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Fidelity Bank, UBA, 10 Others to Disburse Cabotage Vessels Financing Fund

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By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) has selected Fidelity Bank, UBA, Zenith Bank, First Bank, Jaiz Bank, Lotus Bank, and six other Primary Lending Institutions (PLIs) to disburse the long-awaited Cabotage Vessels Financing Fund (CVFF) at a single-digit interest rate.

The Director-General of NIMASA, Mr Dayo Mobereola, disclosed this during a virtual meeting in Lagos on Monday, which was attended by stakeholders including representatives of these financial institutions.

He said the move was to transform the maritime sector, emphasising that President Bola Tinubu’s administration, with the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, had secured approvals for the fund’s operationalisation.

The PLIs are the designated banking institutions for the disbursement.

Mr Mobereola underscored the transformative potential of the initiative, stating that it would empower indigenous shipowners to compete more effectively and significantly boost local content within the maritime industry.

He noted that the CVFF is a loan facility with a single-digit interest rate, adding that the utilisation of which would be closely monitored.

According to him, its monitoring will ensure it achieves its intended objectives of fostering growth and capacity development among Nigerian operators.

“This demonstrates the establishment of clear frameworks for transparent, efficient, and impactful fund utilisation, directly empowering our indigenous shipowners,” Mr Mobereola said.

He noted that the CVFF was established under the Coastal and Inland Shipping Act of 2003 to provide vital financial support for vessel acquisition and overall capacity building for Nigerian maritime businesses.

“Despite nearly two decades of regulatory hurdles and past challenges, we are now at the cusp of a new era,” he added.

According to the director-general, the CVFF disbursement is expected to generate significant employment opportunities for Nigerian seafarers and strengthen ancillary maritime services, maintaining that this would contribute to the overall growth of the nation’s blue economy.

He assured stakeholders that the CVFF implementation framework prioritises transparency and accountability, featuring a dedicated Secretariat Cabotage Unit, clearly defined eligibility criteria, and the strategic partnership with the 12 PLIs to streamline access to the funds.

Mr Mobereola urged all prospective applicants to adhere to the established procedures through the designated financial institutions, reiterating that the CVFF is a strategic investment in maritime future and not a grant programme.

“The CVFF represents not just the end of a long wait but the beginning of a new era for Nigerian shipping,” he added.

On his part, Mr Jubril Abba, the Executive Director of Cabotage Services at NIMASA, explained that the fund is design to invigorate activities within the maritime space.

He commended the President and the minister for their decisive action in ensuring the disbursement to benefit indigenous maritime operators.

NIMASA’s Legal Consultant on CVFF, Mr Adedoyin Afun, elaborated on the Cabotage Act’s provisions, noting that it is specifically designed for Nigerian citizens.

Mr Afun explained further thar the Act aims to promote the development of shipping within Nigeria’s territorial waters.

He clarified the key requirements: vessels must be owned, built, operated, and managed by Nigerians.

Mr Afun also outlined NIMASA’s enforcement powers under the Act and highlighted that vessels must have been purchased within 12 months prior to loan application.

The financial consultant for the fund, Mr Yusuf Buhari, said that the CVFF aims to provide Nigerian shipowners with access to affordable financing, thereby reducing Nigeria’s reliance on foreign vessels for its coastal and inland shipping needs.

He explained the required applicant contributions, with NIMASA (CVFF) providing up to 50 per cent or a maximum of $25 million, with no direct funding.

According to him, the loan tenure is set at eight years, and the currency will be translated to US Dollars to align with international best practices.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Banking

Stanbic IBTC Reinforces Role in Driving Businesses, Key Sectors in Nigeria

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By Adedapo Adesanya

Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.

This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.

With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.

The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.

“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”

He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.

Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.

He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.

Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.

Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.

Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.

“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.

The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.

Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.

“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.

He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.

The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day. 

“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”

She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”

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Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

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By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

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Easter: Ecobank Assures Customers Uninterrupted Banking Services

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By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

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