By Adedapo Adesanya

The Nigeria Deposit Insurance Corporation (NDIC), says its laws are now stronger and more effective to carry out its bank liquidation mandate.

The agency disclosed this in a statement issued on Sunday in Abuja by its Head of Communication and Public Affairs Department, Mrs Hawwau Gambo.

The statement quoted the NDIC chief executive, Mr Thompson Sunday, as saying the powers in liquidation of failed insured institutions had been enhanced with the enactment of the NDIC Act No. 30 of 2023.

Mr Sunday said that the Banks and Other Financial Institutions Act (BOFIA) 2020, also empowered the Corporation.

According to him, the NDIC is now better positioned to prosecute parties at fault in bank failures, unlike in the past when insufficient legal provisions allowed such individuals to evade accountability, commending the National Assembly for addressing the long-standing challenge of a weak legal framework which had constrained the corporation’s operations.

He also commended the judiciary for its growing expertise in deposit insurance law and practice, as demonstrated by the effective adjudication of failed bank cases through judgments that had brought relief to depositors.

“With stronger legal backing, individuals now approach the corporation to settle out of court, not necessarily because the law has caught up with them, but because they can see that the noose is tightening around those responsible for bank failures.

”The corporation’s ability to realise sufficient assets to declare a first round of liquidation dividends to the uninsured depositors of defunct Heritage bank Limited within one year of the revocation of its licence is due to the positive impact of the new legal framework,” Mr Sunday said.

He reiterated that the NDIC would continue to leverage the strengthened laws while collaborating with stakeholders to enhance the effective discharge of its mandate.

By Faridat Yusuf

Nigeria’s new non-interest bank, Summit Bank Limited, has started full operations, promising to give Nigerians honest, clear, and fair banking services.

The Central Bank of Nigeria (CBN) listed Summit Bank as a regional non-interest bank with its head office in Abuja. It joins other non-interest banks in Nigeria like Jaiz Bank, Taj Bank, and Lotus Bank.

The Managing Director, Mr Sirajo Salisu, during a press briefing in Abuja, said that the bank was seeking to serve Nigerians very well.

“We are live, well-regulated, fully operational, and ready to serve Nigerians with clarity, integrity, and purpose.”

He also talked about people thinking the bank was linked to a big bank, saying, “We have followed the conversations with interest and gratitude, and the curiosity we have carefully observed tells us that people care about us and about ethical finance, now is the time for clarification, as Summit Bank’s establishment and operation have gone beyond speculation,” he stated.

On his part, the bank’s Executive Director, Mr Mukhtar Adam, said, “While some of our directors have built accomplished careers at frontline financial institutions such as Zenith Bank, Summit Bank is an independent financial entity governed by a professional board and fully compliant with Central Bank of Nigeria regulations.”

He added, “Our offerings promise no hidden costs or complicated banking for both banked and unbanked Nigerians, with clear, compliant banking services backed by robust technology, sophisticated banking infrastructure, and tested human resources.”

The bank was started in July 2024 and got its CBN licence in February 2025.

By Adedapo Adesanya

The Bank of Industry (BoI) has reaffirmed the federal government’s commitment to boosting Nigeria’s tech and creative sectors through strategic investments.

This comes as Nigeria, through its Investment in Digital and Creative Enterprises (iDICE) programme, made its first investment in a venture capital fund in Ventures Platform $64 million raise.

The iDICE program, managed by the bank and co-financed by the African Development Bank (AfDB), the Islamic Development Bank (ISDB) and Agence Française de Développement (AFD), was established to channel public and private capital into Nigeria’s digital and creative sectors.

The Managing Director of the bank, Mr Olasupo Olusi, said the investment is part of Nigeria’s drive to transform its economy through innovation in high-growth tech and creative enterprises.

“By investing in Ventures Platform’s Fund II, which serves as iDICE’s Technology Equity Fund for Nigerian startups, we are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors by catalyzing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem,“ adding, Thereby contributing meaningfully to the nation’s broader economic transformation agenda, with a goal to create jobs at scale, but also empower high-growth entrepreneurs across the country.”

At its core, the iDICE programme seeks to equip Nigerians aged 15-35 with the skills to thrive in emerging digital and creative industries, to heighten their employability, spark innovation, and support entrepreneurs.

Under the iDICE programme, three broad components were established: Skills and Enterprise Development, Expanding Access to Finance, and Enabling Environment. The first pillar focuses on training youths in in-demand creative and technology skills, building a community of talent, and linking these young people either to employment or to the opportunity to launch their own ventures.

The second component which covers the investment in Ventures Platform, is Expanding Access to Finance, which addresses the persistent financing gap in Nigeria’s technology and creative sectors. The programme intends to provide equity or quasi-equity funding to startups, while also offering capacity-building support and grants to prepare enterprises for success.

Meanwhile, the Enabling Environment arm of the initiative focuses on regulatory, policy, and institutional reforms, putting in place the laws, programmes and business-environment enhancements necessary to make it easier for technology and creative firms to operate and flourish.

By combining training, funding access, and policy support within a five-year programme timeframe, the federal government aims to generate sustainable jobs, promote innovation, and create a more vibrant creative and technology sector.