General News
CBN Should Create Incentives for People to go Cashless – Agboola
Bolade Agboola is an executive director at CashCraft Asset Management Limited. He is an Associate of the Chartered Institute of Bankers and Chartered Institute of Stockbrokers. He is a registered Issuing House Operator and has worked for about 20 years in various banks before joining CashcraftAsset Management Limited.He spoke to funmi ilesanmi on issues bothering on the capital market and other economic issues. Confidence of Nigerians in the Stock Market Confidence in the stock market has to be built over a period of time because a lot of people lost money and a lot of people came in and the economy went down. It will take quite a while for full confidence in the stock market to be restored and that confidence will be restored when we start to see the full corporate result and also when the bank that were recently merged start coming out with their results. What they took from those banks are the good while the bad is with the Amcon. The good aspect of the bank is now with them so those are the things that will drive the market and I believe that before the end of the year we will see a lot of improvement. That confidence also, has to do with the way debt issues with Amcon is resolved. Those are some of the things that will determine how early the confidence can be resolved. I think this will be a positive turn around this year in the market. The signs from the global economy especially US and China are not discouraging and we also believe that this year too, the Euro zone crisis would also be resolved. Those are the positive result we are expecting and of course what is still dampening Nigeria’s outlook is the local problem-the terrorist issue; which I also believed would be resolved before the end of the year. Role of Euro Crisis in Fall of Nigeria Capital Market Yes, the Euro crisis has a role to play in this because when you look at it from the background that 70 per cent of the stock market is owned by foreign investors so whatever happens globally will also have an impact on the market in terms of new investments coming in because what drives the market is the investments so the capacity of fresh investments coming from Europe will be limited because of the crisis. Divestment of Insurance Companies The divestment of banks from insurance companies is part of the pursuit of the CBN towards monoline specialized banking. What we are having generally is a type of management buy-out. Officially, these banks are not supposed to have shares in those companies but what they are doing is to empower their management to buy the companies. It would not really have any effects, it is just unfortunate that the line of banking we have chosen does not allow the kind of thinking that follows successful universal banks like Germany and the rest where banks can invest in industries, invest in non-core businesses like insurance. I think it is one of our reactions to the regulatory failures that led to the financial crisis but time would tell whether it is a good decision or bad decision because the school of thought in allowing banks to do all those things is that for certain times in Nigeria the banking industry was able to attract a lot of professionals and coupled with their money through these they encouraged to invest equities in companies but unfortunately, because of regulatory failures and economic crises that came up in 2008, we have now decided to adopt that train. I believe that universal banking is still being done in most part of the world and we have chosen to do specialized banking but time will tell whether we have taken a good decision. I am circumspect about it because I know Nigeria banks are operating international banking outside the shores of Nigeria. I also know that International banks have branches in Nigeria are also operating some elements of universal banking, so how we are going to resolve that in the future, I do not know; but I believe that it is one of those decisions that is neither here nor there. Directive that Registrars Stop Handling Shares of their Parent Companies I do not know how we are going to handle it. Two of the most effective registrars in this country in terms of performance and everything are owned by two of the leading banks, GT Registrars and FirstBank Registrars. In terms of any rating in the market they come first and second whether they are handling shares of their own banks or shares of other banks. It is also due to regulatory failure during the boom era that we are now saying they should not handle shares of their parent companies because for every activity of the registrar, they are supposed to have a timeline which regulators can check and there are rules and all the rest. It is like we do not even trust our capacity to run those institutions because if you say now that those registrars should be sold off which is the decision the CBN has taken, I do not know whether it will also have the capacity to mitigate the disaster we have in 2008, it is debatable. Unauthorized Sale of Shares by Stock Brokers The brokers do make mistakes. I mean you are punching your computer, these are things that would be intentional, which is conversion where the proceed is taken away but definitely these could be operational errors. It is good to be able to distinguish between these and shareholders have different types of arrangements with their brokers. Some of them pledge it as collateral and then when you want to realize it, they will run to the exchange, run to CSS and say they sold my shares illegally. I think the stock exchange is taking adequate measures to combat that and some of the things that has been used to combat that is the fact that almost all investors are on trade alert and whatever they do can easily be determined, so the investor can be aware. If he did not authorize it, he has three days to say I did not authorize it. I believe that as everybody embraces e-banking and all other e-services, all of that complaints would be resolved. Definitely, we will continue to have issues of unauthorized sales due to operational errors and due to some other factors. ICT in Stock Broking Business We cannot do our business without ICT. You will find that during the Fuel Subsidy crisis most people were able to trade from their homes, so that is how far we have gone and there is still a lot to be done in terms of payments. Today you can be in Maiduguri and instruct your broker to buy stock for you, credit your account with any bank, anywhere you are across the country and the stock will be bought and your proceeds can be credited to your account. So you do not need to physically go to your broker to transact any buy or sell transactions and that shows what ICT has done in facilitating that. I believe that as the national ICT platform improves, all these things will improve. ICT has actually helped the business tremendously. CBN’s Cashless Policy The cashless policy is a desirable policy and I will say that virtually all the banks started around 1997, 1998 with the use of Visa and Valucard and I think we have come a long way. It is a desirable policy but the only thing some of us do not agree with is the limit because if I can take $5,000 in Nigeria and then enter Britain or any country and I can carry $5,000 as my BTA, I see no reason why we should limit the maximum you can take from the bank to N150,000 which is less than $1,000. Knowing that there are still a lot of challenges outside Lagos; if I want to have a ceremony in my village and I know I can go there with the intent that I can take some money, if that is the period armed robbers visit the village like they did in Ogun state and the banks were shut down for one week, how do I go about it when I need to buy cow and other things? To me, we need to do it right to help the banking system. We need to create incentives for people to do their transactions via ATMs, PoS but allowing banks to make money out of necessity is what I do not like or creating a situation where it becomes fraudulent by issuing several N149,000 cheques and walking to the banks everyday. To me that is an area I think the CBN should look into. We do not need to put penalties on it but we can create sufficient incentives for people not to take cash. Tackling Fraud in e-Payment Services I think with the technology adopted, incidences of fraud will be limited. I believe that it is a real challenge because electronic fraud is something that should be worked on. I believe the banks have done a lot in curtailing and making the system full proof through the operation know your customer (KYC), identity cards and the rest. I believe that we will get used to it. Attaining Single Digit Inflation Rate Inflation in Nigeria and other emerging countries is determined by so many factors. It will be very difficult to bring down inflation one of the reasons being pressure on the foreign exchange and the fact that fuel prices are adjusted in arrears. One of the things the removal of subsidy would have done was to first of all create a pipe in inflation and because things are changing daily based on the movement of exchange rates based on price of crude oil in the international market, then it would have been moderated. We have had this devaluation and price of petroleum products induced exchange rates. Of course we have not seen the government doing a lot of borrowing and then a lot of money coming into the system through the way the federation account is handled. Really, it is going to bring inflationary rate to a single digit. It is desirable, we can plan but because of the structure of our economy, it will still take us a while to attain single digit inflationary rate.
General News
Fiona Ahimie Launches LEADHER Mentorship Session to Inspire the Next Generation of Female Leaders
As part of activities leading up to her investiture as the 14th President of the Chartered Institute of Stockbrokers (CIS) and the first female President in the Institute’s history, Dr. Fiona Ahmed Ahimie, Managing Director of First Securities Brokers Limited, hosted the inaugural LeadHER Mentorship Session last week.
The session, themed “Leading with Purpose, Breaking Barriers, Building Legacy,” brought together emerging female professionals and aspiring leaders from across various industries for an engaging afternoon of mentorship, learning, and empowerment.
The LeadHER Mentorship Session was designed to provide participants with practical insights into leadership, career advancement, personal development, and navigating challenges in the traditionally male-dominated sectors.
Through candid conversations and shared experiences, attendees gained valuable perspectives on building successful careers while creating lasting impact within their organizations and communities.
Speaking at the event, Dr. Ahimie noted that leadership is not merely about achieving personal success but about creating pathways for others to thrive.
“Throughout my professional journey, I have benefited from the guidance, support, and encouragement of remarkable mentors. The LeadHER Mentorship Session is an opportunity to pay that forward by equipping and inspiring the next generation of women to pursue excellence, embrace leadership opportunities, and break barriers with confidence,” she said.
The mentorship session forms part of a broader commitment to advancing female participation and leadership within Nigeria’s financial services industry and the wider corporate ecosystem. It also reflects Dr. Ahimie’s longstanding dedication to talent development, professional excellence, and inclusive leadership.
The event provided a platform for meaningful dialogue, networking, and knowledge sharing.
Dr. Ahimie’s investiture as President of the Chartered Institute of Stockbrokers marks a historic milestone for the Institute and the Nigerian capital market, underscoring the growing role of women in shaping the future of the financial services industry.
Ventures Platform and the Yemisi Shyllon Museum of Art (YSMA), Pan-Atlantic University, are pleased to announce Haneefah Adam as the winner of the inaugural Ventures Platform–YSMA Futures Art Award, a pioneering public art commission established to support artistic innovation and future-focused cultural expression in Nigeria.
L-R: Kola Aina, Founding Partner, Ventures Platform; Dotun Olowoporokun, Managing Partner, Ventures Platform; Haneefah Adam, Artist and winner of the Futures Art Award; and Jess Castellote, Director, Yemisi Shyllon Museum of Art, Pan-Atlantic University during the Presentation of the Ventures Platform-YSMA Futures Art Award at Ventures Platform’s 10th Anniversary Dinner in Lagos on June 19, 2026.
The announcement was made during the 10th Anniversary Dinner of Ventures Platform in Lagos, where Haneefah was formally recognized following a competitive national selection process that attracted submissions from artists and art collectives across Nigeria.
As the winner of the Award, Haneefah will be commissioned to create a 12-foot public sculpture titled Bloom in Unexpected Places, which will be permanently installed within the YSMA and Pan-Atlantic University environment.
Selected through a rigorous jury process involving leading artists, curators, scholars, and cultural professionals, the proposal distinguished itself through its originality, conceptual strength, artistic ambition, and thoughtful engagement with the Award’s central theme: Reimagine the future and build into form through art.
The work explores themes of growth, resilience, innovation, and possibility, inviting audiences to reflect on how creativity and human ingenuity can flourish in unexpected circumstances and environments. Through its scale and public presence, the installation is intended to spark conversations about the future while enriching the cultural landscape of the University and the wider community.
The Award represents a landmark moment in Haneefah Adam’s artistic journey. While she has earned recognition for her innovative and socially engaged practice, this commission marks her first institutional award, her first major public art commission, and the largest public artwork of her career to date.
Speaking on behalf of YSMA, Museum Director, Jess Castellote described the Award as an important investment in both artists and public culture.
“At YSMA, we believe museums have a responsibility not only to preserve cultural heritage but also to support the creation of new cultural futures. Haneefah’s proposal impressed the Jury with its clarity, imagination, and relevance to contemporary conversations about innovation and possibility.
“We are delighted to support the realization of this ambitious work and to welcome it into the Museum’s growing public art programme.
“The Ventures Platform–YSMA Futures Art Award demonstrates what is possible when cultural institutions and private-sector partners work together to invest in creativity and public engagement.”
For Ventures Platform, the Award forms part of its broader vision of supporting the systems, ideas, and people shaping Africa’s future.
According to Kola Aina, Founder and General Partner of Ventures Platform: “As we celebrate ten years of backing visionary founders across Africa, we wanted to create something that reflects our belief that innovation is not confined to technology or business alone.
“The future is also imagined through culture, creativity, and the stories we tell about ourselves. This Award represents an investment in imagination itself.
“Haneefah’s proposal captures that spirit beautifully, and we are excited to see it come to life as a public artwork that inspires curiosity, reflection, and optimism.”
The Award is one component of a broader three-year collaboration between Ventures Platform and YSMA, which also includes entrepreneurship-focused masterclasses, guest lectures, and student engagement initiatives within the Pan-Atlantic University ecosystem.
Supporting the long-term legacy of the programme is Atsur Technologies Ltd, the exclusive Provenance Infrastructure and Physical-Digital Documentation Partner for the Ventures Platform–YSMA Futures Art Award. Through this partnership, every commissioned artwork produced under the Award will be professionally digitized, authenticated, and recorded using Artsur’s provenance and collection management technology, ensuring robust documentation of the artist’s creative process, the artwork’s history, and its enduring place within Nigeria’s cultural record. This partnership reflects a shared commitment to strengthening transparency, documentation standards, and the long-term preservation of contemporary African artistic production using innovative technologies.
Commenting on her selection, Haneefah Adam expressed gratitude for the opportunity and excitement about the journey ahead.
“I am deeply honoured to be the inaugural recipient of the Ventures Platform–YSMA Futures Art Award. To have my work selected from among so many strong submissions is both humbling and encouraging. Bloom in Unexpected Places is rooted in the belief that creativity, hope, and transformation can emerge even in the most unlikely circumstances. I look forward to working with YSMA and Ventures Platform to bring this vision into the public realm and create a work that invites people to think differently about the future.”
Beyond the commissioning of a single artwork, the Ventures Platform–YSMA Futures Art Award seeks to establish a new model for collaboration between the cultural and innovation sectors. By positioning artists as active participants in conversations about technology, entrepreneurship, and societal transformation, the Award expands the ways in which the future can be imagined, questioned, and made visible.
As work begins on Bloom in Unexpected Places, the project signals a bold commitment by both Ventures Platform and YSMA to nurturing creative talent, supporting public art, and fostering interdisciplinary approaches to shaping the future.
Association of Licensed Telecommunications Operators of Nigeria (ALTON), official industry body and advocacy group for major telecommunications providers in Nigeria, has backed the Central Bank of Nigeria’s (CBN) directive requiring banks and fintechs to host payment transaction data locally.
Gbenga Adebayo, chairman, ALTON
Gbenga Adebayo, chairman, ALTON, said this in an interview with the News Agency of Nigeria (NAN) in Lagosat the weekend.
His position follows a recent CBN directive mandating that banks, fintechs, and other payment service providers store payment transaction data generated in Nigeria on local servers from January 1, 2027.
The directive forms part of measures aimed at strengthening oversight of the country’s rapidly growing digital payments ecosystem.
Adebayo said data sovereignty required countries to take responsibility for their entire data value chain.
According to him, this covers data collection, management, storage, and integrity assurance.
“We cannot continue to outsource that to other jurisdictions.
“The more we host our data locally, the better for us,” he said.
Adebayo said local hosting would enable Nigeria to manage data end-to-end and guarantee the integrity of critical information.
He noted that hosting payment data outside the country increased communication requirements, latency, and retrieval costs.
“For every transaction involving data hosted outside our shores, communication has to take place from your location to the host and back.
“It increases latency and also increases the cost of data retrieval,” he said.
The ALTON chairman described the directive as an important first step toward achieving national data sovereignty.
He also dismissed concerns about infrastructure readiness, saying Nigeria already had significant data center capacity.
According to him, several Nigerian-owned facilities currently host data for organisations operating from other jurisdictions.
“I’m happy to say that we have a lot of data centres owned and managed by Nigerians that are hosting data from other jurisdictions.
“If people overseas can host their data here, why can’t we host our own data here?” he queried.
Adebayo argued that local hosting would reduce dependence on foreign infrastructure while improving national control over data security.
He said concerns about security and reliability should not justify continued reliance on foreign hosting providers.
“No one can protect your house better than yourself.
“You have more at stake in terms of security and safety than somebody else hosting your data,” he said.
The telecom industry leader also highlighted the cost implications of local hosting.
He said organisations that host data locally would pay in local currency rather than foreign currency.
According to him, this would help reduce exposure to exchange rate pressures and lower long-term operating costs.
Adebayo said Nigeria currently had about six Tier III data centres, with additional facilities under development.
He, however, stressed that capacity was more important than the number of facilities.
“It’s not just about the numbers; it’s about the capacity of what they can host.
“So far, we can,” he said.
He urged stakeholders to accelerate efforts toward domestic data hosting and management.
“The earlier we begin to domesticate our data hosting and data management, the better for us,” Adebayo added.
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