General News
CBN Pumps N130 Billion into Real Sector
The Central Bank of Nigeria (CBN) has released over N130 billion to small and medium scale enterprises (SMEs) through the Bank of Industry (BOI).
The fund will be accessed through authorized institutions.
The succor came to the real sector as the leader of the International Finance Corporation (IFC) delegation, Mr. Jyrki Koskelo, expressed satisfaction over the manner which the financial crisis in the banking industry was being addressed by the apex bank.
The delegation was in Nigeria to offer support to the quick resolution of the banking sector crisis. The amount form part of the N500 billion infrastructure fund meant to assist the real sector.
Speaking at a press briefing shortly after receiving the delegation in Abuja, CBN Governor, Mallam Sanusi Lamido Sanusi, said over N200 billion would be disbursed to the SMEs before the end of the year.
The delegation stated that the IFC was keen in supporting the banks to enable them extend credit to critical sectors of the economy like power and agriculture as well the strengthening the nation’s stock market. IFC, an arm of the World Bank recently announced the injecting about $300 million into Nigerian banks to support attempts to revamp the banking sector.
The amount is for the first phase of the support planned by the institution. Koskelo, IFC Vice-president for Global Industries said the support is to major financial institutions in Nigeria and is part of IFC’s broader strategy to the strengthening of Nigerian banks in the aftermath of the global financial crisis.
He said the IFC is hatching strategies which will encourage Nigerian banks to invest in small and medium scale enterprises (SMEs).
According to him, in every country require the assistance of institutions like the IFC, adding the Corporation would continue to work with the CBN and banks to ensure that the sector maintains a balance on the long run.
“Our role is to be supportive of what the CBN is doing; we are going to engage in other transactions in the Nigerian economy to especially strengthen the banks and have a strong economy in Nigeria. One important thing is to fix the banks and the CBN is doing that very well, I must admit, we will encourage the banks to invest more in SMEs, power, health, agribusiness and infrastructure.
“We are sponsoring risk management, good corporate governance and we will have to encourage the private sector to invest in power because the CBN or government alone cannot do it, there must be a policy in place for that as well. There is need to grow the capital market so as to boost growth, we would support CBN’s clean up exercise in terms of the reforms and this is a road with several steps,” he said.
Banks that will benefit from the intervention by IFC includes United Bank for Africa, First Bank of Nigeria Plc, Guaranty Trust Bank Plc, Ecobank Nigeria Plc, Access Bank Plc, First City Monument Bank Plc, Diamond Bank Plc, Zenith Bank Plc and Stanbic IBTC bank Plc.
The banks were selected based on their best governance practices attested internationally; their long term partnership with the IFC; the strength of the banks, said the institution
General News
NIHSA Warns States of Possible Flood within Seven Days

Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.

According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.
“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.
“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.
“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.
“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.
NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.
“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.
General News
First Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy

First Trustees Limited, a subsidiary of FirstHoldCo Plc., and a leading provider of fiduciary and trusteeship services in Nigeria, is encouraging individuals, professionals, entrepreneurs, and investors to view Estate Planning not as an end-of-life exercise, but as a strategic investment tool for protecting, preserving, and transferring wealth across generations.

As more Nigerians focus on wealth creation through businesses, real estate investments, and other income-generating assets, experts are emphasizing that building wealth is only one part of the equation.
Equally important is creating structures that ensure those assets remain protected, properly managed, and seamlessly transferred to succeeding generations in accordance with the asset owner’s wishes. Importantly, Estate Planning is not solely for the wealthy, it is a prudent step for anyone with assets, dependants, or a business to protect, regardless of age, profession, or net worth.
Speaking on the importance of Estate Planning, Ereifemi Akeredolu, Managing Director/CEO, First Trustees Limited, noted that Estate Planning should be considered a core pillar of every long-term financial strategy.
“Many people focus on creating wealth but give litle thought to preserving it. Estate Planning is a wealth protection strategy that helps individuals safeguard their assets, secure their family’s future, and ensure that the value they build today continues to benefit future generations.”
Using tools such as Trusts, Wills, and advanced succession plans, individuals can build structures that support wealth preservation, business continuity, asset protection, and intergenerational wealth transfer.
For entrepreneurs and business owners, Estate Planning serves as a powerful tool for ensuring business sustainability, helping organizations remain stable and operational regardless of unforeseen circumstances.
First Trustees continues to emphasize and educate on the importance of Estate Planning as a comprehensive strategy for proactive planning. It remains one of the most important financial decisions an individual can make: it provides clarity, minimizes uncertainty, and protects assets from unnecessary erosion and disputes. It also creates financial security for loved ones, supports business succession and continuity, and facilitates long-term investment and legacy planning.
General News
Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory

Nearpays, Nigerian fintech, has won the AI for Good Innovation Factory grand finale — the first African startup ever to take the global title in the competition, which runs as part of the United Nations’ AI for Good Global Summit.

The competition drew more than 500 startups worldwide, each pitching AI solutions aimed at social and economic challenges.
The summit itself is organised by the UN through the International Telecommunication Union (ITU) in partnership with several UN agencies, convening governments, researchers, startups, and technology companies around AI’s role in development.
Nearpays’ route to the title ran through Johannesburg, where it won the African regional competition, before advancing to the global finals in Geneva.
There, the company progressed through the semi-finals and claimed the grand finale — a first for the continent.
The company describes the win as bigger than a corporate milestone, calling it a victory for African innovation and proof that technology built to solve local problems can compete, and win, on the world stage.
Nearpays was founded to close a stubborn gap in African payments: small and medium-sized businesses that can’t afford or access traditional point-of-sale terminals.
Cost, availability, and deployment hurdles have kept many merchants — particularly in rural and underserved communities — locked out of digital payments.
Its answer is SoftPOS: an AI-powered platform that turns compatible Android smartphones into payment acceptance devices, letting merchants take contactless card payments with nothing more than their phones. AI is embedded across the platform, supporting payment processing, compliance, fraud detection, and business operations.
Crucially, the platform was built for African infrastructure realities — it works both online and offline, so merchants can keep accepting payments even without internet connectivity.
The company credited its team’s years of product development and customer engagement for the result, and thanked the UN, the ITU, and the AI for Good initiative for building a platform where innovators can apply AI to real-world problems.
It also said it hopes the win encourages more African founders to build technology that answers local needs while competing internationally.
For Nearpays, the title closes one chapter and opens another, as the company pushes on with expanding digital financial infrastructure across Afric
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