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General News

Shareholders Unanimously Approve Holding Company Structure for Sterling

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L-R: Non Executive Director, Sterling Bank PLC, Tairat Tijani; Managing Director / Chief Executive Officer, AbubakarR Suleiman; Chairman, Asue Ighodalo; and Company Secretary of the Bank, Temitayo Adegoke, at a Court Ordered meeting of the bank in Lagos on Monday.
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Shareholders of Sterling Bank Plc unanimously voted in favor of the creation of a new non-operating holding company (HoldCo) to hold the shares in its commercial banking operation as well as the shares of a newly incorporated subsidiary, The Alternative Bank Limited, which will operate as a Non-Interest Banking (NIB) business.

L-R: Non Executive Director, Sterling Bank PLC, Tairat Tijani; Managing Director / Chief Executive Officer, AbubakarR Suleiman; Chairman, Asue Ighodalo; and Company Secretary of the Bank, Temitayo Adegoke, at a Court Ordered meeting of the bank in Lagos on Monday.

At the end of a court-ordered meeting in Lagos yesterday, the shareholders gave the approval for the carve out and transfer of the Bank’s non-interest banking business to The Alternative Bank Limited, under a proposed scheme of arrangement between Sterling Bank Plc and the holders of its fully paid-up ordinary shares of 50 kobo each.
All the shareholders who attended the meeting approved the initiative and commended the foresight of the directors. They also advised the board and management to work hard to nurture new businesses in a bid to enhance the growth of the holding company.
Addressing shareholders at the meeting, Chairman of Sterling Bank, Mr. Asue Ighodalo said under the new arrangement, the assets, liabilities, and undertakings of the non-interest banking business will be carved out of the Bank and transferred to The Alternative Bank Limited.
Ighodalo said, “Following the implementation of the scheme, shareholders will exchange their shares in the Bank for shares in HoldCo in the same proportion as their current holdings in the Bank, which will be a regulated entity for CBN purposes.”
Under the evolving scenario, the HoldCo will be registered as a public company and Sterling Bank Plc will be delisted from the Daily Official List of the Nigerian Exchange Limited (NGX) and the Holdco will be listed in its stead and the Bank (Sterling Bank) will subsequently be re-registered as a private limited liability company.
The Chairman added that the scheme would provide several benefits to the shareholders of the Bank, some of which include facilitating diversification into other permissible business lines, thereby promoting growth and enhancing shareholder value and facilitation of a consolidated financial strength of the group, which will improve access and ability to raise capital.
He explained that the proposed restructuring will ensure that the Bank’s retail depositors are not exposed to the risks associated with the other activities of the rest of the group and the HoldCo structure will provide the subsidiaries with access to group-wide expertise of the parent company model.
He said the HoldCo structure will also allow the Bank to focus solely on its core operations as against the burden of providing oversight and managing other subsidiaries, adding that it will not result in any adverse changes to the rights and ownership of existing shareholders of the Bank.

 


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General News

FG Plans Special Court for Exam Cheats

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Federal government has proposed setting up a National Examination Malpractice Court to swiftly prosecute exam cheats and curb malpractice nationwide.

FG Plans Special Court for Exam Cheats

Dr. Tunji Alausa, minister of Education, affirmed this recommendation of the 17-man committee headed by Professor Is-haq Oloyede, Registrar of the Joint Admissions and Matriculation Board (JAMB) as chairman, on Improvement of the Quality of Examination in Nigeria.

The committee which the Minister inaugurated in January this year submitted its interim report to him on Friday after about five months of extensive work, coming up with far-reaching recommendations aimed at improving the quality of examination and curbing examination malpractices in Nigeria.

Oloyede, in one of the recommendations, asked the Federal Ministry of Education to interface with the National Assembly to enact an Act to establish a National Examination Malpractice Court/Tribunal for prompt prosecution of examination malpractices to serve as a deterrent to others.

Alausa, in his response, assured the committee members that all the 12-point recommendations would be implemented, saying the government would deploy all its machinery to fight the menace of examination malpractice in Nigeria.

His words: “All the 12 recommendations that you reeled out, everyone will agree with me today that none of those recommendations will be impossible to implement. They are all practicable things. The one that we will implement now, we will do that right away, and once we leave here, myself and the permanent Secretary have work to do”.

Some of the recommendations of the committee include: “All documents, including certificates, registration and result slips, etc., should contain National Identification Number (NIN), photograph and date of birth to guard against identity theft and impersonation.

“All Invigilators and Supervisors must register through NIN and subscribe to the Examination body’s Short Code, using the same pattern of 55019/66019 of JAMB in order so track and have full information about the examination officials, including examiners, supervisors and invigilators.

“Swapping Invigilators and Supervisors, not candidates, should commence with effect from the 2025 private SSCE due to the strong views against student swapping expressed by the four concerned examination bodies (WAEC, NECO, NABTEB and NBAIS) pertaining to security, logistics and the fact that centre details are traditionally printed on candidates’ certificates

“Except where absolutely impossible, Invigilators and Supervisors should always be public officials/teachers on pensionable appointments.

“The standard requirements of examination halls/centres should not be waived for any school, while the recommended seating arrangement should be 1.5m by 1.2m, or 1.8 sqm per candidate.

“All examination halls and centres should be equipped with stationary CCTV cameras for surveillance and monitoring purposes. In addition, every examination centre shall have a mini control room where the CCTV camera is monitored for urgent and immediate alert.

“All four concerned examination bodies shall jointly own central control facilities for their use during their examinations to save costs. Body camcorders should be deployed in examination halls and centres for effective monitoring.

“At the point of entry into Basic School, every pupil must generate a unique code which is linked to his/her NIN, which must be identified with the pupil throughout his/her educational journey in Nigeria.

“The Federal Ministry of Education should interface with the National Assembly to enact an Act to establish a National Examination Malpractice Court/Tribunal for prompt prosecution of examination malpractices to serve as deterrent for others.

“The non-implementation of the 1999 Examination Malpractice Act suggests either a lack of political will or non-implementability. Consequently, the Committee recommends a review of the Act in such a manner that it can be immediately implemented to curb examination malpractice.

“Rather than wait till 2027 as initially suggested, the Computer-Based Examination (CBE) should be implemented for objective questions in 2025 private examinations and in full for school candidates in 2026.

“The 30 per cent Continuous Assessment component in the Senior Secondary Certificate Examinations has become a veritable source of corruption in the examination system due to the fraudulent process of inputting the scores in arrears.

“It is therefore recommended that the Nigerian Educational Research and Development Council (NERDC) and any other FME agency, which must have recommended the policy for the approval of the National Council on Education (NCE), should immediately be requested to review the Continuous Assessment System”.’

 


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Nigeria Relaunches National Talent Export Programme to Unlock $1 Trillion Global Outsourcing Market

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The Federal Ministry of Industry, Trade and Investment has announced the relaunch of the National Talent Export Programme (NATEP), a bold initiative led by the Honourable Minister, Dr. Jumoke Oduwole.

The renewed programme is designed to tap into the $1 trillion global outsourcing industry by positioning Nigeria’s youth as a world-class talent pool for digital and professional services.

“What we celebrate today is not merely the launch of a program; it represents the continuation of a vision to position Nigeria as a global leader in the future of work and services,” said Dr. Jumoke Oduwole, Honourable Minister of Industry, Trade and Investment.

“With digital transformation firmly embedded in President Bola Ahmed Tinubu’s economic vision, Nigeria is enhancing the infrastructure, systems, and policy tools necessary for an inclusive and innovation-driven future.”

In alignment with President Tinubu’s 8-point agenda, NATEP is designed to empower Nigeria’s youth, harness global service export opportunities, and drive inclusive economic transformation. With a youthful, English-speaking population, a strategic time zone, and rapidly advancing digital infrastructure, Nigeria is uniquely positioned to become a competitive global supplier of skilled talent.

Under the leadership of Dr. Oduwole, NATEP represents a strategic move to diversify Nigeria’s economy, boost foreign exchange earnings, and create sustainable employment.

The programme will focus on aggregating global demand and connecting it with Nigeria’s skilled workforce through structured and ethical talent export pathways.

The Ministry’s goal is to create 1 million direct export-linked jobs and up to 5 million indirect jobs within five years.

In addition, NATEP aims to attract over $1 billion in foreign direct investment to Nigeria’s growing service export economy. This programme targets high-impact sectors such as technology, business process outsourcing (BPO), the creative economy, healthcare, professional services, and remote work.

As part of this relaunch, Mrs. Teju Abisoye has been appointed as the National Coordinator of NATEP. A development finance expert with over two decades of experience, she has led major national employment initiatives and played key roles in government interventions, entrepreneurship support, and private sector engagement.

Her leadership brings clarity, focus, and execution strength to the programme’s vision.

Speaking at the relaunch, Teju noted, “Our mandate at NATEP is to position Nigeria as Africa’s peerless global talent hub by building an enabling ecosystem through policy, platforms, promotion, and partnerships.

We would actualise this critical national objective by upskilling and enabling Nigeria’s teeming young human capital to take advantage of the $1 trillion global service trade, with soaring demand for digital services, outsourcing, and remote work.

This is one of President Bola Ahmed Tinubu’s strategic interventions to tackle youth unemployment head-on, generate vital foreign exchange, and diversify our economy through service sector expansion”.

NATEP, a Special Purpose Vehicle under the Federal Ministry of Industry, Trade and Investment, has evolved from a basic outsourcing facilitator into a full-scale ecosystem enabler. The programme will now drive policy reform, expand digital infrastructure, strengthen international partnerships, and create reliable talent pipelines that match global standards.

Key components of NATEP include:

  • Training 10 million Nigerians in globally recognized digital and professional certifications
  • Incentivizing BPO and IT-enabled service companies to expand operations in Nigeria
  • Creating legal and ethical pathways for talent export in alignment with global labor needs
  • Building a national talent database to map skills and track employment opportunities
  • Partnering with global outsourcing platforms and employers to aggregate demand

In alignment with President Tinubu’s 8-point agenda, NATEP is designed to empower Nigeria’s youth, enhance foreign exchange earnings, and support inclusive economic transformation. With a youthful, English-speaking population, strategic time zone, and growing digital infrastructure, Nigeria is uniquely positioned to become a competitive global talent supplier.

Minister, NATEP Sign MoU with Alaro City and Itana

To mark this renewed direction, the Honourable Minister led a high-level delegation on an official visit to Alaro City, home to Itana, Nigeria’s first Digital Special Economic Zone, on Friday, May 30, 2025.

The Minister also leveraged the visit to execute a Memorandum of Understanding aimed at strengthening public-private sector collaboration and showcasing the infrastructure and innovation ecosystem that will support the programme’s success.

Dr. Oduwole stated, “I am proud to announce a significant milestone in this effort: the successful signing of a strategic agreement to create an initial 100,000 jobs across high-impact sectors — made possible through collaboration with platforms like Itana, Alaro City, and other partners to mark the beginning of a new phase of joint execution.”

 


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Uche Uzoebo, SANEF CEO Makes Case for More Financial Inclusion Strategies Targeting Women

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L-r: Dr Abubakar Nurudeen Zauro- Special Adviser to the Vice President on Economic and Financial Inclusion, Uche Uzoebo- MD/CEO SANEF, Sa’adatu Salley Regulatory Affairs Stanbic IBTC at Reg Tech awards held in Lagos recently.
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Leveraging digital infrastructure is key to accelerating financial inclusion, especially through a multi-stakeholder approach involving governments, fintechs, t​elecoms, regulators and even the customers.

According to the World Bank report, a significant portion of the global adult population remains unbanked.

Specifically, 27% of adults globally are considered unbanked, and an additional 50% are underbanked, defined as lacking a credit card, , according to Lucidity Insights.

By investing in awareness, robust digital ID systems, interoperable payment rails, and inclusive policy frameworks, stakeholders can expand access to financial services, particularly in underserved regions, and reduce the global unbanked population significantly.

Stakeholders who gathered at the Regtech Conference 2025 discussed these strategies and more, especially facilitating cross-border payments and investment opportunities across Africa.

The event featured a thought-provoking panel discussion moderated by Uche Uzoebo, the Chief Executive Officer (CEO) of Shared Agent Network Expansion Facilities (SANEF) Limited.

The panel discussion themed, “From Borders to Bridges: Leveraging Digital Infrastructure to Drive Financial Inclusion through a Multi-Stakeholder Approach”, brought together diverse voices across banking, fintech, policy, and government to explore how digital infrastructure can be annexed to drive financial inclusion.

Uzoebo highlighted how women often face unique challenges in accessing financial services coupled with limited digital literacy and cultural barriers.

She engaged the panelists to discuss targeted interventions aimed at promoting gender inclusivity in the financial sector and effective financial education programs that empower individuals to utilize digital financial services.

Jacqueline Mpare, Head of Agency Banking, Ecobank Group, highlighted how her organization had established a women-focused initiative to provide support to businesses targeted at women and those with women as part of the leadership by providing them with access to finance and non-financial support.

Isa Aliyushata, Regional Advisor, Africa, Corum Group Limited, stressed the need to inculcate financial literacy into the education curriculum to ensure everyone is exposed to the knowledge of financial literacy from a young age.

The panelists include Ajibade Laolu-Adewale, Chief Partnership & Ecosystems Officer, Wema Bank; Gerald Munyaradzi Nyakwawa, Head of Digital Channels, MoneyMart Finance (Private) Limited, Zimbabwe; Dr. Henry Clarke Kisembo, Group Global Lead and Executive Chairman, Development Associates Link International (DALI); Jacqueline Mpare, Head of Agency Banking, Ecobank Group; Jean Jacques Kajuga, Chief Operations Officer, RSwitch Rwanda; and Isa Aliyushata, Regional Advisor, Africa, Corum Group Limited.

The panelists emphasized collaboration, leading by example, speed and legislative alignment, a unified infrastructure payment system, and collaboration between national and regional switchers to allow a low-cost cross-border payment as key to ensuring financial inclusion.

Meanwhile, her organization, Shared Agency Network Expansion Facilities (SANEF), was honored with the title of 2025 Financial Literacy Champion at the RegTech Awards. This prestigious recognition highlights SANEF’s steadfast commitment to promoting financial literacy and enhancing financial inclusion across Nigeria. Through strategic partnerships, the expansion of agent networks nationwide, and impactful educational programs, SANEF continues to equip millions with the knowledge and tools to make informed financial decisions.


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