In a bid to empower young Nigerians with the skills, opportunities and support needed to build solutions for real-world challenges, OPay, a leading fintech company in Nigeria, in partnership with Google and the Federal Government’s 3 Million Technical Talent (3MTT) programme, has announced the top 10 teams advancing to the next stage of its National Innovation Challenge, an initiative under the expanded OPay Scholars Programme.

The call for applications attracted over 11,000 students and 2,200 teams, reflecting strong interest and a growing appetite among young Nigerians to develop innovative solutions to challenges across sectors.

Following a rigorous selection process, 48 teams were shortlisted to participate in a six-week employability Webinar designed to strengthen their knowledge, build workplace-relevant skills and prepare them for the next stage of the challenge.

At the end of the Webinar stage, 10 outstanding teams emerged as the top teams of the National Innovation Challenge and will now advance to an intensive Boot Camp. At the Boot Camp, the teams will work with experienced mentors and industry professionals to further develop, test and refine their solutions ahead of the final stage of the challenge.

Speaking on the challenge, Itoro Udoh, CSR Manager, OPay, said the programme is focused on creating practical pathways for young Nigerians to turn their ideas and skills into opportunities.

“Beyond the challenge, our goal is to equip young Nigerians with practical skills, mentorship and pathways to opportunities that can create lasting impact.”

With a total prize pool of N18 million, the National Innovation Challenge goes beyond recognising innovative ideas. It provides participants with opportunities to gain practical experience, strengthen their solutions and engage with professionals within the innovation and technology ecosystem.

The initiative also creates opportunities beyond the competition. Students who score exceptionally well during the Webinar stage will be considered for the OPay Futures pipeline, providing access to potential three-month internship opportunities with OPay and other partner organisations.

Through the National Innovation Challenge, OPay is strengthening its commitment to supporting education, skills development, innovation and employability among young Nigerians. As the top 10 teams advance to the Boot Camp, they move one step closer to transforming their ideas into solutions that can address real-world challenges and create a meaningful impact.

Meet the Top 10 Teams of the OPay National Innovation Challenge:

Lyrclip – Miva Open University; ResearchFlow – Olabisi Onabanjo University; CampusCheck – Federal University, Oye-Ekiti; Veripay – MOAUM, Benue State University; CoursePass – Lagos State University of Science and Technology; Teamcobuild – Nnamdi Azikiwe University, Awka; Verified Hands – Ahmadu Bello University; SkoolConnectNG – Yaba College of Technology; Thrifty – Ahmadu Bello University; and Team Paye – Adeleke University.

For more information, visit www.opayweb.com/innovation-challenge/ and follow OPay on LinkedIn, @OPay_NG on X, and @opay.ng on Instagram for updates.

About OPay

OPay was established in 2018 as a leading fintech company in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfers, bill payments, card services, airtime and data purchases, and merchant payments, among others. Renowned for its fast and reliable network and strong security features that protect customers’ funds, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) said recent reforms in the foreign exchange market, monetary policy framework and banking sector recapitalisation programme have strengthened the foundations of Nigeria’s financial system and positioned it for greater resilience.

CBN Deputy Governor, Corporate Services, Dr Mohammed Sani Abdullahi, disclosed this on Tuesday in Abuja while declaring open the 38th CBN Seminar for Finance Correspondents and Business Editors.

The seminar, themed “Towards a Robust and Resilient Financial System in the Post-Banking Sector Recapitalisation Era,” brought together financial journalists and business editors to examine the future of Nigeria’s financial system.

Abdullahi said the reforms were introduced to restore stability, rebuild confidence and refocus the apex bank on its core mandate following the assumption of office by the current management three years ago.

He acknowledged the role of the media in communicating and scrutinising policy decisions during a period of significant economic reforms.

“You reported difficult decisions when outcomes were still uncertain. You asked questions as markets adjusted and helped businesses and households understand what the changes meant. You also challenged us, as you should,” he said.

According to him, when the current management took over in 2023, Nigeria was confronted with significant macroeconomic and financial sector challenges, including a fragmented foreign exchange market, exchange-rate distortions, pressure on external reserves, rising liquidity levels and declining investor confidence.

He noted that the wide gap between official and parallel-market exchange rates created incentives for arbitrage and weakened confidence in the formal foreign exchange market.

To address the challenges, the CBN consolidated multiple foreign exchange windows, removed restrictions on 43 categories of imports that had previously been excluded from accessing official foreign exchange, cleared verified foreign exchange obligations and introduced measures to improve market transparency.

Abdullahi said the reforms were complemented by tighter monetary policy, stronger liquidity management and the gradual winding down of intervention financing programmes.

He added that the banking sector recapitalisation programme announced in 2024 was designed to ensure that banks have adequate capital buffers to support economic growth and withstand future shocks.

“Three years on, the foreign exchange market is showing greater stability, while the recapitalisation programme is strengthening the capacity of banks to support the economy as broader reforms take hold,” he said.

Earlier, the Director of Corporate Communications and Investor Relations, Michael Chukwuemeka Akuka, described the seminar as an important platform for engagement between the CBN and financial journalists.

He said the focus had shifted from whether banks could successfully raise fresh capital to how a recapitalised banking sector would deploy the additional resources to support economic development and sustain public confidence.

“It is no longer whether the banking sector can raise capital, but what a recapitalised banking sector does with the additional capital that has been raised,” he said.

Akuka urged journalists to interrogate policy issues beyond the headlines and develop a deeper understanding of economic reforms.

“The quality of public understanding of monetary policy and financial system reform depends substantially on the accuracy, context and judgement that finance correspondents and business editors bring to their reporting,” he added.

Also speaking, the Director of Stakeholder Engagement and Institutional Relations, Hakama Sidi-Ali, commended finance correspondents and business editors for their support and contributions to the transformation of the CBN’s communications strategy over the past three years.

She attributed many of the Bank’s communication successes and recognitions to constructive engagement with the media and urged journalists to extend the same support to the new leadership of the Corporate Communications and Investor Relations Department.The two-day seminar featured paper presentations by regulators, banking industry leaders and media professionals on banking sector reforms, financial stability and the evolving role of monetary policy in Nigeria’s post-recapitalisation environment.

By David Torough, Abuja

The National Assembly on Tuesday extended the implementation of the capital component of the 2025 Appropriation Act for another three months, moving the deadline from September 30 to December 31, 2026.

The decision was taken separately by the Senate and the House of Representatives as both chambers resumed from their extended annual recess, only to adjourn plenary again until October 13.

The latest extension is the fourth adjustment to the lifespan of the 2025 capital budget. The deadline was initially extended from December 31, 2025, to March 31, 2026, and subsequently to June 30 and September 30.

In the Senate, the extension followed consideration of a bill sponsored by the Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central). Bamidele said the amendment was necessary because the implementation of capital projects under the 2025 Appropriation Act had not reached optimal levels, despite the release of funds to Ministries, Departments and Agencies (MDAs).

The House also approved the extension after a motion by its Majority Leader, Julius Ihonvbere. He said several factors affecting the Nigerian economy had made it difficult to complete implementation of the capital budget within the existing timeframe.

He said the extension would ensure that incomplete projects and outstanding obligations were not affected by the expiration of the September 30 deadline.

The additional three months will allow MDAs to continue implementing projects and utilising funds appropriated under the 2025 capital budget alongside the 2026 budget.

Nigeria’s 2025 budget was signed at about N54.99 trillion, while the 2026 budget currently being implemented stands at N68.32 trillion.

Akpabio raises security, economic concerns

At the Senate’s resumption, Senate President Godswill Akpabio drew attention to the challenges confronting Nigerians, including insecurity, kidnapping, flooding and the rising cost of living.

Akpabio said the National Assembly’s performance should ultimately be measured by its effect on citizens, particularly through safer communities, improved livelihoods and stronger institutions.

He recalled the anguish of families whose relatives had been abducted during the lawmakers’ recess and called on security agencies to intensify efforts to rescue captives and protect vulnerable communities.

“So long as a single Nigerian languishes in captivity, a part of Nigeria is itself captive, and this chamber cannot call itself free of the burden,” he said.

On flooding, Akpabio expressed sympathy for affected communities, noting that many Nigerians had lost homes, farms and livelihoods. He called for early warnings to be translated into adequate preparation, protection and timely relief, warning that losses suffered by farmers could also affect food security.

He also acknowledged the pressure of the high cost of living, urging lawmakers to consider the effect of economic reforms and official economic figures on families struggling to afford basic needs and graduates searching for employment.

Akpabio urged senators to resume their legislative duties with patriotism and determination despite the political activities ahead.

Both chambers adjourn again

The House resumed on Tuesday after a 68-day annual recess. The lawmakers had last sat on July 23 and were originally scheduled to return on September 15 before the recess was extended by two weeks because of rehabilitation work in the National Assembly chambers.

Following Tuesday’s proceedings, the House adjourned plenary until October 13. The Senate also adjourned until the same date.

The twin decisions mean that while the National Assembly has provided additional time for the implementation of the 2025 capital budget, plenary proceedings in both chambers will not resume fully until October 13.