News
4 Months after CBN’s Deadline, Banks March Lazily to IFRS
Nigeria banking industry has reported a sluggish progress in the adoption of International Financial Reporting Standards (IFRS), two years after the Central Bank of Nigeria (CBN), began moves to integrate the banking system into the global best practices in financial reporting and disclosure, Nigeria CommunicationsWeek can now report.
The CBN deadline for the adoption of IFRS was January this year and four months after, only a handful of Nigerian banks have completed or are in the process of converting to IFRS touted to have the capabilities of enhancing market discipline and reducing uncertainties which limit the risk of unwarranted contagion.
Nigerian banks and other significant public interest entities (that is, entities that are required by law to file returns to regulators) in the financial services industry are required to adopt IFRS by January 1, 2012.
Other non-listed entities and public interest entities in the financial services industry will adopt IFRS in 2013.
By that time, they are all expected to move from Statement of Accounting Standard (SAS), the accounting standard issued by the Nigerian Accounting Standards Board to IFRS
Nigeria CommunicationsWeek investigations however revealed that Access Bank, Ecobank, FirstBank, Guaranty Trust Bank, Stanbic IBTC, Standard Chartered and UBA are among the first banks to complete the transition and have as well adopted the standard for their reporting.
Others are still grappling with the challenges of complying with the new standards.
Among the major challenges banks face in adopting IFRS include understanding the value of IFRS against the current GAAP.
Banks are also finding it difficult to understand the value it will bring to their business, especially around true position of balance sheet and P&L, as well as trust from their foreign banking partners.
Prior to the adoption of IFRS, the local financial industry seemed oblivious of it and hence the huge knowledge gap around IFRS.
An IFRS expert involved in the implementation and training on IFRS who spoke to Nigeria CommunicationsWeek identified other challenges as fear of failure of the project and not getting it right, which delays its adoption.
According to the expert, this led to some banks looking for alternatives like manual conversion using excel sheet.
The expert noted some challenges around the speed at which regulations are churned out, which affects the speed at which the bank plans the projects to be compliant and make budgets.
“We have seen that while IFRS is still on going, we are hearing about Basel II about to start, seminars are being held, while this is happening, NUBAN numbering came out, suddenly, Cashless economy starts etc. The banks are constantly on the edge. So priority of projects comes into play, internal decision process delays everything,” the expert added.
Nigeria CommunicationsWeek gathered that numerous exposure drafts demonstrate that IFRS will continue to change in the near term as well as in 2012 and beyond.
Nigerian financial services entities need to think carefully about the implications of upcoming changes as well as changes likely to occur after their 2012 and 2013 changeover to IFRS.
Charley Best, vice president at IFRS Partners, said the biggest challenge for banks is the huge amount of change as regards customer master profile.
“As a background, the most important thing about IFRS is that it exposes more information and that is the challenge itself. They need to have all the details around payment history and all the records have to be up to date,” he said.
Professor Francis Ojaide, president of the Institute of Chartered Accountants of Nigeria (ICAN) said only organizations willing to embrace change, invest in capacity building both technical and human will benefit from the new financial reporting framework, which has the capacity to broaden and enhance their accessibility to global capital markets.
Benefits of adopting IFRS cannot be over emphasized as it attracts Foreign Direct Investment (FDI), reduces cost of doing business across borders by eliminating the need for supplementary information from Nigerian companies.
It gives assurance of useful and meaningful decisions on investment portfolio in Nigeria, and assures easier access to external capital for local and domestic companies.
Adoption of IFRS facilitates easy consolidation of financial information of the same company with offices in different countries, gives easier regulation of financial information of entities in Nigeria and Enhances knowledge of global financial reporting standards by tertiary institutions in Nigeria.
Entrepreneurs backed by the Tony Elumelu Foundation (TEF) have generated more than $4.2 billion in cumulative revenue since the organisation began its grant programme in 2015, according to Somachi Chris-Asoluka, chief executive officer of the foundation.
Chris-Asoluka, revealed this during a virtual media briefing, where she also stated that over $100 million has been distributed to nearly 24,000 young entrepreneurs across Africa.
She noted that the beneficiaries of the programme have gone on to create about 1.5 million jobs, both directly and indirectly, across various sectors of the continent’s economy.
The performance, she said, has strengthened the resolve of the foundation and its partners to scale up financial support for emerging businesses.
Chris-Asoluka emphasised that the foundation’s interventions are anchored on the conviction that entrepreneurship is central to reducing poverty and reshaping Africa’s economic future.
She explained that selected participants receive a $5,000 seed capital grant, in addition to structured business training and mentorship designed to help them either expand existing enterprises or establish new ones.
Highlighting operational challenges faced by entrepreneurs, she identified inadequate electricity supply as a major constraint.
According to her, many small businesses spend as much as 60 per cent of their earnings on alternative power solutions, including generators and inverters.
To mitigate this challenge, she disclosed that Tony Elumelu, TEF founder, alongside the foundation’s leadership, has been engaging governments across Africa on the urgent need to improve power infrastructure.
She further stated that investments by programme beneficiaries cut across critical sectors such as agriculture, artificial intelligence, manufacturing, and technology innovation.
Chris-Asoluka also announced that the foundation’s 2026 cohort of entrepreneurs will be formally unveiled by Elumelu in Abuja.
A new financial operations platform, Morney, has officially launched in Nigeria to help businesses face growing pressure to digitise their finance processes as the country’s shift towards electronic invoicing.
Developed by Morzoe Technologies Inc. and introduced locally through its partner, BuySimply Services Limited, the platform is designed to help organisations streamline and automate financial workflows.
Speaking at the launch, Head of Growth at BuySimply, ‘Mide Olubi, said many Nigerian organisations still depend on fragmented systems such as emails and spreadsheets to manage expenses, supplier invoices and payments.
According to him, this approach often results in inefficiencies, delayed processes, weak oversight and a higher risk of errors.
He noted that Nigeria’s increasing adoption of electronic invoicing and tax digitisation frameworks is accelerating the need for structured and transparent financial systems. Businesses, he said, must move away from manual processes and adopt platforms that provide clear visibility into financial operations.
Morney integrates payments, procurement, expenses and invoicing into a single system, enabling finance teams to automate approvals, monitor transactions in real time and maintain accurate records.
The platform also supports supplier onboarding and invoice processing, helping organisations better manage operational spending.
The company revealed that businesses across sectors such as FMCG, manufacturing, energy, banking and telecommunications are already adopting the solution to improve efficiency and strengthen financial control.
It added that the partnership with BuySimply reflects a broader trend of digital transformation, as organisations respond to evolving regulatory requirements and the demand for more efficient financial management systems.
Dr Krishnan Ranganath (Krish) to Lead UniCloud Africa in Continental Digital Infrastructure Push
UniCloud Africa Limited, the premier pan-African cloud platform dedicated to advancing the continent’s digital sovereignty, has announced the appointment of Dr. Krishnan Ranganath as its Chief Executive Officer.
Dr. Krish, a seasoned industry leader known for building and scaling digital infrastructure while maintaining rigorous operational excellence, steps into the role as UniCloud Africa accelerates its mission to redefine the continent’s digital landscape.
The appointment coincides with the groundbreaking launch and immediate availability of UniCloud Africa’s enterprise-grade Sovereign Cloud and Artificial Intelligence (AI) infrastructure across six key markets: Nigeria, Ghana, South Africa, Zambia, Senegal, and Mozambique, even as it plans to launch in Kenya, Tanzania, DRC, Uganda, Ethiopia and Côte d’Ivoire as part of further continental expansion.
Operating under the mission of “One Cloud, One Africa,” UniCloud Africa provides governments and enterprises with a world-class, fully compliant sovereign cloud alternative to high-latency offshore providers,ensuring a robust, scalable foundation tailored to Africa’s unique environmental and economic needs.
“UniCloud sits at the epicentre of Africa’s cloud evolution. We are committed to deploying 100% sovereign infrastructure across the continent. My focus is on driving high-growth partnerships and scaling the next generation of resilient, sustainable cloud infrastructure to accelerate the evolution of the African digital ecosystem,” said Dr. Krish, CEO of UniCloud Africa Limited.
He disclosed that his focus at UniCloud Africa is on driving high-growth partnerships and scaling the next generation of resilient, sustainable cloud infrastructure, and will deploy GPUs in certain economies based on market potential and need.
While admitting that the challenges from AI integration to the green energy transition are immense, Dr Krish believes that the opportunities are greater. “I am eager to collaborate with our partners and customers to redefine the digital frontier and accelerate the evolution of the African digital ecosystem,” he added.
Ladi Okuneye, Co-founder and outgoing CEO (who remains as a director on the board) remarked: “As we enter this new chapter of growth, I am confident that Dr Krish’s extensive experience in the African digital landscape will add immense value. His technical depth and regional insight make him the ideal leader to drive UniCloud Africa forward.”
Before he was appointed CEO of UniCloud Africa, Dr. Krish was, until last month, the Regional Executive – West Africa at the Africa Data Centres (ADC).
Tech Firms Sack over 45,000 so Far in 2026
CBN Wins Central Bank of the Year Title @13th Global Awards
Jury Finds Elon Musk Liable for Misleading Twitter Investors
FG Taps Quest Merchant Bank for Advisory on 90,000km Fibre Project
TEF-Backed Entrepreneurs Generate $4.2Bn, Create 1.5m Jobs across Africa
Kaspersky Discovers New Phishing Campaign Exploiting Google Tasks Notifications to Steal Corporate Credentials
esentry 2025 Report Shows Healthcare, Financial Services and Telecoms as Staging Grounds for Increased Cyberattacks in Africa
AfDB, UNDP Launch $10Bn AI Initiative for Africa
MultiChoice Suspends Yearly DStv Price Hike as Canal+ Pushes Growth
MTN Nigeria Posts Record N1.70 Trillion Pre‑Tax Profit, Declares N20 Dividend for 2025
News2 days agoAfrican Tech Start-ups to Receive $46m of Speedinvest Africa Fund
Telecom2 days agoCourt Bans Kenyan Telcos from Recycling SIM Cards
E-Financial2 days agoProvidus Bank Fully Meets CBN Capital Requirement, Sets Record Straight
Telecom2 days agoBinance Earn: Simple Way to Earn Rewards on Idle Crypto Holdings
E-Financial2 days agoUBA UK, BII Sign Letter of Intent to Slash Africa’s $80Bn Trade Finance Gap
News2 days agoUK, Nigeria Unveil Three-Year Plan to Combat Immigration Crime
General News2 days agoCourt Jails ‘Colonel’, ‘Major’ of Global Money-Laundering Ring
News2 days agoU.S. Charges Three in $2.5 Billion Plot to Smuggle Nvidia AI Chips to China