By Modupe Gbadeyanka

The British government has promised to support a Nigerian financial technology (fintech) firm, Moniepoint Incorporated, to enhance trade and investment partnerships between the two nations.

This assurance was given by the British Deputy High Commissioner in Lagos, Mr Jonny Baxter, during a working visit to the United Kingdom office of Moniepoint recently.

Present at the meeting were the co-founder and chief executive of Mr Tosin Eniolorunda; the co-founder and Chief Technology Officer of Moniepoint, Mr Felix Ike; the Senior Vice President for M&A & Investor Relations at Moniepoint, Ross Strike; and the chief executive of Moniepoint UK, Ravi Jakhodia, among others.

Mr Baxter said the investment of British International Investment (BII) in Moiniepoint is a critical point in increasing economic opportunities for small businesses in Africa, as well as enhancing financial inclusion for consumers and providing direct financing to impactful companies.

He emphasised the importance of trade as a cornerstone of diplomatic and economic relations between the two nations, emphasizing its role in fostering prosperity, innovation, and cooperation across sectors such as energy, financial services, and infrastructure.

In his remarks, Mr Eniolorunda acknowledged the Enhanced Trade and Investment Partnership (ETIP) between Nigeria and the UK as a critical framework for unlocking market access, regulatory cooperation, and job creation in emerging sectors.

He highlighted opportunities for collaboration in areas such as innovative financial services and cybersecurity products.

The entrepreneur lauded the British government and DBT for creating an enabling environment for Nigerian businesses operating in the UK, noting that Moniepoint’s presence in the UK contributes to actualizing this bilateral relationship by ensuring it is not a one-sided transfer of investments but a mutually beneficial partnership.

“Trade and investment are pillars of UK-Nigeria relations. We’re proud to be part of a movement that’s turning those pillars into bridges for real economic transformation.

“Our mission has always been to engineer financial happiness while powering the dreams of millions businesses and individuals through digital financial technology.

“Every step we take—whether in Nigeria or the UK—is about making that vision a reality. Our growth is a testament to what’s possible when partnerships go beyond investment—it’s about shared prosperity and innovation,” Mr Eniolorunda said.

The UK-Nigeria trade relations are expected to see significant growth in several sectors this year and Moniepoint plans new solutions to help Nigerians in the UK easily send money home.

These solutions will leverage the company’s reputation for trust, speed, and transparency to solve payment issues, and this is part of a larger effort to improve economic and trade relations between Nigeria and the UK.

Moniepoint operates as an all-in-one financial ecosystem, offering seamless payments, banking, credit, business management and cross border solutions to over 10 million businesses and individuals across Nigeria and Africa.

It has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), especially those in the informal segment of the economy.

Moniepoint’s mission to drive financial inclusion and empower businesses has been widely acknowledged and signposted by its listing for two consecutive years as Africa’s fastest growing financial institution.

As Nigeria’s largest merchant acquirer, the company powers most of the country’s Point of Sale (POS) transactions, processing over 1 billion transactions monthly, with total payments volume exceeding $22 billion.

By Adedapo Adesanya 

The Central Bank of Kenya (CBK) and the National Treasury have approved Access Bank’s acquisition of the National Bank of Kenya, one year after the deal was announced.

The lenders signed an agreement for the purchase in March 2024 and will see KCB sell 100 per cent of NBK at 1.25 its book value, boosting the foothold of Nigeria’s biggest bank in one of East Africa’s most crucial economies.

The Central Bank of Nigeria (CBN) and other authorities will still need to grant regulatory approval.

The CBK said Treasury Cabinet Secretary, Mr John Mbadi, had approved the deal, bringing Access Bank closer to taking over NBK, which could expand its footprint in East Africa’s largest economy, given the bank’s nationwide branch network.

“Pursuant to section 13 (4) of the Banking Act, the Central Bank of Kenya on 4th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC,” CBK governor Kamau Thugge said in a gazette notice.

“The Cabinet Secretary for the National Treasury and Economic Planning on 10th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC,” it said in a statement on Monday.

This development marks the second acquisition in Kenya for the Nigerian bank after it bought Transnational Bank Limited in 2019.

Speaking on the deal last year, the CEO of Access Bank, Mr Roosevelt Ogbonna, in a statement said, “The transaction represents an important milestone for the bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market.”

According to KCB Group CEO, Mr Paul Russo, the sale of the lender to Access Bank will help turn around the fortunes of the struggling subsidiary. KCB, which is Kenya’s biggest bank, bought the National Bank of Kenya in 2019.

“The board evaluated three options and made the decision that to protect the value and the efforts we’ve put in NBK, the right thing to do [] is to accept a binding offer from Access Group,” Russo said while releasing KCB Group’s 2023 financial results.

Access Bank plans to double the share of assets outside its home market by 2027 and has seen deal build on the bank’s growing operations in the Democratic Republic of Congo and Rwanda, as well as its acquisitions or plans to acquire stakes in Uganda’s Finance Trust Bank Limited in January, a controlling share in African Banking Corporation of Tanzania, and Standard Chartered Bank Plc’s consumer, private and business-banking operations in that country.

Access Bank has been on a Mergers and Acquisition (M&A) streak across the continent, acquiring Grobank in South Africa, BancABC in Botswana and Mozambique, Diamond Bank in Nigeria, and Finibanco Angola in line with the visions of its late founder, Mr Herbert Wigwe.

By Modupe Gbadeyanka

A former staff of First Bank of Nigeria Limited, Mr Muiz Tijani Adeyinka, has forfeiture seven properties linked to him in Lagos to the federal government.

This followed a final forfeiture order ordered by Justice Dehinde Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, on Thursday, April 10, 2025.

He was brought before the court by the Economic and Financial Crimes Commission (EFCC), which argued that the properties were obtained with questionable funds.

Justice Dipeolu had earlier ordered the interim forfeiture of the properties and also ordered the publication of the said order in a national newspaper for any interested parties to show cause why the properties should not be finally forfeited to the federal government.

Moving the application for the final forfeiture yesterday, the EFCC, through its lawyer, Ms Zeenat Atiku, told the court that “no one showed cause within the 14 days window granted after the publication.”

The legal counsel also stated that the application was supported with an affidavit deposed to by an operative of the EFCC, Mr Isah Yusuf Nadabo.

In the affidavit, Nadabo informed the court that Mr Adeyinka worked at the settlement office of the bank and that he had the capacity to carry out some inalienable access available only to the office by virtue of his office.

He stated further in the affidavit that, “He, therefore, carried out illegal, unauthorised and fraudulent activities against First Bank Nigeria Plc.

“Investigation has thus far revealed and traced the sum of N35 billion benefitted by Muiz Tijani Adeyinka and his cronies.”

She, therefore, told the court that the properties traced to the former First Bank employee were reasonably suspected to have been acquired with proceeds of unlawful activities.

After listening to the EFCC’s counsel, Justice Dipeolu held that he found merit in the argument of the applicant and ordered the final forfeiture of the properties to the Federal Government of Nigeria.

The properties are Plot 9, Block 28 Itunu City, Veritas Homes & Properties Ltd., Aiyetoro, Epe Lagos State; a three-bedroom flat described as Block A, Floor 6, Flat 2 (Block A/6/2) Le Moriah Residences Estate, Off Kusenla Road, Ikate Ancient City, Lekki Penninsula, Eti-Osa LGA, Lagos State; a parcel of land known as Block L1, Plot 13, Amen Estate, Phase Ill Extension, Abomiti Zone, Lekki/Epe Express Way Epe LGA, Lagos State; a parcel of land known as Block 3, Plot 13, Arizon Estate , within Idera Scheme Allocation via Eleko Junction Ibeju-Lekki LGA; one plot of Land within Arizone Estate, Idera Scheme,lbeju-Lekki LGA and one plot of land within Itunu Residential Aiyetoro, Ibeju-Lekki LGA.

Others are a parcel of land known as Plot 7, Block 4 Itunu City, Veritas Homes & Properties Ltd, Aiyetoro Epe LGA, Lagos; a parcel of land known as Plot 1, Ido Gwari 2 Extension, within Ochacho Real Homes, Ido-Gwari 2 Extension, LifeCamp, Abuja and a parcel of land known as Block Q, Plot 25, Tiara by Amen City Limited, Along Lekki/Epe Express Way, Yeguda Resettlement Scheme, Epe Lagos State.