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  • Oil prices surge to $78 a barrel

    Oil prices surge to $78 a barrel

    • Triggers by likely U.S. strike on Iran

    Oil prices rallied yesterday by nearly five per cent with the global benchmark, Brent crude rising to $71.62 a barrel, while Bonny light crude went as high as $78 a barrel yesterday for the first time since last August. The U.S. benchmark, West Texas Intermediate (WTI) Crude, was also trading higher, up by 4.79 per cent to $66.24. WTI topped $65 per barrel for the first time since September.

    The rise was predicated on the stance of the U.S. President Donald Trump against Iran, warning the country of a “massive armada” of U.S. Navy ships is headed to the Persian Gulf.

    The global markets have since reacted to the renewed tension in the world’s most important oil-producing and exporting region as tensions between the U.S. and Iran worsened, raising concerns over disruptions to the global flow of crude.

    “The situation with Iran continues to escalate,” said Josh Young, chief investment officer at Bison Interests, an oil and gas investment firm.

    “If even a portion of Iranian supplies come off the market, that would be enough to sustain recent gains,” he told MarketWatch.

    That could also lead to further gains, “depending how much more comes off and if other supplies are put at more direct risk.”

    WTI crude for March delivery was up 4.8 per cent at $66.21 a barrel on the New York Mercantile Exchange after trading as high as $66.40. That was the highest intraday level since Sept. 26, according to Dow Jones Market Data.

    Read Also: PINL aligns operations with Fed Govt’s 2.5mbpd crude oil operations

    March Brent crude tacked on 4.7 per cent to $71.62 on ICE Futures Europe, poised for its highest finish since July.

    WTI oil futures top $66 a barrel. Prices had settled on Wednesday at a four month high as President Donald Trump renewed its threats on Iran, pressuring it to reach a nuclear deal.

     “Time is running out, it is truly of the essence!” he said in the post. In response, Iran’s mission to the United Nations in New York posted on X that Iran was ready for dialogue, adding: “But if pushed, it will defend itself and respond like never before”

    “The timeline on a U.S. attack on Iran appears to be drawing near,” Robert Yawger, director of energy futures at Mizuho Securities USA, wrote in a note yesterday.

    “A quick read through of the mainstream press generally seems to tilt towards surgical strikes on the Iranian leadership, with the goal of forcing regime change,” he said.

    “Targets would include military bases used by the Revolutionary Guard and the Basij militia, ballistic missile sites, and Iran’s nuclear programme.” The U.S. launched air and sea strikes on three nuclear sites in Iran in June of last year.

    Iran produces around 3.3 million barrels per day of oil, with production “generally surviving multiple crisis over the years,” Yawger said.

    After a week of relative calmness in the U.S. rhetoric toward Iran, President Trump warned the Islamic Republic of a Venezuela-style “mission,” at least this is what the President suggested in a post on his Truth Social platform.

    “A massive Armada is heading to Iran. It is moving quickly, with great power, enthusiasm, and purpose,” President Trump posted.

    “It is a larger fleet, headed by the great Aircraft Carrier Abraham Lincoln, than that sent to Venezuela. Like with Venezuela, it is, ready, willing, and able to rapidly fulfill its mission, with speed and violence, if necessary,” the President continued.

    He urged Iran “to make a deal” pledging “NO NUCLEAR WEAPONS,” otherwise, President Trump said, “The next attack will be far worse! Don’t make that happen again.”

    Iran, for its part, said that its army is ready to “immediately and powerfully” respond to any possible attack by the United States.

    “Our brave Armed Forces are prepared—with their fingers on the trigger—to immediately and powerfully respond to ANY aggression against our beloved land, air, and sea,” Iran’s Foreign Minister Abbas Araghchi posted on X.

    Commenting on the latest flare-up in the Middle East, ING commodities strategists Warren Patterson and Ewa Manthey said on Thursday, “Clearly, this more aggressive rhetoric has left the oil market nervous about the potential for supply disruptions.”

  • Reps to probe non-release of N174b AfDB, JICA agric loan

    Reps to probe non-release of N174b AfDB, JICA agric loan

    The House of Representatives yesterday resolved to probe the circumstances leading to the non-release of about N174.250 billion meant for the National Agriculture Growth Scheme Agropocket pocket from the consolidated revenue fund of the federation.

    The funds made up of N55.295 billion accessed from the African Development Bank (AfDB)  and N118.955 billion accessed from the Japanese International Cooperation Agency (JICA) to implement the support for 550,000 smallholder farmers with subsidized critical agricultural inputs for rice, maize, soya beans and cassava value chains under the 2025 wet season and 2025/2026 dry season farming.

    In its resolution following a motion of urgent public importance sponsored by Bello Kaoje (APC, kebbi), the House directs in its Committee on Agricultural Production and Services to carry out a.comprehensive investigation into the circumstances leading to the non-releases of the intervention funds.

    Kaoje recalled that President Bola Tinubu declared a state of emergency on food security shortly after his inauguration in 2023, adding that in addition to funding efforts by the Nigerian Government a lot of agricultural interventions were received through the efforts of several development partners all aimed at boosting agricultural production.

    According to him, sometime in February 2023 Nigeria negotiated with the Afrcan Development Bank (AfDB) and signed an agreement for a twenty-five (25) year tenor loan to support National Agriculture Growth Scheme Agro-pocket Project for an amount not exceeding $134 000 000.

    Read Also: AfDB Group mobilises private capital to close continent’s financing gap

    He said the first tranche of $99,665,000 00 was released to the Federal Government Consolidated Account after deducting the Front End-Fee (FEF) of 0.025%.

    He alleged that the Federal Ministry of Finance (FMF) out of the total sum of $134 Million USD disbursed by the African Development Bank (AfDB) released the sums of N55,986,301,549.95 and N40,486,800,000.00 to the Federal Ministry of Agriculture and Food Security/National Agricultural Growth Scheme and Agro Pocket (NAGS-AP) Project account at Central Bank of Nigeria (CBN) leaving a balance of N55,295,810,075.00 outstanding (undisbursed).

    He said: “The plan is for the Federal Ministry of Agriculture and Food Security/National | set Agriculture Growth Scheme and Agro-pocket (NAGS-AP) Project to | or honour its obligations to the agro-dealers that provided agricultural “ inputs to 280,000 targeted registered wheat farmers under the first phase of the 2024/2025 dry season programme and distribution of agricultural inputs to 150,000 rice farmers under the second phase”.

    He further alleged that sometime in April 2024, Nigeria negotiated with the Japan International Cooperation Agency (JICA) and signed a loan agreement on or about the 24th April, 2024 for a Food Security Emergency Support Loan for an amount not exceeding 15,000,000,000 (Fifteen Billion Japanese Yen).

    Kaoje said: “On or about the 25 March, 2025, the Japanese International Cooperation Agency (JICA) disbursed the sum of 12,000,000,000 (Twelve Billion Japanese Yen), less Front-End-Fee (FEF) of 0.025per centequivalent of $78,778,800.00 which represents N118,955,186,000 to the Consolidated Revenue Fund of the Federation as the first tranche.

    “The plan is for the Federal Ministry of Agriculture and Food Security through the National Agriculture Growth Scheme and Agro-pocket (NAGS-AP) Project to implement the support for 550,000 smallholder farmers with subsidized critical agricultural inputs for rice, maize, soya beans and cassava value chains under the 2025 wet season and 2025/2026 dry season farming.

    “The respective funds for farm inputs were time bound for the 2024/2025 dry season farming which has passed, the 2025wet season which has also passed and the 2025/2026 dry season farming which is currently passing.

    “This ugly situation has left many farmers stranded for critical farm inputs and consequently reduced agricultural output in the 2025 harvests because the affected farmers could not go to farm during the seasons due to non-supply of critical inputs.

    “These funds were accessed from development partners for targeted purposes and despite disbursement to the Consolidated Revenue Fund of the Federation, the funds have been unduly withheld from the implementing Ministry/Agency by the Federal Ministry of Finance beyond the timeframe for the utilization of the funds.

    “Failure to release these funds for use to boost our agricultural production, the chances are the 2026 farming season will be greatly impacted negatively.”

  • ‘NNPC’s Abuja IPP vital to 8,500Mw target’

    ‘NNPC’s Abuja IPP vital to 8,500Mw target’

    The Nigerian Independent System Operator (NISO) has described the ongoing 350 megawatt (Mw) NNPC’s Abuja Gas Independent Power Project (IPP) as a vital step toward achieving the national target of 8,500Mw grid generation capacity by the end of this year, Managing Director/Chief Executive Officer of NISO, Engr. Abdu Bello, said yesterday during an on-site assessment visit to the project location.

    Leading a high-level management delegation, he evaluated the current stage of construction and identified key areas for enhanced collaboration to accelerate project completion and timely commissioning.

    Read Also: NNPC hails Chevron over successful Awodi-07 Well in Niger Delta

    The visit also included an inspection of the Supervisory Control and Data Acquisition (SCADA) implementation site at the Gwagwalada transmission substation.

    The team expressed confidence that, before the end of 2026, the full electricity value chain, from generation through transmission to distribution will be integrated into a unified SCADA platform, enabling real-time visibility, improved grid monitoring, and enhanced system reliability and stability.

  • UK envoy: Nigeria’s influence set to grow in coming decades

    UK envoy: Nigeria’s influence set to grow in coming decades

    Nigeria’s importance and global influence will continue to grow significantly in the coming decades, the British High Commissioner to Nigeria, Dr. Richard Montgomery, has said, underscoring why peace, resilience and institutional stability remain central to the United Kingdom’s partnership with Africa’s most populous nation.

    Montgomery made the assertion in Abuja at the inaugural Annual Learning and Adaptation Event of the Strengthening Peace and Resilience in Nigeria (SPRiNG) Programme, where senior government officials, security agencies, development partners and civil society leaders gathered to review strategies for reducing violence and strengthening climate resilience across northern Nigeria.

    According to the British envoy, Nigeria’s rapidly expanding population and strategic weight mean its role on the global stage will only deepen over time, a reality that informed the UK-Nigeria Strategic Partnership signed in 2024.

    “Nigeria is one of our important diplomatic partners. The judgment that we make, and our minister’s, is that Nigeria’s influence will only grow. If it grows very fast, and you’re becoming a bigger population, the importance and influence of Nigeria is going to grow in the decades ahead,” Montgomery said.

    He described peace and resilience as issues that are “absolutely central” to the partnership between both countries, stressing that recent events and international discourse around Nigeria make sustained investment in stability both timely and necessary.

    Read Also: Tinubu’s reforms restoring global confidence in Nigeria – Shettima

    The two-day SPRiNG forum brought together key actors to assess evidence-based approaches to conflict prevention, institutionalise peace mechanisms and adapt responses to evolving security and climate change dynamics in the region.

    The programme is funded by the UK Foreign, Commonwealth and Development Office.

    Montgomery explained that the UK-Nigeria security and defence dialogue spans both kinetic and non-kinetic approaches, emphasising institutional support to federal agencies, community-based initiatives, law enforcement cooperation and grassroots resilience.

    “It’s about providing institutional support to the official agencies of the federal government of Nigeria. It’s about building community-based initiatives, law enforcement, and community resilience,” he said, adding that SPRiNG offers “a vehicle, a platform” for catalytic partnerships that promote long-term stability.

    The event also featured remarks from a representative of the Coordinator of the National Counter-Terrorism Centre, Major General A.G. Laka, while the Minister of Information and National Orientation, Alhaji Mohammed Idris, formally declared the forum open through a representative, highlighting the role of strategic communication and inter-agency collaboration in national stability.

    Representatives of the Minister of Women Affairs and Social Development, Hajiya Imaan Suleiman-Ibrahim, and the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, drew attention to the links between gender inclusion, agropastoral livelihoods and security, noting that social and economic policies remain critical to peacebuilding outcomes.

    In a context-setting presentation, SPRiNG Team Leader, Dr. Ukoha Ukiwo, said the programme’s impact is rooted in its evidence-driven and adaptive management model, stressing that conflict dynamics require solutions that are both flexible and preventive.

    “Conflict is dynamic; our solutions must be too. Today was about validating the evidence and impacts of our intervention, learning from what, where and how we are making progress, and ensuring that our support to government and civil society partners is not just reactive, but structurally preventive,” Ukiwo said.

    A high-level panel moderated by Kemi Okenyedo examined progress and emerging opportunities in strengthening peace and resilience.

    Panelists included the Director-General of the Benue State Commission for Peace and Reconciliation, Ms. Josephine Habba; the Commissioner, Ministry of Internal Security, Kaduna State, Dr. Sulaiman Shuaibu; and Ms. Lantana Abdullahi of WOPPI, who called for the formal inclusion of women in peace and security architectures.

    The forum ended with a Project Fair, allowing stakeholders to engage directly with beneficiaries and implementing partners and to assess the tangible “peace dividend” being delivered to communities in Benue, Kaduna, Katsina and Plateau states.

    The SPRiNG Programme is a four-year initiative running from 2024 to 2028, implemented by Tetra Tech International Development in partnership with Nextier SPD, the Centre for Democracy and Development and the Centre for Humanitarian Dialogue.

    It seeks to strengthen institutional capacity for conflict management, boost public confidence in key institutions and create stronger incentives for peace across Nigeria.

  • NDPC generates over N5.2billion revenue

    NDPC generates over N5.2billion revenue

    • Creates 23,000 jobs

    The Nigeria Data Protection Commission (NDPC) yesterday said despite its not being an exclusively revenue generating agency of the Federal Government, it has generated over N5.2billion into the coffers of the Federal Government while it has also created some 23,000 new jobs to ease the unemployment challenge in the country.

    Its National Commissioner/CEO, Dr Vincent Olatunji, who disclosed this at a media workshop organised by the NDPC, in Lagos, said the total value of the nation’s data protection ecosystem is over N16.2billion.

    He said the over N5.2 billion was generated by way of compliance revenue to the Federal Government.

    He said the Commission has concluded 246 investigations into data protection and privacy breaches across the country

    Dr Olatunji said the outcomes reflect a deliberate shift toward aggressive, enforcement-driven oversight under the Nigeria Data Protection Act, 2023. The 246 concluded probes have directly led to 11 enforcement actions, including significant fines and remediation directives, demonstrating that the NDPC is prepared to impose substantial penalties on violators, from major corporations to financial institutions.

    Some of the high-profile cases that underscored the Commission’s resolve include the July 2025, MultiChoice Nigeria which led to the imposition of a N766.2 million fine on the company for intrusive, unfair, and disproportionate data practices, including unlawful cross-border transfers of subscriber personal information without adequate safeguards or consent.

    Fidelity Bank also faced a N555.8 million penalty in 2024 (with ongoing implications noted in recent reviews) for processing personal data without informed consent, non-transparent use of cookies in banking apps, and engaging non-compliant third-party processors.

    Read Also: NDPC investigates data breach in JAMB

    These landmark sanctions, among others, have contributed to the N5.2 billion compliance revenue stream, bolstering government coffers while deterring widespread non-compliance.

    The broader data protection ecosystem now exceeds N16.2 billion in value and has created more than 23,000 jobs, signaling robust economic ripple effects from strong regulatory enforcement.

    Olatunji tied these achievements to national digital ambitions, stating that trust built through accountability is essential for Nigeria’s push toward a $1 trillion digital economy.

     “Enforcement is the backbone of privacy protection. By concluding 246 investigations and applying meaningful consequences, we are not only protecting citizens but also creating the secure environment needed for innovation, foreign investment, and sustainable growth,” he emphasized.

    Supporting this enforcement momentum are expanded compliance efforts: 38,677 Data Controllers and Processors of Major Importance registered, 307 licensed Data Protection Compliance Organisations, and over 8,155 Compliance Audit Returns filed.

    The Commission has also issued the General Application and Implementation Directive (effective September 2025), translated the Act into three major languages, and launched a multi-sector drive in August 2025, sending compliance notices to 1,348 entities in banking, insurance, pension, and gaming, with further actions promised for defaulters.

    This year, the Commission said plans to increase awareness on data protection and privacy; intensify the enforcement of the provisions of the Nigeria Data Protection Act and take appropriate actions against non-compliant organizations; and increase awareness creation to promote a deeper understanding of data protection and privacy across Nigeria.

    Others are in the area of provision of guidance and support to organizations on data protection best practices; and capacity building and certifying professionals through the National Data Protection Officer Certification to meet global standards in data protection practices.

    With international accolades such as the Picasso Award for Best DPA in Africa and active participation in global forums, Nigeria’s data regime is increasingly viewed as credible and robust.

    As emerging technologies accelerate data flows, the NDPC’s track record: 246 resolved cases, billions in revenue, and decisive fines, sends an unequivocal message. In digital Nigeria, privacy violations face ironclad consequences, and compliance is the only viable path forward.

    Activities during National Privacy Week (January 28–February 4) will build on this foundation through nationwide campaigns and stakeholder engagements to embed a culture of ethical data stewardship.

  • Ogun, World Bank invest N5billion in women empowerment

    Ogun, World Bank invest N5billion in women empowerment

    The Ogun State Government and the World Bank Group have jointly invested over N5 billion in women-focused empowerment and livelihood initiatives over the past six years, Governor Dapo Abiodun has disclosed.

    The governor spoke while receiving a delegation from the World Bank Group, led by its Vice President, Ms. Galina Vincelette, at his office in Abeokuta.

    He said the investment was deployed through the World Bank–supported Nigeria for Women Project (NFWP) and the state’s domesticated empowerment scheme, Oko’Owo Dapo, which was established after the success of the initial programme.

    According to him, the Nigeria for Women Project, implemented through Women Affinity Groups (WAGs), has significantly transformed the socio-economic lives of women across the state.

    Read Also:World Bank partnership poised to transform Nigeria’s road sector – Umahi

    “The programme has deepened financial inclusion, strengthened social cohesion, and equipped women with leadership and basic accounting skills.

    “About N3 billion was disbursed under the World Bank-supported initiative, while the Ogun State Government complemented it with another N2 billion. In total, roughly N5 billion has been invested in this impactful livelihood programme,” Abiodun said.

    He added that the state government subsequently launched Oko’Owo Dapo to sustain and expand the gains of the initiative, noting that the programme has so far empowered about 55,000 women across the state.

    Abiodun also highlighted the achievements of OGCARES — the Ogun State COVID-19 Action Recovery and Economic Stimulus Programme — describing it as a critical intervention that strengthened household resilience and supported food system recovery during and after the pandemic.

    On the Ogun State Economic Transformation Project (OGSTEP), the governor said the programme has recorded measurable progress in skills acquisition, agricultural productivity, and land administration reforms.

    “We have significantly increased the speed of issuing Certificates of Occupancy. Under the Rural Access and Agricultural Marketing Project (RAAMP), which focuses on connecting farms to markets, we are currently upgrading about 209 kilometres of rural roads. Improved rural access reduces transportation costs and enhances agricultural productivity,” he stated.

    The governor further said the state would soon commission its Electricity Distribution Company, as part of deliberate efforts to improve power supply and stimulate industrial growth.

    He said the state is pursuing multiple Independent Power Projects (IPPs) and has already established the Ogun State Electricity Board, following recent constitutional amendments empowering states to generate, transmit, and distribute electricity.

    “Power remains the biggest enabler of economic activities. We are working with strategic partners to generate and distribute electricity within the state.

    “We are also on the verge of constructing mini-grids across Ogun State to meet our growing energy needs,” Abiodun said.

    Speaking earlier, the World Bank Group Vice President, Ms. Galina Vincelette, reaffirmed the institution’s commitment to supporting Ogun State and Nigeria in addressing key development challenges.

    She said the bank would continue to promote public-private solutions, particularly in the electricity sector, while strengthening investments in human capital development.

    Also speaking, the World Bank Country Director for Nigeria, Mr. Matthew Verghis, disclosed that the Bank is preparing a new Country Partnership Framework for Nigeria, with strong emphasis on job creation.

    “Creating jobs is the most sustainable way to reduce poverty and raise incomes. Our existing programmes, including the Nigeria for Women Project, will continue.

    “Nigeria currently has a $17 billion World Bank portfolio, one of the largest globally, and our support remains strong,” Verghis said.

  • Africa loses $150b yearly to illicit trade

    Africa loses $150b yearly to illicit trade

    A staggering financial drain is threatening to derail Africa’s development as new data revealed that the continent is losing over a hundred billion dollars every year through fraudulent trade practices.

    A comprehensive report released by Global Financial Integrity (GFI) titled Trade-Related Illicit Financial Flows in Africa, 2013-2022 detailed a systematic “hemorrhage” of capital that has left the continent as a net creditor to the rest of the world.

    The findings suggested that the scale of these illicit financial flows (IFFs) is now so vast that it rivals the total amount of foreign aid and investment entering the continent combined.

    According to it, the crisis reached a new peak in 2022, when the total trade “value gap”—the discrepancy between what African countries report as exports and imports compared to what their global partners record—surged to an all-time high of $152.9 billion.

    The figure, it noted, represented a sharp escalation from previous years and highlights a structural failure in the global trade system.

    Read Also: Food for thought for African Democratic Congress (ADC)

    According to the report, “no country in the region appears to have made much progress in limiting trade value gaps during the period,” indicating that the problem is becoming more entrenched despite international promises to curb corruption.

    At the heart of the financial drain, it explained, is “trade misinvoicing,” a practice where companies and individuals deliberately under- or over-state the value of goods on invoices to move money across borders illegally. This tactic is used to evade taxes, launder money, or bypass capital controls. The report noted that high-value commodities such as oil, gold, and diamonds are particularly vulnerable because of “the opacity in pricing and power imbalances between African exporters and the multinational buyers”.

    The $88.6 billion estimated to leave the continent annually is roughly equivalent to Africa’s entire collective health budget. The report argued that “tackling IFFs is a matter of survival for Africa’s development” because every dollar siphoned out of the economy is a dollar that cannot be used for public services.

    Data from UNCTAD cited in the study showed that African nations plagued by high illicit flows spend, on average, 25 per cent less on health and a shocking 58 per cent  less on education than their peers.

  • FBNQuest Merchant Bank transitions to Quest Merchant Bank

    FBNQuest Merchant Bank transitions to Quest Merchant Bank

    FBNQuest Merchant Bank Limited has completed a change of name and will now operate as Quest Merchant Bank Limited, following the receipt of all required corporate and regulatory approvals.

    The name change does not affect the Bank’s legal or going-concern status, management, or the nature of its business. Quest Merchant Bank Limited remains a duly licensed merchant bank, regulated by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), and continues to deliver its full suite of merchant banking, advisory, and capital markets services to clients.

    Read Also: FBNQuest Merchant Bank, Coleman seek N35b short-term capital

    Commenting on the development, the Ag. Managing Director/CEO, Afolabi Olorode, stated: “This name change represents a pivotal milestone in the rich history of the Bank and a deliberate strategic repositioning that reflects our resilience, strong track record, and long-term growth ambitions. While our name has evolved, our commitment to our clients, stakeholders, and regulators remains unwavering.

    “As part of the transition, the Bank is updating its branding, communications, and digital platforms to reflect the new name. During this period, some legacy references may remain visible across select touchpoints as updates are progressively completed. All existing contracts, client relationships, and obligations of the Bank remain valid, binding, and fully enforceable following the name change.”

  • ACAMB elects new executives

    ACAMB elects new executives

    The Association of Communication and Marketing Professionals in Banks (ACAMB) has ushered in a new executive council, with a strong representation from leading financial institutions, to steer its affairs for the 2026-2028 term.

    The election, held during the association’s Annual General Meeting in Lagos yesterday, saw seasoned professionals from across the banking landscape elected to key positions.

    The newly constituted executive includes Babajide Sipe of the Bank of Industry as President; Chinwe Bode-Akinwande of FirstBank as First Vice President; Morolake Philip-Ladipo of Wema Bank as Second Vice President; Abiodun Coker of the United Bank for Africa (UBA) as the Publicity Secretary; Olugbenga Owootomo from Polaris Bank as General Secretary; Halima Ishak from Jaiz Bank as Financial Secretary; Ademola Adesola from Parallex Bank as Assistant General Secretary; Unoaku Temitope Anyadike from Guaranty Trust Bank as Treasurer and MacQueen Afolabi from Zenith Bank as Social Secretary

    In his inaugural address, President Babajide Sipe expressed profound gratitude for the confidence reposed in him, outlining a purposeful agenda for his tenure.

    “I promise to lead with courage, intention, and purpose. My leadership will be anchored on four pillars: mentorship and career development; strengthening outcomes relevant within the banking industry; active member engagement; and strong representation and advocacy,” he stated.

    Read Also: No bank is shutting down, banks assure on recapitalisation

    He further emphasized, “I will be an unrelenting advocate for our members and for the strategic value of our profession. My key focus is growth—growth for members, growth for the association, and ensuring that the values of ACAMB are protected.”

    The newly elected First Vice President, Chinwe Bode-Akinwande, who gave the vote of thanks, rallied members for collective effort. “The job of amplification is for each and every one of us. We have heard the feedback and are ready to hit the ground running,” she said. She reassured members of the new Executive Council’s dedication, stating, “We have no doubt in our minds that this exco will do great.”

    The immediate past President, Rasheed Bolarinwa, highlighted the achievements of his tenure, notably in professionalising the membership. “We facilitated structured arrangements with regulatory bodies, enabling our seasoned professionals to formalise their certifications. Today, there’s hardly anyone in banking communication who does not belong to key professional groups,” he recounted.

    Commenting on the ongoing bank recapitalisation exercise, the former president allayed fears, expressing optimism. “There are no issues. If mergers and acquisitions happen, it will be for the good of the industry and its workforce. There is no cause for alarm,” he concluded.

    As the new exco assumes office, all eyes are on its pledge to drive growth, unity, and vigorous advocacy for the banking communications community.

  • Nigeria to host RegTech Africa confab

    Nigeria to host RegTech Africa confab

    Nigeria is set to host a major continental policy and technology engagement as organisers of the RegTech Africa Conference and Expo (RACE 2026) unveiled details of the event at a media parley held at the State House, Abuja, yesterday.

    The conference, which will be held under the patronage of the Office of the Vice President, between 20th and 22nd of May, 2026, is being organised in partnership with the Presidential Committee on Economic and Financial Inclusion and in collaboration with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

    Addressing journalists at a media parley in Abuja, the Chairman of the Organising Committee, Mr. Cyril Okoroigwe, described RACE 2026 as Africa’s leading platform for dialogue at the intersection of regulation, technology and economic development, designed to address the regulatory and infrastructure gaps limiting cross-border trade, finance and digital innovation across the continent.

    He said the conference is anchored on the vision of “Africonomy”, which envisages Africa operating as a connected, trusted and innovation-driven economic space, aligned with the aspirations of the African Continental Free Trade Area (AfCFTA).

    AfCFTA is projected to integrate a $3.4 trillion market of about 1.4 billion people across 54 countries.

    Read Also: IShowSpeed gets Ghanaian passport after completion of Africa Tour

    According to Okoroigwe, despite the promise of AfCFTA, fragmented regulations, weak interoperability and regulatory uncertainty continue to constrain cross-border trade, payments and digital services, resulting in significant opportunity costs for African economies.

    He explained that RACE 2026, themed “Building Trust, Infrastructure, Inclusion, and Policy for a Borderless Economy,” will focus on promoting regulatory innovation and policy alignment, encouraging the deployment of trusted digital infrastructure such as interoperable payment systems and digital identity frameworks, and advancing financial and digital inclusion for small businesses, startups, women, youth and underserved communities.

    The conference, he added, will also strengthen collaboration among regulators, governments, financial institutions, technology innovators and development partners, while showcasing African investment opportunities in compliance, fintech, cybersecurity and digital services.

    Organisers said Nigeria’s hosting of the conference further underscores the country’s growing role as a continental hub for policy dialogue, financial innovation and digital economic leadership, while supporting Africa’s broader journey toward integrated digital markets, improved investment confidence and inclusive economic growth.

    Also speaking at the media parley, through virtual means, the Acting Principal Officer, Legal and Law Enforcement at the GIABA Secretariat, Ms. Gina Wood, said the conference and its associated policy dialogue come at a critical moment for West Africa as countries prepare for the third round of Anti-Money Laundering and Counter-Financing of Terrorism evaluations.

    She noted that findings from GIABA’s second round of mutual evaluations highlighted the need for countries to move beyond technical compliance to effectiveness, stressing stronger coordination, improved risk understanding, modern supervisory approaches and the use of technology to safeguard the integrity of financial systems.

    Wood commended the Federal Government of Nigeria for supporting the RegTech Africa initiative, saying sustainable reforms require strong political commitment and deeper collaboration between the public and private sectors, including regulators, financial institutions, fintech innovators and telecommunications operators.

    She reaffirmed GIABA’s commitment to supporting member states through capacity building, technical assistance, policy guidance and regional cooperation, describing RACE 2026 as a timely platform to advance a trusted, inclusive and future-ready regulatory and compliance framework across West Africa and the continent.

    Organisers said the media parley marked the official curtain-raiser for the 2026 conference, calling on the media to play a critical role in shaping public understanding of how regulation, innovation and technology can work together to unlock Africa’s ambition for a secure, inclusive and borderless digital economy.