General News
Insurance and Banking in Nigeria: Any Relationship?
Under the financial services sector, banks and insurance companies fall within the same tripod, alongside the capital market. As the Central Bank of Nigeria continues in its reform of the banking sector, the National Insurance Commission {NAICOM} has also not been left behind in the formulation of policies and other regulatory frameworks. However the question agitating the minds of industry watchers is why despite efforts put in place, the insurance industry has not occupied the ideal position in Nigeria. Elsewhere, insurance provides a leadership role to other segments of the financial sector, with many banks being owed by insurance companies. What is the role of insurance in the development of any economy, particularly in Nigeria where insurance seems to be crawling instead of running. While appreciating the professional efforts already in place to change the trend, it is expedient to guide the public on what relationship if any, exists between the banks and insurance. According to Mr. Adeyemo Adejumo, managing director of Continental Reinsurance plc, “traditionally, the financial services sector is commonly classified along the lines of banking and non-banking institutions with insurance taking a pride of place in the latter class.” He explained that “globally, banking and insurance have evolved as playing leading roles in the activities of the financial services industry, stressing that over the years, there have been arguments and counter arguments about the ‘ideal’ relationship that should exist between banking and insurance practices and this has also been recognized by governments around the world.” The Continental Reinsurance boss who delivered a paper on the relationship between banks and insurance at a public forum, said that in the United Kingdom for instance, the Financial Services Authority (FSA) was established as the single regulatory body for both the banking and insurance industries, in recognition of the fact that although some differences may exist in their operation, to a great extent there exist some meaningful relationship between them. He said the Financial Services Act of 1999 has far-reaching and major implications towards the movement of globalization in the banking industry. The bill first and foremost, he said, allows mergers between different sections of the industry that were previously not allowed, a situation which allowed insurance companies to merge with banks.
Adejumo explained that in Canada, for instance, the Bank Act and accompanying regulations contain specific rules pertaining to chartered banks and their involvement in the insurance business. The Insurance Business (Bank and Bank Holding Companies) regulations authorize banks to sell certain insurance products closely related to their lending businesses. Banks may also sell other types of insurance through subsidiary companies, subject to certain restrictions. He explained that as a result of the globalization and liberalization of the financial services industry, many financial institutions are participating in the business activities of other financial institutions, banks and insurance companies in particular. “Several European countries have made considerable regulatory changes regarding the banking and insurance sectors. Although regulatory changes vary from country to country, there has been a pan-European trend towards the ‘Universal Bank’ and the limitations of the past no longer exist. Banks are now able to operate across a broader range of activities, including insurance, via legally independent risk carriers. The insurance companies and banks are not competing within just the life insurance industry and banking industry respectively anymore but within the wider financial services marketplace,” he said. The reinsurance expert stressed that in Nigeria, following the Central Bank of Nigeria’s approval-in-principle of the adoption of universal banking, it released Guidelines for the Practice of Universal Banking in Nigeria in December 2000.
According to the guideline banking business in Nigeria was defined as “the business of receiving deposits on current, savings or other accounts, paying or collecting cheques drawn or paid in by customers, provision of finance, consultancy and advisory services relating to corporate and investment matters, making or managing investment on behalf of any person and the provision of insurance marketing services and capital market business or such other services as the Governor of the Central Bank of Nigeria which may, by gazette, designate as banking business.” This implied that banks are free to choose which activity or activities to undertake, whether it is money or capital market activities or insurance marketing services or a combination thereof and are expected to comply with the guidelines specified for such activity or activities.
Consequently he said, a bank will be regulated based on the type of activities it engages in.
This situation led to the issuance of a single uniform license to all conventional banks which are
General News
NITDA DG Calls for Innovation-Led Economic Rebirth @ Kano Startup Weekend

Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.
He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.
He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.
According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”
He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.
He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.
According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.
He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.
“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.
Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.
He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”
He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.
“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.
Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.
General News
Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

Sterling Bank Limited on Monday convened stakeholders in the renewable energy industry to explore strategies for accelerating Nigeria’s transition to clean energy and boosting economic growth.

L-R: Mr. Ayo Ademilua, President, Renewable Energy Association of Nigeria; Dr. Jekwu Ozoemene, Group Executive, The Alternative Bank; Mr. Biodun Ogunleye, The Honourable Commissioner, Lagos State Ministry of Energy and Mineral Resources; Mr. Dele Faseemo, Group Executive, Coprporate and Investment Banking, Sterling Bank; Engr. Bem Samuel Anyangeuor, Representative, Honorable Minister of Power and Mr. Oluwaseyi Okunnuga, Group Head, Renewable Energy & Sustainability Finance, Sterling Bank at the just concluded Renewable Energy Colloquium held in Lagos recently.
The colloquium, themed “Beyond the Grid: Unlocking New Frontiers in Renewable Energy”, was held in Lagos and brought together policymakers, financiers, and industry leaders to deliberate on priority areas for action.
In his opening address, Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, represented by Mr. Dele Faseemo, Group Executive, Corporate and Investment Banking, said the bank would focus on regulation and financing to expand access to energy.
He noted that energy access remained critical to supporting economic growth and achieving Nigeria’s ambition of building a one trillion-dollar economy.
Delivering a keynote address titled “Scaling Electrification in Nigeria: The REA Impact”, Managing Director of the Rural Electrification Agency (REA), Dr. Abba Aliyu, represented by Mr. Abba Hayatudden, said Nigeria required about 26 billion dollars to bridge its energy deficit.
Aliyu explained that the energy transition strategy integrates grid, mini-grid and off-grid technologies to achieve universal, reliable and sustainable energy access while aligning with national development and climate goals.
Minister of Power, Mr. Adebayo Adelabu, represented by Engineer Samuel Ayangeaor, commended Sterling Bank for convening the dialogue.
He said renewable energy and rural electrification were central to the Federal Government’s Renewed Hope Agenda.
“The Ministry of Power has continued to expand electricity access to underserved communities to drive economic growth, foster industrial activity and create jobs across the nation,” Adelabu said.
Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, highlighted the state’s efforts in renewable energy, including the ongoing two-gigawatt grid-scale solar project.
He described it as the most ambitious energy transformation ever undertaken by the state.
Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, urged participants to move beyond communiqués and act with intention to deliver meaningful impact.
The colloquium featured panel sessions on financing and scaling green energy solutions in Africa, among other discussions.
General News
Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

Cellulant, a leading Pan-African payments company enabling seamless digital transactions across Africa, has appointed Mr. Freddie Oduro as its new Country Manager for Ghana.

Mr. Freddie Oduro, New Country Manager for Ghana.
Freddie’s appointment is a key step in Cellulant’s broader strategy to deepen its presence in priority markets by accelerating the acquisition of in-country enterprise businesses and strengthening its position as the payments partner of choice in Africa.
Freddie brings over a decade of commercial and strategic leadership experience in the telecommunications and financial services sectors, with expertise in sales, business operations, and market expansion.
In his new role, he will drive merchant acquisition, strengthening partnerships, oversee collections and payout operations, while ensuring strong internal controls and regulatory compliance.
He joins Cellulant from Payaza and previously served as Sales Director at Cellulant, where he helped significantly expand the company’s footprint in Ghana.
Cellulant has been powering payments in Ghana for leading brands in sectors like e-commerce, utilities, oil and gas and retail, helping them offer their customers a wide range of secure digital payment options.
“We are happy to welcome Freddie back to the Cellulant family,” says Richard Gesimba, Chief Revenue Officer at Cellulant. “Ghana remains a critical market for us, with immense potential driven by rising digital payments adoption.
“As we sharpen our focus on in-country enterprise customers, Freddie’s leadership and industry insight make him the ideal person to steer our Ghana operations.”
The appointment comes at a transformative time for the company. Following a strategic shift between late 2023 and early 2024, focused on streamlining operations, doubling down on enterprise payments, and strengthening customer intimacy, Cellulant achieved profitability in 2024 and continues to build on this momentum.
The company now processes close to 4.5 million transactions daily for businesses across Africa, reinforcing its position as a fintech leader.
“I am honoured to return to Cellulant and lead the Ghana team at such a defining moment,” says Freddie, Country Manager for Cellulant Ghana. “Ghana presents a tremendous opportunity.
“We will ramp up our efforts to sign on more local merchants, strengthen our compliance and control frameworks, and introduce innovative solutions like Tingg Edupay, our automated school fee management solution that eliminates reconciliation delays by validating payments in real time and instantly updating student accounts.
“We will build on Cellulant’s strong foundation to deliver real value, reliability, and economic impact.”
Ghana’s digital payments sector continues to grow steadily, supported by increased mobile money usage and a progressive regulatory environment. Between January and October 2025, the value of mobile money transactions hit about GH¢ 3.6 trillion, up sharply from GH¢ 2.37 trillion in the same period of 2024.
Registered mobile money accounts now exceed 79 million, demonstrating strong consumer and business confidence in digital financial services and in turn creating many opportunities for payment innovation.
This leadership appointment underscores Cellulant’s commitment to building a resilient, high-performance organisation geared towards playing a pivotal role in the next era of Africa’s digital economy.
Looking ahead to 2026, Cellulant plans to further enhance the user experience on its payment platform, Tingg, and expand its footprint across Ghana.
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