Category: Business Day

Chams Holding Company Plc has appointed former Wema Bank chief executive Segun Oloketuyi as chairman of its board of directors, marking the end of founder Demola Aladekomo’s four-decade leadership of the technology company.

The appointment, which takes effect on July 9, follows board approval in line with the company’s governance processes and regulatory requirements, according to a notice filed with the Nigerian Exchange Limited (NGX) and signed by company secretary Oluwaseun Osuji and group managing director/chief executive officer Mayowa Olaniyan.

The leadership transition comes as Chams positions itself for a new phase of growth after strengthening its capital base last year to expand investments in digital infrastructure, identity verification technologies, and other technology businesses.

Oloketuyi succeeds Aladekomo, who founded Chams and led the company for 40 years, serving first as group managing director for three decades before moving to the board, where he spent another 10 years providing strategic oversight, including as chairman.

During his tenure, Chams grew from a single technology company into a diversified technology group with operations spanning identity management, payment infrastructure, card manufacturing, pension remittance services, and digital innovation. The company also established subsidiaries, including ChamsAccess, CardCentre Nigeria Limited, ChamsSwitch, and ChamsMobile.

One of the company’s landmark achievements under Aladekomo’s leadership was its role in implementing Nigeria’s Bank Verification Number (BVN) system, now a key component of the country’s banking and financial inclusion infrastructure.

The board thanked the outgoing chairman for what it described as his visionary leadership and contributions to the company’s growth and transformation over the past four decades.

Oloketuyi, who previously served as a non-executive director on the Chams board, brings decades of banking and corporate governance experience to the role.

He was managing director and chief executive officer of Wema Bank, where he led the lender through a significant transformation. His career also includes senior leadership positions at Skye Bank Plc, Polaris Bank, formerly Prudent Bank Plc, and Bond Bank Limited, as well as an earlier stint in auditing with Deloitte and Touche.

A fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Oloketuyi currently chairs Japaul Gold and Ventures Plc and Greenwich Merchant Bank. He previously served as chairman of Great Nigeria Insurance Plc.

The appointment comes months after Chams raised about N3.7 billion through a private placement, listing an additional 1.96 billion ordinary shares on the Nigerian Exchange in November 2025. The exercise increased the company’s issued shares from 4.7 billion to 6.65 billion and strengthened its balance sheet to support future expansion across its businesses.

Lionel Messi etched his name even deeper into FIFA World Cup history by becoming the first player ever to score in seven consecutive World Cup matches.

The 39-year-old came off the bench to score a stunning free-kick as Argentina defeated Jordan 3-1 to complete a perfect Group J campaign with three wins from three.

Messi’s sublime strike, his sixth goal of the 2026 World Cup, also extended his lead in the Golden Boot race to two goals.

Giovani Lo Celso and Lautaro Martinez scored Argentina’s other goals as the reigning champions advanced to the Round of 16 with a 100 per cent record.

A record-breaking streak

Messi’s historic run began at the 2022 FIFA World Cup in Qatar when he scored against Australia in the Round of 16. He then found the net against the Netherlands and Croatia before scoring twice in the dramatic final against France to inspire Argentina to the title.

He has continued that remarkable form in 2026, scoring in each of Argentina’s three group-stage matches to extend his streak to an unprecedented seven consecutive World Cup games.

In doing so, Messi broke the record he had previously shared with France’s Just Fontaine and Brazil’s Jairzinho, who each scored in six successive World Cup matches.

Another milestone for the GOAT

Already regarded by many as the greatest player in football history, Messi also extended his record as the World Cup’s all-time leading scorer.

After netting twice against Austria to take his tally to 18 goals, the Argentine captain made it 19 with a spectacular 25-metre free-kick against Jordan in the 80th minute.

The curling effort flew over the wall and beyond the goalkeeper to seal Argentina’s victory and another historic milestone in Messi’s extraordinary career.

Overall, Messi has scored 13 goals in his last 10 World Cup appearances and 8 in his last 4 matches, underscoring his enduring influence on football’s biggest stage.

With the knockout rounds now underway, the question is no longer whether Messi will break more records, but how many more he can add before Argentina’s title defence comes to an end.

The Joint Admissions and Matriculation Board (JAMB), in partnership with Rite Foods Limited, will on Tuesday host the maiden Academic Excellence Recognition Award Ceremony in Lagos, where seven exceptional Nigerian students will each receive N5 million for outstanding performance during the 2025 admission exercise.

The initiative, sponsored by Rite Foods Limited, is aimed at recognising academic excellence, rewarding merit and encouraging young Nigerians to strive for educational achievement.

According to a statement signed by Fabian Benjamin, JAMB’s spokesperson, the award recipients distinguished themselves through exceptional performances in both the Unified Tertiary Matriculation Examination (UTME) and the Post-UTME or institutional screening exercises conducted by their respective universities.

‘the ceremony, each of the seven award recipients will receive N5 million in recognition of their exceptional performance in both the Unified Tertiary Matriculation Examination (UTME) and the respective Post-UTME or institutional screening exercises conducted by their admitting Universities.

‘The seven awardees emerged through a rigorous, transparent and merit-based selection process coordinated by JAMB. Six winners represent the six geopolitical zones of the country, while the seventh award recognises the highest-performing admitted candidate living with a disability,’ the statement read

Benjamin said the seven winners emerged through a rigorous, transparent and merit-based selection process coordinated by JAMB.

Six of the awardees represent the country’s six geopolitical zones, while the seventh award will be presented to the highest-performing admitted candidate living with a disability.

The winning institutions are the University of Lagos for the South-West, the University of Uyo for the South-South, the Federal University of Technology, Owerri for the South-East, the Federal University of Applied Sciences, Kachia for the North-West, the University of Maiduguri for the North-East and the Federal University of Technology, Minna for the North-Central.

The candidate recognised under the disability category also hails from the University of Lagos, making the institution the only university to produce two award recipients in the maiden edition of the programme.

JAMB said the ceremony is expected to attract more than 300 distinguished guests drawn from Nigeria’s education sector, government, academia and the corporate community.

Expected attendees include the Minister of Education, Is-haq Oloyede, JAMB Registrar, vice-chancellors of the award-winning universities, vice-chancellors of universities in Lagos State, executive secretaries and chief executives of key education regulatory agencies, including the National Universities Commission (NUC), the National Board for Technical Education (NBTE) and the National Commission for Colleges of Education (NCCE).

Other participants will include principal officers of tertiary institutions, education stakeholders, development partners, corporate leaders, students and members of the media.

JAMB said the awards reflect its commitment, alongside Rite Foods Limited, to fostering a culture of excellence and celebrating students whose achievements exemplify the highest standards of academic merit.

The United Kingdom rejected no fewer than 1,344,595 visa applications submitted by Nigerians between 2005 and the first quarter of 2026, making Nigeria the country with the second-highest number of UK visa refusals globally after India, according to official data released by the UK Home Office.

The figures, obtained from the UK Home Office’s entry clearance visa outcomes dataset, show that Nigeria accounted for 15.2 per cent of all 8.83 million visa refusals recorded worldwide during the 21-year period

Despite the high rejection rate, Nigeria also emerged as one of the UK’s largest sources of successful visa applicants, with 2,723,558 visas granted over the same period.

This places Nigeria third globally in total visas issued, behind only India and China, while maintaining its position as Africa’s largest recipient of UK entry clearance visas.

The dataset, which covers visitor, study, work, family and other visa categories from 2005 to the first quarter of 2026, indicates that approximately 4.09 million Nigerians applied for UK visas, with decisions reached on 4,068,153 applications.

Overall, Nigeria recorded a 33.1 per cent cumulative refusal rate, more than twice the UK’s global average refusal rate of 14.8 per cent.

The data also revealed that visitor visas accounted for the overwhelming majority of rejected Nigerian applications.

Out of the 1.34 million refusals, 1,127,088 applications, representing 83.8 per cent, were visitor visas, with an overall refusal rate of 37.1 per cent.

Study visa applications recorded 130,712 refusals at a rejection rate of 20.5 per cent, while 41,410 work visa applications were rejected, representing a 16 per cent refusal rate. Family visa refusals stood at 12,217.

In 2025 alone, UK authorities rejected 66,143 Nigerian visitor visa applications, while approving 105,039, translating to a 38.6 per cent refusal rate.

By the first quarter of 2026, another 13,779 visitor visa applications had already been refused at a rejection rate of 37.5 per cent.

The statistics show that Nigeria experienced its highest visa rejection rates during the mid-2000s.

In 2006, UK authorities rejected 117,968 Nigerian visa applications, representing 49.6 per cent of all applications that year. Similarly, 111,058 applications were refused in 2005 at a rejection rate of 44.4 per cent.

However, the situation improved steadily over the following decade.

The refusal rate dropped to 26.2 per cent in 2011 and reached its lowest point in recent years at 21 per cent in 2023, a period that coincided with a sharp increase in visa approvals following the COVID-19 pandemic.

That year, the UK granted a record 281,658 visas to Nigerians, the highest annual approval recorded in the dataset, following 249,332 approvals in 2022.

The trend, however, reversed after the UK introduced tougher immigration measures.

In April 2024, the UK government significantly tightened its immigration rules by increasing the minimum salary threshold for Skilled Worker visas from £26,200 to £38,700, representing a 48 per cent increase.

The reforms also restricted dependent visa eligibility for international students and care workers, leading to a sharp decline in applications from Nigeria.

According to immigration research firm Intelpoint, work visa applications from Nigerians dropped by about 68 per cent after the revised salary threshold made many previously eligible jobs ineligible.

In 2024, 77,706 Nigerian applications were rejected at a 33.5 per cent refusal rate, while 77,571 applications were refused in 2025 at 33.1 per cent.

During the first quarter of 2026, 16,692 applications had already been rejected, with the refusal rate climbing to 35.4 per cent, higher than the rates recorded in the previous two years.

Of the 3,027,198 visa refusals issued to African applicants during the period, Nigeria accounted for 44.4 per cent, highlighting its dominant share of the continent’s migration to the UK.

Other African countries with high refusal figures include Ghana with 374,108 refusals at a 40.5 per cent rate, Algeria with 191,903 at 41.7 per cent, Egypt with 134,055 at 16.2 per cent, Zimbabwe with 102,246 at 26 per cent, Morocco with 93,722 at 22.2 per cent, Kenya with 75,973 at 18.8 per cent, Uganda with 64,759 at 34.9 per cent, South Africa with 61,521 at just 3.6 per cent, and Sudan with 59,069 at 31 per cent.

Overall, African nationals submitted 11.43 million visa applications to the UK between 2005 and the first quarter of 2026, representing about 19 per cent of all global applications.

Nigeria alone accounted for 35.7 per cent of all African applications and received 32.7 per cent of all UK visas issued to Africans during the period.

The UK operates an entry clearance system requiring nationals of countries such as Nigeria to obtain visas before travelling.

Under the country’s points-based immigration system introduced in 2008 and expanded after Brexit, applicants must demonstrate financial capability, genuine travel intentions and, where applicable, sponsorship for work or study.

Visitor visa applications are often subjected to detailed scrutiny, with immigration officers assessing applicants’ financial evidence and ties to their home country.

Reports indicate that these requirements have historically resulted in higher refusal rates for applicants from countries considered to have a high risk of irregular migration.

The Home Office also noted that Nigerians ranked among the top five nationalities claiming asylum after entering the UK on valid visas in the year ending September 2025.

According to the UK authorities, this trend has contributed to tighter controls on visa approvals and asylum applications involving Nigerian nationals.

A new Nigerian-founded fintech startup, Stabyl, has emerged from stealth mode with $2.7 million in pre-seed funding to tackle one of Africa’s biggest financial infrastructure challenges, making foreign exchange (FX) trading faster, more transparent and easier for banks, payment companies and other financial institutions.

The funding round, led by Konga, comes as demand for efficient foreign exchange infrastructure continues to grow across Africa, where businesses often struggle with fragmented liquidity, delayed settlements and manual trading processes.

Unlike many fintech companies focused on consumer payments or money transfers, Stabyl is building the technology that sits behind those transactions. Its platform enables financial institutions to source foreign exchange from a shared liquidity pool instead of negotiating separately with multiple banks and liquidity providers.

The startup was founded by Prince Nnamdi Ekeh, former co-chief executive officer of Konga Group, Zachary Schwartzman and software engineer Michael Anyi.

The idea for the company dates back to conversations between Ekeh and Schwartzman while they were MBA classmates at the University of Oxford between 2021 and 2022. Both believed that stablecoin technology could help solve the long-standing inefficiencies surrounding foreign exchange across African markets. They later brought in Anyi, whose experience building financial infrastructure helped transform the concept into a commercial platform.

Their timing comes as Africa’s digital economy continues to expand and businesses increasingly require quicker access to foreign currencies to settle international transactions.

According to the Central Bank of Nigeria’s monthly economic report, net foreign exchange inflow into Nigeria reached $6.92 billion in February 2026. Yet many institutions still depend on fragmented networks of banks and liquidity providers to obtain foreign exchange, creating delays and increasing transaction costs.

‘Our goal is to connect these participants on one platform, creating the deepest and most accessible liquidity pool on the continent,’ Schwartzman said.

Replacing manual FX trading

Stabyl is not a consumer app and does not directly process cross-border payments.

Instead, it focuses on the stage before payments are made, where banks, payment service providers and large businesses secure foreign exchange.

Ekeh explained that a large company such as Konga typically contacts several banks and liquidity providers to compare exchange rates before making a transaction. During that process, exchange rates may change, forcing treasury teams to restart negotiations or accept less favourable prices.

Stabyl replaces that manual process with a central limit order book (CLOB), where buyers and sellers can post orders that are automatically matched in real time.

‘Everybody on Stabyl can create a transaction, and that transaction gets matched and queued immediately. That entire process of having to make calls, hold transactions, figure out rates and do all this manual labour is completely removed,’ Anyi said.

The company aggregates liquidity from participating financial institutions and payment service providers while maintaining additional liquidity reserves through selected partners to ensure transactions can still be completed during periods of high demand.

Combining traditional banking with stablecoins

One of Stabyl’s key differentiators is its ability to connect conventional banking systems with blockchain-based settlement.

For naira transactions, the company has partnered with KongaPay as its official settlement partner, while digital asset custody is supported by DFNS through its multi-party computation wallet technology.

The platform currently supports the USDT and USDC stablecoins but says it remains blockchain-agnostic, selecting networks based on transaction costs, settlement speed and customer requirements.

‘Stabyl is connecting stablecoin rails with fiat banking rails because you can’t separate the two. Stablecoins are great, but they’re not great on their own. You still need to convert back to local currency,’ Ekeh said.

Institutions using the platform can settle transactions in either traditional currencies or stablecoins. Stabyl also offers application programming interfaces (APIs), allowing banks and financial institutions to integrate the platform directly into their treasury systems.

Unlike many foreign exchange businesses that profit by buying and selling currencies at different prices, Stabyl says its business model is based on transaction fees.

Rather than earning money from exchange rate spreads, it charges a small fee for every trade processed through its platform.

The company believes lower transaction costs will encourage institutions to channel more trading volume through its network, ultimately creating deeper liquidity.

‘What we want to do is grow the liquidity pot. That is where we see the opportunity: by growing liquidity for clients,’ Schwartzman said.

Regulatory changes create opportunity

The launch also comes as Nigeria’s regulatory environment for digital assets becomes more supportive.

Since the Central Bank of Nigeria lifted restrictions on cryptocurrency-related banking activities in 2023 and the Securities and Exchange Commission introduced its Accelerated Regulatory Incubation Programme, more fintech companies have begun developing compliant blockchain-based financial services.

Schwartzman said the company intends to work closely with regulators as it expands. ‘The regulatory direction is clear. We would rather build this infrastructure correctly from the start, working hand-in-hand with regulators, than arrive late to a settled market,’ he said.

Not competing with payment companies

Although companies such as Onafriq, Yellow Card and Fincra are expanding payment infrastructure across Africa, Stabyl says it sees them as customers rather than competitors.

Instead of competing for payment volumes, the company wants to become the infrastructure layer that provides liquidity to payment firms, foreign exchange providers and banks.

‘We are trying to provide liquidity to other liquidity providers, foreign exchange companies, payment service providers and financial institutions. So, if we look at everything as a pie, we’re not trying to gain market share from this pie. We’re creating more dough to make this a bigger pie for everyone,’ Schwartzman said.

Expansion plans

The newly secured funding will be used to accelerate regulatory licensing, strengthen compliance, expand the technology platform and enter additional African markets.

Beyond leading the investment round, Konga will also serve as the company’s first major commercial deployment through KongaPay, providing naira settlement services.

Ekeh said the partnership fits naturally into Konga’s broader strategy of supporting trade across Africa.

‘Konga’s vision is to be the engine of trade and commerce in Africa, and foreign exchange liquidity is the fuel that powers that engine. Stabyl’s infrastructure is critical to bring Konga’s vision to reality,’ he said.

For now, Stabyl is concentrating on the naira-to-dollar corridor but plans to expand into more African currencies as it secures regulatory approvals.

If successful, the company could position itself as one of the foundational infrastructure providers powering the next phase of Africa’s cross-border financial system, helping banks and payment firms move money more efficiently while reducing one of the continent’s biggest barriers to digital commerce.

ProvidusUnity Bank is set to commence operations as a single, unified institution following the successful completion of the business combination between Providus Bank and Unity Bank and the conclusion of all required regulatory, shareholder, and judicial processes.

According to a statement seen by BusinessDay, the commencement of operations marks the creation of a strong, better-capitalised, and nationally scaled banking institution positioned to support customers more effectively, deepen financial inclusion, and contribute meaningfully to Nigeria’s long-term economic ambitions.

‘ProvidusUnity Bank combines the complementary strengths of Providus Bank’s innovation, customer-centric service culture, and digital capabilities with Unity Bank’s broad geographic reach and established market presence, creating a stronger platform with greater capacity to serve individuals, businesses, and communities across Nigeria,’ it said.

This milestone aligns with the broad objectives of ongoing reforms within Nigeria’s financial sector aimed at strengthening institutional resilience, safeguarding depositor confidence, improving competitiveness, and creating financial institutions capable of supporting economic transformation.

The bank expressed its appreciation to the Central Bank of Nigeria (CBN), for its leadership, foresight, and commitment to building a stronger and more resilient banking system. The bank also acknowledged the support and confidence of shareholders, customers, employees, and all stakeholders whose belief in the process made this outcome possible.

ProvidusUnity Bank believes that stronger institutions will play a critical role in enabling investment, supporting enterprise, expanding access to capital and helping position Nigeria towards its aspiration of building a trillion-dollar economy.

For customers, the integration creates immediate and long-term benefits through expanded access, improved service delivery, enhanced technology infrastructure, broader channels, and a significantly wider national footprint designed to deliver a more consistent and seamless banking experience.

‘Customers should expect continuity in service and, over time, access to a more capable institution with greater reach, product offerings, and an unwavering commitment to service excellence,’ the statement added.

For employees, the statement disclosed that the transaction represents continuity, opportunity and confidence in the future. The bank remains committed to preserving institutional knowledge, retaining talent and building a stronger organisation where people can continue to grow and contribute meaningfully.

The Nigeria Employers’ Consultative Association (NECA) has called for a comprehensive assessment of the Federal Government’s economic reform agenda, saying that while the reforms were necessary and have yielded improvements in some macroeconomic indicators, businesses across the country continue to grapple with severe operational challenges.

The association made the call on Monday at the opening of the 5th Nigeria Employers’ Summit in Abuja, where government officials, employers, development partners, organised labour, diplomats, academics and private sector stakeholders gathered to review the impact of the administration’s reform policies on Nigeria’s business environment.

Delivering the welcome address on behalf of Ifeanyi Okoye, NECA President,

Richard Ayibiowu, association’s Treasurer, said the summit was taking place at a critical point in Nigeria’s economic transformation journey.

According to him, the Federal Government has, over the past three years, introduced far-reaching reforms aimed at correcting long-standing structural imbalances, improving fiscal sustainability, strengthening public finance management, boosting revenue generation and positioning the economy for long-term competitiveness.

He noted that employers acknowledged the courage required to implement such difficult reforms, including the removal of fuel subsidies, foreign exchange market reforms, tax reforms, initiatives to improve the ease of doing business and efforts to stimulate industrial development.

‘We appreciate the courage and commitment required to implement reforms of this scale,’ he said.

However, Okoye stressed that the true success of any reform programme should not be measured solely by its intentions but by its tangible impact on businesses and ordinary Nigerians.

He said three years into the reform process, it had become imperative to evaluate how the policies had affected enterprise growth, employment creation, investment, productivity, competitiveness and overall economic welfare.

While acknowledging improvements in some macroeconomic indicators, he observed that the business environment remained extremely challenging.

According to him, enterprises continue to battle high energy costs, persistent inflation, exchange rate volatility, multiple taxation, poor infrastructure, logistics bottlenecks, regulatory complexities and weakened consumer purchasing power.

He added that Micro, Small and Medium Enterprises (MSMEs), in particular, had borne the greatest burden of the adjustment process.

‘While there have been positive developments in certain macroeconomic indicators, businesses continue to operate in a challenging environment.

‘High energy costs, persistent inflationary pressures, exchange rate volatility, multiple taxation, infrastructure deficits, logistics constraints, regulatory complexities and weakened consumer purchasing power continue to affect business performance across sectors,’ he said.

Okoye explained that the summit would provide stakeholders with an opportunity to critically examine the progress made under the reform agenda, identify lingering challenges and propose practical solutions that would strengthen policy implementation and improve Nigeria’s business competitiveness.

He said discussions over the two-day event would also focus on industrial policy, regulatory reforms, sustainability and the implementation of Nigeria’s new tax regime.

A major highlight of this year’s summit, he disclosed, was the launch of the Environmental, Social and Governance (ESG) Implementation Guide for MSMEs in Nigeria, developed through a strategic partnership between NECA and the International Labour Organization (ILO).

He described the guide as timely, noting that environmental, social and governance standards now play an increasingly important role in determining investment decisions, access to finance, market opportunities and participation in global value chains.

According to him, the guide provides a practical framework that will enable Nigerian MSMEs to integrate sustainability into their operations, strengthen resilience, improve productivity and enhance long-term business performance.

He expressed appreciation to the ILO for supporting the initiative and urged participants to actively contribute practical recommendations capable of improving policies, strengthening enterprise sustainability and unlocking Nigeria’s economic potential.

Also speaking Oluwaseun Faleye, Director-General of the Nigeria Social Insurance Trust Fund (NSITF), emphasised that business competitiveness and workers’ welfare should not be viewed as conflicting objectives.

According to him, a protected workforce is more productive, confident and resilient, thereby contributing more effectively to business growth.

‘At the Nigeria Social Insurance Trust Fund, we believe that enterprise competitiveness and workers’ protection are complementary, not competing objectives.

‘A protected workforce is a more confident, productive and resilient workforce, better positioned to contribute to business growth’, Faleye said.

He added that organisations that prioritise responsible business practices and invest in employee welfare are better positioned to build stronger and more sustainable institutions.

Faleye described the partnership between NSITF and NECA as strategic, saying both organisations share a common objective of promoting sustainable enterprises alongside workers’ protection.

He stressed that as Nigeria continues implementing economic reforms, deliberate efforts must be made to ensure that growth remains inclusive and that no category of workers is excluded.

The NSITF boss said the Employees’ Compensation Scheme remains a critical component of Nigeria’s social protection framework by providing support for workers while giving employers the confidence to operate within a fair and predictable system.

He reaffirmed NSITF’s commitment to deepening collaboration with NECA, particularly in promoting workplace safety through initiatives such as the Fund’s Safe Workplace Campaign.

Faleye also acknowledged the contributions of NECA’s President and Director-General, who serve on the NSITF Board, noting that their expertise had continued to strengthen the Fund’s policies and programmes.

He expressed optimism that the partnership between both organisations would continue to advance the interests of employers, employees and Nigeria’s broader economic development.

The joint unions of the Nigerian Meteorological Agency (Nimet) are set to shut down aviation activities on Wednesday, July 1, 2026, as a result of the failure of the Nigerian Airspace Management Agency (NAMA) to comply to a ministerial directive on 10 percent remittance.

The Nimet Unions Joint Action Committee (NJAC), in a letter dated June 26, 2026, signed by the Secretaries of AUPCTRE, ANAP and SSASCGOC, Hishaq Ibrahim, Okerafor Romeo and Ogidi John, respectively, with the reference number:

JAC/015/AUPCTRE/ANAP/SSASCGOC and copied the Minister of Aviation and the Director-General, Nimet, accused the management of NAMA of disobeying Festus Keyamo,the Minister of Aviation and Airspace Development, directive.

The unions said the minister had intervened to proffer a solution due to the persistent failure of NAMA to remit 10 per cent of en-route and over-flying charges to Nimet.

However, the joint unions regretted that despite the minister’s intervention, which directed NAMA’s management to pay the sum within 48 hours, the management had yet to do so.

The unions claimed that the deliberate act by NAMA had paralysed the operational activities within the aerodrome and the staff welfare of Nimet.

To this end, the unions in their meeting held on June 15, 2026, said it reached resolutions to inform the minister of NAMA’s failure to comply to the directive and that within the period of a week, if nothing was done, Nimet staff would proceed on a nationwide strike to press home their demand.

The letter added: ‘In view of the above resolution, the NJAC in a session hereby inform all our members of the planned protest scheduled to hold on Wednesday, 1st July, 2026 at all Nimet offices nationwide.’

?The Federal Executive Council (FEC) on Monday approved N34.5 billion for the construction of an airstrip in Gboko, a remote community in Benue State. The strategic intervention aims to combat ongoing banditry and kidnapping within the region.

?Festus Keyamo, Minister of Aviation and Aerospace Development, disclosed this to State House correspondents following the second cabinet meeting of the year, which was presided over by President Bola Tinubu.

?Keyamo explained that the development will provide vital infrastructure for security operatives, granting them rapid access to vulnerable communities that frequently endure attacks. He emphasised that while Gboko remains a highly critical zone, the absence of aviation facilities has consistently hindered emergency response and military rescue efforts.

?Ministry moves to deploy military aviation facilities

?Following the approval, the aviation ministry will immediately begin setting up landing and take-off facilities to reinforce military operations across the zone. The infrastructure is expected to drastically reduce response times during security breaches.

?Detailing the tactical advantages of the project, Keyamo stated:

?’ With the approvals, Gboko airstrip will help in enhancing our efforts to tackle insecurity and help agencies and medical emergency services for the entire region faster and better, especially in evacuating and treatments of victims when they occur’.

?Works ministry secures N3.9trn for national road projects

?In a related development, Dave Umahi, Minister of Works, announced that the council approved a total of N3.933 trillion for various federal road projects across Nigeria. The approvals include an additional N15 billion for the Yola-Fufore-Gurin roads.

?Furthermore, the FEC approved a N15.23 billion contract for the maintenance of the Lagos-Ibadan Expressway. The section at the Ibadan end, which is currently failing, will be completely reconstructed using concrete to ensure long-term durability.

?According to Umahi, the council also approved the construction of a dual carriageway on a section of the Suleja-Minna road. The project will be executed by the Dangote Group under the tax credit scheme at a cost of approximately N810 billion.

?Additionally, the minister announced the allocation of N2.077 trillion for 23 road projects spanning 10 states, including Adamawa, Abia, Lagos, and Kaduna.

Nigeria is on the verge of activating one of Africa’s most ambitious financial reforms as its long-awaited open banking system enters the final phase of implementation.

But while the technology infrastructure is largely ready, experts are warning that the country has yet to build the regulatory guardrails needed to govern the artificial intelligence systems that will increasingly make decisions using customers’ financial data.

The warning comes as the Central Bank of Nigeria (CBN) advances the rollout of its open banking framework, a project expected to transform how banks, fintech firms and licensed financial institutions share customer-approved financial information.

Industry experts say the system has the potential to unlock faster digital payments, expand access to credit, improve financial inclusion and stimulate innovation across Nigeria’s financial services sector. However, they caution that without clear rules governing artificial intelligence, the same system could also introduce new risks related to bias, transparency and accountability.

Akinwumi Opeoluwa Ayodele, CISSP, IT governance and risk specialist, told BusinessDay that Nigeria has made remarkable progress in developing the infrastructure for open banking but has not kept pace in regulating the AI systems that will analyse and make decisions using the vast amount of financial data expected to flow through the platform.

‘Open banking rails are ready. The rules for the AI running on them are not,’ Ayodele said.

According to him, Nigeria risks allowing automated decision-making to become deeply embedded in its financial system without establishing adequate safeguards to ensure fairness, transparency and accountability.

The CBN became the first regulator in Africa to issue a formal open banking regulatory framework in 2021. It followed this with operational guidelines in 2023 before beginning the development of the underlying infrastructure in 2025.

The new ecosystem includes a central registry managed by the Nigeria Inter-Bank Settlement System (NIBSS), customer consent mechanisms linked to the Bank Verification Number (BVN), and structured access rules for licensed third-party service providers.

The phased rollout, which is continuing through 2026, represents a major shift in Nigeria’s digital financial landscape.

Under the framework, customers will be able to authorise banks and fintech companies to securely share their financial data through standardised application programming interfaces (APIs). This could significantly improve credit assessments, product innovation, payment services and financial inclusion.

However, experts believe the next challenge lies not in moving data but in controlling how artificial intelligence interprets that information.

Nigeria currently has a National Artificial Intelligence Strategy introduced in 2025 to guide AI development over the next five years. Yet the country still lacks a dedicated AI law or an independent regulator with powers to oversee AI deployment across sectors.

This leaves several important questions unanswered.

There are currently no binding rules that clearly define how AI systems used in lending, fraud detection or risk assessment should be audited, how developers should test for algorithmic bias, or whether customers have the right to receive explanations when automated systems reject loan applications or make other financial decisions affecting them.

Although Nigeria’s Data Protection Act provides safeguards for personal information, it does not specifically regulate how artificial intelligence systems make decisions using that data.

As financial institutions increasingly move from traditional software to machine learning models, experts say this regulatory gap is becoming more significant.

A senior regulatory source familiar with the CBN’s fintech sandbox programme disclosed that the apex bank has already started informally reviewing issues such as fairness, explainability and transparency when assessing AI-powered financial products submitted for testing.

However, the source noted that these expectations remain largely confined to the sandbox environment and have not yet become mandatory requirements across the wider financial ecosystem.

‘This is still largely a sandbox conversation. The challenge is scaling those expectations across every participant in open banking,’ the source said.

Industry observers say the stakes are particularly high because open banking will dramatically increase the volume of structured financial information available across the industry.

Transaction histories, identity records connected to BVNs, spending patterns and customer behaviour will increasingly be processed not by humans but by artificial intelligence systems designed to assess creditworthiness, detect fraud and personalise financial services.

Many of these AI systems rely on cloud-based machine learning infrastructure and, in some cases, foreign-hosted large language models.

This raises additional concerns around data sovereignty and cross-border processing of sensitive financial information.

Although Nigeria’s data protection laws regulate international transfers of personal data, experts say it remains unclear how those provisions will apply when financial information is processed through AI platforms hosted outside the country.

The issue is especially relevant in Nigeria’s rapidly expanding digital lending industry, where many lenders already use artificial intelligence to assess borrowers based on alternative data such as mobile phone usage, airtime purchases and transaction behaviour.

While these innovations have helped millions of Nigerians access credit previously unavailable through conventional banking, they have also attracted criticism over transparency, data quality and repayment risks.

Studies of digital lending have shown that poorly supervised algorithmic models can contribute to higher loan defaults when automated decisions are made with limited human oversight.

Analysts believe open banking could improve the quality of credit decisions by giving lenders access to richer and more reliable customer data.

At the same time, they warn that flawed assumptions embedded in AI models could spread across the financial system much faster if left unchecked. Rather than waiting for a comprehensive national AI law, Ayodele believes Nigeria can address the challenge by integrating AI governance into existing financial regulation.

He recommends that the CBN require every organisation joining the open banking ecosystem to disclose the AI models they use, where those systems are hosted and how their decisions can be explained.

He also proposes merging Nigeria’s emerging AI sandbox programmes with the CBN’s existing fintech sandbox to avoid fragmented oversight.

Beyond that, he argues that responsibility for supervising AI risks within financial services should be formally assigned to the CBN under the implementation roadmap for Nigeria’s National Artificial Intelligence Strategy.

According to him, the apex bank already possesses the supervisory experience and institutional capacity needed to oversee AI adoption within the financial sector.

The debate extends beyond Nigeria.

As the first African country to publish a formal open banking framework, Nigeria’s approach is being closely monitored by regulators across the continent considering similar reforms.

At the same time, the African Union’s Continental Artificial Intelligence Strategy remains at an early stage of implementation, with many member states yet to establish dedicated AI governance institutions.

Analysts believe that if Nigeria successfully combines open banking with strong AI governance, it could establish a benchmark for other African markets, particularly as cross-border payment systems such as the Pan-African Payment and Settlement System (PAPSS) continue to expand financial integration across the continent.

However, they warn that delaying AI regulation until after open banking is fully operational could make future corrections more difficult and expensive as interconnected financial systems become increasingly dependent on automated decision-making.

For now, Nigeria stands at a critical point in its digital financial transformation.

The technology infrastructure for open banking is approaching completion, but the governance framework needed to ensure that artificial intelligence operates fairly, transparently and responsibly is still evolving.

As Ayodele put it; ‘The infrastructure for data is ready. What is missing is the infrastructure for accountability.’