E-Financial
CBN Destroys N698.4m Worth of Unfit Banknotes

Central Bank of Nigeria (CBN) has stated that it disposed of N698,480.00 million worth of unfit banknotes in 2020.
This was disclosed in the recently released Annual Report 2020 as compiled by the CBN’s Currency Operations Department.
The destruction of unfit banknotes in Nigeria is regularly carried out by the CBN under strict security and with the authorization of Section 18(d) of the CBN Act 2007, mandating the destruction of currency notes and coins withdrawn from circulation under the provision of section 20(3) of the said Act or otherwise found by the Bank to be unfit for use.
According to the CBN report, the Bank sustained banknotes disposal operations in 2020 to ensure the circulation of clean banknotes. In furtherance of this objective, it deployed eleven (11) Banknote Destruction Systems (BDS) and three (3) Currency Disintegrating Systems (CDS) for currency disposal activities in the period under review.
“At end-December 2020, a total of 1,514.66 million pieces (151,427 boxes) valued at N698,593.29 million was disposed, compared with 1,572.17 million pieces (157,217 boxes) valued at N814,437.60 million in 2019. The boxes and value of unfit notes disposed in 2020 decreased by 5,790 boxes, and N1,115.84 million, respectively, below 157,217 boxes, valued at N814,437.10 million in 2019. The decrease was attributed to the suspension of disposal activities due to COVID-19 restrictions,” the apex bank stated.
The CBN also stated that the sum of N538.59 million was incurred on currency disposal activities in 2020, compared with N647.82 million in 2019. This was N109.23 million or 16.86 per cent lower than the cost in 2019.
The apex bank has also suffered a decline in the income generated from currency management compared to previous years.
“The Bank generated the sum of N6,499.91 million as total income from currency management activities in 2020, compared with N13,242.91 million in 2019, representing a decrease of N6,743.01 million or 50.92%. The income generated was large, from penal charges on unsorted banknotes deposited by DMBs and charges for authentication of foreign currency deposits with the Bank,” it stated.
The Bank incurred a total of N67,212.20 million, as expenses, on currency operations in 2020, representing a decrease of N17,963.18 million or 21.08 per cent, below N85,175.36 million in 2019.
A total of 79,993 pieces of mutilated banknotes of various denominations. valued at N52.82 million was audited, disposed and replaced in 2020, compared with 865,775 pieces valued at N45.99 million in 2019. This represented a 90.76 per cent and 14.85 per cent decrease, in volume and value terms, respectively.
The apex bank has shown willingness to find healthier alternatives to the disposal of the naira. In a circular title RFP NO: CBN/COD/RFP/2020/001, the CBN stated that “banknotes disposal operation is presently carried out in twelve (12) disposal centres across the country weekly where about 100 tons of paper banknote wastes are generated. These wastes are destroyed through open-air burning in sites owned by the Bank or rented, usually from the respective State Governments.”
Due to the negative impacts of wastes disposal by open-air burning such as causing pollution and health hazards, the Central Bank of Nigeria has stated that it’s in pursuit of a more environmentally sustainable method thereby reducing its carbon footprint.
The Central Bank of Nigeria has announced that it is inviting ideas from qualified recycling companies interested in recycling paper banknote waste.
The goal of this Request for Proposal (RFP) is to get competitive proposals from credible organizations that can recycle CBN paper banknote trash into usable items that benefit the country while following HSE standards.
E-Financial
Sofri Rejigs Digital Platforms for Better Customer Experience

Sofri, Powered by Links Microfinance Bank plans a massive rollout of Point of Sale, PoS terminals for merchants and agency banking in the third quarter of this year.
This is coming against the backdrop of the banks revamp of its digital platforms to support better customer experience.
Paul Adebayo, managing director, Sofri, said the bank is technology and purpose-driven, with focus on financial inclusion and sustainability. As well with the determination of making banking simpler, inclusive, and impactful.
He said that the revamped mobile app features, faster onboarding, cleaner interface, real-time alerts, enhanced security and seamless loan applications.
“Our corporate internet banking Launched for SMEs and institutional clients features, secure payments, transfers, account management and enhances business banking experience.
“Laying the groundwork for greater reliability, product innovation and operational efficiency is our new core banking infrastructure. This change enables us to scale faster and serve customers better.
“Our Terminal Management System (TMS) improves the performance, uptime, and remote monitoring of our POS terminals. This ensures merchants and field agents enjoy better stability, quicker settlements, and stronger support,” he added.
On sustainability impact, Adebayo, added that Sofri is embedding ESG principles into its lending and operational models — from offering green financing options, to supporting waste-to-wealth entrepreneurs, and making inclusive finance part of Nigeria’s circular economy.
Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by Central Bank of Nigeria (CBN) and deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Links Mfb is a member of DLM Capital Group, owners of DLM Asset Management as regulated by the Securities and Exchange Commission (SEC).
E-Financial
DLM Group Unveils Innovative Sovereign Bond Backed Composite Notes

Current market research has confirmed that buyside investors are increasingly focused on high-growth sectors such as small businesses and consumer lending— sectors that fuel both the demand and supply sides of the economy.
However, capital allocation to these areas requires robust risk mitigation frameworks to preserve principal and ensure returns that are not just economically viable but outpace inflation.
Against the backdrop that DLM Capital Group has developed an innovative solution – the Sovereign Bond Backed Composite Notes (SBCNs) to meet this critical economy needs.
According to Sonnie Babatunde Ayere, the Group CEO of DLM Capital Group, “We believe that the consistent issuance of SBCNs by qualified entities will play a key role in de-risking corporate bond portfolios.
“By blending sovereign-backed security with enhanced yield exposure, portfolio managers gain a rare opportunity to simultaneously increase portfolio safety and performance”.
The first of its kind fixed income product combines the security of direct sovereign bond-backed principal protection, such as FGN Bonds, with the enhanced yield potential of corporate and consumer lending cash flows. This hybrid structure, the first of its kind in the local market, merges public-sector credit safety with private-sector income generation.
The instrument is designed as such that the private sector credit tranche will be secured by the FGN-bonds, which will be the senior tranche.
The N30 billion Sovereign Bond Backed Composite Notes issued by DLM Funding SPV Plc is being packaged as a AAA-rated note. With a held-to-maturity yield of 49.9 percent, the notes are designed to be attractive to institutional investors seeking a balance between capital preservation and superior returns.
Sonnie Babatunde Ayere, noted about the SBCN, “For asset managers, it enhances portfolio quality, improves credit profiles, supports diversification, and delivers competitive returns.
In a media parley describing the instrument, Ayere highlighted the role of the instrument in driving credit expansion to the underserved private sector. He highlighted how the note could help drive institutional capital into sectors that were previously considered too risky.
“By channeling domestic capital into these critical but underserved sectors without exposing investors to excessive risk, it becomes possible to mobilize funding for parts of the economy that have long been neglected.” He added.
E-Financial
Fidelity MD,Onyeali-Ikpe Champions Lifelong Learning and Sisterhood for Women’s Career Growth

Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has encouraged women professionals to embrace continuous learning, courage, and collaboration as key habits for achieving long-term career success and breaking through professional barriers.

Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.
She gave the charge during a Women’s Roundtable hosted by the bank over the weekend at the Fidelity SME Hub in Gbagada, Lagos. Themed “Mentorship with Dr. Nneka Onyeali-Ikpe”, the event drew female professionals from various sectors and was held under the Recognition and Networking arm of the bank’s HerFidelity Proposition—a flagship initiative designed to empower women entrepreneurs and professionals across Nigeria.
Explaining the vision behind HerFidelity, Dr. Onyeali-Ikpe noted that the initiative was born out of a strong need to provide women with holistic support beyond access to finance.
“In my engagements with women across different industries, I’ve seen first-hand that while talent and ambition abound, many still lack access to capital, skills development, health support, and networks,” she said.
“HerFidelity was created to bridge that gap by focusing on four key pillars: access to capital, capacity building, wellness for work-life balance, and entrepreneurship support. It’s one of the initiatives I’m most proud of, because when women thrive, communities prosper and economies flourish.”
The interactive mentorship session, held in a Q&A format, offered participants an opportunity to learn directly from the trailblazing CEO, who shared personal experiences and career insights.
Advising young women aspiring to leadership, she said: “Believe in yourself, be ready to work hard, and never shy away from taking smart risks. Seek out mentors, invest in meaningful relationships, and above all, collaborate—because no one truly succeeds alone.”
The event also featured fun competitions and giveaways, with attendees winning exciting gifts courtesy of Fidelity Bank.
Dr. Onyeali-Ikpe’s session left participants inspired, reinforcing Fidelity Bank’s position as a champion for gender empowerment and a leading supporter of women’s advancement in business and leadership.
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