E-Financial
Heritage Bank MD Tasks Govt on Policies to Support Private Sector Interventions for Infrastructure Growth
Ifie Sekibo, MD/CEO of Heritage Bank Plc, has called on governments to provide enabling policies that would support private sector interventions to achieve the vision of infrastructural development.
L-R: Blaise Udunze, Team Lead Media and External Relations of Heritage Bank Plc; former Managing Director of Bank of Industry, Waheed Olagunju and the Chairman of Finance Correspondents Association of Nigeria, Titus Nwokoji, during the duo Platinum Awards presented to Ifie Sekibo and Heritage Bank for Outstanding Support towards FICAN and Financial Reporting, respectively at the Finance Correspondents Association of Nigeria’s (FICAN) 30th-anniversary conference and awards with the theme: “Financing Infrastructure & SMEs for inclusive growth in the post-COVID-19 economy,” held in Lagos, weekend.
He made this submission at the Finance Correspondents Association of Nigeria’s (FICAN) 30th-anniversary conference and awards with the theme: “Financing Infrastructure & SMEs for inclusive growth in the post-COVID-19 economy,” held over the weekend in Lagos, where the bank carted away duo Platinum Awards presented to Ifie Sekibo and Heritage Bank for Outstanding Support towards FICAN and Financial Reporting, respectively.
Sekibo who was represented by Olusegun Akanji, Divisional Head, Strategy and Business Solutions, argued that the government cannot solve the country’s infrastructure challenges, noting that it is the private sector that will deliver the solution.
According to him, the government can only provide enabling policies that will support private sector interventions.
“We need the global private sector intervention to help us achieve a vision of infrastructural development,” he said.
He noted that until the country developed an identity management system that delivers value to the citizenry, SMEs will continue to grapple with financing challenges.
He explained that though the banking industry has financed a lot of SMEs in terms of count, that it is the sector that has the largest numbers of bad loans and frauds in terms of count.
MD of FMDQ Group, Bola Koko represented by Yomi Osinubi, Head Private Market, urged Nigeria to conceive a way its domestic capital market could fund the international capital market.
That, he said, was the only way that we could pluck the infrastructure rewards.
“If we want to pluck our infrastructure rewards, first of all we have to conceive of a way our domestic capital market can actually fund capital market.
“But the investors in debt capital market international and debt, money will come into an environment where capital is expected and there is an expectation of good management of those resources and cash flows will come back to it.
“So I think there’s the issue of maybe an underlying structure where we want to put in capital like road infrastructure tax payment.
” If you want SMEs to get the best benefits of infrastructure development in the country, the CBN Governor mentioned the largest areas of course for SMEs which is energy. The second largest is the logistics, movements of cargo around the country,” he said.
Temidayo Obisan, Executive Commissioner, representing the Director General of Securities and Exchange Commission (SEC),Lamido yuguda advised that the nation connected the right duration of money which according to him would be long-term.
“The major thing to identify is that infrastructure is a long-term thing, so it Is essential we connect the right duration of money which is long term capital which is what capital market provides and which sec as a regulator should.
“We have about three surviving infrastructure focus funds in Nigeria now that are totalling almost a 100bn, itching about 90 billion at the moment and there are some that are registered programmes of 200billion,” he said.
More so, the Chairman of FICAN, Titus Chima Nwokoji, said if Nigeria’s infrastructural gap, which is estimated to be N36 trillion annually, is addressed, a lot of the country’s economic challenges will be easily tackled.
“And coming out of COVID-19 pandemic, we know that if the infrastructure is fixed and SMEs thrive, the growth that you see will be faster,” he added.
Central Bank of Nigeria (CBN) has debunked rumours suggesting that Polaris Bank is undergoing liquidation, assuring the public that the country’s banking system remains stable and secure.
Polaris Bank
The apex bank disclosed this in a post on X, where it shared a screenshot of a viral claim and flagged it as false.
It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation, are entirely false and do not reflect the current state of the Nigerian banking sector
“The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions,” said Hakama Sidi-Ali, apex bank’s acting Director, Corporate Communications, in a statement.
“To avoid any doubt, Nigerian banks are still safe and sound. The CBN advises the public to go about their daily lives without getting disturbed by reports regarding the health of Nigerian banks that have not come from the CBN.
“The CBN is fully equipped to carry out its statutory duty of ensuring the stability of Nigeria’s financial system. “We assure the general public and depositors that their funds are safe in Nigerian financial institutions. “Bank customers are therefore advised to proceed with their banking transactions as u
The clarification was after a viral post, claiming that Polaris Bank was facing liquidation for failing to meet the Bank’s recapitalisation requirements, and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation set to take over the process.
It further alleged that founder of the Eleganza Group, Razaq Okoya, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.
Sharing a screenshot of the viral claim, however, the apex bank flagged it as “fake content.”
It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation did not reflect the current state of the Nigerian banking sector.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.
On April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, marking a significant milestone in strengthening the financial system.
African Development Bank Group (AfDB) has approved a $200 million loan to Nigeria to support a landmark digital infrastructure initiative aimed at expanding broadband access, developing digital skills and driving large‑scale job creation.
The financing will support the Digital Value Chain Infrastructure for Boosting Employment project, known as D‑VIBE or Project BRIDGE. The initiative seeks to deploy about 90 000 kilometres of new open‑access fibre optic cable across Nigeria, extending the national fibre backbone from roughly 30 000 km to about 120 000 km.
The expanded network will connect all 774 local government areas, including schools, hospitals, agro‑industrial zones, rural communities and commercial centres. It will also establish cross‑border digital links with Benin, Cameroon, Niger and Chad, strengthening regional integration.
Nigeria is Africa’s most populous country and West Africa’s largest economy, with the digital sector increasingly contributing to gross domestic product growth. The project is expected to close major connectivity gaps, raise productivity and unlock job opportunities for young people.
D‑VIBE is structured as a public‑private partnership through a special purpose vehicle, with public ownership capped at between 25% and 49% and private sector participation ranging from 51% to 75%.
This structure is intended to address high fibre rollout costs, including construction and right‑of‑way challenges.
The African Development Bank loan forms part of an $800 million sovereign financing package, alongside $500 million from the World Bank and $100 million from the European Bank for Reconstruction and Development.
Total project financing is estimated at $2 billion, including a $25.79 million European Union grant, a $2.6 million Multilateral Cooperation Centre for Development Finance preparation grant and at least $1.2 billion in private sector investment.
“Nigeria has the talent, the market and the ambition, but lacked the backbone infrastructure to connect opportunity with potential,” said Abdul Kamara, Director General of the African Development Bank Group’s Nigeria Office.
“This project will deliver high‑speed connectivity nationwide and equip young people to build digital careers.”
Beyond physical infrastructure, the project will support affordable devices, large‑scale digital skills training and digital platforms in priority sectors. It also includes cybersecurity, competition reforms and resilience measures, including greater use of renewable and hybrid power.
D‑VIBE is expected to help create up to 2.8 million jobs and raise broadband penetration from 45% to around 70% by 2030. The project aligns with Nigeria’s Vision 2050 and continental development priorities.
World Bank has warned that Nigeria faces a deepening early childhood development crisis in health, nutrition, and learning, threatening long-term productivity and economic growth amid persistent poverty.
World Bank
In its April 2026 Nigeria Development Update, “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” the bank noted moderate 2026 growth driven by services like ICT, financial services, and real estate, following 4.0 per cent GDP expansion in 2025. Inflation eased to double digits via tight policy, stable exchange rates, and better food supply, while reserves hit $45.5 billion gross by end-2025, covering 8.7 months of imports.
Fiscal deficit widened slightly as non-oil revenues rose to 8.5 per cent of GDP from improved tax administration, e-filing, and VAT e-invoicing, though wage growth lagged inflation, leaving real incomes strained and poverty unchanged.
The bank highlighted poor outcomes with 110 of 1,000 children dying before age five, 40 per cent stunted, and 52 per cent developmentally off-track at school entry—gaps three times wider in poor households and exceeding 40 points between rich and poor. It urged investment in the first 2,000 days for better education, earnings, health, and cohesion.
Regionally, Sub-Saharan Africa’s 2026 growth forecast dipped to 4.1 per cent from 4.4 per cent due to Middle East conflict inflating fuel and fertiliser costs.
Finance Minister Wale Edun countered with recovery signs: falling inflation, rising non-oil revenues, declining debt-to-GDP, and stabilising naira via digital tracking, audits, and PPP shifts. Budget Director Tanimu Yakubu described reforms as correcting imbalances from subsidies and multiple rates, boosting FAAC revenues 40 per cent and reserves over $40 billion, with debt under 30 per cent of GDP.
NACCIMA President Jani Ibrahim called for data-driven strategies amid tax changes, inflation, and global tensions, eyeing AfCFTA, digital economy, and green investments for growth.
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