Economy
Awoyemi Seeks Financial Reporting Reforms, Collaboration with Banks
By Adedapo Adesanya
The chief executive and founder of Proshare Nigeria, Mr Olufemi Awoyemi, has called on owners of media platforms across the country, especially those operating in the digital ecosystem, to reform their business model to ensure sustainability.
He made this call in Lagos at the weekend, urging Corporate and Marketing Communication Professionals working in Deposit Money Banks (DMBs) in Nigeria to reform their focus on core regulatory governance guidelines and aggregate their leverage to deliver on their reputational risk management mandate.
Mr Awoyemi in a presentation at a media parley organized by the Association of Corporate Affairs Managers of Banks (ACAMB) held at the Chartered Institute of Bankers of Nigeria (CIBN) auditorium, noted that journalists play a pivotal role in sensitising and shaping public opinion on banking policies and economic developments.
Speaking on the theme Reporting the Nigerian Financial Sector in a Dynamic World: What Role for the Journalist? Mr Awoyemi stated that media practitioners must realize that it is a new world and therefore should retool, reskill, and retrain to broaden their understanding, impact and value.
ACAMB is the umbrella body of all corporate and marketing communications professionals working in financial institutions.
According to him, a journalist’s mind may naturally be sceptical, but that does not mean it should be biased toward bad outcomes.
“If the balance of facts suggests that the result of a policy or event is positive, so be it; the journalist is not a hangman but an observer and writer. He or she provides society with a dynamic ‘journal’ of unfolding events,” he said.
The Proshare founder emphasized that the role of a financial journalist in a rapidly changing world is to; gather information and gain understanding; develop context and perspective; apply analytical /numerical tools as interpretative aides; engage constructively with stakeholders; and provide unbiased fact-based narratives.
“It is an avenue for thorough discussions, establishment of guidelines, and the need for a thorough review of policies and processes,” Mr Awoyemi stated.
He further stated that out of all the sectors in the economy, the Nigerian financial service sector is the best example of progress in Nigeria. A leader in innovation, one that has invested most in research, strategic planning, and testing new ideas.
“The Nigerian banking sector is a recognised global leader for its innovation, high-level performance, apex infrastructure system, and the best in terms of settlement system”, he said.
He enjoined journalists that every one of their reports should help move the banking system forward and not bring it down. “This is not about telling you what to do or not, but that a balance must be achieved”, he said.
On his part, ACAMB President, Mr Rasheed Bolarinwa, stated that one of the greatest challenges faced as brand custodians working with DMBs in Nigeria was the threat posed by adversarial Bloggers and few media outlets who deliberately go after brands with adverse news that portrays brands in a negative light.
The rise of online and social media continues to escalate the spread of negative stories and magnifies customer complaints, further driving negative sentiments about brands. This disturbing trend has been further affirmed by KPMG Customer Satisfaction Survey of 2021, he said.
He stated that ACAMB has considered it necessary to facilitate continuous interactive sessions with journalists to facilitate understanding, give feedback, and outline expectations from both parties while expanding the knowledge of media practitioners and pointing out the implications of negative reporting, and fake news for all parties, including the media industry itself.
He opined that the banking industry deserves a better media understanding hinging his call on the fact that, “a sector that has and continues to be the biggest spender on Nigeria media across all spectrum deserve fair reporting”.
ACAMB tasked the media landscape to ensure healthy working relationships, healthy reporting, and promoting a mutually beneficial working relationship with ACAMB and all banks.
By Adedapo Adesanya
The World Bank has approved a $500 million facility for Nigeria to expand longer-term lending to small and medium sized businesses.
Approved under the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project, the package comprises a $400 million International Bank for Reconstruction and Development (IBRD) loan and a $100 million International Development Association (IDA) credit. Both IBRD and IDA are members of the World Bank Group.
The scheme will be implemented by the Development Bank of Nigeria (DBN), with credit guarantees provided through DBN’s subsidiary, Impact Credit Guarantee Limited (ICGL).
FINCLUDE is designed to address constraints faced by micro, small, and medium enterprises (MSMEs) in Nigeria which despite accounting for most businesses and nearly half of gross domestic product (GDP) face long-standing barriers to formal finance.
Fewer than one in 20 MSMEs have access to bank credit; loans are often short-term and costly; and collateral requirements exclude many viable firms. Women-led enterprises, which make up a substantial portion of MSMEs, are disproportionately affected, facing higher rejection rates and limited tailored products. Agribusinesses, central to food security and rural livelihoods, similarly struggle to obtain more extended‑tenor financing for equipment, processing, storage, and logistics.
However, FINCLUDE seeks to address these constraints by expanding access to affordable, longer-term finance and tailored solutions for segments with the most significant development impact.
Speaking on this, the World Bank Country Director for Nigeria, Mr Mathew Verghis, said, “FINCLUDE is about jobs, opportunity, and inclusion. By expanding access to finance for viable MSMEs—particularly women-led firms and agribusinesses—Nigeria can accelerate growth and deliver tangible benefits across communities nationwide.
“The project will make it easier for deserving small businesses to get the finance they need to grow and hire workers. With better support for lenders that practice inclusive finance and fairer, longer-term loans for entrepreneurs, we are backing the people who power Nigeria’s economy—especially women and those in agriculture.”
The FINCLUDE project will help to mobilise private investment and expand access to and usage of inclusive, innovative financial products for MSMEs nationwide.
Through DBN, the operation will strengthen the capacity of banks, including microfinance banks and non-bank financial institutions such as financial technologies (fintechs), to provide larger loans with more reasonable repayment periods, and—through ICGL—will scale partial credit guarantees so that lenders can extend credit to businesses they might otherwise consider too risky.
Targeted technical assistance will modernise loan appraisal by leveraging AI-enabled digital platforms to accelerate decision-making, improve data quality, strengthen impact measurement, and build capacity for both MSMEs and participating financial institutions.
According to the World Bank, a strong emphasis on inclusion will ensure that women-led businesses and agribusinesses benefit from these improvements.
Also commenting, Task Team Leader for FINCLUDE, Mrs Hadija Kamayo, said, “FINCLUDE will help to mobilize approximately $1.89 billion in private capital, expand debt financing to 250,000 MSMEs—including at least 150,000 women-led businesses and 100,000 agribusinesses—and issue up to $800 million in guarantees to catalyse lending.
“By extending the average maturity of MSME loans to about three years, it will help firms invest in equipment, factories, staff, and productivity, translating finance into jobs and growth.”
By Dipo Olowookere
The local stock market firmed up by 1.13 per cent on Friday as appetite for Nigerian stocks remained strong.
Investors reacted well to the 2026 budget presentation of President Bola Tinubu to the National Assembly yesterday, especially because of the more realistic crude oil benchmark of $64 per barrel compared with the ambitious $75 per barrel for 2025. This year, prices have been between $60 and $65 per barrel.
Business Post observed profit-taking in the commodity and energy sectors as they respectively shed 0.14 per cent and 0.03 per cent.
But, bargain-hunting in the others sustained the positive run, with the consumer goods index up by 3.82 per cent.
Further, the industrial goods space appreciated by 1.46 per cent, the banking counter improved by 0.08 per cent, and the insurance industry gained 0.04 per cent.
As a result, the All-Share Index (ASI) increased by 1,694.33 points to 152,057.38 points from 150,363.05 points and the market capitalisation chalked up N1.080 trillion to finish at N96.937 trillion compared with Thursday’s closing value of N95.857 trillion.
A total of 34 shares ended on the advancers’ chart, while 24 were on the laggards’ log, representing a positive market breadth index and bullish investor sentiment.
Austin Laz gained 10.00 per cent to close at N2.42, Union Dicon also jumped 10.00 per cent to N6.60, Tantalizers increased by 9.80 per cent to N2.69, Aluminium Extrusion improved by 9.78 per cent to N12.35, and Champion Breweries grew by 9.71 per cent to N16.95.
Conversely, Sovereign Trust Insurance dipped by 7.42 per cent to N3.87, Royal Exchange lost 6.84 per cent to trade at N1.77, Omatek slipped by 6.84 per cent to N1.09, Eunisell depreciated by 5.88 per cent to N80.00, and Eterna dropped 5.63 per cent to close at N28.50.
Yesterday, traders transacted 1.5 billion units worth N21.8 billion in 25,667 deals compared with the 839.8 million units sold for N32.8 billion in 23,211 deals in the preceding session, showing a surge in the trading volume by 76.61 per cent, an uptick in the number of deals by 10.58 per cent, and a shrink in the trading value by 33.54 per cent.
By Adedapo Adesanya
Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.
The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.
FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.
On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.
During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.
The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
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