General News
Monetary Policy Committee Holds Meeting
The Monetary Policy Committee (MPC) met on 10th and 11th May, 2010 to review domestic economic conditions during the first four months of 2010 and the challenges facing the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to reassess the course for monetary policy for the remainder of the year.
According to a communiqué from the CBN, the Committee noted that the recovery in global economic activity, which started in the second half of 2009, has evolved better than expected although large fiscal deficits continue to pose a threat.
The recovery, which was driven largely by the unprecedented fiscal and monetary policy stimuli undertaken in both the developed and emerging market economies in response to the global economic slowdown, was progressing at varying degrees across the different regions.
“Across the globe, real and financial activities have been mutually supportive in their recovery. Although the money markets have stabilized, and corporate bond and equity markets have rebounded, access to credit remained difficult for some sectors, especially small firms and households that lack access to the capital markets. Although, the tightening of bank lending standards and the credit crisis appear to be bottoming out, the
resumption of credit growth in many emerging and developing countries has been weak.”
The MPC observed that the domestic financial markets have recovered remarkably faster than expected, though still fragile, and urged greater efforts in accelerating the reforms in the different segment of the financial system to promote financial sector stability which is critical to economic growth. In particular, deep and liquid capital markets and strong and effective insurance companies, pension funds and other institutional investors are critical for establishing the balance required for the attainment of financial system stability.
While noting that financial market inefficiencies and supervisory and regulatory failures were at the root of the current crisis, it welcomed the relative stability that has been achieved in most segments of the market in response to the various measures taken by the regulatory authorities and emphasized the need for its sustenance.
The MPC also noted the continuing rebound in commodity prices, particularly crude oil prices, which is helping to support growth in commodity producing regions, including Nigeria. However, the inflation risk of the rebound in energy prices appears to be mitigated by the subsisting low levels of capacity utilization, weak private demand and well-anchored inflation expectations.
The MPC noted with satisfaction that, overall, the bank has achieved its mandate of price and financial stability, as reflected in relatively stable exchange rates, interest rates and moderating inflation. By the time the AMCON Bill is harmonized and finally passed by the National Assembly and implemented, the repair of banks’ balance sheets would unlock the flow of credits to the real economy.
In this regard, the MPC enjoins other stakeholders to undertake complementary measures to enable economic agents translate the stable macroeconomic environment into economic growth and development.
The Committee observed that the robust output growth recorded in 2009 continued in 2010. Provisional data from the National Bureau of Statistics (NBS) indicates that real Gross Domestic Product (GDP) grew by 6.68 per cent in the first quarter of 2010, down from 7.44 per cent in the fourth quarter of 2009, but up from the 4.50 per cent recorded in the first quarter of 2009. NBS also projected that the GDP is expected to grow by 7.24, 7.36 and 8.51 per cent in the second, third and fourth quarters of 2010, respectively.
Overall GDP growth for 2010 was projected at 7.53 per cent which is higher than the revised estimate of 6.66 per cent recorded in 2009. The non-oil sector is expected to remain the main driver of overall growth, with agriculture, wholesale and retail trade, and services contributing 2.61, 2.09 and 2.14 per cent, respectively. The Committee noted that the impressive growth forecasts reflect prospects for moderate rainfall in 2010, which is expected to support the production of major crops across the country, and the sustained peace in the Niger-Delta, which would boost crude oil and natural gas production. The MPC, however, noted that at a mere 4 percent share of GDP, the manufacturing sector needed revamping to enhance its role in boosting growth and employment generation. In this context, it called for appropriate sector-specific policies to drive growth.
The Committee also realized that there is a need to maintain and extend the focus on stability and avoid decision that may cause disruption. In view of the inflation outlook in the short-term it was felt that the reversal of accommodative monetary stance at this time is premature. The Committee however, noted that in the next quarter monetary expansion may be driven by increased government spending, the purchase of toxic assets by the AMCON and recapitalization of distressed banks. These expansions may translate into the risk of higher inflation, asset price bubbles or pressure on exchange rate and foreign reserves.
The Committee identified key concerns for policy in this era of global recovery as ensuring that the growing risk of fiscal deficit accumulated in the wake of the abating global financial and economic crises does not endanger the stability of financial markets; monitoring imbalances in capital flows across industrial and emerging markets resulting in different rates of recovery. This is to ensure that inflows of capital into the country are sustainable and avoid formation of asset price bubbles and continuing global credit crunch despite unprecedented measures taken by central banks to inject liquidity in troubled financial institutions/markets. This underscores the need for focus on both supply side (monetary) and demand side (fiscal factor) in unlocking the credit markets.
At the end of the day, the MPC decided to leave the MPR unchanged at 6.0 per cent, retain the asymmetric corridor of interest rates at 200 basis points above the MPR and 500 basis points below the MPR for the Standing Lending Facility and Standing Deposit Facility, respectively.
The committee also decided to extend the CBN guarantee for all interbank transactions and foreign credit lines as well as pension funds’ placements with banks up till June 30, 2011, to provide ample time for the conclusion of the banking sector resolution and the publication of audited accounts for the period up to December 2010. It is expected that by June 2011 all creditors and investors will have sufficient information to take an independent view of the risk of individual counterparties.
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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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