E-Financial
NOVA Bank Announces Appointment of Isiavwe, Iloghalu as Executive Directors
NOVA Bank has announced the appointment of David Isiavwe as executive director, Operations and Information Technology, and Chinwe Iloghalu as executive director, Institutional and Commercial Banking.
These appointments are part of NOVA Bank’s plan to strengthen its leadership team as the Bank continues its innovative journey, following its recent transition to a national commercial bank.
In a statement issued by the bank, it stated that “Isiavwe has over 30 years of banking experience in domestic and international banks. With a Ph.D. in Accounting. Isiavwe is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow Compliance Institute of Nigeria (FCIN) in addition to other professional certifications such as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), Certified Governance of Enterprise IT (CGEIT), Certified Information System Auditor (CISA), Certified Data Privacy Solutions Engineer (CDPSE) amongst others.”
According to the statement: “He has attended leadership programmes in some major global institutions such as Harvard Business School, MIT and Oxford University. He currently serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), and holds a position on the Governing Council of the Fintech Association of Nigeria. Additionally, he chairs the Statutory Audit Committee of Nigeria Inter-Bank Settlement System Plc (NIBSS). His appointment underscores NOVA’s focus on digital transformation, with his vast experience playing a crucial role in advancing the Bank’s technology-driven phygital model.”
It also said that Chinwe Iloghalu, with close to 30 years of experience in the banking industry, joins as executive director for Corporate and Commercial Banking, the key business and relationship management engine of the bank.
“Throughout her distinguished career, she has made significant contributions in business and corporate banking, with expertise spanning sectors such as energy, corporate, commercial and digital banking, where she has consistently created sustainable value and returns for key stakeholders.
“Holding an MSc in Media and Communications, along with an MBA, Chinwe is a Fellow of the Institute of Credit Administration (FICA). She has attended leadership and executive programs in key institutions such as Said Business School Oxford, Harvard Business School, Wharton amongst others. Her role will be central to enhancing NOVA’s commercial banking rollout across all key business development segments.
“Phillips Oduoza, chairman of NOVA Bank, commented on the appointments: “The addition of Dr. Isiavwe and Mrs. Iloghalu marks a critical point in constituting the management team that will lead NOVA into its next phase of growth. David’s expertise in technology will be key in enhancing our phygital model, while Chinwe’s strong business drive and relationship management coupled with the retail and product engine of the bank will be instrumental in driving the Bank’s strategic intent to become a formidable player in the banking industry,” the bank said.
The bank further said that the new appointees’ deep understanding of digital and electronic banking would significantly contribute to its trademarked phygital experience, “which seamlessly combines the best of in-person service and bespoke digital solutions to serve our customers. Both leaders bring valuable experience that aligns perfectly with NOVA’s vision to be Africa’s preferred financial solutions provider.”
It added that “These two appointments will further diversify the board and bring about inclusiveness noted by Mr. Oduoza.”
The statement explained that “As NOVA Bank continues its expansion and transformation into a national commercial bank, these leadership appointments highlight its commitment to delivering innovative financial services. The Bank’s phygital model, combining cutting-edge technology with a physical presence, is redefining customer experiences and setting the stage for future advancements in the Nigerian banking landscape.”
In line with passion and aspiration of the National Insurance Commission (NAICOM) to achieve financial inclusion among Nigerians especially Nigerian women, Leadway Assurance, has partnered with Wafira Ntaba Limited a marketing firm to launch a bespoken insurance policy for Nigerian women.
The product, Leadway Plan B Insurance policy, comes in simplified and affordable packages for as low as N26,000 per quarter, broadening financial inclusion and income protection for women-led small to medium-sized enterprises and lifestyle protection for women across different social strata in Nigeria.
Speaking at the media launch of the product, Leadway ‘s Director Sales, Retail and Partnership, Kike Fischer, shed light on the market approach for the Plan B product, saying “one uniqueness of the Plan B product is in its single-wide coverage from risks and perils related to auto insurance, healthcare, personal accident, fire, burglary, life insurance and education cutting across its different product packages – SME, Corporate and Premier packages.”
Also speaking, the visioner behind the Plan B Insurance for Nigerian women, Ayona Aguilera Trimnell shared the inspiration behind the products saying, “Plan B is an idea that has been in development for 10 years.
“As I began exploring insurance products aimed at women in other countries, I recognised the need for an insurance product that promotes financial inclusion in Nigeria, specifically for women. I believed we could create something that addresses their unique concerns.
Women need to understand how insurance can alleviate their worries and the benefits of being insured. I have personally enjoyed the advantages of insurance for over fifteen years, and I believe other women should have the opportunity to experience the same benefits.”
She said both partners could simplify the benefits of the plan B insurance product to help even the uneducated, understand and be convinced to secure their future by becoming a policyholder.
According to her, it has been proven and tested that women too buy insurance, but more women need to be aware and get insured.
On the market approach for the Plan B product, she said she was confident that these products would help women of all classes in Nigeria create and protect wealth, recover from economic challenges, pursue their purposes, and lead their families with peace of mind.
Sage Grey Finance Limited has joined forces with the Bank of Industry to provide accessible and affordable financing solutions for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
This partnership, announced in Lagos, aligns with the Federal Government’s MSMEs Fund and aims to bridge the $236 billion funding gap faced by small businesses, fostering economic growth and job creation.
Eligible MSMEs can access loans of up to ₦5 million at a competitive 9% annual interest rate, with loan processing completed within five working days.
The initiative also includes SME advisory services to equip businesses with tools for sustainable growth.
Executive Director Jumo Atiba emphasized the critical role of MSMEs in national development, highlighting the partnership’s potential to stimulate entrepreneurship and unlock grassroots economic potential.
This collaboration reflects Sage Grey Finance’s commitment to financial inclusion and sustainable development.
The partnership builds on Sage Grey’s history of impactful initiatives, including a $200 million gas processing plant project and youth empowerment programs.
By addressing the challenges of financial exclusion, this collaboration is set to drive inclusive economic progress across Nigeria.
It has not been a pleasant week for thousands of Nigerians who have again fallen for another money scam.
According to DUBAWA, a West African independent verification and fact-checking project, several persons on various social media platforms have begun to count their losses as CBEX, a popular digital asset trading platform, reportedly wiped out over N1.3 trillion from Nigerian investors’ accounts.
The platform collapsed after funds disappeared from users’ wallets, withdrawals were postponed, and communication channels were locked.
Taiwo Owolabi, a security analyst, recently released an analysis showing how investors’ funds were diverted through funnel wallets and finally into a central wallet, which now holds a total of $857 million in USDT.
The security expert concluded that CBEX was just another Ponzi scheme.
When CBEX promised a mouth-watering 100 per cent return on crypto investments in 30 days, many Nigerians rushed to invest just like they did with the defunct MMM.
However, despite the crash, CBEX has asked some investors to pay $100 and $200 verification fees to access partial withdrawals.
Now that the chips are down, it’s time to ask: “How did we not see this coming?”
Below are four red flags about CBEX that investors ignored.
- No regulatory approval
CBEX operated without registration or approval from the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria.
Still, many Nigerians invested, assuming legitimacy because the platform looked flashy. This has become a pattern, as in previous cases where Nigerians got duped, the platforms were unregistered.
SEC has since warned Nigerians against investing in unregistered online forex and digital asset platforms, saying that operating such businesses without registration is now illegal under the new Investment and Securities Act (ISA).
Lesson: Always verify a platform’s regulatory status before putting your money in.
- Anonymous founders
CBEX’s website and Application did not list identifiable owners or executives. To gain credibility, CBEX masqueraded as a crypto platform, talking about “blockchain,” “trading bots,” and “AI-powered systems.” However, it had no verifiable trades or links to legitimate crypto exchanges. It used tech jargon to mislead its users.
Lesson: Transparency is a minimum requirement. If you don’t know who runs it, don’t trust it.
- Unrealistic returns on investment, withdrawal issues
While there is no ideal return on investments (ROI), excessively high ROIs or ones that appear too good to be true are usually a call for caution.
CBEX promised investors returns of up to 100 per cent in 30 days. That looks like a classic Ponzi red flag.
As seen in the past, these kinds of returns are unsustainable, but they remain effective bait that can appeal to anyone’s greed.
At first, CBEX worked. Users were getting paid even though Owolabi claimed the platform initially used one investor’s money to pay another until it could not.
Just before the crash, many users reported delays in withdrawing their funds. CBEX blamed this on “system upgrades” and “network issues,” which is a tactic common with failing schemes.
Lesson: High, guaranteed returns are a red flag, and consistent withdrawal delays indicate that the system is drying up. That’s usually when the exit strategy begins.
- Influencer endorsements and peer pressure
The Fear Of Missing Out (FOMO) does not respect age, especially when influencers, friends, and families are involved. However, the misuse of trust through misinformation is common in fraud schemes.
CBEX’s biggest marketing weapon was social media hype and word-of-mouth pressure. The platform relied heavily on trust networks.
From WhatsApp statuses to Facebook pages and TikTok videos, CBEX grew viral through a coordinated network of testimonials. People shared real and fake proof of payment screenshots and emotional success stories.
When friends and family members innocently vouched for it, people ignored other red flags and pumped money into the scheme.
Lesson: Social proof is not due diligence. Always investigate platforms independently, even if people you trust are involved.
Conclusion
CBEX’s collapse is not new; unfortunately, it may not be the last. DUBAWA urges investors to adopt a fact-checking mindset when approached with financial opportunities. Scams thrive on ignorance and trust. Our best defence is verification, not hope.
DUBAWA is a West African independent verification and fact-checking project, initiated by the Centre for Journalism Innovation and Development (CJID) and supported by the most influential newsrooms and civic organisations in West Africa to help amplify the culture of truth in public discourse, public policy, and journalistic practice.
It has a presence in Nigeria, Ghana, Sierra Leone, Liberia and The Gambia.
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