Category: Business Day

Governor Umar Namadi of Jigawa State has inaugurated the construction of the Tarabu-Matarar Alhazai-Malanta-Sawo-Iyo-Gishinawo-Gafta road and commissioned a power project that connects rural communities to the national grid.

The 23.4-kilometer road project, awarded to Messrs Mothercat Nigeria Limited at the cost of ?17.28 billion, is one of the critical regional road projects aimed at improving access to rural and farming communities.

Namadi, on Sunday, stated that the road passes through hard-to-reach areas of Kirikasamma and will significantly enhance agricultural activities, facilitate the transportation of produce, and strengthen the link between farmers and markets.

‘We can not overemphasise the significance of this road. It will improve agricultural activities, ease the transportation of goods, and strengthen the link between government and local communities.

‘We will continue to build roads across every corner of Jigawa State to ensure access for our people, especially our farmers,’ he said.

The governor disclosed that the project was part of the 12 regional road projects out of 48 awarded in September 2024, valued at ?150 billion, all designed to open up rural areas, boost agricultural productivity, and promote economic growth.

‘We are determined to ensure that every part of the state has access roads that support agricultural growth and connect people to opportunity.

‘From the report I received today, the work is already about 20% completed. I therefore urge the contractor to speed up the pace to ensure that the work is finished on schedule. I am confident that the contractor has no outstanding certificate with the Jigawa State Government, and I expect continuous, quality work.’

In addition to the road project, the governor commissioned a power project linking nine villages-Tage, Ilallah, Siga, Garin Wakili, Fandunan, Gafta, Baturiya, Una, and Barmaguwa to the national electricity grid, describing it as another milestone in his administration’s commitment to improving the living standards of rural dwellers through access to power and essential infrastructure.

Meanwhile, in continuation of the State’s Citizens Engagement Programme (Gwamnati Da Jama’a), the governor led top government officials and elected representatives to Kirikasamma Local Government Area for the 22nd edition of the initiative.

The main objective of the Citizens Engagement programme is to foster transparency and accountability, as it ensures that government officials communicate openly with the citizens, presenting scorecards that outline achievements and challenges faced in their respective offices.

Speaking at the Citizens Engagement venue, Governor Namadi reiterated his administration’s resolve to continue providing people-oriented projects across all local governments in the state, emphasising that the Citizens Engagement Programme remains a vital platform for transparency, accountability, and inclusive governance.

‘This programme is designed to ensure that the government remains close to the people. It allows us to listen, assess our performance, and plan better in line with citizens’ priorities,’ the governor stated.

Cape Verde made history on Monday after securing qualification for their first World Cup with a 3-0 victory over Eswatini in their final Group D qualifier of the 2026 FIFA World Cup.

The Blue Sharks, needing a win to seal one of Africa’s nine automatic berths for the expanded 2026 World Cup, delivered a commanding second-half performance in front of over 15,000 jubilant fans in Praia.

After a goalless first half, Dailon Livramento broke the deadlock in the 48th minute before Willy Semedo doubled the advantage six minutes later.

Substitute Stopira put the result beyond doubt with a stoppage-time strike to spark wild celebrations across the island nation.

Cape Verde finished top of Group D with 23 points; seven wins, two draws, and a single defeat, four points clear of second-placed Cameroon, who were held to a goalless draw by Angola in Yaoundé.

‘Giving this happiness to these people is enormous. It’s a victory for all Cape Verdeans and, above all, for those who fought for our independence. It’s a special moment in this celebration of the 50th anniversary of our independence,’ Cape Verde coach Pedro ‘Bubista Brito said.

Veteran goalkeeper Vozinha, who has represented the national team for nearly two decades, was overcome with emotion after the final whistle.’

Cape Verde’s qualification for the 2026 FIFA World Cup marks a remarkable rise for the tiny Atlantic archipelago, with a total population of just over half a million.

These strategic appointments reflect the Group’s commitment to strengthening leadership capacity and deepening impact across key markets.

These appointments span critical functions including executive leadership, wealth management, treasury, regional and asset management, positioning the Group for accelerated growth in 2025 and beyond.

Mahmoud Shuaib has been appointed Deputy Group Chief Executive Officer (Designate). With over 26 years of experience in capital market operations spanning Trustees, Asset Management, Investment Banking, and Securities Trading, Mahmoud joined Emerging Africa Group in 2021 as Group Executive Director. He has been instrumental in driving business growth and strengthening the Group’s presence in Northern Nigeria. In his new role, he will support the Group Chief Executive Officer in business origination across the Group while providing executive oversight for the Northern Region and the microfinance banks.

Oghogho Osula has been appointed as Group Director of Origination, Wealth Management. Bringing over 28 years of experience across Corporate Banking, Trusteeship, and Asset Management, Oghogho will focus on driving new and incremental deal origination in Asset Management, Trusts, and Family Office services, while continuing as a Non-Executive Director at Emerging Africa Trustees Limited. A member of the Chartered Institute of Stockbrokers and the Institute of Directors, she brings strong technical expertise and governance insight to her expanded role.

Collins Olise assumes the position of Director, Group Treasury and Southern Region. Since joining the Group in 2018, Collins has held several key positions including Group Treasury Officer, Fund Manager, Manager for the Southern Region, and Deputy Managing Director at Emerging Africa Asset Management Limited. With over 15 years of experience in Asset Management, Fixed Income Trading, Treasury Operations, and Asset and Liability Management, he will oversee the Group’s treasury strategy, manage liquidity, optimize capital deployment, and drive business development across the Southern region.

Abiola Oyekunle has been named Acting Chief Executive Officer of Emerging Africa Asset Management Limited. With over 20 years of banking experience, Abiola joined Emerging Africa Group in 2024 as Head of Wealth Management and quickly advanced to Chief Operations Officer of Emerging Africa Asset Management Limited. She brings dynamic, results-driven leadership focused on steering the company’s strategy, driving growth, and ensuring innovative asset management solutions aligned with the Group’s broader vision.

Lydia Amobi-Offor has been appointed Head, Wealth Advisory. Since joining Emerging Africa Group in 2020 as a Senior Personal Financial Planner, Lydia has delivered tailored financial solutions and managed diverse client portfolios. In her new role, she leads the team in designing innovative client solutions and deepening relationships that strengthen the Group’s Wealth Management business.

‘We remain committed to strengthening leadership team for greater impact. These appointees are tried and trusted hands who have made exceptional contributions and would help to drive further growth to better serve our clients and stakeholders across Nigeria and beyond. The leaders have demonstrated not only technical competence but also a deep commitment to our mission of creating sustainable value’.

– Dr Oluwatoyin Sanni, Executive Vice-Chair of Emerging Africa Capital Group.

About Emerging Africa Group

Founded in January 2018, Emerging Africa Group is an impact-driven organization passionate about innovating and implementing unique capital solutions while upholding the highest sustainability standards.

The Group creates substantial value for stakeholders through strategic direct equity investments in subsidiary companies and by arranging comprehensive debt and equity capital financing solutions for corporate and institutional clients.

The Group’s diversified portfolio spans Investment Banking, Infrastructure Finance, Financial Technology, Microfinance Banking, and Capacity Building. Maintaining sector flexibility, investments strategically align with Sustainable Development Goals 1, 4, 5, 7, 8, and 9, reinforced by the Group’s ISO 26000 Social Responsibility Certification.

The Federal Government has been advised to use the benefits of rising crude oil/gas export to negotiate for bigger markets so as to offset the impact of the 15% tariff slammed on Sub-Sahara Africa by the US.

The FG has also been urged to help Nigerian companies to tap into what is believed to be a $10 trillion African Continental Free Trade Area (AfCFTA) market size, and to boost manufacture of basic tools and machines to save cost in local manufacturing.

These were highlights of the quarterly economic review by the Port Harcourt Chamber of Commerce, Industry, Mines, and Agriculture (PHCCIMA) think-tank just released in the Garden City.

The Report, which was released by Chinyere Nwoga, first female President of PHCCIMA for the think-tank, said given that oil and allied products remain the predominant export product from Nigeria, the PHCCIMA expects that the trickle-down effects on the value chain will motivate a drive towards increased crude oil production from the average daily output of about 1.4 million barrels a day to at least 1.8million/day.

‘Attaining this shall hasten imminent negotiations in the fortification of Nigeria’s upstream security operations.

‘Despite the vagaries, crude oil has remained the cornerstone of Nigeria’s exports in Q2 and accounting for 53% of all total export earnings.’

The report observed a decline in the contribution of oil exports from the same period in 2024, saying it is because of the coming into operation of the Dangote Refinery.

The report pointed to another key but emerging indicator, being the contribution of non-oil exports, especially manufactured goods, agriculture, solid minerals, and processed foods in Q2, which it said accounted for 13.39% of total exports.

‘Several reasons can be adduced as follows for this trend, as follows: The weaker naira has made Nigerian products cheaper and very competitive overseas, thereby boosting the demand of these products by foreigners.

‘The introduction of various incentives by European/UK economies to attract exports of agricultural produces from Africa to their economies in the face of the US tariffs, the escalating wars between Ukraine and Russia, and the growing tensions in the Israeli/Palestine conflicts. Nigeria had witnessed a sharp rise in the exports of raw shea nuts, kola nuts, banana, and other agro-produce’, the Report noted.

The Group said the rate of agricultural exports from Africa had scaled up by 20% in 2025. ‘The quality of Nigerian exports has also improved, especially in low-cost products like fashion, local cosmetics, and processed foods.’

The think-tank referred to $4 billion trade surplus recorded in the past year, saying it underscores the need for the attainment of an optimal and effective foreign exchange rate equilibrium.

The Group called for phased implementation of the new tax regime to avoid the dangers of over speculation. ‘There are too many variables at play. Caution, absolute caution, is therefore required at this time to avoid excessive speculations and rumblings.’

PHCCIMA suggested diversification of other sources of foreign portfolio to earn more forex such as Foreign Portfolio Investment (FPI), Foreign Direct and Local Investments (FDLI), and incentives to boost diaspora remittances. They commended recent policies by the Central Bank of Nigeria.

PHCCIMA called for: ‘Policies towards encouraging investments in power generation and distribution shall need to be vigorously pursued.

‘Security enhancement must not waver, as it is much needed in the business ecosystem. There is no better time than now for a scientific approach towards coordinating the economy. The interplay of contending policies may ignite an undesired chemical reaction, if not well balanced.’

In its preamble, PHCCIMA said its report focused on the impact of policy regimes on business, especially private enterprise.

The report said global economic outlook by the IMF showed the economic forecast would slow from 2.6% to 1.9% in 2026 due to the unwinding of effects from the tariff disputes and persistent policy uncertainty.

In a bold stride toward food innovation and security, Forti Foods, a Lagos-based startup founded by Adenike Adekunle, is redefining how Nigeria thinks about food production and distribution.

Backed by global early-stage venture capital firm Antler, Forti Foods is producing culturally familiar, fortified, ready-to-eat meals with a 12-month shelf life, all without preservatives or refrigeration.

Forti Foods represents a shift toward smarter, locally driven food systems that reduce waste and improve access to nutrition. Nigeria alone loses nearly 60 percent of farm produce to spoilage due to inadequate processing and storage.

The company’s mission goes beyond convenience. It is tackling deep-seated problems in Nigeria’s food ecosystem-post-harvest losses, poor nutrition, and inefficiencies in large-scale feeding for institutions, humanitarian programs, and remote work environments.

‘Our role at Forti Foods is to support farmers and communities in remarkable ways. We are revolutionising not just how food is produced, but how it is distributed – introducing dignity into food and ensuring that people without regular access to nutritious meals can still enjoy fortified, convenient, and culturally relevant food,’ Adekunle told BusinessDay during the Antler Africa media roundtable in Lagos.

Adekunle’s journey into food innovation began far from home. Based in London for several years, she ran a successful meal-prep company catering to busy Nigerian professionals craving home-cooked meals. She later opened a restaurant and launched Cafe NG at the Nigerian Embassy in London, a space that became a cultural hub for Nigerians abroad.

Her move back to Nigeria marked a turning point. While volunteering with food banks in Lagos in 2018, she witnessed firsthand how chaotic and unsafe food distribution could be. ‘During one outreach, things went terribly wrong, as food wastage, disorder, and even children getting hurt. Despite our good intentions, it showed me how broken food distribution really was. I thought, there has to be a better way,’ she recalled.

That moment inspired Forti Foods, built to solve food delivery challenges with a system that’s efficient, traceable, and dignified.

At its core, Forti Foods produces Fortify Ready-to-Eat Meals, nutrient-rich, shelf-stable dishes designed for scale and safety. These meals are vacuum-sealed and sterilised to eliminate bacteria and oxygen, the main causes of spoilage, thereby allowing them to stay fresh for up to a year without refrigeration.

The process, Adekunle explained, involves no preservatives or artificial additives. ‘It is pure food science and precision. Once the food is cooked, sealed, and sterilised, it stays safe and nutritious for 12 months. All you need to do is heat the pack in hot water before eating,’ she said.

Forti Foods’ menu features dishes Nigerians know and love, including jollof rice, beans porridge, fried rice, rice and beans, tuwo shinkafa with peanut stew and even jollof spaghetti for younger consumers. ‘People eat what they recognize. Give a Nigerian soldier mac and cheese and he may not eat it. But jollof rice? That is comfort food,’ she added.

What sets Forti Foods apart isn’t just convenience, it’s nutrition. The company collaborates with DSM-Firmenich, a global leader in nutrition science, to fortify its meals against hidden hunger and nutrient deficiencies that often go unnoticed.

Each meal aligns with the World Food Programme’s fortification standards for West Africa, containing essential micronutrients like iron, zinc, folic acid, and magnesium. Forti Foods also uses cooking methods that preserve vitamins and minerals, minimizing the nutrient loss that often comes with traditional overcooking.

‘We want to ensure that people get real nourishment, not just calories,’ Adekunle said.

The startup’s first target market is the defense and emergency response sector. Nigeria’s military and humanitarian agencies spend millions annually importing ready-to-eat meals from abroad. Forti Foods provides a locally produced, culturally relevant, and cost-effective alternative, while creating jobs and reducing foreign dependence.

‘Our meals are already being tested in Borno State by a military arm. The feedback has been excellent,’ Adekunle revealed.

Beyond the defense sector, Forti Foods is in talks with schools, boarding institutions, and humanitarian agencies like the United Nations Children’s Fund (UNICEF) and the Red Cross. The company’s traceable packaging and streamlined logistics model also ensure accountability in meal distribution, something that is often lacking in relief programs.

With its fusion of food science, local culture, and entrepreneurial vision, Forti Foods is not just preserving Nigerian meals, it is preserving hope, dignity, and the future of sustainable nourishment.

Looking ahead, the company plans to expand into the retail market through a new product line called ‘Chops by Forti Foods’, targeting consumers seeking convenient, nutritious meals for travel, office lunches, and home use.

Forti Foods’ transformation from an idea into an investable venture came through Antler, a global VC firm that backs founders at the earliest stages. Adekunle joined the Antler Lagos (LOS1) cohort after being encouraged by a friend.

‘At first, I didn’t see myself as a ‘startup founder.’ I thought of myself as a restaurateur. But Antler showed me that innovation isn’t limited to tech. Antler gave me the structure, mentorship, and capital to build a scalable solution with real social impact,’ she said with a laugh.

Anil Atmaramani, partner at Antler Africa, praised Forti Foods’ vision as a perfect example of African innovation meeting global standards. ‘Forti Foods is redefining institutional feeding and food distribution through science, efficiency, and cultural authenticity,’ he stated.

Lola Masha, partner at Antler Africa, said the firm was proud to back entrepreneurs like Adekunle who are building transformative solutions that solve real problems for Africa.

Masha noted that Antler’s Lagos and Nairobi residencies have attracted over 20,000 applications and supported 38 founders, with 42 percent female participation, a strong indicator of inclusivity in Africa’s innovation landscape.

‘Forti Foods exemplifies the kind of founder-led resilience we love to see at Antler. Adenike is proving that innovation doesn’t have to come from a lab or a codebase, it can start from the kitchen and grow into a scalable, global business,’ Masha said.

Forti Foods is one of three standout ventures from Antler’s inaugural Lagos cohort (LOS1), alongside Cubbes, an edtech platform transforming how African students learn, and Raba, a lease-to-own financing startup empowering SMEs in manufacturing and food processing.

Together, these startups embody Antler Africa’s mission to catalyze innovation across sectors like food security, education, and industrial financing.

The Nigerian Civil Aviation Authority (NCAA) has issued a stern warning to domestic airlines over their continued delay in refunding passengers, describing the practice as a violation of existing aviation regulations and an affront to the authority’s powers.

Michael Achimugu, Director of Consumer Protection NCAA, in a post on his X handle, on Monday, said that some domestic airlines have continued to tell passengers that refunds take up to four weeks, instead of the 14 days stipulated in the NCAA Regulations 2023.

‘Domestic airlines need to stop telling passengers that their refund process takes 4 weeks. There can’t be two captains-in-command on an aircraft,’ Achimugu stated.

He stressed that the NCAA’s rules are binding and must be followed to the letter by all operators. ‘The NCAA regulations are clear about the timeframe for ticket refunds, and it is 14 days. Part 19 of the NCAA Regulations 2023 remains in force. Operators cannot create a different rule in this regard,’ he said.

Achimugu further called on air transport users to report airlines that violate this regulation by forwarding evidence of communication to his official email and those of other Consumer Protection Department officers.

‘To all the passengers: if you apply for a refund and an airline tells you that it would take 4 weeks, kindly forward that communication to [email protected], [email protected], or [email protected] immediately,’ he advised.

He emphasised that the NCAA would no longer tolerate practices that undermine its authority or subject passengers to unfair treatment.

‘Enough of this. We cannot all claim to be working for the improvement of the industry and be duplicating rules in a manner that undermines the Authority and is unfair to passengers,’ Achimugu warned.

Geregu Power Plc, Nigeria’s first listed power generation company, recorded its highest net profit in more than five years buoyed by a stronger revenue, despite widening finance costs.

The company’s revenue surged to N131.4 billion in 9M’25, up from N112 billion reported in the same period last year, with 65 percent of the total amount from energy sales.

A breakdown of the total revenue made during the period revealed that energy sold rose to N85.5 billion, up from N71.4 billion, while the capacity charge rose to N45.9 billion.

The increase impacted the power-generating firm’s after-tax profit by 4.1 percent, to N25.1 billion from N24.1 billion.

A further analysis of Geregu’s report revealed that administrative expenses amounted to N7.3 billion in the period under review from N7 billion recorded in the same period of 2024.

Of the administrative expenses, personnel cost gulped N2.04 billion of the total amount, followed by repair and maintenance of machinery and plant with N1.02 billion, compared to N1.2 billion a year ago.

The company’s other income increased to N1.3 billion as a result of the firm’s ability to generate proceeds from insurance claims.

Finance costs during the period rose by 38.5 percent to N10.1 billion from N7.3 billion in the same period in the previous year. The statement disclosed that the increase in finance cost was on the back of a 108.6 percent increase in the cost of borrowed funds.

The power-generating firm’s total assets rose to N273.1 billion, up from N221 billion, while total liabilities rose to N216 billion, up from N171 billion.

Its shareholders’ fund during the reviewed period also rose to N56.4 billion from N48 billion, indicating that the firm has a healthy financial health and can pay its short-term obligations as at when due.

The company’s cash flows for the nine months of 2025 were as follows: Net cash from operating activities amounted to N24.3 billion, down from N38.7 billion; net cash generated from investing activities rebounded to N3.14 billion, from a N25.2 billion recorded.

Net cash used in financing activities amounted to a negative N39.2 billion from N35.6 billion generated in the corresponding period of 2023.

Cash and cash equivalents for the period increased to N28.1 billion from N40.4 billion.

The value of equities traded on the Nigerian Exchange (NGX) jumped to N6.92 trillion in the first eight months of 2025, the highest in 18 years.

The figure more than doubles N3.47 trillion reported for the entire year of 2024, reflecting rising investor confidence in the local bourse.

Out of the N6.92 trillion deal, foreign investors accounted for N1.45 trillion, representing 21.01 percent, while domestic counterparts dominated with N5.46 trillion or 78.99 percent.

Month-on-month (MoM) report shows that in January 2025, the total value of traded equities stood at N607.05 billion, February (N509.47 billion), March (N1.115 trillion), April (N482.04 billion), May (N700.50 billion), June (N778.65 billion), July (N1.815 trillion), and August (N908.38 billion).

‘It’s imperative to note the surge in primary market activity as well, validating the broad improvement in liquidity across the capital market,’ Abiola Rasaq, financial analyst, told BusinessDay.

‘Interestingly, domestic investors accounted for over three-quarters of the trading activities and, more importantly, retail investors accounted for one-thirds of the market liquidity, highlighting the renewed appetite of investors for stocks,’ he noted.

He explained that the improved trading activity on the NGX reflects risk-on sentiment and high investor confidence in the Nigerian capital market.

‘This strong appetite of local retail investors may have been spurred by the five consecutive years of positive returns of the NGX All Share Index, validating the superior returns on equities over fixed income, despite the high-interest rate environment,’ he said.

‘Interestingly, stock brokers and other market participants have also eased market access, leveraging technology and improved customer service – initiatives which have increased youthful participation and overall penetration of the retail market. Again, as stability returns to the FX market, speculative capital, which hitherto were held in FX asset class, is being reallocated, supporting fund flow to the equities market.’

Razaq further said that the improved participation of retail investors is validated by the higher number of active retail investors’ accounts as well as new account openings at the Central Securities Clearing System (CSCS).

‘We have also seen improved allocation of funds from institutional investors, especially pension fund managers, which now allocate over 11 percent of their portfolio to domestic equities,’ Rasaq noted.

He added that the shortening of settlement cycle to T+2 days and a moderation in fixed-income yields could sustain market liquidity, provided that stakeholders continue to deepen the capital market.

He stressed that in dollar-terms, the overall trading value over the first eight months of the year is still barely $4.7 billion, which is behind peak historical levels when adjusted for exchange rate and inflation.

In the reviewed data, foreign inflows into equities stood at N704.87 billion, while outflows reached N748.23 billion in the eight-month period.

On the other hand, domestic retail investors traded stocks worth N2.332 trillion within the period, while institutional investors recorded N3.130 trillion in transactions, according to the NGX latest report.

‘Foreign investors prioritise stability, liquidity, policy consistency and sanctity of contract,’ said Sam Onukwue, chairman, Association of Securities Dealing Houses of Nigeria (ASHON), in a recent interview.

‘Government must ensure a more predictable foreign exchange regime and address concerns around capital repatriation. A transparent market-driven approach to privatisation will enthrone sound corporate governance in privatised entities and make our market more attractive to foreign investors,’ he noted.

The stock market has returned in excess of 42 percent this year as more investors reconsider equities. Amid this development, analysts anticipate that this momentum could continue, filtering into the mid-to-low cap segments of the market.

‘Looking ahead, we expect the market to trade with a slightly bullish bias as investors position ahead of the Q3 2025 earnings season. Market sentiment will likely be shaped by the pace of earnings releases, dividend guidance, and macroeconomic policy signals,’ Coronation Research analysts said in their recent note.

‘While short-term volatility may persist, the medium-term outlook remains constructive, supported by attractive valuations and resilient corporate fundamentals across key sectors.’

The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for introducing draft guidelines that mandate all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

In a statement signed by Ondaje Ijagwu, Director of Corporate Affairs, the Commission described the CBN’s move as a major step toward strengthening consumer protection and accountability in Nigeria’s banking system.

According to the FCCPC, the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria were released shortly after the Commission published its Consumer Complaints Data Report in September 2025.

The report, covering the period from March to August 2025, revealed that the banking and fintech sectors recorded the highest number of consumer complaints nationwide, over 3,000 in banking alone, with about ?10 billion recovered for customers across 30 sectors.

The findings identified recurring consumer grievances, including failed transactions, unauthorised deductions, and delayed refunds, issues the new CBN guidelines are designed to address.

Tunji Bello, Executive Vice Chairman and Chief Executive Officer of the FCCPC, described the proposed directive as ‘a timely and long-awaited correction to a persistent consumer challenge.’

‘It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions. We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services,’ he stated.

The Commission emphasized that the proposed refund directive aligns with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t), which mandate the elimination of unfair practices, promotion of fair dealings, and protection of consumer interests across all sectors.

It urged the prompt adoption and enforcement of the new policy, stressing that early implementation would provide immediate relief to consumers while reinforcing accountability within the banking sector.

To ensure the effectiveness of the policy, the FCCPC announced plans to collaborate with the CBN in setting up systems to monitor compliance and ensure timely redress when banks fail to meet the 48-hour refund deadline.

The Commission further advised consumers with unresolved ATM or electronic transaction issues to first report such cases to their banks or the CBN. Where the issue remains unresolved, complaints can be escalated to the FCCPC through its online porta.

According to the FCCPC, sustained cooperation among regulatory agencies will lead to faster resolutions, prevent recurrence of consumer grievances, and strengthen public confidence in Nigeria’s growing digital economy.

The World Health Organisation (WHO) has warned that antibiotic resistance is accelerating at a concerning pace, faster than medical science can respond, and posing serious threat to global health.

A new ‘Global antibiotic resistance surveillance report 2025’ launched by WHO on Monday showed that one in six laboratory-confirmed bacterial infections causing common infections in people worldwide in 2023 were resistant to antibiotic treatments.

Between 2018 and 2023, it found that antibiotic resistance rose in over 40 percent of the pathogen, antibiotic combinations monitored, with an average annual increase of 5-15 percent.

Data reported to the WHO Global Antimicrobial Resistance and Use Surveillance System (GLASS) from over 100 countries cautioned that increasing resistance to essential antibiotics poses a growing threat to global health.

The new report presents for the first time, resistance prevalence estimates across 22 antibiotics used to treat infections of the urinary and gastrointestinal tracts, the bloodstream and those used to treat gonorrhoea.

WHO estimates that antibiotic resistance is highest in the WHO South-East Asian and Eastern Mediterranean Regions, where 1 in 3 reported infections were resistant. In the African Region, 1 in 5 infections was resistant. It added that resistance is also more common and worsening in places where health systems lack capacity to diagnose or treat bacterial pathogens.

‘Antimicrobial resistance is outpacing advances in modern medicine, threatening the health of families worldwide,’ Tedros Ghebreyesus, WHO director-general said.

‘As countries strengthen their AMR surveillance systems, we must use antibiotics responsibly, and make sure everyone has access to the right medicines, quality-assured diagnostics, and vaccines. Our future also depends on strengthening systems to prevent, diagnose and treat infections and on innovating with next-generation antibiotics and rapid point-of-care molecular tests’, he added.

The new report noted that drug-resistant Gram-negative bacteria are becoming more dangerous worldwide, with the greatest burden falling on countries least equipped to respond.

The global health body therefore called on all countries to report high-quality data on AMR and antimicrobial use to GLASS by 2030,noting that achieving the target will require concerted action to strengthen the quality, geographic coverage, and sharing of AMR surveillance data to track progress.

WHO also urged countries to scale up coordinated interventions designed to address antimicrobial resistance across all levels of healthcare and ensure that treatment guidelines and essential medicines lists align with local resistance patterns.