Connect with us

Banking

Nigeria to Adopt ECOWAS Single Currency by 2027

Published

on

ECOWAS Single Currency

By Adedapo Adesanya

The Economic Community of West African States (ECOWAS) has announced that the single regional currency named Eco will be launched by 2027.

This was disclosed in a statement signed by the FCAI, Director of Information and Public Relations at the Federal Ministry of Finance, Mr Mohammed Manga, on Monday, as financial leaders gathered in Abuja for the 11th ECOWAS Convergence Council meeting.

The meeting, which brought together Ministers of Finance and Central Bank Governors, focused on strategies to fast-track the much-anticipated launch of the Eco currency to boost economic integration and financial stability in West Africa.

Chairing the session, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stressed the importance of monetary and fiscal discipline in achieving the Eco currency.

He highlighted the impact of security challenges, inflation, and global economic disruptions as key obstacles slowing down progress toward full monetary convergence.

However, Mr Edun pointed to Nigeria’s recent economic reforms, including foreign exchange market reforms to stabilise the naira, tax policy enhancements to improve revenue generation, and fuel subsidy removal to enhance fiscal sustainability.

According to him, these measures have contributed to GDP growth of 3.4 per cent in 2024, setting a positive trajectory for regional economic stability.

The Minister stressed the importance of stronger regional economic coordination and ECOWAS’ role in shaping global financial policies.

He emphasised ongoing engagements with South Africa’s G20 presidency, which present a strategic opportunity to align West Africa’s economic agenda with broader African economic objectives.

“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Mr Edun concluded.

The proposed Eco currency aims to foster greater economic integration among ECOWAS member states by facilitating trade through a unified payment system, enhancing price stability and reducing inflationary pressures.

The single currency is also aimed at attracting foreign direct investment (FDI) by presenting a more stable economic bloc, and improving cross-border transactions, making it easier for businesses to operate seamlessly across West Africa.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Banking

Defunct Diamond Bank Founder Pascal Dozie Dies Day to 86th Birthday

Published

on

pascal dozie diamond bank

By Modupe Gbadeyanka

A veteran bank and founder of the defunct Diamond Bank Plc, Mr Pascal Gabriel Dozie, has died at the age of 85.

The former chairman of MTN Nigeria, a leading telecommunications firm, died in the early hours of Tuesday, April 8, 2025, just a day to his 86th birthday.

The Nigerian entrepreneur and businessman chairman of Pan-Atlantic University established Diamond Bank in 1990. The company later became one of Nigeria’s most respected financial institutions.

The current Governor of Abia State, Mr Alex Otti, once headed the lender before handing over to the founder’s son, Mr Uzoma Dozie, when he veered into politics.

Diamond Bank merged with Access Bank in 2019.

Mr Pascal Dozie, who was once the President of the Nigerian Exchange Limited, then known as the Nigerian Stock Exchange (NSE), was born on April 9, 1939, in Egbu, Owerri, Imo State, and began his career as an economist at the National Economic Development Office in the United Kingdom.

Continue Reading

Banking

FCT Communities Get Food Packs from Fidelity Bank

Published

on

fidelity bank

By Modupe Gbadeyanka

Some food packs have been distributed to residents of the Federal Capital Territory (FCT) Abuja recently by Fidelity Bank Plc as part of i​ts Corporate Social Responsibility (CSR) initiatives under the Fidelity Food Bank.

This is one of the key pillars of the bank’s CSR strategy, focusing on health and social welfare. As a nationwide project, the initiative seeks to provide food relief to underserved communities across Nigeria, with a particular focus on supporting women and children.

Officials of the financial institutions distributed the food items to seven communities in the Mabushi district of the FCT.

One of the beneficiaries, Mr Mukhtar Mohamed, expressed his gratitude to the bank, acknowledging the significant impact of food distribution.

Similarly, the District Head of Mabushi Community, Mr Hassan Danagna, commended Fidelity Bank for its generosity and its impact on the community.

“Fidelity Bank’s support to our community is unprecedented, and we are deeply grateful for this initiative, which provides relief to vulnerable households and less privileged families.

“Given the current economic challenges, this support is timely, particularly as we approach the holy month of Ramadan,” Mr Danagna stated.

Speaking at the distribution event, the Executive Director for North at Fidelity Bank Plc, Mr Sufiyanu Garba, emphasized the lender’s commitment to community development and its alignment with Sustainable Development Goal 2, which seeks to eradicate hunger.

“This initiative stems from our deep-seated responsibility to support underserved communities and contribute to the fight against hunger in Nigeria.

“At Fidelity Bank, we firmly believe that by addressing the root causes of poverty and hunger, we can make a meaningful impact on the lives of those in need.

“While we may not be able to solve all societal challenges, our contributions are making a difference, as evidenced by the positive feedback we continue to receive,” Mr Garba said.

“We recognize the importance of fostering growth and prosperity within the communities where we operate. By investing in their well-being, we contribute to the creation of a more sustainable and equitable society,” he added.

Continue Reading

Banking

Over 100 Exhibitors for 2025 Oja Oge by Ecobank

Published

on

Oja Oge by Ecobank

By Modupe Gbadeyanka

The second edition of Oja Oge by Ecobank Nigeria Limited will attract more than 100 exhibitors, who will showcase their products to potential customers.

The 3-day fashion, beauty, wellness, and lifestyle exhibition will take place at the state-of-the-art Ecobank Pan African Centre (EPAC) in Lagos from April 18 to 20, 2025, at 10 am.

The financial institution is organising the 2024 edition following on the immense success of its first edition last year.

This programme will have exhibitors displaying a wide range of fashion, beauty, wellness, and lifestyle products, as well as entertainment offerings.

Oja Oge by Ecobank provides a dynamic platform for businesses to engage with a diverse audience of shoppers and entrepreneurs.

Already, Ecobank Nigeria has partnered with leading corporates in the telecoms, payments, airline and FMCG space – Airtel Nigeria, Flutterwave, Qatar Airways and Maltina respectively to deliver this second edition of its premier fashion pop up event Oja Oge over the Easter weekend.

Oja Oge by Ecobank offer premium entertainment and provide a platform for local vendors to showcase and sell their products to a wider audience.

Participants will also have the chance to network and build relationships, gaining access to new markets. For us, as a Pan African bank, supporting small businesses in this way is a core part of our mission,” the Head of SME, Partnerships, and Collaborations at Ecobank, Ms Omoboye Odu, stated.

“Participation is free, and we invite everyone to come along with family and friends to enjoy the fair. It’s not just about buying and selling; it’s an opportunity to experience the creativity and luxury of current fashion and lifestyle trends, alongside a variety of music, food, and entertainment,” she added.

Continue Reading

Trending