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  • Tinubu not first President to stumble – Onoh

    Tinubu not first President to stumble – Onoh

    The former Southeast spokesman to President Bola Ahmed Tinubu and Chairman of the Forum of Former Members of Enugu Assembly, Denge Josef Onoh, has pointed out there is nothing strange about the President’s stumble while on official engagement in Turkey on Tuesday.

    Onoh accused the opposition politicians of engaging in a baseless propaganda, seeking to exploit a minor incident during President Tinubu’s state visit to Turkey.

    Tinubu stumbled while in an official welcome ceremony in Ankara-Turkey, bringing about a media frenzy in Nigeria.

    But Onoh described the brief stumble as an entirely human occurrence that in no way reflects on his vigour, focus, or the significance of the visit.

    He emphasised that such incidents are inherent risks of high office where leaders constantly navigate unfamiliar venues, ceremonial protocols, and gruelling schedules under intense public scrutiny.

    Onoh noted that history is full of similar momentary slips by world leaders, including President Gerald Ford of United States of America who famously tumbled down the steps of Air Force One in Austria in 1975.

    He also recalled that President Joe Biden of USA also tripped multiple times on the stairs of Air Force One in 2021 while President Barack Obama also briefly stumbled while disembarking Air Force One at Andrews Air Force Base on March 29, 2015, after returning from a golf trip in Florida.

    Other world leaders he cited to have slipped while in official engagement included the Chinese President Xi Jinping, who was involved in a widely noted slip in 2019; same as the Former Cuban leader Fidel Castro who fell off a stage in 2004 and former U.S. Vice President, Mike Pence, who had a similar stumble while boarding Air Force Two.

    These examples, Onoh said, serve as reminders that even the most accomplished leaders are human and prone to occasional missteps.

    Addressing the cause of the incident, Onoh referenced explanations from the President’s team that it stemmed from a poorly laid blue carpet at the ceremony venue, creating an uneven surface and causing a brief loss of footing.

    “It is not any health-related issue. President Tinubu quickly regained his composure, received assistance, and continued seamlessly with his program,” Onoh said. 

    Onoh stressed that the minor mishap did not hinder the visit’s core objectives: strengthening bilateral ties between Nigeria and Turkey, boosting trade, investment, defense cooperation, and infrastructure opportunities that directly benefit Nigeria and its people. 

    Read Also: ‘Economic model under Tinubu to drive higher GDP’

    The President proceeded with scheduled bilateral meetings with President Recep Tayyip Erdoğan and other senior officials, demonstrating unwavering commitment and resilience.

    “In the service of Nigeria,” Onoh concluded, “any small personal discomfort a leader endures—whether a stumble or greater sacrifice—is worthwhile if it advances the greater good of our country and its citizens. True leaders embrace such moments as part of their noble duty to place national interest above all else.”

    He urged the opposition and all political actors to channel their energies constructively: rather than fixating on fleeting incidents or amplifying them for partisan gain. 

    He asked them to offer substantive alternatives, propose viable solutions to national challenges, and contribute meaningfully to progress—instead of opposing everything while proposing nothing.

    Onoh reaffirmed that President Tinubu remains in great shape and fully dedicated to delivering for Nigerians, calling on all to rally around the bigger picture of shared prosperity and unity.

  • PTAD: Resolving Pensioners’ Complaints

    PTAD: Resolving Pensioners’ Complaints

    BODUNDE: Dear Omobola, we the entire PaPD pensioners receiving monthly pension from Fidelity Bank are having issues with the bank. As at today, we are yet to be paid December monthly pension and arrears. Please we need your help Ma.

    MICAH: Good day, my complaint is on the non-implementation of my level 13 promotion after verification exercise was conducted in 2019. I was promoted to the rank of Controller Marketing and the effective date of my promotion was January 2019. My entry point on level 13 was Step 6 and my next incremental date is January 1, 2020. But my level 13 has not been implemented since my retirement. I have sent my complaints to you severally but no response. Kindly assist me. I am a FRCN pensioner

    SHERIFF: Dear Omobola, my name is Sheriff. Please, is PHCN & NITEL excluded in new pension increment?

    BOLA: Good day, my name is Bola. I am a PaPD pensioners receiving monthly pension from Fidelity Bank. But up till date, I am yet to receive my December and January monthly pension. Kindly help me.

    4.Why has ES PTAD, M s. Tolulope Abiodun Odunaiya, remained incommunicado over both 27months CP A and August, 2024 as effective date for N32000 minimum pension, even with N850b?-The Nation Newspaper, Wednesday, 10:12:2025.

    ANNONYMOUS: Good day, I have been complaining of deduction of N9000 from my pension allowance since September last year. Kindly use your office to rescue me from this situation. l have written several times for correction to no avail, why.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. However, note that PTAD obtained a directive for the re-implementation of the CPA based on grade level in line with the clarification from the NSIWC before implementing the new 20 per cent / 28 per cent increment as applicable. The CPA which was as a result of the minimum wage approval in April 2019 was implemented in May 2021 based on pay-band application with subsequent payment of 24 months arrears covering from April 2019 to April 2021. It is, therefore, instructive to mention that arrears reconciliation arising from the re-implementation of the CPA based on grade level is set aside pending further directive.

    The clarification from the NSIWC which revised the implementation of the CPA to Grade level was taken into cognisance and accordingly implemented on the payroll before the application of the new pension increment of 20-28 per cent as applicable which will take effect from September 2024.

    Read Also: PTAD: Resolving pensioners’ issues

    Further to the above, the Executive Secretary gave directive to pay the 20/ 28 per cent pension increment arrears to only the pensioners whose monthly pension have been correctly computed and implemented as per the August payroll.

    In line with the directive of the Executive Secretary, the Department reviewed the August 2024 pension payroll to ascertain that only pensioners who are on their correctly computed monthly pension are paid the 20 – 28 per cent pension increment arrears and thereafter identified and excluded the following categories of pensioners:

    • Pensioners on the payroll with inherited monthly pension and whose monthly pension entitlement is yet to be computed to date;

    • Pensioners on the payroll with inherited monthly pension but whose monthly pension entitlement have been computed but not yet implemented;

    • Pensioners on the payroll with monthly pension figure that appears to be higher than the maximum monthly pension for their Grade Level.

  • Too frail to travel? Here’s how pensioners can get verified without visiting PTAD offices

    Too frail to travel? Here’s how pensioners can get verified without visiting PTAD offices

    Many pensioners and their families have questions about verification, complaints, and accessing benefits, especially when age, illness, or distance make travel difficult. The Nation explains clearly and simply pension verification, complaints and benefits

    I do not live close to any zonal office, I am frail and cannot travel. How do I get verified?

    Yes, you can still be verified.

    A pensioner who is unable to travel due to age or health conditions may apply for Mobile Verification. To do this, the pensioner should send the required documents through a third party with a formal request.

    The documents include: A full-sized recent photograph; complete contact details

    Career documents; a medical report confirming a condition that prevents travel

    Once the documents are reviewed and found satisfactory, a team of mobile verification officers will be deployed to verify the pensioner at home.

    My spouse is bedridden and cannot attend verification. What should I do?

    The same Mobile Verification process applies. You are required to gather all the documents listed above and proceed to the nearest zonal office to formally notify the Team Lead. Arrangements will then be made for officers to visit your spouse at home for verification and subsequent enrolment for Monthly Pension (MP).

    Read Also: PTAD: Resolving pensioners’ issues

    My husband was a pensioner but has passed away. The bank has frozen his account. How can I access his pension and outstanding benefits?

    The Next of Kin is required to formally notify the office of the pensioner’s death. A written notification should be addressed to the Executive Secretary, attention to the Director of the relevant Department, and accompanied by documents such as: Letter/Gazette of First Appointment; Letter/Gazette of Confirmation of Appointment; Letter of Last Promotion; Letter of Retirement; Death Certificate (from a Government Hospital or National Population Commission); Bank statement of the deceased from date of retirement to date of death; Letters of Administration issued by a court of competent jurisdiction; Computation sheet (for State pensioners with Federal share); Severance payslip (for downsized pensioners); Joint account statement of the Next of Kin; BVN printout of the Next of Kin; Recognisable means of identification; Affidavit of Next of Kin; Marriage certificate (where the claimant is the spouse).

    Where necessary, the Directorate will formally write to the bank to facilitate the release of any accrued funds. All outstanding benefits due to the deceased pensioner will then be computed and paid to the eligible Next of Kin.

    When will in-house verification start in all zonal offices?

    Plans are currently underway to extend in-house verification to additional zonal offices. For now, pensioners can access in-house verification services at the Abuja and Lagos offices.

    What bank statement period is required for verification or complaints?

    A duly stamped and signed NUBAN bank statement on the bank’s official letterhead is required.

    Where a complaint exists: From the date of retirement or date the complaint arose to the present.

    Where there is no complaint: Bank statement for the last six months only.

  • LASPEC takes pension awareness campaign to public servants

    LASPEC takes pension awareness campaign to public servants

    The Lagos State Pension Commission (LASPEC) on Friday held a day-long pension awareness programme to educate Lagos State public servants on terminal benefits options under the Contributory Pension Scheme (CPS).

    In a move that underscored its commitment to proactive engagement, LASPEC staff, alongside Pension Fund Administrators (PFAs) and annuity providers, took the awareness campaign beyond office walls, embarking on a walk from the Office of the Head of Service to the Budget Office at the Alausa Secretariat, Ikeja.

    As part of the exercise, LASPEC officials were deployed in groups to various ministries, departments and agencies within the Secretariat to engage workers directly, answer questions and clarify misconceptions surrounding pension administration.

    The awareness campaign extended beyond the secretariat as sound vehicles moved through the Ikeja environs, drawing public attention to pension matters and reinforcing Lagos State’s leadership role in pension administration across the country.

    The exercise, described by participants as both enlightening and innovative, attracted widespread attention and reaffirmed Lagos State’s reputation as a model for effective pension administration, which experts say should be understudied by other public and private institutions nationwide.

    Delivering a goodwill message at the programme, the Head of Service, Mr. Bode Agoro, described the awareness programme as a deliberate effort by the Lagos State Government to deepen understanding, transparency and trust in pension administration, noting that pension education should not be limited to officers nearing retirement but should begin early in service.

    Read Also: LASPEC: why public servants should embark on data recapture

    Agoro emphasised pensions represent security, dignity and continuity of care after years of dedicated service.

    Unfortunately, he said misconceptions and lack of awareness have sometimes undermined confidence in the system.

    This programme seeks to bridge those gaps through direct engagement and accurate information, he said.

    He encouraged LASPEC staff to see the assignment as an opportunity to serve as ambassadors of trust and accountability, adding that empathy, clarity and professionalism in their interactions would shape public perception of the pension system.

    The Head of Service reaffirmed the commitment of the Lagos State Government, under Governor Babajide Olusola Sanwo-Olu, to protecting the welfare of serving and retired public servants through continuous reforms and stakeholder engagement in line with global best practices and the THEMES+ Agenda.

    He further commended the Director-General of LASPEC, Mr. Babalola Obilana, and the Commission’s management and staff for their consistent and laudable initiatives.

    Speaking during the exercise, the Executive Director of LASPEC, who led the walk, said the pension awareness programme was the first of its kind in Lagos State and would be sustained.

    He explained that the programme was designed to sensitise public servants on their rights, responsibilities and available terminal benefits options under the CPS.

    He said: “The initiative was borne out of the need to address widespread gaps in pension knowledge among public servants. What we have discovered over time is that many officers are not fully informed about their pension rights and responsibilities under the Contributory Pension Scheme. Some do not even verify whether their monthly deductions are correctly remitted to their Retirement Savings Accounts,” Oshin said.

    He explained that the Commission decided to take pension education directly to workers in their offices to ensure early understanding and prevent challenges at retirement.

    “We want officers, even those who just resumed service one or two years ago, to understand that pension deductions are investments. They must regularly check that deductions are accurate and remitted promptly, because failure to do so could lead to loss of investment income over time,” he added.

    Oshin noted that LASPEC had previously focused on bi-annual pre-retirement workshops for officers within six months of retirement, but the Commission was now expanding its scope to reach officers at all stages of their careers.

    This awareness campaign complements our pre-retirement programmes. By starting early, we reduce anxiety, prevent delays at retirement and ensure a smoother pension process for our officers, he said.

    On the response from workers, Oshin said the turnout and engagement were encouraging.

    “The enthusiasm we saw today was remarkable. Officers were happy that LASPEC came to them. They asked questions that had bothered them for years, and with PFAs and annuity providers present, we were able to give immediate clarification,” he said.

    He assured that the awareness campaign would be sustained as part of LASPEC’s broader strategy to strengthen pension administration and safeguard the welfare of Lagos State public servants.

  • Mutual Benefits assures stakeholders of capital strength

    Mutual Benefits assures stakeholders of capital strength

    • Marks 30th anniversary

    Mutual Benefits Assurance Plc has assured stakeholders of its strong capital position and readiness to scale through the ongoing insurance industry recapitalisation exercise, as it celebrated its 30th anniversary with a thanksgiving service in Lagos.

    Speaking at the thanksgiving service, the Chairman of Mutual Benefits, Dr. Akin Ogunbiyi, said that the company has invested about $64 million in a producing oil asset, describing the move as a significant milestone for a firm that began operations three decades ago with an initial capital of about N5 million.

    Ogunbiyi said the investment reflects the company’s evolution, resilience and long-term growth strategy, noting that Mutual Benefits has successfully transformed from a modest local insurer into a diversified financial services group with regional footprints.

    He also highlighted the growing contribution of the company’s regional subsidiaries, revealing that Mutual Benefits’ operation in Niger Republic has emerged as the second-largest insurer in that market, with prospects of becoming the market leader following the exit of some francophone competitors.

    Reflecting on the company’s journey, Ogunbiyi recalled how Mutual Benefits navigated major financial and operational challenges, including a liquidity crisis in 2020, which was resolved through a $10 million capital injection from U.S. investors, as well as the successful resolution of a debt dispute at a London court.

    He paid glowing tribute to the company’s staff, recounting several storms the organisation weathered over the years, including the Daewoo loan crisis, which he said had threatened not only Mutual Benefits but other insurance firms in the industry.

    The chairman also traced the company’s humble beginnings and its expansion beyond Nigeria to countries such as Liberia and Niger, where it is steadily building a leadership position in the insurance market.

    On expansion strategy, the management of Mutual Benefits said the company remains cautious about mergers and acquisitions.

    The Managing Director/Chief Executive Officer, Mr. Olufemi Asenuga, explained that while acquisitions remain an option, they are not a priority at the moment, citing challenges encountered after the 2007 acquisition of Worldwide Insurance.

    Read Also: Mutual Benefits remains stable amid challenging economy, says Chairman

    Instead, Asenuga said the company is leveraging technology to revive and expand its microinsurance business, which had previously been constrained by high distribution costs.

    According to him, a technology-driven rollout is now being planned to deepen market penetration and improve efficiency in the segment.

    Asenuga assured stakeholders that Mutual Benefits is well positioned to navigate the ongoing recapitalisation exercise, having proactively strengthened its capital base long before the current regulatory push.

    He disclosed that despite several regulatory directives issued to the industry in the last five years, the company had already exceeded the capital thresholds of N10 billion for Life insurance and N15 billion for General insurance businesses.

    “By 2020, we had already complied with the initial directives. As we speak today, we have not only met the minimum requirements, we have surpassed them for both the Plc and the Life company,” Asenuga said.

    He added that the group’s focus has moved beyond regulatory compliance to injecting additional liquidity to support aggressive business growth and expansion.

    Beyond underwriting, Asenuga revealed that the group’s diversification into the energy sector serves as a hedge against domestic economic cycles.

    “It has not been easy for a company to stand this tall after 30 years, especially in an economy characterised by volatile government and regulatory policies,” he said.

    The thanksgiving service, held to mark Mutual Benefits Assurance Plc’s 30th anniversary with the theme “Fulfilling Purpose,” attracted industry stakeholders, financial sector leaders, staff, well-wishers and a former Commissioner for Insurance, Mr. Fola Daniel.

    The colourful event featured the presentation of long-service awards and cash gifts to staff in recognition of their dedication and loyalty to the company over the years, including the Managing Director/CEO himself, who has spent 30 years with the organisation.

    Asenuga emphasised the company’s commitment to customer satisfaction and a supportive work environment, noting that a strong workplace culture has played a key role in retaining talent and sustaining growth.

  • Fed Govt’s N501b power sector bond records 100% subscription

    Fed Govt’s N501b power sector bond records 100% subscription

    The Federal Government has successfully issued a N501 billion inaugural bond under the Presidential Power Sector Debt Reduction Programme (PPSDRP), recording 100 per cent subscription from pension funds, banks, asset managers and other investors. It also marked a significant step towards resolving legacy debts, restoring liquidity and strengthening confidence in the Nigerian Electricity Supply Industry (NESI).

    The initiative is designed to address long-standing payment arrears owed to power generation companies, which for over a decade constrained liquidity, weakened balance sheets and discouraged investment across the power sector value chain.

    The signing follows the successful completion of Series 1 Power Sector Bond Issuance by Nigeria Bulk Electricity Trading (NBET) Finance Company Plc. Series 1 issuance closed at N501 billion, comprising N300 billion raised from the capital markets and N201 billion in bonds allotted to participating power generation companies, reflecting strong investor confidence in the reform agenda.

    Under the Programme, verified receivables for electricity supplied between February 2015 and March 2025 are being settled through negotiated agreements with power generation companies. To date, five power generation companies representing 14 power plants nationwide: First Independent Power Limited (FIPL); Geregu Power Plc; Ibom Power Company Limited; Mabon Limited and Niger Delta Power Holding Company Limited (NDPHC)-  have executed Settlement Agreements with NBET. The total negotiated settlement amount for these companies stands at N827.16 billion, to be paid in four phased instalments.

    Proceeds from Series 1 issuance will fund the first and second instalment payments to participating power generation companies with signed settlement agreements, estimated at N421.42 billion, representing approximately 50 per cent of the total negotiated settlement amount. The payment for this initial phase will be made through a mix of cash and notes.

    When completed, the programme will impact 4,483.60MWh/h of electricity generation capacity by GenCos, effectively finalising settlement of payments for 290,644.84GWhr of electricity billed since February 2015 and providing a strong foundation for new investments into capacity enhancement and expansion by companies serving 12.03mn active registered customers across the country.

    Read Also: PTAD: Resolving pensioners’ issues

    Speaking at the bond issuance signing ceremony which held at the Grand African Ballroom, Lagos Continental Hotel, Victoria Island, Lagos, yesterday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the ceremony marked a critical turning point in the collective efforts to address long-standing structural challenges in Nigeria’s power sector and to lay a stronger foundation for its long-term sustainability.

    Edun, who was represented by the Director-General, Debt Management Office, Patience Oniha, explained that for many years, legacy debts owed to generation companies (GenCos) have constrained liquidity across the electricity value chain, weakening balance sheets, discouraged investment and ultimately limited the sector’s ability to deliver reliable power to Nigerian homes and businesses.

    According to him, the federal government recognised that resolving these legacy issues was not optional but essential, giving rise to the Presidential Power Sector Debt Reduction Programme (PPSDRP) and subsequently to the N4 trillion Power Sector Multi-Instrument Issuance Programme, designed as a structured, credible, and fiscally responsible mechanism for settling these obligations.

     “This transaction sends a clear and reassuring signal to the power sector and to the wider economy that the Federal Government is committed to honouring its obligations. We are prepared to deploy innovative financial solutions to resolve systemic challenges and we remain focused on restoring liquidity, confidence, and discipline across the electricity market. By settling legacy debts in a structured manner, we are enabling Generation Companies to stabilise  operations, improve maintenance and attract new investment- all of which are critical to improving power supply nationwide,” Edun said.

    He disclosed that the programme is anchored on strong governance, transparency and fiscal prudence. The Ministry of Finance, working closely with NBET and other stakeholders, remains committed to ensuring that this initiative supports sector reform while safeguarding macroeconomic stability.

    Edun was emphatic that a sustainable power sector is not just an energy objective, but an economic imperative because reliable electricity underpins industrial growth, job creation, and improved quality of life for millions of Nigerians.

    In similar vein, the Special Adviser to the President on Energy, Olu Arowolo Verheijen, stated that the programme represents a decisive reset of the electricity market, combining debt resolution with broader financial and structural reforms.

    She noted that the country’s electricity sector has been constrained not by lack of demand or installed capacity, but by unresolved legacy liabilities and chronic liquidity shortfalls. Those pressures, she argued, weakened balance sheets across the value chain, constrained gas supply, reduced plant availability and ultimately limited the pace at which electricity could be delivered reliably to homes and businesses.

    Aware of this, Verheijen said the President Bola Tinubu administration conviction of having a viable power sector led to the establishment of the Presidential Power Sector Debt Reduction Programme, chaired by the Minister of Finance/Coordinating Minister of the Economy and technically led by her office.

     “This Programme was not conceived as a bailout. It is a balance-sheet reset. Its purpose is straightforward: to clear verified legacy obligations, restore liquidity, and re-establish the conditions under which operators can plan, operate, and invest on commercial terms. Over the past several months, we have worked closely with the Ministry of Finance, NBET, NERC, and power generation companies to reconcile claims and negotiate settlements based strictly on verified obligations. Today’s signing marks the outcome of that process.

     “Fourteen generation companies have executed Full and Final Settlement Agreements, with a total negotiated value of approximately N827 billion. These agreements reflect discipline, compromise, and a shared commitment to closing the chapter on legacy arrears,” Verheijen said.

    Therefore, she said, resolving these liabilities restores liquidity across the value chain, strengthens payment certainty for gas suppliers and creates the financial headroom required for operators to stabilise assets, improve availability and plan new investment.

    Also speaking at the signing ceremony, the NBET Managing Director, Johnson Akinnawo, described the programme as a historic and defining moment for Nigeria’s power sector.

    “This historic programme received the resolute approval of President Bola Tinubu and the Federal Executive Council. Mr. President’s decisive endorsement is not just a procedural step; it is the bedrock of this ambition. It signals the highest level of commitment to the total revitalisation of our nation’s power sector,” Akinnawo said, adding that the development would strengthen market disciplines while enabling growth across generation and the other segments of the electricity value chain.

    Akinnawo stressed the broader significance of reliable electricity for national development, saying, “Reliable electricity is not just an enabler of economic activity. It is the backbone of national development, social advancement and global competitiveness.”

    Group Managing Director, Sahara Power Group, Kola Adesina, who’s conglomerate owns five power plants, said: “Capital formation can only come when there is confidence, when you can truly see a line of sight in recovering investments previously made. Because we were being owed so much, it was a bit of a problem for us to put in more money. But last year we took the bull by the horns, based on President Bola Ahmed Tinubu’s commitment in resolving the legacy issues and I can say that once this process is over, construction will commence immediately on the second phase of our Egbin Power Plant. On behalf of the Generation Companies, I’d like to thank the President for this resolution.”

    By clearing historic arrears, the programme is expected to improve liquidity for power generation companies, strengthen their ability to meet operating and debt obligations, unlock new investment across the sector and support more reliable electricity supply to homes and businesses. It also reinforces fiscal discipline through validated claims, negotiated settlements and transparent capital market financing.

    CardinalStone Partners Limited, an Investment banking firm, led the consortium of appointed professional parties as Lead Financial Adviser and Lead Issuing House to successfully execute the Series 1 Bond Issue, working closely with NBET that acted as Sponsor on the Transaction, and the Office of the Special Adviser on Energy that led the settlement negotiations and engagements with the Generation Companies.

  • Wema Bank unveils voice banking platform

    Wema Bank unveils voice banking platform

    Wema Bank has introduced a voice-enabled banking feature on its digital platform, ALAT, following the release of an upgraded version of the application tagged “ALAT: The Evolution.”

    The upgraded platform, launched recently, includes new functionalities designed to allow users to complete banking transactions through voice commands using an in-app virtual assistant known as “SAW.”

    According to the bank, the feature enables end-to-end transaction processing without manual data entry.

    The virtual assistant offers gender-based customisation and incorporates voice recognition technology, which the bank says adapts to individual voice patterns.

     An additional passcode requirement is included as part of the verification process.

    Speaking on the introduction of the voice banking feature, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the development was guided by the need to improve efficiency, reliability and convenience in digital banking.

    Read Also: PTAD: Resolving pensioners’ issues

    He stated that the feature was designed to support users in completing transactions quickly without disrupting their daily activities.

    Oseni noted that the upgraded ALAT platform integrates artificial intelligence with security features and is intended to optimise banking services for users within and outside Nigeria.

    He said: “When we launched ALAT in 2017, the goal for us was to provide a banking solution that would be ahead of its time, something that would optimise banking for Nigerians across the world and be accessible 24/7, outside the spheres of traditional banking. ALAT, no doubt has ticked all the boxes since its launch, and the upgraded version goes even further. The Wema way is innovative and ever evolving.

    “We saw the world evolve, understood where it was headed and leveraged emerging technologies to give ALAT a futuristic upgrade; hence the launch of what we have tagged ‘ALAT: The Evolution’, a game changer in the industry.

    “In today’s AI-driven world, the new ALAT incorporates artificial intelligence with enhanced security, creating a holistic solution built with groundbreaking features that extend beyond banking. It goes beyond just implementing an AI Virtual Assistant, it is supporting the fast-paced lifestyles of our customers without interrupting their busy schedules. A student caught up in work does not need to transfer focus to their banking app to make a quick transfer.

     “A simple voice command cuts down a process that would have taken a whole minute to a matter of seconds. Every detail is strategic, ensuring that your virtual assistant is programmed to your voice and regular voice patterns. This is the future of banking, and this is what Wema Bank has delivered with the new and upgraded ALAT”, Oseni concluded.

    In addition to voice banking, the upgraded application also includes a contactless payment feature known as “Tap & Pay,” which allows secure transactions between ALAT users in close proximity. Another feature, Uptime Prediction, displays the service availability status of recipient banks before transactions are processed.

  • Facebook to empowering creators

    Facebook to empowering creators

    Facebook has stated its dedication to empowering creators in the communities they’re already active so they can succeed and grow on its platform while sharing original and engaging content.

    Head of Communications, Sub-Saharan Africa at Meta, Oluwasola Obagbemi, explained that as a demonstration of the company’s commitment, it will be live at the 2026 African Creators Summit, delivering immersive on-ground experiences designed to connect with and empower Africa’s growing creator ecosystem.

    “We are dedicated to empowering creators in the communities they’re already active in so they can succeed and grow on Facebook while sharing original and engaging content.”

     Events like the African Creators Summit, which bring together creators, storytellers and innovators, provide a platform to demonstrate that Facebook is all about connecting people. We are excited to showcase the opportunities Facebook offers to reach a massive global audience, connect more deeply with real people and earn real money across all content formats,”   Obagbemi said. 

    Convener African Creators Summit, Oladapo Adewunmi, said the forum is designed to create the bridge between creators, businesses, platforms, policymakers and partners across Africa.

    Read Also: PTAD: Resolving pensioners’ issues

    “Creators are the teachers and architects of modern culture. What they build today becomes the standard tomorrow — shaping how we dress, how we think and how we show up in the world. That is why we introduced the African Creators Summit: to create the bridge between creators, businesses, platforms, policymakers and partners across Africa, so we can truly understand each other and build together. Facebook’s continued support of ACS reflects a long-standing belief in creators — their stories, their businesses and their power to drive global impact from Africa. It’s a clear commitment to creativity as a catalyst for cultural influence and economic growth,” Adewumi said.

    The African Creators Summit (ACS) billed for January 29, 2026 at the Federal Palace Hotel, Victoria Island, Lagos, is one of Africa’s leading gatherings for creators, storytellers, innovators and digital entrepreneurs. This year’s summit theme: ‘Building a Sustainable Ecosystem Where Africa Trades Its Swag’, aligns with Facebook’s focus to empowering creators with tools that support monetisation, audience reach, discovery and community building.

    The event will bring together creators, young adults and Nigerian celebrities to connect, collaborate and create memorable moments at the Facebook-themed booth. Attendees will engage in interactive experiences that highlight authentic connection, community-building and the power of real relationships on Facebook—reinforcing the platform’s role as the largest network for meaningful connections across Africa.

    Over the years, Facebook has evolved to meet changing needs by building strong experiences across Groups, Video and Marketplace. With the African Creators Summit positioned not just as an event but as a catalyst powering a diverse, inclusive and future-focused Pan-African creative ecosystem, Facebook continues to power creativity and connection across the creator community

  • ‘Cargo consolidation could spark jobs boom’

    ‘Cargo consolidation could spark jobs boom’

    A structured cargo consolidation ecosystem could generate tens of thousands of direct jobs across the country’s maritime and aviation value chains, the Sea Empowerment and Research Centre (SEREC) has said.

    The centre added that indirect employment in trucking, cold-chain logistics, ICT, insurance and finance could be two to three times higher than direct jobs created by the ecosystem.

    SEREC said roles ranging from freight planners, load controllers and cargo analysts to warehouse operators and customs compliance officers would form the backbone of new logistics employment clusters around ports and airports, positioning cargo consolidation as both a trade and jobs strategy for Nigeria under the African Continental Free Trade Area (AfCFTA).

    The group highlighted this in a position paper, signed by its Head of Research, Eugene Nweke, and obtained by The Nation.

    The document, addressed to the Ministers of Marine & Blue Economy and Aviation & Aerospace Development, as well as in a public policy white paper previously submitted to the Presidency, urged the swift adoption of cargo-first logistics reforms.

    The call comes amid strong AfCFTA trade momentum. Nigeria’s share of intra-African trade rose by over 127 per cent, from $8.1 billion in 2023 to $18.43 billion in 2024, accounting for about 8.3 per cent of total intra-African trade. At the continental level, intra-African trade expanded by 12.4 per cent to about $220.3 billion.

    Nigeria’s exports to African markets also grew by 14 per cent in the first half of 2025 to approximately N4.82 trillion ($3.3 billion), reinforcing what SEREC described as “real and accelerating” AfCFTA momentum.

    However, the centre warned that Nigeria remains logistically under-prepared to convert this growth into sustainable competitiveness.

    Read Also: Cargo accounts settlement system gets new chair

     “Trade agreements do not move cargo, logistics systems do,” SEREC said, pointing to structural weaknesses in road haulage, port evacuation, inland connectivity and, most critically, cargo aggregation and consolidation, which according to the group, continue to inflate costs for Nigerian shippers.

    According to SEREC, cargo consolidation—the aggregation of smaller shipments into cost-efficient freight units, must move from an ad-hoc operational tool to a national trade strategy, especially in an economy where AfCFTA trade is dominated by SMEs, agricultural produce and light manufacturing.

    Despite Nigeria’s logistics and freight forwarding market being valued at about $6.47 billion in 2025, and its air freight market at $8.18 billion, the absence of structured consolidation systems, the maritime think-tank argued, has left exporters facing higher per-unit freight costs, irregular sailings, indirect routing through non-African hubs and weaker delivery-time competitiveness.

     “In effect, Nigeria produces cargo but exports the logistics value chain,” the group noted, citing offshore consolidation of Nigerian cargo and foreign dominance of high-value express and consolidated freight.

    SEREC acknowledged strong growth in the maritime sector, with Nigeria’s seaports recording a 45 per cent increase in throughput from 71.2 million metric tonnes in 2023 to about 103.3 million metric tonnes in 2024, while container handling rose by nearly 9.7 per cent.

    However, it said the volume growth has not translated into proportional efficiency gains due to evacuation bottlenecks and weak hinterland connectivity, stressing that designated cargo consolidation hubs, particularly for short-sea African shipping, are essential to transforming port volumes into AfCFTA competitiveness.

    While maritime transport accounts for over 97 per cent of the country’s export movements, SEREC said air transport remains severely underutilised, carrying only about 0.38 per cent of exports by value, roughly $45 million.

    Yet, Nigeria’s air freight market is projected to grow to about $11.82 billion by 2031, revealing what SEREC described as a missed opportunity driven not by lack of demand, but by the absence of structured air cargo consolidation and dedicated cargo infrastructure.

    In its white paper, SEREC called for deliberate incentives to encourage indigenous airlines to migrate, wholly or partially, into dedicated airfreight operations, arguing that cargo offers more stable and predictable revenues than passenger services.

     “AfCFTA-driven intra-African trade will significantly expand cargo volumes, and dedicated freighters support night operations, regional hubs and airline sustainability,” SEREC said.

    The paper further proposed dedicated national air cargo airports, sea–air and air–sea corridors, bonded multimodal routes, and a National Multimodal Logistics Council to harmonise aviation, maritime, trade and customs policies.

    It said beyond trade competitiveness, cargo consolidation offers a powerful economic multiplier, with each consolidation hub functioning as a logistics employment cluster that stimulates sustained commercial activity around ports and airports.

    Concluding, the centre described cargo consolidation as “not merely a logistics practice but a national economic instrument,” warning that without it, Nigeria risks remaining a passive AfCFTA participant despite rising trade figures.

     “Nigeria cannot trade competitively in Africa without consolidating competitively at home,” the group stated, urging swift policy action to lock in jobs, retain logistics value and position the country as a continental trade and logistics anchor.

  • Petrol price rises as Dangote Refinery raises ex-depot cost

    Petrol price rises as Dangote Refinery raises ex-depot cost

    The retail prices of Premium Motor Spirit (PMS), otherwise known as petrol, rose by 100 basis points across most stations in Lagos and Edo States after Dangote Petroleum Refinery and Petrochemicals announced an increase in its ex gantry price.

    The refinery raised petrol ex gantry price from N699 per litre to N799 per litre. Retail outlets subsequently increased their prices by same margin, with retail prices ranging between N839 per litre and N900.

    Fuel marketers in Edo State increased pump price of fuel to N900 per litre. Before the Dangote Refinery’s increment, fuel stations in Edo sold fuel at between N739 per litre to N795 per litre.

    A visit to some fuel stations in Benin City and environs showed price adjustment to between N850 per litre to N900 per litre.

    Dangote Refinery explained that the facility implemented a deliberate and temporary price support intervention during the festive period  to cushion the effect of heightened household spending during the yuletide on Nigerians..

    Read Also: Experts say Dangote Refinery can unlock thousands of maritime jobs

    “This marked the second consecutive festive season in which the Refinery absorbed significant costs in the national interest, including logistics support in 2024 and a price reduction in 2025 to promote affordability and market calm.

    “Despite the price reduction, many filling stations failed to reflect the new price at the pump, thereby denying Nigerians the benefits of the reduction,” Dangote stated.

    It added that with the festive period over, PMS prices, it said, have been modestly realigned to sustainable levels to support long term market stability and affordability.

    Dangote also reaffirmed its commitment to market stability and uninterrupted nationwide supply of petrol.

    Chief Executive Officer, Dangote Petroleum Refinery, David Bird, stated that the refinery continues to supply the domestic market with approximately 50 million litres of PMS daily, with nationwide evacuation and distribution operating normally.

    He noted that the Refinery’s design flexibility allows it to process a wide range of crude and intermediate feedstocks, enabling continued PMS supply during planned maintenance activities. According to him, this capability ensures that domestic supply remains stable and uninterrupted.

    He noted that the Refinery’s design flexibility allows it to process a wide range of crude and intermediate feedstocks, enabling continued PMS supply during planned maintenance activities. He added that this capability ensures that domestic supply remains stable and uninterrupted.

     “As a domestic producer, Dangote Petroleum Refinery continues to shield the Nigerian market from import related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector. Dangote Petroleum Refinery remains focused on delivering energy security, price stability, and long-term value for Nigerians,” the statement said.