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E-Financial

Standard Chartered Unveils Consumer Price Tracker

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A new devise to capture real-time price trends in the Nigerian formal and informal markets has been officially unveiled by Standard Chartered Bank (SCB) to enable it obtain accurate price data, which it said have always been a challenge in developing economies.

The technique, Standard Chartered-Premise Consumer Price Tracker (SC-PCPT), is being implemented in partnership with Premise and adopts innovative crowd-sourcing technology to gather real-time, on-field data on prices of grains/flours and starchy vegetables, which are key drivers of this price trend.

In a teleconference, Razia Khan, head, Africa Macro Research, SCB, UK, told newsmen that ahead of official Consumer Price Index (CPI) releases, “there are often limited means of observing underlying price trends, which contributes to information asymmetry and to greater uncertainty and costs for market participants.”

However, “by adopting innovative crowd sourcing technology, we provide a potential solution to this problem.”

The method, beginning with Nigeria in the African continent, will concentrate on the more populous centres of Lagos and Kano, alongside a few Abuja-based observations, while it would be extended to other African economies over time.

Bola Adesola, SCB chief executive officer, disclosed that over 350 people are engaged in capturing price information with their smartphones, taking photographs of food staples and their price tags (where available or information is taken) and uploading them to a central database.

According to her, “each week, price information on 21,000 data items is captured in this way. Geo-tracking provides location information. Participants are paid through top-up mobile phone credits. This allows for real-time collation and understanding of price trends and their geographic dispersion much sooner than it is likely to be available from any other source.”

This effort becomes necessary in view of the increased investment in Africa, which led to demand for better data, while “micro-level data is needed to support or refute big macro revisions.

Meanwhile, the August data analysis showed no significant effect of the Ebola outbreak on the Nigerian economy, owing mainly to government’s effort at containing its spread, the bank said.

Nevertheless, the bank said the exercise is not meant to create a new Nigerian CPI but, “as a grassroots data collection effort that allows us to engage better with local communities, it is aimed primarily at obtaining more accurate price information for a few staples.

“Over time, it will likely be possible to extend the price observations to other items. Through the innovative use of technology, we hope to resolve an age-old problem – information asymmetry – in a way that will allow us to deepen our understanding of the Nigerian economy.”

It noted further that “rapid real GDP growth and increasing investor interest in the region have highlighted the extent of the persistent data gap. Until now, the publication of high-frequency data for key African economies has not kept pace with expanding investor interest.

“This year alone, Nigeria, Zambia and Kenya announced sizeable revisions to their GDP, ranging from 20-89 percent. While the need for timelier rebasing of GDP data is now commonly accepted, there is also a growing realisation that better micro-level data is needed to complement this.

“Micro-level data can provide an additional check on large macro revisions, supporting or refuting what was previously believed. Greater investor involvement in individual markets also creates demand for more robust data. In order to scale up investor involvement in any market and attract greater capital flows, data availability needs to be enhanced.”


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E-Financial

Sterling Bank Pledges ₦2bn to Fully Fund University Scholarships

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Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.

The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.

Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.

According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.

“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”

Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.


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E-Financial

FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

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Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.

The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.

At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.

Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.

The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.

The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.

Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.

Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.


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E-Financial

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

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Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.

NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.

Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.

In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.

This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.

To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.

Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.

The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.

Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.

These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.

By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.


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