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AfDB Appoints Dr. Eric Kehinde Ogunleye as Director of African Development Institute

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African Development Bank has appointed Dr. Eric Kehinde Ogunleye, a seasoned macroeconomist, as Director of the African Development Institute, effective June 1, 2024.

Ogunleye, a Nigerian national, has nearly 20 years of experience in macro and development economics, capacity development, public governance and regulatory reform, monitoring and evaluation, and policy advisory.

His career includes designing and leading innovative, context-specific capacity development and policy advisory initiatives at the highest levels of national governance, achieving significant global partnerships and impactful results.

He previously served as the Officer in Charge of the African Development Institute and Manager of the Institute’s Policy Management Division.

He was also previously an Advisor to the Chief Economist and Vice President of the Economic Governance and Knowledge Management Complex.

He played a crucial role in developing and implementing the Bank Group’s Capacity Development Strategy (2021-2025) and related initiatives, such as the Public Finance Management Academy for Africa and the Macroeconomic Management Academy for Africa.

Ogunleye has significantly enhanced the Institutional Capacity Building and Fiduciary Clinics, which now consistently cover 20 country portfolios annually, improving the quality of the Bank’s operations and portfolios in Regional Member Countries.

In December 2022, Ogunleye successfully launched the Public Finance Management Academy for Africa, featuring an 18-month structured training program across the entire public financial and debt management cycle. This initiative has trained over 145 public officials from 45 African countries as Public Finance Management experts.

He currently leads multiple technical assistance projects, including macroeconomic modelling and policy dialogues, to address entrenched and emerging development challenges in African countries.

He has also forged numerous partnerships at global, continental, regional, national, and sub-national levels to support these initiatives.

Before joining the Bank, he was Special Assistant to the President of Nigeria on International Trade and Finance and later as Special Advisor to the Chief Economic Advisor to the President.

He played a pivotal role in policy research, institutional capacity development, and monitoring and evaluation of socio-economic policies.

He contributed to Nigeria’s Economic Recovery and Growth Plan, which lifted the country out of recession. Additionally, he served as a long-term consultant (Country Macroeconomist) in the Nigeria Country Department of the Bank Group, coordinating macroeconomic analysis in Nigeria and supporting the Bank’s diverse development projects portfolio.

Ogunleye’s previous roles also include Research Fellow at the African Center for Economic Transformation, Doctoral Researcher at the United Nations University’s World Institute for Development Economics Research, Doctoral Research Intern at the World Trade Organization, and International Research Consultant at the United Nations Conference on Trade and Development. He has also taught and conducted research as a Lecturer at the University of Calabar, Nigeria.

He holds a PhD and MSc in Economics from the University of Ibadan, Nigeria, a BSc degree in Economics from the University of Calabar, Nigeria, a Cambridge Certificate in Advanced Program on Rethinking Development Economics in Africa, and an Executive Certificate in Public Policy from Harvard University.

Expressing his gratitude for the appointment, Dr. Ogunleye said, “I am truly humbled, honoured, and pleased by the confidence reposed in me by President Akinwumi A. Adesina for this appointment. I am deeply fascinated and appreciate his consistent penchant for excellence and recognition of talent.

“I use this opportunity to renew my commitment to the Bank, its leadership, and regional member countries in deepening my support for strengthening institutional capacities in all forms in regional member countries.”

Dr. Akinwumi A. Adesina, President of the African Development Bank Group, commented: “I am pleased to appoint Dr. Eric Kehinde Ogunleye as Director of the African Development Institute. Eric is a focused and strategic leader with first-class expertise in key areas of institutional capacity development support to regional member countries.

“I am confident that he will continue to leverage his vast experience and global partnership across all spheres of capacity development for delivery at scale for our regional member countries.”


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E-Financial

Banks Reopen Naira Card Payments for International Tuition Fees

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Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria (CBN)’s Form A portal.

Banks Reopen Naira Card Payments for International Tuition Fees

Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).

The form allows customers to purchase foreign exchange at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.

This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.

In an email to customers, Guaranty Trust Bank Limited (GTBank) and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.

“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.

To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.

GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”

Similarly, Lotus Bank stated, “Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application.”

In a similar notice,  Lotus Bank also informed customers of processing international fees using its facility.

“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.

In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.


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Safaricom, PayPal Collaborate to Link Mobile Money with Online Payments

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Safaricom, M-PESA and PayPal have announced a strategic collaboration to enable account linking and seamless fund transfers across their networks.

This collaboration aims to empower more than 35 million M-PESA customers and two million businesses and micro traders in Kenya to access PayPal’s global network.

By first linking their PayPal and M-PESA wallets, users can easily transfer funds from their PayPal accounts into their M-PESA wallets, and vice versa. This service is designed to enhance the experience for customers and businesses transacting between the two platforms.

The solution is currently available to Safaricom M-PESA customers in Kenya, with plans to roll out the service to the other M-PESA markets in the future.

“As globalization and digitization continue to reshape how people and businesses connect, our partnership with PayPal is a bold step forward in enabling seamless, worry-free, safe, secure, and inclusive digital payments.

“This collaboration empowers over thirty-five million customers and two million businesses and micro-entrepreneurs across Kenya to participate in the global digital economy by conveniently sending and receiving payments across more than 200 markets. It’s part of our commitment to unlocking opportunities and transforming lives through the power of M-PESA,” said Esther Waititu, Chief Financial Services Officer, Safaricom PLC.

“Building seamless connections between the global economy and local financial ecosystems is crucial to expanding digital financial inclusion,” said Otto Williams, Regional Head and General Manager for the Middle East and Africa, PayPal. “We are thrilled to enable millions of M-PESA’s customers across Africa connect more easily to PayPal’s international customer base.”

For 18 years, M-PESA has driven financial inclusion and bridged the digital divide. With M-PESA Kadogo, introduced in 2016, Safaricom waived fees for transactions of Kshs 100 and below, making digital payments more accessible. Now, through Ziidi MMF, customers can invest from as little as Kshs 100, promoting a culture of saving and financial wellness.

The partnership will tap into the emergence and growing popularity of the gig economy that has seen a rise among Africans accepting online jobs for clients across the world.

It equally marks a growing trend of interoperability between fintech providers with a goal of providing customers with a digital financial ecosystem that meets their needs by combining different capabilities.

PayPal is a leading global payment processor with more than 400 million active PayPal accounts operating across 200 markets, while M-PESA is Africa’s leading mobile money service connecting more than 50 million customers across Africa, 2 million businesses and micro traders, with more than $1.1 billion transacted daily.

 


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FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

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Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.

FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).

The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.

“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.

“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends

“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”

Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to  TheCable

Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.

In 2023, Nigeria was listed on the grey list by the  Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.

Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.

In November 2024, Hafsat Bakari,  chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.


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