Banking
Stanbic IBTC Calls for Innovative Climate-smart Financing
By Adedapo Adesanya
Stanbic IBTC Holdings through its Sustainable Finance Summit 2.0 has sets the pace for leveraging innovative climate-smart financing.
The event, held in partnership with the Lagos Business School Sustainability Centre (LBSSC), concluded with unprecedented success, establishing new benchmarks for sustainable finance discourse and innovation in Nigeria and across Africa to tackle climate challenges.
The hybrid summit, themed Financing Resilience: Digital Innovation and AI for Climate Smart Communities, attracted over three thousand participants both physically at the Civic Centre, Lagos and through YouTube live streaming, representing diverse sectors from across Nigeria and internationally.
The forum delivered significant value across multiple dimensions. Industry impact included the unveiling of innovative AI-powered climate risk assessment tools being developed by leading Nigerian fintech companies.
Mr Kunle Adedeji, Acting Chief Executive, Stanbic IBTC Holdings, expressed, “The overwhelming success of this summit validates our vision of positioning Nigeria at the forefront of sustainable finance innovation. We have witnessed remarkable collaboration between financial institutions, technology innovators, and policymakers, resulting in concrete commitments and actionable solutions.
“This event has not only strengthened our position as industry leaders but has also demonstrated the transformative power of bringing together diverse stakeholders around our shared commitment to climate-smart financial solutions,” he said.
On his part, Mr Wole Adeniyi, Chief Executive, Stanbic IBTC Bank also reiterated that the seminar delivered concrete value to all participant categories.
Financial professionals gained practical insights into implementing AI-driven ESG assessment tools and accessing new sustainable investment opportunities—technology innovators connected with potential investors and partners, with several startups securing follow-up meetings for funding discussions. Regulators participated in productive policy dialogues and gained exposure to international best practices in sustainable finance regulation.
The summit’s emphasis on meaningful dialogue and active participation proved phenomenally successful. Live Q&A sessions generated probing questions and insightful answers, networking sessions facilitated new business connections and potential partnerships, technology demonstration zones attracted significant engagement with firsthand exploration of climate finance tools, and panel discussions sparked animated debates on the future of sustainable finance in Africa.
In her presentation titled The Power of digitisation in Stanbic IBTC’s climate risk management and opportunity discovery, Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive, Stanbic IBTC Bank, highlighted the significance of digitisation.
She emphasised that data digitisation enables more precise and timely measurement of climate risks across various portfolios. She described how AI and machine learning facilitate predictive modelling for various scenarios, including floods, droughts, and credit stress situations.
According to her, “Nigeria must persist in implementing strong and effective measures to combat climate risks. We should prioritise sustainable land use practices, promote environmental education, and strengthen policies that support climate adaptation and mitigation.
“Collective action at all levels; government, businesses, and civil society is essential to ensure a sustainable future for our nation in the face of climate change,” she stated.
Speaking during the event, Professor Kemi Ogunyemi, Business Ethics and Members, Management Board, Lagos Business School, stated, “At the Lagos Business School Sustainability Centre, we believe that collaboration between academia and industry is vital in addressing the pressing challenges posed by climate change. The success of the Stanbic IBTC Sustainable Finance Summit 2.0 highlights the collective potential of diverse stakeholders coming together to drive innovation in sustainable finance.
“As we continue to foster meaningful dialogue and partnership, we are excited to see the tangible impact our efforts will have on creating climate-smart communities across Nigeria and beyond.”
According to the lender, the success of the Sustainable Finance Summit 2.0 reinforces Stanbic IBTC’s position as Nigeria’s leading innovator in sustainable finance, demonstrating the powerful impact of academic-industry collaboration in addressing climate challenges.
In his keynote address titled Artificial Intelligence and Sustainable Finance: Steps for a Climate-Resilient Economy, Mr Segun Ajayi, Country Director, Oracle Nigeria, emphasised the transformative potential of artificial intelligence (AI) in reshaping Africa’s economic landscape. He articulated a vision where AI acts as a catalyst for the continent’s transition from being viewed primarily as a region characterised by high risks to one abundant with high potential.
“With AI, Africa can transition from being perceived as high risk to being seen as high potential.”
Through his address, Mr Ajayi called for collaboration among governments, the private sector, and technology providers to effectively harness the power of AI. He emphasised the importance of developing the right policies and frameworks that facilitate the implementation of AI solutions while upholding ethical standards.
Mr Ajayi’s insights serve as a hopeful reminder of the role technology can play in paving the way for a climate-resilient economy in Africa, fostering an environment where potential is recognised and nurtured.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
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