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E-Financial

Path Solutions Emerged ‘Best Islamic Technology Provider’ @ IFN Awards 2017

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Path Solutions, a leader in banking software systems with a strong focus on the Islamic banking sector, has won the ‘Best Islamic Technology Provider’ award at the 2017 Islamic Finance news Awards. The company is winning the award for the tenth successive year and eleventh time in total.

Instituted by REDmoney – a leading global provider of specialized Islamic financial media services across three core divisions of publishing, events and training, IFN Awards is one of the most prestigious awards and highly recognized by the global Islamic finance community.

The IFN Polls was established in 2005, and continue to be an apt representation of the current Islamic financial landscape.

Speaking on the award, Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said: “It’s an absolute privilege to be voted as ‘Best Islamic Technology Provider’ one more time at the IFN Service Providers Poll 2017. We especially thank our clients and partners for their continued trust and support.

They’ve made an informed choice in adopting our state-of-the-art Islamic core banking system that will enable them to add further value to complying with industry regulations, improving their management processes and service delivery.

We are again at a pivot point where new technologies are creating new paradigms that will change the shape and face of our industry along with opening up new vistas for the global financial world”.

Kateeb then added, “Path Solutions provides the power of digital transformation, enabling the unbanked to access financial services, improve their lives and secure a better future for them. Our strategy toward 2018 is driven by the ambition to become our clients’ trusted partner in digital life, creating long-term value for them.

We will allow them to be ahead of the curve by implementing a digital-first strategy, leveraging new technologies such as big data, advanced analytics, a 360-degree view of the customer and a personalized engagement, thus providing instant fulfillment to their customers.

In today’s increasingly digital world, failing to invest in and prioritize technology will come at a cost. We believe it’s time to move into the future”.

The prestigious IFN Awards are based solely on merit, and highlight key players, individuals and innovative firms who have provided the Islamic financial world with ground-breaking initiatives.

The award underscores Path Solutions’ momentum to maintaining a leadership position for more than two decades in the evolving Islamic financial marketplace, and the company’s critical role in pioneering industry-specific software solutions and services that are required for its sustainable growth.

“Announcing the IFN Service Providers Poll nominees is always exciting. The special awards honor and celebrate the outstanding annual contributions of those who are the backbone of the Islamic finance community”, commented Lauren McAughtry, Group Managing Editor, REDmoney Group.

“Path Solutions’ leadership and business model promote continuous innovation and impactful growth. Their hard work and commitment is vital to ensuring a technologically-standardized Islamic finance industry”, she said.

In a turbulent year that had its ups and downs — from the geopolitical tensions in the GCC and the ongoing effects of the US elections to giant debut sovereign issuances and oil prices bouncing back — the Islamic finance industry has sailed through successfully.

The IFN Awards recognize and reward the wide range of essential building blocks behind the scenes working to support the Islamic finance industry as it grows ever upwards. This year’s survey has seen a substantial swing with the received votes representing a rock solid review of the real state of the industry and the views of its participants.

The recipients of the IFN Service Providers Poll 2017 will be presented with their awards at a dinner ceremony held alongside the inaugural IFN Global Leaders Forum on 11th March 2018 in Dubai, and the Asian dinner ceremony on 19th March 2018 in Kuala Lumpur.


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E-Financial

FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

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Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.

The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.

At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.

Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.

The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.

The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.

Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.

Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.


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E-Financial

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

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Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.

Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.

In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.

This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.

To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.

Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.

The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.

Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.

These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.

By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.


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E-Financial

SEC Directs Companies to Honour Unclaimed Dividend Requests

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Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.

SEC Directs Companies to Honour Unclaimed Dividend Requests

The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.

The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”

According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.

“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.

“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.

The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.


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