have already faced sanctions. Under the revised NSMP, a seven-point strategic pillar has been established to drive the goal of self-sufficiency in production and position Nigeria as a competitive producer and cost leader in Africa.

Bakrin designated 2025 as the year of “accelerated development” for the Council, highlighting four development agendas: accelerating project development, facilitating the $5 billion investment in the sector, preparing priority greenfield projects for investment, and strengthening the NSDC’s capacity to develop the industry.

Key projects planned for 2025 include the execution of a Commercial Farming and Outgrowers Program to boost sugarcane production, the establishment of the Nigeria Sugar Industry Development Fund, the implementation of a Seed Production Program to address immediate and medium-term needs, and a local and international investment promotion initiative. The Council also aims to provide targeted interventions to mitigate risks associated with greenfield projects, including support for project design, land clearing, and business planning.

Additionally, Bakrin outlined plans for increasing the land bank by a minimum of 80,000 hectares suitable for sugar estate development, partnering with successful sugar institutes to enhance services for the industry, and providing targeted capacity building for staff in 2025.

The Senate has directed the Nigeria Deposit Insurance Corporation (NDIC) to maximize value from the remaining assets of the defunct Heritage Bank. This charge was issued by Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, during the NDIC retreat in Lagos, themed “Building Resilient Financial Systems through Effective Legislative Intervention.”

Senator Abiru commended the NDIC for its prompt response to depositors affected by the bank’s collapse. He stated, “I applaud the NDIC for its diligence and commitment to restoring hope to those affected. The process of settling depositors is never easy, particularly in cases involving significant financial distress, but your dedication to resolving this matter demonstrates the high standard of operational efficiency that we, as stakeholders, have come to expect from the NDIC.”

He further urged the Corporation to ensure that maximum value is realized from the bank’s remaining assets. “This will ultimately contribute to the settlement of outstanding depositors and other creditors. It is my hope that all the challenges associated with the settlement of the Bank’s stakeholders, including those related to liquidation dividends for corporate customers, are resolved speedily, effectively, and efficiently.”

In his welcome address, Bello Hassan, Managing Director/Chief Executive of NDIC, emphasized the purpose of the retreat: to deepen collaboration with the Senate regarding concerns about additional risks to the financial sector stemming from new products and services arising from advances in technology, globalization, and consolidation.

Hassan noted, “In recent years, the financial services sector has experienced significant transformation, largely driven by advances in technology, globalization, and consolidation. New services and products have emerged, while new players and financial technologies have been challenging traditional service providers through faster, cheaper, and more reliable services.”

While acknowledging the opportunities for growth these developments present, he cautioned about the additional risks and complexities the system may face. “To address this concern, stakeholders, particularly those charged with oversight functions, must collaborate more than ever before.”

He concluded by stressing the importance of legislative collaboration to redesign the legal framework that supports current financial advancements while promoting innovation and consumer protection.

“He is a fool who trusts to luck; one should play a safe game.” — Leo Tolstoy, VANGUARD BOOK OF QUOTATIONS.
“Fools rush in where angels fear to tread.” — Alexander Pope, VBQ

In times of economic uncertainty, the wisdom of past sages becomes essential. Throughout history, there have always been those willing to exploit the naïve, especially during crises. In the current economic downturn, the potential for deception is at an all-time high, as opportunists promise miraculous financial solutions that often lead to greater poverty while enriching themselves.

The primary responsibility of the media is to protect the public by providing accurate information and education, enabling informed decisions in the face of economic predators. Central to this discourse is the banking sector, which has recently become a focal point of concern, particularly with the alarming rise in non-performing loans (NPLs).

BANKING: ALL THAT GLITTER IS NOT GOLD

A recent report from the World Bank warned of Nigeria’s NPL ratio rising to 5.10%, surpassing prudential limits. This warning underscores the precarious situation of the banking system, eroded by high inflation, a depreciating naira, and a deteriorating capital buffer. While banks advertise impressive profit increases, the underlying reality is far less reassuring. In an effort to meet capital requirements set by the Central Bank of Nigeria (CBN), banks are now scrambling to raise funds in the capital market, which could lead to misleading portrayals of their financial health.

Historically, Nigerian banks have resorted to swindles to appear solvent, as seen in 2005 when they issued IPOs promising inflated profits and dividends. Fast forward to today, the same institutions are back in the market, often under the management of individuals with a history of financial manipulation. The public is left to bear the consequences of past mismanagement, particularly the staggering N5 trillion in toxic loans still being dealt with by the Asset Management Corporation of Nigeria (AMCON).

The growing NPL crisis is a ticking time bomb, worsened by rising interest rates and declining revenues. The banking sector has yet to fully disclose the extent of its NPL issues, which could spiral further out of control.

A CAUTIOUS APPROACH REQUIRED

This deception regarding the capital base of banks has been exposed by the World Bank. The CBN’s attempts to maintain a stable official exchange rate have failed miserably, leading to a widening gap between the official and black market rates. As a result, a bank that was once valued at N10 trillion is now worth a fraction of that—merely $6.25 billion.

The call for caution is clear: during these times of economic vulnerability, individuals must navigate financial decisions wisely, resisting the allure of quick fixes that may lead to greater losses. The wisdom of Tolstoy and Pope resonates profoundly; trusting in luck can be a fool’s game. Only through informed choices can Nigerians protect themselves from the looming threats posed by economic instability and exploitation.

Nigeria’s decision to halt Shell’s $2.4 billion onshore asset sale to Renaissance Group has drawn concern from foreign investors, as noted by Reuters. This comes at a time when President Bola Tinubu’s administration is actively seeking foreign investment to spur economic growth and enhance Nigeria’s international business profile. Despite these intentions, the government’s recent decision appears at odds with its efforts to attract global investors.

The halted sale follows a similar, prolonged delay with ExxonMobil’s onshore asset transaction to Seplat Energy, which faced a wait of over two years before final approval. Clementine Wallop, a director at Horizon Engage, highlighted the contradictory nature of the government’s actions, noting that while Nigeria voices its readiness for global business, such delays create barriers and impact investor confidence beyond the energy sector.

Foreign investment in Nigeria has been on a decline, with total inflows dropping from $5.3 billion in 2022 to $3.9 billion last year, continuing a downward trajectory that started after the peak investment period five years ago. The pandemic’s effects on oil demand, combined with falling production levels, have further stressed the economy. Shell’s assets, which are underperforming or inactive, would require fresh investment to realize their potential and contribute to Nigeria’s target of 2 million barrels per day, up from the current output of 1.35 million bpd.

The impact of this decision extends beyond the energy sector, as foreign currency shortages and the depreciating naira value have prompted major companies, including Procter & Gamble, GSK, and Bayer AG, to exit or downscale their Nigerian operations. Energy lawyer Ayodele Oni and Shoreline Energy International’s CEO, Kola Karim, stressed that expediting regulatory processes is crucial to fostering investment in oil and gas. The Tinubu administration’s success in attracting foreign investors may hinge on its ability to resolve these regulatory delays, creating a more investor-friendly environment amid Nigeria’s current economic challenges.

President Bola Tinubu recently transmitted four bills aimed at overhauling Nigeria’s tax system to the National Assembly, sparking discussions on the potential impacts on citizens. Concerns arose about whether these bills might raise tax rates, increasing financial burdens. However, proponents argue that the bills are designed to create a more efficient, supportive tax system, addressing long-standing issues like multiple taxation and supporting small businesses.

The four bills — the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill — translate recommendations from the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, into a legislative framework. They aim to consolidate Nigeria’s tax regulations, moving disparate laws and tax provisions into one streamlined document known as the Nigeria Tax Act, making tax regulations simpler and more accessible to businesses and individuals alike.

Key provisions in the proposed Nigeria Tax Act include classifying businesses by size and providing tax reliefs accordingly. Companies with a yearly turnover below ₦50 million will be exempt from Companies Income Tax (CIT), doubling the previous threshold. This change supports President Tinubu’s promise to ease burdens on small businesses and encourage entrepreneurship.

Significantly, the bills also propose VAT exemptions on essential items like food, healthcare, education, transportation, and agricultural products, directly benefiting low-income Nigerians by reducing the cost of necessities. Additionally, VAT refunds for companies will now be processed within 30 days of paperwork completion, enhancing cash flow for businesses.

These reforms follow earlier moves by President Tinubu to reduce costs on imports of essential commodities, aimed at softening the economic adjustments. The proposed bills signal a push for long-term fiscal stability and a more supportive business environment, promising tangible relief for citizens and companies navigating the current economic landscape.

A coalition of Nigerian youth, student, and civil society organizations is calling for the immediate dismissal of Inspector-General of Police (IGP) Kayode Egbetokun, citing increasing allegations of police brutality and misconduct under his leadership. This demand follows the arrest of Peace Corps of Nigeria (PCN) Commandant Dickson Akoh and 16 officers, which the coalition views as a stark example of escalating abuses within the police force.

During an emergency press conference in Abuja, coalition leaders denounced IGP Egbetokun for allegedly ordering Akoh’s arrest over a tenancy dispute. Armed officers reportedly stormed the Peace Corps headquarters in Jabi, Abuja, forcibly entering Akoh’s office and detaining him and several personnel. Witnesses claimed that officers, accompanied by alleged thugs, vandalized property and ransacked offices.

Representatives, including Blessing Akinlosotu and Ademario Emmanuel from the Coalition of Nigeria Youth on Security and Safety Affairs, issued an ultimatum for the immediate release of Akoh and a formal apology to the Peace Corps by October 28, 2024. They cautioned that failure to comply would result in large-scale peaceful protests at the National Assembly and police headquarters.

The coalition also urged authorities to unseal the Peace Corps headquarters, which was closed following the arrests, allowing the organization to resume normal operations.

A coalition of Nigerian youth, student, and civil society organizations has demanded the immediate dismissal of Inspector-General of Police (IGP) Kayode Egbetokun, citing alleged police brutality and misconduct. This call follows the arrest of Peace Corps of Nigeria (PCN) Commandant Dickson Akoh and 16 officers, an incident the coalition views as emblematic of escalating abuse within the police force.

During an emergency press conference in Abuja, coalition leaders condemned IGP Egbetokun for allegedly ordering Akoh’s arrest over a tenancy dispute. Armed officers reportedly stormed the Peace Corps headquarters in Jabi, Abuja, forcefully entering Akoh’s office and detaining him and several personnel. Witnesses claimed the officers, accompanied by thugs, vandalized property and ransacked offices.

Representatives, including Blessing Akinlosotu and Ademario Emmanuel of the Coalition of Nigeria Youth on Security and Safety Affairs, issued an ultimatum for the release of Akoh and an apology to the Peace Corps by October 28, 2024. They warned that failure to meet these demands could lead to large-scale peaceful protests at the National Assembly and police headquarters.

The coalition also urged authorities to unseal the Peace Corps headquarters, which was closed following the arrests, to restore normal operations.

The National Inland Waterways Authority (NIWA) has announced plans to phase out wooden boats to enhance waterway safety in Nigeria. During an interactive session in Lagos, NIWA Managing Director Bola Oyebamiji highlighted that wooden boats, which make up over 90% of the vessels on Nigeria’s inland waterways, are responsible for most of the country’s waterway accidents. He cited issues such as night travel, overloading, and inadequate safety measures, including the failure to use life jackets.

To address these safety concerns, NIWA has increased the number of marshals monitoring the jetties nationwide, expanding from 80 to 350 marshals to enforce regulations and raise awareness among boat operators and passengers. Oyebamiji also emphasized the agency’s long-term goal of replacing wooden boats by collaborating with the Ministry of Marine and Blue Economy, under Minister Adegboyega Oyetola, and with the Nigerian Navy assisting in patrol operations.

The initiative includes campaigns in English and local languages to educate communities on the dangers associated with night travel, overloading, and neglecting safety gear. NIWA aims to ensure safer and more reliable water transport for Nigeria’s inland waterways.

Moving from a “Change” agenda to a “Renewed Hope” vision can indeed be costly, both in terms of finances and resources. These transitions often require substantial investments to fulfill new promises, establish fresh programs, and improve upon previous initiatives.

A significant increase in budget allocations, like Zamfara’s 2025 budget, reflects this shift. While such expenditure is intended to yield long-term benefits, it also relies heavily on consistent revenue and efficient management to ensure these costs result in meaningful progress and improved quality of life for citizens. For many governments, balancing optimism with practical budgeting is essential to truly deliver on the hope they aim to renew.

The Zamfara State Commissioner for Budget and Economic Planning, Hon. Abdulmalik Gajam, has unveiled the state’s 2025 budget, crafted to drive a “New Zamfara” in line with Governor Dauda Lawal’s “Renewed Hope” agenda. Speaking at a stakeholder town hall meeting held at the JB Yakubu Secretariat in Gusau, Gajam outlined the budget’s focus on transformative development tailored to the needs of Zamfara’s people.

Set at ₦426 billion, the 2025 budget marks a substantial increase from last year’s allocation. Gajam explained that the increase reflects improved revenue generation achieved by reducing financial leakages. The budget is geared toward advancing livelihoods and addressing core priorities of Zamfara residents, signaling a strategic shift toward economic stability and sustainable growth for the state’s future.

Contrary to widespread assumptions, President Bola Tinubu’s administration has not acquired a brand-new official jet, but rather a refurbished one, according to presidential spokesman Bayo Onanuga. In an appearance on Inside Sources with Laolu Akande on Channels Television, Onanuga explained that the newly acquired Airbus A330 is meant to address the costly maintenance issues associated with older jets in the presidential fleet, which includes a 19-year-old Boeing B737-700 originally purchased during the tenure of former President Olusegun Obasanjo.

Onanuga emphasized that the jet is a national asset, “belonging to the people of Nigeria,” and not President Tinubu’s personal property. The spokesman pointed out that the newly added Airbus, which was pre-owned but well-maintained, offers a more reliable alternative to the aging aircraft, which has been costly to maintain. The older Boeing reportedly encountered operational issues during Tinubu’s visit to Saudi Arabia, necessitating the use of a chartered jet to continue to The Netherlands.

Highlighting the importance of prioritizing the President’s safety, Onanuga added that the refurbished jet will be available for use by Tinubu’s successors as well. He clarified that the National Security Adviser, Nuhu Ribadu, also recognized the need for an upgrade, citing excessive maintenance expenses for the aging fleet.

Onanuga’s statements follow a series of recent directives by Tinubu’s administration aimed at streamlining governance costs, including reducing the size of ministers’ convoys and the number of aides.

The recent destruction of over 2,400 illicit arms at the Muhammadu Buhari Cantonment in Giri, Abuja, marked a significant yet perplexing event in Nigeria’s ongoing battle against insecurity. Organized by the National Centre for the Control of Small Arms and Light Weapons (NCCSALW), the ceremony saw high-ranking military officials and government representatives, including National Security Adviser Malam Nuhu Ribadu, gather to witness the destruction of weapons that could potentially arm over two battalions.

While the act was celebrated as a triumph against illegal arms, it raised critical questions about Nigeria’s security strategies. Ribadu’s assertion that soldiers and police were implicated in selling arms to terrorists and bandits was quickly challenged by the Defence Headquarters, indicating a potential rift in the narrative surrounding the nation’s security challenges.

In a country struggling with security threats and financial constraints, the decision to destroy arms is bewildering. Even if these weapons are deemed unserviceable or outdated, they could have been repurposed for other security forces, such as the Civilian Joint Task Force (JTF) actively combating terrorism in the North-East. This raises the question: why would a nation so in need of arms willingly destroy what little it has?

General Christopher Musa, Chief of Defence Staff, has previously lamented the challenges faced in acquiring military equipment, asserting that even when funds are available, Western suppliers often refuse to sell arms to Nigeria. This history of arms procurement difficulties, dating back to the Nigeria Civil War, underscores the urgency of enhancing Nigeria’s military capabilities. Yet, at an event showcasing the destruction of arms, the discomfort of high-ranking officials like General Musa becomes apparent.

The destruction of these weapons appears counterproductive, especially when historical precedents highlight a clear need for military resources. Past administrations, including that of former President Jonathan, faced obstacles in procuring arms, leading to desperate attempts to circumvent international restrictions. Instances such as the seizure of $9.3 million in cash for intended arms purchases by South African authorities reveal the lengths to which Nigeria has gone in search of military support.

While the Director General of NCCSALW, retired DIG Johnson Kokumo, categorized the destroyed arms as a mix of unserviceable and decommissioned weapons, he hinted at future destructions of newly seized arms. This raises an unsettling prospect: if Nigeria continues to destroy weapons, including those recently confiscated, what does it say about our ability to secure and arm our forces against mounting threats?

Moreover, this pattern reflects a troubling mentality within the security apparatus. The focus on destruction rather than repurposing raises concerns about priorities in arms management and procurement. It highlights a broader issue of reliance on foreign arms, neglecting Nigeria’s rich history of indigenous arms production. Pre-colonial Nigeria was known for its arms manufacturing, particularly in regions like Awka, which were systematically dismantled by colonial powers.

The current security climate demands a critical reassessment of how Nigeria manages its military resources. It is imperative to move away from a reliance on foreign arms, investing instead in local manufacturing capabilities. By doing so, Nigeria can build a self-sustaining military framework better equipped to respond to its unique security challenges.

In summary, the destruction of arms amid ongoing security challenges raises pressing questions about Nigeria’s strategic approach to military preparedness. Rather than contributing to national security, such actions may undermine efforts to combat the very threats the nation faces. A shift towards repurposing existing resources, investing in local production, and fostering a cohesive strategy for arms management is essential for a resilient and secure Nigeria.

Youths from Aninri, Awgu, and Oji River Federal Constituency, under the aegis of the Greater Awgu Youth General Assembly (GAYGA), have praised the exceptional contributions of Igwe Elect of Ogugu Ntu-egbenese Ancient Kingdom, Chief Aloysius Chidozie Ogbonna Jnr., towards community building and human capital development.

The commendation was made by GAYGA President Comrade Okolie Valentine Ebuka in a statement issued on Monday in Enugu. He highlighted Chief Ogbonna’s deep commitment to the progress and well-being of the Greater Awgu community.

Comrade Okolie emphasized Chief Ogbonna’s significant role in enhancing access to clean water through a water reticulation project in Ogugu Ntu-egbenese. This initiative has greatly improved residents’ access to clean water, promoting a healthier living environment.

Additionally, he commended Chief Ogbonna’s involvement in infrastructure development, particularly through partnerships for the renovation and equipping of the Ibite Health Center and Ogugu Central School. These projects, sponsored by prominent figures including Chief and Lolo Nweke, and Gidim Ejike Okonkwo and his wife, have brought essential health and educational services closer to the people, reflecting the Igwe Elect’s dedication to community welfare.

GAYGA also acknowledged Chief Ogbonna’s efforts to provide food security and support for families during the COVID-19 pandemic. The statement noted:

“The Greater Awgu Youth General Assembly (GAYGA) is honored to commend Chief Aloysius Chidozie Ogbonna Jnr., Ikemba Enugu, and Igwe Elect of Ogugu Ntu-egbenese Ancient Kingdom for his significant contributions to community development across Greater Awgu Land. His dedication to progress, youth development, and unity has positively influenced many lives within Awgu Local Government Area and beyond.”

Chief Ogbonna’s commitment to community welfare is evident through various impactful projects, particularly in improving access to water. His personal contribution of ₦600,000 as part of the community’s share helped ensure the successful completion of the ₦12 million water reticulation project, significantly enhancing access to clean water for residents.

Moreover, Chief Ogbonna has played a key role in enhancing local infrastructure through community partnerships. The renovation, rehabilitation, and equipping of the Ibite Health Center and Ogugu Central School have brought vital health and educational services closer to the people. These efforts, supported by local leaders, reflect Chief Ogbonna’s focus on the well-being of his community.

Beyond these initiatives, Chief Ogbonna’s contributions extend to the broader Enugu State community. During the 2023 election period, he organized the distribution of 4,500 bags of rice—2,500 from his personal resources and 2,000 coordinated through Enugu indigenes in South Africa—to support local families and alleviate economic hardships. Such acts have helped foster unity and support among the region’s people.

His involvement in local government elections has further strengthened democracy, promoting democratic principles at the grassroots level while highlighting the achievements of Governor Peter Ndubuisi Mbah’s administration, fostering pride and unity among the people of Greater Awgu.

Anglican Bishop, traditional rulers, and community leaders have praised 92-year-old academician Dr. Eberechukwu Anyabuike for unveiling his book on the Christian missionary enterprise in the Igbo community. The event, which also marked his 92nd anniversary, took place at Alvan Ikoku Federal University of Education, Owerri, and featured the book titled “Christian Missionary Enterprise in Isu-Ama Igbo 1900-1948: A Historical Survey.”

The celebration began with a church service at All Souls Chapel, Alvan, where dignitaries from various segments of society gathered to show their support for Dr. Anyabuike.

In a review of the book, Professor Ngozi Okereke challenged the notion that Isu-Ama lacked religion prior to the introduction of Christian missionaries, stating, “Isu-Ama had been religious from perennial times. In the religious evolutionary process, Isu-Ama evolved.”

Dr. Anyabuike took the opportunity to urge scholars across the country to develop a keen interest in continuous research and the advancement of university curricula. He emphasized the importance of adapting to the digital world, noting, “We are in a digital world, and trends are evolving daily; scholars must brace up to embrace the dynamics that present themselves as the realities of our time.”

He called on scholars, academicians, and university faculty to demonstrate a deep commitment and sense of responsibility in research work and academic excellence to produce materials that would endure over time. “When this is done, universities will have enough materials to produce students with high academic and moral standards,” he remarked.

Most Rev. David Onuoha, the Bishop of the Anglican Diocese of Okigwe South and Archbishop of the Owerri Ecclesiastical Province, who was represented by Rev. Ernest Uzoukwu, showered praises on Dr. Anyabuike, describing him as a dedicated lover of God and education.

Interswitch, an integrated payments and digital commerce company, has urged for the complete digitalization of the microfinance ecosystem to overcome existing challenges and unlock growth opportunities within the sector.

Mr. Emmanuel Nwokocha, Head of Sales for South-South at Interswitch, made this call at the Interswitch Technconnect 4.0 program held in Asaba, Delta State. The event, themed “Unlocking Growth Opportunities Through Technology and Innovation,” attracted stakeholders from the financial technology space, policymakers, and technology enthusiasts.

During his keynote address titled “The Future of Microfinance – Digitalization, Challenges, and Growth Opportunities,” Nwokocha highlighted the significant transformation microfinance has undergone over the years. He noted that what started as a simple mechanism for offering small loans and savings options to the unbanked has evolved into a complex ecosystem that now provides a variety of financial services, including insurance, credit, and payments.

Despite these advancements, Nwokocha pointed out that challenges such as high operational costs, limited scalability, and inefficiencies in customer acquisition still persist. He emphasized that these barriers hinder the goal of extending financial services to underserved communities and driving grassroots prosperity.

“Digitalization is crucial,” Nwokocha stated. “By harnessing digital platforms, we can drastically reduce the cost of service delivery, improve customer engagement, and provide more tailored financial products. Digital innovation can create a more inclusive financial ecosystem that is accessible, affordable, and effective.”

He affirmed Interswitch’s commitment to a digital-first approach, advocating for solutions such as mobile banking, digital wallets, AI-driven credit scoring, and cloud-based platforms to ensure the relevance and resilience of microfinance in a digital age.

Nwokocha also noted that realizing the full potential of digitalized microfinance necessitates collaboration among various stakeholders. “Financial institutions, fintech companies, regulators, and telecom providers must come together. Innovation is rarely the work of a single entity; it thrives on collective effort. We must build partnerships that foster trust, create synergies, and ultimately contribute to the sustainable growth of the microfinance sector.”

He concluded by highlighting the importance of events like Interswitch’s TechConnect series in providing a platform for stakeholders to connect, share insights, and collaborate for impact. He envisions a future where microfinance institutions operate with the efficiency of digital banks, powered by robust data analytics and cloud computing.

The National Patriotic Coalition (NPC) has issued a strong condemnation of the recent local government elections conducted in Kano State, deeming the process a sham and a blatant disregard for democracy.

Despite a Federal High Court ruling that disqualified the New Nigeria Peoples Party (NNPP) candidates, the coalition of observers criticized Governor Abba Yusuf for proceeding with the elections, which they argue contravened the rule of law and judicial authority.

In a statement signed by Dr. Kunle Solomon, the NPC asserted that the election results, in which the NNPP won all 44 chairmanships and 484 councillorship seats, lack legitimacy. Solomon characterized the exercise as a “comedy taken too far” and dismissed it as a mere “kangaroo” poll for underage children. He accused Governor Yusuf of carrying out the elections without any understanding of democratic processes, further alleging that his actions are synonymous with corruption and misrule.

The NPC emphasized that such conduct undermines the democratic process, stating, “The National Patriotic Coalition (NPC) strongly condemns the recently conducted local government elections in Kano State, as it is a sham and a blatant disregard for democracy.” They highlighted the governor’s decision to disregard the Federal High Court’s ruling as a clear violation of the Constitution of the Federal Republic of Nigeria (1999), specifically Section 287(1), which mandates that judicial decisions be enforced throughout the Federation by all authorities and persons.

The West African College of Physicians (WACP) is convening its 48th Annual General and Scientific Meeting (AGSM) from Monday to Wednesday in Abuja, focusing on the theme “Strengthening Healthcare Systems in West Africa: Opportunities and Challenges.” This gathering aims to generate key recommendations and actionable steps to enhance healthcare systems across the region, drawing health experts from the College’s 13-chapter countries.

The theme reflects the meeting’s purpose to address pressing healthcare challenges in West Africa and to identify innovative solutions and collaborations that can drive transformative change. Challenges being addressed include emerging infectious diseases, non-communicable diseases, sustainable healthcare financing, and workforce development.

Dr. Rose Macauley, the College President, noted that the AGSM represents a pivotal moment for collaboration among healthcare providers, governments, and partners to tackle the region’s healthcare challenges and improve community health outcomes. The meeting aims to foster dialogue and knowledge sharing, developing practical strategies to strengthen healthcare systems across West Africa.

The WACP anticipates that the discussions and insights from the AGSM will translate into tangible benefits for communities, addressing the unique healthcare needs of the region. This event highlights the resilience and dedication of healthcare professionals while serving as a platform for collaborative efforts aimed at improving the overall health landscape in West Africa.