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CBN Debunks Report On BDC Recapitalisation Deadline

 

CBN debunks report on BDC recapitalisation deadline

The Central Bank of Nigeria (CBN) has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.

 

The CBN, through its Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, described the information as false, misleading, and stated that it should be disregarded.

 

According to her, the Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.
She consequently urged the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources, such as the Bank’s website and authorised communication channels, before publishing or sharing news about the Bank and its regulatory directives.

 

The CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” Sidi Ali noted.

 

As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements: ₦2 billion for Tier-1 and ₦500 million for Tier-2 operators.

Fidelity Bank Boosts Learning With Donations To Govt Secondary School Port Harcourt

L-R: Team Lead, Human Resource and Business Partner East and South, Fidelity Bank Plc, Osayi Uwumarongie; Principal, Government Junior Secondary School Elekahia, Port Harcourt; Dr Ekeh Florence; Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; and Procurement Officer/Class President, Suncrest 2025 Inductees Class, Fidelity Bank Plc, Euphemia Okereafor; during the Fidelity Helping Hands Programme Donation to Government Secondary School, Port Harcourt, Rivers State recently.

 

In furtherance of its long-standing commitment to education and youth development, leading financial institution, Fidelity Bank Plc, has donated a wide range of relief and academic materials to Government Junior Secondary School, Elekahia, Port Harcourt, Rivers State. The donation was made possible by the unwavering dedication and generosity of a class of newly inducted staff, known as the Suncrest Inductee Class, under the Fidelity Helping Hands Programme (FHHP).

 

Through the FHHP, staff across Fidelity Bank’s business locations identify projects that impact their immediate community and raise funds to execute them. The bank’s management thereafter matches this contribution with an equal amount and disburses it for the selected project.

 

Speaking about the donation event, Divisional Head, Brand and Communications, Dr Meksley Nwagboh, noted the bank’s dedication to fostering community development and supporting children from underprivileged backgrounds.

 

“We deliberately chose a public school because we understand the challenges many students face. Our aim is to provide support that not only aids academic performance but also inspires hope for a brighter future,” said Dr Nwagboh.

 

He highlighted that the Bank’s initiative for school and students has spanned 15 years with numerous schools as beneficiaries nationwide. “At Fidelity Bank, we believe that investing in the next generation is a direct investment in the future of our country. This initiative is deeply rooted in our philosophy of grooming responsible future leaders and promoting social equity, with our members of staff being able to significantly contribute right from their early days in the bank” he affirmed.

 

In her remarks, the Principal, Government Junior Secondary School, Elekahia, Dr. Ekeh Florence, expressed heartfelt appreciation to Fidelity Bank for its generous gesture.

 

“We are sincerely grateful that Fidelity Bank remembered the students of our school. The materials they provided – which includes exercise books, biros, socks, footwear, sanitary items such as pads and shaving sticks, and even snacks – will go a long way in boosting the morale and academic readiness of our students,” Dr. Ekeh stated.

 

The students expressed their joy and appreciation, describing the donation as the first of its kind from any corporate organization. Many pledged to make the best use of the materials to improve their academic performance and personal development.

 

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

 

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

NLNG Advances Healthcare Agenda , Delivers Life-Saving Neonatal & ICU Facilities In Asaba

L-R: Dr Sphia Horsfall, GM, External Relations, NLNG, Engr Dagogo Bouwari, NLNG Manager, Nigerian Content; NLNG Chief Medical Officer, Dr Samuel Gara; rep of Minister of state for Health, Dr Jimoh Salaudeen, rep of Asagba Of Asaba, CMD of FMC Asaba, Dr Victor Osiatuma; NLNG Head of Community Liaison, Chief Ifeanyi Umeh and Chairman of Board of FMC, Asaba Dr Mary Idele-Alile as NLNG hands over multi-million Naira renovated and equipped Neo-Natal centre and emergency ward to FMC Asaba, recently.

In a bold push to support the transformation of healthcare delivery in Nigeria, NLNG, on Thursday, unveiled a new Neonatal Ward and a renovated Intensive Care Unit at the Federal Medical Centre (FMC), Asaba, Delta State, marking another milestone in its Hospital Support Programme (HSP).

 

The upgraded FMC Asaba facility now boasts of world-class treatment areas, including neonatal and ICU suites, recovery rooms, prep zones, automated doors, a dedicated nurses’ station, and a family lounge, all tailored to accelerate emergency response, improve outcomes, and enhance care for Nigeria’s most vulnerable patients – the neo-natals.

 

Speaking at the commissioning, NLNG’s Managing Director and CEO, Philip Mshelbila, represented by Sophia Horsfall, General Manager, External Relations and Sustainable Development stated that NLNG’s investment in the Federal Medical Centre, Asaba and other hospitals in the country accurately reflected NLNG’s intentions expressed in its vision of being “a globally competitive energy company improving lives sustainably.” Mshelbila emphasised that the HSP was part of NLNG’s broader nation-building agenda.

 

“We invest in people, not just infrastructure. Through education, health, and capacity-building, we are helping shape a sustainable future. The commissioning at FMC Asaba signals more than the completion of a project, it reflects a clear, steadfast vision: a healthcare system where Nigerian lives are preserved through precision, preparedness, and partnership.

 

“A single step into these wards in FMC, Asaba, reveals transformation with purpose. This is what it means to turn concern into action and statistics into lives saved. Nigeria contributes 20% of global maternal and child mortality. This must change, and we’re committed to that change,” he said.

 

Speaking during the ceremony, Minister of State for Health, Dr Iziaq Salako, commended NLNG for its contribution to health and urged other organisations to emulate the company.

 

The Minister, represented by the Ministry’s Director of Hospital Services, Dr Jimoh Salaudeen described the facility as another milestone in the quest for quality health services in line with the Federal Government’s renewed hope agenda.

 

In his remarks, Henry Obih, a member of NLNG’s Board of Directors, emphasised that the occasion reflected NLNG’s steadfast commitment to the well-being of the Nigerian people. He noted further that through the NLNG HSP, critical infrastructure has been provided, offering immense benefits to families, newborns, ill infants, and to healthcare workers dedicated to delivering quality service.

 

Receiving the facilities, the Chief Medical Director of FMC Asaba, Dr Victor Osiatuma thanked NLNG for selecting FMC Asaba as one of the benefitting institutions, through a transparent process devoid of lobbying.

 

The Hospital Support Programme (HSP) was NLNG’s strategic intervention in response to the urgent need for improved medical infrastructure during the COVID-19 crisis. Approved by the NLNG Board in July 2021, the initiative set out to strengthen Nigeria’s healthcare system, starting with 12 federal university teaching hospitals across all six geopolitical zones and the FCT.

 

Nine health institutions in Nigeria have already achieved transformative upgrades in obstetrics, neonatal ICUs, occupational therapy, and neuromodulation rehabilitation through HSP.

 

NLNG continues to lead in the private sector’s contribution to nation-building, investing not only in energy but in education, healthcare, and infrastructure, because progress must be holistic to be sustainable.

 

 

 

Leadway Supports Nigerian Pavilion At The London Design Biennale 2025

Leadway Group, one of Nigeria’s foremost non-banking financial service group, has announced its sponsorship of the Nigerian Pavilion at the prestigious London Design Biennale, scheduled for June 2025. This sponsorship is a decisive commitment to the global celebration and representation of the next generation of Nigerian creatives through international convergence of Nigerian culture, innovation, and creativity.

 

From June 5 – 29, 2025, the Nigerian Pavilion, “Hopes and Impediments”, will take center stage at Somerset House, London, the UK’s largest creative community and a global hub for the arts. The Pavilion curated and designed by Myles Igwebuike, founder of Nteje Studios, and produced by Culture Lab Africa and endorsed by the Centre for Black and African Arts & Civilisation (CBAAC) presents a radical reimagining of identity, historical memory, and indigenous knowledge systems through the lens of contemporary design.

 

Myles’ roots in South-Eastern Nigeria and experiences abroad have uniquely positioned him as a bridge between tradition and transformation; exploring how the South-East of Nigeria is a cultural powerhouse redefining narratives and inspiring a reawakening of national pride.

 

According to the Group Managing Director, Leadway Holdings, Tunde Hassan-Odukale, “At Leadway, we believe that the intersection of culture, creativity, and commerce holds immense power to shape society and inspire progress. Our support of Nigeria’s participation at the London Design Biennale 2025 aligns with our bold affirmation of the global significance of Nigerian artistry and innovation. This initiative is not merely about aesthetics; it’s about preserving heritage, amplifying our stories, and empowering the next generation of creative thinkers. Through this platform, we proudly invest in the limitless imagination of Nigerian youth and the enduring spirit that propels our nation forward.

 

“As a proudly Nigerian brand, we see this as an extension of our commitment to social investments and economic development through inclusive, future-forward and globally inspired engagements. We are honoured to be part of a movement that celebrates our identity, creativity, and the boundless potential of our people.” He concluded.

 

Commenting on Nigeria’s participation at this year’s Biennale, Hon. Aisha Adamu Augie, the Director General, Center for Black and African Arts and Civilization (CBAAC), a proud partner and contributor to the Nigerian National Pavilion stated that, “Nigeria’s participation in this year’s London Biennale is critical to our collective goal of projecting the African heritage on the world stage. This provides a veritable platform for the best of African design and talents to showcase their capabilities and inspire a lot more in the creative sector in the process. Nigeria’s participation at this year’s Biennale will further cement its position as a leader in projecting African Heritage to the world,” she further added.

 

Leadway’s sponsorship strengthens its broader investment in the Nigerian creative community. The company has previously supported creative initiatives such as Leadway Media Dash, which provides free media exposure for young entrepreneurs and continues to support platforms like the Lagos Leather Fair, a critical initiative to elevate Nigeria’s leather craftsmanship.

Nitro 121 sparks Creativity In Schools With “Fuelling Future Creatives” CSR Drive

 

Some representatives of Nitro121 Ltd presenting the certificates of participation to students of Victory Grammar School and Victory High School Ikeja, flanked by the Principal of the former, Mrs. Adeyinka Afolayan.

To flag off its 20th anniversary celebrations, Nitro 121 took a creative drive outside the boardroom and into the classroom, sparking inspiration in the next generation of creators.

 

On May 29, 2025, the marketing communications company hosted a one-day creative immersion for students of Victory Grammar School and Victory High School, Ikeja, with the theme “Fuelling Future Creatives.”

 

The CSR initiative was designed to equip senior secondary students with relevant, real-world creative skills such as Graphics Designing, Video editing, as well as AI for content creation.

 

The sessions were hands-on and led by Nitro121 talents- Creative Director,

Chamberlin Ukenedo; Digital content writer, Faith Ekekwe; Copywriter, Kedonojo Williams, and Brand Strategist- Favour Alilu.

 

In his opening remarks, Managing Director/CEO of Nitro 121 Ltd., Lampe Omoyele encouraged the students to make good use of the opportunity as creativity is needed in every facet of life. He noted that every human being has the gift of creativity which is why Nitro 121, in celebration of its 20th Anniversary organized the event to fuel their creativity as future leaders.

 

Moderated by Nitro 121’s CSR Lead, Kehinde Adollo, the event excellently delivered on what it was set out to achieve- Fuelling future creatives.

 

At the end, each student received a certificate of participation, signalling the commencement of their creative journey.

 

In response, Principal of Victory Grammar School, Mrs Adeyinka Afolayan, applauded Nitro 121 for putting together such an excellent training, while emphasizing the uniqueness of the training modules as well as the stationery provided for the students and teachers.

 

‘Fuelling Future Creatives’ is one of many activities lined up to mark Nitro 121’s 20 years of igniting ideas and shaping brands.

Seplat Energy Is First To Receive CIPS Procurement Excellence Standard Certificate In Nigeria

L-R: Chief Operating Officer, Seplat Energy Plc, Samson Ezugworie; Global Chief Executive Officer, Chartered Institute of Procurement and Supply (CIPS), Ben Farrell; General Manager, Supply Chain Management (SCM), Seplat Energy, Valentine Agwu, at the presentation of the Procurement Excellence Standard Certificate to Seplat Energy Plc by the CIPS in Lagos … recently.

The Chartered Institute of Procurement and Supply (CIPS) has presented the Procurement Excellence Standard Certificate to Seplat Energy Plc, the foremost Nigerian independent energy company.

The Global Chief Executive Officer, CIPS, Ben Farrell, made the presentation to Seplat Energy at the company’s office in Ikoyi – Lagos State on June 5th 2025. Farrell led a delegation from the CIPS to make the presentation to the Seplat Energy team led by the Chief Operating Officer (COO), Samson Ezugworie; and the General Manager, Supply Chain Management (SCM), Valentine Agwu.

Seplat Energy’s application to be assessed against the CIPS standards started in February 2023. During the period, CIPS-approved assessors reviewed – amongst other criteria – the company’s processes, policies, ways of working, and so on, against 98 elements and across 5 dimensions (categories) used to assess the operations of a supply chain management organisation.

Seplat Energy’s Supply Chain Management (SCM) held the final assessment with a CIPS Advantage Procurement Excellence Programme Independent Verifier on Monday the 21st of January 2025. Consequently, on Wednesday 22nd January, CIPS announced that Seplat Energy Plc has been issued with the award.

The CIPS Global CEO observed that the award has only been issued to a few organisations who have demonstrated to be aspirational, continuingly obsessed with being better and raising the bar.

Farrell said: “We don’t give these Certificates away, because they are serious, meaningful recognition of that ambition. So, it is designed for hard work and to be rigorous, because we want people to feel at the end of it that they are really proficient, and they are capable of all the things it is designed to do. So, it is a real recognition of your commitment and the team’s commitment. Congratulations to you all.”

The Seplat Energy COO, on behalf of the company and its leadership expressed deep appreciation to the CIPS team for the transformative journey the Seplat SCM had gone through and gave credit to them, particularly for the thoroughness and vigor in the review process.

Ezugworie said: “For us as Seplat Energy management, we made a deliberate decision to go this route, because Supply Chain is the bedrock of our business. It is the channel of our spend and it is very important to get the channel of your spend on a very right foundation, and perhaps with transparency that this whole process brings.”

He thanked the entire SCM Team, led by Valentine Agwu, for making the company proud and further challenged them on a continuous implementation journey towards the Platinum Category of the certificate, such that sustainability becomes the next level of challenge.

Earlier, the GM SCM, Seplat Energy, had noted that in 2021, Seplat Energy set out on a transformation agenda which was built around process, people and systems only. However, the company eventually adopted a CIPS PEP Model upon which to build the transformation.

“It took us two years of rigorous assessment on 5 dimensions including Leadership and Organisation, Processes and System, Strategy and Policy, Performance Management and People. I am proud to announce that we passed in flying colours, which is why we are here today,” Agwu said.

The SCM function of Seplat Energy Plc has undergone a rigorous assessment by the CIPS UK and adjudged to have successfully met the required standard as set out, for having robust and effective governance processes in place for supply assurance and compliance. This outstanding feat is a result of the process, people and ways of working initiatives that were implemented over the years.

It is worthy to note that, by reason of this award, Seplat Energy Plc has set another pace as the first in Nigeria to receive the CIPS Procurement Excellence Standard Award in Nigeria. The company is also the second oil and gas company in Africa to have received the award.

Global & Continental Insurance Powerhouses, Sanlam And Allianz Merge To Enhance Operations In Nigeria

 

Sanlam, Africa’s biggest non-banking financial services powerhouse, and Allianz, one of the world’s most recognised global insurer, have announced a significant milestone in their Pan-African expansion strategy with the successful merger of their operations in Nigeria, one of Africa’s leading economies.

 

The merger, now branded as SanlamAllianz Nigeria, was officially announced on Thursday, June 5, 2025, during a high-profile launch event at the Oriental Hotel, Victoria Island Lagos. Executives, regulators, partners, and the media gathered to witness the unveiling of the new brand.
SanlamAllianz Nigeria is part of a broader initiative by both parent companies to create Africa’s leading non-banking financial services group in different markets. By leveraging Sanlam’s extensive continental footprint and achievements and Allianz’s global reputation and technical expertise, this new entity aims to offer enhanced customer experiences, innovative insurance solutions, and improved financial inclusion in Nigeria.

 

Speaking at a press briefing on the event day, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance Nigeria, said, “Today marks a transformative chapter for Sanlam and Allianz but, even more importantly, the Nigerian insurance industry. Our joint venture, SanlamAllianz, is the fusion of complementary strengths, global expertise, rich underwriting heritage, and local insights designed to expand access to world-class insurance solutions for millions of Nigerians.

 

“At a time when Africa’s economic evolution demands more than traditional products, SanlamAllianz is committed to empowering individuals and businesses to build resilience, plan confidently, and drive inclusive growth. By embedding innovation and collaboration at our core, we aim to navigate the complexities of Nigeria’s market with integrity and excellence, setting a new benchmark for the insurance industry and securing the future of our people and businesses.”

 

At the heart of SanlamAllianz’s mission is a steadfast commitment to fostering Confidence in Nigeria. In an often-uncertain market, this partnership aims to be a beacon of stability and reliability for Nigerians and businesses. By delivering transparent, customer-centric solutions and upholding the highest standards of governance and ethics, SanlamAllianz seeks to build enduring trust, empowering individuals and enterprises to face the future with confidence.

 

Commenting on the merger’s significance for Nigerian economic development, Yomi Onifade, MD/CEO, SanlamAllianz General Insurance Nigeria, stated, “The emergence of SanlamAllianz Nigeria is timely and significant, especially as Nigeria has boldly announced its ambitions to achieve a $1 trillion economy. Such an ambitious goal requires the backing of a financially solid underwriter and exceptional risk management expertise.

 

“We understand that building confidence in the market involves more than just offering insurance products; it requires strict adherence to governance, transparency, responsiveness, and excellence in service delivery. At SanlamAllianz, we recognise the unique challenges that businesses and industries face and are well-positioned to provide tailored solutions that inspire trust and deliver real value.”

 

Sanlam and Allianz have already merged their businesses in several African countries, including key markets like Kenya, Morocco, Ghana, Uganda, Côte d’Ivoire, and now, Nigeria. This integration combines decades of experience across insurance and asset management, aligning operations to serve local markets better while streamlining product delivery and regional expansion.
With Nigeria’s low insurance penetration among its vast population, SanlamAllianz is strategically positioning itself at the right moment to transform the Nigerian insurance landscape. By embracing innovation, fostering financial inclusion, and expanding accessible coverage, the company aims to build lasting trust in insurance as a vital tool for long-term financial security.

 

About SanlamAllianz
SanlamAllianz is a leading Pan-African financial services entity, established in September 2023 through a joint venture between Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s foremost Insurers and Asset Managers. Operating across 27 African countries, SanlamAllianz combines over two centuries of collective experience to offer a comprehensive suite of services, including life and general insurance, asset management, assistance, third-party administration, and retail credit.

Nestlé Nigeria Deepens Environmental Stewardship With Nationwide Clean-Up And Community Sensitization Initiative 

For the sixth consecutive year, Nestlé Nigeria has reaffirmed its commitment to environmental sustainability through a nationwide clean-up and community sensitization campaign. This initiative, executed in collaboration with the African Clean-Up Initiative (ACI) and local authorities, mobilized a total of 516 Nestlé Cares volunteers from the Nestlé head office, branch offices, and factories.
The clean-up efforts spanned 11 cities, focusing on high-footfall market hubs such as Oke-Arin Market in Lagos, Utako Market in Abuja, Abubakar Rimi Market in Kano, Satellite Market in Jos, Sabo Market in Sagamu, Bodija Market in Ibadan, Okoko Market in Agbara, Abaji Market in Abaji, Holyghost Market in Enugu, Aguawka Market in Awka and Mile 3 Market in Port Harcourt. These locations were strategically selected based on their waste burden and community impact, resulting in the collective removal of 5,601 kilograms of solid and 379.2 kilograms of recyclable waste, highlighting the tangible results of corporate-community collaboration.
At the Lagos activation, Mrs. Victoria Uwadoka, Lead, Corporate Communications, Public Affairs, and Sustainability at Nestlé Nigeria, emphasized the alignment of this initiative with the World Environment Day theme, “Curbing Plastic Pollution,” She said, “At Nestlé, our commitment to fighting plastic waste is integral to our vision of a waste-free future.
This vision encompasses internal accountability and proactive stakeholder engagement. Through strategic partnerships with the Food and Beverage Recycling Alliance (FBRA) and plastic waste recyclers such as Alef recycling, Wecyclers, Chanja Datti and Maladase Ecopreneurs Management Ltd. (MECOM), we are supporting the advancement of circularity within the plastics value chain.
In addition, our Employee Plastics Collection Scheme (EPCS), launched in 2022, empowers our employees to take responsibility for their environmental impact by recycling their plastic waste.
Through the EPCS, we have achieved diversion of 5,922 kg of plastic waste from landfills. Collectively, our initiatives have successfully retrieved over 61,000 metric tons of plastic from the environment since 2019”.
Dr. Alex Akhigbe, Founder of the African Clean-Up Initiative, articulated the broader vision driving this partnership “This initiative transcends a mere clean-up, it represents a sustainability movement grounded in the principles of collective responsibility, collaboration and the circular economy.
The fight against plastic pollution requires deliberate action. Every bottle collected, every conversation initiated, contributes to shaping a culture of environmental consciousness. Our goal is to inspire a generation that values and protects our planet.”
This annual clean-up campaign demonstrates Nestlé Nigeria’s integrated approach to sustainability, merging operational accountability with grassroots engagement.
As the company progresses in its broader sustainability agenda, initiatives such as this serve as a model for how corporate actions can stimulate community-driven impact, reinforcing the shared responsibility to protect environmental resources today, and for future generations.
Nestlé Cares is Nestle’s employee volunteering platform reflecting Nestlé’s commitment to environmental and social responsibility by engaging employees in community volunteerism. Through various projects, Nestlé Cares empowers employees to make a positive impact in their local communities.

 

The Securities and Exchange Commission (SEC) has warned Nigerians against investing in Punisher Coin, also known as Spun. In a notice on Saturday, the commission said its investigations showed that Spun is a meme coin and its promoters or issuers are not registered to operate in any capacity in the Nigerian capital market. The SEC said meme coins have no use case, value, or projects backing them.

“The attention of the Securities and Exchange Commission (“The Commission”) has been drawn to several online publications advertising an unauthorized presale of Crypto coin termed “PUNISHER COIN” aka “SPUN”,” the statement reads.

“The Commission hereby informs the public that the promoters or issuers of “PUNISHER COIN” aka “SPUN” are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market, and also PUNISHER COIN ($PUN) is not approved by the Commission for issuance to the public.

“Preliminary investigations revealed that PUNISHER COIN ($PUN) is a Meme coin. Meme coins generally have no use case, intrinsic value or tangible projects backing them.

 

“Any attributed value to meme coin is usually linked to its promoters or the community effort which most often than not are susceptible to pump and dump schemes (a form of fraudulent activity that involves promoters spreading false or misleading information to create a buying frenzy that “pumps” up the price of a ‘coin’ and then “dumps” the coin by selling their own coins at the inflated price.”

 

The SEC said once the promoters dump their coins and stops hype, the coin’s price “typically falls and investors lose money”.

 

Accordingly, the agency advised the public to refrain from engaging in the purported presale of Punisher coin, warning that “any person who invests in the scheme, does so at his/her own risk”.

 

“The Commission similarly reminds the investing public of the need to always VERIFY the authenticity of crypto/virtual or digital assets, the registration status of their promoters and trading platforms via the Commission’s dedicated portal: https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/ before engaging in any form of virtual or digital assets investment,” the statement reads.

 

The warning comes amid growing concerns over the rise of crypto-related ponzi schemes in Nigeria.

 

On May 1, the commission warned Nigerians against investing in tofro.com, an alleged illegal investment platform posing as a cryptocurrency trading website.

In April, some Nigerians lost their funds after investing in Crypto Bridge Exchange (CBEX), a digital trading platform.”

Union Bank’s Wlpher Initiative Enabled Business Success At The NBCC’s Entrepreneurship Programme

Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.
Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.
This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.
In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.
She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.
The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.
Mr. Atelly told the graduates in his speech, “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”
Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.
 He said, “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”
He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.
He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.
The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.
She further stated, “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”
Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.
The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.
Note to Editors:
alpher is the correct sentence case in the context of this press release. Please do not write as Alpher at any point.
About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers various banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.