Banking
Stanbic IBTC Reaffirms Commitment to Agriculture
Stanbic IBTC Bank reaffirmed its dedication to Nigeria’s agricultural sector at the Lagos Farm Fair 2025, held on October 16, 2025, in Ikeja, Lagos.
Organised by the British American Tobacco Nigeria Foundation, in collaboration with the Lagos State Ministry of Agriculture and Food Systems, the event coincided with World Food Day, uniting farmers, agricultural startups, and stakeholders to champion sustainable farming and enhance market access.
This vibrant gathering served as a platform to promote sustainable food systems and collaboration; aligning with the broader goal of transforming Nigeria’s agricultural landscape.
Stanbic IBTC Bank is addressing Nigeria’s agricultural financing gap by offering tailored agribusiness loans for crop production, livestock, and equipment, enabling farmers to scale operations and reduce post-harvest losses.
In 2024, the bank empowered over 2,000 SMEs through its Enterprise Academy, strengthening the food supply chain and promoting value addition.
By supporting British American Tobacco Nigeria (BATN) in achieving its business and social impact goals, Stanbic IBTC plays a vital role in enabling initiatives like the Lagos Farm Fair, fostering agricultural development, sustainability, and inclusive growth through strategic financial partnerships.
The chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, emphasised the bank’s commitment, stating, “At Stanbic IBTC, we recognise that agriculture’s potential lies in value addition and transforming raw products into high-quality goods.
“Our engagement with initiatives like the Lagos Farm Fair 2025 reflects our dedication to supporting Nigeria’s agricultural sector. As Nigeria’s growth partner, we are committed to enhancing food production, minimising post-harvest losses, and promoting sustainability to achieve national food security.”
This vision underscores the bank’s role in fostering a robust agricultural economy through strategic partnerships and innovative financing.
Echoing this sentiment, the Secretary to the Lagos State Government, Mrs Bimbola Salu-Hundeyin, highlighted the collaborative spirit of the event in her opening remarks: “This year’s theme, Hand in Hand for Better Food and a Better Future, emphasises the urgent need for collaboration among governments, the private sector, development organisations, and communities, to transform agri-food systems, promote healthy diets, and safeguard our environment. Despite its geographical limitations, Lagos State remains committed to achieving food security through initiatives like the five-year Agricultural and Food Systems Roadmap, targeting 40 per cent food self-sufficiency by 2025.”
The 2025 World Food Day theme, Hand in Hand for Better Food and a Better Future, as outlined by the Food and Agriculture Organisation of the United Nations, underscores the importance of collective action in revolutionising agri-food systems and promoting sustainable diets.
The fair brought this vision to life through exhibitions and displays, creating opportunities for smallholder farmers to connect with markets and embrace fair trade practices. By facilitating these interactions, the event empowered farmers to expand their reach and strengthen the agricultural value chain, paving the way for a more resilient food ecosystem.
The Lagos Farm Fair 2025 showcased transformative initiatives like the Food Systems Transformation Agenda, which strengthens the food value chain and creates jobs through structured off-take agreements.
Stanbic IBTC’s financial solutions play a pivotal role in supporting such programmes, driving innovation and improving market access for farmers and agribusinesses.
By aligning its efforts with platforms like the fair, the bank is helping to build a sustainable agricultural economy, ensuring that Nigeria’s food systems are not only resilient but also capable of meeting the demands of a growing population.
Through these concerted efforts, Stanbic IBTC continues to be a catalyst for progress in Nigeria’s journey toward food security and economic prosperity.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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