E-Financial
New Blockchain Principles to Curb Past Missteps

The World Economic Forum (WEF) has developed new blockchain principles to help individuals and companies build trust and preserve the fundamental values of the technology.
According to WEF, COVID-19 has accelerated the development and use of emerging technology across industries.
It says for blockchain technology to scale in its next phase, global alignment between the public and private sectors is needed.
The WEF’s Global Blockchain Council developed the “Presidio Principles: Foundational Values for a Decentralised Future” that it believes will play a crucial role in scaling blockchain technology.
Market analyst firm Gartner says blockchain is not yet enabling a digital business revolution across business ecosystems and may not until at least 2028, when it expects the technology to become fully scalable technically and operationally.
Co-designed at the WEF’s offices in the Presidio of San Francisco, the 16 principles aim to protect users and preserve the values of the technology so that all can benefit.
“The blockchain ecosystem needed a baseline for designing applications that preserve the rights of users,” says Sheila Warren, head of blockchain and data policy at WEF.
“During our council meeting, we realised we could help curb many of the mistakes and missteps seen so far if we were able to provide developers, governments and executives with a ‘Bill of Rights’-style document.”
Global effort
WEF says rights are grouped into four broad pillars: Transparency and accessibility – the right to information about the system; privacy and security – the right to data protection; agency and interoperability – the right for individuals to own and manage their data; as well as accountability and governance – the right for system users to understand available recourse.
It notes the principles include a menu of options for how organisations or individuals can take action.
The genesis for this idea came during the first meeting of the forum’s Global Blockchain Council in 2019.
The content was developed and workshopped in sessions around the world, including at the annual meeting in Davos 2020, with a variety of members of the blockchain community, government officials, civil society members and business leaders.
A public comment period on the developer platform GitHub was open from 10 April to 5 May.
“Our Global Blockchain Council membership reflects varying ideological perspectives on what blockchain technology is appropriate for and where it is going, ranging from Bitcoin maximalists to enterprise service providers,” Warren says.
“This highly opinionated group came together and agreed the blockchain community needed the foundational principles we are presenting today. Agreement from across council members, despite their divergent perspectives, indicates the critical need for a values-based document like this in order to ensure the technology remains true to its roots as the application layer starts to scale.”
The forum is partnering with ecosystem leaders from Hyperledger and Ethereum, as well as the consulting and investor communities, to issue specific guidance documents around how the principles can be implemented on a more tactical level.
These will further help developers, governments, executives, corporate boards, international organisations and others implement the principles and take action now, says WEF.
Additionally, Global Blockchain Council members will partner with individual organisations, associations and membership-based entities and investors for virtual sessions on how companies can meaningfully implement the principles in their operations.
E-Financial
Fidelity Bank’s Gross Earnings Hit N315Bn

Fidelity Bank Plc has recorded gross earnings of N315.4bn for the first quarter ended 31 March 2025, representing a 64.2 per cent increase from the N192.1bn reported in the corresponding period in 2024.

Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank,
According to the bank’s unaudited financial statements filed with the Nigerian Exchange Limited, the impressive performance was driven by significant growth in interest income, foreign exchange revaluation gains, and higher fee and commission income.
Interest and similar income calculated using the effective interest rate method rose by 58.1 per cent to N256.1bn in the period under review, up from N161.9bn in the same quarter of 2024.
Additionally, the bank earned N25.4bn from other interest and similar income, compared to N8.2bn in the corresponding quarter of the previous year.
Despite a 28.5 per cent increase in interest expense to N90.7bn from N70.5bn, net interest income climbed to N190.8bn, reflecting a 91.5 per cent growth from N99.6bn in the same quarter last year.
Fidelity Bank recorded a credit loss expense of N6.3bn, a decline of 49.2 per cent compared to the N12.4bn reported in Q1 2024. Consequently, net interest income after credit loss expense rose to N184.5bn from N87.3bn.
The bank also saw growth in its non-interest income. Fee and commission income increased to N23.8bn, up from N18.3bn in Q1 2024.
Foreign currency revaluation gains contributed N9.8bn to earnings, representing a 200.8 per cent increase from N3.3bn in the same period last year.
On the cost side, operating expenses remained elevated. Personnel expenses rose to N19.7bn from N14bn, while depreciation, amortisation, and impairment increased significantly to N8.7bn from N2.2bn. Other operating expenses also grew to N87.5bn from N52bn.
Despite the cost pressures, the bank posted a profit before income tax of N105.8bn, more than doubling the N39.5bn recorded in the same period last year. After a tax charge of N14.7bn, profit for the period stood at N91.1bn, marking a 190 per cent increase compared to N31.4bn reported in Q1 2024.
Earnings per share rose to 181 kobo from 98 kobo in the corresponding quarter.
The bank’s total comprehensive income for the period rose to N101.6bn, up from N35.8bn in Q1 2024, bolstered by exchange differences on translation of foreign operations and revaluation gains on debt instruments.
E-Financial
SEC Uncovers Tofro, another Suspected Ponzi Scheme

Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro).
The commission raised the alarm in a notice issued on Thursday and made it available to the newsmen.
The commission warned Nigerians against falling for their tactics to obtain money from them through the promise of unusually high returns.
SEC said that the suspected investment platform holds itself out as a cryptocurrency trading platform, adding that such an investment scheme is not registered by the commission.
It said that based on its investigations, Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme.
According to the SEC, it promises unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honour withdrawal requests from subscribers.
SEC, however, strongly advised Nigerians to be wary about investing with Tofro, noting that any person who places such an investment with the entity does so at their own risk.
The notice reads, “The attention of the Securities and Exchange Commission has been drawn to the activities of an online platform known as TOFRO.COM (Tofro), which holds itself out as a cryptocurrency trading platform.
“The Commission hereby informs the public that the Tofro is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.
“Investigations have revealed that Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns, heavy reliance on a referral system to sustain pay-outs and failure to honour withdrawal requests from subscribers.
“Accordingly, the public is strongly advised to be wary about investing with Tofro, as any person who places such investment with the entity does so at his/her own risk.
“The Commission similarly reminds potential investors of the need to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.”
E-Financial
DBN to Invest $2.5m in Proposed Youth Entrepreneurship Investment Bank

The Development Bank of Nigeria (DBN) has received shareholders’ approval to invest $2.5 million or 25% equity stake in the proposed Youth Entrepreneurship Investment Bank (YIB) — a new investment vehicle designed to provide equity funding to youth-led businesses in Nigeria.
The approval came during the bank’s 8th Annual General Meeting (AGM) which was held in Abuja.
The move is a strategic step aligned with the bank’s broader mission to support Micro Small and Medium Enterprises (MSMEs), job creation and entrepreneurship among Nigeria’s youth.
According to Tony Okpanachi, DBN Managing Director, Youth Entrepreneurship Investment (YIB) is not a conventional bank. It is an investment vehicle that will deploy equity into promising youth-owned enterprises.
“This is about backing ideas and unlocking growth through long-term capital — not debt,” Okpanachi told journalists after the AGM.
The initiative is a partnership between DBN, the Nigeria Sovereign Investment Authority (NSIA), and the African Development Bank (AfDB), with additional backing expected from development finance institutions.
The African Development Bank (AfDB) is currently in discussion to provide debt financing, which would bolster the capital available to the vehicle without diluting equity.
“This $2.5 million is DBN’s initial stake,” Okpanachi said. “We are co-investing alongside NSIA, and this sets the stage for broader institutional participation — both local and global.”
YIB aims to fill a critical funding gap in Nigeria’s startup ecosystem. While the country has a vibrant pool of young entrepreneurs, access to early-stage funding remains limited. Many businesses rely on short-term loans or informal capital, which often constrains scalability and long-term planning.
Okpanachi emphasised that YIB’s structure is deliberately designed to avoid the trappings of a traditional bank.
“This is not a commercial bank. It won’t provide loans or open retail accounts. It’s structured purely as an equity-focused investment vehicle, targeting scalable ventures with strong fundamentals and youth ownership”, he noted.
This will be DBN’s second strategic investment following the establishment of its wholly owned impact credit guarantee subsidiary, which offers partial credit guarantees to MSMEs.
Final structuring of YIB is underway. Following the shareholder greenlight, the promoters are now coordinating with the relevant stakeholders to complete incorporation, legal frameworks, and capital mobilisation.
“We expect all groundwork to be finalised by the end of this year. With operations likely to begin by early 2026,” Okpanachi disclosed.
The move comes amid growing concerns over Nigeria’s rising youth unemployment rate.
By investing directly into youth-led businesses, DBN and its partners aim to accelerate job creation, promote innovation, and catalyse broader economic development.
“There’s already strong interest from global players,” the MD noted, though he declined to name institutions due to ongoing negotiations.
“What we are doing is laying the foundation. YIB will serve as a credible, well-structured platform to crowd in institutional capital and scale youth-driven entrepreneurship.”
He added that YIB is not a one-off initiative but part of a long-term strategy to create sustainable investment channels focused on Nigeria’s demographic dividend.
“This is more than a financial transaction,” Okpanachi said. “It is a statement of intent. We believe in the entrepreneurial potential of Nigerian youth — and we are backing that belief with real capital.”
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