Banking
Stakeholders Want Sound Corporate Governance in Fintech Ecosystem to Attract Investors
By Modupe Gbadeyanka
If the financial technology (fintech) industry intends to attract investors, then the sector must endeavour to put in place sound corporate governance principles.
This was the submission of participants at the second edition of the Ecobank Fintech Breakfast Series held recently at Ecobank Pan African Centre (EPAC) in Lagos.
One of the speakers at the event themed Strengthening the Ecosystem, a Partner at Aluko & Oyebode, Ms Tosin Iyayi, stated that to entrench sound corporate governance, an organization must put in place a well-constituted board of directors who will oversee and perform the roles of strategic planning and keeping oversight of the company’s affairs.
“The board will ensure an organization that is well run in line with laid down ethics, rules and regulations. It should be able to add value to the organisation, review the operations at every given point and offer helpful advice on the growth of such an organization.
“Members should have sound business acumen; they must have experience in running a successful business and be able to steer the direction of the company. There should be gender diversity in constituting the board.
“Members should have good knowledge of environmental, social, and corporate governance (ESG), which refers to a set of standards for a company’s behaviour used by socially conscious investors to screen potential investments,” she said.
Others also agreed with Ms Iyayi, stressing that sound corporate governance strengthens organisations, while good value proposition and structure determine and attract potential investors.
The Managing Director of Mzuri Solutions Limited, Mr Chinedu Onuoha, while speaking on Fintech and Fundraisers: What fintechs need to know about securing investments, advised fintech startups to have a clear insight on the need and purpose for raising funds, stressing that they should ensure such funds are deployed for the purpose.
“Fintech startups should raise funds they actually need. Sometimes you don’t need funds but goodwill. Know when to raise funds and when not to, and where not to raise funds.
“You should have a clear insight on what you need the funds for and meet your payment schedule to avoid a breach of corporate governance and your ethics. Don’t outrun yourself in order not to lose control, thereby questioning your ability to drive the business,” he stated.
Also speaking, the co-founder of Rising Tide Africa, Ms Yemi Keri, who spoke on how to secure funds, stated that investors look at the product, passion and structure of organizations.
“Investors are looking for good deals. You can get investors from networking events such as this breakfast meeting. Visit platforms such as LinkedIn. Check out profiles. There are genuine investors out there looking out for profitable businesses they can invest in,” adding that “on our part, we look at your product, your passion, motivation. We also look at how you will leverage technology for ease of operation and meet the needs of the customers. We look at your team, scalability, value proposition and structure to ensure business continuity.”
Earlier, the Group Head of Consumer Payments at Ecobank, Mr Osahon Akpata, stated that the pan-African bank pays a high premium on the growth of African fintechs, stating that the fintech space is attractive.
He said Ecobank was providing a platform for banks and fintechs to explore areas of mutual interests and opportunities with a view to building a stronger ecosystem.
Other speakers at the event included Lexi Novitske, General Partner, Norrsken22 and Yele Oyekola, co-founder & CEO of Duplo, amongst several others.
The Ecobank Fintech Breakfast Series, which holds in partnership with Tech Cabal, a digital media and publishing firm based in Nigeria, is designed to hold quarterly and aims to gather fintech leaders across the continent to share business insights, as well as discuss pertinent topics in the fintech ecosystem such as regulatory guidelines, funding, and other topics of interest to support both established and fintech startups at different stages of their journey.
Ecobank Nigeria Limited is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai).
Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small, and micro businesses, and individuals.
Ecobank is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 50,000 agency banking locations.
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.
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.
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 its 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.
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