Banking
Ecobank Ellevate Celebrates Five First-Class Female Graduates
By Modupe Gbadeyanka
Five first-class female graduates of universities in Nigeria have been celebrated by Ecobank Ellevate as part of activities to commemorate this year’s International Women’s Month.
The Head of Marketing and Corporate Communications at Ecobank Nigeria, Mr Babajide Sipe, explained that the recognition and celebration of the graduates were in line with the bank’s deliberate policy to promote distinction and excellence.
According to him, one of the ways to create a society that is free of bias and gender-based discrimination is to identify, recognize and reward excellence among the female folks in all spheres of life, noting that this would further encourage other women to aspire high and close the bias gap.
“I advise the honourees not to rest on their academic exploits but continue to mentor and be an inspiration to younger ones. The theme for this year’s IWD ‘’Break the Bias’’ suggests that there’s still more to be done the world over especially in Africa.
“Ecobank has made tremendous progress over the years in ensuring that women have similar access like men to the resources they need to grow, whether as employees or as entrepreneurs. It is imperative to join hands together to create a society that is free of bias and gender-based discrimination.”
“Across Ecobank, we are intent on ensuring that women have genuinely equal opportunities to men in achieving promotion, developing their careers, and reaching their full potential.
“Here at Ecobank Nigeria, our aim is to achieve 50/50 equality by 2030 at all levels of the bank. While IWD is just one day, gender equality is a phenomenon that even goes beyond women’s month.
“It should be firmly embedded in our beliefs, behaviours, and actions as the norm every single day. We understand that ultimately, the success of women is the success of the world,” he stated.
It was gathered that the graduates celebrated for their excellence and distinctive nature were Abolaji Awodein, a graduate of Social Works; Nusirat Eniola Yusuf, Economics; Faith Nwachinemere, Estate Management and Anthonia Owani, Economics all from the University of Lagos. Also included is Fisayo Ojo, who graduated from Covenant University with a degree in Computer Science.
Abolaji Awodein is a young and ambitious lady, who graduated with a First Class (Hons) Degree in Social Work. She was the best graduating student in her department. She also has a Diploma in Social Development and Administration where she was also the best graduating student. The self-published writer published her book “And Then I Met You” in 2018, which sold many copies locally and internationally.
Nusirat Eniola Yusuf is a young and ambitious Nigerian Economist who graduated with a First Class from the prestigious University of Lagos in 2021. She has a keen interest in Data analytics and currently works as a Financial Analyst. Outside work, Nusirat can be best described as an individual who is passionate about humanity. She is big on IMPACT, particularly on promoting quality education for Nigerian children.
Faith Nwachinemere is a young, ambitious and talented lady, who studied Estate Management and earned a distinction at a Diploma level (OND) from Yaba College of Technology, before proceeding to obtain her first degree (BSc) in the same course from the University of Lagos. She graduated with a First Class (Hons) and was the best graduating student in the Faculty of Environmental sciences. While in school, she represented her department in the 51st annual quiz competition organized by the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and came second place.
Anthonia Owani is a First Class graduate of Economics from the University of Lagos. She strives to always make an impact. In 2018, she led a team of five to organize a genotype awareness campaign at the University of Lagos where she educated over 800 students and community members about the intricacies of the human genotype.
Fisayo Ojo graduated from Covenant University in 2021 with First Class Honours in Computer Science. She believes technology is a vehicle for change and loves building products that make life easier for everyone. As an undergraduate, she also co-founded an NGO (TSC) to promote the inclusion of women in technology.
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has denied reports that customers performing financial transactions would pay a Value Added Tax (VAT) of 7.5 per cent from January 19, 2026.
Information about this emanated from messages sent out to customers of a financial institution, informing them of the new development in compliance of Nigeria’s new tax laws, especially the Nigeria Tax Act 2025.
It was claimed that Nigerians, as part of efforts of the government to generate more funds from taxes, would begin to pay VAT for the use of banking services like USSD and others.
But reacting in a statement signed by its management on Thursday, January 15, 2026, the tax collecting agency emphasised that the VAT collection for such services was not new.
It stressed that customers have always paid taxes for electronic money transfers and others, as this is charged on the fee, not from the main amount of the transaction.
“The Nigeria Revenue Service wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime. The Nigeria Tax Act did not introduce VAT on banking charges, nor (sic) did it impose new tax obligation on customers in this regard.
“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information,” the statement read.
Business Post reports that what this basically means is that if a customer sends N10,000 and the bank charges N50 for the service, a 7.5 per cent VAT on the N50, which is N3.75, would be paid by the sender, not N750, which is 7.5 per cent of N10,000.
By Adedapo Adesanya
Nigerian-born payments company, Paystack, has announced its entry into the banking sector with the launch of Paystack Microfinance Bank (Paystack MFB) after the acquisition of Ladder Microfinance Bank.
The bank continues Paystack’s push into consumer products and adds a banking layer to its business-focused payment product, coming ten years after the company was founded with the goal of simplifying payments for businesses using modern technology.
In Nigeria alone, the company says its systems process trillions of Naira every month, supporting more than 300,000 businesses and millions of customers. According to Paystack, this growth highlighted a broader need beyond payments, prompting the decision to build a more comprehensive financial offering.
Paystack MFB will begin lending to businesses before expanding to consumers. It will also offer banking-as-a-service (BaaS) products to companies building financial products and treasury management products.
The company explained that while payments are a critical part of the financial journey, businesses and individuals increasingly require a full financial operating system. This includes the ability to store money securely, move funds easily, gain clarity from financial data, and access tools that support long-term growth. Developers, Paystack added, also need reliable, secure, and compliant infrastructure to build new financial solutions efficiently.
To address these needs, Paystack said it has established Paystack Microfinance Bank as a separate and independent entity from Paystack Payments Limited.
The new microfinance bank operates with its own license, governance structure, and product roadmap, although it will work closely with its sister company.
“By adding Paystack MFB to our family of brands, we’re finding the right balance through combining the rapid innovation of a tech-first platform with the stability of traditional banking,” said Ms Amandine Lobelle, Paystack’s chief operating officer.
Last year, it launched its controversial consumer payments app Zap, and now it is taking a step further with the company securing regulatory backing to become a deposit-taking institution. According to a statement, the bank will be guided by the same principles that shaped Paystack’s early success, including reliability, simplicity, transparency, and trust.
Paystack MFB has begun operations with a small group of early members and plans a gradual rollout to more businesses and individuals. The company also announced the opening of a waitlist for interested users and confirmed it is recruiting a dedicated team to help build its long-term banking infrastructure.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has helped First Bank of Nigeria to recover the sum of N802.4 million from a suspect, Mr Kingsley Eghosa Ojo, who unlawfully took possession of over N1.3 billion belonging to the bank.
The funds were handed over the financial institution by the Benin Zonal Directorate of the anti-money laundering agency on Monday, January 12, 2026, a statement on Tuesday confirmed.
First Bank approached the EFCC for the recovery of the money through a petition, claiming that the suspect received the money into his account after system glitches.
The commission in its investigation; discovered that the suspect, upon the receipt of the money, transferred a good measure of it to the bank accounts of his mother, Mrs Itohan Ojo and that of his sister, Ms Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle.
With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.
While handing over the lender, the acting Director for the Directorate, Mr Sa’ad Hanafi Sa’ad, stressed his organisation would continue to discharge its mandate effectively in the overall interests of society.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done.
“We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said.
In his response, the Business Manager for First Bank in Benin City, Mr Olalere Sunday Ajayi, who received the drafts on behalf of the bank, commended the EFCC for the swiftness and the professionalism it brought to bear in the handling of the matter and expressed the bank’s gratitude to the commission.
He described the EFCC as one of Nigeria’s most effective and reliable institutions.
Meanwhile, Mr Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.
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