E-Financial
World Bank Backs Public Health Reforms With $170 Million
With World Bank support of $150 million, the Nigeria State Health Program aims to get more women to health facilities that offer lifesaving services including skilled attendance during childbirth and immunization for babies. To evaluate the impact of the new approach, Nigeria will also receive a $20 million grant from the Health Results Innovation Trust Fund, supported by the United Kingdom’s Department for International Development and the Government of Norway, and administered by the World Bank. Adamawa, Nasarawa and Ondo states are beneficiaries of the grant that will help roll out bold healthcare reforms which will focus on results at public health facilities. The reforms signal improved care for over 9 million people, of whom nearly 4 million are women aged 15-49 and children under age five. Every year, about 400,000 pregnant women need care in these states, where the chances of giving birth with skilled help can be as low as 1 in 7. Marie Francoise Marie-Nelly, World Bank Country Director for Nigeria said: “Three states in Nigeria are leading the way for others by rewarding health facilities for tangible results. I hope that they will show how public money can be invested smartly to get closer to the Millennium Development Goals, especially those related to the survival and health of mothers and children.” Under the program, health facilities will be paid for verifiable results such as the number of children immunized. Successfully employed in Rwanda and Burundi, this “Results-Based Financing” approach could help Nigeria rapidly reduce its current 10 percent share of global maternal deaths. “We have a huge gap to cover in terms of achieving the health outcomes we desire for our people,” said Dr. Mohammed Ali Pate, Nigeria’s Minister of State for Health. “The Results-Based Financing approach will enable us to focus on those outcomes, because in the end it is not the process or the inputs that matter, it’s whether or not you are getting people to be healthier, or women surviving childbirth, or children surviving till the age of five.” In addition to Results-Based Financing for health facilities, the program will also attempt to overcome institutional bottlenecks at the state and local government levels, and provide technical assistance. Rolled out more widely, such reforms could spur a significant decline in Nigeria’s high maternal mortality and under-five child mortality rates, which have declined slowly despite relatively high levels of spending on health. The three participating states vary considerably in terms of health indicators, so will provide rich experience to guide future investments in health, both domestic and by development partners.
Ecobank Nigeria has announced the successful repayment of the outstanding principal and accrued interest on its original $300 million Eurobond due February 16, 2026, marking a significant milestone in its liability management strategy and overall balance sheet strengthening efforts.
Following the full repayment of the Eurobond obligations, the Bank stated that it will now focus its funding initiatives primarily on the domestic capital markets. T
his strategic shift reflects growing confidence in Nigeria’s local debt market and aligns with Ecobank Nigeria’s long-term objective of optimising funding costs while deepening its participation in the domestic financial ecosystem.
“Going forward, Ecobank Nigeria will prioritise domestic credit ratings and local debt issuance to achieve its funding objectives,” stated Ogorchukwu Okwechime, Financial Controller, Ecobank Nigeria, in Lagos.
He added that the successful repayment reinforces the Bank’s commitment to maintaining a resilient balance sheet and sustaining investor confidence.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the US$300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria.
The transaction underscores Ecobank Nigeria’s proactive approach to liability management, prudent capital planning, and strategic alignment with evolving market conditions.
It further positions the Bank to leverage domestic funding opportunities while maintaining financial flexibility and operational stability.
Bank of Industry (BOI) has received approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window.
Theodora Amechi, bank’s divisional head, Public Relations, said the regulatory nod allows BOI to launch non-interest banking operations, targeting underserved business segments with tailored financial solutions to support Nigeria’s industrial development.
BOI stated that NIB operations will promote inclusive growth, attract ethical funding, bolster the real economy, and finance customer assets and raw materials using approved non-interest products.
“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.
“The Non-interest Banking operations will enable BOI to drive inclusive growth, mobilise new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.
According to the bank, under this framework, BOI will be able to finance customers’ assets and raw materials using approved Non-Interest Banking products.
Announcing this milestone, Dr Olasupo Olusi, MD/CEO, Bank of Industry, said, “This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this licence, we can reach a new category of borrowers who, before now, could not be served.”
He said the approval underscores the CBN’s confidence in the Bank’s commitment to responsible financing, adding that it will allow the bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth.
“BOI’s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing.
This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit.
It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.
Bank of Industry (BOI) is Nigeria’s foremost Development Finance Institution, committed to driving industrial growth and inclusive economic development,” Olusi said.
Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted as Nigerian Industrial Development Bank (NIDB) under World Bank guidance in 1964.
The Bank assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).
The Bank’s primary mandate is to provide financial assistance for the establishment and expansion of large, medium, small-scale, and micro projects.
Zenith Bank Plc has cautioned the public against fraudulent videos circulating online falsely claiming that Group Chairman Dr. Jim Ovia endorses an investment scheme called “Wealth Bridge.”
Jim Ovia
In a disclaimer issued Tuesday by its management, the bank described the videos—circulated via the “Greece Island” Facebook handle—as entirely fake, doctored content bearing no connection to Dr. Ovia, the bank, or its affiliates.
The materials falsely promise up to N2 million in weekly returns for a N380,000 investment, while baselessly alleging Central Bank of Nigeria (CBN) endorsement and redirecting viewers to a sham “Arise News” webpage with a signup portal.
“Our attention has been drawn to a doctored video and still pictures currently circulating on social media, purporting to depict the Group Chairman of Zenith Bank Plc (‘the Bank’) as endorsing an investment scheme called ‘Wealth Bridge’ on the ‘Greece Island’ Facebook handle and soliciting members of the public to engage in a business relationship with the so-called entity,” the statement read.
“This claim is entirely false and has no connection whatsoever to the Group Chairman, the Bank or any of its affiliate companies.”
Zenith Bank stressed that Dr. Ovia and the institution have no knowledge of or partnership with “Wealth Bridge,” “delicious sitee,” “AfriQuantumX,” “Stock market analyst 1,” or related entities. The public was warned that dealing with these schemes carries full personal risk.
Ravenewsonline urges vigilance against rising impersonation scams targeting financial institutions.
Ecobank Nigeria Fully Repays $300m Eurobond Notes
Chams Carves Out Subsidiary to Support Africa’s Digital Transformation
BoI Secures CBN’s Approval for Non-interest Banking Operation
Nigeria, South Africa Drive Stablecoin Spending in Africa
Africa’s Active Data Centres’ Capacity on Back Foot, Despite Investment Push
Nigeria’s 9 Top FinTech Firms Valued at $10.6Bn in January 2026
Firm Detected a Fivefold Surge in QR Code Phishing Attacks in the Second Half of 2025
DG NCC Tasks University Dons on Research Commercialization, IP Management to Build Global Competitive Ecosystems
Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals
Firm Detected a Scam Exploiting OpenAI’s Teamwork Features
News3 days agoAfrican Leaders Highlight Africa’s AI Ambitions
General News3 days agoNDPC Orders Probe into Temu over Alleged Data Privacy Breaches
Telecom3 days agoMTN, BUA, Dangote & Other Industry Giants Triumph at NGX Made of Africa Awards
Telecom3 days agoX Suffers Global Outage, Millions Barred from Access
Telecom2 days agoTerra Moves to Expand in African Drone Sector, Secures $22m Funding
News3 days agoLG Nigeria Begins Nationwide Search for Oldest Working TV, Rewards Loyalty with AI QNED Upgrade
Telecom3 days agoMTN CIO Urges Africa to Lead Fourth Digital Revolution
Telecom3 days agoNigeria’s Internet Users Hit 148.2m Amid Data Cost Surge