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.
News
Okonjo-Iweala Urges Nigeria to Shift from Importing Tech to Local Manufacturing

Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, WTO, has urged Nigeria to move decisively beyond importing technology to manufacturing it locally, warning that sustained dependence on foreign technology weakens the country’s industrial base and constrains job creation in the digital economy.

Speaking at Ahmadu Bello University, ABU, Zaria, Okonjo-Iweala said the current disruption of the global order, driven by technology, geopolitics and climate pressures, presents both serious risks and unprecedented opportunities for Nigeria and Africa, if they are prepared to act strategically.
“It is always a pleasure to come home to Nigeria, but it is particularly special to be here at one of the country’s most important seats of learning,” she said, stressing that universities such as ABU must remain central to Africa’s technological, industrial and economic transformation.
Tracing Nigeria’s post-independence journey, Okonjo-Iweala recalled that at independence in 1960, the country had only one degree-awarding institution, making the rapid expansion of universities a critical pillar of nation-building.
She noted that institutions such as ABU laid the foundation for Nigeria’s scientific, technological and entrepreneurial capacity.
Founded in 1962 as the University of Northern Nigeria, ABU has evolved into a multidisciplinary institution producing graduates across engineering, medicine, sciences, ICT, public administration and the humanities.
“Research conducted here has advanced the frontier of knowledge and offered practical solutions to real-world problems, from animal feed innovations during dry seasons to wind power generation in rural areas,” she said.
Turning to global trends, the WTO chief identified technology, particularly the internet and artificial intelligence, AI, as one of the most disruptive forces reshaping trade, production and employment worldwide.
“The technological shift we are experiencing has made it easier to communicate, produce and trade, but not everyone has shared equally in the gains,” she said, warning that automation and AI could deepen inequality if not properly managed.
She stressed that multilateral institutions and global trade rules must evolve to respond to emerging technologies such as AI and quantum computing.
“We need a new kind of multilateralism, one that is nimble, responsive and capable of addressing new global opportunities,” she said.
Okonjo-Iweala said Africa stands to benefit from what the WTO now describes as “re-globalisation”, the diversification of global supply chains away from over-dependence on a few countries.
She identified opportunities in labour-intensive manufacturing, critical minerals processing, renewable energy technology, pharmaceuticals, agro-processing and electric vehicle, EV, supply chains.
“Africa has the capacity to process its critical minerals all the way to EV battery manufacturing,” she said, pointing to Nigeria’s emerging lithium processing investments and vast renewable energy potential.
Reinforcing her call for local technology production, she said Nigeria must stop importing technologies it can manufacture domestically.
“Instead of importing solar panels, we should be manufacturing them here. That is how we create jobs, build resilience and grow our economy,” she said.
Okonjo-Iweala warned that Nigeria’s projected economic growth of 4.4 percent remains insufficient once population growth is factored in, calling for sustained growth of 6 to 7 per cent driven by productivity, technology and value addition.
She said achieving this would require strong digital infrastructure, skills development and innovation-friendly policies, alongside full implementation of the African Continental Free Trade Agreement, AfCFTA.
“Technology-enabled trade and deeper regional integration could increase intra-African trade by up to 45 per cent and lift millions of people out of poverty,” she said.
With Africa projected to account for about 25 per cent of the global working-age population by 2050, Okonjo-Iweala described Nigeria’s young population as one of its greatest technology assets.
“On an ageing planet, Africa’s youth represent the world’s future talent pool,” she said, urging universities, policymakers and the private sector to better align education, innovation and industrial strategy.
She, therefore, called for stronger collaboration between academia, industry and government to ensure Nigeria does not miss the opportunities created by global technological disruption.
“This country has what it takes. What we need is urgency, coordination and the courage to invest in our people and our ideas,” Okonjo-Iweala said.
News
Stanley Amandi, Nollywood Actor Arrested over Alleged Coup Plot against Tinubu

Stanley Amandi, veteran Nollywood actor and filmmaker, has been arrested by the Nigerian military over his alleged role in a foiled coup plot to overthrow President Bola Tinubu’s government, according to an exclusive report by Premium Times.

Stanley Amandi, Nollywood Actor
The filmmaker, also a former chairman of the Actors Guild of Nigeria (AGN) Enugu State chapter, was reportedly detained in September 2025 alongside several military officers accused of planning a violent overthrow, including potential assassinations of top officials, according to the newspaper’s sources.
Reports indicated that the coup plotters planned to wholesale assassination of top government officials including President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker of the House of Representatives Tajudeen Abbas, among others.
On Monday, the Defence Headquarters confirmed the plan to illegally oust the Tinubu administration, saying the indicted officers will be arraigned before military judicial panels.
In its statement, the Defence Headquarters said the investigation has been completed and forwarded to “appropriate superior authority in line with extant regulations.”
According to the military, the investigation was “comprehensive” and conducted in line with established procedures, examining “all circumstances surrounding the conduct of the affected personnel.”
The military disclosed that the findings identified “a number of the officers with allegations of plotting to overthrow the government,” describing such conduct as “inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”
Mr Amandi has featured in many Nollywood movies and is known for his work as an actor, production manager and director.
His notable works include “The Album,” where he served as director; “Tiger King,” where he also served as director and produced in 2008; “Cornerstone,” produced in 2019; and “Once Upon a Dream,” in which he appeared as an actor in 2024.
Mr Amandi’s last Instagram post was on 19 September 2025, shortly before his arrest.
News
Firms Commit to Boost African Robotics Market

AfricAI and Micropolis Robotics have signed a multi-year exclusive distribution and deployment agreement, which marks one of the continent’s most significant robotics market entries.

Micropolis AI Robotics is a United Arab Emirates-based robotics manufacturer operating in autonomous systems, while AfricAI is a company building practical, revenue-driven artificial intelligence (AI) systems for African businesses, governments, and global partners operating in emerging markets.
According to the agreement, Micropolis Robotics named AfricAI as its exclusive continental partner, prohibiting direct sales, alternative distributors, and third-party agents from operating in the territory.
The partnership establishes AfricAI as the primary execution, localisation, and go-to-market platform for intelligent robotics in Africa’s industrial, security, logistics, and infrastructure sectors.
AfricAI said this exclusive mandate positions the company as the gateway for advanced autonomous systems entering African markets, ensuring regulatory compliance, local capacity building, and sovereign control over deployment frameworks.
The partnership, according to the two parties, moves beyond software- based AI into the realm of physical AI — intelligent machines capable of operating in complex, real-world African environments.
“This is not a collaboration, it is a market-shaping mandate,” said Fareed Aljawhari, CEO of Micropolis Robotics. “AfricAI now represents the exclusive gateway through which Micropolis technologies enter Africa. Their sovereign AI vision, operational reach, and regulatory fluency make them the only partner capable of executing at a continental scale.
Furthermore, the agreement enables AfricAI to integrate Micropolis’ autonomous robotics systems with AfricAI’s sovereign AI stack, resulting in AI-powered security and surveillance platforms, robotics-enabled logistics and port operations, industrial automation, smart infrastructure, and municipal robotics tailored to African operating conditions.
Initial deployments will commence in security, smart infrastructure, and logistics, with phased expansion across multiple African states as part of AfricAI’s broader continental AI, data, and intelligent infrastructure strategy.
The agreement also includes long-term performance-linked expansion rights, automatic renewals, and a defined localisation framework to support robotics deployment, workforce training, and skills transfer across Africa.
Prince Malik Ado-Ibrahim, executive chairman of AfricAI, said: “Africa does not need imported automation — it needs sovereign, context-aware intelligent systems. This exclusive mandate allows AfricAI to industrialise robotics deployment at scale while retaining control, compliance, and value creation on the continent.”
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