Banking
Bayo Olujobi Becomes Moniepoint MFB’s Chief Financial Officer
By Modupe Gbadeyanka
Africa’s fastest-growing financial institution, Moniepoint Microfinance Bank, according to Financial Times, has appointed Mr Bayo Olujobi as its Chief Financial Officer (CFO).
He was drafted to the position to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness.
Mr Olujobi joins Moniepoint MFB from Stanbic IBTC Bank, where he occupied a similar role and also as a Non-Executive Director of Stanbic IBTC Capital.
He brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the small bank’s executive team.
Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.
“We are delighted to welcome an accomplished and business-savvy professional like Bayo to the Moniepoint family,” the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, said.
“His extensive experience in traditional banking and strategic insight as an innovative thought leader will be invaluable as we continue to grow, innovate and consolidate our market leadership in the financial services industry. Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals,” he added.
Also, the chief executive of Moniepoint MfB, Mr Babatunde Olofin, said, “We are pleased to have Bayo join us and contribute to the Bank’s continued success.
“His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as a mentor to peers and colleagues.
“I look forward to working with him and the super-talented team at Moniepoint to drive financial growth and deliver value to our stakeholders.”
Commenting on his appointment, Mr Olujobi said, “I am really excited to have the opportunity to join Moniepoint at this time.
“The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves – a secure, convenient and easy platform to manage their financial lives – Moniepoint is right at the forefront of this movement.”
Recall that in February 2024, Moniepoint MFB and the Corporate Affairs Commission (CAC) partnered to digitize and formalize operations for over two million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them to unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years.
In August 2023, Moniepoint MFB entered the personal banking market and has since experienced a 2,000 per cent growth in personal finance customers over the past year.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
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