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Sterling One Foundation Commits to the African Union Year of Education 

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L-R: Albert Nsengiyumva. Executive Secretary, Association for the Development of Education in Africa (ADEA), Olapeju Ibekwe, CEO, Sterling One Foundation, Obiageli Ezekwesili, Former Minister of Education, Nigeria and Founder, Human Capital Africa, John Ntim Fordjour, Deputy Minister of Education, Ghana and Dr. Benjamin Piper, Director of Global Education, Bill and Melinda Gates Foundation at the 2023 High Level Policy Dialogue on Foundational Learning in Zambia recently.
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Sterling One Foundation has reiterated its commitment to investing in foundational learning and working with the Association for the Development of Education in Africa (ADEA) and partners to boost education in Africa.

L-R: Albert Nsengiyumva. Executive Secretary, Association for the Development of Education in Africa (ADEA), Olapeju Ibekwe, CEO, Sterling One Foundation, Obiageli Ezekwesili, Former Minister of Education, Nigeria and Founder, Human Capital Africa, John Ntim Fordjour, Deputy Minister of Education, Ghana and Dr. Benjamin Piper, Director of Global Education, Bill and Melinda Gates Foundation at the 2023 High Level Policy Dialogue on Foundational Learning in Zambia recently.

This commitment was made at the 2023 High Level Policy Dialogue hosted in Zambia by ADEA and the Zambian Ministry of Education to inform policy and decisions on foundational learning, foster dialogue and peer learning, and share good practices on what works in foundational learning in support of the African Union Year of Education scheduled for 2024.

Over the years, development experts have bemoaned the dire situation facing Africa’s youth, given the inefficient education system in place to cater to them, coupled with the rapid rise in their population. In Sub-Saharan Africa, the State of Global Education Update reports that only 10% of 10-year-olds are able to read basic story texts or solve simple arithmetic problems, thus placing the region as the lowest in terms of numeracy skills and foundational literacy in the world.

With this challenge at the front burner, ten African Ministers of Education and some other country representatives agreed to prioritize foundational learning and develop a foundational learning starter pack model for the 2024 African Union Year of Education (AUYoE) and beyond, as an urgent step towards tackling the challenge.

The starter pack is expected to serve as a uniform resource material that will help the participating countries develop a sustainable solution for the problem. Furthermore, the model will prioritize data collection and analysis of the data in partnership with ADEA and other key policy partners to improve laws and bring to fore policies that foster more efficiency, peer learning and best practices in support of the AUYoE.

Sharing her perspective on the resolutions from the Dialogue, Mrs. Olapeju Ibekwe, ceo of the Sterling One Foundation hailed the ideas and strategies put forward, stating that it will strengthen the work of private sector and civil society organizations contributing to the solutions.

“Policies are crucial to sustainable development work in Africa and we are glad that the deliberations here have fashioned out ways to improve the work being done across the early childhood and primary education value chain. At our Foundation, we support the work of different stakeholders through grants, technical support and strategic engagements, and we are excited to see how the mainstreaming of the resolutions here will improve that work,” she added.

Some of the key aspects the decision-makers at the Policy Dialogue hope to address in the immediate future include adoption of structured pedagogy for the continent, introduction of more age-appropriate teaching methods and use of technology to improve teacher quality, through training and performance monitoring and improvement.

The Minister of Education of Zambia, Hon. Douglas Munsaka Syakalima while stressing the importance of all stakeholders taking the resolutions seriously mentioned that education, especially foundational learning is at the base of what will drive Africa’s development.

“It is by building people that we will derive the resources to craft a new vision and bring such a vision to life. Without foundational skills in numeracy and literacy, there can be no further learning quality,” he said.

Participants at the High-Level Policy Dialogue got the opportunity to review some of the solutions and insights from the participating countries to see what works and where improvements and adaptations are possible. There were also school visits organized for participants to get some firsthand experience of play-based learning and other important concepts made possible by the right policies.

During his remarks, the Executive Secretary of ADEA, Mr. Albert Nsengiyumva highlighted the need for a collective commitment to tackling the crisis the continent faces, stating that: “Africa is the continent most affected by the learning crisis, and it is where the solutions must be developed.”

He thanked the participating Ministers of Education and other stakeholders for the work they have done so far, and urged them to continue on that momentum to ensure the acceleration of progress.

Some other leaders who spoke at the Policy Dialogue include Dr. Obiageli Ezekwesili, Founder of Human Capital Africa and Co-convener of the Foundational Learning Ministerial Coalition, and Dr Benjamin Piper, Director of Global Education at the Gates Foundation, both of whom advocated strongly for data-driven decisions and scaling what has worked.


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E-Financial

Fidelity Bank Raises ₦232Bn in First Phase of Capital Raising

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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.


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FG Seeks Fresh $580m Loan from World Bank

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Federal government of Nigeria is seeking two fresh loans totaling $580m from the World Bank in March 2025.

FG Seeks Fresh $580m Loan from World Bank

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.

 

 


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Leadway Group Launches Campaign to Drive Financial Inclusion

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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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