Central Bank of Nigeria (CBN), has directed the Nigeria Inter-Bank Settlement System (NIBSS) to debit the settlement accounts of commercial banks that receive fraud proceeds.

This is in an effort to curb fraud in the financial services sector,

So starting this month, CBN instructed the Nigeria Inter-Bank Settlement System to deduct from the accounts of any commercial bank that ends up with fraudulent proceeds.

NIBSS, incorporated in 1993, owned by all licensed banks including the Central Bank of Nigeria and it clearing house, handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.

According to the CBN, if a bank doesn’t catch a fraudulent transaction or if they can’t prove they did their due diligence, they will get charged.

This is meant to push banks to step up their fraud detection game and is heavily leaning on the whole Know Your Customer (KYC) thing, which we all know is crucial for keeping the system secure.

The Nigerian Economic Summit Group (NESG) has announced the appointment of three leaders, Mr Wole Adeniyi, Mr Mohamad Darwish, and Mr Olusegun Alebiosu, to its board of directors.

These appointments reflect the NESG’s steadfast dedication to promoting visionary leadership and strengthening partnerships with key business leaders and private sector stakeholders.

The addition of these accomplished professionals is expected to drive strategic initiatives aimed at transforming and advancing Nigeria’s economic landscape.

Wole Adeniyi is the Chief Executive Officer of Stanbic IBTC Bank Ltd and is responsible for driving the institution’s strategy across her Technology, Digital Transformation, Corporate & Investment Banking arm, and Retail banking arm. Before assuming this role, he was the Deputy Chief Executive Officer of the Bank.

Until July 2020, He was Executive Director of personal and business banking retail and commercial banking business of Stanbic IBTC Holdings PLC that covers personal banking, including private banking, business (sole proprietor to SME) and commercial segments.

Until November 2018, Wole was Executive Director, Operations responsible for Operations, Group Real Estate Service and Procurement and Business Transformation Program for the Bank.

Before this appointment, he served as Executive Director of Business Support until November 2011. Wole has a wealth of banking experience spanning almost three decades in technology & digital transformation, domestic and international banking operations, program management, and retail banking.

He is credited with formulating and deploying strategies to help turn around Stanbic Bank Nigeria’s Operations and Technology. Wole sits on the Nigeria-Interbank Settlement System PLC (NIBBS) board.

He holds a first-class degree in Business Administration from the University of Benin and an MBA in Business Administration from the University of Manchester. He is a Fellow of the Institute of Chartered Accountants of Nigeria, an Associate of the Chartered Institute of Taxation and a Certified Information Systems Auditor.

Mohamad Darwish has over 20 years of experience working in the telecommunications sector and is IHS Nigeria’s Chief Executive Officer, overseeing IHS Tower’s largest market. Mohamad Darwish has worked in various finance and technical functions and served as the Business Development Director and Deputy CEO before becoming the CEO of IHS Nigeria.

Mohamad is responsible for leading the team committed to growing IHS Nigeria’s operations and further strengthening its position as the leading tower company in Nigeria. He oversees the development of the IHS Nigeria strategic plan and the rollout of new sales strategies and manages key relationships with clients, regulators, ministries and NGOs.

As a member of the IHS Finance and Banking, Risk Management, Ethics, and Compliance committees, Mohamad also focuses on defining IHS Towers’ strategic plans on a group level while ensuring full compliance with international standards and best practices.

Mohamad is deeply committed to initiatives and programs that position African countries globally, inspire long-term economic growth, and promote sustainable business behaviour.

Mohamad holds a Master of Engineering in Applied Operation Research from Cornell University, a Master of Business Administration with Honours from Rollins College, and a Bachelor of Electrical Engineering from the American University of Beirut.

Olusegun Alebiosu was appointed the Managing Director/Chief Executive Officer of FirstBank of Nigeria Limited in June 2024. In addition to this role, he serves as a Non-Executive Director of FirstBank UK, further solidifying his leadership presence across the group’s international operations. With over 28 years of experience in the Banking and Financial Services industry, Olusegun has demonstrated exceptional expertise and leadership in various roles.

Between 2016 and 2024, he served as Executive Director, Chief Risk Officer, and Executive Compliance Officer at FirstBank. His professional experience spans various disciplines, including credit risk management, financial planning and control, trade, corporate and commercial banking, agriculture financing, oil and gas, transportation (aviation and shipping), and project financing.

An accomplished academic, Olusegun is an alumnus of Harvard Business School, where he completed the Advanced Management Program and the Harvard Kennedy School of Government. He holds a bachelor’s degree in industrial relations and Personnel Management and a master’s in international law and diplomacy from the University of Lagos.

Additionally, he earned a master’s degree in development studies from the London School of Economics and Political Science. Beyond the boardroom, Olusegun is an avid golfer and adventurer. He is happily married and a proud father, balancing his professional achievements with a fulfilling personal life.

UBA Foundation, the Corporate Social Responsibility arm of the United Bank for Africa (UBA) Plc, has been named “Philanthropy of the Year” at the prestigious THISDAY Awards 2025.

Tony Elumelu, Chairperson of the United Bank for Africa and Oliver Alawuba, Managing director of the United Bank for Africa

The award reaffirms the UBA Foundation’s position as a leading force in philanthropy, underscoring its unwavering dedication towards giving back to the community and creating a sustainable future for generations to come.

UBA Foundation emerged the winner in the category which had other nominees including Dangote Foundation, NLNG, MTN Foundation, and Fidelity Bank Foundation.

The award ceremony, tagged “When the Going Gets Tough… the Tough Get Rewarded,” was held at the Prestigious Eko Hotels and Suites in Lagos on Monday and coincided with THISDAY’s 30th Anniversary. It brought together distinguished guests to celebrate the outstanding achievement across various sectors, recognising individuals and corporate organisations that have been making meaningful impact in their industries and society as a whole.

While presenting the award, the Honorable Minister of Information, Mohammed Idris Malagi, commended UBA Foundation for its impactful programs, particularly in advancing education, and emphasised the need for more organisations to emulate the Foundation’s model of sustainable philanthropy.

“This award is a testament to the remarkable achievements of the UBA Foundation over the past year. “This honour is well-deserved, and I urge other organizations to follow this exemplary model in contributing to the societies they serve,” Malagi stated.

Receiving the award on behalf of the Foundation, UBA’s Group Head, Media and External Relations Ramon Nasir, expressed gratitude for the recognition, attributing the success to the Foundation’s commitment to improving lives across the continent and beyond.

“We are deeply honored to receive this award, which comes at a pivotal moment for us. It is a powerful affirmation of the work we have done and a reminder of the responsibility we carry to do even more.

UBA Foundation’s Chief Executive Officer, Bola Atta, who spoke on the awards, said, “We are appreciative of this award, and for us, this is our call to action to do even more. In the coming year, we will not rest on our laurels, we will launch new initiatives and strengthen existing programs to deepen our impact and broaden our reach across communities.” she noted.

Over the years, the Foundation has focused on key areas such as Education, Environmental Sustainability, Economic Empowerment, and Special Projects, leaving a lasting legacy of transformation, rolling our initiatives that continue to impact positively on the communities around its areas of operation.

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, Environment, Economic Empowerment and Special Projects.