Zenith Bank Plc has been named the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023, underscoring the bank’s pioneering and outstanding achievements in delivering cutting-edge digital financial solutions.

Speaking on the recognition, the Group Managing Director/CEO of Zenith Bank Plc, Dr Ebenezer Onyeagwu, said, “We are delighted to receive the distinction as the Best Bank for Digital Solutions in Nigeria.

This accolade serves as a validation of Zenith Bank’s trailblazing initiatives in integrating advanced technology within Nigeria’s financial services sector.

Our commitment to expanding the horizons of digital financial services is unwavering, and we will persist in our efforts to innovate and deliver enhanced value to our customers and stakeholders.”

Dr Onyeagwu dedicated the award to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his visionary approach to integrating technology into banking, establishing an exemplary model for service delivery at a time when the potential of technology in banking was yet to be fully realised. Dr Onyeagwu remarked, “Technology now stands as the cornerstone of the financial services sector.”

He extended heartfelt thanks to the bank’s clientele for their loyal patronage, to the board for their guidance, and to the staff for their unwavering dedication to building a formidable financial institution.

Euromoney’s Awards for Excellence are one of the most highly coveted awards that matter to the banks and bankers who matter.

Established in 1992 as the first of their kind, the awards recognise excellence in the global banking industry, with this year’s edition receiving a record number of submissions from banks in the regional and country awards programme that covers more than 50 regional awards and best bank awards in 100 countries.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices.

The bank has remained a clear leader in the digital space with several firsts in deploying innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

The bank’s track record of excellent performance has earned the brand numerous awards, including being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

The National Agency for Food and Drug Administration and Control, NAFDAC, has put in place additional measures to curtail the incidence of unbranded cereals and other food items of industrial sizes.

The director general, Prof. Mojisola Adeyeye, who made the statement at the end of an open dialogue and feedback session with food manufacturing companies, said that the unbranded milk and cereals have their attendant health hazards for the undiscerning consumers because of the mode of dispensing them in unsanitary conditions.

Adeyeye, represented by the director of Food Safety and Applied Nutrition, FSAN, Mrs. Eva Edwards, registered the concerns of the Agency over the perennial problem of ubiquity of bulk food items that are found in the markets, possibly from the manufacturing plants or their suppliers, describing it as unacceptable.

She noted that the items entered the country because companies have applied to use them in the manufacture of their NAFDAC-registered products.

“We are concerned that we find these items being sold in measures, scoops in the open markets. So we are looking at that process of issuing permits for bulk food raw materials very critically,” she said.

According to her, the Agency has put in place additional measures for assessing and verifying the utilisation records of each company that applies for import permits to import bulk food raw materials.

“We don’t want to just see your stock cards, we want to know what you imported in the previous year. We want to know what you used because there are some calculations that we need to make,” she explained.

Egoras Technology, a sustainable transportation solutions firm, has launched a gas-powered tricycle, Egoras Dual-Fuel Tricycle.

The Chief Executive Officer of Egoras Technology, Ugoji Harry, said in a statement that the tricycle was designed to address the challenges posed by the recent subsidy removal.

He noted that the tricycle offered a cost-effective solution for both urban and rural areas, while also contributing to a greener environment.

According to Harry, the dual-fuel tricycle runs seamlessly on both petrol and liquid purified gas, presenting a versatile and eco-friendly alternative for commuters.

He added that in addition to its dual-fuel capabilities, the Egoras Dual-Fuel Tricycle boasts a user-friendly design, facilitating easy maintenance for operators.

According to the CEO of Egoras Technology, the tricycle, which is currently used in some states in the North, South, and South stands out as a reliable and powerful vehicle, boasting impressive technical specifications.

“Constructed with high-quality materials such as aluminium, steel, and carbon fibre, the tricycle ensures durability and reliability in various terrains.

“With a robust 10 horsepower engine, it delivers a combination of strength and efficiency. The tricycle’s top speed of 60kmph further underscores its capability, offering users a swift and dependable mode of transportation,” he stated.

He noted that tricycles had undergone rigourous testing to ensure safety and compliance with industry standards, assuring riders and pedestrians of a secure and efficient mode of transportation.

Harry reiterated that the firm remained dedicated to driving positive change in Nigeria’s transportation landscape, and the launch of the dual-fuel tricycle marked a significant step towards achieving this goal.

“We encourage communities to embrace this sustainable and cost-effective solution, contributing to a brighter, more eco-friendly future.”

He added that the company offered fleet management to help owners manage their tricycles.

“To avail themselves of this service, customers simply need to sign an agreement with the company, ensuring a hassle-free and comprehensive support system for their tricycle ownership.

“We have drivers in our fleet, who can use the tricycle to operate, the agreed funds will be remitted to owners until a certain period before ownership is transferred,” he concluded.

The Central Bank of Nigeria has affirmed the safety of funds in Nigerian banks, emphasising the stability of the country’s banking sector.

The apex bank therefore advised the public to continue with their regular banking activities without succumbing to the alarm caused by unverified reports not originating from the CBN concerning the health status of Nigerian banks.

The CBN stated that it is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.

In a statement issued by the acting Director, Corporate Communications, Hakama Sidi-Ali, on Wednesday, the apex bank said, “The Central Bank of Nigeria (CBN) has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.

“For the avoidance of doubt, Nigerian banks remain safe and sound. The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks.

“The CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.

“We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.

“Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern.”

The clarification comes after the report by the CBN’s special investigator, Jim Obazee, that the embattled former governor of the apex Bank, Godwin Emefiele, used proxies, to set up two financial institutions.

The report fuelled speculations that the CBN may take over Titan Trust Bank (former Union Bank) and Keystone Bank.Obazee, appointed special investigator in July 2023, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to the Presidency on December 20, 2023.

The Federal Government has announced that it will implement a new regulatory framework for digital money lenders, DMLs, known as loan apps.

The Chief Executive Officer of the Federal Competition and Consumer Protection Commission, FCCPC, Mr Babatunde Irukera, disclosed this in an interview with TVC on Monday.

He said the new regulations would address Nigerians’ rising indebtedness to DMLs.

Irukera noted that the sector’s big problem is that DMLs resort to abuse on loan recovery.

He added that implementing the Commission’s interim framework has led to an 80 per cent reduction in harassment and defamatory messages from loan apps.

“One of the big issues that we’re seeing is that there’s now a significant level of loan default because people are not able to use these unethical and inappropriate loan recovery mechanisms, and I’m insistent that you cannot say to me that the only language Nigerians understand is to abuse them. No, I disagree.

“We must necessarily do the work no matter how hard it is to find a more sensible way to recover loans because I also agree that if these digital money lenders are unable to recover their loans and drop out of the market, it’s a consumer protection problem because of those who need those types of short-term unsecured lending.

“So, we have to find the balance, and some of the regulations that will come out in 2024 will be a broader approach to responsible borrowing and lending by individuals and corporations”, he said.

According to the Commission, it has approved 211 digital money lenders.

The immediate past Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, illegally lodged billions of naira in about 593 bank accounts in the United States, United Kingdom, and China.

President Bola Tinubu’s Special Investigator, Jim Obaze, disclosed that Emefiele opened the bank accounts without the approval of CBN’s Board of Directors and Investment Committee.

Obaze disclosed that Emefiele deposited 543, 482,213 in fixed deposits in UK banks alone without authorisation.

This was contained in Obaze’s final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’ submitted to Tinubu.

The report reads partly: “The former governor of the CBN invested Nigeria’s money without authorisation in 593 foreign accounts in the United States, China and the United Kingdom while he was in charge.

“All the accounts where the billions were lodged have all been traced by the investigator, In the UK alone, Emefiele kept £543,482, 213 in fixed deposits without authorization by the CBN board and the Investment Committee of the bank.”

The former CBN governor is currently in Kuje prison after he was arraigned by the Nigerian Government for alleged N1.2 billion procurement fraud.

The High Court of the Federal Capital Territory, FCT, had granted him bail in the sum of N300m but he had failed to perfect it.

Nigeria’s total public debt stock, including external and domestic borrowing, rose marginally by 0.61 per cent quarter-on-quarter to N87.91 trillion in the third quarter of 2023.

The Debt Management Office, DMO, disclosed this in a statement on Wednesday, saying:

“At N87.91 trillion, the total public debt stock represents a marginal increase of 0.61 per cent compared to the June 30, 2023 figure of N87.38 trillion.

This trend is explained by the decrease in external debt from $43.16 billion as of June 30, 2023, to $41.59 billion as of September 30, 2023, and a relatively moderate increase of N1.8 trillion in domestic debt.

“External debt decreased due to the redemption of a $500 million Eurobond and the payment of $413.859 million as the first principal payment of the $3.4 billion loan obtained from the International Monetary Fund in 2020 during COVID-19.”

DMO noted that servicing these debts denotes a clear demonstration of the Federal Government’s commitment to honour its debt obligations.

The Office of the Vice-President, in collaboration with the Bank of Industry, is set to commence the disbursement of loans to micro, small and medium enterprises (MSMEs) by January 2024.

Temitola Adekunle-Johnson, Vice-President Kashim Shettima’s senior special assistant on job creation and MSMEs, announced this in a statement on Tuesday.

The statement said that the move was part of an effort to keep President Bola Tinubu’s promise to support the transformation of the MSME space in the country.

It revealed that the loans totalling about N75 billion would be given to small businesses nationwide at an interest rate of nine per cent.

It disclosed that the federal government and BOI would leverage existing platforms to provide loans to small businesses, targeting women and youths.

Since he assumed office, according to the statement, Mr Tinubu has collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs in grants and loans.

“Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion.

The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods,” the statement added.

Governor Babajide Sanwo-Olu says 15,000 traders will benefit from the N750 million Lagos Market Transfer Money programme in 20 local governments and 37 local council development areas.

Mr Sanwo-Olu said this on Sunday at the inauguration of Fresh Food Agro-Hub in Idi-Oro Market, Mushin LGA.

The Fresh Food Agro-Hub, Mushin, is the first in the state to mitigate post-harvest losses, inflation, and traffic congestion and reduce carbon footprint emissions.

The governor said the first 15,000 beneficiaries of the programme would receive N50,000 each as palliatives to cushion the effect of fuel subsidy removal.

According to him, each local government area will send 200 beneficiaries each, while an additional 50 will come from market leaders – Iyalojas and Babalojas across Lagos.

“We are launching here today what we call the Lagos Market Trader Money. As a measure of where we are, the first 15,000 market beneficiaries are going to be getting support of N50,000 from the government,” Mr Sanwo-Olu said.

The governor added, “How it is going to work is that we are not going to pick these beneficiaries from the big markets. Each local government will submit 200 names that will be divided among 10 markets. This means from 10 markets will identify 20 beneficiaries each.

“We are going to give the ‘iyalojas’ and the ‘babalojas’ an additional 50 slots for them to further identify beneficiaries. This is going to bring to a total of 250 beneficiaries from every local government, and that will give us a total of 14,250. We will distribute the remaining 750 amongst them, and it will bring us all our beneficiaries.”

Mr Sanwo-olu told the market leaders at the gathering that he had fulfilled the promise made to the traders during their meeting, explaining that when he held a meeting with the market leaders, he promised them 5,700 beneficiaries, but now he has increased it to 15,000 beneficiaries.

“The first 15,000 would be the first attempt to ensure that the palliatives that Mr President, Bola Tinubu is talking about, the palliative that the market men and women have been clamouring for, we can give it to them. You can imagine somebody that is selling fruits,” the governor stressed.

He disclosed that the total sale of what “is in the store is about N40,000 if N50,000 additional that we are going to give will immediately increase the amount that is available for that market woman to be able to have the means.”

Mr Sanwo-Olu said that the commissioner for agriculture, Abisola Olusanya, would handle all the logistics and the local government chairs.

He added that the government had made arrangements for the funds and would commence immediately, adding that they would be paid to beneficiaries before December 31.

The Securities and Exchange Commission (SEC) has sealed the office of Ready Finance Investors Limited for engaging in illegal investment and other capital market activities.

A statement by the commission said the office located at AYA Memorial Plaza, Area 11, Garki, Abuja, was shut down for offering financial investment services suggestive of a covert Ponzi scheme.

The SEC said the move was part of efforts to rid the market of fraudulent capital market operators and create a veritable opportunity for legitimate businesses to thrive.

It said the company enticed clients with promises of fixed returns on investment, contingent upon the specific package to which a client subscribed.

According to the commission, Ready Finance Investors Limited is not registered with the SEC to conduct any activities in the capital market, rendering its operations and activities illegal.

The commission advised the public against dealing with the company.”

The matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution.

Other efforts by the commission to curb the operations of illegal capital markets are the amendment of its Anti-Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022.”

This is in line with the findings from the National Residual Risk Assessment (NRRA) exercise, among others,” the commission said.

The Central Bank of Nigeria has instructed all licensed financial institutions to display their corporate names conspicuously on all their websites, portals, and online applications.

This directive was made public on the apex bank’s website on December 7, 2023.

Accordingly, the apex bank said the directive is to guard against online fraud and boost consumer confidence.

CBN announced a January 31, 2024, deadline, warning financial institutions that failure to comply would attract appropriate sanctions.

Also, CBN said that financial institutions should display their corporate names and be required to include the phrase “Licensed by the Central Bank of Nigeria” beside or under their terms.

The statement reads: “The Central Bank of Nigeria has observed with concern that some licensed entities that operate transaction websites/portals or online applications do not conspicuously display their corporate names to facilitate recognition by the public.

“This practice portends risk to consumers of such products and services, including negative perception of the products or services, misleading consumers and difficulty to seek redress when the need arises.

“Given the above and to engender trust and confidence in the use of such products and services, all licensed financial institutions are hereby required to:

“Conspicuously display their corporate names on all their corporate names on all their websites, portals, and online applications.“Include Licensed by the Central Bank of Nigeria beside or under their names.

“Accordingly, financial institutions are to ensure full compliance with the above directive before January 31, 2024, as failure to do so will attract appropriate sanctions.”

The Central Bank of Nigeria (CBN) has suspended processing charges placed on cash deposits exceeding N500,000 for individual accounts and N3,000,000 for corporate accounts until April 30, 2024.

This directive, seen by Peoples Gazette, was issued in a letter to all banks, financial institutions, and non-bank financial institutions, dated December 11 and signed by the acting director of banking supervision, Adetona S. Adedeji.

The immediate past CBN governor, Godwin Emefiele, had, in a bid to further promote the cashless policy in the country, implemented the cash deposits limit to check cases of money laundering and other illegal financial transactions.

However, the new directive by the apex bank read,

“Please recall that processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for Corporates as contained in the ‘Guide to charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2109, under reference FPR/DIR/GEN/CIR/07/042.

“The Central Bank of Nigeria hereby suspends the charging of processing fees of 2 per cent and 3 per cent previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024.

“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charge going forward.

“The directive comes amid complaints by some bank customers about the scarcity of naira notes at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).

Some Deposit Money Bank officials also claimed they were not getting an adequate supply of cash from the CBN.

But the apex bank on Sunday claimed there was an adequate supply of the currency. It said the seeming currency scarcity was occasioned by large volume withdrawals from various CBN branches by DMBs.

Amid Nigeria’s currency shortage, the Central Bank of Nigeria has warned Nigerians against counterfeit Naira banknotes.

On Friday, the apex bank gave the warning in a notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation’.

The Bank urged all Deposit Money Banks, Financial Houses, Bureau de Change and the general public to be more vigilant and take all necessary precautions.

It assured that it is working with security operatives to apprehend culprits.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country.

“For the avoidance of doubt, Section 20(4) of the CBN Act (2007) as amended, states that: “It shall be an offence punishable by a term of imprisonment of not less than 5 years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.”

“The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters. Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, or branch of the Central Bank of Nigeria.

“Meanwhile, all Deposit Money Banks, Financial Houses and Bureau de Change and the general public are enjoined to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes”, the statement reads.

A Federal High Court has frozen the accounts of the Kano State Government due to its failure to comply with a court order to pay N30 billion in compensation to victims of the Filling Idi Demolition exercise.

The frozen order affects 24 Kano State bank accounts, including the Central Bank of Nigeria (CBN) account of the state.

The presiding judge, Justice E.A Ekwo, has also directed the Kano State Government to appear before the court on January 18 to provide an explanation regarding the freezing of N30 billion in the affected bank accounts.

The funds are intended to be granted to the Incorporated Trustees of Masallacin Eid Shop Owners.

The Country’s currency, Naira, depreciated against the US Dollar on Wednesday at the official foreign exchange market.

Official data from FMDQ disclosed that the Naira depreciated to N951.22/$1 on Wednesday from N806.73/$1 on Tuesday.

This represents a 7.91 per cent or 144.49 loss in the local currency market compared to the N806.73/$1 it closed on Tuesday.

The depreciation represents the first time the country’s currency dropped against the US Dollar this week.

The development comes as the dollar supply fell by 4.94 per cent to $135.58 million from $142.63 million.

Similarly, the Naira depreciated marginally at the parallel market, exchanging at N1175/$1 on Wednesday from N1170/$1 the previous day.

Governor of the Central Bank of Nigeria, CBN, Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria, CIBN, 50th-anniversary barely two weeks ago, expressed optimism over the stability of Naira.

“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

Since June 14, when CBN floated the Naira, the country’s currency has continued to experience fluctuation in the FX market.

This comes as a financial expert, Prof Godwin Oyedokun, blamed Nigeria’s forex crisis on weak economic fundamentals, low foreign reserves, increased external debts and a double forex window.

The Economic and Financial Crimes Commission (EFCC) chairman, Ola Olukoyede, has labelled 70 per cent of Nigerian university students as internet fraudsters.

According to a statement on the anti-corruption agency’s X page, the EFCC boss disclosed this while speaking on Monday with a delegation from Daar Communication PLC at EFCC headquarters in Jabi, Abuja.

Mr Olukoyede had described internet-related crimes as a menace and cankerworm in society.

“It is worrisome that seven out of 10 students today are involved in cyber crimes,” he stated, indicating that 70 per cent of Nigerian university students are estimated to be involved in internet fraudulent practices.

The EFCC boss decried the number of students trained to be leaders of tomorrow engaging in internet fraud. He called on the media to assist in enlightening the Nigerian youths to refrain from cybercrimes.

“These are the youths we are preparing to be leaders of tomorrow. The media should not relent in enlightening them on the evils of such criminal practices,” Mr Olukoyede said.

The Supreme Court on Wednesday said both the old and new redesigned naira notes remain legal tender until further notice.

The apex court, in a ruling by a seven-man panel of justices led by Justice John Okoro, said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

It made the order after it heard an application moved on behalf of the Federal Government by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN.

Recall that the court on March 3 squashed the ban on the use of the old N200, N500 and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.

The court held that the old naira notes should be used alongside the redesigned currencies until the end of the year.

In its lead judgement prepared and delivered by Justice Emmanuel Agim, the apex court slammed the Federal Government for unilaterally introducing the policy through the Central Bank of Nigeria, without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, civil society organisations and other relevant stakeholders.

It held that the Federal Government failed to give valid notice to all the federating units before it decided to withdraw the old banknotes from circulation and introduce new ones.

The Supreme Court maintained that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by the embattled ex-governor of the CBN, Godwin Emefiele.

It held that such remarks did not qualify as “reasonable notice” to the states as envisaged under Section 20(3) of the CBN Act.

Besides, the court invalidated the directive ex-president Buhari gave in the broadcast he made on February 16, which allowed only the old N200 note to remain a legal tender until April 10.

Accusing President Buhari of disobeying the interim order it made on February 8, which directed that the old banknotes should remain in use till the determination of the case before it, the apex court stressed that the president, by going ahead to ban the old banknotes, acted in a way that was inimical to democratic governance.

According to the court, having acted in disobedience to its order, the Federal Government lost its right to be granted an audience before it.

Following the end of the last administration, the Bola Tinubu-led government re-applied to the apex court for an indefinite extension of its December 31 deadline.