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E-Financial

NGX Urges FG, CBN to Give Priority to Listed Companies in Procurement, FX Access

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The Nigerian Exchange Limited (NGX) has called on the federal government and the Central Bank of Nigeria (CBN)  to give  priority to listed corporates in their procurement processes and access to foreign exchange (FX).

This strategic approach, according to the Chief Executive Officer, NGX, Mr. Temi Popoola, is pivotal in attracting more companies to list on the exchange and mitigate the prevalent FX challenges in the economy.

Popoola, who spoke at the MTN Capital Markets Day held recently, pointed out that NGX is excited with the new change in administration and its renewed hope agenda as it presents an opportunity to work with market stakeholders, including the regulators to address the challenges faced by the government and listed corporates.

He  stated that the exchange was working with government to use the capital market to fix government problems, adding that  enabling the execution of dollar-denominated transactions on NGX can address forex illiquidity.

He said: “There are companies that would like to list on our exchange, but they earn in dollars, their revenue to their bottom-line is in dollars. There are also listed companies that would like to pay their dividends in dollars. However, the current regulation does not allow that.

“We are working with regulators and policymakers to try to address that because this would create a lot more benefit to the government who is looking for FX resolutions to their challenges. We believe this will also unlock the dollars that people have saved in domiciliary accounts to be put into useful work in the capital market and economy,” Popoola explained.

In addition, the NGX CEO disclosed ongoing discussions with the federal government to attract listings through supportive legislation.

According to him,  increased listings would boost government’s revenue, citing the transparency, higher tax contributions, and better governance exhibited by listed companies. Popoola highlighted the historical role of government support in facilitating the presence of many companies currently listed on the Exchange.


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E-Financial

Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

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In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.

This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.

Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.

“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”

The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.

“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.

He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.

This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.

Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.

This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.


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E-Financial

UBA Launches *919# Advance Top-Up Feature for Instant Access to Customers

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United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.

UBA Launches *919# Advance Top-Up Feature for Instant Access to Customers

 

The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.

Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.

“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.

UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.

Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”

Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.

“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.

She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.

 

 

 

 

 


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E-Financial

EFCC Recovers over N20Bn Stolen by Hackers from 6 Banks in Nigeria

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Economic and Financial Crimes Commission (EFCC) has said that it has uncovered a series of cyberattacks targeting Nigerian banks, with six financial institutions falling victim to highly coordinated hacking efforts by cybercriminals.

EFCC Recovers over N20Bn Stolen by Hackers from 6 Banks in Nigeria

Ola Olukoyede, chairman, EFCC

Ola Olukoyede, chairman, EFCC who disclosed this during an interview posted by TVC, asserted that the anti-graft agency has recovered billions of naira and launched a robust investigation into insider collusion fueling the fraud.

He stated that the attacks were not isolated incidents but part of a sophisticated operation involving both local and international actors.

Olukoyede confirmed that ₦9.7 billion, ₦6.7 billion, and ₦3.7 billion were successfully recovered in three separate cases, preventing what could have been catastrophic losses for the affected banks.

He lamented that the methods employed by the criminals are alarming, noting that they use specialised devices.

The perpetrators, often in collaboration with insiders within the banks, gain unauthorised access to internal banking platforms.

The EFCC boss added that once access is granted, an external accomplice—frequently operating from overseas locations such as Eastern Europe or the United States—takes over the bank’s systems remotely.

He highlighted that what makes these operations especially dangerous is the active participation of bank staff.

According to him, in all the cases investigated, the EFCC has found strong evidence of insider collusion, prompting the agency to call on bank executives to audit their internal processes and personnel.

He said, “One major crisis we may face in the near future—if we don’t act decisively, which we are already doing—is the escalating issue of bank fraud.

“As I speak to you now, about six banks have been hacked by young individuals. I won’t mention their names to protect their image. In one case, we were able to recover about ₦9.7 billion for a major bank.

In another, we recovered about ₦6.7 billion, and in a third case, ₦3.7 billion was saved. This is the kind of work we are currently doing.

“Here’s how the fraud typically happens: the perpetrators use a device which they connect to the bank’s system—often with the help of insiders, particularly some bank staff. Once this device is connected, a collaborator outside Nigeria—whether in Eastern Europe, America, or elsewhere—can remotely control the bank’s platform.

“Just like a bank officer can transfer funds in and out of an account, these criminals can also move billions of naira within seconds.

“They often distribute the stolen money across multiple customer accounts, gain back-end access to these accounts, and then move the funds into digital wallets or through POS terminals, withdraw the cash, and vanish.

“The alarming part is that many banks remain vulnerable to these attacks. However, it’s important to emphasize that these fraudulent activities are not the fault of the banks themselves, but rather of some complicit staff members.

“In every single case we’ve investigated, there has been clear evidence of insider involvement. That is why we have urged bank executives to look inward. These attacks cannot be successfully carried out without the active connivance of their staff.

“This issue has drawn our full attention at the EFCC. We are working tirelessly to combat it. However, because of the potential impact on public confidence and economic stability, we are deliberately not making too much noise about it. We do not want to trigger panic or a rush to withdraw funds.”

“Nonetheless, rest assured that we are on top of the situation,” he stated.

 

 

 


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