E-Financial
Huawei Unveils Non-Stop Banking Initiative to Spur Innovation in Africa

Huawei has launched its Non-Stop Banking initiative and is calling for increased co-operation between the technology and banking industries to facilitate innovation in financial services across Africa.
The initiative was unveiled this week, at the Huawei Intelligent Finance Summit for Africa 2023, in Cape Town, with the company saying it plans to facilitate ‘a digital future of non-stop services, non-stop development, and non-stop’ innovation’.
Huawei noted the banking sector is evolving, embracing digitalisation and the global tech firm anticipates exponential growth in spending on technology coming from the banking sector.
The company forecast that artificial intelligence, big data and analytics, and cloud will see the largest investment as banks automate, digitalise, and become more data-driven and intelligent.
To this end, Jason Cao, CEO of Huawei Global Digital Finance, said: “The financial industry should pay acute attention to users and their demands, embracing changes
“Huawei is dedicated to helping its African financial customers address challenges and accelerate changes across six fields: shifting from transaction to digital engagement; cloud-native and agile businesses; data democratisation; secure and reliable infrastructure; hybrid multi-cloud and Lego-style modular services, and automated and predictable operation.
““In this way, Huawei will facilitate financial digitalisation and innovatively improve productivity in Africa. Revolving around stability, agility, and intelligence.”
Over 200 delegates are taking part at the Huawei Intelligent Finance Summit for Africa 2023, including key industry opinion leaders, as well as executives from major banks across Africa.
Leo Chen, president of Huawei Sub-Saharan Africa region, gave the keynote speech at the summit bringing to light details of the company’s Non-Stop Banking initiative.
Chen emphasised the importance to the banking sector of deepening digital investments. He said also such investments will reduce operational costs, allow the institutions to develop new products, and enhance relationships with customers, resulting in increased revenues for banks.
In Africa, he added, there’s an even greater imperative for banks to embrace digitalisation, as it allows for greater financial inclusion.
In his speech, Chen spoke highly of the innovative work already undertaken by many African banks in embracing digitalisation, but recommended the industry needs to go further and embrace the ‘non-stop’ approach that will characterise the future of banking.
Over the years, Chen said, Huawei has provided the foundation and backbone for the digitalisation of the banking industry in Africa by supporting the construction of the continent’s ICT infrastructure and digital connectivity in rural areas.
Going forward, Chen said Huawei’s extensive focus on research and development is well-poised to help the industry shape its future too.
E-Financial
NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
E-Financial
SEC Directs Companies to Honour Unclaimed Dividend Requests

Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
E-Financial
FIRS Launches Revised SOP to Streamline Tax Payment

Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
- E-Financial3 days ago
Cyber Crime: Hackers to Hold Secret Conference 3.0 July 25
- General News3 days ago
Wema Bank Workers, Others Arraigned over Alleged N8.9Bn Cybercrime
- Telecom3 days ago
Gaps on Phone Number Recycling Fuel Identity Theft, Data Breaches- ICIR
- E-Business3 days ago
FG Enrolls 59,786 Inmates on NIN Platform
- General News3 days ago
Music Stars, Comedians Light Up “Evening with Glo” in Ijebu Ode
- E-Financial3 days ago
SEC Flags ‘Punisher Coin’ As High-Risk Scheme
- Telecom2 days ago
Telcos Hit by Major Outages across Lagos, Enugu, Others
- E-Business2 days ago
Human Hacking: When Cyber Criminals Target You