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Report Says Naira Now Worst Performing Currency in the World

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Nigeria’s naira has experienced a reversal in its recent gains, emerging as the world’s worst-performing currency over the last month, according to a new Bloomberg report.

The Friday report emphasised that this development places increased pressure on the Central Bank of Nigeria to continue raising interest rates.

The naira has depreciated to 1,466.31 against the dollar, marking its weakest level since March 20.

This decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply.

CBN governor, Yemi Cardoso, had previously hailed the naira as the best-performing currency globally as of April 2024.

The naira faced challenges in March, plummeting to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market.

Cardoso attributed this achievement to a series of foreign exchange market reforms and positive sentiment from leading international investment institutions.

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FirstBank Wins Gold for Best Corporate University in Social, Climate Change Impact

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FirstBank, the West Africa premier bank and financial inclusion services provider, has announced that its Corporate University, FirstAcademy, has bagged the Gold Award for Best Corporate University in Social & Climate Change at the Global Council of Corporate Universities (GlobalCCU) Awards 2025.

This highly acclaimed award recognises FirstAcademy’s outstanding commitment to driving social and climate change learning initiatives, aligning its learning and development programs with internal stakeholder needs, and promoting Corporate Social Responsibility (CSR).

The GlobalCCU Awards is a prestigious, biannual recognition of excellence in corporate universities, setting the highest standard for the industry. With a rich 12-year history dating back to its inaugural ceremony in Paris in 2013, the awards have consistently honoured outstanding Corporate Universities, learning and development structures worldwide. The GlobalCCU Awards celebrate institutions that create remarkable value for people, businesses, society and the planet.

FirstBank’s FirstAcademy exemplifies this mission by earning the Gold Award for Best Corporate University in Social & Climate Change at the 2025 ceremony in Paris, France. This distinction reflects FirstAcademy’s dedication to fostering sustainability and environmental responsibility; developing impactful learning initiatives that transcends traditional corporate training, with broader societal goals; integrating climate action into its portfolio and operations;  expanding climate finance offerings and developing a climate action capacity building training program.

FirstAcademy was inaugurated in 2012 as the Bank’s designated corporate academy designed to provide structured talent development, knowledge management and culture change initiatives. One major objective of the academy is to equip staff with the requisite knowledge and skills required to deliver on the Bank’s strategic aspirations and to thrive in an ever-evolving work environment while contributing to social and environmental responsibility.

According to the Founder and Chairman of the GlobalCCU Awards, Annick Renaud-Coulon, “FirstAcademy is an outstanding Corporate University that is clearly the Best Corporate University globally for driving social and climate change learning initiatives.”

Congratulating FirstAcademy, the Founder and Chairman of the GlobalCCU Awards, Annick Renaud-Coulon, said “FirstAcademy is a very mature Corporate University which demonstrates a strong alignment with FirstBank’s vision of responsible banking and sustainable development, with clear support from senior leadership and a governance model that strategically connects learning to business priorities. Congratulations to FirstAcademy for setting a visionary standard in advancing meaningful social and climate change impact through learning and inclusive capacity building!”

In the words of Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communications, FirstBank “We are delighted to receive this international recognition for our efforts in promoting social responsibility and climate action. This award serves as a testament to our belief that businesses can be a force for good, driving transformation that extends beyond profit to create sustainable and equitable futures for all.  FirstAcademy’s programs have not only enhanced employee skills but also contributed to the well-being of society and the environment.”

As FirstBank’s FirstAcademy continues to bridge the gap between corporate initiatives and community needs, it sets a leading example for corporate universities around the globe, inspiring others to follow suit in the quest for meaningful change.

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Fidelity Bank Hits N1trn Market Capitalisation after Share Price Increase

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The market capitalisation of Fidelity Bank has crossed the N1 trillion mark as the share value of the company appreciated by 1.27 percent at the close of trading.

According data from the Nigerian Exchange Group (NGX), the bank’s market capitalisation hit N1 trillion after its share price rose from N19.75 on Tuesday to N20 on Wednesday.

The increase moved the company’s valuation from N991.6 billion to N1 trillion.

With the development, Fidelity Bank joins the list of financial institutions with a market capitalisation of over N1 trillion.

The companies are Zenith Bank, Access Bank, United Bank of Africa (UBA), Guaranty Trust Bank (GTB), and First Bank.

On May 21, Nneka Onyeali-Ikpe, the managing director (MD) and chief executive officer (CEO) of Fidelity Bank, acquired an additional 18 million shares in the bank.

Two days later, Onyeali-Ikpe bought additional 2 million units of shares in the bank.

According to a regulatory filing on the NGX, the shares were acquired on May 22, at N18.6 each — amounting to a total value of N37.2 million.

The acquisitions increased her shareholding in the bank to 114.64 million shares — from 94.64 million held as at December 31, 2024.

In its latest financial performance report, Fidelity Bank said it reported a 167.8 percent year-on-year increase in profit before tax (PBT), which increased to N105.8 billion in the first quarter (Q1) of 2025

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Green Energy Investment: Ecobank Nigeria Selected for GET.Invest EDGE Finance Programme

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Ecobank Nigeria, an affiliate of the leading pan-African banking group Ecobank Group, has been selected as one of five Nigerian banks to participate in the prestigious GET.Invest Enabling Domestic Green Energy (EDGE) Finance Programme. The initiative, funded by European donors, aims to scale up green energy financing and investment across developing nations.

At the official launch of the programme, held at Ecobank’s head office in Lagos, Lawrence Edeke, Country Coordinator for GET.Invest Nigeria, emphasised that the initiative is designed to build capacity within Nigeria’s financial sector to support renewable energy projects. “The EDGE Finance Programme is about strengthening local institutions and enabling them to play a critical role in Nigeria’s energy transition. Ecobank’s selection reflects its strong commitment to sustainable finance,” Lawrence said.

Kofo Oduntan, EDGE Finance Advisor, further elaborated on Ecobank’s inclusion in the programme; “Ecobank was selected after a rigorous process, including the evaluation of expressions of interest and interviews. The Bank’s clarity of purpose in green energy finance, its alignment with institutional goals, and strong internal commitment from senior leadership stood out. We are confident Ecobank will be a key driver of success for the EDGE Finance Programme in Nigeria.”

Speaking at the Kick-off meeting, Biyi Olagbami, Executive Director and Chief Risk Officer at Ecobank Nigeria, expressed pride in the Bank’s selection and reiterated its leadership role in sustainability; “Our participation in the EDGE Finance Programme reinforces our position as a front-runner in sustainable finance in Nigeria. It will enhance our capacity to design bespoke green finance products, support national energy transition goals, and strengthen our identity as an environmentally responsible financial institution,” Olagbami stated.

The GET.Invest programme is co-funded by the European Union, Germany, Norway, the Netherlands, Sweden, and Austria. Through its EDGE Finance service, it supports local banks and financial institutions by providing tailored training, technical assistance, and coaching to improve their ability to finance renewable energy projects. The programme officially launched in Nigeria in February 2025.

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