In a strategic move to advance Nigeria’s shift toward sustainable transportation, Stanbic IBTC Bank has announced a partnership with LOXEA Nigeria, the exclusive distributor of BYD electric and hybrid vehicles in Nigeria and a subsidiary of CFAO Mobility.

This collaboration is aimed at making eco-friendly mobility more accessible to Nigerians through innovative and flexible financing solutions, reinforcing both organisations’ commitment to renewable energy and environmental sustainability.

The partnership was officially launched at an exclusive product showcase held at the BYD showroom in Victoria Island, Lagos. Attendees had the opportunity to explore BYD’s cutting-edge electric vehicle models, engage with industry experts, and learn about tailored vehicle financing options from Stanbic IBTC. To encourage early adoption, the initiative includes one-month special incentives, such as vendor discounts and reduced interest rates on vehicle financing.

The event featured compelling addresses from executives of both organisations, highlighting their shared vision for a cleaner, more efficient transport ecosystem in Nigeria.

Olu Delano, Executive Director at Stanbic IBTC Bank, stated: “This alliance underscores our dedication to empowering Nigerians with green alternatives that not only address environmental concerns but also offer practical, cost-effective solutions for everyday mobility. By combining LOXEA BYD’s innovative electric and hybrid vehicles with our flexible financing, we are not just offering cars, we are driving a cleaner future.”

Mehdi Slimani, Managing Director of LOXEA Nigeria, added: “At LOXEA, we are proud to lead the transition toward cleaner mobility in Nigeria. Distributing BYD’s cutting-edge electric vehicles, along with our comprehensive suite of fleet and mobility solutions, allows us to offer a truly future-ready alternative. This partnership with Stanbic IBTC is a significant step forward in making electric mobility more accessible and practical for Nigerian drivers. Together, we are not just introducing new vehicles, — we are shaping a smarter, greener transportation ecosystem.”

The event sparked enthusiasm among attendees from various sectors, reflecting growing interest in sustainable automotive solutions. Models like the BYD ATTO 3 and BYD Dolphin were showcased as practical options for urban mobility, offering reduced reliance on fossil fuels, lower operational costs, and a smaller environmental footprint.

Looking ahead, this partnership positions Stanbic IBTC Bank as a key enabler of Nigeria’s renewable energy transition, expanding access to sustainable transport for a broader audience. Through strategic collaborations like this, the bank continues to drive innovation in financial services tailored to eco-conscious consumers.

In an effort to enhance bilateral cooperation and technical exchange, the Central Bank of Nigeria (CBN) and the Bank of Angola, on the sidelines of the ongoing Annual meetings of the IMF and World Bank, signed a Memorandum of Understanding (MOU) for bilateral technical cooperation on Thursday, October 16, 2025.

The agreement, which was signed by the CBN Governor, Olayemi Cardoso, and his counterpart from the Central Bank of Angola, Mr Manuel Antonio Tiago Diaz, is expected to promote knowledge exchange, improve regulatory coordination, and enhance capacity in the execution of central banking functions.

Speaking at the signing, moderated by the CBN Deputy Governor (Economic Policy), Dr. Mohammed Sani Abdullahi, and attended by senior officials of both banks, the CBN Governor, Cardoso, described the MoU as a “timely and significant milestone” in fostering regional cooperation among African central banks.

He noted that the agreement had been in the works for some time and reflected the growing understanding that collaboration was essential to addressing Africa’s shared economic challenges.

“This forum brings together a multiplicity of stakeholders and interests from across the globe, and what we’ve done today highlights the spirit of cooperation that defines these annual meetings.”

Cardoso emphasised that the pact was in line with the CBN’s strategy to promote regional stability, support cross-border financial integration, and build institutional resilience across Africa.

“This agreement gives us the opportunity to strengthen regional understanding, share experiences, and build a more interconnected and robust financial system,” he added.

Speaking earlier, the CBN Deputy Governor (Economic Policy), Dr. Muhammad Sani Abdullahi, explained that the MoU provides a structured framework for both central banks to share knowledge, technical expertise, and supervisory information.

He said the objectives of the agreement include establishing a bilateral platform for reciprocal exchange of technical assistance, enhancing capacity development, and fostering collaboration in the supervision of financial institutions that operate across borders.

Abdullahi outlined several key areas of cooperation under the MoU, including exchange control, management of financial markets and foreign reserves, currency management, economic research, and monetary and financial statistics.

Others include payment systems, financial sector development, banking regulation, cybersecurity, anti-money laundering and counter-financing of terrorism (AML/CFT), and staff training.

He also highlighted the agreement’s focus on ensuring a transparent and smooth exchange of information between the two central banks, particularly in the licensing, ongoing supervision, and resolution of cross-border financial establishments.

“The cooperation will strengthen our capacity to manage systemic risks and ensure stability in our financial sectors,” Abdullahi said. “It also provides a platform for shared learning and innovation in central banking operations.”

In his remarks, the Governor of the Bank of Angola, Mr Manuel Tiago Dias, described the MoU as an important step toward building stronger financial ties between the two countries and, by extension, among African nations.

He observed that both central banks share common objectives of promoting macroeconomic stability, developing efficient payment systems, and safeguarding their financial sectors against global vulnerabilities.

Nigeria’s headline inflation rate fell for the sixth consecutive month in September, easing to 18.02 percent, its lowest level in three years. according to new data released by the National Bureau of Statistics (NBS). Core inflation slowed to 19.53 percent, while food inflation moderated to 16.87 percent over the same period.

The sustained decline marks a significant reversal from the inflationary peak of 34.19 percent in June 2024, reflecting the impact of the Central Bank of Nigeria’s (CBN) decisive monetary policy actions to restore price stability and anchor expectations.

In response to those pressures, the CBN raised its Monetary Policy Rate (MPR) from 18.75 percent to 27.50 percent through a sustained tightening cycle, while increasing the Cash Reserve Ratio (CRR) to 50 percent for commercial banks and 16 percent for merchant banks.

At its September 2025 meeting, the Bank eased slightly, lowering the MPR by 50 basis points to 27.00 percent and the CRR for commercial banks to 45 percent, while maintaining a firm anti-inflationary stance.

Monetary tightening was complemented by reforms in the foreign exchange market, including exchange rate unification and enhanced transparency to improve price discovery in the market.

The naira has since stabilised, with the spread between the official and Bureau de Change (BDC) rates narrowing to below 2 percent. Improved liquidity in the FX market has helped reduce the pass through of imported inflation and reinforced price stability.

Foreign reserves remain above $43 billion, providing more than eleven months of forward import cover, supported by sustained forex inflows.

The CBN said it remains committed to strengthening the disinflation trend, supported by a combination of exchange rate stability, durable improvements in food supply, and continued moderation in petroleum product prices.

Governor of the CBN, Mr. Olayemi Cardoso, at the ongoing Annual meetings of the International Monetary Fund and the World Bank Group, stated: “We expect inflation to continue to trend downward in the near term, supported by tight monetary conditions, a stable naira, and increased food supply.”

L-R: Dr. Jani Ibrahim, National President of Nigeria Association of Chambers of Commerce, Industry and Mines, NACCIMA; Dr. Ije Jidenma, Chairman, Nigeria-South Africa Chamber of Commerce; Austin Menegbo, Country Manager, Segilola Resources Operating Limited; Folake Ademiluyi, Sector Head, Power and Infrastructure, Stanbic IBTC Bank and Adebola Seriki, Sector Head, Diversified Industrials, Stanbic IBTC Bank, during the 2025 Nigeria-South Africa Chamber of Commerce (NSACC) Breakfast Session, hosted by Stanbic IBTC Bank, held recently in Lagos.

Stanbic IBTC Bank recently hosted the Nigeria-South Africa Chamber of Commerce’s September Breakfast Forum in Lagos, focusing on the potential of the mining sector in Africa. Themed “Unlocking Africa’s Hidden Wealth: Mining as a Catalyst for Bilateral Investment,” the event gathered industry leaders and investors to discuss economic opportunities in Nigeria and beyond.

The forum served as a pivotal opportunity to address the significant role that mining can play in the economic landscape of both Nigeria and South Africa. Key discussions centered on strategies for promoting collaborative investments, enhancing sustainability in mining operations, and identifying areas that are ripe for potential partnerships. Among the experts present were seasoned entrepreneurs and policymakers who shared their insights on best practices and innovative approaches to responsibly harnessing Africa’s mineral wealth.

Key discussions centred on strategies for promoting collaborative investments and enhancing sustainability in mining operations.

Speaking during a panel discussion, Adebola Seriki, Sector Head, Diversified Industrials, Stanbic IBTC Bank, highlighted the importance of stakeholder engagement in building partnerships across Nigeria and beyond. He expressed confidence in the potential for impactful solutions despite existing challenges.

“At Stanbic IBTC Bank, we are committed to a robust strategy for the mining sector. Our focus is on meaningful stakeholder engagement as we aim to connect communities and foster collaboration across Nigeria and Africa. While challenges exist, we believe in our potential to build a stronger future together, leveraging our partnerships and insights to create impactful solutions to drive growth in the Nigerian mining sector Creating partnerships across real stakeholders within the industry is our priority,” Adebola stated.

Participants emphasised the necessity of strategic investments to elevate the mining sector, which holds vast untapped resources critical for future growth. Conversations highlighted various avenues for cooperation, suggesting that leveraging the strengths of both nations could lead to fruitful investments that bolster job creation and stimulate economic advancement in the region.

In his keynote address, Austin Menegbo, Country Manager, Segilola Resources, emphasised the need for responsible practices in mining and the collaboration between local stakeholders and international financiers. He shared his experiences illustrating the significance of a balanced approach to harnessing Africa’s mineral wealth.

Menegbo states, “Our mission in soil exploration is to show that nature can be responsibly harnessed for a transparent and sustainable gold mining model. I have seen Africa’s hidden wealth and understand that success hinges on a synergy of vision, collaboration, and commitment, not just capital.”

“When communities thrive, investors are protected; and when investors are protected, cash flows. That embodies the essence of bilateral investment.”

Stanbic IBTC Bank’s collaboration with the Chamber reflects the bank’s ongoing dedication to supporting initiatives that positively impact the lives of Africans. By fostering dialogue through such forums, Stanbic IBTC demonstrates its deep-rooted commitment to enhancing economic resilience and stability within the region. The bank’s proactive approach aims not only to provide financial services but also to act as a catalyst for sustainable developmental practices in Africa’s mining industry.

As participants reflect on the insights gained from the forum, there is a shared recognition that sustained efforts are necessary to drive the mining sector forward. The enthusiasm exhibited during panel discussions signals a promising future, one where innovation, investment, and responsible practices converge to unlock Africa’s true potential. The partnership between Stanbic IBTC and the Nigeria-South Africa Chamber of Commerce serves as a demonstration of their commitment to achieving this vision.

The September Breakfast Forum not only highlighted the vast opportunities within Africa’s mining industry but also reinforced the necessity of collaborative efforts to foster growth. The commitment shown by all involved instils hope that, through strategic partnerships and dialogue, Africa can indeed unlock its hidden wealth and pave the way for a brighter economic future.

L-R: Christopher John kyoroh, Local Government Chairman Jos North; Olushola Alerege, Head, Commercial Banking, North Central Suite, Stanbic IBTC Bank; Samuel Sunday Amura, Chairman, Plateau State Universal Basic Education Board at the handover ceremony of Chwenlnyap Primary School Plateau, forming part of the Stanbic IBTC’s Adopt-A-School initiative.

Stanbic IBTC Holdings has completed the renovation and upgrade of Chwelnyap Primary School in Plateau State under its Adopt-A-School initiative, reaffirming its unwavering commitment to advancing educational excellence across Nigeria.

The extensive renovation and infrastructure enhancement project underscores the institution’s belief in the transformative power of education as a key driver for national development.

The intervention at Chwelnyap Primary School featured a wide-ranging scope of work designed to foster a holistic learning environment. The project included the full renovation of Block B, comprising a three-classroom structure and two offices; the Headmaster’s Office and a staff room, both of which were upgraded as part of the expanded project scope.

Each classroom was fitted with brand-new furniture, with 20 desks and chairs per class, accommodating up to 40 students in each room. In total, the furniture provision caters to 120 students, promoting a more conducive and engaging learning experience.

Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, highlighted the organisation’s vision for sustainable educational development through impactful initiatives.

“This project is a testament to our belief that every child deserves access to quality education in an environment that inspires learning and growth. At Stanbic IBTC, we recognise that education is the foundation upon which future leaders are built, and our commitment to nurturing this potential remains steadfast,” he stated.

In alignment with global trends in digital education, Stanbic IBTC constructed a fully equipped computer laboratory and mini library to strengthen students’ technological and intellectual capacities. The lab features 10 modern computers and 10 workstations, providing pupils with essential digital literacy skills to thrive in the modern world.

Further supporting the creation of a well-rounded learning environment, the institution also constructed eight modern toilets: four for girls and four for boys, to ensure proper sanitation, privacy, and hygiene. Additionally, a mini football pitch was developed to encourage sportsmanship, teamwork, and physical fitness among students.

Environmental sustainability was also integrated into the project’s design. The bank planted 30 trees and flowers across the school premises, contributing to a greener and more inspiring environment while instilling environmental awareness among the pupils.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, noted that the project exemplifies the organisation’s approach to holistic educational support.

“Our Adopt-A-School projects are not merely about physical structures but about building environments that nurture curiosity, creativity, and character. The transformation of Chwelnyap Primary School reflects our dedication to creating learning spaces where children can dream, discover, and achieve,” she said.

The handover ceremony was attended by government officials, community leaders, representatives of the Parent-Teacher Association, and other stakeholders, all of whom lauded the initiative’s positive impact on the community.

The renovation of Chwelnyap Primary School stands as another remarkable milestone in Stanbic IBTC’s Adopt-A-School journey, underscoring the bank’s leadership in corporate social responsibility and its unwavering dedication to expanding access to quality education across Nigeria.

With this ongoing commitment, Stanbic IBTC continues to close educational gaps by integrating infrastructure development, technological advancement, and environmental sustainability, a holistic approach that mirrors its long-term vision for national progress and human capital growth.

Through the initiative, Stanbic IBTC remains devoted to promoting sustainable educational development; one community, one school, and one child at a time.

Zenith Bank Plc yesterday marked a significant milestone with a Closing Gong Ceremony at the Nigerian Exchange (NGX), celebrating the successful conclusion of its public offer and the achievement of the Central Bank of Nigeria’s (CBN) recapitalisation target.
The Bank’s recently concluded public offer, which was heavily over-subscribed, contributed ₦350.46 billion to its total capital raise, bringing its capital base to ₦614.65 billion.
This positions Zenith Bank comfortably above the ₦500 billion regulatory threshold for banks with international authorization and underscores the strong confidence investors continue to place in the institution’s leadership, performance, and growth strategy.
Speaking at the ceremony, Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), commended the success of the offer, describing it as a reflection of the market’s strength and integrity. “This capital raise demonstrates the robust capacity of our markets. It’s a clear signal that with sound fundamentals and transparency, Nigeria can efficiently mobilize capital for growth,” he said.
Also speaking, Alhaji (Dr.) Umaru Kwairanga, Group Chairman of Nigerian Exchange Group (NGX Group), described the milestone as “a testament to strong leadership and a win for our capital markets,” adding that “Zenith Bank’s achievement solidifies its position as a pillar of the financial sector and underscores the market’s faith in its future.”
In his remarks, Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, highlighted the role of innovation in driving the success of the offer. “The oversubscription of Zenith Bank’s offer is a direct result of innovation and collaboration. Our NGX Invest platform was instrumental in broadening access, onboarding a new generation of investors, and deepening market participation,” he stated.
Reflecting on the achievement, Dr. Jim Ovia, Founder and Chairman of Zenith Bank Plc, expressed gratitude to the investing public for their trust and support. “This successful capital raise, which secures our regulatory standing, is a vote of confidence in our legacy and our future growth trajectory,” he said.
Dame (Dr.) Adaora Umeoji, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, described the accomplishment as both a regulatory milestone and a springboard for sustainable growth. She also acknowledged the role of NGX Invest as a vital enabler in achieving the Bank’s goals.
“Reaching a capital base exceeding ₦600 billion is not just a compliance achievement; it’s a foundation for the future. Through platforms like NGX Invest, which expanded access and simplified participation, we were able to reach a broader pool of investors. This underscores how innovation within our market ecosystem can drive inclusivity and accelerate growth,” she stated.
The Closing Gong Ceremony symbolised the beginning of a new chapter for Zenith Bank, one defined by strengthened capacity, innovation, and renewed investor confidence.
It also underscored the productive collaboration between the Bank, regulators, and the exchange group in fostering a resilient and dynamic capital market in Nigeria.

Ecobank Nigeria says the ongoing “Fela Kuti: Afrobeat Rebellion” exhibition reflects its belief in the transformative power of art and culture to inspire change across Africa.
Speaking at the event, Omoboye Edu, Head of SME at Ecobank Nigeria, described the exhibition as one of the many ways the bank continues to promote African creativity and innovation.
“Hosting Afrobeat Rebellion at EPAC aligns with our mission to showcase the continent’s creative energy. We are proud to celebrate Fela’s legacy and the vibrant spirit of Afrobeat in a space that inspires dialogue, imagination, and progress,” she said.
She explained that the three-month exhibition, which celebrates the life, music, activism, and enduring influence of Fela Anikulapo-Kuti, opened on October 12 and will run until December 28, 2025.
Beyond the music and memories, the exhibition speaks to Ecobank’s broader commitment to economic growth through the creative sector. By providing platforms like EPAC, the bank continues to nurture collaboration, entrepreneurship, and cultural exchange, which are all vital to building a thriving creative economy in Africa.
At the opening ceremony, Lagos State Governor Babajide Sanwo-Olu applauded Ecobank for its unwavering support of Nigeria’s creative industry. Represented by Mrs. Bukola Agbaminoja, CEO of the Lagos State Film & Video Censors Board, the Governor noted that Ecobank’s involvement in Afrobeat Rebellion reflects its long-standing dedication to nurturing the country’s artistic and cultural heritage.
“By hosting this exhibition, Ecobank reaffirms its belief in the power of art and culture to drive economic development. The bank understands that creativity is not just an expression of identity; it’s a force that can reshape communities, build industries, and spark innovation,” he said.
Also speaking at the event, Laurent Favier, Consul General of France in Nigeria, described Afrobeat Rebellion as an inspiring blend of cultural diplomacy and artistic reclamation, praising Ecobank and its partners for championing the project.
“Supporting this exhibition in Lagos reflects our belief that culture is a bridge between nations. It builds on the success of the earlier Paris edition, celebrating Franco-Nigerian collaboration and honouring Fela’s enduring legacy,” he noted.
Supported by the French Embassy in Nigeria, Ecobank, and other partners, the exhibition highlights Fela’s dual legacy, as a revolutionary musician and fearless political visionary.
The opening night came alive with performances by Ezra Collective, Seun Kuti and several others. These performances set the tone for a season of artistic exploration inspired by Fela’s Afrobeat revolution.
Other highlights of the three months exhibition include, the Talks — a thought-leadership series featuring Yeni Kuti, Prof. Oyeronke Oyewumi, Falana, Ade Bantu, Minna Salami, and Kadaria Ahmed — and Kalakuta Cinema, a film series curated by S16 Collective, showcasing films like Music is a Weapon, Mami Wata, Timbuktu, and Finding Fela.
For younger audiences, the Young Rebels’ Corner offers an engaging creative hub for children aged 6 to 15, with workshops such as the Rebel Scrapbook, Jam Station, and Anikulapo Design Workshop — nurturing a new generation of imaginative thinkers.
The programme also features Karatu Book Readings, Manifesto: The Weapon of the Future, Òrò Abamì Spoken Word Competition, and Dance for Freedom, a movement workshop by The Mud Art Company.
Open to the public, Afrobeat Rebellion invites visitors to experience Fela’s legacy not only as a musician but as a symbol of courage, creativity, and social change — reinforcing Ecobank’s belief that when art is empowered, society is transformed.

Access Bank Plc has taken a major step toward seamless intra-African payments with the recent integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship mobile application, AccessMore.
This strategic move underscores Access Bank’s commitment to enhancing cross-border payment experiences for its customers across the continent.
To mark the launch, the Chief Executive Officer of PAPSS, Mike Ogbalu III, paid a courtesy visit to the Bank’s head office in Lagos, where he held high-level discussions with Chizoma Okoli, Deputy Managing Director of Access Bank and Seyi Kumapayi, Executive Director for African Subsidiaries at Access Bank.
The discussions centered on deepening collaboration and optimizing the capabilities of PAPSS within the AccessMore ecosystem to deliver real-time, cost-effective, and secure cross-border transactions.
Speaking on the partnership, Chizoma Okoli, Deputy Managing Director, Access Bank said: “The integration of PAPSS into the AccessMore app is a significant milestone in our mission to unify Africa’s payment landscape. With Access Bank’s extensive footprint across the continent, this collaboration ensures that millions of our customers can now experience fast, efficient, and transparent cross-border payments like never before. Our goal is to leverage what we are building together to unlock innovations that seamlessly connect the continent, and we are delighted to partner with PAPSS in making this vision a reality”
Mike Ogbalu, Chief Executive Officer (CEO) Pan-African Payment and Settlement System (PAPSS), commenting on the collaboration said: “Our partnership with Access Bank is a game-changer for cross-border trade and payments across Africa. With the integration of PAPSS on AccessMore, we are enabling customers, individuals, SMEs, and corporates alike to transact effortlessly across borders, thereby supporting the goals of the African Continental Free Trade Area (AfCFTA). We’ve created a rail, and Access Bank has the network and customers. Within that, our rail can be used for all sorts of innovations. Access Bank can create products that we can carry on our network for every customer to use.”
Also speaking on the broader strategy, Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, commented, “Access Bank’s vision is to be the world’s most respected African bank, and collaborations like this are essential to achieving that. By embedding PAPSS into AccessMore, we’re unlocking a new era of financial connectivity for our customers across our subsidiaries in over a dozen African markets.
PAPSS is significantly cost effective for cross border transactions, which makes it a highly valuable opportunity. To fully harness its potential, we need greater communication, stronger engagement, and coordinated rollouts across multiple countries at the same time. With the right momentum, we can accelerate adoption and achiever the scale this innovation deserves.”
This partnership between Access Bank and PAPSS is a step forward in realizing a fully interconnected Africa, where payments and trade move without friction. Customers can now enjoy a simplified, reliable, and faster method to send and receive money across African borders—directly from their AccessMore app.
The Access Bank Payments and Remittances Group manages AccessAfrica — the Bank’s proprietary cross-border payments platform — and oversees all remittance activities between Access Bank’s subsidiaries and international money transfer partners. At the core of its operations, AccessAfrica simplifies global transactions with speed, affordability, and reliability.
Currently available in Nigeria and 11 Access Bank subsidiaries across Africa, AccessAfrica enables cross-border payments to over 140 destinations worldwide through multiple channels, including branches, AccessMore, USSD, and Internet Banking. Access Bank is a leading force in African cross-border and remittance solutions, we facilitate a broad spectrum of international transfers — P2P, P2B, B2P, and B2B — reaching over 140 countries, connecting with more than 20,000 banks, and operating in over 20 global currencies.
The Group also drives remittance services in partnership with licensed International Money Transfer Operators (IMTOs), enabling customers worldwide to send funds to beneficiaries in Nigeria either as cash payouts or direct bank credits.

About Access Bank Plc
Access Bank Plc, a subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets, spanning three continents and over 20 countries. The Bank is focused on driving sustainable economic growth and financial inclusion across Africa.

About PAPSS
The Pan-African Payment and Settlement System (PAPSS) is a centralized financial infrastructure that enables secure and instant cross-border payments in local African currencies. Developed by Afreximbank in collaboration with the African Union and AfCFTA Secretariat, PAPSS is set to revolutionize how money moves across Africa.