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Bank Targets N7bn To Boost Capital Base

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13 years ago

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The Fortis Micro Finance bank, has concluded plans to raise N7 billion from the capital market to strengthen its capital base and enhance customers confidence in it.

The Managing Director, Mr Kunle Oketikun, disclosed the plan in an interview with our correspondent  in Abuja on Saturday.

Oketikun said that there was the need for the bank to raise more money to enable it service its various customers, as “there is no limit to what the bank can do”.

He said that insufficient funds had made a lot of Nigerians to lose confidence in the micro-finance banks, adding that they rarely invested in micro-finance banks due to fear of insecurity.

Oketikun said, “We are doing all we can by way of advocacy and engaging the services of the Central Bank of Nigeria in order to move the bank forward.

“There is always a lot of misconception about micro-finance banks, there is nothing to stop us from being a reliable and strong bank; but the challenge before us is low capital base.

“Micro-finance banks in the country are not part of the high profit making banks in the Nigerian Stock Exchange.

“However, Fortis Micro-Finance Bank is trying to raise N7 billion at the moment as part of the initiatives to strengthen its capital base.

“This will go a long way for the bank to redouble its services to numerous customers and come up with new programmes to assist the customers.”

Oketikun, who is also the Vice-President of National Association of Micro-Finance Banks (NAMB) said micro- finance banks in the country had concluded plans to improve their standards.

According to him, this is to encourage people to invest in the banks.

He said that more than 40,000 rural women in the Federal Capital Territory had benefited from the micro-credit scheme of finance banks, as part of the initiatives to alleviate poverty.

“These rural women were trained in various trades such as pottery, beads making, knitting, as well as tie and dye under the apprenticeship/skill acquisition schemes,” the managing director said.

He urged Nigerians to invest in micro- finance banks, and said, “the future is very bright for micro-finance banks in Nigeria’’.

Oketikun said that NAMB carried out training programmers in order to build the capacity of their workers and to proffer ways to serve their customers better.

He expressed optimism that the new innovation in the banks would move them forward.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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