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OBG Launches Academy in Nigeria to Foster Financial Education

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In partnership with OBG LLC in the United States, OBG Limited has announced the launch of its financial literacy Academy in Nigeria as part of efforts towards improving financial education in the country.

The OBG Academy is a financial literacy institution that educates Nigerians with the requisite knowledge of the financial market, helping them to make informed decisions around trading and investments with the goal of achieving financial independence.

Dr. Damola Solanke, the MD /CEO of OBG Limited, said “the aim of OBG Limited is to provide financial literacy, through the academy to participants, leveraging market insights and innovative tools to train them on how best to navigate the new financial space.

At OBG, we educate and equip Nigerians with the knowledge they need to invest by themselves in the financial market so they can be independent. We also provide live mentorships, where participants can access over 200 educators worldwide for increased knowledge and practical trading techniques.

Asides this, we provide support for members of the academy by offering tools and strategies using Artificial Intelligence to analyse the financial market. Our long-term goal is to ensure that through the education offered at the Academy, people can take control of their financial lives and make informed financial decisions”.

With the launch of the academy in Nigeria, OBG Limited is offering a free training program to provide an overview of the financial market in Nigeria, providing the relevant knowledge needed to efficiently navigate the Nigerian financial services space.

Speaking further about the academy’s mode of operation, Dr. Solanke said “because our values are to empower, educate and enrich, our academy has simplified learning by providing academies to which participants can choose from depending on their preferences and needs.

“What is most interesting is that anyone willing to participate in any of the programmes at the academy does not need to have a laptop because all programmes and tools can be accessed either by using a mobile phone.”

Around the world, finance and investment engagements are evolving in a dynamic fashion. In view of this, there is a growing increase in efforts towards improving financial literacy as a means of empowering more people to have greater access to financial services and make informed financial and investments decisions

With new digital technologies changing the value proposition of financial products, services and digital currency in the financial services industry,the launch of the OBG financial literacy academy in Nigeria will further expand access to financial knowledge, tools, and resources necessary for improving financial freedom in the country.

The OBG financial literacy academy is providing financial literacy to diverse beneficiaries through three main divisions; the digital currency academy, focused on crypto, the forex academy focused on the financial markets and the binary options academy focused on fast-paced markets.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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