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.

By Modupe Gbadeyanka

The Group Chief Economist and Managing Director for Research and Trade Intelligence at the African Export-Import Bank (Afreximbank), Mr Yemi Kale, has been pencilled down to deliver the keynote address at the second Ecobank Customer Forum.

The programme, themed Strengthening Regional Integration for Economic Transformation, will take place at the Ecobank Pan-African Centre (EPAC) in Lagos.

The forum, organised by the bank’s Fixed Income, Currencies and Commodities (FICC) Business (Treasury), is designed to examine critical issues shaping Nigeria’s and Africa’s economic outlook in 2026, with particular focus on trade, financial markets, foreign exchange liquidity and regional integration, especially as the African Continental Free Trade Area (AfCFTA) agreement enters a strategic phase of implementation.

The Regional Treasurer for Ecobank Nigeria Limited, Mr Olumide Adebayo, said the one-day programme reinforces the lender’s role as a trusted financial partner and customer-focused institution, with the intention to foster dialogue, support informed decision-making, and deeper regional economic integration across Africa.

According to him, the seminar will open with welcome remarks by the Managing Director/Regional Executive of Ecobank Nigeria, Mr Bolaji Lawal, who will underscore the bank’s commitment to supporting customers and driving inclusive growth through strategic dialogue, innovation and pan-African collaboration.

The keynote address, titled The Future of Trade in Africa: Harnessing the AfCFTA for Economic Transformation, will be delivered by Mr Kale and will provide insights into Africa’s trade prospects and the transformative potential of the AfCFTA.

The forum will feature two high-level panel discussions: Balancing the Risk between Interest Rate and Exchange Rate: Business Expectations and Outlook in 2026, and Export Proceeds, Oil Receipts and Remittances in 2026: Exploring Options that Best Support FX Liquidity and Flows in Nigeria.

The event would be moderated by Messrs. Aruoture Oddiri, Host and Producer of Global Business Report on Arise News and Barnabas Vajeh of Ecobank Nigeria Limited.

By Aduragbemi Omiyale

The 2025 full-year interim financial statements of Sterling Financial Holdings Company Plc released to the Nigerian Exchange (NGX) Limited revealed that pre-tax profit increased by 99 per cent to N90.7 billion.

The parent company of The Alternative Bank and Sterling Bank showcased an improvement in operational efficiency by cutting its cost-to-income ratio to 63 per cent from 72 per cent in 2024.

In the period under review, the gross earnings grew by 46 per cent to N476.5 billion, driven by healthy growth in both interest and non-interest income, with the former up by 43 per cent to N369.6 billion, fueled by an increase in loans and advances and improved yields on investment securities.

Also, the non-interest income expanded by 57.3 per cent, supported by higher trading income and growth in fees and commissions.

As for the balance sheet, it was robust as total assets surged by 11 per cent to nearly N4 trillion, a strong indicator of its expanded market footprint, with customer deposits rising by 18 per cent to N2.98 trillion, further reflecting the organisation’s successful efforts in enhancing customer engagement and product adoption across its platforms.

Sterling Holdco has also continued to strengthen its capital position, with shareholders’ funds increasing 39 per cent to N424.0 billion.

This bolstered capital base ensures the group’s banking subsidiaries are well-equipped to support its future growth initiatives, having met the recapitalisation requirements of the Central Bank of Nigeria (CBN) ahead of the March 2026 deadline.

This achievement was driven by a series of disciplined capital-raising initiatives, including a public offer of over N88 billion to bolster Sterling Bank’s position, and a prior capital injection that secured The Alternative Bank’s status as a national non-interest bank.

The results reflect a diversified earnings base, an emphasis on efficient capital deployment, and a strengthened operational foundation, all of which position Sterling Holdco for continued growth in the competitive financial services landscape.