Banking
ECOWAS, Ecobank Organise Solar Energy Training for 100 Entrepreneurs
By Aduragbemi Omiyale
At least 100 entrepreneurs in Lagos and Abuja gathered recently for a training backed by the Economic Community of West African States (ECOWAS), in collaboration with Ecobank Nigeria and the World Bank.
The off-grid photovoltaic solar energy workshop was part of efforts of the organisations to make electricity accessible to many citizens.
It was gathered that the training was also to ensure that stakeholders in the small and medium-sized enterprises (SMEs) sector get alternative power supply.
This initiative forms part of the Regional Off-Grid Electricity Access Project (ROGEAP), which seeks to promote the development of a regional market for standalone solar energy systems.
ROGEAP is funded by the World Bank, with additional support from the Clean Technology Fund (CTF) and the Directorate General of International Cooperation (DGIS) of the Government of the Netherlands.
At the three-day Entrepreneurship Business Training held in Lagos, the Senior Adviser at the ECOWAS Commission’s ROGEAP, Mr El Hadji Sylla, noted that Nigerian SMEs have already benefited from grants totalling $800,000 under the project, aimed at increasing participation in the off-grid solar energy value chain.
Mr Sylla explained that the capacity-building workshops, conducted in both Abuja and Lagos, were designed to enhance the technical and financial capabilities of SMEs focused on solar energy. The objective is to better position these businesses for growth and long-term sustainability in the renewable energy sector.
He also stated that ECOWAS is in discussions with Ecobank Group to establish mechanisms that would allow the bank to offer both technical and financial support to SMEs in the solar energy ecosystem. This includes extending direct credit lines to eligible businesses.
According to him, the first component of ROGEAP—led by the ECOWAS Commission—centers on the creation of a strong regional market for off-grid solar solutions. A key strategy involves equipping SMEs with the skills to develop technically sound and financially viable projects that meet commercial lending standards.
“This year, we have worked closely with Ecobank Nigeria to align solar-focused SME portfolios with the bank’s financing requirements.
“Our goal is to ensure that the submitted projects are not only technically feasible but also bankable,” Sylla said.
Also speaking at the event, Salamatu Baba Tunwzang, Team Lead at ROGEAP’s Entrepreneurship Support Facilities, emphasized that the program goes beyond technical training. She highlighted that participating SMEs are also being prepared to access ROGEAP grants and other funding opportunities.
“When businesses join our network, they gain access to both technical assistance and financial resources,” she said. “We also build the capacity of technical installers, who can equally benefit from these opportunities. It’s a comprehensive support system—they receive funding, technical training, market intelligence, and valuable networking opportunities for collaboration.”
In his remarks, Managing Director of Ecobank Nigeria, Bolaji Lawal, reiterated the vital role SMEs play in driving economic sustainability and inclusion. Represented by Otega Aghogho Odjegna, Regional Head for the Apapa-Isolo Region, Lawal described SMEs as the “lifeblood of any economy,” pointing out that they contribute over 80 percent of employment across West Africa.
He further noted that this initiative aligns with Ecobank’s ELLEVATE program and the Single Market Trade Hub, both of which aim to equip SMEs with tailored financial solutions, digital tools, and strategic insights to help them scale and compete in broader markets.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
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