Banking
Stanbic IBTC Reaffirms Commitment to Agriculture
Stanbic IBTC Bank reaffirmed its dedication to Nigeria’s agricultural sector at the Lagos Farm Fair 2025, held on October 16, 2025, in Ikeja, Lagos.
Organised by the British American Tobacco Nigeria Foundation, in collaboration with the Lagos State Ministry of Agriculture and Food Systems, the event coincided with World Food Day, uniting farmers, agricultural startups, and stakeholders to champion sustainable farming and enhance market access.
This vibrant gathering served as a platform to promote sustainable food systems and collaboration; aligning with the broader goal of transforming Nigeria’s agricultural landscape.
Stanbic IBTC Bank is addressing Nigeria’s agricultural financing gap by offering tailored agribusiness loans for crop production, livestock, and equipment, enabling farmers to scale operations and reduce post-harvest losses.
In 2024, the bank empowered over 2,000 SMEs through its Enterprise Academy, strengthening the food supply chain and promoting value addition.
By supporting British American Tobacco Nigeria (BATN) in achieving its business and social impact goals, Stanbic IBTC plays a vital role in enabling initiatives like the Lagos Farm Fair, fostering agricultural development, sustainability, and inclusive growth through strategic financial partnerships.
The chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, emphasised the bank’s commitment, stating, “At Stanbic IBTC, we recognise that agriculture’s potential lies in value addition and transforming raw products into high-quality goods.
“Our engagement with initiatives like the Lagos Farm Fair 2025 reflects our dedication to supporting Nigeria’s agricultural sector. As Nigeria’s growth partner, we are committed to enhancing food production, minimising post-harvest losses, and promoting sustainability to achieve national food security.”
This vision underscores the bank’s role in fostering a robust agricultural economy through strategic partnerships and innovative financing.
Echoing this sentiment, the Secretary to the Lagos State Government, Mrs Bimbola Salu-Hundeyin, highlighted the collaborative spirit of the event in her opening remarks: “This year’s theme, Hand in Hand for Better Food and a Better Future, emphasises the urgent need for collaboration among governments, the private sector, development organisations, and communities, to transform agri-food systems, promote healthy diets, and safeguard our environment. Despite its geographical limitations, Lagos State remains committed to achieving food security through initiatives like the five-year Agricultural and Food Systems Roadmap, targeting 40 per cent food self-sufficiency by 2025.”
The 2025 World Food Day theme, Hand in Hand for Better Food and a Better Future, as outlined by the Food and Agriculture Organisation of the United Nations, underscores the importance of collective action in revolutionising agri-food systems and promoting sustainable diets.
The fair brought this vision to life through exhibitions and displays, creating opportunities for smallholder farmers to connect with markets and embrace fair trade practices. By facilitating these interactions, the event empowered farmers to expand their reach and strengthen the agricultural value chain, paving the way for a more resilient food ecosystem.
The Lagos Farm Fair 2025 showcased transformative initiatives like the Food Systems Transformation Agenda, which strengthens the food value chain and creates jobs through structured off-take agreements.
Stanbic IBTC’s financial solutions play a pivotal role in supporting such programmes, driving innovation and improving market access for farmers and agribusinesses.
By aligning its efforts with platforms like the fair, the bank is helping to build a sustainable agricultural economy, ensuring that Nigeria’s food systems are not only resilient but also capable of meeting the demands of a growing population.
Through these concerted efforts, Stanbic IBTC continues to be a catalyst for progress in Nigeria’s journey toward food security and economic prosperity.
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.
