Banking
Stanbic IBTC Gets Laurels for Contribution to Nigerian Economy
By Sodeinde Temidayo David
Stanbic IBTC Holdings has continued to receive different acknowledgements and awards for its outstanding contribution to the Nigerian financial industry and economy.
In the recent statistical update of the National Bureau of Statistics (NBS), Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in the second quarter of the year with $310.21 million, which accounts for 35.43 per cent of the total capital inflow in the period.
In addition, Stanbic IBTC Bank emerged again as the Best Sub-Custodian Bank in Nigeria at the 2021 edition of the Global Finance Best Sub-Custodian Bank Awards organised by the global finance magazine.
The organisation achieved a remarkable feat by winning the award for the 10th consecutive year.
The bank received the award, leading other nominated banks in having outstanding service in customer relations, quality of service, competitive pricing, innovative technology platforms, post-settlement operations, business continuity plans, and knowledge of local regulations and practices.
Speaking on this, the Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, expressed his delight at the announcement, saying that the award had once again placed Stanbic IBTC Bank on a pedestal of excellence as a foremost financial services provider in Nigeria.
“We are excited that Stanbic IBTC Bank PLC has been recognised as the best Sub-Custodial Services Provider in Nigeria for the 10th consecutive year.
“We attribute this award and esteemed recognition to our team’s hard work and dedication in carrying out custodial services, our ever-evolving technological innovation in service delivery, and our passion for client satisfaction. We will not relent in giving our absolute best at all times,” he said.
Also, on his part, the Chief Executive, Stanbic IBTC Nominees, Mr Babatunde Majiyagbe, spoke of the award, expressing his delight in the commitment and performance the bank had shown to deserve the award.
“The criteria for this recognition show that we are on the right path as we continually seek ways to provide the best-in-class service to our clients despite current global challenges.
“Client-focus and digitisation remain key drivers for business success, and we will continue to provide value because we are committed to making real progress,” Mr Majiyagbe disclosed.
Similarly, Stanbic IBTC Holdings PLC was declared the Holding Group Category winner at the 2020 edition of the Next 100 Global Awards by the international finance magazine Global Banking and Finance Review.
The Next 100 Global Awards recognised organisations with exceptional strategy, achievements, dedication, and leadership.
Some of the indices that were taken into cognisance in awarding Stanbic IBTC included leadership and team experience, quality, track record, industry footprint, social contribution, economic impact, and the level of expertise.
Other criteria were growth rate, industry awards and recognitions, technological advantages, customer response and engagement, the disruptiveness of solutions in respective markets, and impact on the respective industry.
The CEO, Stanbic IBTC Holdings PLC, Mr Demola Sogunle, also commented, “We are excited to be listed amongst winners of the next 100 global awards 2020, specifically in the holding group category.
“This is a testament to the high operating standard at Stanbic IBTC and proof of the confidence that our numerous customers have in our service delivery.”
Also, the organisation was honoured with the outstanding community service award in corporate social responsibility by the Olambe community in Ogun State. The award was in recognition of the organisation’s meritorious contributions to the development of the Olambe community.
On congratulating the leading financial institution on behalf of Olambe Community, the CEO, Ascend Hotels Limited, Mr Wale Olatunde said, “This is a well-deserved honour given to the organisation for being dependable and supportive over the years. We recognise and appreciate the positive impact and contributions of the organisation to Olambe Community.”
Mr Wole Adeniyi spoke of Stanbic IBTC’s penchant for leaving lasting legacies, especially amongst host communities.
He said, “through our Corporate Social Investment (CSI) initiative, which is hinged on three major pillars, namely: education, health and economic empowerment, we consistently reach out to underserved communities and provide the assistance required to make the society a better place.”
Stanbic IBTC, over the years, has been a recipient of several awards for outstanding financial performance, excellent customer service delivery, and management efficiency.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
