E-Financial
Stakeholders, Global Leaders Commit to Bold Solutions for Africa @ ASIS 3.0

Africa Social Impact Summit (ASIS) 2024, co-convened by The Sterling One Foundation and the United Nations, was held at the Eko Convention Center from July 25-26. This landmark event highlighted the importance of collaboration across sectors, bringing together private sector organizations, NGOs, and other stakeholders to tackle Africa’s most pressing challenges.

L-R; Olapeju Ibekwe, CEO, Sterling One Foundation; Dr. Jumoke Oduwole, Special adviser to the President of Nigeria on Presidential Enabling Business Environment Council (PEBEC) and Investment; Obafemi Hamzat, Deputy Governor, Lagos State, and Abubakar Suleiman, MD/CEO, Sterling Bank and member of the Board of Trustees, Sterling One Foundation at the Africa Social Impact Summit in Lagos recently.
A significant outcome of the summit was the commitment to developing a resource allocation framework aimed at addressing healthcare issues across the continent. ASIS 2024, the largest hybrid gathering of leaders in the African development sphere, underscored the crucial role of the private sector in driving innovative and sustainable solutions for Africa’s future.
The event kicked off with a keynote address by United Nations Deputy Secretary-General Amina Mohammed. “Sustainable growth must include climate resilience, leveraging technology, and private sector innovations,” she stated, urging attendees to “recommit to the 2030 agenda with a focus on inclusivity, impact, and inspiration.”
A diverse gathering of government officials, business executives, and development experts participated in the summit. Olapeju Ibekwe, CEO of The Sterling One Foundation, emphasized the necessity of collaboration: “No single entity can address the multifaceted challenges we face. Through partnerships, we can harness diverse expertise and resources to tackle issues ranging from healthcare to climate resilience.”
An Investor Roundtable, organized by the Lagos State Government in collaboration with various organizations, opened the summit. Lagos State Executive Governor Babajide Sanwo-Olu’s presence underscored the government’s commitment to fostering a favorable environment for sustainable development.
Throughout the summit, the indispensable role of the private sector in Africa’s future growth was a recurring theme. Abubakar Suleiman, CEO of Sterling Bank, noted, “Creating a market for social impact means ensuring there is information, trust, and efficient allocation of resources.”
Deputy Governor of Lagos State Obafemi Hamzat presented the “THEMES PLUS” initiative, which promotes development in crucial sectors. “ASIS 2024 must serve as a catalyst for collaboration and action,” Hamzat declared, highlighting the importance of public-private partnerships.
Jumoke Oduwole, representing Vice President Kashim Shettima, called for a paradigm shift in economic thinking. “It is time for action; we must move beyond rhetoric and focus on solutions with tangible impact,” she asserted. “Africa can lead the way in a new model that balances prosperity, the environment, and equity.”
A significant highlight was the “Bold Actions Meeting” on the second day, where fifteen commissioners of health from various Nigerian states convened to focus on healthcare challenges. Zouera Yousouffou, CEO of the Aliko Dangote Foundation, candidly addressed the need for a shift from diagnosis to intervention. “Africa does not have the necessary resources or organizational framework to address health-related problems,” she said.
ABC Health CEO Mories Atoki pointed out the politicization of partnerships as a major barrier, while Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group, stressed the importance of delivering tangible outcomes over empty promises.
The summit also tackled the integration of displaced persons into the workforce. A panel led by H.E. Mrs. Toyin Saraki, founder of Wellbeing Foundation Africa, discussed strategies for the economic empowerment of this vulnerable population, featuring insights from UNHCR representatives and refugees.
Professor Akin Abayomi, Lagos State Commissioner of Health, highlighted the foundational importance of moral leadership and education, noting, “Leaders don’t just happen; they are made through education and training.”
The summit facilitated the formation of new partnerships aimed at addressing healthcare, climate resilience, and economic empowerment. Attendees committed to actionable plans, including the development of a resource allocation framework and initiatives to integrate displaced persons into the workforce.
ASIS 2024 brought together top leaders from diverse sectors, underscoring a collaborative approach to sustainable development. The active participation of high-level officials and experts, combined with the tangible commitments made, reinforces the credibility and impact of the summit.
E-Financial
Fidelity Bank Raises ₦232Bn in First Phase of Capital Raising

Fidelity Bank Plc, Leading financial institution, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).
A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification. However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.
With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% allotted.
“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank.
“We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”, commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer, Fidelity Bank Plc.
The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.
With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.
Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank with its combined offer of June 2024, became the first financial institution undertake a public offer on the Nigerian Exchange Group.
From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
E-Financial
FG Seeks Fresh $580m Loan from World Bank

Federal government of Nigeria is seeking two fresh loans totaling $580m from the World Bank in March 2025.
The loans are for: Accelerating Nutrition Results in Nigeria 2.0; and HOPE for Quality Basic Education for All, are expected to receive final approvals on March 27 and March 20, 2025, respectively.
According to the report on World Bank’s website, the funding will be used to improve nutrition and education initiatives, with two projects currently awaiting approval.
The HOPE for Quality Basic Education for All programme has a commitment of $552.18m, with $500m coming from the World Bank and an additional $54m from other sources.
The initiative is designed to tackle Nigeria’s education crisis, where over 17 million children remain out of school.
It is expected to enhance early childhood education, primary and junior secondary schooling, as well as expand access to learning resources.
The programme will be implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Education and the Universal Basic Education Commission.
The project remains in the ‘Concept Review’ phase, requiring further consultations before being finalised.
The second loan project, the Accelerating Nutrition Results in Nigeria 2.0 project, is expected to secure $80m from the World Bank to address malnutrition and food insecurity.
The $232m was approved on June 27, 2018, for the Accelerating Nutrition Results in Nigeria.
This initial loan project was faced with a number of challenges, leading to some changes, including the cancellation of some amount from the total approved loan.
However, the Federal Government is currently engaging the World Bank to get an extra loan for a second part of this project.
The approval day for the second part was moved from February 20, 2025, to March 20.
As Nigeria continues to struggle with a high rate of stunting among children, the project seeks to improve access to quality nutrition services, particularly for pregnant women, lactating mothers, adolescent girls, and children under five.
It will be implemented through primary healthcare facilities and community-based programmes.
Also, it will include interventions such as nutrition-smart agriculture to bolster household food security and dietary diversity.
Part of the funding will support project management, government coordination, and data-driven decision-making to enhance long-term sustainability.
This project is currently at the ‘Decision Meeting’ stage, indicating it is closer to final approval compared to the education initiative.
The approval of these loans is expected to enhance Nigeria’s human capital development by improving education and nutrition outcomes.
The World Bank has been a key development partner, funding various projects to address socioeconomic challenges in the country.
However, concerns persist over Nigeria’s growing debt burden, with economists questioning the government’s borrowing strategy.
The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.95bn from the World Bank in about 18 months.
Not less than 10 loan projects have been approved by the World Bank under the current administration.
According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $17.32bn, with the majority owed to the International Development Association, which accounts for $16.84bn, which represents 39.14 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.
The Federal Government had earlier spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
This was according to data from the Central Bank of Nigeria on international payment statistics.
The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.
The World Bank, in its recent International Debt Report, revealed that developing nations spent an unprecedented $1.4tn on foreign debt servicing in 2023, driven by a surge in interest rates to their highest levels in 20 years.
Interest payments alone reached $406bn, a nearly 30 per cent increase from the previous year, severely impacting spending in critical sectors such as health, education, and environmental programs.
According to the report, the most vulnerable economies, those eligible for loans from the World Bank’s International Development Association, bore the brunt of the financial strain.
E-Financial
Leadway Group Launches Campaign to Drive Financial Inclusion

Leadway Group, one of Nigeria’s non-banking financial services provider, has launched a nationwide retail campaign to drive financial inclusion and enhance awareness of its comprehensive suite of insurance solutions.
The company said the initiative underscored its commitment to delivering accessible and tailored financial products designed to meet the diverse needs of Nigerians.
It said the campaign, tagged “No Looseguard”, is a collaborative effort among Leadway Group’s five subsidiaries and business extensions which include Leadway Assurance Company (LAC), Leadway Asset Management (LAM), Leadway Pensure (LP), Leadway Capital and Trust (LCT), and Leadway Health (LH).
Together, these entities offer a holistic approach to financial security and wellbeing, ensuring that Nigerians have access to robust insurance, investment, pension, trust, and health solutions.
Leadway said the campaign aimed to educate Nigerians on the importance of proactive planning for wealth creation, risk management, retirement security, wealth protection, wealth transfer, and physical well-being. It emphasised that the tools for effective planning were available to Nigerians through the comprehensive one-stop shop offered by the Leadway Group.
Speaking on the campaign, Diana Mulili, Head of Digital Business at Leadway, highlighted the significance of intentional life decision-making and the group’s commitment to empowering individuals to make smarter choices for their financial security, fulfilled living and peace of mind, despite life’s uncertainties.
“Nigerians need to take deliberate steps to secure their financial future and overall well-being. As the campaign rightly states, ‘Life comes at you fast,’ so don’t lose guard; because if you snooze, you lose,” she stated.
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