Prof. Benedict Oramah, president , Africa Export-Import Bank, (Afreximbank), has revealed that Nigeria is the highest recipient of intervention funds from the bank, amounting to $52 billion in the last 10 years.

Prof. Oramah made the disclosure in Abuja during the signing ceremony of the Host Agreement between Nigeria and Bank ahead of its annual general meeting which hold in June 2025

He said “Nigeria is the largest recipient of disbursements from the Afreximbank amounting to $52bn out of the $140 billion which was disbursed on the continent in the last 10 years

“Also, Nigeria is among the first beneficiaries of our transformative projects which include the African Quality Assurance Center launched in Ogun state and we have also begun work in two other states of Kaduna and Imo,” he said.

Speaking on other developmental projects of the Bank in Nigeria, he further explained that the “Afreximbank Africa Trade Center will be the first on the continent to be opened and launched on April 10 2025.as well as the African Medical Center for Excellence will be opened on June 5 2025 estimated to cost $750 million with the potential to convert Abuja to a medical tourism hub as it consist of a medical school and a center for disease research.

“Also, the Bank has provided funding to produce 1.2mbd refining and in Dangote, BUA and Port Harcourt refinery as part of the Bank’s strategic plan to make sure that golf of guinea becomes a major refining hub,”

Prof. Oramah further stated that the theme of this year’s meeting will be ‘Building the Future in Decades of resilience,’ and will feature about 6,000 delegates compromising of captains of industries as well as heads of governments

Earlier in his remarks, Wale Edun, minister of Finance and Coordinating minister of the economy, stated that President Tinubu has granted presidential approval to host the Bank’s 2025 Annual meeting in the FCT in June this year

Transactions through electronic payment (e-payment) channels in the country declined by 3.14 per cent to N119.84 trillion in January 2025 from the N123.72 trillion recorded in the previous month, a report by Financial Derivatives Company Limited (FDC) has shown.

Although the firm, which cites e-payment transactions data obtained from the Nigeria Interbank Settlement System (NIBSS), did not proffer reasons for the decline, it projected that the value of transactions through e-payment channels will likely rise to N125.73 trillion and N126.43 trillion in February and March this year respectively, driven by factors such as improved services from payment system operators, delayed implementation of the cybersecurity tax and more people jettisoning cash for electronic transfers.

As the firm put it, “in Q1’2025 e-payment transactions will be buoyed by: payment system efficiencies; delay of the cyber tax; less cash and more transfers.”

In an earlier report, FDC had noted that the total value of epayment transactions “has been increasing steadily since July 2023.”

Indeed, data recently released by the NIBSS indicates that the value of electronic payment transactions in the country hit a record N1.07 quadrillion in 2024 compared with N6003.36 trillion in the previous year.

Analysts note that there has been increased adoption of epayment in the country in recent years, occasioned by factors such as the Central Bank of Nigeria’s (CBN) initiatives to promote the cashless policy, the impact of the 2020 Covid-19 crisis and the naira redesign programme introduced by the apex bank in late 2022.

In its report titled, “Instant Payments – 2020 Annual Statistics”, the NIBSS, for instance, stated: “The Covid-19 pandemic changed the e-payments landscape, accelerating the adoption of instant payments as more people transitioned to electronic channels for funds exchange in the wake of government-imposed lockdowns.”

New Telegraph reports that implementation challenges with the CBN’s naira redesign policy led to an acute shortage of cash, which crippled economic activities across the country in the first quarter of 2023, thereby forcing bank customers, who were unable to access cash at the time, to adopt e-payment channels.

In fact, there are indications that lingering cash scarcity in the banking system was responsible for the reported surge in the value of Point of Sale (PoS) transactions last year as more people became banking agents or PoS merchants to meet increased demand for cash from bank customers who were frustrated by their inability to withdraw cash from ATMs or banking halls.

According to latest NIBSS data, the value of PoS transactions rose by 69 per cent to N18 trillion in 2024, from N10.74 trillion in 2023.

As part of its efforts to tackle the lingering cash scarcity, the CBN has in recent times rolled out strict measures aimed at ensuring that Deposit Money Banks and PoS agents comply with its cash deployment regulations.

Last month, the apex bank fined nine Deposit Money Banks N150 million each for failing to ensure cash availability via Automated Teller Machines (ATMs) during the 2024 festive season.

Also, the CBN, on December 17, issued a circular on “cashout limits for agent banking transactions,” which saw it restricting PoS agents to a daily transaction limit of N1.2 million and also introducing a daily transaction limit of N100,000 per customer for cashout transactions conducted by the agents.

Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.

It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.

“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”

Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6

Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.

“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”