Banking
Ecobank Promotes Adire Textile to Boost Tourism, Culture in Africa
By Modupe Gbadeyanka
Ecobank Nigeria Limited has disclosed that its decision to promote the Adire textile is mainly to boost tourism and culture in Africa, especially now that the continent has commenced the implementation of the African Continental Free Trade Area (AfCFTA).
A few days ago, the lender organised the Ecobank Adire Lagos Experience. The event was a beehive of activities and funfair, with the influx of topflight exhibitors, government functionaries, culture enthusiasts, social media influencers, artists, local and foreign tourists, traditional rulers, diplomats, and members of the National Union Textile Garment Tailoring Workers of Nigeria (Adire sector).
The festival took place at the Ecobank Pan African Centre (EPAC) Lagos for three days.
Originating from Abeokuta, Ogun State, Adire textile is an indigenous indigo-dyed cloth made by using different wax-resist methods to create dazzling designs.
The Managing Director/Regional Executive of Ecobank Nigeria, Mr Bolaji Lawal, speaking at the event, said the support for Adire textile was a demonstration of the bank’s commitment to supporting MSME growth in Nigeria, stressing that the bank was impressed and motivated by the phenomenal success of the maiden edition held last year.
“We believe that through this event, we are showcasing the enormous potential of Adire clothes. If you look at what Ghana has done with kente and America with jeans, we want to promote Adire as a Nigerian clothing brand to the world,” he stated.
Speaking in the same light, Mr Kola Adeleke, an Executive Director of Commercial Banking, observed that the bank’s support was to connect the SMEs to the world and play in the AfCFTA landscape, stating that with the bank’s footprint in Africa and unified payment system, it was capable of taking adire to the world stage.
According to him, “Ecobank has the largest presence in Africa. We have a presence in 33 countries in Africa. That gives us the opportunity and advantage to connect African businesses across the continent.
“When you look at the impact we are making in the SME sector in the country, there is a need to deepen the opportunities in the market. Producing quality products will give our Nigerian producers the opportunity to sell their products to other Africans across the continent.”
Mr Adeleke observed that the bank’s support for Adire goes beyond exhibition and supporting the producers to play in the international market.
“Ecobank has a single market app which we have built. Our customers can onboard, and on the app; they can advertise their products. This app is accessible to other Africans across the continent. So, this is the kind of support that we are looking at beyond providing the normal financial advisory services but connecting entrepreneurs across the world.”
Mrs Korede Demola-Adeniyi, who is the Head of Consumer Banking at Ecobank, said the exhibition was part of the bank’s contribution to boosting the nation’s tourism, culture and creative industry using Adire as a key driver, adding that the bank was impressed with the turnout of high-profile exhibitors, vendors, dignitaries from different parts of the world.
“The bank is encouraged by the success of the maiden edition which took place last year. It is in line with our brand promise as a pan-African institution to promote culture and boost tourism on the continent.
“We are impressed with the patronage and interest shown by exhibitors and dignitaries from all walks of life.”
“The 3-day event also featured a series of masterclasses as well as networking opportunities with entrepreneurs, shoppers and everyone interested in the making or trading of Adire,” she said.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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