E-Financial

Elumelu Advocates Collaborations to Boost Africa’s Fortunes

Published

6 years ago

August 3, 2020

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^{Tony O. Elumelu, group chairman, United Bank for Africa (UBA) Plc, has said that the Corona virus pandemic has presented a perfect opportunity for foreign investors to invest in Africa, owing to the huge opportunities that are inherent in the African economy.}

Elumelu Advocates Collaborations to Boost Africa's Fortunes

^{“This is the time to invest. Africa is a land of opportunities; There is huge population and there is now the realisation by African leaders who are creating an enabling environment to encourage these investments,” Elumelu said on Thursday, while speaking at a virtual session organised by the TIME100TALKS on the theme, ‘Empowering Entrepreneurs’.}

^{Bill Gates, Founder of Bill and Melinda Gates Foundation and United States Senator, Tammy Duckworth were other thought leaders who also spoke in sessions at the event.}

^{While pointing out that the African continent is well positioned to emerge into a strong digital economy, Elumelu said, there is now more macro-economic stability than ever before, especially given that the young African is energetic, restless and has the ambition to succeed, in the face of difficult circumstances.}

^{“Challenges exist in Africa, but we have huge returns on investments. There is huge population and there is realisation by African leaders who are now creating an enabling environment to encourage investments into Africa. There is no better time to make the multi-million dollar bet I made in Africa, than the times we live in now,” he said in a chat with Kimberly Dozier, a Time Correspondent who moderated the session.}

^{Speaking on the effect that the pandemic has had on the operations of UBA in the last few months, Elumelu noted that there has been a rapid increase in technological embrace and called for the strengthening of infrastructure, networks and digital platforms to support the growth.}

^{“In banking business this whole digital transformation is heightened further by COVID-19, right now, you have less than 15% of our over 20million bank customers that are transacting in the bank. Most of them now transact online, which is 85% of over 20million customers. That is significant. Before COVID, it was about 65%. UBA is seeing an explosion in its digital platforms. Thankfully, the bank invested significantly in technology, and now, they are investing even more so that they can serve their customers better. So, the digital connectivity technical infrastructure should be strengthened in such a way as to aid this explosion we are seeing,” Elumelu said.}

^{He also spoke on how the Tony Elumelu Foundation, which he founded, has been supporting the growth of its entrepreneurs especially in the tough business climate presented by the ravaging coronavirus pandemic.}

^{“Through the TEF virtual platform called the TEFConnect, we are able to engage our entrepreneurs on a day-to-day basis; get resource speakers from all over the world and ourselves, to talk to them and to train them and let them know how to manage difficult moments like this. And I can say that at-least 72% of our 9,500 beneficiaries are hanging in there, expanding their businesses. You know most SMEs typically die after their first year, but we are seeing a different trend, where beneficiaries of our programme in different countries are contributing towards fighting the virus in their different countries. We are seeing the creation of jobs, the one million jobs we set out to achieve,” he noted.}

^{The TEFConnect Community is a meeting ground where entrepreneurship ecosystem players share information and ask questions on their business activity. Currently one million entrepreneurs are on TEFConnect}

^{Elumelu seized the opportunity to call on all bodies and key sectors such as the private sector, public sector, development agencies like the African Development Bank and other institutions to work together to make a difference, adding that “What the world needs today and Africans, in particular, is hope and that to me is what will make the difference but that hope has to be backed by tangibility, some substance so that we can make it work.”}

^{In his submission, Bill Gates sought for collaboration between the private and public sector to end the pandemic, adding “Every country has to think through the right policies to stop the spread, there is need to speed up the process of getting new drugs and vaccines, we need a global response.”}

^{Senator Duckworth who also emphasised the need for funding for teaching and appreciation for teachers, advocated for more teamwork at all levels to fight the pandemic, said, “What the country needs is a team that will step forward to deal with the crisis. It is very significant for me to be on a national stage for other Asian Americans, because we often are the forgotten minority in this country.”}

^{TIME100 Talks, an initiative of TIME magazine, is a new live event series that convenes leaders from every field to spotlight solutions to urgent global problems and encourage cross-disciplinary action.}

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E-Financial

NAICOM Signs MoU with BPP to Deepen Insurance Compliance in Public Procurement

Published

20 hours ago

March 5, 2026

Chike Onwuegbuchi

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The National Insurance Commission (NAICOM), has signed a Memorandum of Understanding (MoU) with the Bureau of Public Procurement (BPP) for collaboration and strengthening of the insurance industry, in the area of public procurement processes.

The Commissioner for Insurance, Olusegun Ayo Omosehin, welcoming the Director-General of BPP, Adebowale Adedokun, and his delegation to NAICOM for a working visit, during which the agreement was signed, highlighted the role of NAICOM as the statutory regulator charged with supervising, regulating and promoting the growth of Nigeria’s insurance industry.

He further stated that NAICOM’s current reform priorities include policyholder protection, regulatory capacity building, legal modernisation, recapitalisation, and increasing insurance penetration.

He emphasised that the collaboration would reinforce the principles of public procurement and insurance practice in Nigeria. He noted that achieving President Bola Ahmed Tinubu’s vision of transforming Nigeria’s economy into a one-trillion-dollar economy required strong inter-agency cooperation.

He stressed that the commission’s reform objectives could not be fully realised without strategic collaboration with agencies such as BPP. The Commissioner further disclosed plans to establish a platform to monitor and verify insurance coverage for public procurement items and assured that insurance operators would strictly adhere to established rules and standards.

In his remarks, the Director-General of BPP, Adedokun, commended the ongoing transformation in the insurance industry, describing the Commission’s environment as serene and reflective of its readiness to support the Federal Government’s economic growth agenda.

Adedokun, welcomed the partnership and highlighted implementation as the critical next phase: “Signing MoU is only the beginning — what matters is delivery. BPP has moved to a fully digital submission model to speed approvals and reduce opportunities for corruption”, he stated.

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E-Financial

Binance Cuts Illicit Activity Exposure by 96%, Leads Global Crypto Compliance Push

Published

21 hours ago

March 5, 2026

Ugo Onwuaso

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Binance, the world’s largest cryptocurrency exchange, has reported a 96 per cent drop in direct exposure to illicit activities between January 2023 and June 2025, underscoring its commitment to regulatory excellence and user safety amid Nigeria’s growing digital finance sector.

Binance

The exchange highlighted investments in a robust compliance framework, including over 580 global compliance professionals and 970 staff in related roles, advanced transaction monitoring, stringent Know Your Customer (KYC) protocols, and anti-money laundering (AML) systems.

These measures align with evolving regulations across key markets, including Nigeria, where crypto adoption surges despite Central Bank of Nigeria (CBN) guidelines.

Binance’s Chief Compliance Officer, Noah Perlman, said: “At Binance we’ve built a system that doesn’t just react to threats, it anticipates them. A 96% reduction in illicit exposure is a testament to our infrastructure and the 1,500+ professionals working behind the scenes to protect our 300M users.”

Key achievements include a 96.8 per cent plunge in sanctions-related exposure—from 0.284 per cent in January 2024 to 0.009 per cent in July 2025.

In 2025 alone, Binance responded to over 71,000 law enforcement requests, helping seize more than $130 million (over ₦200 billion) in illicit funds.

Collaborations with agencies like Europol, DEA, UK’s NCA, and national cybercrime units have dismantled ransomware groups, darknet markets, and trafficking networks.

Binance co-CEO Richard Teng added: “Our mission has always been to increase the freedom of money, but that freedom is only sustainable if it is built on a foundation of trust. By integrating compliance into our product DNA, we are proving that the world’s largest exchange can also be the most secure.”

The platform engages regulators and policymakers to shape balanced rules supporting innovation while prioritising transparency and financial integrity. Since 2017, Binance has served over 300 million users, publishing regular compliance updates to build trust.

Industry watchers note Binance’s efforts resonate in Nigeria, where crypto trading volumes exceed $50 billion annually, but challenges like fraud and regulatory scrutiny persist. The exchange’s progress could bolster confidence as the CBN refines fintech policies.

Binance reaffirmed its dedication to a safer crypto ecosystem through ongoing investments and partnerships.

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E-Financial

Nigeria’s VAT Jumps 34%, CIT Soars 48% to ₦14trn in 9M’25 – NBS

Published

21 hours ago

March 5, 2026

Ugo Onwuaso

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Nigeria’s non-oil tax collections posted robust growth in the first nine months of 2025, with Value Added Tax (VAT) rising 34 per cent to ₦6.4 trillion and Company Income Tax (CIT) jumping 48 per cent to ₦7.72 trillion, bolstering federal revenue amid oil price volatility.

Nigeria's VAT Jumps 34%, CIT Soars 48% to ₦14trn in 9M'25 – NBS

NBS

Data from the National Bureau of Statistics (NBS) showed VAT climbing from ₦4.77 trillion in 9M’24, reflecting stronger domestic consumption and imports. Quarterly trends indicated a slight 1.4 per cent dip to ₦2.03 trillion in Q2’25 from ₦2.06 trillion in Q1’25, followed by a 10.66 per cent rebound to ₦2.28 trillion in Q3’25—a 28.1 per cent year-on-year gain.

In Q3’25, local VAT hit ₦1.12 trillion, foreign VAT ₦680.23 billion, and import VAT ₦479.79 billion. Sectorally, Administrative and Support Services led with 89.28 per cent quarter-on-quarter growth, trailed by Arts, Entertainment and Recreation (82.49 per cent) and Human Health (32.4 per cent). Real Estate contracted sharply by 51.33 per cent. Manufacturing dominated contributions at 25.89 per cent, followed by Information and Communication (18.77 per cent) and Mining/Quarrying (14.85 per cent).

CIT followed suit, surging from ₦5.22 trillion in 9M’24. It stood at ₦1.98 trillion in Q1’25, leaped 40 per cent to ₦2.78 trillion in Q2’25, and grew 5.7 per cent to ₦2.96 trillion in Q3’25—a 67.19 per cent year-on-year rise. Domestic CIT reached ₦1.21 trillion in Q3, while foreign CIT hit ₦1.75 trillion, underscoring multinational firms’ role.

Economists attribute the uptick to improved tax administration, digital tracking, and post-reform consumption, though sectoral disparities signal real estate headwinds. The gains support President Tinubu’s revenue diversification drive, reducing oil dependency as global crude fluctuates.

NBS data highlights non-oil taxes’ potential to fund infrastructure and social programmes, with analysts eyeing sustained momentum into 2026.

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