Banking
Heritage Bank Empowers Young Entrepreneurs
As part of drive to contribute to the growth of economic drive, Heritage Bank Plc has continued to support The Next Titan Season-six; in ensuring that the entrepreneurial targets of the Nigerian youths are attained.
The Next Titan entrepreneurial reality TV show sponsored annually by the Heritage Bank Plc has unveiled the top 16 contenders for the season-6 of the competition.
The 16 lucky candidates were selected from among 50 contestants who made it to the Bootcamp after the auditions that saw thousands of Nigerian young entrepreneurs jostle for selection at the audition centres in Lagos, Port Harcourt, Enugu and Abuja.
The contest is out for the N7 million cash prize staked for grab by the chief sponsor, Heritage Bank, and a brand new Ford car donated by Coscharis Ford Motors.
The cash prize has been increased to N7 million from N5 million in the last five seasons.
Having emerged top 16 contenders, the entrepreneurs will proceed to the Next Titan House where they will be involved in a-10 week entrepreneurial and social service tasks including trainings and mentorship under the guidance and supervision of astute business leaders who serve as judges.
Speaking at the Premiere Night in Lagos on Sunday, where the top 16 were unveiled, the Regional Executive, Lagos and South West, Heritage Bank, Dimiri Dike, said the programme was one of the ways the bank drives social and economic change as a responsible corporate citizen.
Dike said: “On the economic level, you know that entrepreneurship drives employment, it drives social change, so we are really doing it for both social and economic change. And also, time it was in the past when a lot of people entered entrepreneurship without proper training. This platform, the Next Titan, offers you a very good beginning.
“Some of the advantages and benefits that entrepreneurs in the past never had are what these ones are enjoying. So, this is an opportunity for them to be schooled and at least stand the fighting chance from the perspective of knowledge and experience of those that had gone before them to succeed”.
Advising the top 16 contenders, Dike said: “First, be yourself, you have to be humble. The fact that you made it to the top 16 doesn’t mean you are better than those who didn’t get here. It could have been just one thing or another. So, if you now go and be thinking that you have now arrived, that lack of humility could be your undoing.
“And more importantly, enjoy the experience because even after you have won; it is the memories of your journey to victory that will keep you going, long after you have become a successful entrepreneur”.
Giving insights into some changes in the programme, the Executive Producer, Next Titan, Mide-Kunle Akinlaja, said: “One, the prize has changed from N5million to N7million. Then two, we are improving in all areas, content-wise, trying to make the show more entertaining and at the same time not allowing the entertainment to water down the essence of the show, which is entrepreneurship. So, generally, we keep improving”.
The winner of the show will be announced in December at the Grand Finale in Lagos.
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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