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EU Grants Nigeria N320.5Bn to Boost Agriculture

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European Union’s development cooperation with Nigeria has received a boost with a N320.5 billion (€190 million) credit line allocated to Nigerian commercial banks to broaden their lending to the agricultural sector.

EU Grants Nigeria N320.5Bn to Boost Agriculture

The facility, which is being provided by the European Investment Bank, was announced at a meeting of the bank’s senior executives and a delegation from the Federal Ministry of Budget and Economic Planning on the sidelines of the recently concluded Global Gateway Forum in Brussels, Belgium.

A statement issued on Monday by Bolaji Adeniyi, special adviser media to Minister of Budget and Economic Planning ,confirmed the development.

Speaking at the session, Thourayya Tricki, director for International Partnerships, EIB, said the initiative underscores the EU’s commitment to supporting Nigeria’s economic diversification drive, particularly through climate-smart agriculture and value-chain development.

“This credit line is part of our continued effort to strengthen Nigeria’s agricultural value chains, especially in cocoa and dairy. The investment package will not only expand access to finance but also promote sustainability and competitiveness in Nigeria’s agri-food products,” Tricki said.

Tricki, who was accompanied by Diedrick Zambon, head of Sub-Saharan Africa Relations, EIB, explained that the facility includes both credit and technical assistance components targeted at development finance institutions and commercial banks.

The goal, she said, is to “de-risk agricultural lending and build institutional capacity for long-term financing in the sector.”

Nigeria already benefits from several EU-supported programmes, including an €18 million technical assistance grant to strengthen the local regulatory framework for vaccine production and a €50 million credit facility to deepen access to finance in the pharmaceutical industry.

Representing Nigeria,  Bolaji Onalaja, special assistant to the Minister of Budget and Economic Planning, and Benjamin Galadima, Unit Focal Officer, EU, reaffirmed the country’s commitment to implementing reforms under President Bola Tinubu’s Renewed Hope Agenda to attract sustainable investments.

“Our government is determined to create an enabling environment for investment through the forthcoming National Development Plan (2026–2030) and the Ward-Based Development Programme, which will ensure that growth reaches communities at the grassroots,” Onalaja said.

The Nigerian delegation also held meetings with senior officials from the Directorate of International Partnerships and the European Bank for Reconstruction and Development, where they discussed opportunities for collaboration in green infrastructure, renewable energy, and industrial development.

On behalf of the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, who was on an official assignment in Vienna, Austria, the delegation expressed appreciation to the Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the Global Gateway Forum.

The Global Gateway Forum, the EU’s flagship investment platform, brings together governments, private investors, and development finance institutions to mobilise resources for sustainable projects that promote digital transformation, green transition, and human capital development.

In her keynote address, Ursula von der Leyen, president of the European Commission, reiterated the EU’s resolve to build “mutually beneficial partnerships based on trust and shared prosperity.”

“We are expanding the Global Gateway Investment Package to €400bn and launching a dedicated Investment Hub to accelerate project delivery, especially in Africa,” von der Leyen announced.

The new EU–Nigeria financing deal is expected to strengthen bilateral cooperation under the Global Gateway Strategy and support Nigeria’s efforts to modernise its agricultural sector, improve food security, and enhance export competitiveness.


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Ebere Melum-Nwogbo is a trained and practicing journalist. She is passionate about ICT and business journalism. She has over a decade experience spanning money and capital market as well as information technology

E-Financial

Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

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Fidelity Bank Plc is basking in endless and stakeholders are happy.

Fidelity Bank "Basking in Approval" under Onyeali-Ikpe, CEO

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc

With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.

This a crucial evidence for investors that the bank is solution driven.

For instance, at the capital market, the bank was the toast of investors as  its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.

Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.

Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.

Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and  the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.

Despite the immense responsibility and intense pressure, especially during turbulent times,  Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.

Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as  reputation.

She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.

The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.

This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.

Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.

By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.

Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.

Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.

A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.

Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.

Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).

The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).

Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution  upward trajectory will be indelible.

She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.

 

 

 

 


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FCMB, BHM Champion New Revenue Models for Media Sustainability

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First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.

FCMB, BHM Champion New Revenue Models for Media Sustainability

L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.

The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.

Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.

Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.

Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”

Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”

The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.

The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.


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CRMI Backs CBN’s New Measures to Curb Fraud

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Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.

CRMI Backs CBN’s New Measures to Curb Fraud

Kevin Ugwuoke, president and chairman of Council,  in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.

He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.

“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.

The institute, however, stressed that the success of the measures would depend largely on effective implementation.

It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.

CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.

The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.

The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.

Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.

The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.

In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.

 


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