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E-Financial

Emefiele Flags-off TIE Scheme

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Mr Godwin Emefiele, Central Bank of Nigeria (CBN) Governor, yesterday, officially flagged off the Tertiary Institutions Entrepreneurship Scheme (TIES), an intervention of the apex bank aimed at frontally tackling the dual challenge of youth unemployment and underemployment in Nigeria.

Also inaugurated was the Body of Experts (BoE) for the scheme, which was developed in partnership with Nigerian polytechnics and universities.

TIES was designed to harness the potential of graduate entrepreneurs by creating a paradigm shift from the pursuit of white-collar jobs to a culture of entrepreneurship for economic development and job creation.

Speaking at the event, the CBN Governor noted that six start-up firms in various endeavours emerged the pioneer beneficiaries of N5 million loan facility each, which they will plough into their businesses to expand them, generate more income and employ more people.

The CBN Governor added that with about 600,000 students graduating yearly from Nigerian tertiary institutions, and without the commensurate employment opportunities in both the public and private sectors, it has become imperative that government, at all levels, puts in place policy measures to support entrepreneurial development among the youth.

“Such measures would create an enabling business ecosystem that supports innovation and enables the youth to unleash their entrepreneurial potential, by redirecting their focus from seeking white-collar jobs to a culture of entrepreneurship development.

“The ecosystem should provide support in re-orientating, training, and providing a financing model apt to the peculiarity of the sector within which the businesses operate”, he explained.

Emefiele, while describing entrepreneurship as an integral part of any economy, assured that the apex bank, on his watch, will keep introducing and sustaining several programmes that create an ecosystem that allows the flow of affordable credit to the real sector.

He noted that Nigeria, with an estimated population of 213 million, out of which two-thirds are youth, aged under 35 years, the nation was faced with a historic opportunity, particularly as the demography continues to create clear evidence of their relevance to economic development, as accentuated by the global recognition of Nigerian tech start-ups and continued growth of businesses in the technology space owned by the youth.

Emefiele further explained that the scheme was designed to address three verticals of the segment, which are; the term loan component that provides direct credit opportunities to graduates of Nigerian polytechnics and universities of not more than seven years post-graduation.

“An applicant, if successful, shall be eligible for a maximum of ₦5 million for an individual, sole-proprietorship or small company; and a maximum of ₦25 million for a partnership or company. The tenor for the facility is maximum of five years, with a one-year moratorium, and at an interest of 5 per cent per annum, which shall revert to 9 per cent from March 2022.

“The pilot phase of the Scheme is presently being implemented through the Bank of Industry (BOI) with the development of an application portal and processing of submitted applications.

“The Equity Investment Component – is designed to support start-ups, existing businesses requiring expansion, and ailing businesses seeking resuscitation. The Component shall be implemented under the Bank’s AgSMEIS Equity Window. Thus, the investment limit shall be subject to the limit prescribed by the AGSMEIS Guidelines and the investment period not more than 10 years.

“The Developmental Grant Component is aimed at raising awareness and visibility of entrepreneurship among undergraduates of Nigerian tertiary institutions.

Here, polytechnics and universities in Nigeria shall compete in a national biennial entrepreneurship competition where undergraduates are presented by the tertiary institutions to pitch innovative entrepreneurial or technological ideas with transformational potential.

“Three top institutions at the regional levels shall proceed to the national level, where the top five shall be awarded grants ranging between ₦120 million and ₦250 million. It is instructive to note that grant awards shall be used by the tertiary institutions solely for the development of the award-willing ideas”, he added.

For the Body of Experts, Emefiele listed an 11-member committee with Mr. Abubakar Suleiman of Sterling Bank Plc as the Chairman, while the Secretary is Mrs. Temitope Akin-Fadeyi of the CBN.

Members include;Mr. Patrick Iyamabo of First Bank Plc; Mr. Adamu Lawani (Zenith Bank Plc); Ms. Ngover Ihyembe-Nwankwo (Rand Merchant Bank); Mr. Ashafa Ladan (National University Commission), Engr. Abbati D.K. Muhammad (National Board for Technical Education; Dr. Friday Okpara (SMEDAN); Mr. Tope Fasua (Global Analytics Consulting); -Brigadier-General Folusho Oyinlola (National Defence College); and Ms. Bolanle Adekoya (PWC).

The first five beneficiaries of N5 million facility are; Aisha Suleiman; Chukwudi Ukpabi; Zainab Mohammed; Nura Muhammed; Simeon Ojonugba and Adebowale Adeoye.

Emefiele while urging them to work harder in their respective endeavours, said then apex bank will continue to support youths entrepreneurship.

He listed some intervention programmes to include; Targeted Credit Facility (TCF), where the bank has disbursed a total of ₦363.49 billion to 766,719 beneficiaries, comprising 638,070 households and 128, 649 small businesses.

Under its Agribusiness Small and Medium Enterprise Investment Scheme (AgSMEIS), the Bank has released ₦134.63 billion to 37,571 entrepreneurs. Disbursements under the NYIF stood at ₦3.00 billion to 7,057 small business beneficiaries.

“I would like to urge the recipients of these loans to judiciously utilize the funds for the purpose for which they had indicated in their applications. It is my strong belief that the Scheme will offer our youth entrepreneurs access to much needed finance, which has been identified as one of the major limiting factors to entrepreneurship development in Nigeria.

“We are aware that there have been agitations by some tertiary institutions that were not included in the pilot phase of the Scheme. Let me reiterate here that with the launch of the Tertiary Institutions Entrepreneurship Scheme today, other deserving tertiary institutions will be brought on board over time.

“With ongoing dialogue and engagements with other segments of the educational sector, feedbacks received shall form the basis for the periodic review of the guidelines, with the intent to scale up participation under the Scheme in future.

“Let me restate the Central Bank of Nigeria’s total and unrelenting commitment to supporting the country’s educational sector in all ramifications, as without a robust educational sector wholesome development shall remain a mirage.

“I believe with the launch of the Tertiary Institutions Entrepreneurship Scheme, and other programmes such as this, it is only a matter of time before our tertiary institutions return to the glory days, where they churned out graduates, not only ready and able to provide real solutions to the various challenges emanating from their immediate environment and even beyond, but who can compete favourably with their counterparts around the world” Emefiele stated.


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E-Financial

Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025

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Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
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Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year.

Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.

Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth.

This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”

Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.

Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.

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.


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E-Financial

SEC Launches Capital Market Technology Survey

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Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.

SEC Launches Capital Market Technology Survey

In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.

According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”

The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.

Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.

He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.

According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.

Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.

He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.


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E-Financial

IMF Confirms Nigeria’s Full Repayment of $3.4bn COVID-19 Loan

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International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.

IMF Confirms Nigeria's Full Repayment of $3.4bn COVID-19 Loan

IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.

However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.

“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)

“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness

 

 

 


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