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Third BOI Board of Directors Inaugurated

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The Federal Ministry for Commerce and Industry has inaugurated the third Board of Directors of the Bank of Industry (BOI) Limited towards priming the bank for the strategic role it has to play in the country’s attainment of the Millennium Development Goals (MDGs) and Vision 20:2020.
Ms Josephine Tapgun, the minister of State for Commerce and Industry during the inauguration of the nine-member Board that the Federal Government and BOI’s said  shareholders demand strict adherence to relevant laws, regulations and guidelines, especially the Company laws of Nigeria and other prudential guidelines issued by the Central Bank of Nigeria (CBN).
Tapgun said the Board would have to ensure that the Bank’s operational strategies are designed to facilitate the rapid achievement of the set targets and that BOI is run strictly along professional lines and also keeps to international best practices.
She reiterated the government’s determination to address infrastructural challenges militating against the sustainable growth of the real sector of the Nigerian economy. “The government is resolute in its commitment of the completion of the on-going independent power projects across the country with its multiplier effects on employment generation, poverty alleviation and wealth creation,” she added.
She charged the directors and management to further enhance the capacity of the bank by ensuring that it is propelled to greater heights and also that the board should improve on the achievements of previous boards who had provided financial and technical support to more than 10,000 entrepreneurs.
Expressing concern on the challenges facing the bank and its customers, Tapgun advised the board to initiate credible and sustainable means through which the organized private sector could easily access funds meant to drive the economy.
The membership of the board, according to her, cuts across key stakeholders in the industry with representation from Federal Ministry of Finance, Central Bank of Nigeria, Manufacturers Association of Nigeria, the private sector and Federal Ministry of Commerce and Industry.
Alhaji Abdulsamad Rabiu, chairman Board of Directors BOI, while expressing gratitude to the federal government said that professionalism will be emphasized and that the board will be guided by global best practices in pursuit of the bank’s mandate.
“Both the board and the management of the bank will work together to make a change because if we take wise decisions, and work together transparently, flexibility and honestly, progress in a few areas will lead to progress in many more,” Rabiu stated.
Soliciting for support from stakeholders, he hoped that young industrialists and Small and Medium Entrepreneurs (SME) will be assured that BOI is working hard to build a better future for them, adding that the board will serve to the fullest of its capacity and hear the appeals of SMEs.

 

 


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NIHSA Warns States of Possible Flood within Seven Days

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Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.

NIHSA Warns States of Possible Flood within Seven Days

According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.

“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.

“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.

“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.

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“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.

NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.

“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.

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First Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy

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First Trustees Limited, a subsidiary of FirstHoldCo Plc., and a leading provider of fiduciary and trusteeship services in Nigeria, is encouraging individuals, professionals, entrepreneurs, and investors to view Estate Planning not as an end-of-life exercise, but as a strategic investment tool for protecting, preserving, and transferring wealth across generations.

As more Nigerians focus on wealth creation through businesses, real estate investments, and other income-generating assets, experts are emphasizing that building wealth is only one part of the equation.

Equally important is creating structures that ensure those assets remain protected, properly managed, and seamlessly transferred to succeeding generations in accordance with the asset owner’s wishes. Importantly, Estate Planning is not solely for the wealthy, it is a prudent step for anyone with assets, dependants, or a business to protect, regardless of age, profession, or net worth.

Speaking on the importance of Estate Planning, Ereifemi Akeredolu, Managing Director/CEO, First Trustees Limited, noted that Estate Planning should be considered a core pillar of every long-term financial strategy.

“Many people focus on creating wealth but give litle thought to preserving it. Estate Planning is a wealth protection strategy that helps individuals safeguard their assets, secure their family’s future, and ensure that the value they build today continues to benefit future generations.”

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Using tools such as Trusts, Wills, and advanced succession plans, individuals can build structures that support wealth preservation, business continuity, asset protection, and intergenerational wealth transfer.

For entrepreneurs and business owners, Estate Planning serves as a powerful tool for ensuring business sustainability, helping organizations remain stable and operational regardless of unforeseen circumstances.

First Trustees continues to emphasize and educate on the importance of Estate Planning as a comprehensive strategy for proactive planning. It remains one of the most important financial decisions an individual can make: it provides clarity, minimizes uncertainty, and protects assets from unnecessary erosion and disputes. It also creates financial security for loved ones, supports business succession and continuity, and facilitates long-term investment and legacy planning.

 

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Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory

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Nearpays, Nigerian fintech, has won the AI for Good Innovation Factory grand finale — the first African startup ever to take the global title in the competition, which runs as part of the United Nations’ AI for Good Global Summit.

Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory

The competition drew more than 500 startups worldwide, each pitching AI solutions aimed at social and economic challenges.

The summit itself is organised by the UN through the International Telecommunication Union (ITU) in partnership with several UN agencies, convening governments, researchers, startups, and technology companies around AI’s role in development.

Nearpays’ route to the title ran through Johannesburg, where it won the African regional competition, before advancing to the global finals in Geneva.

There, the company progressed through the semi-finals and claimed the grand finale — a first for the continent.

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The company describes the win as bigger than a corporate milestone, calling it a victory for African innovation and proof that technology built to solve local problems can compete, and win, on the world stage.

Nearpays was founded to close a stubborn gap in African payments: small and medium-sized businesses that can’t afford or access traditional point-of-sale terminals.

Cost, availability, and deployment hurdles have kept many merchants — particularly in rural and underserved communities — locked out of digital payments.

Its answer is SoftPOS: an AI-powered platform that turns compatible Android smartphones into payment acceptance devices, letting merchants take contactless card payments with nothing more than their phones. AI is embedded across the platform, supporting payment processing, compliance, fraud detection, and business operations.

Crucially, the platform was built for African infrastructure realities — it works both online and offline, so merchants can keep accepting payments even without internet connectivity.

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The company credited its team’s years of product development and customer engagement for the result, and thanked the UN, the ITU, and the AI for Good initiative for building a platform where innovators can apply AI to real-world problems.

It also said it hopes the win encourages more African founders to build technology that answers local needs while competing internationally.

For Nearpays, the title closes one chapter and opens another, as the company pushes on with expanding digital financial infrastructure across Afric

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