By Tony Obiechina, Abuja

Wema Bank has secured a €50 million financing facility from EIB Global, the development arm of the European Investment Bank, to expand lending opportunities for small and medium-sized enterprises (SMEs) across Nigeria, with a special focus on businesses owned by women and young entrepreneurs.

The agreement, signed in Lagos, represents the first partnership between EIB Global and Wema Bank.

Under the arrangement, at least half of the funding will be allocated to youth-owned enterprises, while the remaining portion will support businesses owned, managed, or primarily serving women.

Speaking during the signing ceremony, EIB Vice President Ambroise Fayolle described the deal as a significant step toward promoting youth employment, gender equality, and women’s economic empowerment in Nigeria.

Fayolle noted that the initiative will also encourage entrepreneurs to adopt sustainable financing practices, reflecting EIB Global’s commitment to climate-focused investments as the European Union’s climate bank and a key partner in the Global Gateway programme.

According to EIB Global, the facility is supported by the European Union’s Global Gateway initiative and aligns with Nigeria’s Financial Inclusion Strategy. In addition to the funding, Wema Bank will receive technical assistance through the Greening the Financial Sector Programme to strengthen climate-related lending and support sustainable business investments.

Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the partnership would deepen the bank’s longstanding commitment to empowering businesses and underserved groups.

He explained that the facility is designed not only to improve access to finance for SMEs but also to help close gender gaps and create economic opportunities for young Nigerians through entrepreneurship and self-employment.

Oseni added that eligible businesses, including participants in entrepreneurship development programmes, would have access to the financing support.

By David Torough, Abuja

Nigeria’s security challenges came under renewed focus on Tuesday as the United States sanctioned a Nigerian national and three Nigeria-based companies over alleged links to Islamic State financing, while suspected bandits killed six farmers in Kaduna State, highlighting persistent threats from terrorism and armed violence.

The U.

S. Department of State announced the designation of Nigerian citizen Mukhtar Adamu Muhammad and three Bureau De Change firms operating in Lagos and Kano as part of a wider international network accused of facilitating financial transactions for the Islamic State of Iraq and Syria (ISIS). The action, taken under Executive Order 13224, also targeted two other individuals based in France and Syria, as well as companies operating in Türkiye and Syria.

According to the U.S., the designated network enabled ISIS to move funds across Europe, the Middle East and West Africa. American authorities alleged that Mukhtar Adamu Muhammad used money exchange businesses in Nigeria as conduits for financing ISIS-West Africa operations.

The Nigerian firms listed in the sanctions are Generation Currency Bureau De Change Limited, Lagos; Nine to Nine Exchange Bureau De Change Limited, Ikeja, Lagos; and Manhattan Bureau De Change Limited, Kano.

The U.S. government reiterated its commitment to working with Nigeria and other international partners to disrupt terrorist financing networks and combat the activities of ISIS globally. Washington also referenced Nigeria’s cooperation in a May 2026 operation that reportedly led to the killing of Abu-Bilal al-Minuki, identified as the second-in-command of ISIS.

Meanwhile, in Kaduna State, suspected bandits attacked farmers working in Kujijiro farmlands in Kuyello District of Birnin Gwari Local Government Area, killing six people and triggering fresh concerns over rural insecurity.

The Birnin Gwari Emirate Progressives Union (BEPU), which confirmed the attack, described the killings as tragic and warned that continued assaults on farming communities could undermine efforts to restore lasting peace in the area.

The group said the victims were carrying out lawful farming activities when they were attacked and killed, adding that communities in eastern Birnin Gwari have continued to experience security breaches despite ongoing interventions.

BEPU warned that insecurity in farming communities could discourage agricultural activities during the current planting season, potentially affecting food production and worsening economic hardship through higher food prices.

The union called on the Federal Government, Kaduna State Government, security agencies and other stakeholders to intensify operations against criminal groups operating in the area and ensure adequate protection for residents.

As of press time, neither the Kaduna State Government nor the State Police Command had issued an official statement on the incident.

The twin developments underscore the complex security challenges confronting Nigeria, where efforts to combat terrorism financing are unfolding alongside persistent attacks by armed groups on rural communities, raising concerns over national security, food production and public safety.

By David Torough, Abuja

President Bola Ahmed Tinubu has assured global investors that Nigeria’s youthful population is equipped with the skills, adaptability and technological capacity needed to compete in the global digital economy, as the Federal Government intensifies efforts to deepen economic reforms and digital inclusion.

The President gave the assurance on Tuesday at the State House, Abuja, while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach.

Tinubu described Nigeria’s large youth population as the country’s most valuable asset and welcomed Mastercard’s proposal to train five million businesses and equip them with digital capabilities aimed at boosting productivity, financial inclusion and economic growth.

According to the President, ongoing reforms have repositioned and stabilised the economy, creating a more attractive environment for investment while opening opportunities for small businesses and young entrepreneurs to participate in the global marketplace.

“The most important asset is our youth,” Tinubu said, noting that more Nigerian youths would be empowered with digital skills to address present and future economic challenges.

He stressed that the formalisation of Nigeria’s vast informal business sector would accelerate digital adoption, attract investments and create jobs, while improving access to financial services for micro, small and medium-sized enterprises (MSMEs).

The President also highlighted the importance of efficient payment platforms and stronger financial inclusion mechanisms, urging deeper collaboration between Mastercard and institutions such as the Bank of Industry, which maintains a large database of MSMEs across the country.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said recent fiscal and economic reforms were creating fresh opportunities in digital payments, credit systems and business formalisation.

He disclosed that more than 10,000 informal businesses had been applying for formal registration daily in recent months, attributing the trend to reforms introduced by the Tinubu administration.

Oyedele added that government efforts to digitise public services and expand access to credit — including mortgages, consumer loans, student loans and small-business financing — were opening new opportunities for private sector participation.

He noted that Nigeria remains a major fintech hub on the continent, hosting five of Africa’s nine fintech unicorns.

Speaking during the meeting, Mastercard CEO Michael Miebach reaffirmed the company’s commitment to supporting Nigeria’s economic transformation agenda.

Miebach, who said he established Mastercard’s Nigerian operations in 2011, described the country as a strategic market with immense growth potential.

According to him, Mastercard currently helps prevent about $200 million in fraud annually in Nigeria while facilitating roughly $2 billion in foreign exchange inflows.

He said the company was working to unlock opportunities for Nigeria’s estimated 40 million small businesses through digital skills training, cybersecurity support and financial inclusion initiatives.

Miebach revealed that Mastercard has developed a three-year programme aimed at helping small businesses digitise their operations and safely participate in the online economy.

He also announced plans for technical workshops and investments in cybersecurity infrastructure, including a Cyber Centre of Excellence focused on threat intelligence, incident response and emerging risks associated with artificial intelligence.

The Mastercard chief expressed confidence that Nigeria’s ongoing reforms, coupled with stronger fiscal and monetary policy coordination, would strengthen the country’s position as Africa’s largest and most dynamic economy.

The meeting underscored growing collaboration between the Federal Government and global financial technology players as Nigeria seeks to accelerate digital transformation, boost entrepreneurship and expand opportunities for its rapidly growing youth population.