General News
NOVA Merchant Bank Grows Earnings by 25.7 Per Cent YoY, Reflecting Growth in Market Share

NOVA Merchant Bank Limited has announced its Audited Full Year 2021 financial results, showing an impressive 25.7% year-on-year growth in gross earnings to N17.03b (2020: N13.55b), as loans and advances to customers grew by 76.9% year-on-year to N88.38b (2020: N49.97b), a reflection of its growth trajectory since inception.

Mr. Phillips Oduoza, chairman, Nova Merchant Bank
Reflecting its strong capital adequacy ratio and stable funding, the Bank deepened its penetration, the growing market share of its risk assets and broader balance sheet.
With capital adequacy ratio of 29.1% ahead of 10% regulatory requirement for merchant banks, NOVA has strong headroom to sustain the impressive growth trajectory.
The Bank recorded growth across most indices with deposits rising by 30.4% to N116.91b (2020: N89.63b) for the year ended December 31, 2021, while profit after tax rose to N1.61b.
In keeping to its commitment of supporting clients’ growth strategy, Nova Merchant Bank Limited continues to leverage innovative offerings and structures in financing new businesses and expansion projects across various sectors of the Nigerian economy.
Addressing shareholders during its Annual General Meeting (AGM), Mr. Phillips Oduoza, chairman, Board of Directors, said; “We are excited at the consistent growth of the Bank, as reflected in the strong double-digit rise in deposits, loans and overall balance sheet. It is our mission to continue to create superior value for all stakeholders across the markets that we serve, as we seek to drive the next wave of revolution in financial services through product innovation and service excellence.
Commenting on the performance of the Bank, Mr. Nath Ude, chief executive officer, noted; “Our client-centric philosophy and innovative offerings are unique value propositions for clients. Across the different segments of the market, we are gaining market share, and deepening brand penetration. We are committed to supporting clients through various economic cycles, as we deploy creative solutions towards fulfilling our clients’ growth objectives.
Continuing, Ude said, “We would continue to partner credible businesses, as we create bespoke financing solutions that empower our clients to fulfill their quest to positively disrupt markets. Notwithstanding the global and domestic macroeconomic uncertainties, we are more than ever optimistic about the future of our business, and are thankful to our fast-growing clientele, whose loyalty remains a cardinal strength for us at NOVA.
He explained that given the bank’s strong governance practice, robust risk management architecture and balance sheet capacity, Nova is primed to sustain its impressive growth in assets and earnings whilst also creating new opportunities for inclusive growth and development of the Nigerian economy.
General News
MasterCard Predicts Africa’s AI Market to Soar to $16.5Bn by 2030

A new MasterCard report has predicted that Africa’s AI economy will more than triple in five years, reaching $16.5 billion by 2030 from $4.5 billion in 2025.
The whitepaper by the global payments technology company, with a presence in over 50 African countries, identifies responsible adoption, stronger data infrastructure, and aggressive skills development as the three pillars that will determine who benefits.
Mark Elliott, division president for Africa at MasterCard, emphasised that Africa stands at an inflection point, where smart technologies have the potential to make a real difference in people’s lives.
He likened AI’s potential to the continent’s leap into mobile money, which bypassed traditional banking infrastructure and brought millions into the financial system.
“Digital innovation, particularly AI, can drive real change on the ground by empowering communities and building a future where everyone participates in the new economy,” Elliott said.
The in-depth study flags several African frontrunners in AI adoption. South Africa tops the list, blending advanced infrastructure with strong research capabilities. It points out that Kenya is making strides with practical AI solutions, from credit scoring to healthcare services in local languages.
Nigeria’s vibrant start-up scene also gets a strong mention for attracting significant venture capital, while Morocco’s strong push in healthcare, agriculture, and energy, underpinned by bold national digital strategies, is another key driver.
Elliott stressed that success depends on powering electricity access, digitisation, and ensuring AI is fuelled by diverse, high-quality local data.
He added that inclusive transformation needs everyone involved, from small businesses to large corporations, policymakers, and communities. “The only good AI is responsible AI,” said Elliot.
Greg Ulrich, MasterCard’s chief AI and data officer, said Africa’s relationship with technology is one of active innovation, pointing to mobile payments as a homegrown success.
“AI is accelerating this transformation, reshaping how people live, work, and connect,” he said. Ulrich described MasterCard’s fraud detection systems, trained in cities like Lagos, Nairobi, and Johannesburg, as proof that global expertise and local talent can combine to deliver secure, real-time services.
He also cautioned that with scale comes responsibility. “Trust is earned, one transaction at a time,” Ulrich said.
He believes that with one of the world’s youngest populations, Africa’s next challenge is turning strategy into delivery, building infrastructure, nurturing talent, and ensuring AI lifts all communities.
General News
Huawei Hosts MTN MIP Fellows for Immersive Tech Experience in Lagos

The fellows of MTN Media Innovation Programme (MIP) Cohort 4 recently embarked on an immersive tour of Huawei’s Innovation Center, Cloud Service Centre, and Network Support Centre in Lagos, as part of their ongoing industry exposure sessions.

L-R: Isaac Ogugua-Ezechukwu, Programs Administrator, Professional Education, School of Media and Communications, Pan-Atlantic University; Blessings Mosugu, Vice President, MTN Media Innovation Programme Cohort 4; Gavin Geng Xiaoyan, Director of Solution Sales\Chief Technical Officer, Huawei; Vanessa Ukamaka Richard, Secretary, MTN MIP Cohort 4 and Dr Chike Mgbeadichie, Programs Director, Professional Education, School of Media and Communications, Pan-Atlantic University, during the July session of the MTN Media Innovation Program held at the Huawei office in Victoria Island, recently.
At the Huawei Innovation Center, the fellows were introduced to a wide array of next-generation technologies. Demonstrations covered Huawei’s smart city solutions, advanced power technologies, cloud systems, and upgraded router and antenna designs. These solutions represent the core of Huawei’s contributions as a strategic partner in MTN’s journey from a connectivity provider to a digital enabler.
One of the highlights of the tour was a live demo of an AI-powered video generator, which transformed selfies into high-definition 30-second avatar-based videos. The videos, created and delivered within seconds via Bluetooth, showcased the real-time capabilities of 5G.
Speaking on how 5G is transforming digital lifestyle globally, the Deputy Managing Director, Marketing and Solutions at Huawei Nigeria, Gavin Geng, noted that “Huawei’s goal is to bridge the gap between global innovation and local demand by tailoring technology to meet Nigeria’s specific challenges. From delivering Nigeria’s first digital village alongside our partners, to launching Nigeria’s first local cloud service, we are committed to working with our customers to build infrastructure that serve both urban and underserved communities.”
He emphasised Huawei’s commitment to security and cutting-edge innovation, adding that “as an employee-owned company adhering to strict global security standards, we ensure that customers’ data and connectivity remain secure while they benefit from next-gen solutions such as 5G, AI, smart city technologies.”
The session underscored MTN’s readiness to meet the increasing demands of Nigeria’s data-driven population and support the country’s digital transformation goals.
Afterwards, the fellows received certificates to commemorate the visit and proceeded to the Huawei Service Centre. Spanning 4,000 square metres, the facility supports operations in telecoms, finance, transportation, power, and public service.
With a dedicated DevOps team, the centre customises its monitoring systems for different clients. It is ISO27001 certified, and all employees hold security certifications, reflecting its emphasis on data protection and operational excellence.
To wrap up the day, the MIP cohort was hosted to a dinner attended by MTN’s Chief Services and Sustainability Officer, Tobechukwu Okigbo. He encouraged the delegates to maximise the opportunity the programme offers and shared personal insights during an experience-sharing moment.
General News
NIMC Sets 48-hour Deadline for Diaspora Partners to Activate New Licences

The National Identity Management Commission (NIMC) has given its Diaspora Front-End Partners (FEPs) 48 hours to obtain and activate their National Identification Number (NIN) enrolment licences on its newly upgraded diaspora enrolment platform.
The commission said the deadline followed the successful completion of a major upgrade aimed at improving the security, efficiency and reliability of NIN registration for Nigerians living abroad.
According to NIMC, the upgraded platform will offer a more seamless and robust service to diaspora applicants, ensuring faster processing and better data protection. To prepare for the transition, all FEPs have been onboarded onto the new system and taken through intensive training to equip them with the knowledge needed for effective management of the platform.
Once compliant partners activate their licences, Nigerians abroad will be able to access NIN enrolment services through them without disruption.
“The Commission apologises for any inconvenience the upgrade process might have caused and has set up a dedicated service team to resolve all issues related to diaspora enrolment,” NIMC said in a statement signed by Dr. Kayode Adegoke, its head of corporate communications.
Diaspora applicants experiencing difficulties have been advised to contact the commission for prompt assistance.
While the new system rolls out overseas, NIN enrolment continues across all centres in Nigeria, with applicants able to locate their nearest centres on the NIMC website. Nigerians at home or abroad can also modify their NIN data via the online self-service portal.
NIMC further encouraged NIN holders to download the NIMC NINAuth App on iOS or Google Play to instantly verify their NIN, control who can access their information, and enjoy secure authentication services.
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