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
WHO Says Ebola Outbreak Worse than Reported

World Health Organisation (WHO) at the weekend declared the Ebola outbreak linked to the rare Bundibugyo virus strain a global public health emergency.

WHO said there is currently no approved vaccine or specific treatment for this strain of Ebola.
At home, Nigeria Centre for Disease Control and Prevention (NCDC) said there is “no confirmed case of Ebola Virus Disease in Nigeria” but had tightened surveillance against the deadly virus.
The outbreak, linked to the rare Bundibugyo strain of Ebola, has already caused dozens of deaths in Congo and spread into Uganda, raising fears of wider transmission across the region.
In response, Nigeria Centre for Disease Control and Prevention said that the country remains on alert because of growing movement across African borders.
Jide Idris, director-general said the agency was “closely monitoring the situation” and working with the Port Health Services and other health agencies to strengthen preparedness nationwide.
He added that surveillance has been increased at entry points and within Nigeria’s health system.
According to the WHO, the outbreak has recorded more than 240 suspected cases and about 80 suspected deaths in Congo’s Ituri province, while imported cases have also been confirmed in Uganda’s capital, Kampala.
The WHO said the outbreak is “extraordinary” because of uncertainty around the true number of infections and the lack of approved medical countermeasures for the Bundibugyo strain.
Health authorities advised Nigerians to maintain proper hygiene, avoid contact with infected persons and report symptoms such as fever, weakness, vomiting and bleeding to the nearest health facility immediately.
Nigeria was declared Ebola-free in 2014 after successfully containing an outbreak brought into the country by an infected traveler from Liberia.
News
Digital PayExpo 2026 to Convene Africa’s Most Influential Payments Leaders in Lagos

Africa’s digital payments ecosystem will take center stage as Digital PayExpo 2026 returns to Lagos on June 17–18, 2026, at the Landmark Centre, Victoria Island, under the theme: “Seamless Digital: Fostering Pan-African Market Expansion in the AI Era.”

At a time when artificial intelligence, cross-border commerce, and financial inclusion are redefining Africa’s economic future, the event is set to convene over 3,000 senior executives, policymakers, fintech innovators, and global technology providers.
The speaker lineup reflects a powerful blend of regulatory leadership, private sector innovation, and pan-African expertise.
Among the headline speakers:
- Dr. Rakiya Yusuf, Director, Payment Systems Supervision, Central Bank of Nigeria — a key architect in Nigeria’s payment system reforms.
- Dr. Folasade Femi-Lawal, Country Manager & Area Business Head (West Africa), Mastercard — a leading voice in digital payments expansion across Africa.
- Clara B. Arthur, Managing Director, GhIPSS (Ghana) — driving Ghana’s interoperable payment ecosystem.
- Wacera Maina, Chief Operations Officer, Kenwitch Kenya — an expert in East Africa’s payment infrastructure evolution.
- Akeem Lawal, CEO, Interswitch Group — a pioneer in Africa’s fintech growth story.
- Ngover Ihyembe-Nwankwo, Executive Director, NIBSS — shaping Nigeria’s core payment infrastructure.
The conference will explore:
- AI-powered financial services
- Cross-border payment systems and interoperability
- Cybersecurity and trust frameworks
- SME financing and financial inclusion
- Infrastructure for a unified African digital economy
With participation from banks, fintechs, telcos, regulators, and global payment networks, Digital PayExpo 2026 is positioned as a critical marketplace for ideas, partnerships, and investment flows. Register: https://digitalpayexpo.com/register
Sponsorship Enquiries: [email protected]
News
Only 1 in 3 Families Fully Secure their Devices, Kaspersky Study Reveals

On International Day of Families observed on May 15th, a global Kaspersky study* reveals that while 47% of respondents talk about online safety, only 33% secure all their family devices – highlighting the need for proactivity from Family Digital Managers.

As online threats develop and every generation joins the online space, cybersecurity habits have become an essential part of life for every family. Typically, in every family, one or two people become so-called Family Digital Managers, responsible for managing subscriptions, setting up new devices, or thinking about cyber protection. Kaspersky has conducted a survey to find out what measures modern families take to stay safe online.
According to Kaspersky’s data, a significant portion of respondents adopt an educational approach to cybersecurity within their families:
47% regularly coach elderly relatives and children on safe online practices
45% advise family members to adopt password manager solutions
42% encourage the use of multi-factor authentication (MFA)
An equal 42% actively review and adjust privacy settings on both family devices and critical online accounts
Although a growing awareness of the importance of proactive, family-focused digital protection can be observed, when it comes to the implementation of security solutions, the trend is slightly different. 10% of respondents take no measures at all to protect their loved ones online, rising to 21% among those aged 55+.
As for the parental control apps, 67% of families with children under 18 years use this tool to monitor and secure their kids’ online activity. Parental control, such as the Kaspersky Safe Kids solution, can help restrict children’s access to inappropriate content and also gently manage their online habits by limiting access to certain websites and apps, controlling their screen time, and even enhancing their physical security by tracking their geolocation.
The most worrying number is that only 33% of respondents – just 1 in 3 – install security solutions on all family members’ devices. Kaspersky experts highlight that the current threat landscape shows that mobile devices and tablets as well as PCs all require comprehensive cyber protection, as they are often targeted by cybercriminals.
According to the survey, only 30% of respondents set up new devices for their families. Setting up a new device is not often regarded as a step that contributes to cyber safety; however, some actions performed before the device is put into use can significantly enhance its security.
For instance, experts recommend installing a security solution first, to scan the device for hidden threats and make web browsing safe from the first queries. What’s more, reviewing privacy settings on a new device allows you not to share data that you would like to keep private with some applications and services.
The research also shows that the older generation (55+) is generally less included in family security habits. Around 1 in 5 (21%) of this age group globally do not take any measures to protect their family online and only a quarter (24%) install security solutions for family members. The most popular security measure among them turns out to be a password manager, as 40% of this age group recommend their family members to use it.
“We are now using a lot of gadgets and digital services, and with every new device and every additional hour spent online, the potential entry points for cybercriminals continue to grow, exposing us to a wider range of cyber threats. At the same time, not every generation adapts to these rapid changes with the same ease.
“That’s why having someone in the family take on the role of a ‘Family Digital Manager’ can be so valuable, especially when it comes to protecting kids and elder people from digital cyberthreats, give advice and help with the use of trusted security solutions,” comments Brandon Muller, Technical Expert at Kaspersky.
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