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Okonjo-Iweala Inaugurates Sarah Alade-led NEXIM Board

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The Board of the Nigeria Export-Import Bank (NEXIM) recently reconstituted by President Goodluck Ebele Jonathan, has been inaugurated by Dr. Ngozi Okonjo-Iweala, coordinating minister for the Economy (CME) and minister of Finance, with a charge to the Bank to further boost regional trade in West Africa.

Speaking at the Board inauguration in Abuja, Dr. Okonjo-Iweala noted that the Jonathan Administration remains committed to the task of transforming the Nigerian economy and expanding regional trade through the incorporation of the West African economic zone and declared that NEXIM is pivotal to achieving this vision.

According to her, “…NEXIM Bank is a very important part of our finance complex. This a Bank that was set up to support import and export trade within the country. We are happy to say that it’s proven its worth; been performing its functions…but, there are a lot of expectations of this bank. Government of President Goodluck Ebele Jonathan has embarked on a path of transforming the economy and has been trying to work with our private sector to expand trade, particularly regional trade…and NEXIM has so far supported this vision…we can only encourage and support them to keep up their good work…”

The minister reminded the gathering that Nigeria’s economy is 55 per cent of the regional economy which implies that the country’s economic structures have to be well primed and poised to take charge of affairs and pull commensurate weight in the sub region.

The platform for this is for the Government to support the private sector to trade within the region and beyond.

In this regard, she rehashed that NEXIM Bank is critical to Nigeria’s bid to become the powerhouse within the West Africa sub-region and Africa.

 She particularly lauded the initiative of the Roberts Orya-led management, stating that she “…is proud of the Bank because it’s going in to some very innovative areas, like shipping along the coast, entering into partnerships with many institutions, like the African Development Bank, Islamic Bank, etc.

Closing her remarks the minister charged members to stand up to the new challenge as the Federal Government expects them to bring their diverse experience to bear in transforming the bank into an instrument of trade facilitation.

Dr. Yerima Lawan Ngama, minister of State for Finance,  who upon the dissolution of the Board in 2011, assumed direct supervision of its affairs, used the occasion to give an account of his stewardship to the new Board and members of the Nigerian public.

He categorically declared that NEXIM Bank has done very well to meet the expectations of its major Shareholders, the Federal Government and the general public.

He attributed this to the professionalism of the Bank’s staff.

According to him, “They have done well and this is something I would say is a credit to the present management and the staff because just in the last two to three years, they have turned the Bank from a loss-making to a profit-making institution… Last year was the third year in a row that the bank was posting profit. Not only did we post profit, we also declared dividends…the first time in the history of the bank. This is a good report card for the present management, and also good news for the incoming Board to know that they have people who can really deliver.”

He assured the new Board that they are coming in to work with a clean balance sheet and that it is time that the Bank was rated, and encouraged the new management to invite Agusto & Co to come and give the Bank a local rating as that will go a long way in as a way to raising funds.

The minister of State went further to declare his satisfaction and pride that the Bank has been taken closer to Nigerians.

“Hitherto, it had remained a city Bank. We have it in Abuja, Lagos, Kano and Calabar. But, by and large only those who stay in the city know the existence and do business with the Bank. Congratulating the Roberts Orya-led management, he stated, “I am proud to say that we have about seven agencies in Yenogoa, Akure, Ishiagu, Damaturu, Yola, Gusau and Makurdi. These are the agencies that would ensure that every nook and cranny of Nigeria have customers that do business with the bank…”

Dr. Yerima affirmed that NEXIM now has relationships with international credit institutions which have assisted greatly to broaden the scope of the credit offering; to guarantee credit for both export and import as well as credit insurance.

Specifically, the Bank Shareholders are happy that the Bank has symbiotic agreements with EXIM Bank of India, African Development Bank, Islamic Development Bank, and other technical collaborations and budding relations with TurkExim, USEXIM, Export Development Canada (EDC) etc.

The agreement with the Islamic Development Bank has been signed and the product is being offered now to broaden the income base of the Bank.

Based on Mr. President’s recommendation, NEXIM is the foremost DFI in Nigeria to support the creative and entertainment industry in Nigeria.

The Bank is currently arranging a credit facility with the EXIM Bank of India. He stressed that it is important to note that even before that memorandum was signed, NEXIM had already injected more than N850m into that sector.

One of such facilities was a N300million in Kaduna for an amphitheater to help promote Nigerian films to fully empower the practitioners and the value-chain and save the industry, which is adjudged to be the third biggest in the world from piracy.

On the ECOWAS Trade Support Facility, there are two companies that the Bank is discussing with to provide facility to establish a shipping line that would go from city to city along the West African coast’

This is an addition to the facilities being given to transporters to enhance movement of goods across the borders, namely Chad, Cameroun and Benin Republic.

Presently, there are some initiatives in progress namely, the micro-business development to ensure that those people who have small businesses can get facilities to develop them and the issue of capitalization.

 However, the minister said, the Bank has to reappraise its funding structure, and seek out more avenues for raise money or float a bond.

Citing AFREXIM as a best practice, the Minister encouraged NEXIM to further explore the option of raising money from the international market and not solely rely on Shareholders equity contribution.

Ending his remarks, Dr. Yerima promised to work towards ensuring that, going forward, NEXIM Board is exempted from sudden dissolution before the members serve out their tenure, just as other parastatals under his supervision such as the Nigerian Deposit Insurance Corporation (NDIC), among others.

This is for the simple reason that such dissolution breeds instability which is not a good for the Bank’s local and international standing.

 Alhaji Suleiman Barau, brought the message of Dr. Sarah Alade, new Board chairman and the deputy governor, Economic Policy, Central Bank of Nigeria (CBN), with a pledge that the new Board members would do their best to improve the existing fortunes of the Bank, knowing full well that much is expected of them.

He assured the Coordinating Minister that the new Board will leave no stone unturned to ensuring that the expectations of Nigerians and Mr. President are met. He promised that the new Board will work to support the Transformation Agenda of Mr. President and the Vision to emerge as the top 20 economies of the world by the 2020.

 According to him, “NEXIM will definitely play a key role in developing a vibrant economy, vibrant financial system that would help the Transformation Agenda of Mr. President and the vision 2020….The new Board will work to transform NEXIM to become like AFREXIM, US EXIM bank, and seek sustainable sources for funding the operations of the Bank from the market.”

In line with President Jonathan’s affirmative action on 35 per cent on women representation in governance, Dr. Sarah Alade, would be the first woman to serve as Chairman, NEXIM Board of Directors since the inception of the Bank in 1991

Other members of the reconstituted NEXIM Board are Mr. Musa Batari, Director, Trade and Exchange, CBN; Mr. Kalli Zaji, Director, Home Finance, Federal Ministry of Finance; and  Mallam Ajiya Mahia, Director, Trade Federal Ministry of Industry, Trade and Investment. Also on the Board are Alhaji Mohammed I. Babangida, representing private sector interest; Chief (Barr.) Peter Nwaoboshi, also representing private sector interest; Mr. Roberts U. Orya, Managing Director/CEO, NEXIM; Bashir M. Wali, Executive Director, Corporate Services, NEXIM; and Folake I Oke, Executive Director, Business Development, NEXIM.


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E-Financial

UBA’s LEO Becomes Africa’s First Chatbot to Enable Cross-Border Payments

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United Bank for Africa (UBA) Plc, Africa’s Global Bank, has announced that its Artificial Intelligence chatbot, LEO is now enabled to carry out cross-border payment transactions.

UBA’s LEO Becomes Africa’s First Chatbot to Enable Cross-Border Payments

Oliver Alawuba, group managing director/chief executive officer, UBA,

By this, LEO becomes Africa’s first AI-powered chatbot to facilitate cross-border payments, offering customers a seamless and instant way to transfer funds across the continent, a statement by Mr. Ramon Nasir, head of corporate communications at UBA, said.

The platform leverages the Pan-African Payment and Settlement System (PAPSS) developed in partnership with the African Export-Import Bank (Afrexim Bank), and allows individuals, traders, and corporates to transfer money in local currencies between African countries where the Central Bank has approved PAPSS operations.

Commenting on this milestone, Oliver Alawuba, group managing director/chief executive officer, UBA, said that as Africa’s global bank, UBA is driven by the need to constantly push boundaries and deliver services that speak to the needs of today’s Africa.

“The introduction of cross-border payments on LEO, in partnership with PAPSS, reflects our commitment to digital innovation, Pan-African integration, and customer-centric banking. This is not just a banking upgrade; it is a bold leap into the future of African finance,” he stated.

UBA PAPSS Instant Payment through LEO offers unmatched benefits including instant payments within a few seconds; availability via self-service channels; lower transaction processing fees and zero charges on the beneficiary.

Speaking more on the benefits,  Shamsideen Fasola, group head, Retail and Digital Banking,  that enhanced security and confidentiality and wider options for remittance products are other benefits that customers stand to gain from the service.

“This is a transformative step in Africa’s financial services landscape. With LEO now fully integrated with the PAPSS infrastructure, UBA customers can send and receive money across African borders in their local currencies within seconds. We’re not just simplifying transactions – we’re fostering intra-African trade and breaking down longstanding barriers to financial inclusion,” Fasola stated.

With this innovation, UBA is empowering account holders, traders, and corporates to transact quickly and efficiently across African markets, formalizing informal trade flows and supporting the broader goals of the African Continental Free Trade Area (AfCFTA).

As the first bank to enable cross-border payments via its chatbot on the continent, UBA continues to lead in innovation, customer experience, and digital banking transformation.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.


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SEC to Introduce USSD Codes to Fight Ponzi Schemes

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Securities and Exchange Commission (SEC) is set to introduce a USSD  Ponzi schemes and illegal investment activities in Nigeria.

SEC to Introduce USSD Codes to Fight Ponzi Schemes

Dr. Emomotimi Agama, director-general of the SEC, disclosed this in an interview in Abuja.

He said the verification code will be officially launched during the upcoming Capital Market Committee (CMC) meeting scheduled for this quarter.

“We are introducing a USSD system that allows mobile phone users to verify the status of any capital market operator. It doesn’t require internet access, meaning anyone with a mobile phone can check if someone is duly registered with the SEC,” Agama said.

He explained that the initiative aims to empower Nigerians to easily identify fake investment promoters.

“If anyone comes to you claiming to be a capital market operator, you can instantly verify their registration using the code,” he added.

Agama emphasized that the Commission is intensifying efforts to eliminate unregistered and prohibited schemes, adding that the SEC has a national responsibility to educate the public on legitimate wealth creation.

“The essence of our regulation is wealth redistribution through legitimate investment platforms like public offerings, Collective Investment Schemes, and other structured products regulated by the SEC,” he said.

He noted that the Commission is working with the Nigerian Educational Research and Development Council (NERDC) to introduce capital market education from an early age, including the use of games for financial learning.

The SEC is also partnering with other agencies to promote financial literacy and responsible investing.

Agama stressed that registration with the Corporate Affairs Commission (CAC) does not automatically authorize a company to offer investment services. Only firms registered with the SEC are legally permitted to operate in the capital market.

“The first question anyone should ask an investment promoter is whether they are registered with the SEC,” he said.

“We have licensed stockbrokers, accountants, solicitors, and agents called sponsored individuals who are authorized to give investment advice.”

He further highlighted the significance of the recently signed Investments and Securities Act (ISA) 2025, which classifies Ponzi and other fraudulent schemes as “prohibited,” with tougher penalties for violators.

“President Bola Tinubu signed the Act into law within one week, demonstrating his commitment to protecting Nigerians. Under the Act, violators will face a minimum fine of ₦20 million, which can go up to ₦1 billion, and a prison term of up to 10 years,” he said.

Agama also warned celebrities and influencers promoting Ponzi schemes that the SEC now has legal powers to prosecute them.

He reiterated the SEC’s warning to the public to avoid unregistered schemes promising unrealistic returns, stressing that such platforms are not regulated and do not offer investor protection.

Investors are encouraged to verify the registration status of any firm or product via the SEC’s website or by contacting the Commission directly.

Agama affirmed the SEC’s commitment to investor protection, fair practices, and restoring confidence in Nigeria’s capital market.


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Polaris Bank Equips 500+ Journalists with Digital Tools for Modern Storytelling

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L-R: Miss Adaku Sharon Nwankwo, Digital PR Executive, Polaris Bank Limited, Mr. Rasheed Bolanriwa, Acting Head, Brand Management & Corporate Communications, Polaris Bank; Mr. Abayomi Adisa, Senior Journalist, BBC and Mrs. Bukola Oluyadi, Group Head, Customer Experience & Value Management at Polaris Bank during the hybrid capacity-building seminar organised by the Bank for journalists in Lagos recently.
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Polaris Bank Limited recently hosted a hybrid capacity-building seminar for approximately 500 journalists both in Nigeria and internationally. The seminar, themed “Empowering Journalists in the Digital Age: Storytelling, Tools & Transformation,” aimed to equip media professionals with the skills and knowledge necessary to thrive in today’s rapidly changing journalism landscape.

L-R: Miss Adaku Sharon Nwankwo, Digital PR Executive, Polaris Bank Limited, Mr. Rasheed Bolanriwa, Acting Head, Brand Management & Corporate Communications, Polaris Bank; Mr. Abayomi Adisa, Senior Journalist, BBC and Mrs. Bukola Oluyadi, Group Head, Customer Experience & Value Management at Polaris Bank during the hybrid capacity-building seminar organised by the Bank for journalists in Lagos recently.

In a welcome address, Rasheed Bolarinwa, Head of Brand Management & Corporate Communications at Polaris Bank, highlighted the bank’s longstanding tradition in media education. He pointed out that Polaris Bank has been investing in such initiatives for the past 12 years and confidently stated that the bank has been in the vanguard in digital capacity building for the Nigerian media. Bolarinwa stressed that enhancing the skills of journalists ultimately benefits society as a whole.

Drawing from a well-known Chinese proverb, he explained that the bank prefers to teach people how to fish rather than simply giving them fish to eat. Empowering journalists to become self-sufficient, he said, is the guiding principle behind the Polaris bank’s executive management annual approval and support of the seminar.

The media seminar featured training sessions led by two prominent journalists: Mr. Taiwo Obe, Founder and Director of The Journalism Clinic, and Mr. Abayomi Adisa, a senior journalist with BBC. Obe reminded participants of the fundamental purpose of journalism, quoting veteran American journalist Tom Rosenstiel: “The purpose of journalism is to provide citizens with the information they need to make the best possible decisions about their lives, their communities, their societies, and their governments.”

Obe discussed the significant transformation journalism has undergone since the early 2000s, driven by technological innovation. He highlighted the emergence of mobile journalism (Mojo), which allows journalists to capture, produce, and share news content in real-time. Obe mentioned Reuters’ 2007 introduction of the Mojo Toolkit, which included the Nokia N95, a small tripod, compact wireless keyboard, solar charger, and external microphone, as a milestone that made it easier for reporters to deliver news on the go.

He encouraged journalists to explore and utilize a variety of free digital applications available on the Google Play Store. By embracing these tools, journalists can go beyond traditional text-based reporting and incorporate audio, video, and interactive graphics to tell more compelling stories. Obe also highlighted the growing adoption of artificial intelligence in Nigerian newsrooms, noting that AI is now being used for tasks such as copy editing, content illustration, content strategy, and advertising targeting, which opens new avenues for efficiency and creativity in journalism.

He further advised journalists to leverage the data from their news stories in innovative ways, suggesting that they transform story data into guidebooks, archival material, issue analyses, position papers, recommendations, puzzles, Q&As, and even inspiration for full-length books.

Meanwhile, Mr. Abayomi Adisa, who focused his presentation on writing for social media, urged participants to harness the magic of making their audiences stop, engage, and share their posts. Adisa outlined key strategies for crafting effective posts and teasers, ensuring that the content is personal, relevant to the audience, engaging, shareable, and concise. He acknowledged that social media is an environment characterized by distraction and noise, so content must be both influential and personally resonant to capture attention.

Speaking at the seminar, Mrs. Bukola Oluyadi, Group Head of Customer Experience & Value Management at Polaris Bank, during her closing remarks emphasized the bank’s commitment to supporting the media industry. She remarked that these seminars are crucial, as no industry or organization can flourish without the involvement and backing of the media.

Oluyadi stated that capacity building is not a one-time effort but a continuous process. She noted, “People cannot improve with the status quo of yesterday; we need to keep building.” According to her, the bank is dedicated to sustaining this initiative annually, fully aware that consistent investment in the media is essential for long-term growth and sustainability.


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