Kashifu Inuwa, the director-general of the National Information Technology Development Agency has said the future of Nigeria’s banking sector will depend less on raising capital and more on how effectively financial institutions use digital innovation, artificial intelligence (AI), cybersecurity and regulatory technology to protect and grow their assets.

Speaking during a panel session titled “The Efficiency Frontier – AI, RegTech and Cyber Resilience” at the Future of Banking Nigeria Summit organised by CNBC Africa in Lagos, Inuwa argued that while Nigeria’s banking industry has successfully weathered major reforms over the past two decades, the emerging threats confronting the sector require a different approach.

He noted that the industry has repeatedly demonstrated resilience through landmark milestones such as the 2005 banking consolidation, the 2009 banking reforms and the ongoing recapitalisation exercise. According to him, the priority has now shifted from simply raising capital to ensuring that such capital is protected and sustained in an increasingly digital economy.

“Today’s question is no longer whether we can raise capital, but whether we can protect, preserve and grow that capital in the digital era. Trust has become the foundation of modern banking, and that trust must be built on resilient digital infrastructure and effective regulation,” he said.

The NITDA boss observed that digital channels have become the primary point of interaction between banks and customers, making technology resilience, cybersecurity and uninterrupted service delivery essential to maintaining public confidence in the financial system.

He described artificial intelligence as a strategic tool capable of transforming banking operations by improving productivity, strengthening decision-making, boosting revenue and delivering personalised financial services that reflect the expectations of digitally connected customers.

The DG also highlighted the growing importance of regulatory technology, saying its adoption can simplify compliance, lower operational costs, improve transparency and strengthen governance across financial institutions.

According to him, effective regulation must evolve alongside innovation. He explained that NITDA combines formal regulatory instruments with collaborative, innovation-friendly approaches that allow emerging technologies to develop while regulators establish appropriate standards and safeguards.

“Technology evolves much faster than traditional regulation. Regulators must work closely with innovators to create enabling frameworks that encourage innovation while protecting consumers and maintaining market confidence,” he said.

Using Nigeria’s thriving fintech ecosystem as an example, Inuwa said technology has fundamentally changed the delivery of financial services by enabling customers to open accounts, access banking products and carry out transactions remotely without visiting physical branches.

He further called for closer collaboration among regulators to improve access to finance for Small and Medium-sized Enterprises (SMEs). He explained that AI-powered credit assessment and digital financial management tools can help financial institutions better understand business performance, reduce lending risks and expand credit to underserved enterprises.

On responsible AI adoption, Inuwa disclosed that NITDA’s National Artificial Intelligence Strategy provides a framework for deploying AI across critical sectors in partnership with sector regulators, including the Central Bank of Nigeria (CBN) for financial services.

He added that the Agency is also developing National Standards for Sovereign Cloud infrastructure and data classification to strengthen Nigeria’s digital sovereignty and ensure that sensitive national and financial data remain adequately protected.

Inuwa concluded that deeper collaboration among regulators, technology innovators and financial institutions will be critical to building a secure, resilient and globally competitive financial ecosystem that supports sustainable economic growth.

The post NITDA DG: Future of Nigerian Banking Lies in AI, RegTech, Not Just Capital appeared first on Tech | Business | Economy.

For millions of Nigerian households and businesses, finding someone to fix an AC, repair a leaking pipe, resolve an electrical fault, clean a space, install fittings or handle carpentry work is still too often driven by guesswork, random referrals and uncertainty.

The challenge is not a lack of skilled service professionals. Nigeria has a large pool of artisans, technicians and maintenance providers.

The deeper challenge is trust: knowing who to call, what to expect, how to manage the process and where to turn when service does not go as planned.

wrkman, Nigeria’s online home service platform, is moving to address that trust gap with a renewed market positioning built around service transparency, customer education, provider accountability and digital access to everyday home and business maintenance support.

The company, led by Mr. Tunde Ebohon, the chief executive officer, used its July 1 soft media and market activation to open a broader conversation on the future of home services in Nigeria and the need to move the market from informal referrals to more structured and accountable service access.

At the centre of the activation is the campaign idea, “Zero Stories. Just Service.” In Nigerian everyday language, “no stories” is a familiar demand for reliability. It means no excuses, no unnecessary delays, no disappearing after payment, no confusion after booking and no silence when follow-up is needed.

For Wrkman, the phrase captures a larger ambition: to help households, businesses, estates and service professionals participate in a better service culture.

“Trust is the real currency of the home and business service market,” said Mr. Tunde Ebohon, Chief Executive Officer of Wrkman. “People do not only want someone who can fix an AC, repair a leaking pipe, handle electrical work or install a cabinet. They want clarity, professionalism, accountability and peace of mind. Wrkman is focused on making service access more structured and easier to trust.”

According to Ebohon, the platform’s new market push is not about presenting technology as a magic fix, but about improving the process around service delivery.

“Real service work can be complex,” he said. “Sometimes a job needs diagnosis. Sometimes parts are required. Sometimes follow-up is necessary. What customers deserve is clarity, communication and a process that does not leave them helpless. That is what ‘Zero Stories’ means to us.”

The July 1 activation will combine strategic media engagement, digital communication, customer education, service-category storytelling, social media engagement and lead intelligence to reach households and businesses actively looking for service support.

wrkman will also use the campaign to spotlight the role of skilled providers in the economy. Rather than treating artisans as the problem, the platform is positioning good service professionals as central to the solution.

“Many skilled providers want serious customers, fair opportunities and a reputation they can build,” Ebohon added. “Customers also want reliable service and better follow-through. The future of this market depends on creating a structure that works better for both sides.”

The activation will focus on four communication pillars: transparency, empathy and accountability, community validation and intelligent engagement. Through these pillars, Wrkman will educate users on how service booking works, how to prepare for service visits, how to give feedback, how to report issues and how to use digital platforms to reduce the uncertainty associated with informal service hiring.

The campaign will also include social content series such as Mythbuster Monday, DIY vs Pro Wednesday, Feature Friday, customer proof stories, provider spotlights, app walkthroughs and service-category explainers.

For households, the message is simple: home repairs and maintenance should not become a chain of calls, excuses and uncertainty.

For businesses, the message is practical: when something breaks, work slows down, customer experience suffers and downtime becomes costly.

For service professionals, the message is aspirational: trust can become a competitive advantage when good work is visible, reviewed and rewarded.

wrkman’s soft launch on July 1 marks the beginning of a 13-week trust-led communications and market engagement programme that will expand across PR, digital storytelling, customer education, social media engagement, estate/community activations and service demand generation.

The campaign will be amplified using the hashtags #ZeroStories, #JustService, #Wrkman, #BookWrkman and #WrkmanSafeHomeDay.

The post wrkman Moves to Reset Trust in Nigeria’s Home Service Economy appeared first on Tech | Business | Economy.

Speaking during a media briefing in Abuja, Nigeria, Afreximbank’s Dr George Elombi, said Africa could no longer rely on a development model built around extraction and export of raw materials and importing finished goods.

He said the continent’s next phase of growth must be driven by value addition, manufacturing, regional trade and stronger African financial institutions capable of strong domestic capital and resource mobilization for transformation.

“Africa’s sovereignty will not be secured by exporting more of what we do not process. It will be secured when we build the industries that turn African resources into African value. But industrialisation requires capital, and that capital must be accessible on terms that are fair, evidence-based and reflective of Africa’s true potential,” he said.

Dr Elombi said Afreximbank’s mandate is focused on helping the continent make that transition – from commodity dependence to industrial capacity, from fragmented markets to integrated trade, and from external vulnerability to greater African resilience.

Directly through debt financing and indirectly through its equity vehicle, the Fund for Export Development in Africa (FEDA), and in partnership with industrial partners such as ARISE IIP, Afreximbank is facilitating the development of multipurpose industrial parks and special economic zones and dedicated towards supporting minerals processing, agro-processing, automotive, textiles and pharmaceuticals.

The Bank is scaling these strategic investments with the view to build competitive manufacturing hubs and deepen regional production linkages across the continent.

Dr Elombi said that if Africa is to industrialise, the continent must also address the cost and availability of capital.

Credit ratings, he noted, influence how much institutions pay to raise funding, the investors they can access and, ultimately, the cost at which they can finance trade, infrastructure and industry.

“Fair credit assessment is part of Africa’s sovereignty agenda,” he said, adding that “when African institutions are assessed properly, they can raise capital more competitively. When they raise capital more competitively, they can finance Africa’s industrial growth, and accelerate African trade and job creation.”

He said Afreximbank’s recent investment-grade rating from S&P Global Ratings, which assigned the Bank a BBB+ long-term and A-2 short-term issuer credit rating, showed the importance of assessing African institutions in their proper context.

S&P’s assessment comes after Afreximbank’s strong Q1 2026 performance, with total assets and contingencies rising to US$49.4 billion, shareholders’ funds of US$8.6 billion, a capital adequacy ratio of 23% and a non-performing loan ratio of 2.40%.

Dr Elombi said rating agencies must properly recognise Afreximbank’s treaty-based structure, Preferred Creditor Status, shareholder support and central role in financing African trade.

He added that shareholders’ perception of the Bank is driven by their conviction and belief in the institution they created and not just by rating perceptions.

He said African multilateral institutions should be assessed on verified evidence, their real institutional structures and the development role they play across the continent. Despite a complex global environment, Afreximbank has continued to demonstrate

strong investor confidence, including through successful Samurai and Panda bond issuances and a US$2 billion equivalent dual-tranche syndicated facility raised in Q1 2026 from 31 lenders across Europe, the Middle East, Asia and Africa.

Dr Elombi added that industrialisation will only deliver sovereignty if African goods can move across African markets.

He said Afreximbank would continue supporting trade-enabling infrastructure, payment systems, logistics corridors and AfCFTA implementation to reduce the barriers that make it difficult for African businesses to trade with one another.

“Capital, industry and trade must work together,” he said. “Africa must finance its production, process its resources and move its goods across its own markets. That is how we create value, retain value in Africa and build sovereignty that is practical, not theoretical.”

He welcomed the idea of a New African Financial Architecture (NAFA) and the urgency to build capacity to mobilise resources from the continent to support its development.

Looking ahead, Dr Elombi said Afreximbank would remain focused on financing the systems Africa needs to stand more firmly on its own foundations including industrial capacity, value addition, strategic minerals processing, trade-enabling infrastructure, digital payments, energy security and intra-African trade.

The post Africa Cannot Achieve Economic Sovereignty by Exporting Raw Materials, Says Afreximbank’s Elombi appeared first on Tech | Business | Economy.

The United Kingdom has announced expanded collaboration with Nigeria to accelerate the country’s digital economy through a package of initiatives delivered under the UK’s Digital Access Programme.

At the heart of this partnership is the State-level Policy, Regulatory and Institutional Reforms Enabling Digital Transformation (SPRIRET) initiative which was announced during the June visit of the UK Minister for Africa and International Development, Baroness Chapman.

The SPRIRET Project is designed to support reforms across five states: Abia, Edo, Ekiti, Enugu and Niger, and to reduce regulatory barriers and unlock greater investment and innovation in broadband, digital services, and emerging technologies.

The UK will look to support more states in future iterations of the project.

SPRIRET will work with Initiative for Digital Inclusion to strengthen state-level policies, governance systems, digital infrastructure and human capacity to improve service delivery, increase transparency, and expand citizen access and participation in the digital economy. The project is designed as a scalable model for nationwide replication, enabling states to generate new economic opportunities and support inclusive digital transformation at scale.

 Mr. Jonny Baxter, British Deputy High Commissioner, said:

“The UK is proud to partner with Nigeria to drive an inclusive and innovative digital economy. Through initiatives like SPRIRET, we are supporting practical reforms that will unlock investment, strengthen institutions, and expand digital access, creating opportunities for businesses and citizens alike. This partnership reflects our shared ambition to harness technology for sustainable growth.”

Prof. Chidiebere Onyia, secretary to the State Government, Enugu State said:

“We wish to express our sincere appreciation to the British Deputy High Commission and the Foreign, Commonwealth and Development Office (FCDO) for the sustained interest in Enugu State’s development agenda and for the initiative in co-designing the SPRIRET project in response to the State’s priorities.

“We are satisfied that the SPRIRET project addresses a critical gap at the level of policy, regulatory, and institutional reform – areas that are foundational to giving lasting direction and effectiveness to all current and future digital investments in the State. We look forward to a productive and impactful partnership that will significantly advance Enugu State’s vision of an inclusive digital economy.”

Alongside SPRIRET, the UK is supporting targeted interventions to strengthen Nigeria’s wider digital ecosystem.

A Technical Assistance Facility will enhance the performance of the Universal Service Provision Fund, improving its systems, institutional capacity and delivery to ensure more inclusive and sustainable digital access outcomes.

In parallel, the Safeguarding Trust, Digital Rights, Inclusion and Data Ethics (STRIDE Nigeria) Project will promote responsible data governance by raising awareness of rights under the Nigeria Data Protection Act, strengthening institutional compliance, and building a pipeline of skilled professionals.

Through a nationwide “Own Your Data” campaign and targeted fellowships, the initiative will equip citizens and businesses with the knowledge and tools to participate safely and confidently in the digital economy.

Together, these initiatives demonstrate the UK’s continued commitment to supporting Nigeria in building a more inclusive, secure and dynamic digital economy – unlocking growth, strengthening institutions, and empowering citizens.

The post SPRIRET: UK Deepens Digital Partnership with Nigeria Under SPRIRET Initiative appeared first on Tech | Business | Economy.

Instead, it ignited an even bigger debate.

In a statement signed by Bayo Onanuga, special adviser to the President on Information and Strategy, the Presidency maintained that Adeyemi was never appointed by President Bola Tinubu or the Office of his Chief of Staff, Femi Gbajabiamila.

The accusations

Adeyemi recently accused Chief of Staff to the President of bribery, alleging Gbajabiamila demanded N400 million and an additional N200 million to facilitate his appointment as head of a government agency.

Adeyemi alleged that Gbajabiamila demanded 48% of his agency’s take-off grant of N27.4 billion.

He further claimed that Gbajabiamila received N400 million through a proxy to secure him the appointment, with an outstanding balance of N200 million.

He challenged the Presidency to conduct an independent panel, demanding that Gbajabiamila produce all official documents signed since taking office for forensic examination.

Femi Gbajabiamila denied all the allegations.

According to the government, the Office of the Chief of Staff had petitioned security agencies as early as October 2025 after discovering forged appointment letters and fake presidential documents allegedly used by Adeyemi to present himself as a Director-General of a non-existent agency.

The statement further disclosed that investigations by the Nigeria Police uncovered forged documents, multiple bank accounts linked to fictitious organisations, and alleged attempts to obtain diplomatic privileges under false pretences.

Adeyemi was subsequently charged before the Federal High Court on counts including forgery, impersonation and obtaining by false pretence.

The Presidency insists the matter is now before the courts and has urged politicians and members of the public to refrain from prejudging the case.

Social media asks different questions

Rather than debating whether Adeyemi should face trial, many Nigerians on X focused on what they describe as glaring institutional contradictions.

One of the most shared reactions came from X user @nnamdyy, who argued that the Presidency’s explanation raises more questions than it answers.

He questioned how someone allegedly operating a fake agency could reportedly maintain an office within the Federal Secretariat, meet senior government officials, operate dozens of bank accounts, receive correspondence from public institutions and allegedly appear in budget documents if the organisation never existed.

Similarly, @oluomoofderby asked whether Nigerians were expected to believe that an individual could secure office space within the Federal Secretariat, open accounts with the Central Bank of Nigeria using forged documents and still evade internal verification systems.

“The statement lacks credibility and raises more questions than answers,” the user wrote.

Another widely circulated response came from @DanielOtabor, who described the Presidency’s communication as damaging to public confidence.

He referenced publicly reported meetings involving Adeyemi with senior government officials, including the Deputy Speaker of the House of Representatives, and questioned how a supposedly fictitious council allegedly appeared in the 2026 federal budget with an allocation exceeding ₦1.3 billion.

“If everyone was deceived,” he argued, “then Nigerians are looking at one of the biggest institutional failures in recent history.”

Budget controversy dominates discussion

The issue that generated the strongest reaction was the alleged inclusion of the council in the 2026 Appropriation Act.

Several users, including @Nimsy01, @officialchidire and @abdulherphyz, questioned how an agency the Presidency says was exposed as fraudulent in late 2025 could still reportedly appear in a budget signed months later.

Their argument is that if the government had already identified the agency as fictitious, Nigerians deserve an explanation of how it allegedly remained within official budget documents and whether any public funds were eventually released.

Others argued that the issue is no longer simply about one individual but about possible weaknesses in government verification, budgeting and inter-agency coordination.

Two competing narratives

The controversy has effectively produced two competing narratives. The Presidency maintains that Adeyemi orchestrated an elaborate impersonation scheme that deceived several institutions before security agencies intervened.

According to the government, the existence of meetings, correspondence and other engagements does not validate the legitimacy of the agency but rather demonstrates the extent of the alleged fraud.

Many Nigerians, however, argue that the scale of official interactions reportedly involving the agency suggests either institutional negligence or a more complex story than has so far been presented.

They are calling for greater transparency, particularly regarding the reported budget allocation, official meetings and the verification processes across government institutions.

The credibility challenge

Whether the courts eventually uphold the Presidency’s account or not, the controversy underscores a broader challenge confronting public institutions in Nigeria.

In an era where official documents, photographs and budget records are rapidly scrutinised online, public trust depends not only on issuing denials but also on providing explanations that address every major inconsistency raised by citizens.

For many Nigerians, the central question is no longer whether Adeyemi is guilty of forgery. That determination belongs to the courts.

The bigger question is whether the federal government’s internal controls are robust enough to prevent an alleged impostor from interacting with ministries, agencies, lawmakers and other public institutions over an extended period.

Until those questions are answered with documentary evidence and the judicial process runs its course, the debate is unlikely to subside.

Human rights lawyer Femi Falana also re-echoes these as he said the presidency lacks the constitutional authority to clear anyone accused of committing a crime, following its statement dismissing allegations involving Chief of Staff to the President, Femi Gbajabiamila.

Mr Falana spoke while reacting to the statement issued by presidential spokesman Bayo Onanuga.

According to Punch Newspaper’s report, Falana said only law enforcement and anti-corruption agencies have the power to investigate and determine issues involving allegations of fraud or corruption.

“The Presidency is not in a position to clear anybody. It is the duty of the police and anti-graft agencies to investigate cases of official corruption,” he said.

“The Presidency can only refer Femi Gbajabiamila, as well as the other individual, to the ICPC because allegations of fraud and corruption have been raised.”

Falana also questioned reports that funds were allocated to the agency Adeyemi claimed to represent.

“The government will have to explain to Nigerians how a sum of N24 billion was budgeted for an unknown agency, as well as how that agency had accounts with the Central Bank of Nigeria,” he said.

The post Presidency’s ‘Fake Agency’ Clarification Raises More Questions Than It Answers appeared first on Tech | Business | Economy.

Only 5% of Africa’s digitally delivered services are currently traded within the continent, presenting a significant untapped opportunity for intra-African trade, investment and digital transformation.

This was stated by Dr Jumoke Oduwole, Nigeria’s minister for Industry Trade and Investment, at the 2nd AfCFTA Digital Trade Forum.

Held in Lagos on Tuesday, July, 1, 2026, Oduwole said Nigeria is taking deliberate steps to unlock the opportunities offered by digital trade under the African Continental Free Trade Area (AfCFTA).

“Nigeria’s approach to unlocking that opportunity has been deliberate and consultative. In April 2025, FMITI undertook the first comprehensive mapping of Nigeria’s digital services ecosystem. Through that exercise, we developed Africa’s first directory of digital services firms, disaggregated by sector, and identified five priority expansion markets for Nigerian businesses including  Egypt, Ghana, Kenya, Rwanda and South Africa,” she said.

Oduwale added that the mapping exercise also revealed an important policy gap.

She said many digital businesses no longer fit neatly into traditional industry classifications, making it necessary to update existing frameworks.

“Many digital businesses no longer fit neatly within traditional industry classifications. We are therefore updating our business classification framework to better reflect today’s digital economy, ensuring that our policies, incentives and support programmes are designed around the businesses that are actually driving growth.”

The minister also noted that trade ministers, policymakers and technical experts from across Africa recently met in Abuja to review progress on the implementation of the AfCFTA and discuss ways to expand Intra-African Trade.

“Over the past few days, Trade Ministers, policymakers and technical experts gathered in Abuja to review progress on implementing the African Continental Free Trade Area and to consider what more is required to unlock its full potential. Those discussions reinforced an important point: negotiating this agreement was only the beginning. The real value lies in whether businesses can leverage it to scale across our continent.”

Oduwale said governments have a responsibility to build an ecosystem that makes it easier for startups and digital businesses to grow across Africa.

“We often speak about Africa’s unicorns when we talk about digital trade and the digital economy. The ecosystem we celebrate today was built by founders who had to be exceptionally resilient just to get started, and even more resilient to scale.

“Our responsibility now is to ensure that the next generation does not have to rely on that same level of resilience. That it becomes easier to build, easier to scale, and easier for capital to find great businesses. That is what success should look like. That is how we move from ambition to implementation,” she said.

The minister said Nigeria has already built a strong foundation for digital trade through its fintech ecosystem, ICT sector and innovation landscape, but stressed that harmonised policies are needed to support seamless cross-border transactions.

“If a business can build a world-class product in Lagos but struggles to receive payments in another African market or navigate different regulatory requirements every time it crosses a border, then we have not yet unlocked the full promise of the AfCFTA. That is the work ahead of us. It is also the challenge and the opportunity that brings us together today.

“Nigeria’s digital economy already provides a strong foundation for this work. ICT contributes close to 18% of our GDP. Nigeria is home to approximately 28% of Africa’s fintech companies, and more than 60% of Nigerians are under the age of 25, giving us one of Africa’s largest pools of digital talent,” she added.

She added that while Nigeria’s digital ecosystem is expanding commendably, growth must be sustained through the creation of a policy environment that supports innovation and enables businesses to thrive across African markets.

The post AfCFTA: Africa Trades Just 5% of Its Digital Services within its Own Borders appeared first on Tech | Business | Economy.

The NDIC while noting that it has been appointed as the official Liquidator, pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023, announced that the affected institutions are no longer authorized to conduct banking business in Nigeria.

In a statement issued following the revocation, the NDIC stated that “members of the public are strongly advised against any unauthorized transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences.

“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors. Depositors and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise.”

CBN Revokes Licenses of 46 Microfinance Banks (MFBs) – Full list:

The post Avoid Transacting with 46 Revoked Microfinance Banks, NDIC Warns | See Full List appeared first on Tech | Business | Economy.

The fintech explained that the affected entity was a recently acquired microfinance bank that had not become part of its core operations.

In an interview with Techeconomy, Babatunde Akin-Moses, the company’s co-founder and CEO, said the licence revocation relates only to the microfinance banking entity it acquired in Kano State as part of plans to expand into deposit-taking and payment services.

“The licence revocation relates to a microfinance banking entity that Sycamore had recently acquired in Kano State as part of our long-term strategy to expand into deposit-taking and payments,” Akin-Moses said.

He added that he would not comment on the regulator’s findings because the matter is still before the appropriate authorities.

“As the matter involves an ongoing regulatory process, we won’t be able to comment on the specific findings at this stage. We remain respectful of the CBN’s regulatory role and are engaging through the appropriate channels.”

The clarification comes after the CBN announced the revocation of operating licences of 46 microfinance banks across the country, including Sycamore MFB, over failure to meet regulatory requirements.

Addressing concerns about the relationship between the revoked microfinance bank and the Sycamore business, Akin-Moses said the two should not be treated as the same operation.

According to him, the microfinance bank was “a separate licensed entity” that the company had recently acquired and was still integrating into the group.

“Sycamore MFB was a separate licensed entity that we had recently acquired and were in the process of integrating into the Sycamore Group.”

Akin-Moses said the company’s consumer lending business operates under approval from the Federal Competition and Consumer Protection Commission (FCCPC), while Sycamore Investment and Asset Management Limited (SIAML) remains licensed by the Securities and Exchange Commission (SEC).

“The licence revocation does not affect our core businesses. Our consumer lending operations continue to operate under FCCPC approval, while Sycamore Investment and Asset Management Limited (SIAML) continues to operate under its SEC licence. Customers can continue to save, invest, borrow, and transact through our existing platforms as usual.”

The CEO also sought to calm concerns from users who may be worried about the safety of their money following the CBN’s move.

“There is no impact on customers using Sycamore’s existing lending and investment services. Our platform remains fully operational.”

“All customer funds and investments held through our existing businesses remain safe and fully accessible. Customers can continue to use our services as they normally would,” he added.

Clarifying if the company plans to challenge the revocation, Akin-Moses said discussions with regulators are ongoing but declined to give further details.

“We are reviewing the development and engaging through the appropriate regulatory channels. At this stage, we believe it is best to allow those processes to run their course and will not be commenting further on them.”

Akin-Moses further noted that customers should expect normal service while the regulatory process continues.

“Our message to customers is straightforward: Sycamore remains fully operational, and all customer funds and investments remain safe and secure.

“We remain committed to the highest standards of governance, transparency, and regulatory compliance. Customers should expect business as usual from Sycamore, and we will continue to provide updates whenever there are material developments.”

The CBN revoked the licences of the microfinance banks with immediate effect, citing provisions of the Banks and Other Financial Institutions Act, 2020.

The regulator said the affected institutions did not meet regulatory requirements, including conditions tied to their licences.

The post Sycamore Clarifies CBN Licence Revocation, Says Customer Funds, Core Business Remain Safe appeared first on Tech | Business | Economy.

The finding was presented by Samuel Wadzani Gadzama, chief engineer at NASENI’s Scientific Equipment Development Institute (SEDI) in Enugu, during a seminar in Abuja reviewing nanoscience research the agency has conducted since 2013.

Gadzama said the nanocellulose material had undergone testing both in Nigeria and internationally, though NASENI did not disclose specific test results, timelines, or plans for commercial-scale production.

The seminar, themed “NASENI Hybrid Scientific Engagement Programme: Science Perspective,” was organised by the agency’s Science Infrastructure Directorate as an expanded version of its regular seminar series.

Chika Ezeanyanaso, director of NASENI’s Nano Science Department, opened the event by calling on staff to intensify research efforts to support the agency’s contribution to national industrialisation.

“This seminar provides an opportunity for colleagues to learn from one another and generate ideas that will support innovation and national economic growth,” she said.

Hassan Bakare, deputy director of NASENI’s Research Laboratory Department, proposed establishing a joint seminar platform linking the agency’s Science and Engineering Infrastructure directorates to encourage interdisciplinary collaboration.

NASENI is a federal agency under Nigeria’s Ministry of Innovation, Science and Technology mandated to develop capacity in engineering infrastructure and science-based industrial raw materials.

The post NASENI Nanoscience Unit Reports Breakthrough in Pineapple-Leaf Fibre Research appeared first on Tech | Business | Economy.

Nigeria’s First Lady Oluremi Tinubu commissioned a technology-focused academy and a clinic with a dialysis centre in Hadejia, Jigawa State, on Monday, and launched the second zonal rollout of a national food bank programme aimed at children under six, pregnant women and nursing mothers.

The President Bola Ahmed Tinubu Academy and the adjoining clinic, named after the first lady, were built with support from the National Information Technology Development Agency (NITDA), FutureMap Foundation and eHealth Africa.

The clinic includes an operating theatre, maternity ward and a dialysis unit intended to address chronic kidney disease in the region, and runs on renewable energy with piped oxygen across all wards.

The academy houses a fabrication laboratory and maker space, an AI-assisted learning facility, and a pitch space for startups.

Officials said the lab is intended to produce diagnostic tools and organ prototypes, including for kidney research, to support the clinic’s work, though no timeline or funding figures were given for that component.

Food bank programme expands to northwest

Tinubu also launched the National Community Food Bank Programme’s second zonal rollout, covering Jigawa State and the wider North-West.

The programme is run jointly by the Office of the First Lady, the Federal Ministry of Health and Social Welfare, the National Primary Health Care Development Agency (NPHCDA) and the Bank of Agriculture.

According to Tinubu, the National Community Food Trust Fund was launched in Abuja on April 2, 2026, with a first zonal rollout in Borno State on April 27 for the North-East.

She said that rollout had enrolled 560 beneficiaries and reached 468 children, pregnant women and nursing mothers within two months, though the figures were not independently verified.

Jigawa State Governor Umar Namadi, speaking at the event, cited Section 16(2) of Nigeria’s constitution, which requires government to provide “suitable and adequate food for all citizens.”

He said the state’s existing homegrown nutrition programme has screened more than 240,000 children in 2024 and 382,000 in 2025 across 300 communities, and trained 600 women to produce a fortified cereal blend known locally as Tom Brown.

Wider context

The launch follows the government’s establishment last week of a National Health Technology and Data Analytics Office, part of a broader push to integrate data and technology into Nigeria’s public health system.

The event was attended by all seven North-West governors and their spouses, Minister of State for the FCT Mariya Mahmoud Bunkure, Minister of State for Education Suwaiba Sa’id Ahmad, NPHCDA Director-General Muyi Aina, representing Coordinating Minister of Health Muhammad Ali Pate, and NITDA Director-General Kashifu Inuwa.

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