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

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.”
E-Financial
Fidelity Bank Raises ₦232Bn in First Phase of Capital Raising

Fidelity Bank Plc, Leading financial institution, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).
A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification. However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.
With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% allotted.
“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank.
“We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”, commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer, Fidelity Bank Plc.
The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.
With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.
Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank with its combined offer of June 2024, became the first financial institution undertake a public offer on the Nigerian Exchange Group.
From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
E-Financial
FG Seeks Fresh $580m Loan from World Bank

Federal government of Nigeria is seeking two fresh loans totaling $580m from the World Bank in March 2025.
The loans are for: Accelerating Nutrition Results in Nigeria 2.0; and HOPE for Quality Basic Education for All, are expected to receive final approvals on March 27 and March 20, 2025, respectively.
According to the report on World Bank’s website, the funding will be used to improve nutrition and education initiatives, with two projects currently awaiting approval.
The HOPE for Quality Basic Education for All programme has a commitment of $552.18m, with $500m coming from the World Bank and an additional $54m from other sources.
The initiative is designed to tackle Nigeria’s education crisis, where over 17 million children remain out of school.
It is expected to enhance early childhood education, primary and junior secondary schooling, as well as expand access to learning resources.
The programme will be implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Education and the Universal Basic Education Commission.
The project remains in the ‘Concept Review’ phase, requiring further consultations before being finalised.
The second loan project, the Accelerating Nutrition Results in Nigeria 2.0 project, is expected to secure $80m from the World Bank to address malnutrition and food insecurity.
The $232m was approved on June 27, 2018, for the Accelerating Nutrition Results in Nigeria.
This initial loan project was faced with a number of challenges, leading to some changes, including the cancellation of some amount from the total approved loan.
However, the Federal Government is currently engaging the World Bank to get an extra loan for a second part of this project.
The approval day for the second part was moved from February 20, 2025, to March 20.
As Nigeria continues to struggle with a high rate of stunting among children, the project seeks to improve access to quality nutrition services, particularly for pregnant women, lactating mothers, adolescent girls, and children under five.
It will be implemented through primary healthcare facilities and community-based programmes.
Also, it will include interventions such as nutrition-smart agriculture to bolster household food security and dietary diversity.
Part of the funding will support project management, government coordination, and data-driven decision-making to enhance long-term sustainability.
This project is currently at the ‘Decision Meeting’ stage, indicating it is closer to final approval compared to the education initiative.
The approval of these loans is expected to enhance Nigeria’s human capital development by improving education and nutrition outcomes.
The World Bank has been a key development partner, funding various projects to address socioeconomic challenges in the country.
However, concerns persist over Nigeria’s growing debt burden, with economists questioning the government’s borrowing strategy.
The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.95bn from the World Bank in about 18 months.
Not less than 10 loan projects have been approved by the World Bank under the current administration.
According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $17.32bn, with the majority owed to the International Development Association, which accounts for $16.84bn, which represents 39.14 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.
The Federal Government had earlier spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
This was according to data from the Central Bank of Nigeria on international payment statistics.
The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.
The World Bank, in its recent International Debt Report, revealed that developing nations spent an unprecedented $1.4tn on foreign debt servicing in 2023, driven by a surge in interest rates to their highest levels in 20 years.
Interest payments alone reached $406bn, a nearly 30 per cent increase from the previous year, severely impacting spending in critical sectors such as health, education, and environmental programs.
According to the report, the most vulnerable economies, those eligible for loans from the World Bank’s International Development Association, bore the brunt of the financial strain.
E-Financial
Leadway Group Launches Campaign to Drive Financial Inclusion

Leadway Group, one of Nigeria’s non-banking financial services provider, has launched a nationwide retail campaign to drive financial inclusion and enhance awareness of its comprehensive suite of insurance solutions.
The company said the initiative underscored its commitment to delivering accessible and tailored financial products designed to meet the diverse needs of Nigerians.
It said the campaign, tagged “No Looseguard”, is a collaborative effort among Leadway Group’s five subsidiaries and business extensions which include Leadway Assurance Company (LAC), Leadway Asset Management (LAM), Leadway Pensure (LP), Leadway Capital and Trust (LCT), and Leadway Health (LH).
Together, these entities offer a holistic approach to financial security and wellbeing, ensuring that Nigerians have access to robust insurance, investment, pension, trust, and health solutions.
Leadway said the campaign aimed to educate Nigerians on the importance of proactive planning for wealth creation, risk management, retirement security, wealth protection, wealth transfer, and physical well-being. It emphasised that the tools for effective planning were available to Nigerians through the comprehensive one-stop shop offered by the Leadway Group.
Speaking on the campaign, Diana Mulili, Head of Digital Business at Leadway, highlighted the significance of intentional life decision-making and the group’s commitment to empowering individuals to make smarter choices for their financial security, fulfilled living and peace of mind, despite life’s uncertainties.
“Nigerians need to take deliberate steps to secure their financial future and overall well-being. As the campaign rightly states, ‘Life comes at you fast,’ so don’t lose guard; because if you snooze, you lose,” she stated.
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