E-Financial
PwC Partners Cognext on Enterprise Risk Management Automation

PwC has partnered with Cognext Analytics, a breakthrough solution maker for risk management & regulatory reporting for financial services to introduce Platform X, a leading-edge enterprise risk management solution in Nigeria.
Recognising that institutions have already made investments in managing risks, Platform X has the ability to bring data from the core banking system and other existing applications to provide consolidated dashboards and reports for senior management to have a real-time view on enterprise-wide risk management.
Speaking at the formal announcement of the partnership in Lagos, Mr. Sandip Mukherjee, Cognext’s co-founder, said “innovation and differentiation are key at Cognext.
“PwC Nigeria has provided us an opportunity to understand local market requirements and expectations in the banking sector in Nigeria through their leading Risk Advisory practice in the country. Going forward it will also help us in increasing our reach across the banking sector as a joint offering and opportunity to co-innovate continuously along with PwC Nigeria.”
Mr Femi Osinubi, Partner and Technology Leader, West market, PwC, noted that “risk has become a topical issue and institutions are seeking to use risk to optimise profitability and drive strategic advantage.
The previously siloed approach to risk management is quickly phasing out as institutions have realised the value in investing in integrated systems to manage enterprise risk to create value.
“It is for this reason that PwC has entered into this strategic partnership with Cognext to introduce Platform X, a leading-edge enterprise risk management solution. The collaboration will accelerate the reach of risk and regulatory technology offering in Nigeria.
It will also cater to current requirements on CBN Reporting Automation and help banks in Nigeria automate their entire Enterprise Risk Management in Financial Risk (Credit, Market, Interest, Liquidity, Profitability and Integrated Stress Testing) or Non-Financial Risks in form of GRC offerings (Business Continuity Management, Policy and Compliance Management, Information Security and Third-Party Management)” Osinubi added.
Cognext’s modular solution ‘Platform X’ uses cutting-edge technology such as low code, in memory computation, with optimum use of machine learning algorithms and AI to bring in speed, transparency, and efficiency in Risk Management and Analytics. It is a unified platform catering to Enterprise Risk Management requirements for banks.
E-Financial
GTCO to Become First Nigerian Bank to List on London Stock Exchange

By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.
As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.
This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.
The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.
On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.
It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.
In place of the GDRs, the group will list all its ordinary shares directly.
aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.
The shares will also begin trading on the LSE’s main market for listed securities.
According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.
Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.
This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.
As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.
E-Financial
NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance

The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.
Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.
The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.
The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.
This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.
E-Financial
World Bank Approves Extra $65m for Nigeria’s SPESSE

World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
- Telecom3 days ago
AVEVA Highlights Climate Impact Gains in 2024 Sustainability Report
- General News3 days ago
AfCFTA Opens Opportunity for Logistics Sector
- Telecom3 days ago
ALTON Explains SIM-related Services Disruption Across Mobile Networks
- Telecom2 days ago
NCC Approves MTN, 9Mobile Roaming Collaboration Deal
- E-Financial2 days ago
World Bank Approves Extra $65m for Nigeria’s SPESSE
- E-Financial2 days ago
Ecobank Taps Google Cloud to Deepen Financial Inclusion
- Telecom3 days ago
MTN Foundation, NDLEA, UNODC Unite in Abuja Against Substance Abuse
- E-Business2 days ago
CAC Launches AI-powered Business Registration Portal