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Heritage Bank Supports Nigerian Airforce with Impactful Digital Solutions for Profit Mark-Up

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R-L: Ozena Utulu, Ag. Group Head, Corporate Communications, Heritage Bank; WG CDR JC Igwenagum, President, Nigerian Air Force 301 HAG Cooperative Multipurpose Society and Rosemary Onwuka, Experience Centre Manager, Lagos Mainland 1, Heritage Bank at the 14th Annual General Meeting of the Nigerian Air Force 301 HAG Cooperative Multipurpose Society.
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Heritage Bank Plc has entered partnership with the 301 Heavy Airlift Group Cooperative Multipurpose Society, Nigerian Airforce (301 HAG CMS) to leverage impactful digital banking solutions that will enhance HAG CMS’ financial wellbeing and take its members’ experiences to a new level.

R-L: Ozena Utulu, Ag. Group Head, Corporate Communications, Heritage Bank; WG CDR JC Igwenagum, President, Nigerian Air Force 301 HAG Cooperative Multipurpose Society and Rosemary Onwuka, Experience Centre Manager, Lagos Mainland 1, Heritage Bank at the 14th Annual General Meeting of the Nigerian Air Force 301 HAG Cooperative Multipurpose Society.

The bank revealed that through its advanced all-in-one digital banking experience; ‘Octiplus’ which would guarantee a new level of customer experience on the omni-channel to 1500 members of the Cooperative.

The bank disclosed this on the sidelines of the 14th Annual General Meeting of 301 HAG CMS, held at the Danjuma Hall of Nigerian Armed Forces Resettlement Centre, Lagos.

Speaking on the benefits of the Octiplus to the Cooperative, the Ag. Group Head, Corporate Communications, Ozena Utulu explained that as a forward-thinking institution, the bank is ready to satisfy customers’ needs for financial health, wealth, trust, and security, with a new level of online, mobile, and omni-channel services for seamless, inspired, and innovative transactions.

According to her, Heritage Bank is keeping the end customer at the heart of everything we do, we innovate to meet the demands of the new decade, including memorable experiences, instant solutions, robust security, ultimate convenience, reliability, and inspirational designs.

“Aside the regular features that were known by all including Payment features, buying of airtime, payment of bills, flight bookings, movie tickets and one of the most interesting features that was mentioned, was that with Octiplus, you can add all your debit cards from other financial institutions to this App and enjoy easy banking, easy life,” Utulu explained.

Speaking during the 14th Annual General Meeting of 301 HAG CMS, President, Nigerian Airforce, WG CDR JC Igweagum, disclosed that in a bid to replace measures to forestall possible negative impacts of future economic disruptions, the Cooperative is seeking for means to fully digitalize its financial operations.

Igewagum, who disclosed this at the AGM, themed, “Evolving Business Concepts for the New Normal,” stated how important it was for the Cooperative to key into fully digitalized operation that would leverage its members to perform financial transactions seamlessly from any part of the world.

He noted that partnerships with organizations like Heritage Bank and others would help on the possibilities of diversifying its investment into the real sector. “Consequently, the Cooperative would be launching fully digitalized operations in the next few months to allow members operate their accounts from anywhere in the world.

Investments in the Agriculture and Real Estate development sectors would also be scaled up to increase profit mark-up.

“Additionally, the Cooperative is currently discussing with its partners on the possibilities of diversifying its investment into the oil and gas sector as well as canopy rentals,” he stated.


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E-Financial

World Bank Predicts Rise of Poverty in Nigeria Despite Economic Growth

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The World Bank has predicted that Nigeria may likely see a rise in the levels of poverty over the next two years despite a moderate economic growth forecast.

The multilateral lender noted that while non-resource-rich countries are expected to continue reducing poverty and grow faster, resource-rich countries like Nigeria may drag due to declining oil prices.

”Resource-rich countries are expected to see less progress in terms of poverty reduction,” the World Bank said in its Africa Pulse report titled ‘Improving Governance and Delivering for People in Africa’.

“Importantly, poverty in resource-rich, fragile countries (which include large countries like the Democratic Republic of Congo and Nigeria) is expected to increase by 3.6 percentage points over 2022–27,” it added.

The Nigerian government has in the past two years provided various safety nets to ease the burden of the citizens, but these, on their own, may not be enough to lift millions off the poverty line.

The reforms which were implemented some 20 months ago, though came with a plethora of gains such as allowing the economy to be market-driven rather than artificial pegging, it’s nonetheless exacerbated poverty with the numbers rising from 104 million to 129 million people in a year.

According to the World Bank, Nigeria accounts for 19 percent of the share of poverty in Sub-Saharan Africa, followed by Congo, Ethiopia and Sudan with 14 percent, 9 percent and 6 percent respectively.

But despite the growing poverty, the Washington-based lender expects Africa’s most populous nation annual GDP to increase 3.6 percent in 2025 and 3.8 percent in two years. “Economic growth is expected to remain moderate in Nigeria,” the World Bank said.

“It is expected to increase from 3.4 percent in 2024 to 3.6 percent in 2025, and slightly increase to 3.8 percent in 2026–2027.”

According to the World Bank, the gradual recovery of the Nigerian economy along the forecast horizon is driven primarily by the service sector—specifically, finance, information and communications technology services, and transportation—and, to a lesser extent, a rebound in oil production that converges to its OPEC+ quota.

The World Bank’s projection is relatively higher than the International Monetary Fund (IMF) revised forecast for the nation.

IMF cuts Nigeria’s 2025 economic growth forecast downward to 3.0 percent from the earlier projection of 3.4 percent in 2024, citing weakening oil supply and escalating global trade tensions.

The two projections are however largely lower than Nigeria’s ambitious projected annual GDP growth of 4.6 percent outlined in the 2025 budget.

According to Adetilewa Adebajo, investment banker and economist Nigeria must intensify efforts towards economic diversification, infrastructure development, and asset optimisation to stimulate economic growth and attract global investments

“Sale of oil and gas JV assets to optimise equity within the FGN capital structure and balance sheet are crucial for Nigeria’s path towards sustainable development.

“Deliberate Investment projects such as the Agro Airport development and Olokola deep sea port, in Ogun State, major infrastructure projects led by companies like Arise and Dangote, need to be replicated nationwide,” Adebajo said.


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Report Suspected Illegal Investment Schemes to SEC

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Securities and Exchange Commission (SEC) has urged Nigerians to report any suspected illegal investment schemes to the commission for proper investigation and necessary action.

Report Suspected Illegal Investment Schemes to SEC

This is in the light of the recent collapse of Crypto Bridge Exchange (CBEX).

The Commission issued a notice on Thursday to the investing public, warning that Ponzi investment schemes pose a significant danger to the growth of the capital market.

In its latest advisory, the Commission highlighted the growing threats and risks posed by Ponzi schemes, illegal investment operations, and unregistered digital asset platforms.

It explained that fraudulent entities and individuals continue to exploit unsuspecting investors with deceptive promises of high returns, often leveraging the allure of digital assets to create a false sense of legitimacy.

“The public is strongly advised to be wary of investment opportunities that promise guaranteed or unusually high returns with little or no risk.

“These include unregistered platforms offering cryptocurrency investments, forex trading, or blockchain-based schemes, without undergoing the prescribed processes to obtain prior approval from the SEC.

“The SEC reiterates in this regard that, ‘If it sounds too good to be true, it likely is.’”

The Commission urged potential investors to conduct thorough due diligence before investing and to verify the registration status of the company or individual offering the investment through the SEC’s website.

The Commission explained that Section 196(3) of the Investments and Securities Act, 2025, criminalizes the promotion and operation of prohibited or unregistered schemes.

“This violation is punishable, upon conviction, by a fine of not less than ₦20 million or a prison term of 10 years, or both,” the Commission warned.

The SEC stated that it is fully committed to identifying and prosecuting offenders to the full extent of the law.

“We encourage the public to partner with the SEC to safeguard the integrity of the investment environment in Nigeria by promptly reporting suspected illegal investment schemes to the SEC,” the notice concluded.


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Fintechs Add $18m to New Tax Initiative

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The Nigerian federal government announced that the Electronic Money Transfer Levy (EMTL) generated $49.5 million in revenue, with fintech companies contributing $18 million.

This fund, as reported by the Federation Account Allocation Committee, is a considerable 56.80 percent increase over the $31.6 million earned during the same period in 2024.

Previously, the charge mainly affected established banking institutions. However, fintech firms have been included because they have contributed a phenomenal 2,507.94 percent growth in transaction values since 2020.

The EMTL is part of the government’s attempt to regulate the booming fintech sector, which completed transactions worth $29 billion in 2023 and $49.3 billion in 2024.

The EMTL was created by the Finance Act 2020 as an amendment to the Stamp Duty Act. It charges $0.03 (N50) for electronic transactions of $6.19 (N10,000) or more made through banks and financial institutions.

This tax seeks to capitalise on the increasing expansion of electronic payments, which will exceed $619.70 billion in total transactions by 2024.

In response to the burgeoning fintech sector, the government has increased its tax base, with annual EMTL collections expected to increase by 31.35 percent.

According to the Medium Term Fiscal Framework for 2025-2027, the federal government expects EMTL revenue to reach $142 million in 2025, up from $108 million in 2024.

However, industry experts have expressed concern about the potential impact of additional taxes on users.

 


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