Business
(Investigation) CBN Intervention Funds: Controversy as Keystone Bank Asks Participants to Pay Full Commercial Loan Rate on Performing Intervention Facilities
*(Investigation) CBN Intervention Funds: Controversy as Keystone Bank Asks Participants to Pay Full Commercial Loan Rate on Performing Intervention Facilities*
*… Banks Indict CBN*
*.. Apex Bank Fail to Respond*
Recall that in 2020 immediately after Covid-19, the apex bank of Nigeria (CBN) swung into action by introducing a special pricing offer on the existing CIFI (Creative Industry Financing Initiative) loans. In addition to this, they injected N100bn into the economy that was disbursed through the Intervention Fund Scheme for Health Sector businesses among others.
The choice of health sector for the intervention was deliberate in 2020 following the realities and the need to strengthen the health sector after the covid-19 incident and the over dependence on imported drugs. The intervention was meant for those that play in the creative space and health sector including other manufacturing sectors and designed by CBN to cushion the impacts of Covid-19 and specifically focused on domestic manufacturing support.
Based on investigation carried out by team of well trained investigative journalists under the Nigeria Guild Of Investigative Journalists (NGIJ), we learnt that businesses in these sectors are meant to enjoy interest rate of 5% at the initial period (one year subject to extension by CBN) and there after which it reverts to 9% for the duration of the facility not exceeding 10yrs in total. Other beneficiaries in the scheme are Fashion/textile, Software Developers, Healthcare Manufacturers, Healthcare Service Providers, Healthcare Value Chain Players, etc.
However, it became a serious matter when a commercial bank, specifically KEYSTONE decided to unilaterally increase the intervention facility rate from 9% to 24% on performing customers without the knowledge or consent of CBN or without regards to the attendant effect on the businesses at this time. , The guild obtained initial information (Keystone letter to several customers dated September 20th and titled “ *NOTICE OF INTEREST RATE REVIEW* ”, which led to the full investigation.
The letter referenced ‘CBN review of ‘Cash Reserve Ratio Policy and other monetary policies’ as a basis for rate change but did not reference any directive or published circular rescinding the policy rate.
During the course of our investigation, we realized that Keystone has already started charging the increased rate by directly deducting interest at its new rate from the customers without consent.
During our investigation, we spoke to the managing director of Keystone bank, Olaniran Olayinka. who confirmed the rate change by the bank but could not provide any support of a CBN directive to that effect. The core of his argument is that the funds belong to the bank.
He noted that CBN never came to their aid when they needed support but instead has increased the cash reserve requirement from 27.5% to 32%.
He further noted that tier one banks did not participate in the intervention, but the small banks did.
A quick investigation showed that the big banks, UBA, FBN, Zenith, Access, Fidelity etc were big participants in the sector specific DCRR intervention program and all currently are adhering to the policy guidelines for such.
Not satisfied with the response, we went further to speak with another bank official who revealed to us that the newly appointed CBN Governor Mr Olayemi Cardoso has announced that the Apex will no longer get involved in any intervention funds, he said . He however did not confirm that CBN is reversing existing intervention rates while they are still performing without default.
According to the new governor of the apex bank, the bank needs to move into a limited advisory role that supports economic growth rather than actively play a prominent role in the financing of these projects. There is nothing in this statement or others we are aware of that indicates that CBN will change, or cancel its existing interventions. If that is the case, then a circular should be issued to that effect but it has not done so. The CBN statement is generally understood to mean more focus on monetary policy and less or away from fiscal policies or interventions that should be left for the relevant agencies and ministries such as Bank of Industry, Bank of Agriculture etc.
He emphasized the need to restore the apex bank’s independence and credibility by refocusing on its core mandate and ensuring a culture of compliance.
The core question which is for CBN to answer is whether a bank can unilaterally change intervention policy rates on existing facilities on non-defaulting customers without recourse to the regulator.
The challenge is a policy consistency challenge that does nothing but erode public and investor confidence.
The silence from CBN has done nothing but exacerbate the challenge or at minimum embolden unscrupulous bankers to the detriment of customers and public confidence.
Our journalist attempted to speak with the central bank director in charge when the Intervention was initiated Mr Yila Yusuf but Yila referred us to another director (Dr Musa) noting that he is no longer in charge and he can’t speak on it .
When we spoke with Dr Musa, he turned us down and referred us to the CBN, Head of Corporate Communications who is incommunicado since about two weeks till now. From the feelers around the CBN confirmed that the Mr Olayemi Cardoso is not interested in running an interventionist economic policy which has manifested in President Bola Ahmed Tinubu-led administration and removal of fuel subsidy.
It is on this note that we are calling on the CBN governor Mr Olayemi Cardoso to come out and clarify to the public and beneficiaries the real situation of things because the companies involved are seriously concerned due to the sudden change in the policy rate.
Some of these participants invested in these entities along with foreign partners that relied on the intervention facilties and employ thousands of Nigeria across all regions.
The biggest challenge to investing in Nigeria is policy inconsistencies. It is hard to reconcile why a bank will reverse a CBN policy rate without recourse to CBN directive which is generally always published.
The challenge with not addressing this is that other banks will take this cue that CBN has approved or authorized the rate change and will follow suit.
Such arbitrariness ultimately leads to lack of investor and public confidence, potential defaults and ultimately lay off of those that were employed when these entities invested.
The Apex bank needs to do something as a matter of urgency to clarify what the policy is on existing intervention facilities for the entire banks and borrowers – it cannot be a cowboy country where there are no rules.
The country, not only investors suffers where there is an appearance of lack of policy consistency.
Business
Nigerian Excellence in Medicine: Dr. Dennis Agbazue Makes History in South Africa with Groundbreaking Spine Surgery
Nigerian Excellence in Medicine: Dr. Dennis Agbazue Makes History in South Africa with Groundbreaking Spine Surgery
By George O. Sylvester
On March 22, 2025, a new chapter was written in the annals of spinal surgery in South Africa. In what medical professionals are hailing as a major breakthrough in minimally invasive spine treatment, Nigerian-born orthopaedic and spinal surgeon, Dr. Dennis Agbazue, successfully performed Gauteng Province’s first fully endoscopic lumbar spinal decompression and fusion at Mediclinic Vereeniging. This landmark procedure has not only redefined the surgical possibilities within the province but has also elevated South Africa’s standing in the realm of advanced spinal care. More importantly, it represents the growing global footprint of Nigerian professionals who are transforming lives and industries in their host countries.
The patient, a 55-year-old male suffering from spondylolisthesis; a condition where one vertebra slips over another, often causing debilitating nerve compression and spinal stenosis underwent a complex yet precise surgical procedure executed entirely through two tiny incisions. Known as the bi-portal endoscopic technique, this method allows for bilateral laminectomy (removal of part of the vertebral bone), disc removal and spinal fusion all done with minimal disruption to muscle and tissue. This technique, relatively new in South Africa, reduces hospital stay, speeds up recovery and offers patients immediate relief from pain.
This is a monumental stride, not just for Mediclinic Vereeniging but for the entire province of Gauteng. Until now, endoscopic spinal surgeries, especially bi-portal decompression and fusion, were rarely performed in the region due to their high level of technical difficulty and the need for specialized training and equipment. Dr. Agbazue’s success now opens the door to a future where such procedures become commonplace, benefiting thousands of patients suffering from chronic spinal conditions.
A Surgeon of Many Firsts
Dr. Agbazue is not new to trailblazing. Since 2022, he has emerged as one of the few spinal surgeons in South Africa proficient in both uni-portal and bi-portal endoscopic spinal techniques. His journey into endoscopic spine surgery began with the uni-portal approach, a technique that involves a single incision for both visualization and surgical instruments. Since adopting it, he has successfully completed approximately 330 cases, earning him accolades from both peers and patients.
What sets him apart is not just his technical expertise, but his commitment to patient-centered care and surgical innovation. The transition to the bi-portal technique in 2024 allowed Dr. Agbazue to tackle more complex spinal conditions with enhanced surgical visibility and dexterity. Unlike open surgery, which often requires long incisions and extended recovery periods, the bi-portal method uses two small portals, one for a camera and another for surgical tools enabling more precision and less trauma to surrounding tissues.
“This technique represents the future of spine surgery,” Dr. Agbazue noted. “We are now able to offer patients the best of both worlds: surgical efficacy and a rapid return to normal life. It’s truly transformative.”
Building a Hub of Excellence in Vereeniging
Since leading the first endoscopic spinal surgery at Mediclinic Vereeniging on August 9, 2022, Dr. Agbazue has been instrumental in transforming the facility into a center of excellence for minimally invasive spine care. By March 2024, he had performed over 200 successful endoscopic spinal procedures, with outstanding outcomes and low complication rates.
His collaboration with Q Surgical, a medical instrumentation firm, has played a pivotal role in advancing the hospital’s capabilities. Together, they have introduced state-of-the-art endoscopic equipment and surgical tools, ensuring that local patients receive world-class care without the need to travel abroad.
As a result, Mediclinic Vereeniging has seen an influx of patients from across Gauteng, including metropolitan hubs like Johannesburg and Pretoria, seeking treatment under Dr. Agbazue’s expert care. For many, this represents not only hope but a second chance at life free from the chronic pain and disability associated with spinal disorders.
Representing Nigeria with Pride
At a time when negative narratives often dominate discussions about Nigeria and its citizens abroad, individuals like Dr. Dennis Agbazue offer a powerful counter-narrative. A proud Nigerian, Dr. Agbazue embodies the resilience, intellect and work ethic that define the best of the Nigerian spirit. His achievements are not isolated; rather, they are part of a broader wave of Nigerian professionals excelling globally in medicine, law, academia, technology and business.
From the corridors of Johns Hopkins and Mayo Clinic in the United States to the consulting rooms of top hospitals in the UK, Canada and Australia, Nigerian doctors have built a formidable reputation for excellence. According to a 2021 report by the UK’s General Medical Council, over 7,000 Nigerian-trained doctors were registered to practice in the UK, one of the largest contingents of foreign-trained doctors. In the United States, Nigerian-Americans are among the most highly educated immigrant groups, with medicine ranking among the top professions.
In South Africa, despite facing xenophobic challenges, Nigerians like Dr. Agbazue continue to distinguish themselves through competence and integrity. They fill critical gaps in healthcare and education and contribute to national development in quiet yet powerful ways.
The Global Shift Toward Minimally Invasive Surgery
Dr. Agbazue’s success must also be seen within the global context of medical innovation. The past two decades have seen a seismic shift from traditional open surgeries to minimally invasive procedures across all specialties. Spinal surgery, once known for long recovery periods and high complication risks, has now embraced technologies such as robotics, navigation systems and endoscopic tools.
In endoscopic spinal surgery, the benefits are indisputable. Studies published in peer-reviewed journals such as The Spine Journal and Journal of Neurosurgery: Spine have shown that endoscopic techniques result in less blood loss, shorter operative times, lower infection rates and faster functional recovery compared to open surgery. This approach is particularly beneficial for older patients or those with comorbidities who might not tolerate extensive surgery well.
Dr. Agbazue’s use of bi-portal endoscopy aligns South African spinal care with these international best practices, giving local patients access to treatment modalities previously reserved for developed countries.
A Call to Celebrate Nigerian Excellence
As Nigerians, we must learn to recognize, amplify and celebrate our own. In a world quick to highlight the failures and shortcomings of African professionals, stories like that of Dr. Dennis Agbazue remind us of our boundless potential. These are the narratives that must dominate our airwaves, newspapers and social platforms not only as a source of national pride but as an inspiration to young Nigerians at home and in the diaspora.
The future of Nigeria lies in the excellence of its people. Whether in medicine, innovation or public service, it is those who dare to push boundaries and defy odds that will shape our nation’s global identity. In Dr. Agbazue, we find one such individual a healer, a pioneer, and a worthy ambassador of the Nigerian dream.
Final note
The March 22 procedure at Mediclinic Vereeniging was more than a surgical first, it was a testament to the transformative power of skill, vision and perseverance. Dr. Dennis Agbazue’s achievement has not only raised the bar for spinal surgery in South Africa but has also positioned him as a beacon of excellence among Nigerian professionals abroad.
As we look to the future, may we continue to support and celebrate the likes of Dr. Agbazue, whose work reminds us that, regardless of where we come from, greatness knows no boundaries.
A Home for Heritage: ILÉ IYÁN Opens Headquarters to Celebrate Nigerian Roots
ILÉ IYÁN, a proudly Nigerian culinary brand, has officially unveiled its state of the art headquarters with a 200 guest capacity facility. The grand opening ceremony not only marked a milestone in the company’s growth but also paid tribute to Nigeria’s rich cultural heritage, drawing attention to the role of indigenous cuisine and tradition in promoting tourism across Lagos State.
The historic launch of the ILÉ IYÁN Headquarters held on Sunday the 11th May, 2025, now officially recognized as a national monument, took place in grand style, marking a significant milestone in the celebration and preservation of Nigerian cultural heritage and a major boost to the tourism industry.
The atmosphere was electric as the official opening ceremony of Ile Iyan’s new edifice commenced with a symbolic ribbon-cutting by the proud parents of the CEO, Alhaji and Alhaja Sanni. The emotional moment was met with cheers and applause from attendees, marking a significant milestone in the brand’s journey.
In a heartfelt speech, the CEO’s mother Alhaja Sanni shared her immense joy and pride in her son’s achievements. “I never imagined this day would come so soon. He defied all odds and has made us proud,” she said, her voice filled with emotion.
Celebrating Nigeria’s cultural richness, the event featured vibrant performances by Yoruba, Igbo, and Hausa cultural troupes. Dressed in colourful traditional attire, the troupes dazzled the audience with electrifying dances that underscored the Ile Iyan brand’s commitment to promoting indigenous cuisine and cultural values.
The event was graced by notable dignitaries, including Lagos State Commissioner for Agriculture, Hon. Abisola Olusanya; Commissioner for Youth and Social Development, Hon. Mobolaji Ogunlende; Special Adviser to Governor Sanwo-Olu on Culture and Tourism, Mr. Idris Aregbe; SSA on New Media, Mr. Jubril Gawat; Hon. Remi Durojaiye; Engr. Bola Babarinde; Prince Olu Kosoko of Badagry, Guiness World Record Holder, Dr Fola David; Mr Chigozie Okwara, Vice President of Culinary Arts Practitioners of Nigeria,Chef Dee; Culinary expert and Hospitality Consultant, Chef Gibbs; CEO of Novarick Homes and Properties Limited Mr Noah Ibrahim; Barrister Lateef Oyefeso, Barrister Gbolahan Oluyemi, Alhaji Mohammed Luqman, Alhaji Mojeed Animashaun, Alhaji Qudus Animashaun, Mr Emmanuel Akinseloyin, Alhaja Onigbanjo, Captain Dare, Alhaji Luqman Obileye, Mr Fola Gbemisola(Fatgbems), Mr Taiwo Kafidipe, Mr Ihuoma Raymond, the iconic music executive and cultural ambassador, Otunba Dayo Adeneye (D1) of Kennis Music, alongside Dr. Agarawu, numerous captains of industry, and cultural enthusiasts.
ILÉ IYÁN, long revered for its authentic celebration of Yoruba gastronomy particularly the traditional preparation of pounded yam has now been elevated to a symbol of national pride, serving as a cultural hub that connects history, heritage, food, and tourism. With its headquarters now officially open, ILÉ IYÁN is positioned as a dynamic force in reviving indigenous food practices, promoting cultural tourism, and offering immersive experiences rooted in Nigerian traditions.
In her keynote address, Mrs. Bisola Olusanya praised the initiative, stating: “ILÉ IYÁN is not just a space for food, it is a celebration of our roots, our resilience, and our creativity as Nigerians. This headquarters will play a vital role in our agricultural value chain while preserving culinary heritage for future generations.”
Hon. Mobolaji Ogunlende emphasized the importance of youth engagement in cultural sustainability, while Hon. Idris Aregbe lauded ILÉ IYÁN as a “trailblazer in cultural entrepreneurship,” bridging the gap between tradition and innovation.
Mr. Sanni Afeez, General Manager of ILÉ IYÁN, Shares His Thoughts on the Launch
Speaking at the launch, the General Manager, Mr. Sanni Afeez, expressed his excitement and optimism about the future of the brand.
“This launch represents more than just a new building, it’s a bold step toward redefining the culinary and cultural experience in Nigeria,” he said. “ILÉ IYÁN is not just a restaurant; it’s a celebration of who we are as a people. From our locally inspired menu to the cultural performances that marked today’s opening, we are showcasing the beauty, depth, and unity of Nigerian heritage. This headquarters will serve as a hub for not only great food but also for cultural exchange and tourism growth in Lagos.”
Founder, CEO, and cultural curator of ILÉ IYÁN, Mr. Sanni Sheriff, shared a powerful message during the launch event, emphasizing the deeper vision behind the brand.
“This is not just a building; it is a movement,” he declared. “A space where the stories of our people, our food, and our shared heritage are honored and preserved.”
Mr Sanni Sheriff, known for his passion for cultural preservation and storytelling through cuisine, reiterated his commitment to creating a space that celebrates Nigeria’s diverse identity, promotes local tourism, and empowers future generations to take pride in their roots.
With this launch, ILÉ IYÁN cements its place as a cornerstone of Nigeria’s cultural renaissance and a must-visit destination for locals and tourists alike.
EKAABO SI ILÉ IYÁN
EYIN OLOLUFE WA
For ILÉ IYÁN dining experience and food delivery kindly visit or contact any of our locations
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