General
Heritage Bank, Cross River, Ita Giwa Raise Climate Change Awareness
By Modupe Gbadeyanka
The two devastating hurricanes in the United States of American (USA) in the past weeks have made some people around the world see the threat posed by climate change.
In Nigeria, the flooding in Lagos and Benue States this year and also the flood alert this week to states around the River Niger by the National Emergency Management Agency (NEMA) has further let Nigerians know that the issue is not for the western world alone.
In view of this, Heritage Bank Plc has aligned forces with Cross River State and Senator Florence Ita Giwa-led Seagull Band to educate the people on Climate Change: A time for Change.
The event, which held in Lagos recently, was put together by Seagull Band, one of the five bands of the Carnival Calabar at a symposium titled ‘An evening of lecture and stage presentation of the Seagull winning theme of the 2016 Carnival Calabar’ edition which dwelt extensively on climate change and the need for an affirmative action to manage the environment on a sustainable basis.
Speaking at the programme, Managing Director/Chief Executive of Heritage Bank, Mr Ifie Sekibo, said the bank collaborated with the state government because it believed so much in making the lives of mankind better by preserving it today so that it could transfer it to future generations.
He also explained that the bank developed interest in the alignment because the cause conforms to the Central Bank of Nigeria’s regulation on Sustainability Banking.
Represented at the occasion by Chioma Obiakor, Head, Sustainability Banking, Mr Sekibo said Heritage Bank always operates in tune with the standard set by the apex bank for operators in the sector.
His words, “We have set up a framework within Heritage Bank which helps us to work with the CBN’s principles for sustainability banking. We are very much interested in collaboration with any corporate organization that shares the vision of safety of environment and its sustainability with us.”
The Chief Executive Officer observed that “if we destroy the environment, we will pay for it,” adding that there is need to prevent what is happening in Benue State where several thousands of people had been displaced by floods.
He said the bank was very happy to collaborate with the Cross River State Government for putting together the platform to discuss and find solutions to the issues of climate change. He noted that people build on waterways without conducting proper environmental scanning, remarking that calamities may not happen today, what about tomorrow!
The deputy governor of Cross River State, Professor Ivara Esu invited all the participants at the symposium to the 2017 edition of Carnival Calabar, adding that the theme of this year’s programme is Migration, which is how people are dying in Sahara Desert trying to seek greener pasture in other countries. He said the state would also unveil a new city to be called Calasvegas in December during the carnival.
In her opening remarks, Senator Florence Ita Giwa, leader of Seagull Band, refused to agree to the public perception that the yearly carnival is Africa’s Biggest Street Party. According to her, the carnival is not a party but a platform for interpretation of crucial issues in our society through various literary techniques.
She said except one understands the basic motive behind the carnival, the person would lose the essence of the various activities organized during the event which has become a means of global tourist attraction for the nation.
According to her, many people who hitherto did not understand what climate change meant before the 2016 carnival were educated by the various activities at the event. She therefore, implored investors, tourists and other willing individuals to ensure participation in this year’s edition as it promises to be electrifying.
In his lecture on effects/impact of climate change, Mr Desmond Majekodunmi gave international and local perspectives of what the negative impacts of mankind was doing to the environment which has resulted in Hurricane Harvey in Houston Texas, which was the first major hurricane to make landfall in the United States of America since Wilma in 2005, ending a record 12-year drought in which no hurricanes made landfall at such an intensity in that country.
He said in Sierra Leone about 400 died due to over flooding while in Benue State in Nigeria about 110,000 people were displaced by floods, adding that if care is not taken, Lagos and South-South coastal cities might be affected by the rising sea levels from the Atlantic Ocean.
Mr Majekodunmi said global warming caused ice to melt and ocean levels to rise, adding that it also increases the magnitude and incidences of ocean surge due to thermal expansion of water.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
