Global credit rating agency Fitch Ratings has upgraded Wema Bank’s National Long-Term Rating from BBB(nga) to A–(nga), reflecting the bank’s improved financial stability and promising growth prospects. The upgrade, announced on June 12, 2025, also saw the bank’s outlook shift from stable to positive, signaling stronger market confidence in Wema Bank’s operations and future performance. The Long-Term Issuer Default Rating (IDR) was affirmed at B-, maintaining Wema Bank’s solid standing within Nigeria’s competitive banking sector. In a statement shared on social media, Wema Bank expressed pride in the milestone, highlighting it as a testament to their commitment to stability, growth, and excellence. In addition to Fitch’s upgrade, African credit rating agency GCR Ratings also raised Wema Bank’s National Scale Long and Short-Term Issuer Ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), while maintaining a stable outlook. The bank emphasized its 80-year legacy of resilience and trust, reinforcing its dedication to building a robust future for its customers and stakeholders. Last month, Fitch upgraded Fidelity Bank’s National Long-Term Rating to A+(nga) from A(nga), citing strengthened capital buffers and improved profitability as key drivers. The positive outlook for Wema Bank highlights its growing financial strength and operational efficiency, positioning it as a key player in Nigeria’s banking landscape.
TAJBank secures approval for N20 billion Sukuk bond offering 20.5% annual return
TAJBank, Nigeria’s leading non-interest bank, has received regulatory approval to issue the second tranche of its N100 billion Mudarabah Sukuk bond program, valued at N20 billion. The bond offers investors an attractive 20.5% annual return, reinforcing the bank’s commitment to ethical, interest-free financial products. This latest issuance follows the success of TAJBank’s inaugural N10 billion Sukuk bond in 2023, which was oversubscribed by 115%, signaling strong investor confidence in the bank’s profit-sharing model and ethical banking principles. Alhaji Tanko Isiaku Gwamna, Chairman of TAJBank, emphasized that the new Sukuk bond provides a unique opportunity for individuals and corporate investors to participate in a Sharia-compliant investment that aligns with ethical finance practices. “This bond allows more Nigerians to benefit from our profit-sharing ventures while promoting financial inclusion,” Gwamna said. The bond is part of a broader strategy to expand TAJBank’s Sukuk program and strengthen its capital base. AVA Capital Ltd, the lead issuing house, expressed optimism about the bond’s appeal, highlighting its competitive return in a market where traditional investments often yield lower returns. Industry analysts note that Nigeria’s Islamic finance sector is poised for growth, supported by increasing sovereign Sukuk issuances and regulatory developments. Non-interest banks in Nigeria recorded a 110% growth in assets year-on-year by the end of 2024, reflecting rising demand for ethical financial products. TAJBank’s Sukuk bond issuance marks a significant milestone in Nigeria’s financial landscape, offering investors a stable and ethical alternative in an evolving market.
OPay expands N1.2bn scholarship program to Benue State University
Nigeria’s leading fintech company, OPay, has extended its N1.2 billion, 10-year scholarship initiative to Benue State University, making it the seventh institution to benefit from this nationwide educational support program. The scholarship aims to ease financial burdens on talented but economically disadvantaged students, allowing them to focus fully on their academic pursuits. OPay’s Managing Director and CEO, Dauda Gotring, said the program reflects the company’s commitment to youth empowerment and education as key drivers of national development. “We are proud to support the future leaders at Benue State University,” Gotring said. “Education is vital to nation-building, and this scholarship helps young Nigerians reach their full potential.” Prof. Tor Iorapuu, Vice Chancellor (Admin) of Benue State University, described the donation as a milestone in promoting inclusive and accessible education. “This generous support provides a crucial safety net for students, empowering them to pursue their academic goals with confidence and stability,” he said. Since its launch, the scholarship has been implemented in six other institutions and will continue to expand to more universities across Nigeria. OPay views this initiative as part of its corporate social responsibility and a commitment to sustainable development through education. The program not only benefits individual students but also supports their families and communities, contributing to a brighter future for Nigeria’s youth.
BluuPay selected for iHatch, set to transform fintech in Africa
BluuPay, a fast-growing fintech startup, has been selected for the prestigious iHatch Startup Incubation Programme (Cohort 4), powered by the National Information Technology Development Agency (NITDA) and the Office for Nigerian Digital Innovation (ONDI). This intensive 3- to 5-month programme offers startups across Nigeria mentorship, training, coworking spaces, and funding opportunities to refine their business models and scale their innovations. BluuPay is Africa’s version of Square Inc., specializing in building smart, secure, and inclusive payment infrastructure for Africa’s small businesses. Their flagship product, Bluupay Bridge, is an API-driven platform that integrates traditional and digital currencies, offering real-time currency conversion, automatic payment routing, fraud detection, and support for cross-border payroll and e-commerce payments. The platform is designed to streamline financial operations, reduce costs, and improve transaction speed, enabling businesses to expand globally without complex payment systems. Being part of iHatch Cohort 4 will provide BluuPay with access to expert mentorship, intensive training, coworking spaces, and funding opportunities, helping the company accelerate its mission to revolutionize B2B financial transactions across Africa. The programme also fosters networking with other innovative startups and industry experts, positioning BluuPay for greater growth and impact in the fintech ecosystem. BluuPay expressed excitement about this opportunity, thanking NITDA and ONDI for the support and promising to share updates on their incubation journey as they continue to innovate and scale.
AGF drops fraud charges against Fidelity Bank CEO Nneka Onyeali-Ikpe
The Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, has officially discontinued the fraud charges against Dr. Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank Plc. The decision follows a thorough review of the case involving an alleged unlawful conversion of N19 billion belonging to Woobs Resources Limited. The charges were initially filed before the Federal High Court in Lagos against Dr. Onyeali-Ikpe, Fidelity Bank Plc, and others. However, the AGF’s office clarified that Onyeali-Ikpe was neither the account officer nor the bank’s Managing Director when the account linked to the alleged fraud was opened. This key fact led to the discontinuation of the criminal charge against her. Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity at the AGF’s office, emphasized that the decision reflects the AGF’s constitutional duty to uphold justice and fairness. “This move is to prevent a miscarriage of justice and is guided by the principles of the rule of law,” he said. While the CEO has been cleared, the case against Fidelity Bank Plc itself remains active in court. The AGF urged the public to allow the legal process to proceed without speculation and assured that all individuals found culpable will face appropriate legal consequences.
First Ally capital acquires majority stake in fintech firm Migo
First Ally Capital Limited has taken a major step to deepen its impact in Nigeria’s digital financial services sector by acquiring a 60 percent equity stake in Mines.io Nigeria, known commercially as Migo. The fintech company specializes in using artificial intelligence and machine learning to provide credit solutions to underserved individuals and small businesses. The acquisition aligns with First Ally’s strategic goal of leveraging technology to expand financial services access across Nigeria. Migo’s innovative platform enables digital lending through advanced credit scoring, offering seamless credit access to those traditionally excluded from formal financial systems. Ebenezer Olufowose, Group Managing Director of First Ally Capital, described the deal as a natural progression of a long-standing partnership. “We are delighted to mark this significant milestone that strengthens our relationship with Migo. Having been seed investors and strategic partners, we have witnessed Migo’s growth into a key player in digital lending. This acquisition reinforces our commitment to innovation and financial inclusion through responsible technology,” Olufowose said. Winston Osuchukwu, CEO of Mathesis Analytics, the previous sole owner of Migo, welcomed the partnership, highlighting the value First Ally brings. “This collaboration opens an exciting new chapter for Migo and Mathesis Analytics. First Ally’s institutional strength and market insight will help us better serve Nigeria’s underserved markets while allowing us to focus on optimizing our credit algorithms,” Osuchukwu stated. The transaction was finalized after regulatory approval from the Federal Competition & Consumer Protection Commission (FCCPC) and formal agreement signings at First Ally’s Lagos headquarters. Migo will continue to operate independently under the First Ally Group umbrella. This acquisition follows First Ally’s decade-long growth marked by strategic fintech partnerships and a focus on technology-driven financial inclusion. The company also recently rebranded its microfinance subsidiary and launched new advisory and trustee services to broaden its market reach.