E-Financial
More Market Volatility Ahead as Virus Spreads

By Hussein Sayed, Chief Market Strategist at FXTM
“Coronavirus deaths topped 500,000 worldwide”, is the first headline to grab investors’ attention this morning. The mission is unaccomplished and the virus is still winning the fight in several countries, particularly in the US, Brazil and India.
Hopes of a robust economic recovery following the pandemic are now shattered. The risks of re-imposing lockdowns are high, and monetary policy stimulus which explains most of the recovery in asset prices from the March lows will become less effective going forward if it doesn’t translate into a rebound in economic activity and better prospects for corporate earnings. Risk asset valuations remain elevated and the next few weeks ahead will tell us whether they will continue to hold or get bumped.
At this stage, there is a lack of visibility as even technical indicators share a similar view. The S&P 500 closed Friday 11 points below its 200-day moving average and is just hovering around the psychological 3,000 level. If the index trades for two to three days below these two benchmarks, that will attract more sellers and could drive the index 5 – 10% lower from current levels. However, holding above may have the opposite impact but that will lead to a further divergence from fundamentals, which in theory should not hold for long unless the Administration provides new fiscal stimulus plans.
The divergence is not just among asset prices and fundamentals, but also within assets themselves. US 10-year and 30-year treasury yields are sitting at one-month lows of 1.37% and 0.64% respectively, indicating there’s still huge demand for the safety of US government bonds. If yields on long term maturities continue to head lower that should mean the big players are reducing their risk exposure heading into the third quarter.
While the trajectory of the Covid-19 infections and deaths remains the most effective barometer for risk, investors need to keep an eye on several other factors this week.
The US job’s report will be released on Thursday instead of Friday due to the Independence Day holiday. Markets anticipate the headline figure will add three million jobs in June following 2.5 million added in May. Given the volatility in the employment data, we may see another surprise although a positive one is needed to prove that economic activity is gathering pace. Investors will also be focusing on Fed Chairman Jerome Powell when he testifies before the House Financial Service Committee tomorrow for any hints on new monetary policy measures, while also needing to closely scrutinize the FOMC minutes on Wednesday.
Longer-term, market participants need to keep an eye on US election polls. So far Joe Biden is leading by a significant margin and that doesn’t seem to be priced in yet. Biden made it clear that he will roll back Trump’s corporate tax reforms, and that requires substantial revisions for earnings expectations in 2021. If he continues to lead in the polls, expect a further pull back in stocks.
E-Financial
Keystone Bank, Enterprise Devt Centre Sign MoU To Empower SMEs ln Nigeria

Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
E-Financial
Fidelity Bank Clears the Air: MD Not Linked to Woobs Case

Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
E-Financial
EFCC Drags Cititrust to Court over Unreported ₦200mTransfers

Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a money laundering case involving Cititrust Holdings PLC and three of its subsidiaries.
The subsidiaries are Cititrust Funding PLC, Cititrust Credit Limited and Cititrust Financial Services Limited,
The companies are facing an eight-count charge filed by a team of prosecutors from the Economic and Financial Crimes Commission (EFCC), comprising Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
According to the charge, between 2021 and 2023, the companies, all incorporated in Nigeria, allegedly operated investment management services without a valid licence from the Central Bank of Nigeria (CBN).
This act contravenes Section 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and is punishable under Section 57(5) of the same legislation.
The prosecution also alleged that the companies conducted a Collective Investment Scheme without registering with the Securities and Exchange Commission (SEC), another violation of regulatory requirements.
In one of the counts, Cititrust Credit Limited is specifically accused of failing to report high-value financial transactions to the Nigerian Financial Intelligence Unit (NFIU).
These transactions include a N20 million transfer on January 7, 2021; a N200 million transfer on April 4, 2021; and a N200 million lodgement on January 29, 2021.
Additionally, both Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have made a single transfer and lodgement respectively of N42 million into their bank accounts on January 29, 2021, without proper disclosure to relevant authorities.
The alleged offences are in breach of Sections 11(1)(b) and 11(3) of the Money Laundering (Prohibition) Act 2022, as well as Section 54(1) of the Investment and Securities Act 2007, and are punishable under the respective laws.
The court is expected to begin full proceedings on July 1.
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