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E-Financial

Stanbic IBTC Bank to Reward Customers with N30m Cash Prizes in Reward4Saving Promo

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Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC has rewarded 60 of its new and existing customers with the sum of N6m for the September draws in its Reward4Saving Promo where the bank’s customers are expected to win cash prizes worth N30 million by the end of the promo.

The draws which took place at the Stanbic IBTC Headquarters on Walter Carrington Crescent, Victoria Island, Lagos saw 60 customers win cash prizes of N100,000 each at the first draws.

Speaking at the event, Olufunke Isichei, Head, Established Markets, Stanbic IBTC Bank PLC said over 109,000 new and existing customers qualified for the promo for the month of September, noting that the 60 winners at the draws were selected from the six geo-political zones of the country with 10 winners coming from each zone.

Olufunke said: “There are going to be two more draws – one for October, happening first week of November and one for November, happening first week of December and then the grand finale in December.”

Olufunke explained that a total of 180 winners are expected to win the sum of N18 million in the months of September, October and November, while 12 winners will win N1 million each at the grand finale in December to make up the N30 million that Stanbic IBTC Bank PLC will reward its customers within the period of the Reward4Saving Promo.

According to her, apart from the cash prizes, over 2,000 customers who opened accounts and funded it with a minimum of N5,000 have been rewarded with N500 Free airtime, adding that a total of 20,000 customers who open a new Stanbic IBTC savings account or @ease wallet and deposit a minimum of N5,000 will be rewarded with N500 Free airtime throughout the period of the Stanbic IBTC Reward4Saving promo.

Speaking in the same vein, Remy Osuagwu, Executive Director, Business and Commercial Clients pointed out that the Reward4Saving promo seeks to encourage customers to develop a savings culture.

He also encouraged customers to take advantage of Stanbic IBTC’s end-to-end digital services to access diverse financial products and services.

On the rationale behind the campaign, Remy said: “We recognise that saving is an important aspect of an individual’s journey to financial freedom so this is an avenue to encourage our customers as well as reward them for their dedication towards building a savings culture.

“We will be rewarding more customers with cash prizes ranging from of N100,000 to a whooping N1 million”.

Stanbic IBTC Bank PLC remains committed to its corporate purpose of serving it numerous customers and stakeholders by offering bespoke financial products and services while rewarding them for their loyalty over the years.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

SEC Declares War on Capital Market Fraudsters

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Dr. Emomotimi Agama, director-general, SEC,
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Securities and Exchange Commission (SEC) has reaffirmed its commitment to ensuring that only fit and proper individuals are permitted to operate in Nigeria’s capital market to enhance investor protection.

SEC Declares War on Capital Market Fraudsters

Speaking in an interview in Abuja over the weekend, Dr. Emomotimi Agama, director-general, SEC, emphasized that market operators engaging in unscrupulous activities would not be allowed to go unpunished.

According to him, “It’s important that, as a form of self-regulation, they are aware beforehand that if you do what is not right, the SEC will bring you out to the wall to say that you do not have character, because the very ethics of regulating or of registering a securities market operator is in the principle of the fit and proper person’s test.

“A fit and proper person’s test means that you satisfy all of the requirements that have been laid down in the Investments and Securities Act 2007 and in other regulations that the SEC has brought out to make sure that this happens.

“Disclosures by public companies will be very, very essential making sure that the investor has enough information to make decisions. If information is not provided, then that will be against the rules and regulations of the SEC and indeed, the ISA. So clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has an intention to defraud Nigerians and to defraud anybody that is investing in this market.”

The SEC Director-General stated that investor protection is a fundamental principle for the Commission, as the Investments and Securities Act (ISA) 2007 clearly outlines the objectives of securities regulation in Nigeria, with investor protection and market development as its twin priorities.

He emphasized that for any market to thrive, investor protection must remain a top priority.

He further asserted that the SEC is committed to ensuring that all market participants understand the Commission’s sacred responsibility, stressing that the SEC’s leadership, entrusted with this duty by President Bola Ahmed Tinubu, will carry it out effectively.

“It is important to state clearly that every investor in Nigeria is under the cover of the SEC as long as the person operates within the Nigerian capital market. And so the year 2025 is a year where we say that there is zero tolerance for any activity that does not fall within the laws of the Investments and Securities Act 2007.

“We are excited that the National Assembly has passed the new Investment and Securities Act and we are earnestly waiting for the President’s assent as the Bill is going through an administrative process to get to the President, to get it assented to.

“And that alone also signifies our intention to make sure that everyone that is investing in this market, or intends to invest in this market has a cover. That cover runs across so many lines, particularly, let me mention that Ponzi schemes will no longer be a place where people will be factoring, where people will be interested in, because the penalties in the new ISA you know, towards people that are engaged in Ponzi scheme is stiff enough to deter them.”


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E-Financial

CITN Seeks AI to Curb Revenue Leakage in Nigeria’s Tax System

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Following the loss of revenues and underreporting of taxes for the development of Nigeria, the Chartered Institute of Taxation of Nigeria (CITN) has introduced the use of artificial intelligence (AI) in tax administration.

In his keynote address at a maiden ICT summit on taxation in Abuja, the pioneer Director General of the National Space Research and Development Agency (NARSDA) and senator of the Federal Republic of Nigeria, Professor Robert Ajayi Boroffice, said that AI-driven tax compliance systems analyse vast amounts of tax data in real-time, identifying inconsistencies, fraudulent activities, and underreporting. By using machine learning, AI can detect tax fraud and evasion patterns more accurately than traditional audits.

“Countries like the United States (IRS AI system) and the UK (HMRC AI-driven audits) are already leveraging AI to increase compliance and detect tax fraud more efficiently.

“Taxation is not just about revenue collection; it is a fundamental pillar of economic governance. A well-designed tax system fosters business confidence, encourages compliance, and ensures that governments have the necessary resources to invest in infrastructure, healthcare, education, and public services.

“We are living in an era where technology is not just an enabler but a driving force reshaping industries, governments, and economies. In fact, technology defines the power of a nation. Robotics and AI have already revolutionised healthcare, finance, and manufacturing, and now, they are redefining tax administration making it more efficient, transparent, and fraud-resistant.

“In the digital age, leveraging technology to build a smart, efficient, and fair tax system is no longer optional—it is imperative,” he said.

Before he declared the workshop open, the President/Chairman of Council, Mr. Samuel Agbeluyi, noted that technology is no longer a luxury; it is a necessity.

According to him, countries that have embraced digital tax reforms are reaping the benefits of increased revenue mobilisation, reduced tax evasion, and improved ease of doing business. Nigeria, he said, cannot afford to be left behind.

“Traditional tax administration is faced with a number of challenges. For decades, tax administration has relied on manual processes, paperwork-heavy systems, and traditional audits. These methods have posed significant challenges, including tax evasion and fraud. Slow and inefficient processes, high administrative costs, limited data insights,” he said.

He stated that there is a need for a smart tax infrastructure.

 


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E-Financial

Nigeria Still Open Crypto Business despite $80Bn Lawsuit against Binance – FG

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Tigran Gambaryan, head, Financial Crime Compliance Unit at Binance
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Federal government is still open to crypto businesses operating in the country despite the ongoing lawsuit against Binance, crypto exchange and the high-profile detention of Tigran Gambaryan, Binance executive.

Nigeria Still Open Crypto Business despite $80Bn Lawsuit against Binance – FG

 

Mohammed Idris, minister of Information, said Friday, that the lawsuit was part of the government’s effort to strengthen regulations, not to target specific companies.

“This is part of the effort to strengthen our laws, not to cripple anybody. We are ensuring that no one comes and operates without regulation,” Idris told the outlet.

Nigeria filed an $81.5 billion lawsuit against Binance in February, claiming the exchange crashed Nigeria’s local currency, the naira, and said that Binance owed $2 billion in back taxes as the Nigerian government continues to grapple with sensible crypto policy.

“We are ensuring that no one comes and operates without regulation,” Idris said, noting that other crypto companies in Nigeria continue to operate without facing legal challenges.

“There are other companies operating in the crypto sector in Nigeria, you don’t see them [facing charges],” he added.

Idris also highlighted concerns over the potential misuse of cryptocurrency for illicit activities, including terrorism financing, money laundering, and tax evasion.

He pointed out that the issue of illicit financial flows is a global concern, stressing the importance of international cooperation to ensure that transactions in the crypto space align with financial regulations.

“It is not just Nigeria. Internationally it’s also important to address illicit financial flows. You can’t have a huge amount of transactions that do not meet the operations of financial dealers,” Idris said.


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