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 Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
