Banking
Ecobank Nigeria Recruits New Staff, Holds Virtual Graduation Ceremony
By Modupe Gbadeyanka
Just when some organisations in the country are planning to lay-off some of their employees, Ecobank Nigeria is absorbing more.
Ecobank, which is one of the leading financial institutions in the country, held a virtual graduation ceremony for 57 trainees, who represent batch seven set of graduates being employed as full-time staff by the lender.
The event was the first of its kind by the bank in Nigeria as it positions itself as a high quality employer ready for the opportunities of a post-COVID19 lockdown.
In attendance were notable personalities including the Registrar/Chief Executive, Chartered Institute of Bankers of Nigeria (CIBN), Seye Awojobi; Managing Director, Ecobank Nigeria, Patrick Akinwuntan; Group Executive, Human Resources, Ecobank Transnational Incorporated (ETI), Yves Mayilamene; Head, Human Resources, Ecobank Nigeria, Kunle Adewuyi and several others including the 57 graduands who joined the ceremony from various locations within and outside the country.
Mr Akinwuntan, while speaking at the event, reaffirmed the commitment of Ecobank to continue to invest in young Nigerians to boost its high quality labour force in order to better serve its customers in a convenient and accessible manner particularly as the nation rebounds from the COVID19 lockdown.
He added that Ecobank had invested in a robust technology-based model which positioned it to cope with current and future challenges including provision of convenient digital banking services to customers in a seamless manner across 36 countries on the African continent.
Mr Akinwuntan encouraged the graduands to remain ethical and diligent in the delivery of the vision of the bank to become the most preferred financial services payments brand in Nigeria to support the economic development of households and growth of trade, manufacturing and commerce in Nigeria and Africa.
On his part, the CIBN Registrar said the initiative of the bank to host the event digitally is pacesetting for the industry.
He commended the bank for the high premium placed on training and building the competencies of its workforce.
“The CIBN is quite impressed with the importance Ecobank attaches to training of new hires and capacity building of its staff. I have lost count of how many graduation events
“I attended at the state of the art Ecobank Academy last year. This is certainly the way to grow the bank and the industry to meet up with global standards. I advise the graduands to display high level of integrity.
“One of the truest tests of integrity is its blunt refusal to be compromised. You should be ready to give your best to the bank that hired and trained you and thereby contributing your quota to the growth of the industry.”
Welcoming the graduands formally to the bank, Acting Head, Human Resources, Ecobank Nigeria, Kunle Adewuyi said the bank offers an enabling and conducive environment for staff to excel to the highest level, adding that its reward system remains a motivating factor for high performance and productivity.
He explained that the Ecobank Graduate Trainee program is an intensive one year of in-depth training for fresh graduates, aimed at equipping the participants who may be coming from non-financial and banking related academic backgrounds with the necessary skillset and knowledge required to work in the banking and finance industry.
Adewuyi noted that the graduation involving 57 trainees, which took place digitally due to the Coronavirus pandemic, was the first ever virtual graduation to be held in the history of the academy. He enjoined them to remain focused and apply themselves uniquely in their different roles.
Group Executive, Human Resources, ETI, Yves Mayilamene advised the graduands to be fully committed to their growth, as well as the overall growth of the organisation.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has approved weekly foreign exchange (FX) purchases for Bureaux de Change (BDC) operators, with a cap of $150,000, as part of efforts to improve foreign exchange liquidity in the retail segment of the market and meet the legitimate needs of end users.
This comes as the apex bank once again approved the participation of licensed BDCs in the Nigerian Foreign Exchange Market (NFEM), noting that utilisation complies with existing BDC operational guidelines.
Under the new directive contained in a circular signed by the Director of the Trade and Exchange Department, Mr Musa Nakorji, all BDCs duly licensed by the CBN are permitted to access foreign exchange through any Authorised Dealer Bank of their choice, at the prevailing market rates.
The move, according to the circular, aims to deepen market efficiency and ensure broader access to foreign exchange across the economy.
The central bank, however, imposed strict compliance and risk-management conditions on the transactions. Authorised dealers are required to conduct full Know-Your-Customer (KYC) and due diligence checks on BDC clients before any FX sale.
To strengthen transparency and accountability, the CBN directed that all licensed BDCs must submit timely and accurate electronic returns in line with extant regulations. Any unutilised foreign exchange must be sold back to the market within 24 hours, as BDCs are prohibited from holding FX positions purchased from the NFEM.
The circular further restricts settlement practices, mandating that all FX transactions be conducted through settlement accounts with licensed financial institutions. Third-party transactions are prohibited, while cash settlement is limited to a maximum of 25 per cent of each transaction amount.
Overall, the directive reflects the CBN’s broader strategy to balance market access with strong regulatory oversight, ensuring liquidity in the foreign exchange market while safeguarding financial system integrity.
Recall that earlier this week, the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, explained that the central bank now allows the foreign exchange market to largely determine prices, while the bank steps in to buy foreign exchange when necessary.
The CBN boss said recent reforms have also made foreign exchange more accessible to ordinary Nigerians, especially those travelling abroad, while warning that Nigerians who are holding foreign currency without real need that such actions could lead to losses.
By Aduragbemi Omiyale
The proposed acquisition of South African financial institution, Bidvest Bank by a Nigerian lender, Access Bank Plc, has hit a brick wall.
Access Holdings Plc, the parent company of the Nigerian bank, had announced on December 12, 2024, its intention to completely takeover Bidvest Bank.
Talks regarding the 100 per cent stake acquisition began between the two banks and January 26, 2026, was fixed as the long-stop date by which all conditions required for the completion of the deal.
However, the day has come and gone with the conclusion of the transaction still hanging, according to Access Bank in a statement on Tuesday, February 10, 2026.
The company disclosed that certain conditions, including regulatory requirements, were not fully met as of the expiration of the long-stop date.
While Access Bank thanked the board and management of Bidvest for their patience and support throughout this process, it noted that the brick wall experienced in the transaction “reflects the complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes.”
However, the chief executive of Access Bank, Mr Roosevelt Ogbonna, said the organisation remains “constructively engaged with stakeholders on this transaction towards finding a potential path to closure.”
“This initial outcome does not diminish our confidence in South Africa’s financial ecosystem,” he declared, pointing out that the lender remains “focused on building Africa’s most respected financial institution, strengthening our trade finance capabilities and delivering long-term value to customers, partners and communities across all our markets.”
By Adedapo Adesanya
The Bank of Industry (BoI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to offer Non-Interest Banking (NIB) services, marking a major expansion of its financing framework.
The approval was disclosed in a statement by the BoI Managing Director, Mr Olasupo Olusi, on Sunday, February 8, 2026.
The move is expected to strengthen the bank’s role in promoting sustainable industrial development and improving access to finance for underserved and high-impact business segments across Nigeria.
With the approval, BoI is authorised to commence non-interest banking operations, providing ethical, asset-backed financing options that prohibit interest and promote risk-sharing.
The initiative aligns with growing demand for alternative financing structures that support inclusive growth and social development objectives.
Mr Olusi described the approval as a significant milestone in the bank’s growth and long-term development agenda, adding that it positions BoI to deepen its contribution to Nigeria’s industrialisation drive through tailored financial solutions.
“This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda,” Olusi said.
“It positions the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.”
“Under this framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products,” he added.
Mr Olusi noted that the approval underscores the CBN’s confidence in BoI’s governance and commitment to responsible financing.
He said the licence would allow the bank to scale its operations, introduce innovative financing solutions, deepen support for Micro, Small and Medium Enterprises (MSMEs), and reach a new category of borrowers who were previously unable to access BoI’s funding.
Reconstructed in 2001 from the former Nigerian Industrial Development Bank (NIDB) Limited, BoI was originally incorporated in 1959 to transform the country’s industrial sector by providing long-term, low-interest financing and advisory support to various enterprises.
The introduction of a non-interest banking window is expected to broaden BoI’s financing toolkit and attract new pools of ethical and faith-based capital.
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