E-Financial
Fidelity Bank Hosts Black-Tie Gala Honouring Afreximbank President Prof. Benedict Oramah
In recognition of his unwavering commitment to Africa’s development, Fidelity Bank Plc recently hosted a grand black-tie dinner to celebrate the retirement of Professor Benedict Okechukwu Oramah, outgoing President and Chairman of the African Export-Import Bank (Afreximbank), after ten years of transformative leadership.
L -R: Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; the outgoing President and Chairman of the African Export-Import Bank (Afreximbank), Professor Benedict Okechukwu Oramah; his wife, Mrs. Chinelo Oramah; Lagos State Governor, Mr. Babajide Sanwo-Olu; Managing Director and Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite; and Minister of Art, Culture, Tourism and Creative Economy, Ms. Hannatu Musawa; at a black-tie dinner hosted by Fidelity Bank to celebrate the retirement of Prof. Oramah in Lagos recently.
Held at the Lagos Continental Hotel on Thursday, 2 October 2025, the event was themed “Celebrating a Titan” and drew a distinguished gathering of dignitaries, captains of industry and international guests. They came together to honour a man widely regarded as one of Africa’s most influential financial leaders.
Welcoming guests to the event, Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, described Prof. Oramah as “a towering figure in Africa’s economic renaissance.” She noted that his tenure at Afreximbank was defined by bold ideas, strategic foresight and a relentless pursuit of inclusive growth. “From Cairo to Kigali, Lagos to Lusaka, his influence has touched lives, empowered businesses and strengthened the very fabric of African integration,” she said. She also highlighted his role in pioneering initiatives such as the Pan-African Payment and Settlement System and his advocacy for intra-African trade and creative industries.
Among the guests in attendance were the Lagos State Governor, Mr. Babajide Sanwo-Olu; Ogun State Governor, Prince Dapo Abiodun; Minister of Art, Culture, Tourism and Creative Economy, Ms. Hannatu Musawa; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; and Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite.
Special recognition was given to Mrs. Chinelo Oramah, whose steadfast support was acknowledged as instrumental to her husband’s success. “Her dedication to maintaining the home front has been pivotal,” said Dr. Onyeali-Ikpe, “as Prof. Oramah pursued the transformational initiatives that have distinguished his tenure.”
The evening featured tributes from several guests including Mr. Babajide Sanwo-Olu; Chairman of Vista Group Holding, Mr. Simon Tiemtore; and Chairman of Fidelity Bank Plc, Mr. Mustafa Chike-Obi, who described Prof. Oramah as “the most consequential African person in the last 10 years.”
In his remarks, Prof. Oramah expressed deep appreciation for the honour. “I want to thank the board and management of Fidelity Bank for this honour. It is not always that when a leader of an institution gets to the twilight of his tenure that those he works with deem it important to say we appreciate you. I really cherish this event. On behalf of my family and wife as well as the Afreximbank family, I say thank you.”
He also reflected on the longstanding relationship between Afreximbank and Fidelity Bank. “Our relationship with Fidelity Bank dates back to the 1990s and it has grown from year to year. Fidelity Bank is one of the trusted partners that we have. Fidelity Bank has helped us to achieve some of the things we have achieved here in Nigeria. When my dear sister, Nneka, took over, she did more than everyone expected. The transformation that we continue to see in Fidelity Bank is something that makes all of us proud. With all of the activities that you do that complement what we do at Afreximbank and the type of financing that supports what we do at Afreximbank, I believe that the partnership in the years ahead will grow even stronger.”
The evening was anchored by broadcast journalist Ojinika ‘Ojy’ Okpe and comedian and actor Okechukwu Anthony Onyegbule, popularly known as Okey Bakassi. The celebration reached its climax with a musical performance by Nigerian highlife singer Chinedu Okoli, professionally known as Flavour N’abania.
PalmPay, Nigeria’s leading digital banking platform, has once again demonstrated its leadership in driving the nation’s payment revolution. In a landmark development for Nigeria’s digital economy, PalmPay, in collaboration with Wema Bank, completed the first live transaction on the Nigeria Inter-bank Settlement System (NIBSS) National Payment Stack (NPS), a next-generation infrastructure designed to redefine how money moves across the country.
The first live transaction, which happened at exactly 11:56 am on Friday, November 7, 2025, marks a new era in Nigeria’s financial innovation journey and reinforces PalmPay’s role as a trusted pioneer in the payment ecosystem.
This achievement rides on the back of the brand’s growing reputation as a fintech innovator, following recent global recognitions as Financial Times Africa’s Fastest-Growing Companies 2025 and CNBC and Statista’s Top 300 Global Fintech Companies for two consecutive years (2024 and 2025) for its impact, scale, and commitment to inclusive growth across emerging markets.
A Milestone that Redefines the Future of Payments
The National Payment Stack (NPS), powered by NIBSS, builds on the success of the NIP infrastructure, introducing greater speed, interoperability and real-time settlement across the financial ecosystem. Designed to meet international standards, NPS enhances cross-border payment capabilities while introducing more advanced security features, including digital signatures and multi-factor authentication to safeguard users and institutions.
Beyond its technical advancements, the National Payment Stack (NPS) sets a new benchmark for Nigeria’s leadership in Africa’s finance landscape. Through the ISO 20022 global messaging standards, Nigeria is now positioned as a regional hub for seamless and secure cross-border transactions.
Commenting on the landmark achievement, the Managing Director/Chief Executive Officer of the NIBSS, Premier Oiwoh, said: “We commend PalmPay for this historic achievement as one of the key collaborators in executing the first successful transaction on the National Payment Stack (NPS). This milestone reflects our shared
commitment to advancing a faster, safer and more interoperable payment ecosystem for Nigeria. The NPS represents the next frontier of innovation designed to power inclusion, efficiency and growth across the financial industry. We look forward to more institutions coming on board as we collectively shape the future of payments in Nigeria and across Africa.”
Also speaking, Jaipei Yan, Group Chief Commercial Officer at PalmPay, stated, “This achievement is a win for Nigeria and Nigerians. PalmPay is all about providing smarter banking solutions. Since our launch six years ago, we have focused on bridging the gap between innovation and everyday financial inclusion. It was an absolute delight to work with NIBSS and other stakeholders on this remarkable milestone.”
By pioneering this milestone, PalmPay not only strengthens its credibility but also reinforces its alignment with the Central Bank of Nigeria’s drive toward a digital, connected economy. From ranking among the world’s leading fintech brands to executing Nigeria’s first live transaction on a national payment infrastructure, PalmPay is proving that innovation, when purpose-driven, can transform economies.
Looking ahead, PalmPay aims to accelerate its vision of a connected, digital, and financially inclusive Africa, combining global standards with local relevance to build technology that truly empowers people and businesses.
Senate has requested the Central Bank of Nigeria (CBN) and the Federal Inland Revenue Services (FIRS) to provide detailed information on revenue generated from Stamp Duty payments.
Sen. Aliyu Wadada, chairman of the Senate Committee on Public Accounts, made this known while briefing newsmen in Abuja on Thursday, according to the News Agency of Nigeria (NAN).
Wadada said the investigation is aimed at ensuring that the government maximises its revenue from the stamp duty, which according to him is a significant source of income for the country.
He said the committee had written to all commercial banks to furnish it with information, accompanied with figures as to how much that particular bank or collectively all the commercial banks have been able to generate from 2016 to 2024 as Stamp Duty Revenue.
He said, “It is of course, by law, expected that whatever these commercial banks put together as revenue from Stamp Duty, charged by the banks, is or are supposed to be remitted to the CBN.
“So, the committee has written to the CBN to furnish it with information, accompanied with figures as to how much has actually been remitted by these commercial banks with CBN and how much the CBN has remitted to the TSA.
“The second category is of course limited liability companies and oil and gas companies. They also charged Stamp Duty like commercial banks. The committee has also written to them.
“This committee has also written to the FIRS for it to furnish the committee with information that should also be accompanied with figures as to how much FIRS has generated on this category of Stamp Duty.”
Wadada said given the need to make the exercise all-encompassing, the committee had also written the Nigerian Governors Forum (NGF) to also provide information on how much they have received as proceeds of Stamp Duty.
He said given the effort and commitment of President Tinubu’s administration to providing needed infrastructure, concerted efforts should be made to ensure generation of revenue and its effective utilisation for the good of Nigerians.
Commercial banks have asked customers to link their accounts to their national identification numbers (NINs) or tax identification numbers (tax IDs) ahead of the implementation of the new tax laws.
In separate notices to customers, the banks said the new laws require all bank accounts to be linked to a tax ID before the effective date.
The financial institutions said customers without a tax ID are required to link their accounts to an NIN.
In a notice, Fidelity Bank stated that under the Nigerian Tax Administration Act (NTAA) 2025, all bank accounts must be linked to a tax ID or NIN by January 1, 2026.
“This implies that accounts without Tax ID or National Identity Number may be restricted from transacting as from January 1, 2026,” the bank said.
“To ensure your account remains accessible, please update your NIN on your account as soon as possible.
“Please use any of the options below to submit your NIN today: Click HERE or visit the NIN portal on our website. Dial *770*02# and follow the prompts.”
Similarly, Ecobank urged its customers to link their NINs on or before November 13, 2025, warning that failure to comply would result in restrictions being placed on accounts.
“You can easily link your NIN and update your account details through the Ecobank Customer Information Portal at https://customerupdate.ecobank.com/ciu/login by following these steps: select update your account details, enter your account number,” Ecobank said.
“Choose your preferred OTP delivery method, select request type and choose NIN updates, input your NIN, then re-enter it for VNIN (verification), click submit to complete the process.
“Alternatively, you may contact your relationship manager or visit the nearest Ecobank branch.”
On September 9, 2025, the federal government gazetted Nigeria’s new tax reform laws, with the implementation set to begin on January 1, 2026.
The laws are the Nigeria Tax Act (NTA) 2025, the NTAA 2025, the Nigeria Revenue Service (establishment) Act, 2025 (NRSEA), and the Joint Revenue Board (establishment) Act, 2025 (JRBEA).FCCPC Sets Deadline For Lending Regulatory Compliance
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