Category: Business Day

TAJ Bank, Nigeria’s fast growing non-interest bank (NIB) has maintained its lead position as Nigeria’s biggest ethical bank based on the approved statements of financial positions of the Non-interest banks by the regulatory authorities at the end of 2025 year.

The latest data from the FY2025 statement of the financial position of TAJ Bank, showed that the non-interest lender had consolidated its frontline position in the subsector based on Gross Assets and Profit values as well as in other Key Performance Indicators (KPIs) ratings during the year.

Specifically, in the year under review, TAJ Bank’s Total assets grew to N1.34 trillion from N953 billion in the preceding year, representing 41% growth; Gross earning assets surged to N847.706 billion, from N467.377 billion in FY 2024, indicating 81% surge; while Total Equity surged to N149.230 billion, reflecting 144% growth over the N61.250 billion in FY 2024.

A further analysis of the TAJ Bank’s FY2025 approved financial statement indicated that it posted N132.563 billion in Gross earnings, representing 71% growth over the N77.550 billion in the previous year; Earnings value of N1.037 trillion; while its Profit Before Tax (PBT) rose by 74% to N31.562 billion in FY 2025, from N18.166 billion in FY2024; and the Capital adequacy ratio stood at 30%.

Commenting on TAJ Bank’s during the year under review, a chartered banker and former Director-General of the Chartered Institute of Bankers in Nigeria (CIBN), Uju Ogubunka, who cited the bank’s KPIs in the financial statement to justify his views, said the bank has made great progress and that its financial performance indicators between 2024 and 2025 suggest that.

Ogubunka, who is the President of the Bank Customers Association of Nigeria (BCAN), explained: ‘the bank’s performance is an excellent evidence that the bank is aggressively penetrating it’s targets, especially at the rural areas, and thus contributing to the level of financial inclusion of the people nationwide. It is also a testament to the profitability and viability of the non-interest banking sector in Nigeria.’

In his remarks, the Managing Director/CEO of TAJ Bank, Hamid Joda, enthused: ‘The improving performance of our bank is a clear demonstration of the board and management’s strong commitment to making TAJ Bank the best ethical bank in Nigeria by all assessment parameters.

‘We owe our shareholders, customers, regulatory authorities and workers a lot of gratitude for supporting our efforts targeted at transforming TAJ Bank into a global brand in the ethical banking space in the years ahead’ Joda added.

Similarly, the bank’s Executive Director, Mr. Sherif Idi, said: ‘The FY2025 performance of TAJ Bank is in furtherance of its corporate vision and mission, and I want to assure all our stakeholders, particularly the shareholders and customers, that our bank shall continually promote their interest in line with our corporate shared value always.’

Shuttlers, a technology-enabled shared mobility platform, has officially integrated Google Maps to enable commuters to search for transit directions, view Shuttlers’ routes, and book seats within the platform.

The data integration allows public transit users to locate and book shared commuter routes directly through the Google Maps platform.

The partnership expands access to reliable shared transport for businesses and professionals navigating urban centres, which is a milestone that reflects the growing need for structured, shared mobility in urban Africa.

‘We are incredibly proud of our integration into the Google Maps Transit system. This, alongside hitting 10 million journeys since launch, is a reflection of years of hard work,’ Damilola Olokesusi, CEO and co-founder of Shuttlers, said.

‘For millions of professionals, commuting is still unpredictable, exhausting and expensive. We have spent the last 10 years building technology and operational infrastructure that makes daily transportation more dependable for commuters, businesses that employ them, and the fleet operators who power our network.’

Olumide Balogun, director for West Africa at Google, said, ‘We are pleased to welcome Shuttlers into the Google Transit ecosystem in Nigeria. Reliable transit information helps people navigate cities more confidently and efficiently. As more Nigerians adopt digital tools for everyday mobility, integrations like these help make trusted transportation easier to discover and access.’

Across the continent’s fastest-growing cities, formal public transport infrastructure faces significant pressure from rapid population growth, leaving millions of professionals dependent on fragmented and costly alternatives.

To qualify as a Google Transit Partner, Shuttlers aligned its data architecture, route systems, and real-time operational capabilities with Google’s partner infrastructure requirements.

Shuttlers currently serves 30,000 active users across more than 1,000 itineraries, operating more than 430 buses daily across Lagos, Abuja, and Port Harcourt. Since launching in 2016, the platform has maintained a 99 percent trip completion rate and a 99.94 percent incident-free rate across its entire journey history.

With an ongoing commitment to urban climate impact, Shuttlers is actively integrating Compressed Natural Gas (CNG) and electric buses into its fleet, reducing emissions by up to 60 percent compared to traditional diesel alternatives.

As Shuttlers continues to grow its mobility offering, the company remains focused on building structured mobility solutions that improve how people move through African cities, creating better outcomes for commuters, businesses, and transport operators alike.

The West African Examinations Council (WAEC) has attributed delays in the conduct of the 2026 West African Senior School Certificate Examination (WASSCE) in some centres to a combination of logistical and operational challenges.

WAEC in a statement issued by Moyosola Adesina, head of public affairs of the council, for the head of national office at WAEC-Nigeria, explained that the unforeseen disruptions affected the timely administration of some examination papers.

‘The West African Examinations Council has received with deep concern the reports concerning the delayed conduct of the West African Senior School Certificate Examination (WASSCE) in some centres. Upon receipt of the reports, preliminary investigations immediately commenced to ascertain the cause(s) to address them and forestall a recurrence for the rest of the duration of the examination.

‘It is therefore necessary to inform our valued stakeholders of our findings and the steps taken so far to ensure that the incident of delayed conduct does not occur for the rest of the conduct of the examination. The delay was caused by a combination of logistical and operational challenges,’ the statement read in part.

According to the council, the direct result of a devastating motor accident on Wednesday, June 3, 2026, which tragically claimed the lives of three of WAEC’s dedicated personnel who were transporting sensitive examination materials interstate.

‘This heartbreaking loss, coupled with prevailing regional security challenges, severely compromised our distribution schedule, which inadvertently led to the delayed start times.

‘While we mourned our fallen colleagues, our team of indefatigable staff worked around the clock to deploy emergency contingency measures to ensure that the examination was still conducted in the areas affected.’

Besides, WAEC explained that other factors responsible for the delay include the issues of finalising the mode of conduct of the examination and the subsequent late registration of candidates, which affected the timely preparation of examination materials.

‘Security challenges which led to mass protests against the abduction of school children also affected the timely distribution of examination materials in spite of the council’s best efforts,’ WAEC emphasised.

However, the examination body has assured candidates and stakeholders that measures are being implemented to address the issues and safeguard the integrity of the examination process.

Hence, the council assures the general public that it has put modalities in place to ensure that the rest of the examination is conducted hitch-free as observed from the conduct of the examination on Friday, June 5, 2026.

Moreover, it noted that the council has enjoyed the massive support and cooperation of its stakeholders which include the federal and state ministries of education, the Nigeria Police and other security agencies, who have remained worthy partners in the course of WAEC’s delivery on its mandate.

‘WAEC remains unwavering in its commitment to maintaining the academic credibility and administrative integrity for which it is widely reputed,’ the council stated.

Nigeria has officially opened its electricity grid to solar sellers.

As of June 3, 2026, the Net Billing Regulations 2026, made under the Electricity Act 2023 by the Nigerian Electricity Regulatory Commission (NERC), give commercial and industrial electricity users the right to feed surplus solar power back into the grid and receive credit for it.

Bloomfield LP, one of Nigeria’s leading energy law practices, has published a detailed plain-language guide to the rules on how new net billing rules give commercial electricity users a path to sell surplus solar power.

Here are the ten things every business, developer, financier and distribution company should understand before acting.

The basic idea is simple, but the economics are not

Install solar at your premises, run your surplus into the grid through a two-way meter, and each month, your exports are set off against your imports. Anyone who does this gets a new label in the regulations: a ‘prosumer’ – someone who both produces and consumes.

But Ayodele Oni, partner at Bloomfield LP, is direct about what this is not.

‘This is not a fair swap,’ the guide states. ‘When you buy power from the grid, you pay the normal retail price, which is high. When you sell your surplus back, you are paid a much lower price, which is a fraction of the grid’s avoided cost.’ One unit sent out, in other words, is worth considerably less than one unit taken in.

The export tariff formula rewards batteries, not rooftop solar

The regulations set two export tariff rates. The off-peak rate applies a factor of 0.55 to the grid’s avoided cost. The peak rate applies a factor of 0.75, but only between 6 and 9 p.m., and only if the prosumer has installed a battery storage system verified by the Nigerian Electricity Management Services Agency.

Because solar naturally generates in the daytime, most exported solar automatically lands at the lower rate.

As the Bloomfield guide puts it: ‘Most exported solar earns the lowest rate unless you add storage which strengthens, rather than weakens, the case for sizing the system to your own use.’ The evening peak window, the one that pays better, is a battery incentive, not a solar incentive.

The primary lesson is self-consumption, not grid sales

Given the export pricing structure, the regulations carry one central commercial message.

‘Build your system to power your own building, not to sell to the grid,’ the guide states plainly. ‘Size it around what you actually use during the day. Treat money from selling surplus as a small bonus, never as the reason for the investment.’

Any financial model built on the assumption that exported power earns retail prices, the Bloomfield analysis warns, ‘is wrong, and will make the numbers look better than they are.’ Developers and financiers pitching the scheme as a revenue play should revisit those projections carefully.

This is a commercial framework, not a household one

The regulations cover only systems between 50 kilowatts and 1.5 megawatts, a threshold deliberately high enough to exclude ordinary homes and small shops.

The intended market, as described in the Bloomfield guide, is ‘factories, shopping centres, office complexes, hotels, hospitals and estates, not household rooftops.’

There is also a ceiling: systems cannot be approved for export capacity exceeding 120 percent of the customer’s own measured demand. The framework is explicitly built on the assumption that prosumers generate primarily for themselves, which means anyone trying to register a system sized for grid sales rather than self-consumption will find the DisCo, the local distribution company, unable to approve it.

There is a queue, and it is already filling

Network capacity is finite. The regulations cap the total surplus any section of the grid can absorb at 30 percent of that line’s average load, with access allocated strictly on a first-come, first-served basis. ‘This turns space on the line into something you can run out of,’ the guide notes.

‘If businesses near you have already signed up, the room for your exports may be gone before you begin.’

The practical advice from Bloomfield is to ask the DisCo to confirm available capacity before spending a naira, and move quickly in competitive locations. An industrial estate, the guide observes, ‘is in effect a race for a limited allowance.’

Your credit is not cash, and it does not travel with you

When monthly exports exceed imports, the prosumer receives no payment. They receive a bill credit, which carries forward month to month but is netted off at the annual anniversary of grid connection, with a minimum of 30 days’ notice before expiry. More critically, the credit is attached to the building, not the business. ‘If you sell the premises,’ the guide explains, ‘the credit can pass to the buyer – but only if the net billing agreement is formally transferred to them. A departing tenant, with no one to transfer to, simply loses it; and moving the solar system to a new site wipes it entirely.’

Given that most of the target market rents rather than owns, the Bloomfield guide calls this ‘a real trap.’

The solar arrangement and the lease, it advises, must be negotiated together – including who owns the system at lease-end, who keeps the credit, and what happens if the business relocates.

Connection costs all fall on the customer.

There are no subsidies for grid connection under these rules. The prosumer bears the cost of a one-time connection charge, any network upgrade the DisCo requires, the two-way meter, and a COREN-registered engineer to design and certify the installation. Anti-islanding and synchronisation protections, which prevent the system from feeding the line during a grid outage, are mandatory and must be certified before the DisCo will connect the system.

‘None of this is unfair for plugging into a shared grid,’ the guide acknowledges, ‘but it all belongs in your budget from day one, not as a surprise later.’ Lines that need upgrading will also cost more and take longer, which ties back to the earlier point about joining the queue early.

The contract leans toward the DisCo

The standard net billing agreement is largely non-negotiable, and it tilts toward the distribution company. The prosumer indemnifies the DisCo against damage caused by its system; the DisCo retains broad rights to disconnect and access equipment; and the agreement can be terminated on notice for breach.

‘You will have limited room to negotiate the wording,’ the guide states. ‘Your real protection, therefore, is good engineering, careful compliance, and insurance that matches the risks you are taking on, not red-lining the contract.’

The DisCos, for their part, are not without obligations: they must process applications to a timetable, hold customer credits in ring-fenced accounts, and maintain a public register. Whether they do so enthusiastically is another matter. As Bloomfield notes, ‘every unit a prosumer makes for itself is a unit the DisCo does not sell,’ and resistance to the scheme may extend beyond distribution companies to generation companies upstream.

The regulations are silent on carbon credits, and that silence is expensive

The final regulations contain no provision on who owns the carbon credits generated by a prosumer’s solar system.

Earlier drafts and press reports had suggested these would vest automatically in the prosumer, but the gazetted text says nothing on the point.

For businesses with sustainability commitments or those selling into carbon-priced markets, this omission has real commercial stakes.

‘Treat ownership of carbon and other environmental attributes as a contract question to nail down in writing,’ the guide advises, ‘especially where a developer owns the system, rather than something the scheme grants you automatically.’

The silence also extends to other environmental attributes. Anyone assuming the regulations settle this question should read the footnotes before signing anything.

In Lagos, and a growing number of states, these rules may not apply at all

The Net Billing Regulations 2026 are national rules from NERC. But under the Electricity Act 2023 and the constitutional changes behind it, NERC now regulates only the national and inter-state layer.

States that have passed their own electricity legislation and completed the regulatory handover operate under their own frameworks.

Oversight has passed to roughly fifteen states; Lagos completed its transfer in 2025, with its own regulator, LASERC, now building a distinct electricity market with its own system operator and metering rules.

‘A site connected to a network that has passed to a state like Lagos,’ the guide explains, ‘may fall under different rules, a different capacity band, a different price, a different cap.’ Every number that matters in this framework, the export tariff factors, the 30 percent feeder cap, the battery requirement for peak rates, and the credit duration, could be different under a state scheme, or may not yet exist at all.

‘Confirm, per site and not once but as plans firm up, which regulator is in charge; and write your contracts so that the governing tariff, the credit treatment and what happens on a change of regulator are dealt with expressly,’ the Bloomfield guide said.

The bottom line

The Net Billing Regulations 2026 are, in the assessment of Bloomfield LP, ‘good and useful rules’ that give larger electricity users ‘a clear, official way to make better use of their own solar power.’ But the value, the guide warns, ‘goes to those who read them clearly.’ Size for self-consumption. Queue early. Sort out the lease. Budget for connection. Settle carbon credit ownership in writing. And check the rulebook, state by state. ‘Treat net billing as a tool to cut your own power costs,’ the Bloomfield guide concludes, ‘and not as a scheme to earn money selling to the grid. Used that way, it is a welcome addition. Misunderstood, it will disappoint.’

The Nigerian Navy has recorded another major breakthrough in its ongoing campaign against crude oil theft and illegal refining activities, intercepting more than 135,000 litres of suspected illegally refined Automotive Gas Oil (AGO) and disrupting illicit fuel transportation networks operating along waterways in Rivers State.

The operation, conducted under Operation DELTA SENTINEL, was carried out by personnel of the Nigerian Navy Ship (NNS) PATHFINDER during separate anti-crude oil theft missions in the Onne and Abonema general areas of the state.

According to a statement issued by Abiodun Folorunsho, Director of Naval Information, the successful operations resulted in the recovery of large quantities of suspected stolen petroleum products being transported through the region’s creeks for illegal distribution.

‘In the first operation, naval personnel on routine patrol intercepted a fibre boat loaded with drums and jerrycans containing suspected stolen AGO at the entrance of Owogono Creek in Ogu-Bolo Local Government Area’, Navy said.

It also disclosed that the operators abandoned the vessel and fled into adjoining creeks upon sighting the patrol team.

‘The boat was subsequently recovered along with its cargo of approximately 63,000 litres of suspected illegally refined fuel’, it added.

In a separate operation around Abonema in Akuku-Toru Local Government Area, naval patrol teams intercepted a wooden boat transporting about 72,000 litres of suspected illegally refined AGO.

‘The products were reportedly concealed in several sacks and were being moved through the waterways for onward distribution before the operation disrupted the illegal movement’, the statement said.

Navy noted that the latest recoveries highlight the continued exploitation of creek networks in the Niger Delta by criminal elements involved in the transportation and distribution of illegally refined petroleum products.

It added that all recovered products and associated conveyances were handled in line with established anti-crude oil theft procedures.

The service reiterated its commitment to sustaining intelligence-driven operations aimed at dismantling crude oil theft syndicates, disrupting illicit fuel supply chains and safeguarding the nation’s economic assets within the maritime domain.

Inflation may no longer dominate global headlines as it did during the post-pandemic price surge, but it remains a critical measure of economic stability across the world’s largest economies.

According to the International Monetary Fund’s latest projections, inflation rates across the G20 are expected to diverge sharply in 2026. Argentina and Trkiye are forecast to record inflation rates close to 30%, making them clear outliers among major economies. In contrast, every other G20 member is projected to keep inflation below 6%.

The figures underscore the uneven recovery from the inflation shock triggered by pandemic disruptions, supply chain bottlenecks, and rising energy costs. While many central banks have successfully slowed price growth through tighter monetary policies, some economies continue to struggle with persistent inflationary pressures.

For households, the outlook remains significant, as inflation directly affects the cost of essentials including food, housing, transportation, and other daily expenses.

Here are the 10 G20 economies forecast to record the highest average annual inflation rates in 2026.

1. Argentina – 30.4%

Argentina is expected to record the highest inflation rate in the G20 for another year, with consumer prices projected to rise by an average of 30.4% in 2026.

Although inflation has eased compared with previous years, rising prices continue to affect household budgets and business costs across the country. With a projected nominal GDP of $0.7 trillion, Argentina remains one of the smallest economies in the G20, yet it faces one of the group’s largest economic challenges.

2. Trkiye – 28.6%

Trkiye follows closely behind Argentina with projected inflation of 28.6%.

The country has spent several years attempting to slow price growth through changes in monetary and economic policy. While inflation is expected to remain high by international standards, the forecast suggests a continuation of the downward trend seen since earlier peaks. Trkiye’s economy is projected to reach $1.6 trillion in 2026.

3. Russia – 5.6%

Russia ranks third with a projected inflation rate of 5.6%.

The gap between Russia and the top two countries is significant. Russia’s forecast is less than one-fifth of Argentina’s rate, highlighting how isolated the two highest-ranking countries have become within the G20 inflation landscape. Russia is expected to generate $2.7 trillion in nominal GDP this year.

4. India – 4.7%

India is forecast to record inflation of 4.7% in 2026.

As one of the world’s fastest-growing major economies, India continues to balance economic expansion with efforts to maintain price stability. Despite inflation remaining above levels seen in some advanced economies, the rate is expected to stay within a manageable range. India’s nominal GDP is projected at $4.2 trillion.

5. Brazil – 4.0%

Brazil is expected to post an average inflation rate of 4.0%.

The country’s inflation outlook reflects a period of relative stability compared with the sharp price increases experienced in many parts of the world earlier in the decade. Brazil’s economy is projected to reach $2.6 trillion in nominal GDP in 2026.

6. Australia – 4.0%

Australia shares the same inflation forecast as Brazil, with consumer prices expected to rise by 4.0%.

The figure suggests inflation remains above the levels targeted by many central banks, but far below the rates seen during the global inflation shock. Australia’s economy is forecast to produce $2.1 trillion in nominal GDP.

7. Mexico – 3.9%

Mexico is projected to record inflation of 3.9% in 2026.

The country’s economy has shown resilience in recent years, supported by manufacturing, trade and investment flows. With a projected GDP of $2.1 trillion, Mexico remains one of Latin America’s largest economies.

8. South Africa – 3.9%

South Africa also carries a projected inflation rate of 3.9%.

The forecast places the country among the middle tier of G20 economies for inflation. While price growth remains a concern for many households, the expected rate is considerably lower than levels recorded in several emerging markets during recent years. South Africa’s nominal GDP is projected at $0.5 trillion.

9. United States – 3.2%

The United States is forecast to record inflation of 3.2% in 2026.

As the world’s largest economy, movements in US inflation are watched closely by investors, businesses and policymakers around the globe. The country is projected to generate $32.4 trillion in nominal GDP, making it by far the largest economy in the G20.

10. United Kingdom – 3.2%

The United Kingdom rounds out the top 10 with an inflation forecast of 3.2%.

The projected rate suggests that price pressures have eased substantially compared with the levels experienced earlier in the decade. With a nominal GDP forecast of $4.3 trillion, the UK remains one of Europe’s largest economies.

The International Air Transport Association (IATA) has identified Nigeria as one of the most expensive countries in the world in which to operate an airline, citing high operational costs that continue to challenge the viability and growth of local carriers.

Speaking at the IATA Annual General Meeting held in Brazil, Kamil Al-Awadhi, IATA’s Regional Vice President for Africa and the Middle East, said that despite ongoing efforts by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, to reform and improve the aviation sector, airlines in the country still face significant cost pressures.

According to Al-Awadhi, the high-cost environment has made it difficult for Nigerian airlines to remain competitive and profitable, limiting the sector’s ability to reach its full potential.

He noted that excessive taxes, charges, and other operational expenses continue to burden airlines across the region, with Nigeria ranking among the most challenging markets from a cost perspective.

To address the issue, Al-Awadhi urged member states of the Economic Community of West African States (ECOWAS) to implement the proposed 25 per cent reduction in aviation taxes and charges. He said the measure would help lower the cost of air travel, stimulate passenger traffic, and improve the competitiveness of airlines operating within West Africa.

Industry stakeholders have long argued that reducing taxes and regulatory charges is essential to making air travel more affordable and encouraging greater connectivity across the region.

The call by IATA adds to growing pressure on governments in West Africa to create a more enabling environment for the aviation industry, which is widely regarded as a key driver of trade, tourism, and economic development.

Aquiline Consulting, a subsidiary of PR24 Group, has partnered with Lagos Business School (LBS) to launch an executive leadership programme aimed at strengthening strategic leadership across the security sector.

The advanced leadership Course for senior executives in security (public and private), scheduled for September 14 to 18, 2026, is designed to equip senior security leaders with the skills needed to navigate an increasingly complex and rapidly evolving security environment, according to a statement.

The organisers said the programme comes at a time when governments, businesses and security institutions across Africa are facing growing pressure to respond to both traditional and emerging threats while maintaining public trust, operating with limited financial resources and maintaining operational effectiveness.

Despite significant investments in surveillance systems, artificial intelligence, cybersecurity tools and other technologies, many security challenges persist because leadership, strategic decision-making and institutional capacity remain critical determinants of success, they noted.

‘Technology is an important enabler, but it is not a substitute for leadership. The ability to anticipate risks, drive innovation, manage crises and lead organisational transformation will determine how effectively security institutions respond to today’s challenges,’ the organisers said.

According to Aquiline and LBS, the programme will focus on strategic leadership, risk management, governance, innovation, organisational resilience and future-focused decision-making. Participants will also gain insights into global security trends and practical approaches to managing complex security risks.

The course targets senior executives from public and private security organisations, including law enforcement agencies, security consultancies, corporate security departments and critical infrastructure operators.

As security threats become increasingly interconnected and sophisticated, the organisers said investing in leadership development is essential to building stronger institutions and creating a more secure future for Nigeria and the wider African continent. The inaugural cohort is limited in size, with registration now open. The programme fee is N1.65 million.

In an industry where scale often determines survival, Tatum Bank is pursuing a different path. Rather than competing head-on with Nigeria’s largest lenders for mass-market customers, the one-year-old regional bank is building what it repeatedly describes as a ‘defensible’ banking model, one anchored on digital delivery, disciplined lending, strong governance, and deep relationships with SMEs, corporates, and sub-national institutions.

The strategy appears to be gaining traction. Having achieved profitability in its first year of operations and strengthened its capital base, the bank is now entering a new phase focused on expanding its loan book, deepening transaction flows within key business ecosystems, and proving that rapid growth can coexist with prudent risk management.

In this exclusive interview, Niyi Adeseun, managing director of Tatum Bank, discusses the market gap the bank identified, its plans for growth over the next three years, how it intends to compete with larger banks and fintechs, and why maintaining credit discipline remains central to its ambitions. BusinessDay’s Chinwe Michael brings excerpts.

Many new banks struggle to establish a clear identity. What market gap did Tatum Bank identify, and has the first year validated that thesis?

Our central thesis was that SMEs and mid-sized corporates wanted faster, more digital, and less relationship-dependent banking services.

The first year has largely validated that assumption.

We have established strategic relationships with several SME operators and sub-national entities, and those relationships have begun generating meaningful transaction flows.

The larger question now is scalability. Moving from a handful of anchor customers to over 500+ active SME relationships while maintaining service quality is a very different challenge.

Likewise, maintaining credit quality as the loan book expands 2-3x by year three will be a major test. Years two and three will therefore be focused on scaling responsibly while preserving operational excellence.

Is Tatum Bank’s long-term ambition purely domestic, or are you already considering regional and international expansion, particularly within Africa’s cross-border payments and trade finance ecosystem?

Our priority for the next two to three years is proving that the domestic model works at scale.

If we successfully grow assets to between N250 billion and N450 billion while maintaining strong asset quality, then an upgrade to a national banking licence and selective African partnerships may become realistic possibilities within four to five years.

For now, our ambition is focused squarely on building market share within Nigeria.

Tatum Bank has completed the N50 billion recapitalisation threshold within just a year of launching operations. What gave investors the confidence to back a new entrant in Nigeria’s highly competitive banking sector at this scale?

Investor confidence was built around four key pillars: governance, regulatory compliance, strategic focus, and leadership credibility.

From inception, we positioned Tatum Bank as a governance-led institution with strong compliance structures and a clear strategic focus on digital banking, SME financing, and corporate banking. Our board composition also played an important role in strengthening market confidence.

Having a Senior Advocate of Nigeria serving as chairman of the board signalled our commitment to corporate governance and institutional discipline. More importantly, achieving the regulatory capital threshold in less than a year after launching operations in May 2025 demonstrated execution capacity.

Investors wanted evidence that management could not only raise capital but also preserve and deploy it responsibly. Reaching the N50 billion threshold quickly provided that assurance.

It is important to note that most of those funds went to large banks seeking between N200 billion and N500 billion in additional capital.

As a newly established regional bank, we had to convince investors that we would not be squeezed out by larger competitors. We needed to demonstrate that our market niche was defensible, our strategy was differentiated, and our leadership team had the capability to execute.

The speed at which we achieved the capital raise suggests that investors bought into that proposition.

Capital adequacy is one thing, deploying capital effectively is another. How does Tatum Bank plan to utilise the N50 billion fresh capital?

The recapitalisation exercise was ultimately designed to strengthen banks’ ability to support productive sectors of the economy, including agriculture, manufacturing, infrastructure and SMEs.

Our deployment strategy aligns with that broader objective.

We are not pursuing a mass-retail banking model, nor are we planning aggressive nationwide branch expansion. Instead, we are building a digital-first institution focused on SME and corporate lending, supported by strong governance and risk management.

Capital deployment will therefore be concentrated in four major areas.

The first is lending growth, particularly to SMEs and corporate customers operating within sectors where we possess strong underwriting capabilities.

The second is investment in digital infrastructure to support customer acquisition, transaction processing, and service delivery.

The third is strengthening risk management, compliance systems, and operational resilience.

The fourth is measured regional expansion within our core operating markets in South-West, South-South, and North-West Nigeria.

We believe this approach allows us to grow efficiently without carrying the heavy cost burden associated with large-scale branch expansion.

The bank posted N1.7 billion in profit in its first year. What were the major drivers of profitability?

Profitability in the first year is encouraging, but it is important to understand where the earnings came from.

Like most new banks, our income profile was diversified across several sources. While we generated revenue from core lending activities, a significant portion of earnings came from treasury operations and the placement of excess capital.

This is fairly typical for a young bank whose loan book is still developing.

In the early stages, institutions often deploy excess liquidity into treasury instruments and placements while gradually building their lending portfolios. That provides income generation without exposing the bank to excessive credit risk before underwriting systems are fully established.

As our loan portfolio expands over the coming years, we expect the contribution from core banking activities to increase substantially.

Profitability is one thing, sustainability is another. What should stakeholders expect over the next two to three years?

The next phase of our journey is fundamentally about proving that the model is scalable and defensible.

If execution proceeds according to plan, we believe the bank can grow its balance sheet to between N250 billion and N450 billion by the end of year three.

Within that period, we expect the loan book to expand to between N70 billion and N120 billion while return on equity stabilises around 15 percent.

Our objective is to consistently maintain ROE above 12.5 percent without compromising risk standards.

From an asset growth perspective, we anticipate annual balance sheet growth of between 40 percent and 70 percent over years two and three.

Year one was largely focused on compliance, licensing requirements and proving the viability of the business model. With the recapitalisation now completed, the full N50 billion capital base is available for deployment.

Growth will be driven primarily through digital lending to SMEs and corporates, payment gateway partnerships, and relationships with sub-national governments and private-sector organisations.

Because our model is asset-light and technology-driven, growth is not constrained by extensive physical infrastructure investments.

What are your expectations for loan book expansion?

We expect loans to account for approximately 20 to 30 percent of total assets in year two, rising to between 45 and 55 percent by year three.

The key drivers will include invoice discounting, working capital financing for SMEs and corporates, and retail lending delivered through digital channels.

Over time, we expect a gradual shift away from treasury assets and interbank placements toward higher-yielding lending opportunities.

However, credit quality remains paramount.

We are committed to maintaining robust enterprise risk management practices and intend to keep non-performing loans below 5 percent even as the portfolio grows.

We have no intention of pursuing volume growth at the expense of asset quality. Every risk asset created must be supported by sound cash flows, strong repayment capacity and disciplined underwriting standards.

What should investors expect in terms of return on equity?

ROE will likely follow a natural progression.

The first-year return appeared relatively strong because capital was raised late in the financial year while profits were generated against a comparatively smaller average equity base.

Year two may see some pressure on returns as the full N50 billion sits on the balance sheet and is deployed gradually. During this period, average equity increases while revenue generation takes time to catch up. Additional investments in technology, people, and systems will also increase operating costs.

This dynamic is common among growing financial institutions.

By year three, however, we expect stronger loan growth and expanding fee income streams to support ROE recovery into the 12 to 18 percent range.

For a regional bank, that represents a healthy level of profitability. We do not believe excessively high returns should be pursued if they require taking disproportionate risks.

Financial inclusion remains a national priority. What role does Tatum Bank see itself playing?

At this stage, we are not pursuing traditional financial inclusion initiatives such as agency banking, rural branch expansion or USSD-based services.

As a regional digital-first bank, our current operating model does not support those investments at scale.

Instead, our inclusion strategy focuses on embedding financial services within existing economic ecosystems.

We intend to reach underserved customers through digital platforms connected to tourism, marketplaces, SME networks and government programmes rather than expecting customers to visit physical branches.

Success will ultimately be measured through metrics such as SME account growth, transaction volumes and customer acquisition through strategic partnerships.

Credit risk remains one of the defining challenges for Nigerian banks. How do you balance growth and prudence?

The answer lies in discipline. Our loan portfolio is currently relatively small, carefully collateralised, and concentrated within ecosystems where cash flows are visible and predictable.

Many banks encounter problems when growth targets begin to drive lending decisions.

We do not intend to allow investor expectations or profitability targets to push us into riskier lending before our underwriting and collections systems have fully matured.

Maintaining non-performing loans below 5 percent remains a core objective, even as the loan book expands significantly over the next three years.

While fintechs are reshaping customer expectations. As a relatively new entrant, what is Tatum Bank’s competitive edge, and how do you intend to win market share?

We believe our competitive advantage rests on four pillars.

The first is speed. Customers increasingly expect rapid onboarding and faster decision-making, and our digital architecture is designed to deliver that.

The second is partnerships. We intend to build ecosystems around anchor SME and corporate customers, bringing suppliers, vendors, employees and customers into those networks.

The third is credibility. Our capital strength and governance framework provide confidence for corporates and sub-national governments seeking banking partners.

The fourth is product focus. We are concentrating on payments, lending and treasury solutions that directly address SME cash-flow challenges.

If we meet again in 12 months, what would success look like?

Success would be reflected in a balance sheet exceeding N250 billion, non-performing loans below 5 percent, return on equity above 12 percent and more than 10,000 active business accounts.

Those metrics would demonstrate that the bank is growing without sacrificing discipline.

The biggest risks remain credit quality and concentration risk. History shows that many young banks stumble after strong early performances because they chase growth too aggressively.

Our challenge is to avoid those mistakes. If we can maintain underwriting discipline, diversify our customer base and continue scaling our digital platform, we believe Tatum Bank will establish itself as one of Nigeria’s most credible emerging financial institutions.

After moving more than 10 million passengers across Nigeria’s busiest cities over the past decade, mobility technology company Shuttlers is betting that digital transit platforms could become a key solution to the country’s worsening urban transportation crisis.

This is even as the Lagos-based company on Monday announced its integration into Google Maps Transit, allowing commuters to discover Shuttlers’ routes and book seats directly through Google Maps, a move that could significantly expand access to organised shared transportation for thousands of daily commuters.

The milestone comes as African cities face mounting pressure from rapid urbanisation, inadequate transport infrastructure and worsening traffic congestion, challenges that continue to affect productivity and economic growth.

For Shuttlers, the combination of reaching 10 million completed journeys and securing a place within Google’s transit ecosystem signals growing confidence in technology-enabled shared mobility as an alternative to unreliable public transport and expensive ride-hailing services.

‘This, alongside hitting 10 million journeys since launch, is a reflection of years of hard work. For millions of professionals, commuting is still unpredictable, exhausting and expensive. We have spent the last 10 years building technology and operational infrastructure that makes daily transportation more dependable,’ said Damilola Olokesusi, chief executive officer and co-founder of Shuttlers.

The announcement highlights a growing trend across Africa’s major cities, where private mobility companies are increasingly filling transportation gaps left by overstretched public transit systems.

According to the World Bank, African cities lose between two percent and five per cent of GDP annually because of transportation inefficiencies. In Lagos alone, commuters can spend more than 30 hours every month trapped in traffic, creating economic losses for businesses and workers alike.

As a result, structured shared mobility services are attracting greater attention from employers and city residents seeking more reliable commuting options.

Through the Google Maps integration, commuters searching for directions can now see Shuttlers’ routes alongside other transit options, making organised transportation easier to discover and access.

Industry experts say the development reflects a broader shift towards the digitisation of urban mobility, where real-time route information, data-driven operations and seamless booking systems are becoming as important as the vehicles themselves.

To qualify for the integration, Shuttlers upgraded its route management systems, operational infrastructure and data architecture to meet Google’s transit partnership requirements.

Olumide Balogun, director for West Africa at Google, said the partnership would help users make better transportation decisions.

‘Reliable transit information helps people navigate cities more confidently and efficiently. As more Nigerians adopt digital tools for everyday mobility, integrations like these help make trusted transportation easier to discover and access,’ he said.

Founded in 2016, Shuttlers currently serves about 30,000 active users across more than 1,000 itineraries in Lagos, Abuja and Port Harcourt. The company operates over 430 buses daily and reports a 99 percent trip completion rate and a 99.94 percent incident-free record.

The company estimates that its users save between 60 percent and 88 percent on transport costs compared with ride-hailing services while recovering between eight and 12 hours every month that would otherwise be lost in traffic.

Beyond commuter convenience, the growth of shared mobility is increasingly being viewed as an economic necessity. Businesses depend on workers arriving on time, while cities require efficient movement of people to remain productive.

The challenge is expected to intensify. Nigeria’s urban population continues to grow rapidly, with Lagos projected to become one of the world’s largest cities in the coming decades. Yet investment in public transportation has struggled to keep pace with demand.

This gap has created opportunities for technology-driven operators such as Shuttlers to provide structured alternatives that combine affordability, predictability and digital accessibility.

The company is also investing in cleaner transportation options, including compressed natural gas (CNG) and electric buses, as part of efforts to reduce emissions and improve sustainability.

For Shuttlers, the 10-million-journey milestone is more than a measure of growth. It represents increasing acceptance of shared mobility as part of the solution to Africa’s urban transport challenges.

With its services now visible on one of the world’s most widely used navigation platforms, the company is positioning itself not just as a transport provider, but as a digital mobility infrastructure player seeking to reshape how people move through Nigeria’s congested cities.

As traffic congestion continues to drain productivity and quality of life, the success of such platforms could offer a blueprint for how technology can help solve one of urban Africa’s most persistent problems.