Bank
Stanbic IBTC Announces New Board Appointments Across the Group
Stanbic IBTC Announces New Board Appointments Across the Group
Following the receipt of all required regulatory approvals, Stanbic IBTC Holdings PLC (Stanbic IBTC), a member of Standard Bank Group, has announced the appointment of new directors across the Group.
Underscoring the well-established succession planning policy of the organisation and reinforcing its position as a market leader across the financial services sector, these appointments were in line with Stanbic IBTC’s tradition of rewarding excellence, performance, and dedication.
The financial holding company has therefore appointed Mr Babs Omotowa as an Independent Non-Executive Director on its Board, while Olu Delano was appointed as an Executive Director of Stanbic IBTC Bank PLC.
Furthermore, Stanley Jacob was appointed as Chief Executive of Stanbic IBTC’s proposed fintech subsidiary, Stanbic IBTC Financial Services Limited. Adenike Odukomaiya and Okechukwu Nwoke would also serve as Non-Executive Directors on the Board of the Company.
Other subsidiary appointments include Brian Marshal and Tosin Leye-Odeyemi as Non-Executive Directors of Stanbic IBTC Capital Limited and Stanbic IBTC Trustees Limited, respectively, while Charles Onwude and Dele Sotubo became Non-Executive Directors of Stanbic IBTC Ventures Limited. Charles Onwude was also appointed to serve as a Non-Executive Director of Stanbic IBTC Stockbrokers Limited.
Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, expressed his excitement about the appointments. He said the new appointees possessed the qualifications and experience required to deliver results in their new positions, having demonstrated the capacity to deliver on the Group’s strategy to remain the leading end-to-end financial services organisation.
According to Dr Demola, “We have a strong tradition of careful succession planning and a good track record of seamless transitions at different levels. With these appointments, we intend to strengthen our capabilities for better customer service delivery. At Stanbic IBTC, we are committed to growing our people because no organisation can progress without placing a high premium on its human capital and investing in the growth trajectory of its staff.”
While charging the newly appointed directors to continue to drive performance over and beyond the expected, Dr Demola said, “I am confident that the expertise and experience of the new appointees will positively impact the Group and further accelerate the achievement of our business goals and objectives.”
He further urged them to contribute their quota to the organisation’s development as they discharge their duties in the new role.
Dr Demola pledged that the organisation would continue to uphold the culture of elevating its employees to take up higher responsibilities. He added that Stanbic IBTC would unceasingly invest in training and retraining its staff to ensure a professionally driven workforce that would deliver optimal customer value with a pool of requisite skills, competencies and capabilities.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
Bank
Separating Fact from Confusion: What Nigerians Need to Know About the 7.5% VAT on Banking Service Fees
In recent weeks, digital-banking customers and social media, especially on Twitter have raised concerns about deductions labelled as “VAT” on transfers and other charges.
Some dangerously false narratives, which when you take a critical look, you’ll clearly see that they have been orchestrated and sponsored by malicious elements, have given the impression that the 7.5% Value Added Tax (VAT) is a new or arbitrary charge introduced by fintechs, or that it applies to the amounts customers send. These claims are misleading and deserve careful clarification which is the purpose of this piece.
First, it’s important to understand how VAT works in Nigeria’s financial sector today. VAT on fees and charges for financial services has long been part of Nigeria’s tax system. The then Federal Inland Revenue Service (FIRS) had issued information circulars on March 31, 2021 where it stated that VAT on Financial Services (Circular No. 2021/04) that most fees, commissions, and charges by financial institutions (banks, insurance companies, brokers) are subject to 7.5% VAT.
This justifies a recent advertorial the Nigeria Revenue Service (NRS) which stated unequivocally that VAT was not newly introduced on banking service charges by recent tax reforms, and that it did not impose a new tax obligation on customers in that regard.
However what was left unsaid in that publication was that on the 12th of December, the tax agency had written to all financial institutions and payment gateways based on past meetings with operators that following from the new Tax Act, they were reminded of their mandatory obligations to collect, deduct and remit VAT at the prescribed rate.
The Agency then gave an 18- day grace period to all players to configure and align their systems while directing full compliance with the directive with effect from January 19, 2026. And so, some fintechs sent messages to their customers in the spirit of clarity and transparency.
It must be said that what has changed is that in a bid to widen the tax net, microfinance banks and fintechs who were not obligated to deduct and remit said VAT before now, have now become compelled to do so. The enforcement and standardised collection of VAT across banks and fintech platforms including mobile transfers, USSD transaction fees, and card issuance fees with compliance deadlines issued by tax authorities. So why anyone would vilify any financial institution obeying the laws of the land beats my imagination.
For those who have raised questions around transparency and wrongly suggesting that fintechs are suddenly imposing new, unexplained costs on users – as it has been explained above, this is a matter of regulatory compliance, not a lack of transparency or customer exploitation. These VAT deductions are not new fees created by the companies themselves, and providers are not arbitrarily raising their prices.
In closing, two things that everyone must bear in mind as we move forward in this new tax climate – all stakeholders including fintech platforms and regulators must communicate better and clearly. Nigerians must refrain from peddling unsubstantiated claims and malicious narratives, it has no benefits for anyone and erodes trust in systems.
FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025
Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
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