Business
AfDB, Partners Inject $1bn To Fund Nigeria’s SAPZs
African Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development have voted $1billion to deliver special agro-industrial processing zones in 24 States of Nigeria.
This is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in the country.
Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice-President, in a statement said the President of AfDB, Dr Akinwumi Adesina, disclosed this in the United States.
The News Agency of Nigeria (NAN) reports that Adesina spoke at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa.
Vice-President Kashim Shettima, who is attending the event in pursuance of the food security and diversification policy of the Tinubu administration, had on Wednesday delivered his keynote address at the ongoing Dialogue.
In a speech titled, “From Dakar to Des Moines”, Adesina said that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries.
He said, “We are investing heavily in the development of SAPZs to support the development of agricultural value chains.
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”Food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food.
” The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones.
“The bank has mobilized additional co-financing of 661 million dollars, for a total commitment of $1.5 billion. ”
Adesina said that the bank was deploying effective partnerships at scale, adding that currently it is implementing 25 Special Agro-industrial Processing Zones in 13 countries.
” The AfDB and the International Fund for Agricultural Development provided $520 million for the development of eight special agro-industrial processing zones in Nigeria.
” The second phase of the program aims to mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria.”
Adesina regretted that while much progress had been made in African agriculture, 283 million people still go to bed hungry, about a third of the 828 million people that suffer hunger globally.
He described the Norman Borlaug International Dialogue World Food Prize 2023, as a journey and narrative combining the power of science, technology, policies and politics to ensure that Africa fully unlocks its agricultural potential, and feeds itself with pride.
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Adesina thanked Vice-President Kashim Shettima, and the President of Ethiopia, Sahle-Work Zewde, for participating in the global event.
He said that their presence was an indication that Africa had the political will and was fully ready to tackle food insecurity as well as make hunger history on the continent.
Earlier, Shettima, who spoke on the Tinubu administration’s initiatives for food security, said the quality of present leadership in Nigeria and the rest of Africa would drive transformation in agriculture and other sectors.
He said, ”A nation falls or rises fundamentally due to the quality of its leadership.
”Right now Africa is blessed with quite a handful of quality leaders that have the drive, passion and skills set to redefine the meaning and concept of modern leadership.
”President Tinubu, my boss, is a good example, Macky Sall of Senegal and of course, Abdel Fattah El-Sisi of Egypt are doing wonderfully well.
”Just to mention a few of the African leaders that are distinguishing themselves in leadership. ”
Shettima assured the gathering of investors and stakeholders in the agricultural sector that Tinubu was a quintessential 21st century modern African leader who is determined to redefine the meaning and concept of modern leadership.
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He added, “Be rest assured that there will be a change in the fortunes of the Nigerian nation and by extention, the African continent in the next couple of years because Nigeria is an anchor nation.”
On wheat production, Shettima said the target of Nigeria towards wheat production was to achieve 50 per cent self sufficiency in the next three cycles.
He said, ”It is inconceivable that we are the second largest wheat importer in the world. Luckily, we have already procured the heat tolerant variety of wheat seeds.
”And we are going to drive that process by supporting the farmers with the heat tolerant variety, agricultural extention services, fertilizer and also hope to increase the irrigation areas to 1 million hectares in the next cropping cycle.
” We need to produce about 2.4 million tonnes of wheat grains in Nigeria. We are going to reach out to our farmers through small irrigation schemes and through digitalisation.
” All the actors in the value chain will be sufficiently taken care of through innovative finance, partial credit guarantees and crop insurance.”
On rice production, Shettima said the major challenge for Nigeria was the insufficiency of paddy rice.
He said that Nigeria had adequate milling capacity, adding, “but, we need to produce three to four million tonnes of paddy rice to meet our requirement of about 2.5 million tonnes per annum.
” We have 75 million hectares of arable land and most of it suited for rice cultivation.
” We will provide our farmers with certified seeds, fertilzer, extension services, the digitlisation of services, inputs, finance and market information.
” Our target is to achieve self sufficiency in rice latest by 2027.”
The vice-president, who spoke on SAPZs, reiterated the Tinubu administration’s commitment to providing an enabling environment for investors in the zones.
He said government would create an SAPZ development authority that would operate like a one-stop shop where regulatory and associated issues would be addressed.
(NAN)
Business
CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments
The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.
The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.
According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.
“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.
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Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.
The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.
Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.
Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.
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The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.
The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.
The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.
This means the two financial institutions can no longer operate as licensed financial institutions.
Business
9th FirstBank Digital Xperience Centre Launched In UNIBEN
First Bank Nigeria Plc on Tuesday launched its Digital Xperience Centre (DXC) at the University of Benin Branch, Benin City.
In his remarks at the launching, Chief Executive Officer, First Bank Plc, Olusegun Alebiosu, described the digital xperience centre as “an exceptional feat in our shared commitment toward innovation,” adding that
“this is our 9th Centre, and it operates round-the-clock.”
Alebiosu, while stating that the “FirstBank’s DXC is more than a banking facility,” added that “it is a step toward redefining how banking connects with education, technology, and the whole community.”
He said: “In partnership with the University, we’ve created a hub where students, faculty and community members can access FirstBank’s digital world.
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“Our DXCs are more than just banking hubs – they are gateways to a smarter, faster, and more personalised financial journey. Equipped with cutting-edge technology, customers have access to state-of-the-art self-service terminals designed to simplify transactions while ensuring top-tier security and efficiency.
“Whether you need to deposit cash, request for debit card, or update your account details, the DXC’s provides an elevated banking experience with speed and ease, designed to put you in control.
“Our DXCs operate round-the-clock, including weekends, providing the convenience you need to bank anytime in just a few minutes.
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“The DXC embodies our commitment to Environmental Social and Governance (ESG) principles as it promotes financial inclusion, fosters digital literacy, and uses sustainable technology to empower underserved communities.”
The CEO, while thanking the leadership of UNIBEN for “partnering with us to bring this vision to life, aligning academic excellence with cutting-edge technology,” urged the public to “embrace this DXC as a catalyst for learning, innovation, and development.”
In his remarks at the launching, the Vice-Chancellor, UNIBEN, Prof. Edoba Omoregie said: “We are very happy that First Bank is doing this in our institution,” describing UNIBEN as a “first generation university.”
Earlier, while playing host to the First Bank CEO and his team in his office, Prof. Edoba had sought support from the company in the revamp of the university Information Technology Centre (ICT).
Business
Full List: 82 Newly Approved, Fully Licensed BDC Operators
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.
In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.
The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.
READ ALSO:CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators
The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.
TIER 1
1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD
TIER 2
1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
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19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD
55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD
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