Bank of Industry (BOI) has received approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window.

Theodora Amechi, bank’s divisional head, Public Relations, said the regulatory nod allows BOI to launch non-interest banking operations, targeting underserved business segments with tailored financial solutions to support Nigeria’s industrial development.

BOI stated that NIB operations will promote inclusive growth, attract ethical funding, bolster the real economy, and finance customer assets and raw materials using approved non-interest products.

“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.

“The Non-interest Banking operations will enable BOI to drive inclusive growth, mobilise new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.

According to the bank, under this framework, BOI will be able to finance customers’ assets and raw materials using approved Non-Interest Banking products.

Announcing this milestone, Dr Olasupo Olusi, MD/CEO, Bank of Industry,  said, “This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this licence, we can reach a new category of borrowers who, before now, could not be served.”

He said the approval underscores the CBN’s confidence in the Bank’s commitment to responsible financing, adding that it will allow the bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth.

“BOI’s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing.

This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit.

It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.

Bank of Industry (BOI) is Nigeria’s foremost Development Finance Institution, committed to driving industrial growth and inclusive economic development,” Olusi said.

Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted as Nigerian Industrial Development Bank (NIDB) under World Bank guidance in 1964.

The Bank assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).

The Bank’s primary mandate is to provide financial assistance for the establishment and expansion of large, medium, small-scale, and micro projects.

Zenith Bank Plc has cautioned the public against fraudulent videos circulating online falsely claiming that Group Chairman Dr. Jim Ovia endorses an investment scheme called “Wealth Bridge.”

Jim Ovia

In a disclaimer issued Tuesday by its management, the bank described the videos—circulated via the “Greece Island” Facebook handle—as entirely fake, doctored content bearing no connection to Dr. Ovia, the bank, or its affiliates.

The materials falsely promise up to N2 million in weekly returns for a N380,000 investment, while baselessly alleging Central Bank of Nigeria (CBN) endorsement and redirecting viewers to a sham “Arise News” webpage with a signup portal.

“Our attention has been drawn to a doctored video and still pictures currently circulating on social media, purporting to depict the Group Chairman of Zenith Bank Plc (‘the Bank’) as endorsing an investment scheme called ‘Wealth Bridge’ on the ‘Greece Island’ Facebook handle and soliciting members of the public to engage in a business relationship with the so-called entity,” the statement read.

“This claim is entirely false and has no connection whatsoever to the Group Chairman, the Bank or any of its affiliate companies.”

Zenith Bank stressed that Dr. Ovia and the institution have no knowledge of or partnership with “Wealth Bridge,” “delicious sitee,” “AfriQuantumX,” “Stock market analyst 1,” or related entities. The public was warned that dealing with these schemes carries full personal risk.

Ravenewsonline urges vigilance against rising impersonation scams targeting financial institutions.

Economic and Financial Crimes Commission (EFCC) has secured the conviction of Janet Theophilus Danjuma, a bank employee, for defrauding an investor of N22,350,000 through a bogus investment scheme in Kano.

Danjuma was convicted on Monday,  by Justice S. M. Shuaibu of the Federal High Court, Kano Division, and sentenced to five years’ imprisonment without the option of a fine.

The defendant, a staff member of Taj Bank Limited, Nai’bawa Branch, was arraigned on a one-count charge bordering on obtaining money by false pretence.

According to the charge, Danjuma, sometime in October 2024 in Kano, dishonestly obtained N22,350,000 from one Wade Bamaiyi under the guise of investing the funds in Taj Bank’s CASA (Current Account Savings Account) programme.

The charge stated: “Janet Theophilus Danjuma, being a staff of Taj Bank Limited, Nai’bawa Branch Kano, sometime in October 2024 in Kano, within the jurisdiction of this Honourable Court, with intent to defraud, did obtain the sum of N22,350,000 from Wade Bamaiyi under the pretext that the money would be invested in CASA Programme of Taj Bank Limited, which pretext you knew to be false and thereby committed an offence contrary to Section 1(1)(b) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.”

She pleaded guilty when the charge was read to her.

Sadiq Huseini, prosecuting counsel, while reviewing the facts of the case, told the court that the defendant exploited the name of a legitimate banking product to gain the confidence of her victim.

“The defendant used her position as a bank staff and the credibility of an existing financial product to deceive the complainant into parting with N22,350,000,” Huseini said. “Investigation traced the entire sum to her personal account.”

He urged the court to convict and sentence her in accordance with the law, arguing that the offence undermined public trust in the financial system.

In his ruling, Justice Shuaibu convicted Danjuma based on her guilty plea and sentenced her to five years’ imprisonment without an option of fine.

The EFCC said the conviction followed investigations which revealed that the so-called investment scheme was non-existent and that the funds were diverted for personal use.