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NESG Strengthens Leadership with Appointments of Adeniyi, Darwish, and Alebiosu

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The Nigerian Economic Summit Group (NESG) has announced the appointment of three leaders, Mr Wole Adeniyi, Mr Mohamad Darwish, and Mr Olusegun Alebiosu, to its board of directors.

These appointments reflect the NESG’s steadfast dedication to promoting visionary leadership and strengthening partnerships with key business leaders and private sector stakeholders.

The addition of these accomplished professionals is expected to drive strategic initiatives aimed at transforming and advancing Nigeria’s economic landscape.

Wole Adeniyi is the Chief Executive Officer of Stanbic IBTC Bank Ltd and is responsible for driving the institution’s strategy across her Technology, Digital Transformation, Corporate & Investment Banking arm, and Retail banking arm. Before assuming this role, he was the Deputy Chief Executive Officer of the Bank.

Until July 2020, He was Executive Director of personal and business banking retail and commercial banking business of Stanbic IBTC Holdings PLC that covers personal banking, including private banking, business (sole proprietor to SME) and commercial segments.

Until November 2018, Wole was Executive Director, Operations responsible for Operations, Group Real Estate Service and Procurement and Business Transformation Program for the Bank.

Before this appointment, he served as Executive Director of Business Support until November 2011. Wole has a wealth of banking experience spanning almost three decades in technology & digital transformation, domestic and international banking operations, program management, and retail banking.

He is credited with formulating and deploying strategies to help turn around Stanbic Bank Nigeria’s Operations and Technology. Wole sits on the Nigeria-Interbank Settlement System PLC (NIBBS) board.

He holds a first-class degree in Business Administration from the University of Benin and an MBA in Business Administration from the University of Manchester. He is a Fellow of the Institute of Chartered Accountants of Nigeria, an Associate of the Chartered Institute of Taxation and a Certified Information Systems Auditor.

Mohamad Darwish has over 20 years of experience working in the telecommunications sector and is IHS Nigeria’s Chief Executive Officer, overseeing IHS Tower’s largest market. Mohamad Darwish has worked in various finance and technical functions and served as the Business Development Director and Deputy CEO before becoming the CEO of IHS Nigeria.

Mohamad is responsible for leading the team committed to growing IHS Nigeria’s operations and further strengthening its position as the leading tower company in Nigeria. He oversees the development of the IHS Nigeria strategic plan and the rollout of new sales strategies and manages key relationships with clients, regulators, ministries and NGOs.

As a member of the IHS Finance and Banking, Risk Management, Ethics, and Compliance committees, Mohamad also focuses on defining IHS Towers’ strategic plans on a group level while ensuring full compliance with international standards and best practices.

Mohamad is deeply committed to initiatives and programs that position African countries globally, inspire long-term economic growth, and promote sustainable business behaviour.

Mohamad holds a Master of Engineering in Applied Operation Research from Cornell University, a Master of Business Administration with Honours from Rollins College, and a Bachelor of Electrical Engineering from the American University of Beirut.

Olusegun Alebiosu was appointed the Managing Director/Chief Executive Officer of FirstBank of Nigeria Limited in June 2024. In addition to this role, he serves as a Non-Executive Director of FirstBank UK, further solidifying his leadership presence across the group’s international operations. With over 28 years of experience in the Banking and Financial Services industry, Olusegun has demonstrated exceptional expertise and leadership in various roles.

Between 2016 and 2024, he served as Executive Director, Chief Risk Officer, and Executive Compliance Officer at FirstBank. His professional experience spans various disciplines, including credit risk management, financial planning and control, trade, corporate and commercial banking, agriculture financing, oil and gas, transportation (aviation and shipping), and project financing.

An accomplished academic, Olusegun is an alumnus of Harvard Business School, where he completed the Advanced Management Program and the Harvard Kennedy School of Government. He holds a bachelor’s degree in industrial relations and Personnel Management and a master’s in international law and diplomacy from the University of Lagos.

Additionally, he earned a master’s degree in development studies from the London School of Economics and Political Science. Beyond the boardroom, Olusegun is an avid golfer and adventurer. He is happily married and a proud father, balancing his professional achievements with a fulfilling personal life.


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E-Financial

E-Payment Transactions Down 3.14% to 119.84trn in January – FDC

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Transactions through electronic payment (e-payment) channels in the country declined by 3.14 per cent to N119.84 trillion in January 2025 from the N123.72 trillion recorded in the previous month, a report by Financial Derivatives Company Limited (FDC) has shown.

Although the firm, which cites e-payment transactions data obtained from the Nigeria Interbank Settlement System (NIBSS), did not proffer reasons for the decline, it projected that the value of transactions through e-payment channels will likely rise to N125.73 trillion and N126.43 trillion in February and March this year respectively, driven by factors such as improved services from payment system operators, delayed implementation of the cybersecurity tax and more people jettisoning cash for electronic transfers.

As the firm put it, “in Q1’2025 e-payment transactions will be buoyed by: payment system efficiencies; delay of the cyber tax; less cash and more transfers.”

In an earlier report, FDC had noted that the total value of epayment transactions “has been increasing steadily since July 2023.”

Indeed, data recently released by the NIBSS indicates that the value of electronic payment transactions in the country hit a record N1.07 quadrillion in 2024 compared with N6003.36 trillion in the previous year.

Analysts note that there has been increased adoption of epayment in the country in recent years, occasioned by factors such as the Central Bank of Nigeria’s (CBN) initiatives to promote the cashless policy, the impact of the 2020 Covid-19 crisis and the naira redesign programme introduced by the apex bank in late 2022.

In its report titled, “Instant Payments – 2020 Annual Statistics”, the NIBSS, for instance, stated: “The Covid-19 pandemic changed the e-payments landscape, accelerating the adoption of instant payments as more people transitioned to electronic channels for funds exchange in the wake of government-imposed lockdowns.”

New Telegraph reports that implementation challenges with the CBN’s naira redesign policy led to an acute shortage of cash, which crippled economic activities across the country in the first quarter of 2023, thereby forcing bank customers, who were unable to access cash at the time, to adopt e-payment channels.

In fact, there are indications that lingering cash scarcity in the banking system was responsible for the reported surge in the value of Point of Sale (PoS) transactions last year as more people became banking agents or PoS merchants to meet increased demand for cash from bank customers who were frustrated by their inability to withdraw cash from ATMs or banking halls.

According to latest NIBSS data, the value of PoS transactions rose by 69 per cent to N18 trillion in 2024, from N10.74 trillion in 2023.

As part of its efforts to tackle the lingering cash scarcity, the CBN has in recent times rolled out strict measures aimed at ensuring that Deposit Money Banks and PoS agents comply with its cash deployment regulations.

Last month, the apex bank fined nine Deposit Money Banks N150 million each for failing to ensure cash availability via Automated Teller Machines (ATMs) during the 2024 festive season.

Also, the CBN, on December 17, issued a circular on “cashout limits for agent banking transactions,” which saw it restricting PoS agents to a daily transaction limit of N1.2 million and also introducing a daily transaction limit of N100,000 per customer for cashout transactions conducted by the agents.


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FG Takes Full Ownership of Keystone Bank

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Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.

FG Takes Full Ownership of Keystone Bank

It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.

“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”

Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6

Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.

“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”

 

 

 


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CBN Rolls out New ATM Transaction Fees Effective March 1

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The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025.

A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and enhance the efficiency of banking services.

This review marks the first change in ATM transaction fees since 2019 when the CBN reduced the withdrawal fee from N65 to N35.

According to the CBN, the updated fees are in line with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).’

The statement reads, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN added.

Under the new rules, customers withdrawing from their own bank’s ATMs (on-us transactions) will still enjoy free withdrawals. However, withdrawals from on-site ATMs (ATMs located at bank branches) will incur an N100 fee per N20,000 withdrawn.

For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will apply.

The CBN emphasized that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”

For international withdrawals using debit or credit cards, banks, and financial institutions are now allowed to charge a “cost-recovery charge equivalent to the exact amount charged by the international acquirer.”

Additionally, the CBN stated that the three free monthly withdrawals for Remote-On-Us (other bank’s customers/Not-On-Us consumers) will no longer apply under Section 10.6.2 of the Guide.

The apex bank has urged all financial institutions to ensure compliance with the new guidelines before the March 1, 2025, implementation date.

 


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