Banking
Diamond Bank Trains SME Owners in Taxation, Business Expansion
By Modupe Gbadeyanka
Last week, one of the mid-tier lenders in Nigeria, Diamond Bank Plc, held two editions of its 64th business seminar for small and medium scale business owners within the Lagos and Ibadan metropolis.
This was in line with its commitment to fuel economic growth in the country through support for the sector of the economy.
During the seminars, which were held simultaneously, the small business owners were educated on tax affairs to give them business advantage in the competitive world of business.
Speaking at the Business Seminar held at the NECA House in Alausa, Lagos, the Chief Executive Officer, Diamond Bank Plc, Mr Uzoma Dozie, said Small Medium Enterprises (SMEs) in Nigeria have not thrived because they did not have the proper resources and good documentation of tax payments to stay afloat.
“There are businesses which are successful today but evade paying taxes to the government which is very wrong, in some cases, these companies did pay taxes but did not document it well and so they found themselves paying taxes that they were not supposed to pay so there is a need to pay taxes as these taxes paid are used to create the working business and friendly environment we crave for.”
The Ibadan edition of the 64th Diamond Business seminar which was held at the Segun Aganga Hall of the International Conference Center, University of Ibadan, was part of Diamond Bank’s effort at growing indigenous businesses for business owners who are customers of the bank to get information on how to grow their businesses and acquire the required skills that can get them funding.
While speaking on the theme for the Lagos edition of the 64th Business Seminar ‘Be the boss of your tax affairs’, Partner at PwC, West Africa, Mr Taiwo Oyedele, explained that countries where tax is paid have better governance, adding that the government needs to do more to educate the public on approved taxes meant for collection by the local or state government.
He revealed that Nigeria makes $25 billion from tax collection yearly when compared with $6 trillion the United States of America makes from tax and urged Nigerians to pay attention to tax affairs.
Speaking at the Ibadan edition of the seminar, the Area Manager of the financial institution, Adenike Ogunsugba, stated that Diamond Bank organized the seminar to satisfy the yearning of its customers, build their capacity and give them tips on how to grow their businesses, adding that it is a platform for them to dialogue with the bank and tell the bank their expectations and how also learn from experts on how to expand their business.
“This seminar is to build the capacity of our customers and teach them how to grow their business as part of fulfilling the value promises we made to you and open you up to opportunities available at the bank to help grow your business and the services you can explore for expansion.
“There are a lot of services we have that you can explore though many do not understand the advantages, one of such is the Diamond Business Advantage account which allows you to assess funding without collateral,” Ogunsugba said.
The keynote speaker in Ibadan, Preye Jimoh, the Managing Director of Dovas Spa Group and a financial expert while speaking on the topic, ‘Achieving business expansion: Relationship between accessing finance and basic book keeping’ stated that without a business plan and up to date financial records, a business owner cannot say whether he is making headway or sinking.
She concluded by saying, a business owner without financial records can be likened to an individual driving with a blindfold on. “Without a financial record, you will not know if you are making profit or not. Income is different from profit and the only way you know if your business is making profit is through financial records.
“You also need to keep proceeds in a bank, let there be a trail so that you make the work of your auditor easier. These records will help with financing because a business without proper book keeping cannot access loans.
“There are 37 million small and medium scale businesses in Nigeria and they contribute 48 percent of the gross domestic product,” she said.
By Aduragbemi Omiyale
Children and teens interested in participating in becoming the chief executive of Wema Bank for one day have till Wednesday, May 20, 2026, to submit their entries.
The One-Day MD/CEO initiative was introduced by Wema Bank in 2025 to commemorate Children’s Day in a uniquely unprecedented manner.
The winner of the maiden edition was a 12-year-old Chiderije Mbah, inspiring children across the country to put in the work towards a successful future.
Inspired by the bank’s 80th anniversary theme, 80 Years of Impact, A Future of Possibilities, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of the chief executive of the bank, Mr Moruf Oseni, for a day.
The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges as the winner, and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day, with parents and teens encouraged to hurry and make their submissions before the deadline.
By Adedapo Adesanya
Nigerian tier-1 lender, First Bank, has announced the introduction of its Naira Visa Debit Card in partnership with the global payments giant to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
According to the bank, the partnership aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels, adding that the card is intended to serve customers across the country’s diverse economic segments.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
Speaking on the launch, Mr Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.
“By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Mr Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio, continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa’s card portfolio at FirstBank, which already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
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