E-Financial
Again, Sterling Bank wins Overall Best Workplace Award
Sterling Bank Limited, Nigeria’s leading financial institution, has again emerged as the 2022 Overall Best Workplace in Nigeria in the large corporate category awards organised by the Great Place to Work (GPTW).
Since 2020, the Bank has continued to win the overall best workplace award of the GPTW.
According to the organisers of the award, the bank emerged first Best Place to Work in the large corporate category, Best in Promoting People Leadership Practices in the large category and the Best in Promoting Corporate Social Responsibility Initiatives in the large category.
In a keynote address, Chairman of Sterling Bank, Mr. Asue Ighodalo said, “Now, more than ever in the life of our country, we must create an environment that enables an inclusive and consistent growth rate of over seven percent year-on-year to emerge from our present economic and social predicament.”
Describing himself as an apostle of and a firm believer in private sector-led growth, Mr. Ighodalo noted that creative, disciplined, innovative, and efficient organisations, manned by visionary, selfless, hardworking, satisfied and passionate people will catalyse the growth of the national economy.
“Rising at dawn and working till dusk each day, are the men and women who drive these organisations,” he said, adding that “for the organisations to thrive and sustain themselves, these men and women must be happy at work, passionate about their work, well trained, healthy, mentally balanced, fairly treated, motivated, appreciated, comparatively well rewarded and respected.”
He said employers have a duty to ensure that employees work in an environment and with people who enable outstanding performance. According to him, the world changed significantly in the last five years and the change has greatly affected employees’ attitude to work, their ways of working, the reasons they work, their organisational loyalty and where they work from.
He remarked that in order to retain the quality of talent they need to survive, grow, thrive and sustain themselves, organisations must adapt to the constant changes, volatility and unpredictability in the world because “we are at the edge of a new world economic order with indications that China will soon overtake the United States as the world’s biggest economy and the dollar’s importance in international trade, settlements and store of value will diminish.”
He said the global economy continues to face unprecedented challenges, noting that the greatest impact on how people work and their commitment to work has been the 2019 Covid pandemic with its lingering effects. He added that the war in Ukraine continues to further destabilise the global order, negatively affecting the cost of food and energy, disrupting supply chains and logistics certainty, and pushing many people into unemployment all over the world.
“Our enabling environment must improve and our organizations, which are the growth drivers, must become attractive work havens. So, with all of these challenging changes, volatility and unpredictability how do we create and sustain attractive and productive work havens?”
“Regardless the positive and efficiency enhancing impact of technology, science, robotics and digitalisation, I remain absolutely clear that each organisation is only as good as the people that work in there, driving and controlling its systems and technologies.
“People are the heartbeat of any organisation, driving it forward with their individual and collective efforts. They are not just assets; they are the essence of the company, making it vibrant and alive.
“Strategies, milestones, and overall financial performance may grab the headlines, but these only come together by the channelled efforts of the dedicated hands and minds of the people who call the company home—individuals who are comfortable enough to live their best livesand do their best work within their respective organisations,” Ighodalo said.
He enjoined organisations to commit to the wellness and stability of their employees, by offering a wide range of wellness programmes and initiatives, including mandatory annual physical check-ups, holistic maternity and paternity initiatives, employee assistance programmes to provide access to mental health support, and extensions to employees’ health plans that provide cover for older dependents.
He said companies should also take steps to promote work-life balance, and may, subject to the nature of the tasks, offer unconventional flexible work arrangements and paid health breaks among others.
Central Bank of Nigeria (CBN) has reminded banks, payment service banks, and fintech companies of their obligations to comply with applicable sanctions regimes.
These sanctions include the United Nations Consolidated Sanctions List, the Nigerian Sanctions List in line with the Terrorism (Prevention and Prohibition) Act 2022, and guidelines on targeted financial sanctions related to terrorism and its financing.
This was contained in a letter dated April 17, 2025 and signed by Amonia Opusunju for the director of the Compliance Department.
The CBN directed all financial institutions to ensure strict adherence to sanctions lists maintained at both international and national levels.
According to the apex bank, financial institutions are expected to regularly update their systems to identify designated persons or entities and prevent the misuse of financial platforms to facilitate illegal transactions.
The letter read: “Financial Institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to Identify and respond promptly to updates or changes across all applicable sanctions lists; Prevent the use of their systems and platforms for transactions involving designated individuals or entities; Conduct real-time screening of customers, transactions, and beneficial owners; and File appropriate reports with the Nigerian Financial Intelligence Unit (NFIU) and notify the CBN, where necessary.”
The CBN’s directive also covers real-time screening of customers, transactions, and beneficial owners.
Institutions are to report suspicious activities to the Nigerian Financial Intelligence Unit (NFIU) and notify the apex bank where necessary, the apex bank warned.
According to the bank, non-compliance with the regulations could attract sanctions in form of enforcement actions or regulatory penalties.
It added that sanctions compliance frameworks must be periodically reviewed and aligned with prevailing laws and regulatory expectations.
The CBN advised all financial institutions to take note of the guidance and act accordingly.
“This letter serves as a regulatory reminder and all Financial Institutions are expected to ensure continued compliance with applicable laws and CBN directives,” the apex bank stated.
Securities and Exchange Commission (SEC) says preliminary investigations revealed that Crypto Bridge Exchange, aka CBEX, engaged in promotional activities to create a ‘false perception of legitimacy’ to entice ‘unsuspecting’ Nigerians.
About N1.3trillion was reportedly wiped out from the investors’ account after the platform, which boasted of giving investors 100 per cent Return On Investment in 30 days crashed on Monday.
The SEC stated that CBEX was not granted registration by the commission at any time to operate as a Digital Assets Exchange.
In a circular dated April 17, 2025, the commission stated that its attention was drawn to recent media reports/publications on the activities of CBEX (Crypto Bridge Exchange).
According to the SEC, “The commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market.”
The agency said, “Preliminary investigations carried out by the commission have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.”
The SEC emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against the CBEX, its affiliates and promoters.
“The commission uses this medium to remind the public to REFRAIN from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models.”
Dr. Emomotimi Agama, director general, SEC, had recently said the commission is launching a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as ponzi schemes.
Agama said with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the Commission now has enhanced powers to prosecute Ponzi schemes and their promoters.
He said investigations were ongoing on CBEX, adding that promoters of the failed scheme will not go scot-free.
Agama said the new law has given the commission more powers and blocked loopholes in emerging areas of virtual and digital assets.
Union Bank of Nigeria, under its Made In Naija initiative, emphasised its commitment to supporting homegrown businesses by recently sponsoring the RISE Business Challenge at the University of Lagos, Akoka, during the 6th Annual Youth Leadership Conference.
Dubbed Turning Point 6.0, the Resilience, Innovation, Social Responsibility, and Entrepreneurship (RISE) Challenge is a collaboration between Union Bank and the conference convener, Mr Olusegun Odufuwa, to empower youth-led businesses with financial and mentorship support through a pitch competition.
Targeted at uplifting young men and women with requisite entrepreneurial skills, the event aligns with one of the Bank’s primary objectives of encouraging Made In Naija and the next generation of Nigerian innovators and business leaders, culminating in positive social impact and sustainable economic growth.
The competition also aims to identify and reward outstanding business ideas demonstrating viability, sustainability, and social impact.
This year’s RISE Challenge winners were chosen after a rigorous selection process involving participants sending their proposals for a team of judges and business experts to assess.
The final four selected competitors then pitched their ideas individually to a panel of judges, who chose the winners based on innovation, social impact, sustainability, and financial viability.
The first, second and third places received cash prizes of N1,000,000, N750,000, and N250,000, respectively.
During the event, Ayokunumi Abraham, Head SME of Union Bank of Nigeria, said, “Union Bank is passionate about supporting Made In Naija and youth-led businesses to scale for sustainable growth.
“We believe this will not only boost and nurture upcoming enterprises but also create a positive ripple effect that will drive employment, innovation, economic opportunity, and access that will empower small and medium businesses across the length and breadth of the country.”
The RISE conference is a premier annual gathering designed to equip young leaders and entrepreneurs with the resilience, innovation, and social responsibility required to thrive in today’s fast-paced world.
This year’s edition attracted diverse attendees, including young professionals, entrepreneurs, business executives, policymakers, and thought leaders.
Union Bank will continue to promote Made In Naija and young innovators to drive economic growth and strengthen its position as a leading bank for entrepreneurs.
Eedris Abdulkareem Teases New Protest Anthem following NBC Ban
Google Blocks 5.1Bn Harmful Ads in 2024, Suspends 39m Accounts
CBN Warns Banks, Fintechs on Compliance with Sanctions
How CBEX Operators ‘Enticed’ Victims –SEC
Airtel Smartcash Set to Power Stress-Free Easter with Seamless Cashflow
We’re Confident in the Super Eagles – Karl Toriola
FG to Harmonise Fiscal Data Across MDAs
SEC Declares War on Capital Market Fraudsters
EFCC Arrests 133 @ Ponzi Scheme Training Academy
FG, UK FCDO, and Ghana Partner to Launch Sankore
Telecom3 days agoBanks, Telcos Mull New Billing Plans for USSD Airtime Payments
E-Business3 days agoNIPOST in Intensive Care, Needs Reforms Need to – Kekemeke
E-Financial3 days agoLeadway Partners Firm to Launch Retail Insurance Product for Women
General News3 days agoFG Launches Survey to Encourage Nigerian Digital Firms Spread Across Africa
News3 days agoDG NITDA Urges Foreign Investors to Tap into Nigeria’s Digital Future
Broadcasting23 hours agoMultiChoice Brings Easter Home with Dedicated Pop-Up Channel
Telecom23 hours agoSalesforce Revolutionizes Business Intelligence with AI-Powered Tableau Next
News23 hours agoAirtel Smartcash Set to Power Stress-Free Easter with Seamless Cashflow