By Modupe Gbadeyanka

In recognition of its outstanding performance, operational excellence, and commitment to delivering superior Institutional Cash and Trade Finance services, Ecobank Nigeria has clinched the Client Excellence Award.

The accolade was given to the subsidiary of the leading pan-African financial services group, Ecobank Group, by Deutsche Bank.

It recognises Ecobank Nigeria’s consistent achievement of high standards in transaction processing, service delivery, operational efficiency, and collaboration within the global trade finance ecosystem.

It further reinforces the lender’s position as a leading financial institution providing innovative financial solutions that support corporates, financial institutions, and businesses engaged in domestic and international trade.

“The Client Excellence Award recognises institutions that consistently demonstrate outstanding quality, efficiency, and reliability in transaction banking operations.

“Ecobank Nigeria distinguished itself through its commitment to excellence, strong operational controls, and customer-focused service delivery that has created measurable value for clients and counterparties alike,” the Managing Director for Global Head of TFFI and Regional Head of Trade & Lending for the Middle East and Africa (MEA) at Deutsche Bank, Mr Anand Jha, said.

“We are pleased to recognise Ecobank Nigeria’s achievements and appreciate the strong partnership we have built over the years. We look forward to continuing our collaboration in supporting trade, payments, and financial flows that drive economic development across Africa and beyond,” Mr Jha added.

In his remarks, the Coverage Head of Corporate and Investment Bank at Ecobank Nigeria, Mr Segun Anjorin, thanked Deutsche Bank for the recognition, noting that the award reflects the bank’s unwavering commitment to excellence, innovation, and customer-centric service delivery.

“We are honoured to receive the Deutsche Bank Client Excellence Award. This recognition is a testament to our commitment to delivering seamless and innovative solutions that enable our clients to thrive in an increasingly interconnected global marketplace.

“At Ecobank Nigeria, we remain focused on leveraging our extensive pan-African network, digital capabilities, and strategic partnerships to facilitate trade, improve transaction efficiency, and support economic growth across Nigeria and the African continent. We value our longstanding relationship with Deutsche Bank and look forward to further strengthening our collaboration in the years ahead,” Mr Anjorin said.

By Adedapo Adesanya

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of paying insured deposits to customers of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN).

In a statement issued on Wednesday by the Head of Communication and Public Affairs Department, Mrs Hawwau Gambo, the corporation said it had been appointed the official liquidator of the failed banks following the CBN’s revocation of their licences, which took effect on July 1, 2026.

The NDIC said its appointment was in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

The organisation said the affected banks have ceased to operate as licensed financial institutions and are no longer authorised to carry out banking business in Nigeria.

“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors,” the statement said.

It added that depositors and the general public would be informed of subsequent steps in the liquidation process, warning members of the public against conducting transactions with any of the affected banks following the revocation of their licences.

It also cautioned individuals against removing, concealing or tampering with the assets, records or properties of the failed institutions, noting that such actions could amount to a breach of the law and attract sanctions.

Business Post earlier reported that the CBN revoked the operating licences of the 46 microfinance banks after determining that they no longer met the regulatory conditions required to continue operations.

According to the apex bank, the affected institutions were sanctioned for various regulatory breaches, including insufficient assets to meet liabilities, operating without approval, prolonged inactivity, failure to commence business within the stipulated period and failure to maintain the minimum capital required by law.

The apex bank said the action forms part of its efforts to strengthen financial sector stability, protect depositors and ensure compliance with banking regulations.

The affected institutions are spread across several states, including Lagos, Kano, Abia, Kaduna, Kebbi, Ogun, Niger, Plateau, Rivers, Delta, Benue, Cross River, Ondo, Osun, Anambra, Oyo, Bayelsa, Abuja and Akwa Ibom.

By Modupe Gbadeyanka

Entries for the 2026 edition of the flagship innovation initiative of Wema Bank Plc, Hackaholics, themed Powering Possibilities, opened on Wednesday, July 1.

At a press conference yesterday at its head office in Lagos, Wema Bank said all young Africans with creative tech-driven solutions across Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work can apply for the programme.

It was stressed that each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track.

After the closure of the application window, Hackaholics 7.0 will then proceed on a national tour, which will touch 10 pitch centres across the six geopolitical zones of Nigeria. Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners will be announced.

“As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders.

“I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape.

“Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future,” Wema Bank’s Divisional Executive for Business Support, Mr Tajudeen Bakare, stated.

Also speaking, the chief executive of Wema Bank, Mr Moruf Oseni, said, “At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services.

“We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy. This sense of responsibility is what has driven the evolution of Hackaholics from inception to date.

“With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes.”

Launched in 2019, Hackaholics is Wema Bank’s youth- and tech-focused initiative designed to serve as a platform for young Africans with creative, game-changing, tech-driven ideas and products to bring their ideas to life.

Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500.0 million in grant prizes to dozens of winners whose remarkable solutions have earned a top spot in the past 6 editions.