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Diamond Bank Partners FG On Start-Ups Incubation

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diamond bank Start ups

By Modupe Gbadeyanka

Diamond Bank has thrown its weight behind the Federal Government in a renewed drive to unlock the huge creative potential of technology Start-Ups in Nigeria and stimulate massive growth and development in the information technology sector.

Business Post learnt that the project is part of the Bank’s commitment to drive and develop capacity in the IT segment of the economy, and help stimulate creative solutions amongst young IT entrepreneurs in the country.

The initiative, tagged ‘Aso Villa Demo Day’ is aimed at encouraging economic diversification, celebrating creativity and innovation by young Nigerians.

It climaxed with the unveiling of thirty world-class IT start-ups at the Presidential Villa, Abuja.

The event was attended by a host of eminent personalities including the Vice President, Professor Yemi Osinbajo SAN, the Chairman of Diamond Bank Plc, Dr. Chris Ogbechie, the Founder of Facebook, Mark Zuckerberg and Minister of Communication, Adebayo Shittu.

In his address, the Vice President lauded the Bank and other supporters, stating that the Federal Government is discussing the possibility of a partnership with Facebook in a bid to improve the Information Communication Technology connectivity in Africa.

According to him, the federal government has resolved to anchor Nigeria’s development around energy, innovation and creativity of its young people.

Three of the 30 start-up businesses earlier shortlisted in Lagos, Port-Harcourt and Abuja were eventually selected and given a cash prize of N3 million each.

Addressing the IT start ups, the Facebook founder, Mark Zuckerberg said it was inspiring to see what Nigerian youths have been able to do with technology.

“This has really blown me away by the talent of the entrepreneurs and young developers in this country, particularly by the focus to build something that’s going to make a difference and bring change. This is not going to be better for Nigeria and Africa alone, but the whole world. I am blown away by what you are doing. I believe in you. I’m looking forward to seeing what you do”, Zuckerberg stated.

Reiterating the Vice President, Diamond Bank Chairman, Dr. Ogbechie pointed that the Bank is very passionate about the development of IT capacity in the country, adding that strong IT backbone will guarantee sustainable economic growth and development.

According to him, any country that downplays the value and place of information technology in economic development will soon become irrelevant in the comity of nations.

The Presidency created the “Aso Villa Demo Day” as a platform to spur youths in the country to seek creative solutions to challenges and boost technology growth and development.

Three of the 30 Nigerian IT Start-ups among the hundreds that pitched at three different events in Lagos, Abuja and Port-Harcourt in June were selected and honoured at the event.

The top three winners received N3 million each as grant to develop and grow their ideas. The start-ups include Tracology, a patented smart payment system for utility companies; RecyclePoints, a waste recycling and social benefit venture for sustainable development and Shuttlers, a multi-staff bus service created to assist commuters resolve daily transport challenges in big cities.

Banking

CBN Orders Banks to Activate Real-time Alerts for High-Risk Transactions

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CBN Ways and Means

By Aduragbemi Omiyale

All financial institutions operating in the country have been directed by the Central Bank of Nigeria (CBN) to implement real-time alerts for transactions considered to be high-risk in compliance with the enhanced Anti-Money Laundering (AML) system designed to safeguard the integrity and stability of the nation’s financial system.

In a circulated dated Tuesday, May 20, 2025, signed by the Director of Banking Supervision,

Olubukola Akinwunmi, the apex bank noted that the real-time alerts should for cross-border transactions, excessive cash deposits, cryptocurrency-related dealings, and other activities flagged under existing AML regulations.

The notice titled Exposure of Draft Baseline Standards for Automated Anti-Money Laundering (AML) Solutions – Request for Comments, outlined the regulatory expectations for modern AML compliance.

It was stated that the draft standards are designed to promote operational efficiency and ensure compliance with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) regulations.

The aim is to strengthen the AML capabilities of financial institutions through advanced, technology-driven solutions; encouraging the adoption of emerging technologies for real-time detection and reporting of suspicious transactions; reducing the inefficiencies associated with manual compliance processes; and ensuring alignment with evolving regulatory expectations both locally and internationally.

“This standard is informed by a comprehensive assessment of existing solutions within the industry and aligns with global best practices, including recommendations by the Financial Action Task Force (FATF),” the banking sector regulator said.

It made it mandatory for financial institutions implement transaction monitoring systems capable of supporting multiple risk scenarios.

These systems should use configurable filtration rules and customer segmentation techniques to effectively detect suspicious behavior. Institutions are also required to conduct regular stress testing and system validation exercises to minimise false positives.

In addition, there must be real-time access to Customer Due Diligence (CDD), Know Your Customer (KYC), and Know Your Customer’s Business (KYB) data, with banks required to automate customer onboarding processes with real-time identification and verification in line with existing AML/CFT/CPF regulations.

This includes integration with Bank Verification Number (BVN) and National Identification Number (NIN) databases to ensure instant verification, a part of the draft, available for download on the official website of the CBN, stated.

All stakeholders have been encouraged to review and provide feedback to shape the final version of the standards, the circular with reference number BSD/DIR/CON/AML/018/033 disclosed.

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Banking

Stanbic IBTC Bank, Customs to Streamline B’Odogwu Adoption

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Streamline B'Odogwu Adoption

By Modupe Gbadeyanka

The Nigeria Customs Service (NCS) and Stanbic IBTC Bank have agreed to collaborate to streamline the adoption of newly launched unified customs management system, B’Odogwu.

This system was introduced by the customs to make import and export processes in the country without hassle.

To keep its corporate clients abreast with the new platform, Stanbic IBTC Bank organised a two-day interactive workshop, with nearly 100 key trade clients in attendance, receiving hands-on guidance from the agency’s B’Odogwu project team.

Participants gained in-depth understanding of the platform’s functionality; received step-by-step guidance on processing trade documents; and had their specific questions addressed by the system developers.

The workshop targeted common challenges experienced by users since the platform’s launch, including navigation struggles, documentation requirements, and submission processes.

Through this workshop, businesses are expected to significantly improve their experiences with the B’Odogwu platform, reduce processing delays, and carry out more efficient trade operations by implementing the knowledge and skills gained.

The B’Odogwu Project Manager for Port and Terminal Multi-Services Limited (PTML) Command of the NCS, Mr Oyindamola Abass Oladepo, who is an The Assistant Comptroller, emphasised that the B’Odogwu digital platform is a comprehensive, end-to-end solution designed to place traders at the centre of various electronic processes.

“This platform facilitates the electronic generation of e-Form M; the electronic processing of Pre-Arrival Assessment Report (PAAR); the submission of electronic manifests; the lodgment of electronic import or export documents; the electronic payment of fees; and the self-assessment of declarations by declarants.

“The objective of the sensitisation workshop is to highlight the crucial role allocated to traders in self-generating their respective Form M and PAAR on the B’odogwu digital platform,” he stated.

Also, the Head of Trade, Transaction Banking at Stanbic IBTC Bank, Seun Ogundolapo, said, “The transition to the new B’Odogwu platform has posed unexpected challenges for many businesses across Nigeria.

“As a trusted financial partner, we recognised the urgent need to address this and provide practical solutions.

“By organising a hands-on workshop that brought together our clients and the customs technical team, we have established a direct channel for addressing concerns and facilitating the adoption of this essential new system.”

The initiative reinforces Stanbic IBTC Bank’s position as a leading financial institution facilitating seamless trade operations for Nigerian businesses.

By proactively identifying and addressing this critical need, the lender has demonstrated its deep understanding of client challenges and commitment to providing value beyond traditional banking services.

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Banking

Stanbic IBTC Bank Fixes June 3 for 2025 Home Loan Summit in Lagos

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Stanbic IBTC Bank Home Loan Summit

By Modupe Gbadeyanka

The 2025 Home Loan Breakfast Session organised by Stanbic IBTC Bank will take place on Tuesday, June 3 in Lagos and later in the year in Abuja.

The event, according to a statement, is themed Building Tomorrow Today: Transforming the Path to Homeownership and will allow in-person and virtual participation.

The summit will feature expert insights into real estate investment, financing options, and emerging market trends.

Discussions will also cover protecting wealth through insurance and creating a legacy and passing on wealth across generations through wills and trusts, all catered to by the Stanbic IBTC Group.

By bringing together financial strategists, real estate professionals, and forward-thinking Nigerians, the summit promises to be a pivotal gathering for aspiring homeowners, real estate investors, and financial enthusiasts.

The programme will empower individuals to turn their property ambitions into tangible, long-term wealth.

“As access to affordable housing remains a pressing issue, our Home Loan solution offers hope. With competitive interest rates, flexible equity contribution, and personalised guidance, our bank aims to bridge the gap and make homeownership attainable for our stakeholders,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.

Already, registration for the 2025 Home Loan Breakfast Session has commenced via www.stanbicibtcbank.com, with Nigerians advised not to miss this opportunity to connect, learn, and unlock new possibilities.

This year’s edition is coming based on the success of the inaugural summit. It is part of Stanbic IBTC Bank’s commitment to empowering individuals, families, and business owners with the means to own their dream homes and properties by providing and enlightening customers about its home loan solutions, benefits and flexible repayment options.

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