General News
IFC, GE Healthcare Develop High Quality Health Diagnostics in Nigeria
IFC, a member of the World Bank Group, announced a partnership with SRL Limited, GE Healthcare and Echo-Scan Services Limited for the development of a chain of health diagnostic centers across Nigeria.
As part of the consortium, IFC will invest $12 million for the development of the new advanced, comprehensive diagnostic centers, and SRL, the largest operator of diagnostic centers in India and current IFC client, will operate the centers and provide personnel training.
GE Healthcare will serve as the joint development partner and key technology solutions provider, bringing a range of diagnostic imaging equipment, training, and $5 million of investment.
The new company, which will build on the services currently offered by Echo-Scan, will for the first time provide access to more sophisticated health technology for Nigerians who cannot afford to leave the country for services.
Currently, Echo-Scan’s seven clinics serve about 250,000 patients a year, about one-third of which are expectant mothers, providing sonograms, basic x-rays, and lab tests for malaria, viral and bacterial infections.
New investment will support the construction of two additional flagship centers and the refurbishment of existing centers to enable them to offer more advanced Lab Medicine (Histopathology, Cytogenetics, Genetic disorders, Molecular Diagnostics) and Imaging Services (MRI, High resolution CT scans). The project, which will be implemented in phases, eventually aims to serve one million patients annually.
SRL Limited is a part of the well-known Fortis Group. It operates over 270 labs about 6500 collection points across India and beyond.
SRL will operate and manage the centers in Nigeria, and be responsible for planning, organizing, staffing and equipping the centers, and also creating systems and Standard Operating Protocols.
SRL plans to install its proprietary IT solution – “Centralized Lab Information Management System (CLIMS)” to ensure seamless working of each and every segment of the network. GE will be the technology partner for radiology.
Dr. Ayodele Cole Benson, Echo-Scan co-Founder and Managing Director, said, “Working with partners to create Eagle-Eye Echo-Scan will help us fulfill our vision of delivering high quality health services in Nigeria. This new company will provide career development for current staff and greater professional opportunities for Nigerian medical professionals to remain in their home country and work in state-of-the-art facilities, which benefits the entire health system.”
Eme Essien Lore, IFC Country Manager for Nigeria said, “Population growth, rising incomes, and greater incidence of non-communicable diseases such as cancer, heart disease and diabetes are increasing demand for health care in Nigeria, the largest economy in Africa. Pathology and radiology play an important role in the prevention and care of these chronic conditions.”
Sanjeev Vashishta, CEO of SRL Limited said, “We have to reach out to the masses. Diagnostics Services have to be provided to the citizens of the country closer to their homes and there is no reason for anybody to travel hundreds of miles to get quality health and diagnostics services, let alone leave Nigeria for the right tests and healthcare. Project Eagle Eye will endeavor to bring back the talented doctors, scientists, technologists who left the country by providing them with the opportunity to work on the high-end and contemporary technologies right here in Nigeria.”
Farid Fezoua, President and CEO of GE Healthcare Africa said: “At GE Healthcare, we believe that sustainable healthcare development requires a system-wide approach, combining technology, capacity-building, including training, service and maintenance, as well as long-term financing. To that end, this multi-disciplinary partnership between IFC, Echo Scan, SRL and GE aims to expand access to quality and affordable diagnostic imaging in the private sector and complements significant efforts to strengthen Nigeria’s growing health sector.
We look forward to working closely with our partners towards ensuring the long-term success of this venture to enable better outcomes for more Nigerian patients and in setting a new healthcare delivery model throughout Africa.” Good health makes it possible for people to work, study and care for their families, and expanding access to health services is a priority for development. IFC is the world’s largest multilateral investor in private healthcare, with nearly $3 billion worth of health investments in more than 50 countries over the past 15 years. IFC investments in service providers, pharmaceuticals and medical technology are aimed at promoting greater access to affordable, high-quality healthcare in developing countries.
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
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