News
Microfinance: Expert Tasks FG on Frameworks to Boost Economy, Alleviate Multidimensional Poverty

By Ladi Patrick-Okwoli
A renowned financial expert, Dr Chris Itsede, has called for the strengthening of the operations of microfinance banks to enable them to play a more effective role in the implementation of the current administration’s 8-point agenda to boost the economy, and reduce multidimensional poverty.
The co-founder of Osomhe Microfinance Bank Limited, who made the call while delivering a lecture at the opening ceremony of the ninth conference on Microfinance and Enterprise Development organized by LAPO Institute for Microfinance and Management Studies at the weekend in Benin City, the Edo State capital, noted that Nigeria stands to reap tremendous benefits from leveraging microfinance interventions.
According to Dr Itsede, “microfinance institutions play a vital role in providing access to finance, particularly to small and medium scale enterprises (MSMEs), the unbanked, and underprivileged population in Nigeria. With robust governance frameworks in place, microfinance institutions can effectively contribute to economic development and poverty reduction”.
He observed that, like other subsectors, microfinance has its fair share of challenges that impede its operations. These include inadequate capital, poor and inefficient infrastructure, multiple and burdensome regulation, low financial literacy, and weak management capacity of many operators of MSMEs. Despite these obstacles, according to the finance expert, the prospects for microfinance in Nigeria look good. He called on governments at all levels to leverage microfinance banks and related institutions that are closest to the grassroots to lift the affected 133 million Nigerians from the multidimensional poverty. As the country progresses towards achieving its developmental goals outlined in Nigeria Agenda 2050 and National Development Plan (2021-2025), he posited that the role of microfinance institutions will be thrust into bolder relief.
He called on the ecosystem’s stakeholders – government, regulatory bodies, financial institutions, development organizations and the private sector – to work hand in hand to create a stable and conducive environment for the operation of microfinance banks in Nigeria.
“Fostering partnerships, sharing best practices, leveraging technological innovations and capacity building support can help overcome these obstacles and promote the growth, scalability and sustainability of microfinance banks”.
The expert said “We must promote transparency, accountability and good governance in microfinance institutions. These principles will not only enhance the credibility of the sector but ensure that finance is channeled towards productive and sustainable ventures.” He called for increased funding of microfinance institutions from domestic and international sources to meet the growing demand for their services.
Dr Itsede called for implementation of robust capacity building programmes to enhance the skills and knowledge of microfinance practitioners. He stressed the need to develop innovative products and delivery channels to reduce operational costs and expand their outreach, particularly in rural areas. The needed innovations include but are not limited to Digital Transformation, Social Performance Management, Product Diversification, Data Analytics and Artificial Intelligence, and Green Microfinance, among others.
In his remarks, the Chairman of the occasion, Professor John Igene, said the conference was aimed at bringing stakeholders together to brainstorm on the way forward for SMEs in Nigeria.
According to him, “the theme of this conference ‘Strategies to Optimize Microfinance Institutions for Alleviating Poverty, Enhancing Financial Inclusion, and Stimulating Economic Growth in Nigeria’, is relevant and topical against the backdrop of the ongoing national conversation to relaunch the economy towards inclusive growth.” He enjoined the participants to come up with implementable ideas at the end of their deliberations.
The conference was attended by hundreds of microfinance operators, regulatory agencies, NGOs, participants from the academia, and MSMEs.
News
NYCN, Others Comdemn Media Trial, Misinformation against Akpabio

The National Youth Council of Nigeria and all youth groups in the country have condemned in strong terms what the described as media trials and the desperation to tarnish the image and reputation of Senator Godswill Akpabio, President of the Nigerian Senate.
In a statement signed by the NYCN President, Amb. Solomon Adodo and made available to journalist in Abuja, the group underscored the importance of information in a democratic and developing society and frowned at those whose stock in trade is misinformation for political and selfish reasons.
According to the statement, “information is key, especially in a democratic society like ours. Accurate and reliable information about national issues and events is the cornerstone of objective journalism. However, some mischief makers have mastered the act of misinformation through twisted logic and deliberate falsehood to sway public sentiments and blackmail their adversaries.
“The recent controversy surrounding the conviction off Professor Peter Ogban and the deliberate attempt to link his criminal record with the impeccable personality of Senate Godswill Akpabio, the President of the Nigerian Senate is one of the dangerous manifestations of falsehood deliberately targeted at the character and personality of an innocent man.
“To those who feel Senator Godswill Akpabio is a threat to them, nothing is too inglorious for them to do in order to paint him bad light. First, it was Senator Natasha Akpoti-Uduaghan who was pushed forward to contest supremacy with the Senate President on the floor of the Senate over an issue clearly sorted out in the Senate Standing Orders.
“When she was slapped a suspension which she rightly merited, she resorted to lies and blackmail. This was simply a script to discredit the Senate President but again she failed as even the courts found no merit in her fabrications and desperation.
“Another script from the Natasha Akpoti-Uduaghan camp which was designed to implicate the Senate President in an organ harvesting scandal, similar to what happened to Senator Ike Ikweremadu was also uncovered. A certain Dr. Sandra did not just refuse to be involved into an unethical conduct but went ahead and exposed those who were behind it. This falsehood and negativity also failed and with a perpetual hatred for the Senate President, the vultures are out to score cheap points over the recent conviction of Professor Peter Ogban.
“The misinformation that the Senate President benefitted from or committed electoral fraud following the conviction of Prof. Peter Ogban, a former INEC Returning Officer, is highly misleading and just one of the many sinister plots aimed at undermining the current administration.
“If not deliberate mischief, how can any right thinking individual conclude that Ogban rigged the election in favour of Akpabio when in reality, he announced Akpabio’s opponent as the winner and it was at the tribunal that Akpabio regained his mandate?
“This is nothing but deliberate, sponsored and calculated falsehood and misinformation intended to harm the towering political image of the Senate President who has been seen by many lovers of democracy as an ideal candidate for President after Tinubu’s 8 years.
“It is a dangerous enterprise for anybody to willfully distort very obvious facts like these just because they want to score cheap political points. To even think that very highly placed Nigerians believed this twisted falsehood and even propagated it on notable media channels is disheartening.
“As Nigerians, the exposition of this deviously orchestrated misinformation charade should awaken us to be more critical of whatever we see in the media especially against persons with distinguished track records. We must put aside our biases, political differences as well as personal interests and unite towards fighting our common enemies.
The text ended by urging the Senate President, Senator Godswill Akpabio “to remain steadfast and committed in his duties”, adding further that, as a youth group, we shall continue to give him the needed support to carry out his duties. Our doors are open to partner and collaborate with the Nigerian Senate since we have confidence in the Senate leadership and the good work they’re doing”
News
CSOs Back Nigeria’s Clean Energy Push, Applaud ECN’s Commitment
- … Endorses Solar Drive, Sets Sights on 2030 Energy Targets
- …Urges Journalists to Support, Not Sabotage Nigeria’s Clean Energy Transition
In a renewed push for sustainable national development, civil society organizations have thrown their weight behind Nigeria’s shift to renewable energy, commending the Energy Commission of Nigeria (ECN) for its commitment to powering underserved communities through clean energy solutions.
Under the umbrella of the CSOs Budget Implementation, Assessment, Monitoring, and Evaluation Committee (CBIAMEC), stakeholders held a press briefing in Abuja themed “Powering Nigeria’s Future: Advocating for a National Shift Toward Renewable Energy for Sustainable Development.”
Speaking at the event, CBIAMEC Chairman, Ambassador Splendour Agbonkpolor, emphasized that renewable energy holds the key to unlocking economic prosperity, job creation, and climate resilience. He described Nigeria’s energy access gap, where over 85 million citizens still lack electricity as a national emergency that demands bold, innovative, and inclusive solutions.
“We are here today not just to speak truth to power, but to align with power that works for the people. Renewable energy is not just a technology; it’s a tool for justice, equity, and human dignity.”Agbonkpolor said.
The committee particularly commended FG for its strategic initiatives aimed at deploying 4 megawatts of renewable energy in all 36 states and the FCT, as well as a separate plan to deliver 5 megawatts to every local government in partnership with the Association of Local Governments of Nigeria (ALGON).
“These projects are not only ambitious, they are necessary. They represent a real chance to lift communities out of darkness, boost local economies, and bring Nigeria closer to its renewable energy target of 30% by 2030.” Agbonkpolor noted.
The committee also addressed the ongoing ₦10 billion in the 2025 approved budget for the installation of a solar mini-grid at the Presidential Villa. While acknowledging growing media interest and public scrutiny of the initiative, CBIAMEC clarified that its position is not one of opposition but of constructive engagement.
“We had a fruitful interface with the Director General of ECN where detailed clarifications were provided on procurement procedures, project scope, and transparency mechanisms. The Commission assured us that all steps are being taken in line with the Public Procurement Act, including competitive bidding and regular performance audits.” Agbonkpolor added.
The group pledged to serve as an independent watchdog, monitoring the implementation to ensure the solar intervention truly benefits the people and delivers value for every kobo spent. “We will be vigilant, objective, and fact-driven in our oversight role.”
Meanwhile the Committee also raised concerns over what it described as “media trials” that could derail public trust and investment in renewable energy projects. It urged journalists to uphold ethical standards, verify information, and avoid sensationalism that may hinder national progress.
“We are not calling for silence, we are calling for responsibility. The media has a powerful role to play in this transition, not as saboteurs, but as storytellers of change and partners in development.” he restated.
The briefing concluded with a five-point call to action, encouraging households to explore solar home systems, innovators to invest in green technology, communities to support mini-grid projects, policymakers to prioritize renewable energy in national planning, and the media to amplify success stories in the sector.
Banking
Wema Bank Celebrates 80 Years of Impact

- …Sets the stage for a future of more possibilities
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially marked the incredible milestone of its 80th anniversary on Friday, May 2nd, 2025.
Celebrated as Nigeria’s oldest indigenous bank, Wema Bank was founded on May 2nd, 1945, as Agbonmagbe Bank Limited; an institution that has now evolved from a single-branch operation aimed at empowering indigenous Nigerians into a formidable force that continues to blaze the trail in Nigeria’s banking and financial industry.
From bridging gaps in access to finance for underserved Nigerians to empowering businesses with insightful financial solutions and support, providing a platform for other industries to thrive and proactively delivering financial solutions tailored to the needs of every Nigerian, Wema Bank has built a legacy of impact for 8 decades. With millions of customers and global presence via 150+ branches and the ALAT App, Wema Bank continues to set the pace in customer-centric innovation and impactful banking.
Extending heartfelt gratitude to the Bank’s stakeholders, Moruf Oseni, the MD/CEO of Wema Bank reiterated the Bank’s commitment to continue going above and beyond in service of its customers in the decades to come. According to him, “Wema at 80 is a milestone that extends deeply into the very roots of the industry, the people and the nation. This is an 80-year-old bank that began to set the pace for indigenous businesses in the depths of colonial rule and has remained resolute in carrying on that mission since 1945, showing the world that ‘Nigerian-owned’ can last, and institutions can be agents of transformation in their own capacity. It’s a journey I am deeply proud of and I cannot celebrate alone”.
“I take this moment to express my sincerest gratitude to every person and institution that has played a part in Wema Bank’s success story. From our customers to shareholders, investors, partners to employees past and present, and every other stakeholder whose efforts run in the veins of this great Bank. We are Wema and I take this moment, on behalf of the Board and Management of the Bank, to reiterate our lifelong commitment to you. Wema Bank is built to last, Wema Bank is built for you and Wema Bank will never relent in delivering optimum value to you. It has been 80 years of impact, and as we look ahead to a future of limitless possibilities, our promise to you remains the same. We Are With You, All The Way!”, Oseni concluded.
Wema Bank’s 80th anniversary has taken the world by storm, with a major highlight being the Wema at 80 Gala Night scheduled to hold in Lagos at 6 p.m. on Friday May 2nd, 2025. Headlined by Afrobeats stars Davido and Wande Coal, Fuji legend Ayuba, vocal sensation Yinka Davies, 9ice and a star-studded lineup of celebrities, dignitaries and stakeholders; the night promises to be one for the books, convening 8 decades of generations in a glamorous ceremony themed ‘Timeless Elegance’.
Anyone can be a part of the Wema at 80 Gala Night by tuning in live at 7 p.m. to the Bank’s YouTube Channel as well as select national TV stations.