Banking
Stanbic IBTC Bank Accounts for 28.30% of Nigeria’s Foreign Inflows in 2024
By Modupe Gbadeyanka
Stanbic IBTC Bank has solidified its position as the leading bank for capital importation in Nigeria, capturing an impressive 28.30 per cent of total foreign capital inflows in the first nine months of 2024, according to data from the Central Bank of Nigeria (CBN).
The central bank said the subsidiary of the Standard Bank Group attracted approximately $2 billion in capital imported in the period under review, demonstrating its performance during the pivotal year of 2020, which was marked by unprecedented global economic challenges.
The parallel with 2020 is particularly significant, coinciding with the onset of the COVID-19 pandemic, which significantly impacted Foreign Direct Investments (FDI) and Foreign Portfolio Investments (FPI).
Stanbic IBTC Bank weathered this storm and strategically positioned itself to capitalise on the post-pandemic economic recovery.
The lender rapidly digitised its banking operations, maintained robust risk management protocols, and supported clients through unprecedented economic uncertainty while leveraging technology to maintain seamless international financial connections.
With approximately $2 billion in capital importation, Stanbic IBTC Bank has demonstrated its ability to attract international investments during a critical economic reconstruction period.
This performance surpasses its 2023 figures of $919 million, highlighting the Bank’s growing global credibility.
At the heart of this success lies the organisation’s Fitch Triple A ratings for the Holding Company and the Bank subsidiary, which offer investors a beacon of stability in an uncertain global financial landscape.
“We are incredibly proud of what we have achieved with this milestone, as our performance in capital importation goes beyond mere financial metrics; it reflects our strong commitment to making Nigeria an attractive destination for global investors.
“By utilising our international networks and deep local expertise, we facilitate capital flows and actively reshape Nigeria’s economic narrative in the post-pandemic global landscape,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
The financial institution’s strong affiliation with Standard Bank Group brings global expertise crucial for navigating post-pandemic economic complexities.
Its highly competent Corporate & Investment Banking team has been instrumental in strategically attracting international capital during economic reconstruction.
This leadership in capital importation reflects broader economic trends, facilitating international investment during global economic rebalancing, supporting Nigeria’s economic recovery, and bridging local economic needs with global investment opportunities.
The $2 billion capital importation in 2024 is not just a number but a narrative of resilience. Where 2020 represented a survival challenge, 2024 symbolises strategic triumph – transforming pandemic-induced disruptions into opportunities for growth and international financial reconnection.
Stanbic IBTC Bank is now positioned to potentially surpass other foreign-affiliated Banks in Nigeria as the primary conduit for foreign capital. This trajectory speaks volumes about its strategic adaptability in a post-pandemic world.
More than a financial achievement, this milestone represents a critical contribution to Nigeria’s economic renaissance. Stanbic IBTC Bank continues to play a pivotal role in driving economic progress and international investment appeal to Nigeria.
The organisation has effectively demonstrated how domestic financial institutions can survive global economic challenges and emerge as leaders in the global financial ecosystem.
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
By Dipo Olowookere
Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.
This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.
In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.
Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.
“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.
“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:
“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).
“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.
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