Banking
Infinity Trust Mortgage Bank to Raise Fresh Capital
By Adedapo Adesanya
The management of Infinity Trust Mortgage Bank Plc (ITMB) has hinted that it could generate more funds for the company by offering its shares to interested investors.
This hint was dropped on Monday by Managing Director/CEO of Infinity Trust Mortgage Bank, Mr Onabanjo Obalaye, during the bank’s Facts Behind The Figures at the Nigerian Stock Exchange (NSE).
The company, which had the honour of beating the closing gong yesterday, was at the exchange to give explanation on its audited full year ended December 31, 2018, and the unaudited results for the seven months ended July 31, 2019.
Business Post reports that during the presentation, Mr Obalaye rolled out the bank’s expectations, results of operations, business prospects and opportunities considering the challenging operating environment, which he described as “very tough.”
According to Mr Obalaye, “Rising insurgency and terrorist activities in the North East and spreading South is affecting every business not only mortgage business.
“Concerns about safety and security of persons and goods is taking its toll on business operations.
“Also, lengthy court processes, absence of unified foreclosure law and government right to land.
“The policy initiative of government equally needs to be addressed if home ownership in Nigeria needs to be redeemed.”
Also looking at regulations, he noted that many regulators failed to understand the dynamics of the business environment leading to poor policy implementation.
Looking at the rising cost, Mr Obalaye said, “The drive of government to generate revenue without knowing if it kills businesses or not is equally adding to the cost of operating businesses in this environment.”
He, however, noted that despite the unfriendly factors, Infinity Trust Mortgage Bank has been able to move its total assets to N11 billion from was N7.39 billion in 2013 when it was listed on the exchange.
Mr Obalaye also disclosed that the Shareholders Funds has moved to N6 billion while its loans and advances is currently at N5.5 billion.
Looking at what the company has achieved when it became a public company in January 2013 to date, Mr Obalaye said, “We have moved our shareholders from 150 to 500 and we became a national mortgage bank.”
He said in recognition of the support of its shareholders, the bank has declared and paid dividends every year.
Analyzing the bank’s financials based on its Key Performance Indicators (KPIs) from 2013 to the full year of 2018 and inclusive of its seven months performance in 2019, the Managing Director said, ‘Total Assets in 2013 was N7.39 billion which moved to N10.35 billion in 2018 and is currently at N11.23 billion. Loan and Advances in its first year as a public company was at N1.31 billion which moved up to N3.8 billion in 2018 and is now at N5.05 billion so far, with investments rowing to N2 billion as at the period calculated in 2019.’
Speaking on the issued share capital, which has remained at N2.085 billion since 2013, Mr Obaleye said, “We are working on how we are going to increase this”, disclosing that the bank was working with its investment partners, Cordros Capital.
Remarking on the performance, Obalaye noted that the growth was due to strong brand presence, improved customer confidence, efficient corporate governance, public and private housing initiatives among other drivers.
By Aduragbemi Omiyale
Children and teens interested in participating in becoming the chief executive of Wema Bank for one day have till Wednesday, May 20, 2026, to submit their entries.
The One-Day MD/CEO initiative was introduced by Wema Bank in 2025 to commemorate Children’s Day in a uniquely unprecedented manner.
The winner of the maiden edition was a 12-year-old Chiderije Mbah, inspiring children across the country to put in the work towards a successful future.
Inspired by the bank’s 80th anniversary theme, 80 Years of Impact, A Future of Possibilities, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of the chief executive of the bank, Mr Moruf Oseni, for a day.
The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges as the winner, and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day, with parents and teens encouraged to hurry and make their submissions before the deadline.
By Adedapo Adesanya
Nigerian tier-1 lender, First Bank, has announced the introduction of its Naira Visa Debit Card in partnership with the global payments giant to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
According to the bank, the partnership aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels, adding that the card is intended to serve customers across the country’s diverse economic segments.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
Speaking on the launch, Mr Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.
“By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Mr Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio, continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa’s card portfolio at FirstBank, which already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
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