General
Nigerian Businesses Must Prepare for Greater Challenges Ahead
Nigerian businesses need to prepare and brace themselves for a highly challenging period ahead as the coronavirus pandemic disrupts day-to-day life and commerce.
This follows the federal and state governments’ recent announcements of a set of bold measures to halt the spread of the coronavirus in Nigeria, including travel bans, school closures and limits to the size of public gatherings.
“While these actions are necessary and commendable, they are steering businesses into uncharted territory,” says Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC. “The operating environment, already difficult following years of lacklustre growth, will become even more challenging in the weeks ahead.”
As this health and economic crisis unfold, large organisations will have to contend with the challenge of managing complex operations across multiple entities and geographies – each with its own set of measures in place to tackle the pandemic.
“There is now a pressing need for effective risk mitigation and business continuity measures, and these must include partner firms, suppliers and other stakeholders,” says Dr. Sogunle.
In numerous industries, supply chains and cash flows are being severely disrupted, particularly for those businesses involved in cross-border trade. This makes planning more crucial than ever.
With this in mind, organisations should consider the early loading and planning of payments, as well as intensive cash-flow management and liquidity planning. Those businesses that have lending facilities in place should assess whether these can cope with changed or disrupted cash flows.
Also, businesses involved in cross-border trade can consider measures that reduce the impact on cash flows. Letters of credit, for instance, have a lesser impact on cash flows than upfront deposits. And the disruption of physical trade flows might require an alignment of the associated cash flows.
Meanwhile, the health and safety of employees, clients, and other stakeholders need to be top of mind. Companies should consider separating teams and allowing employees to work remotely, where possible, although the persistence of load-shedding does complicate remote work.
As more employees work from home, connectivity will be key. To enable this, teams could be provided with larger data bundles and afforded remote and secure access to internal systems. And with employees working in new environments, communication will be crucial to ensure that staff are well-informed and reassured, as well as productive.
Comprehensive policies and protocols applicable to both staff and clients are essential. Naturally, hygiene within the workplace and externally is of paramount importance – access to hand sanitizers, for instance, could prevent the spread of the virus.
“It is extremely important that companies remain calm and keep working effectively. Stanbic IBTC recognises that it has a responsibility to do everything it can to help clients keep their businesses and their lives on track.
“As we have come to grips with this new reality that is facing us, we have all made the necessary plans in our different environments and prioritised our requirements so that we can continue to work, interact, and contribute to the society in which we live.
“We do acknowledge that our business customers are facing challenges in dealing with the disruption to their businesses. We also understand that in any business or personal financial cycle there can be challenges in meeting financial obligations.
“These challenges may be heightened especially in times of economic downturns and crises. Customers who are in financial distress should contact the bank as soon as possible. The sooner the bank is informed, the sooner both parties can find a workable solution to address or resolve issues of financial distress.
“It is not in Stanbic IBTC Bank PLC’s interest to see a business fail, or a home lost. It is in both parties’ interest to find a workable solution. We do urge customers to contact the bank should they experience difficulties. We do not doubt that the impact of the Corona-19 virus has been extremely disruptive,” Dr. Sogunle says.
Stanbic IBTC Relationship Managers are in contact with our customers and are there to provide all the support necessary. Our customers all have individual needs and requirements and we will provide all the assistance necessary on a case by case basis.
“We are encouraging clients to make use of digital channels when transacting and engaging with the bank, where possible, and to contact the bank if a financial strain is foreseen. By planning, working together and remaining vigilant, we can limit the strain on Nigeria’s businesses in the weeks and months ahead,” Dr. Sogunle added.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
