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A former director of the Nigerian Maritime and Administration Safety Agency (NIMASA) revealed that the Cabotage Vessel Financing Fund (CVFF) accruing a percentage of charter rates for 23 years is domiciled in naira, not dollars as publicly reported by the agency.

‘CVFF is not held in dollars. It is in naira at the present exchange rate,’ Temisan Omatseye told stakeholders Thursday at a summit by the Shipping Correspondents Association of Nigeria in Lagos.

‘Every last week of the month, when we do a sweep, we collect dollars and automatically change it to Naira,’ said Omatseye, who served as director general of NIMASA for two years from 2009-six years after the fund was created to help indigenous shipowners finance the acquisition of their own vessels.

He explained that the interest rate disparity between dollar and naira deposits at the time enticed the decision from the Accountant-General of the Federation.

‘Interest rate at that time was quite high, between 23 percent and 25 percent but in dollars, it was about one or two percent. The account general [Ibrahim Dankwambo] said we cannot hold the money in dollars because we are earning better interest rates in naira. So every time we received the money in dollars, we converted it to naira and earned a better interest rate on it,’ Omatseye said.

NIMASA has only publicly reported the cabotage vessel fund in dollar value, creating reasonable doubt among those with a stake in it. In 2023, Bashir Jamoh, who was the director-general, told press that the fund held up to $350 million domiciled with the Central Bank of Nigeria. There has not been an update on the fund’s volume since.

It is not clear if the value was reported before conversion, but the effects of recent reforms including the floating of the naira that devalued the currency would calculate differently today.

‘You cannot expect the naira we had at N179 to a dollar then to be the same today.’ The deposit is calculated against the exchange rate at the time of colelction, ‘so if the exchange rate is N1,350 per dollar today, whatever naira value it is, is what you are expecting to have,’ Omatseye said.

‘So you cannot be looking at $350 million as at 2019 to be the same $350 million today.’

The arrangement calls into question the real value of the CVFF. Transparency in the fund’s management and disbursement process has historically been low. Shipowners have frequently requested an audit of the account.

In January the Ministry of Marine and Blue Economy created a portal to allow shipowners to apply for a part of the fund. 92 applications have been made since but only one has successfully cleared assessment from NIMASA and the PLIs so far. It is still awaiting final approval from the Minister.

The total equities market capitalisation on the Nigerian Exchange Limited (NGX) crossed another historic milestone on Thursday, closing at an all-time peak of N164.973 trillion.

The record buying momentum was anchored by heavy institutional demand in industrial bellwethers like Dangote Cement alongside maximum 10 percent percentage gains across select mid-cap equities.

The industrial surge effectively cushioned profit-taking pressures across the financial sector, where First Holdco Plc dropped 10 percent to close at N125.55 on intense volume (343.8 million shares traded), pulling the NGX Banking Index down by 2.10 percent

The benchmark NGX All-Share Index (ASI) mirrored the expansion, advancing by 0.47 percent (1,200.24 points) on Thursday to finish at 254,083.02 points, up from the previous session’s close of 252,882.78 points.

Thursday’s close reinforces a sustained multi-month corporate earnings rally on the Customs Street trading floor, placing the Nigerian capital market on its highest valuation trajectory in national history.

The single-session rally added N779.31 billion in net value to investors’ portfolios, erasing Wednesday’s slight profit-taking pullback (N164.19 trillion) and eclipsing the previous record peak of N164.91 trillion set earlier in the week.

The market recorded turnover of 654.14 million shares valued across 35,789 deals (+61.88 percent in volume)

Digital payment service provider eTranzact International Plc led the advancing table, soaring 10 percent to close at N17.60. Sovereign Trust Insurance Plc followed closely, gaining 9.60 percent to hit N2.17, while FTN Cocoa Processors Plc advanced 9.38 percent to finish at N1.75.

Alternative asset tiers also expanded, with the NGX Lotus Islamic Index gaining 1.20 percent to close at 24,087.12 points and the NGX Growth Index adding 0.98 percent to finish at 27,158.78 points.

The Nigeria Employers’ Consultative Association (NECA), a member of the Organised Private Sector (OPS), has insisted on the recognised tripartite arrangement and adherence to the International Labour Organisation’s (ILO) standards in national minimum wage negotiations.

The tripartism principle entails the involvement of the three recognised social partners, which include the government, organised labour, and employers. NECA represents the last of the partners listed above.

The principle is rooted in relevant ILO instruments, particularly the Minimum Wage Fixing Convention, 1970 (No. 131), Minimum Wage Fixing Recommendation, 1970 (No. 135), and Minimum Wage-Fixing Machinery Convention, 1928 (No. 26). These instruments underscore the importance of consultation and participation of the most representative employers’ body (NECA) and the most representative workers’ organisation (NLC) in minimum wage determination.

Adewale-Smatt Oyerinde, the Director-General of NECA, speaking on Thursday, in light of the ongoing engagements between the government and the organised labour, said such engagements were tantamount to failing to respect the globally recognised principle.

According to Oyerinde, while NECA recognises the legitimate concerns regarding workers’ welfare, rising cost of living and declining purchasing power, and respects the right of government and labour to hold bilateral discussions, the rules in determining a national minimum wage are fundamental. This entails a tripartite process that must involve government, employers and workers as equal social partners.

‘The broader principles of social dialogue are further reinforced by ILO Convention No. 144 and Recommendation No. 113,’ Oyerinde insisted.

He noted that the organised private-sector employers could not be deemed parties to, or contractually bound by, agreements reached without their participation and concurrence, adding, however, that ‘This does not diminish employers’ obligation to comply with any national minimum wage validly established under the National Minimum Wage Act’

‘For the avoidance of doubt, NECA is not opposed to the negotiation or review of the national minimum wage. Rather, the association insists that the process must be inclusive, transparent, evidence-based and consistent with relevant ILO conventions and recommendations.

‘A sustainable outcome must balance the legitimate needs of workers with the economic realities confronting employers. In particular, Article 3 of ILO Convention No. 131 requires consideration of both workers’ needs and relevant economic factors.

‘Consequently, any credible minimum wage determination must take into account the cost of living, workers’ welfare, productivity, enterprise sustainability and ability to pay, employment generation and retention, and the prevailing national economic conditions. These considerations are especially critical at a time when Nigerian businesses continue to grapple with high energy costs, inflation, high cost of funds and other operational challenges,’ he noted.

NECA also expressed concern over threats of industrial disruption arising from the ongoing wage-related discussions, saying that at a time when businesses are striving to recover from significant economic challenges and a semblance of stability at the macro-economic level, avoidable disruptions to productive activities could threaten enterprise survival, employment security, investor confidence and frustrate the ongoing economic recovery of organised businesses, especially the teeming SME/MSMEs.

‘We therefore call for constructive social dialogue, mutual respect and the use of established lawful dispute-resolution mechanisms to preserve industrial harmony,’ Oyerinde added.

Lagos state’s ability to attract and retain investment will depend on how quickly it resolves business-critical bottlenecks, from lengthy land registration processes to poor waste management and unreliable public services, as it seeks to strengthen its position as a leading investment destination.

Governor Babajide Sanwo-Olu acknowledged these challenges at the Nigerian-British Chamber of Commerce’s (NBCC) 2026 Meet the Governor Series, where discussions focused on the state’s business environment, investment prospects and global competitiveness especially in Nigeria-United Kingdom (UK) relations.

‘Lagos must be understood and treated as a national economic asset,’ Sanwo-Olu said, arguing that the state’s economic importance requires sustained investment and stronger institutions.

For investors, ambition must translate into a business environment where policies are predictable, institutions honour their obligations and investments generate returns.

Reducing risks for businesses is essential to attracting capital, creating jobs and expanding economic opportunities.

Investors need more than promises

He noted that Lagos has significant opportunities in technology, manufacturing, financial services, trade, logistics and real estate.

But investors also need predictable policies, efficient public services and institutions that honour their commitments. The state’s ability to turn its economic potential into investment will depend on how effectively it addresses these everyday business concerns.

Waste crisis puts business environment in focus

Waste management emerged as a pressing concern, with participants raising questions about deteriorating conditions in parts of the state. Sanwo-Olu admitted the shortcomings, saying, ‘I’ll be the first to accept that we dropped the ball.’

He said the government had ordered 160 compactor trucks and signed agreements for two material recovery facilities. Lagos generates between 12,000 and 14,000 metric tonnes of waste daily, according to the governor, making efficient collection and processing essential to public health and the city’s attractiveness to businesses.

Land registration delays tie up capital

Land administration was another concern, particularly delays in registering property titles and mortgages. A participant noted that the process could take five to six years, highlighting a barrier to property transactions and access to mortgage finance.

Sanwo-Olu said the government was pursuing digitisation, improved mapping and measures to clear the backlog. Faster processing would help reduce uncertainty for property investors and businesses seeking to use land as collateral.

Small businesses need a better operating climate

The governor also pointed to support for small businesses, saying the Lagos State Employment Trust Fund had supported close to 42,000 businesses.

But access to funding alone will not be enough if businesses continue to face administrative delays, inadequate public services and uncertainty over policy implementation.

A long-term vision requires measurable delivery

According to the governor, Lagos’s long-term ambition was to build a productive, connected and globally competitive economy.

He also stressed that development must continue beyond his administration, arguing that government is a continuum and that future leaders should build on existing plans.

‘However, continuity should not mean protecting policies from scrutiny. It should mean retaining effective programmes, correcting weaknesses and measuring results against clear targets’, he said.

‘For the NBCC, which promotes trade and economic cooperation between Nigeria and the United Kingdom (UK), with its membership which includes more than 400 organisations across different sectors, it is important to deepen engagement between government and the organised private sector and identify practical opportunities for investment and enterprise development’, Abimbola Olashore, president and chairman of council said.

He also stressed the importance of stronger partnerships between public institutions and businesses, particularly as Lagos approaches its role in shaping economic relations between Nigeria and the UK.

Mastercard, global payments giant has partnered with Interswitch to provide

eligible Mastercard cardholders in Nigeria Google Pay to conduct contactless payments using their Android devices.

The launch marks another step forward in the evolution of Nigeria’s digital payments ecosystem, providing consumers with greater choice in how they pay and bringing tokenized mobile payments to everyday transactions.

The solution supports secure digital transactions by replacing sensitive card information with a unique digital credential, delivering a seamless payment experience.

Kari Tukur, country manager for West Africa at Mastercard, said: ‘Consumers increasingly expect payment experiences that are simple, secure and seamlessly integrated into their daily lives. Our collaboration with Google brings together the convenience of mobile payments and the security of Mastercard’s tokenization technology, giving eligible cardholders a seamless way to pay while keeping their card details protected.’

This collaboration is coming at a time of rapid growth in Nigeria’s digital-payments ecosystem. The Nigeria Inter-Bank Settlement System’s (NIBSS) data shows that digital payment transaction volumes reached 11.2 billion in 2026, with transaction values surpassing N1.07 quadrillion, underscoring the increasing adoption of digital payments across consumer and business transactions.

Google Pay enables consumers to add a supported card to Google Pay and tap their phone to pay wherever contactless payments are accepted.

‘We are delighted to bring Google Wallet to Nigeria, a market at the forefront of financial innovation in Africa. Google Wallet makes everyday transactions faster and safer while removing the friction of carrying physical cards. By working alongside Nigeria’s leading financial institutions, we are expanding access to modern digital payment tools for millions of everyday consumers,’ Olumide Balagon Country Director, Google West Africa, said.

The launch has been supported by Interswitch, which worked with Mastercard to help enable multiple issuers in Nigeria and connect them to the tokenization and processing capabilities required to offer Google Pay to eligible cardholders.

Akeem Lawal, MD Payment, Switching and Processing at Interswitch, said: ‘At Interswitch, we have consistently been at the forefront of payments innovation in Nigeria, building the infrastructure and capabilities that enable the next generation of digital payments. Our work has helped establish the issuer connectivity, tokenization and payment processing capabilities required to bring ‘tap-to-pay’ and wallet-based payments to Nigerian consumers.’

As consumers increasingly adopt mobile-first payment experiences, tokenized digital wallets such as Google Pay offer an additional layer of convenience and security while supporting the continued modernization of the payments landscape.

For issuing banks, Google Pay provides another way to deepen digital engagement with cardholders and support mobile-first payment experiences. For merchants with contactless-enabled terminals, it offers a faster, more convenient way to serve customers who prefer to pay using their Android devices

The Nigerian Communications Commission (NCC) is expanding its device compliance campaign beyond Kano State through industry sensitisation, dealer licensing and digital verification tools aimed at curbing counterfeit, cloned and unauthorised mobile devices in Nigeria.

Tunji Jimoh, zonal controller at the NCC, disclosed this on Thursday while representing Aminu Maida, executive vice chairman of the Commission, at a media briefing on the NCC Device Checker Platform held in Lagos.

Jimoh said the Commission had streamlined its licensing and regularisation process, enabling a significant number of device dealers in Kano to obtain licences. It had also conducted sensitisation engagements with importers and other industry participants in Lagos and other parts of the country to improve awareness of type approval requirements and obligations under the device checker framework.

The campaign signals a broader regulatory effort to address compliance gaps across the mobile device supply chain, from manufacturers and importers to distributors and retailers. By engaging industry participants and simplifying verification procedures, the NCC is seeking to make compliance easier while strengthening accountability for devices entering and circulating in the Nigerian market.

The initiative comes as Nigeria’s digital economy expands and mobile devices remain central to telecommunications, financial services and digital commerce. The circulation of counterfeit, cloned and non-compliant devices raises concerns about consumer protection, regulatory compliance and the integrity of communications networks.

To support the campaign, the Commission has developed a Device Checker application that allows authorised stakeholders to scan International Mobile Equipment Identity (IMEI) numbers and upload device information directly to the platform. The tool is intended to improve the speed and efficiency of device verification and help industry participants identify potential compliance problems.

Consumers can also check a device’s status before purchase through the NCC’s online portal by entering its IMEI number. The Commission has published guidance for manufacturers, importers, distributors and dealers outlining their responsibilities under the type approval and device verification framework.

Type approval is the regulatory process through which telecommunications equipment is assessed against applicable technical requirements before being marketed or used within the relevant regulatory framework. The NCC’s device checker is designed to help verify approval status and identify devices that may require further scrutiny.

The Commission is also encouraging consumers to buy from reputable and licensed dealers and to use its online resources before purchasing mobile devices. Consumers requiring assistance with device verification can contact the NCC through its 315 toll-free consumer line.

However, the effectiveness of the campaign will depend on the extent to which dealers, importers and distributors adopt the system and whether the Commission can consistently enforce compliance across the supply chain.

The Commission has also sought to address privacy concerns, stressing that the device checker is not a surveillance tool and does not access personal information, messages, photographs, contacts, financial information or other private content stored on users’ devices. Its function is limited to device identification and regulatory compliance verification.

The NCC said it remained committed to protecting consumers, promoting fair competition and strengthening network integrity, while urging industry stakeholders to familiarise themselves with the published requirements and comply with the Commission’s type approval rules.

The expansion of sensitisation beyond Kano suggests that the regulator is pursuing both administrative and technology-based approaches to device compliance.

Ezekiel Ikotun, MD/CEO Finchglow Travels Limited, has rallied stakeholders in the travel value chain, saying the sub-sector is capable of boosting Nigeria’s economy through tourism.

This was the highlight at a seminar in Port Harcourt last week. He said Finchglow, which services the travel value chain, was prepared to intensify their role as travel consolidator, the agent’s agent. ‘We buy from airlines in bulk and resell to other travel agencies. Because we are driven by volume, we get better discounts because of our position, then we can resell better to other travel agencies.’

He said they achieve this by positioning agents in terms of awareness and capacity building. Evidence seemed to be in the fact that that all airlines came to make presentations about their products and services, and then in turn, Finchglow’s partners and sub-agents could ask questions or be better enlightened on how best they could do their business. He noted that the training and repositioning would boost the practice and income of the agents. ‘Now, for the agents also, once they can serve better, they can have better businesses. For those who are in our own ecosystem, that simply means they will know better about the business, and they can serve their customer better.’

https://businessday.ng/news/article/finchglow-shows-opportunities-in-travel-ecosystem-in-niger-delta/

, in Nigeria, we see the active role of technology in every segment of development. For instance, ‘the People’s’ Initial Public Offer (IPO)- the Dangote IPO has significantly leveraged digital platforms to drive participation in the IPO. Similarly, the first tele-robotic surgery in West Africa was conducted in Ogun State, again, thanks to technology. These show how technology is now one of the most significant drivers of economic growth in Nigeria due to the increasing dependence on technology backed products. From fintech, healthtech, proptech, technology companies are therefore increasingly shaping commercial activities across various sectors.

In recognition of this, tax laws must also align with and take cognizance of the increasing role, and dynamics of technology. It must therefore align with modern realities. In resolving this, the Nigeria Tax Act 2025 (NTA 2025) and Nigeria Tax Administration Act 2025 (NTAA 2025) make provisions that have expanded the tax base to cover digital and virtual assets while also clarifying the obligations of non-resident companies that provide technology backed services. The law also contains noteworthy incentives for technology companies. This Article therefore aims to highlight the relevant incentive provisions applicable to technology companies (tech companies).

GENERAL TAX OBLIGATIONS OF TECH COMPANIES

Generally, regardless of the relevant sector, all companies have general tax obligations which apply across board. Notably, tech companies, small and large, are obligated to register and obtain a Tax Identification (Tax ID). Similar to other forms of companies, tech companies are also liable to company income tax on their profits, except where they are small companies as defined by the NTA 2025. They are also liable to include value added tax (VAT) at the flat rate of 7.5% on their invoices for taxable services supplied and also comply with all relevant VAT compliance obligations in line with the provisions of the NTA 2025. This is especially noteworthy for digital service providers, software companies, online marketplaces, and subscription-based businesses whose services are supplied through digital platforms.

Similarly, payments made to tech companies (depending on the nature of the company’s business) may also be subjected to WHT at the relevant rates while gains on disposals by tech companies are also subject to capital gains tax.

TAXATION OF NON-RESIDENT TECHNOLOGY COMPANIES

Under Section 17(2)(a) of the NTA 2025, a non-resident company is taxable in Nigeria if it has either a Permanent Establishment (PE) or a Significant Economic Presence (SEP), and profits are taxed only to the extent they are attributable to that PE or SEP. Generally, a PE may arise where the non-resident has a fixed place of business in Nigeria; where it operates through an authorized agent or any other mode as defined under the NTA.

However, for tech-based and digital service providers specifically, the more relevant test is usually SEP rather than PE, since these companies typically have no physical footprint in Nigeria at all. A non-resident is deemed to have an SEP where it transmits data, signals, sounds, images, or messages into Nigeria, by itself or through another party, in connection with activities such as e-commerce, app stores, high-frequency trading, cloud computing, online advertising, digital content or gaming, search engines, online payments, data storage, or online teaching, provided profit can be attributed to that activity. In effect, a foreign tech company earning revenue from Nigerian users or transactions can be taxable in Nigeria purely on the strength of its digital footprint. Significantly, physical presence, or even repatriation of income into Nigeria, is not a precondition.

Where a non-resident company is found to have a PE or SEP and earns attributable profits, it becomes subject to Nigeria’s standard compliance obligations including filing of annual income tax returns and remittance of applicable taxes.

TAXATION OF VIRTUAL ASSET BUSINESSES

Under the Nigeria Tax Act and the accompanying NRS guidelines issued in 2026, Virtual Asset Service Providers now occupy a role that extends well beyond that of a market intermediary – they function as de facto tax collectors within the virtual asset ecosystem. Guideline 12.1 of the Guidelines on the Taxation of Virtual Assets sets out a detailed compliance framework that VASPs must adhere to, beginning with registration with the Nigeria Revenue Service. Before any customer account can be activated, VASPs are required to collect and verify that customer’s Tax Identification Number, effectively making TIN verification a precondition for onboarding.

Beyond registration and onboarding, VASPs carry substantive tax collection and remittance duties. They must collect applicable stamp duty, including in token units where relevant, and charge and account for VAT on taxable supplies. Where taxes are collected or withheld from customers, VASPs are obligated to remit these to the appropriate tax authority within the timeframe prescribed under the NTAA or the Deduction of Tax at Source (Withholding) Regulations. In addition, VASPs must file all required returns and maintain comprehensive transaction records in line with Section 31 and the Fifth Schedule to the NTAA – obligations that position them as a central compliance checkpoint for the regulator rather than a passive facilitator of transactions.

A particularly significant obligation is the requirement for VASPs to withhold and remit 1% of the gross disposal proceeds arising from transactions falling under Categories 1, 3, and 5 directly to the NRS. This withholding duty effectively embeds tax collection into the transaction flow itself, rather than relying on after-the-fact self-assessment by individual traders. Failure to meet any of these obligations exposes a VASP to penalties, underscoring the NRS’s intent to enforce compliance through the platforms that sit closest to the transactions, rather than through the often-untraceable end users.

KEY INCENTIVES FOR TECHNOLOGY COMPANIES

While the NTA broadens the tax obligations applicable to businesses operating in the digital economy, it also provides incentives aimed at encouraging investment, innovation and the growth of technology businesses. The key incentives relevant to technology companies include the following:

– Economic Development Tax Incentive (EDTI)

The Economic Development Tax Incentive (EDTI) provided under Sections 167-180 of the NTA 2025, replaces the former Pioneer Status Incentive and is available to companies operating in designated priority sectors subject to the applicable conditions under the Act. Essentially, a qualifying company may obtain an Economic Development Incentive Certificate and benefit from a tax credit equivalent to 5% of qualifying capital expenditure incurred annually for a period of five years. Any unutilized tax credit may be carried forward in accordance with the provisions of the Act.

– Exemption from Industrial Training Fund Contributions

Under Section 25(5) of the Nigeria Startup Act 2022 (NSA), a labelled startup is exempt from the 1% contribution of annual payroll costs to the Industrial Training Fund where it provides in-house training to its employees during the period of its startup label. The exemption therefore provides a direct reduction in the statutory employment-related costs of qualifying labelled startups, while encouraging them to invest in the training and development of their employees.

– Withholding Tax Reduction for Payments to Labelled Startups

Section 25(4) of the NSA provides that payments made by a labelled startup to a non-resident company for technical, consulting, professional, or management services are subject to withholding tax at 5%. The withholding tax constitutes the final tax payable by the non-resident company on the relevant income. This provision reduces the withholding tax exposure associated with engaging foreign service providers and may therefore reduce the tax cost of accessing specialized technical and professional services by labelled startups. This provision is reproduced in Section 51(8), of the NTAA 2025.

– Research and Development Incentive

Section 165 of the NTA 2025 permits companies to deduct qualifying research and development expenses incurred during a year of assessment. Notably, the deduction is limited to 5% of the company’s turnover for the relevant year. Where the outcome of the research is subsequently sold or transferred for commercial exploitation, the proceeds become taxable. For technology companies whose operations involve product development, software development, technological research, or other qualifying research activities, the provision offers a tax deduction for qualifying expenditure incurred in developing new products, services, or processes.

– Incentive for Investors

Furthermore, the NTA 2025 makes provisions which exempt gains accruing from the disposal of assets by an angel investor, venture capitalist, private equity fund, accelerators or incubators with respect to a labelled startup from income tax. This is subject to the provision that the assets must have been held in Nigeria for a minimum of 24months. This encourages investment in technology companies.

CONCLUSION

The Nigeria Tax Act, 2025 introduces a broader tax framework for technology companies, particularly in relation to non-resident digital businesses and virtual asset activities. At the same time, it retains and introduces incentives aimed at supporting investment, research and development, and the growth of eligible technology businesses. Technology companies should therefore assess both their expanded tax obligations and the incentives for which they may qualify under the new framework.

Authors: ‘Tobiloba Adekoya is a Senior Associate in WTS Blackwoodstone

Maryjane Unanka is an Associate at WTS Blackwoodstone

WTS Blackwoodstone, is an international business law firm, that delivers innovative solutions across diverse client needs, specializing in core practice areas such as International Tax, Tax Advisory and Compliance, Corporate and Commercial law, and Transactional Services for companies operating in Nigeria. As the Nigerian partners of WTS Global, operating in over 100 countries, WTS Blackwoodstone aligns with a global tax practice that offers a comprehensive range of tax services.

Sterling Financial Holdings Company Plc’s total assets crossed N5 trillion in the nine months ended September 2026, as profit before tax rose by 37.1 percent to N97.28 billion, reflecting growth in earnings, lending and customer deposits.

The group’s unaudited results for the period showed that total assets increased by 30.4 percent from the end of 2025 to N5.10 trillion, while gross earnings rose by 33.2 percent year-on-year to N454.94 billion.

Profit after tax grew by 21 percent to N75.37 billion, while non-interest income increased by 27.6 percent to N101.16 billion, supported by fee-based activities, commodities trading and joint enterprise investments across the group’s businesses.

The performance highlights the group’s expanding financial services operations and efforts to diversify its earnings beyond traditional banking.

Net loans and advances to customers increased by 28.8 percent to N1.82 trillion, while customer deposits rose by 28.7 percent to N3.84 trillion, indicating growth in both lending and deposit mobilisation.

Shareholders’ funds also increased by 38.8 percent to N595.2 billion, strengthening the group’s equity base. Sterling Financial recorded a post-tax return on average equity of 20 percent and a return on average assets of 2.22 percent.

The group’s diversification strategy is also beginning to contribute to earnings, with SterlingFi Wealth Management, now in its second year of operations, expanding its role within the financial services portfolio.

Commenting on the results, Yemi Odubiyi, group chief executive officer of Sterling Financial Holdings Company Plc, said the performance reflected the collective strength of the group’s businesses and progress towards building a diversified financial services group.

He described the crossing of the N5 trillion asset threshold as an important milestone, adding that SterlingFi’s emerging contribution demonstrated the potential of the group’s expanding financial services portfolio.

Odubiyi said the group would focus on translating its growth into sustainable shareholder value through disciplined capital allocation, effective governance and strategic oversight.

He added that Sterling Financial would continue to support its businesses in pursuing sustainable growth while maintaining financial resilience and prudent risk management.

The group said it remained focused on strengthening its earnings base, optimising capital deployment and providing strategic oversight across its businesses to support sustainable performance and long-term shareholder value.

Olaniwun Ajayi LP, a prominent commercial legal practice in Nigeria, has named Adenike Adeyemi as its new chief executive officer.

She brings over two decades of experience in organizational transformation and executive management to the position.

According to an official announcement from the firm, Adeyemi will be tasked with steering its future strategy and institutional advancement.

Her career includes more than ten years as the Chief Executive Officer of FATE Foundation, where she directed regional growth into four African markets and guided the organization’s digital evolution.

The transition reflects the firm’s effort to enhance its business leadership infrastructure alongside its core legal operations.

Strategic leadership focus

Tominiyi Owolabi, PhD, managing partner at Olaniwun Ajayi LP, highlighted how her background aligns with the law firm’s long-term vision.

‘To build the institution we envision for the future, we must complement our legal excellence with world-class business leadership,’ Owolabi said.

He further noted that her background in executive leadership would help guide the firm into its next growth phase.

The firm emphasized that the appointment supports ongoing efforts to strengthen internal governance while expanding its capacity to serve domestic, regional, and international clients. Her previous work in corporate advisory, organizational restructuring, and professional services will feature centrally in these expansion plans.

Professional background

Adeyemi’s work spans public, private, and non-profit sectors with an emphasis on institutional transformation and management consulting.

Prior to her leadership role at FATE Foundation, she managed corporate strategy, organizational design, and operational restructuring engagements at KPMG Advisory Services. During her subsequent tenure at FATE Foundation, she led initiatives driving technology integration and entrepreneurship program expansion, including a 2025 partnership with Google to advance artificial intelligence training across four African nations.

Beyond her operational roles, she sits on the International Finance Corporation (IFC) Nigeria Business Council, has held board-level governance positions, and previously chaired a committee for the annual Nigerian Economic Summit.

Olaniwun Ajayi LP has a long-standing history of advising on major financial and capital market transactions across Nigeria.

Recent corporate actions include being selected as Solicitors to the Offer for the Dangote Petroleum Refinery and Petrochemicals initial public offering alongside AELEX and Banwo and Ighodalo.

Additionally, the practice has contributed to landmark deal structures, such as NNPC Limited’s $3.3 billion structured financing arrangement and the $3 billion Train 7 financing project for Nigeria LNG.

Her academic background includes a Bachelor of Arts from the University of Ibadan in 2001, followed by a Master of Public Administration and a Master of Arts in Diplomacy and International Relations from Seton Hall University in 2005.

Selected as an Eisenhower Fellow in 2021 and recognized by Google as a Global Leader to Watch, Adeyemi also serves as a Senior Fellow and faculty member at Lagos Business School.