News
VFD Group Seeks Commercial Banking Licence

The VFD Group Plc has stated that it will intensify its quest to obtain a commercial banking licence from the Central Bank of Nigeria (CBN) before the end of 2023.

In addition, it said it is on the verge of establishing a global remittance business that would allow it expand its offering within the foreign exchange and currency exchange business.
It also stated that it would refocus its VFD Microfinance Bank to a full digital banking entity that would offer diverse innovative financial solutions to its esteemed customers.
These were disclosed yesterday by the Group Managing Director/Chief Executive Officer of the VFD Group, Mr. Nonso Okpala, during the group’s fifth Annual General Meeting (AGM) held in Lagos.
Okpala said: “While we are yet to conclude our plans of acquiring a commercial bank license and an insurance company, we are well placed to achieve these way ahead of the timeframe of 2023.
“Our application for a commercial banking license remains in the works and at an advanced stage. We are in constant engagement with the regulatory authorities, and we would provide update to all stakeholders as we make progress.
“Learning from the past 12 months, it is instructive that we refocus our customer facing businesses to become dynamic, leveraging technology to create omni-channel experience that will meet our customers’ needs while allowing us to be lean and efficient.
“Hence, our micro-finance bank will begin the transition to a full digital entity offering diverse innovative financial solutions to our esteemed customers.”
He said the group’s “conversations with a UK-based remittance company are at an advanced stage and we hope to conclude this in the second quarter of 2021.”
The group managing director said the group delivered on all key financial indicators in 2020 to validate its strategic direction.
Okpala said the major factors that contributed to the performance were the group’s investment income from its Eurobond portfolio, interest income from lending activities, earnings from other subsidiaries and foreign exchange valuation gain.
He said: “We did quite well this year largely from our treasury activities as well as income from subsidiary companies. The dividend was our way of expressing appreciation to our shareholders for their support.”
The Chairman of the VFD Group Plc, Mr. Olatunde Busari (SAN) declared that the group has set aside dividend of N1.014 billion to reward its shareholders with the payment of a dividend of N8.51k per share for 2020 financial year that ended on December 31, 2020, compared to N3.30 it paid in 2019.
Busari said gross earnings grew by 97 per cent to N6.7 billion in 2020, as against the N3.4 billion earned in 2019, while the group’s profit before tax grew year-on-year by 173 per cent to close at N4.1 billion in 2020 compared to N1.5 billion it recorded in 2019.
He also said the group’s total asset grew by 85 per cent to close at N81.7 billion within the year under review, as against the N44.2 billion recorded in the preceding year.
Busari, however, summed up the group’s business experience in 2020 as, “Navigating a very uncertain world,” saying that the group’s vision in 2021 was to become a commercially viable proprietary investment company with global influence by focusing on building positive and socially conscious ecosystem.
Busari said: “We have delivered yet again other record levels of revenue and profit. Year 2020 has been a tough year but fortunately we are able to wade through the tide as you know that we have multiple investments in the Nigerian financial sector and were able to declare dividend of N8.51 per share. The shareholders are happy that the company did very well and I commend the management of my company.”
The VFD’s Group Financial Controller, Mr. Folajimi Adeleye, attributed the success the group recorded in 2020 to activities that fetched it interest revenues. “But we also did a lot of treasury activities. We maintain a positive outlook for 2021 even though we expect it to be tough and we are going to focus more on risk management.”
A shareholder, Ms. Karem Abah, said that she was amazed that the group could pay us N8.51 dividend per share considering the challenges businesses faced in 2020, adding: “I am really happy and impressed with the result.”
News
Francis Okafor Stuns China, Emerges Second-Place Winner @ Tencent OpenClaw Hackathon

In a striking moment of global recognition for African talent in artificial intelligence, Shenzhen-based Nigerian technologist, Francis Okafor has emerged as the second-place winner at the 2026 Tencent OpenClaw Hackathon, a fiercely contested competition hosted by Chinese tech giant Tencent.

The achievement places the Nigerian engineer among the top innovators in one of the world’s most competitive technology hubs, Shenzhen, often described as China’s Silicon Valley.
Okafor’s journey to the podium was anything but scripted. Walking into Tencent’s facility on the day of the contest, he found a room already buzzing with elite programmers deep in preparation.
“Laptops open. Heads down. Some people setting up their system before the challenges even dropped,” he recalled, contrasting the scene with his own uncertainty at that moment. “And then there is me — a Nigerian looking around like, okay Francis, what exactly are you doing here?”
Rather than confidence, his first reaction was raw nerves. “I won’t lie, I had goose bumps. Not the inspirational kind,” he admitted, describing a quiet internal debate about whether he had wandered into territory far beyond his league. Yet that hesitation quickly gave way to experimentation, a hallmark of the hackathon spirit.
Earlier that same week, Tencent had rolled out OpenClaw integration into WeChat (known domestically as Weixin), exposing its massive user base to AI agent capabilities.
Okafor, a senior technology lead, artificial intelligence advocate, and global community organiser, had already been stress-testing the system and decided, on the spot, to build his entry around it. “I had been pushing it hard all week just to see what it could do… so when the challenges dropped I thought, you know what, let me use this thing as my weapon.”
That decision proved decisive. Competing against some of the most accomplished engineers in China’s hyper-competitive tech ecosystem, Okafor’s solution stood out for both ingenuity and execution. “It went far enough apparently,” he said with understated pride after securing second place.
Remarkably, he had entered without a grand plan. “I didn’t go in with a strategy. I went in for the thrill of it… Honestly I thought I would learn a few things and go home with a good story.” Instead, he left with a trophy, and a narrative that has resonated far beyond the competition hall.
Beyond personal triumph, Okafor emphasized the broader technological significance of the moment. Tencent released the WeChat OpenClaw plugin on the very morning of the event, effectively putting advanced AI agent tools into the hands of an estimated 1.4 billion users.
In his view, this signals a profound shift in how artificial intelligence will reach the public. The company, he observed, is “not just making AI accessible to developers… they are bridging it to everyone,” while using hackathons to identify innovators capable of pushing the technology forward, regardless of origin.
Okafor was acutely aware of his uniqueness in the room. “I was definitely the only African there and for sure stood out,” he noted. Yet what mattered was not nationality but capability. “Nobody cared about where I was from. They cared about what I built.”
His message to aspiring technologists, particularly those from underrepresented regions, is both simple and powerful: show up. “Enter things you think you have no business entering,” he urged. “The worst case is you learn something. The best case is you shock yourself.”
In an industry often defined by geography, capital, and institutional advantage, Okafor’s victory offers a compelling counter-narrative. Talent, preparation, and courage can still disrupt expectations, even in rooms that seem designed for someone else.
As he concluded in a line that has since captured widespread attention: Black excellence, he said, “doesn’t need a geography.”
News
CBN Pledges Deeper Synergy with EFCC in Enugu Operations

Economic and Financial Crimes Commission (EFCC) has urged the Central Bank of Nigeria (CBN) to deepen collaboration and provide faster operational support in Enugu State.

Zonal Director of the EFCC Enugu Zonal Directorate, Commander Daniel Isei, made the call during a courtesy visit to the CBN Branch Controller in Enugu, Mr Otutubuike Justice Agbaeze, on Tuesday.
The engagement forms part of ongoing efforts to boost inter-agency ties, enhance financial sector accountability, and fortify anti-money laundering initiatives nationwide.
Isei described the CBN as “our most critical partner in the fight against economic and financial crimes,” highlighting years of joint operations and the bank’s role in securing recovered assets.
“The CBN naturally stands out as one of our most critical partners… it serves as a secure repository for valuables recovered by the EFCC and it has greatly enhanced our operations,” he stated.
While commending past cooperation, Isei appealed for quicker responses to the EFCC’s frequent investigative requests from its Enugu office.
“We understand that these requests may be demanding, but timely responses are crucial, as time is of the essence in financial investigations. We therefore seek your continued indulgence in ensuring that our letters receive expeditious attention,” he added.
In response, Agbaeze reaffirmed CBN’s dedication to the partnership, pledging expert support and improved synergy “in the interest of financial system stability and national development.”
News
Firm Shares Tips for Updating Your Digital Habits for an AI-driven World

As smart devices with artificial intelligence (AI) tools, and always-on services become part of everyday life, the cybersecurity habits many people formed a few years ago may no longer be enough.

From AI-powered scams to social media trends that encourage users to upload personal details, the way people interact online is changing quickly. Ensuring that you stay secure now requires small, deliberate actions in your daily digital behaviour. Experts from Kaspersky, a global cybersecurity and digital privacy company, share the below advice to stay safe online.
- Be cautious with verification requests. Many scams now mimic legitimate verification processes, asking users to confirm accounts, update payment details, or approve login attempts. Because people are used to frequent security prompts, it is easy to respond automatically. Pause before sharing verification codes or personal information and independently verify requests through official websites or by contacting service providers directly.
- Cultivate healthy AI usage habits. AI agents, chatbots and multimedia-generating apps can be convenient and entertaining, but uploading high-resolution photos or personal information carries privacy implications. Facial images can function as biometric identifiers, and once shared with an online service, be it AI or a social network, control over how that data is stored or reused may be limited. Before using AI tools, review privacy policies, minimise the personal information they provide, and avoid uploading sensitive documents or confidential content.
- Do your homework on AI. For parents, the rise of AI assistants introduces another dimension. While AI tools can help in making education interactive and gamified, children may turn to AI tools for homework support or entertainment without fully understanding how their data is used or how to evaluate responses critically.
Open conversations about responsible AI use, privacy awareness, and the importance of not oversharing personal information can help children build safe digital habits from an early age.
- Audit your online subscriptions. Reducing digital exposure is another simple but often overlooked step. Over time, unused subscriptions, dormant accounts, and forgotten apps accumulate personal data and payment details. Regularly reviewing subscriptions, deleting unused accounts, and checking which apps have access to personal information can significantly reduce risks of this data being leaked.
- Secure your devices and home. Device longevity and smart home security also play an important role. Older devices that no longer receive security updates may contain unpatched vulnerabilities.
Ensure that smartphones, laptops, routers, and smart home devices are running the latest firmware and are protected with strong passwords and multi-factor authentication. Changing default passwords on connected devices and securing home Wi-Fi networks are essential steps in protecting both personal data and physical spaces.
As technology and AI becomes more integrated into daily life, security is less about dramatic measures and more about consistent, informed habits.
“Technology evolves quickly, and our online behaviour should keep pace,” says Brandon Muller, Technical Expert for the Middle East and Africa region at Kaspersky. “Take time to review privacy settings, app permissions, and connected third-party services, removing anything that is no longer needed. By being more deliberate about what we share, how we verify requests, and how we manage our devices, we can significantly reduce exposure to modern cyber risks while enjoying all the benefits of new technologies.”
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