NDIC Seeks Stakeholders’ Inputs To IADI Core Principles For Effective Deposit Insurance

To deliver simpler, smarter banking solutions, Union Bank of Nigeria has partnered with the Pan-African Payment and Settlement System (PAPSS) network, a Financial Market Infrastructure that provides hassle-free and convenient cross-border money transfers to some selected African countries.
This revolutionary payment solution for implementing the African Continental Free Trade Agreement (AfCFTA) is designed to transform how payments are made across Africa.
With PAPSS, customers can send money instantly to Ghana, Kenya, Rwanda, Liberia, Sierra Leone, Gambia, Malawi, Zambia, Zimbabwe, Djibouti, Nigeria and more African countries in the future.
Using PAPPS offers numerous benefits to customers, including, but not limited to, instant payments or transfers, cheaper foreign transaction costs, no need to source FX, enhanced security, and intra-African trade opportunities.
Commenting on this partnership that goes across borders, Peter Amadi, Head of Transaction Banking at Union Bank of Nigeria, said,
” At Union Bank of Nigeria, we are committed to driving innovation and excellence in banking. Our focus is on providing seamless and efficient banking through simpler, smarter solutions that meet the evolving needs of our customers. We believe in fostering strong relationships and delivering exceptional value to our customers, ensuring their success in today’s dynamic financial landscape.”
Mike Ogbalu III, CEO of PAPSS, commenting on this partnership, said
“I am very excited and proud to see Union Bank of Nigeria, a bank with over a century of banking legacy, joining the PAPSS network. This shows how PAPSS will be a game changer for the continent by enabling infrastructure to spur the growth of intra-African trade and commerce, with the active participation of regional economic communities, private sectors, and other stakeholders.”
Union Bank’s partnership with PAPSS marks a significant milestone in the Bank’s commitment to driving innovation and excellence in banking.
By providing seamless and efficient banking solutions through simpler, smarter means, the Bank aims to meet the evolving needs of its customers.
This collaboration enhances the Bank’s service offerings, fosters strong relationships, and delivers exceptional value to customers, ensuring their success in today’s dynamic financial landscape.
Ben Sonia is a talented fashion and design entrepreneur, creative Director/Founder of ‘Shop Stab’, who discovered her gift while in the university. Aware that there were no clothes really fit for her size -4 body frame, she had no option than to learn to make clothes fit and proper for herself.
A 25 -year- old medical laboratory scientist, from Babcock University, who was in dilemma whether to choose a career in fashion and design, a craft her grandfather conscientiously taught and encouraged her to pursue, or not. Bred in Lagos, Sonia’s creative journey began with fashion illustrations in 2013. While pursuing a bachelor’s degree. She nurtured her passion for fashion and sharpened her skills in pattern drafting.
Today, Sonia’s ‘Shop Stab’, features modern silhouettes, subtle prints, and unexpected details that add a touch of edification to each design and collections she makes. With styles that blend modern cuts and African inspiration, emphasizing detail, fit and proper, the Fashion outfit collections basically lies in personalization, quality craftsmanship, and storytelling. Each piece painstakingly created to mirror the wearer’s essence and heritage.
Despite her science background, Sonia’s creative spirit and exceptional dressmaking skills stood her out among her contemporaries, firing her cylinder to leave a legacy in the fashion / lifestyle industry.
In a meet and greet gathering of fashion enthusiasts and creative fellows recently in Lagos, Sonia spoke about Shop Stab and what the brand represents in the fashion industry. “Shop Stab represents elegance, culture, and individuality. We focus on creating timeless pieces that capture different personalities with a contemporary twist especially for women who want to look elegant, graceful, and unique.
“I have been designing since June 2018. Since then, it has been a mixed experience. There were good days and bad days, but, in all it’s been good totally, it’s been very fulfilling. For the bad days, I sleep over It and re- strategize. If it’s something I can change, I would go back and re- strategize, but if it’s something I can’t change, like the bad economy of the country. I mean, there is nothing I can do”
Speaking on what inspired her, Sonia said, she is motivated by African prints. African heritage and uniqueness spurs her to enmesh herself into nativity. To add up, people around inspired her to keep pushing despite all odds. “People inspire me. Most of my clients inspire me, different things inspire me. I can be sleeping now and then I receive an idea, next thing, I sketch it out and something beautiful, I’m a creative person”
Sourcing raw materials is a challenge every producer faces due to cost, logistics, among other factors. For her, she said “I source materials majorly from Itoku in Abeokuta, Adire fabrics. So sometimes I buy from the traders. Sometimes I make them. And they have been working perfectly for me. Because maybe I’m just lucky to find a good vendor. I have someone that I produce clothes for, I produce for her brand, and most of the Adire that she brings to me, some of them are turned some of them are not good at all. So I think I’m just lucky to have someone good”
Businesses thrive on patronage, on this note, the young Laboratory Scientist bemoan that local patronage has posed a threat to the craft. First, it majorly affects pricing. “When they bring these clothes from abroad, majorly from like China, they are quite cheap. So when I price my goods, people are like, Oh, I can easily get it for this price in the market, because it’s from China and all that stuff, and then it’s actually a problem, because people do not want to, but when they do, they try to compare your work. Although we know that our fabrics are better. But they don’t know. Most people don’t know this. People that think they know do not really know this. So they believe that you are overcharging them, or you’re over- pricing. But of late, people have been really showing interest in Nigeria brands, I think it’s because of celebrity designers, and all those outfits they have been making for people, people have been really showing interest because, the Africa Magic Viewers’ Choice Awards (AMVC) that just happened, Americans were rating Nigerian made clothes. It was very interesting. I mean, they didn’t know what they were doing, but, it made a lot of sense to me. Just made me happy”
Still on home made and foreign materials comparison, she maintained that she works majorly with cotton fabrics, calling on Nigerians to patronize locally- made as designers strive to input African heritage into every pieces produced. “I believe that if anyone should put on what he or she can relate to or maybe what speaks to you, it makes sense”
Speaking on Nigerians habitual act of patronizing foreign products against local designers, the fashion enthusiast said it affects them in different ways. “first is visibility. If you go to the market now, you hardly see Nigeria- made clothes. You see majorly foreign made clothes. I have not been to Aba, but I heard it is like a production house. It’s a big place. They make beautiful things there. My grandfather used to make a lot of suits and shoes there in Aba, he was a bank manager in Italy. So, he used to make all these clothes here in Aba, then, he would move the clothes (suits and shoes) made in Aba to Italy. I believe that if only we can look into it and make sure that our own things matter, like, if we can produce our own designs, make them really good and standard. I mean, people would want to buy from us. Why are we mimicking other designs that are not even good? Simply because we see them bringing a brand from China, instead of making things that are quality, things that would put us on a map. So, I believe that in the coming years we will see the vision”
Of government’s role in promoting indigenous fashion entrepreneurs, the fashion designer did not support the ban of importing clothing materials as some indigenous micro and small scale entrepreneurs have advised the government over the years, but says “It will not make sense, because it also helps us do things. I have customers in Australia that use our own indigenous clothes (Ankara). I think they just feel our uniqueness. I don’t know, maybe they just want to relate with our culture. Or maybe they feel it’s beautiful. I think they like a combination of both our clothes and the way we design. They love the fabrics, they are not related with us in any way, but maybe they just want to feel like us”
Responding to the declining interest in fashion and designing profession by young people of late, the young entrepreneur advised oldsters in the industry should to show the younger generation the good side of the work. She recalled that not so many people had wanted to dabble into fashion and designing, because the craft was smeared at as a low grade work for never- do- well.
‘Not until recent years that people started seeing the joy, because everybody believes that once you are a tailor, you are poor – financially. Yes, they believe that there is nothing else you can do. Because it’s a meagre work in their own eyes. That is how they looked at it. But now that people are seeing clothes that you can make clothes and actually price, and people would buy it. People would appreciate what you are making then. I mean, I believe we need to show younger ones the business side of it, they need to see the good side of it, the designing, the business side. You know, there are other things, like fashion tech, and ‘Fashion Illustration’ – which is a good one too. So there are different aspects. It’s just to show them the beautiful side and the good side to it. That is basically it.
And to motivate young people to join this profession, she explained that prospective fashion designers must have the passion because fashion designing is not something one does because of money, else one would cry. “You do it because you like it. And then you have to be smart enough to get money from it. You have to be informed. I still hold classes for younger breeds. I buy courses because I’m always trying to know more of recent trends in the industry, just to upgrade. You have to show them both sides, even if you have the passion for it, you have to know the business side of it. We need to let them know that it’s not all about money only, but it’s about creating a world of appealing scenes, acceptance, of elegance, esthetics and impact through crafting and designing with fabrics”
How busy are fashionista, she confirmed that there are two sides every coin. In December for instance, people want new clothes because it’s a peak season, October to December. But in January, people do not really buy clothes, but for her, there is always clothes to design and sew, because no matter what, people always make and put on clothes. “It’s something that you wear every day. Though I do not make bespoke dresses at that highest level, I make majorly ‘ready to wear’ majorly so I don’t take jobs just from anybody, because I want to make my own designs.
Has fashion design contributed to national economy? She felt proud of where the sector have come, saying “at this point I believe we are now being recognized and appreciated, our local contents have really boost our sales and visibility, income and then in providing jobs. Because if you have people desiring your design and the clothes you made, you would need more staff. You need more help. At a point I had three workers(marketing manager. I have someone that handles my social media page), when people are engaged, it helps the state of the economy and less people will be hungry. I teach Junior WAEC students sewing for their practical exams. I make ‘Made To Order Clothes’ so, I produce for brands that have fashion brands that cannot sew”
She urged the federal government to fix the epileptic economy as SMEs are struggling to survive – owing to incessant power outage and other high cost of production and operations. She noted that If the country is bedeviled and handicapped by hostile economic environment, it dampens the effort of African designers.
“My survival strategy is, I buy in bulk so that in the next few months, I will not be crying, or I will not have any need to run up and down because you cannot increase the costs of your clothes every week, your customers would just think you aren’t serious, and then they don’t even really have enough to be doing that, because their money is been affected by the harsh economy, that is it. Other surviving strategy is based on the situation as the case maybe.
In respect to sustainability in business, she categorically said sustainability is something she takes to heart- personally. Because the business of fashion involves a lot of waste (pieces of materials) from fabrics, she revealed that she uses the waste fabrics or pieces to make local bags and use the bags as a take -away pack. “I don’t waste any piece of material/ fabrics here. I reuse them. I produce bags I used to send clothes to clients. So I make them when one places order”
In reaching out to global scene, fair- complexioned Sonia said she have tried to incorporate contemporary touches and fittings into what she does, just so that it can appeal to the international audience as well. “I have also partnered with Stock Brands and retailers, international retailers, one in the UK and one in South Africa(Ananda Africa) just so that, I can have more reach for my clothes, because I know that even with my Instagram ads, I know that I might not have the visibility that I need. So I have tried to reach out. I have also tried to partner with other people, like a magazine abroad in the UK, Klat Magazine, I did a partnership with them, I did a shoot, and they used it for one of their creative, upcoming designers, just so that I can push myself out there. So I’m pushing working with all international bodies- magazines and distributors. Another one is Kouture Paradise. The feedback has been great. We have a shoot for Koutour Paradise this soon. We have a shoot because one of my pieces I just came out, I mean, it went viral, just so that, they can push but, it’s been good. Feedback has been good. I joined them this year. It’s been going well. I mean, so far so good”
Working and collaborating with the entertainment industry is another step higher, given the relevance of connections with bigger brands. She added that when she released a new collection in 8 of April, she made effort to reach out to personalities in the entertainment industry. “We have sent messages for collaborations to Zainab Balogun, Zara Byrne, Yobe Helen, Amy okoli, Powede Adewujo and some other influencers. Although we have not really seen much feedback, but we are still pushing.
“I think creative industry is something we should look into seriously, especially with the recent buzz. You know, Nigerian designers are on the map, like they are putting themselves on the map right now. So I think the government should really take advantage of it. They should really look into it and push it. We should try to get something from it. We should try to encourage others to boost our impact just to encourage us to grow.
“Sadly, I have not received any support from my representative in government. I’m in Nigeria. Most of everything I have here is self -funded. So government should do better by supporting youngsters like us who are in truth and sincerity striving to be responsible, accountable and productive economically in the society. Many young people are looking for real time support from the government and other well meaning Nigerians. The major challenge we have are the middle men through whom the young business creators ought to receive considerable support in real time from the government”
Nestlé is pleased to announce an ongoing collaboration with the Federal Ministry of Livestock Development to launch a Dairy Technical Skills Development Program. This initiative, formalized through a Letter of Intent (LOI) signed today in commemoration of World Milk Day 2025, aims to enhance the quality and volume of milk production in Nigeria, addressing critical needs within the dairy sector.
The LOI reflects a shared commitment to develop mid-level technical and vocational skills essential for strengthening Nigeria’s dairy value chain, ensuring food security, improving nutrition, and fostering sustainable livelihoods. The partnership will focus on:
Establishing capacity-building programs centered on milk production, processing, hygiene, and management.
Promoting industry-relevant skills through training modules developed in collaboration with stakeholders.
Enhancing milk quality and productivity across local dairy clusters through knowledge sharing and technical support.
Speaking during the signing ceremony, Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC said, “In addition to our global dairy experience, Nestlé has built capacity to provide targeted training programs on best practices in dairy farming adapted to the Nigerian context. This is why the Letter of Intent signifies more than a formal agreement; it reflects our mutual dedication to bridge the gap in mid-level technical skills within the dairy sector to meet the growing demands of the market. We are confident that this will have a positive impact on our communities by creating more jobs, improving livelihoods, and supporting a stronger economy.”
The Honorable Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, remarked, “Since the establishment of the Federal Ministry of Livestock Development, we have taken significant steps to address the challenges facing the dairy value chain. Under the National Livestock Growth Acceleration Strategy, we are focusing on key pillars, including livestock value chain development and feed and fodder improvement. Our collaboration with Nestlé Nigeria will lead to the commissioning of a Dairy Training Centre in Paikon Kore, Gwagwalada, aimed at building mid-level manpower and training farmers to enhance productivity through modern practices.”
From the launch of its Dairy Development Project (NLDP) in 2019, Nestlé Nigeria has been actively contributing to the enhancement of the dairy sector. The NLDP has established 83 dairy cooperatives, benefiting over 3,000 milk producers and has aggregated more than 1 million liters of raw milk. Nestlé has also trained over 2,000 milk producers in best practices, vaccinated over 36,744 cattle, and facilitated water access through the construction of 19 boreholes and 28 water troughs.
These efforts have led to significant improvements in milk quality, reducing rejection rates from 12% in 2021 to as low as 5% in 2024, while monthly revenue for milk producers has increased from ₦70,000 in 2019 to ₦250,000 in 2024.
The launch of the Nestlé Dairy Demonstration Farm provides a practical model to illustrate how best practices can safely increase milk production of local breeds from an average of 1 liter per cow per day to over 10 liters. Following the launch, the Honorable Minister invited Nestlé Nigeria to convert the farm into a training institute, an opportunity that Nestlé eagerly accepted leading to the signing of the LOI today.
By investing in the future of Nigeria’s dairy sector, Nestlé is dedicated to building capacity and capability for a sustainable and prosperous industry that supports the nation’s development.
Former President Olusegun Obasanjo, has reaffirmed the need for Nigerians to embrace the culture of selflessness in line with the Rotary Club activities to make life meaningful to all.
The Former President who was represented by his wife, Mrs Bola Obasanjo was speaking during the pioneer convention of Rotary Club and the unveiling of District Governor Designate of District 9111 held at Olusegun Obasanjo Presidential Library, Abeokuta.
While commending various initiatives of the Rotary Club which are targeted at uplifting humanity, Obasanjo stated that before anyone goes to bed daily there is need for one to do self-appraisal on how positive one has affected life.
“Before you go to bed every day, always take a pause and ask yourself what am I doing for others? What are other people benefitting from me? What am I doing like the Rotary Club to make life more comfortable for others?
“It is not just by word of mouth that the Rotary Club is doing so much to help humanity, it is what is obvious to all, the good work of the outgoing District Governor of Rotary Club, District 9111, Dr Oluwole Kukoyi and his wife, Rev Olusola Kukoyi is another testament to the love of humanity by this special club”.
The former President noted that the world would be a better place if everyone will imbibe the theme of love, service and consider helping one another to surmount life difficulties just as it is being advocated by the Rotary Club.
Also the Ogun State governor, Dapo Abiodun in his keynote address lauded the club for its various impactful projects and interventions.
Abiodun who was represented by his Deputy, Engr Noimot Salako-Oyedele disclosed that some of the club’s impactful interventions in the state is Rotary Prostate Cancer Center at Olabisi onabanjo University Teaching Hospital, Sagamu and the Rotary Eye Center at the General Hospital in Otta in Ado-Odo/Ota Local Government area among others.
Gov Abiodun has however identified the need for the Rotarians to renew their commitment to the cub ideals of empowering communities and changing lives in a world where empathy is increasingly becoming scarce.
The governor said “Rotary’s core ideals remain a necessary moral compass. These are not just lofty principles to frame on a wall or recite at meetings. They are practical tools for healing and rebuilding the fabric of our society, ideal and noble for our communities to flourish”.
Abiodun said that it is not just enough for the club to embark on projects but must also do so in partnership with the benefiting communities so as to ensure that such intervention is aligned with the identified needs of the people.
The governor has however called on the people to be more deliberate in rendering genuine service to create a beautiful world of all.
Abiodun lauded the pioneer District 9111 DG, Dr Oluwole Kukoyi and his wife, Rev Olusola Kukoyi for providing a leadership that is in tune with the ideal of love and selfless service of the humanitarian club urging his successor, Rotarian Henry Akinyele to also consolidate on the enduring legacy of empowering communities which is synonymous with the international club.
Rotarian Eric Kimani from Kenya who represented the President of Rotary International, Stephanie Urchick urged members of the club to keep pursuing initiatives and projects that will enhance world peace
He urged the Rotarians on membership growth even as they remain innovative and committed to attracting the youth into the club
Urchick also challenged them to double up on efforts of the club to kick out polio across the world.
The outgoing DG, Dr Kukoyi appreciated the club members for their support and cooperation emphasising the need for them to keep making positive impacts in their various localities.
Meanwhile, the DG nominee, Bukola Bakare, who was the first female president of the Rotary Club of Ikeja, GRA, Lagos State, expressed her excitement at her elevation and the opportunity to further serve humanity.
Bakare noted that a lot still needs to be done when it comes to selfless services and making the country attain its enviable heights.