Akpabio warns parties against denying experienced lawmakers return tickets

Senate President Godswill Akpabio has urged political parties to reconsider decisions denying experienced lawmakers tickets to return to the National Assembly, warning that the practice could weaken legislative institutions and undermine democratic governance.

Akpabio said legislative experience, competence and contributions to national development should be considered when parties select candidates for subsequent elections, arguing that the loss of experienced lawmakers deprives the legislature of valuable institutional knowledge.

He spoke on Thursday while acknowledging the contributions of Professor Francis Faduyile, a former president of the Nigerian Medical Association (NMA), whom he said had considerable experience and expertise to contribute to the Senate.

‘It is not good for a senator to serve in the Senate for only one year and then leave. Political parties must take a closer look at their decisions, particularly when dealing with serious-minded individuals who can make meaningful contributions to legislation and national development,’ Akpabio said.

He added, ‘Denying such individuals tickets deprives the legislature of their experience.’

The Senate President warned against treating the National Assembly as a platform for political patronage, insisting that legislative positions should be occupied by people capable of contributing to lawmaking and national development.

‘The Senate is not a place for sharing political largesse,’ he declared.

https://businessday.ng/news/article/akpabio-warns-parties-against-denying-experienced-lawmakers-return-tickets/

BOI channels 80% of large loans to manufacturing, infrastructure

The Bank of Industry (BOI) has directed 80% of its large-enterprise lending to manufacturing and infrastructure, as the development finance institution steps up efforts to expand productive capacity, improve local production and create jobs across Nigeria’s economy.

Olasupo Olusi, managing director and chief executive officer of BOI, disclosed this while reviewing the bank’s progress under its 2025-2027 corporate strategy, which seeks to double its loan book, disbursements and development impact within three years.

The focus on manufacturing and infrastructure comes as BOI seeks to link financing to measurable economic outcomes, including employment, enterprise growth and increased output, while expanding access to long-term capital for businesses.

The bank’s 2025 Annual Development Impact Report shows that BOI disbursed a record N644.9 billion during the year, representing a 26 percent increase from N510.9 billion in 2024. The financing supported 12,501 businesses and generated an estimated impact of 1.68 million jobs, comprising direct, indirect and supported employment across value chains.

The report also estimated that BOI’s interventions contributed approximately 2 percent to manufacturing gross domestic product, underscoring the role of development finance in supporting industrial activity.

However, the report shows that large enterprises accounted for 59 percent of the bank’s 2025 disbursements, while small and medium-sized enterprises received 29 percent, micro enterprises 5 percent and nano businesses 7 percent. BOI said more than 30 percent of its total financing went to nano and micro, small and medium-sized businesses, reflecting efforts to combine support for established firms with wider access to finance.

Under its current corporate strategy, the bank has set targets to allocate 35 percent of funding to micro, small and medium-sized enterprises, direct at least a quarter of large credits to infrastructure, and increase financing for women-owned businesses, youth-led enterprises, the digital economy and climate-related projects.

Olusi said the bank was pursuing a broader development mandate that prioritises the outcomes of lending rather than the amount disbursed alone.

In 2025, MSMEs received 41 percent of BOI’s funding, above its 35 percent target. Women-owned businesses received N120.9 billion, while women- and youth-focused businesses each accounted for 20 percent of financing, according to the bank’s strategy review.

The impact report also highlights results beyond the volume of lending. BOI financing linked 47,508 smallholder farmers to processing plants, while 100 mini-grids supported electricity connections for 11,777 households and businesses in rural areas. Its rural broadband infrastructure programme also supported more than 700 communities.

In the food and beverages sector, the report recorded a 67 percent reduction in raw-material imports among the businesses covered by its assessment, pointing to the potential for financing to support local sourcing and import substitution. The report also identified 1,615 startups financed and more than 1,000 women-owned businesses directly supported.

The bank has also expanded its funding base to support its lending ambitions. Olusi said BOI mobilised a pound 1.879 billion syndicated facility in 2024 and secured pound 210 million from international development partners in 2025. In 2026, it raised a N250 billion development bond, which was oversubscribed, and secured European Investment Bank financing of pound 85 million for agriculture and pound 50 million for healthcare manufacturing.

The bank said the additional funding would help it provide financing across priority sectors, including agriculture, local healthcare manufacturing, infrastructure and the digital economy.

BOI has also been implementing a N200 billion Federal Government intervention package comprising a N50 billion Presidential Conditional Grant Scheme, a N75 billion MSME Intervention Fund and a N75 billion Manufacturing Sector Fund. According to the bank, more than 95 percent of the intervention had been delivered, reaching 957,400 grant beneficiaries, 9,000 MSMEs and 104 large manufacturers.

Its Rural Area Programme on Investment for Development (RAPID) disbursed N6.5 billion to 880 rural enterprises across the 36 states and the Federal Capital Territory, supporting more than 8,000 jobs.

For 2027, BOI plans to work with the Federal Ministry of Industry, Trade and Investment on a National Industrial Finance Compact, deploy European Investment Bank funds to agriculture and local healthcare manufacturing, and expand its information and communications technology portfolio through the Investment in Digital and Creative Enterprises (iDICE) programme.

The bank’s challenge will be to sustain the growth in lending while ensuring that financing translates into stronger industrial output, more competitive businesses and durable employment. Its 2025 impact report provides evidence of activity across manufacturing, agriculture, infrastructure and enterprise development, although the reported 1.68 million jobs combine direct, indirect and supported jobs and are estimates rather than a count of direct hires alone.

As BOI moves towards the end of its 2025-2027 strategy period, the extent to which its large-enterprise lending expands productive capacity and strengthens domestic value chains will remain an important measure of the economic impact of its financing.

Presidency urges states to end reliance on FG for electricity supply

Kashim Shettima, Nigeria’s vice president, has urged state governments to establish functional electricity markets and attract private investment, saying they must take responsibility for addressing local power challenges rather than depend on the federal government.

Shettima said Nigeria’s ambition to build a competitive industrial economy would remain constrained unless electricity reforms delivered reliable power to businesses, households and public institutions.

He spoke on Wednesday at the National Stakeholders’ Workshop on the Electricity Act 2023 in Abuja, where he called for faster implementation of the law, which allows states to establish and regulate intrastate electricity markets within the applicable constitutional and legal framework.

Represented by Ibrahim Hassan Hadejia, deputy chief of staff to the president, the vice president said states needed to move beyond policy commitments and build the institutions required to attract investment and expand electricity access.

‘Electricity supply must become a shared responsibility, pursued with innovation and accountability across the Federation. Our states must shed the habit of waiting for Abuja to provide every answer,’ he said.

He urged states that had yet to establish electricity regulatory institutions to begin the process, warning that the legislation would not improve supply without effective implementation.

Shettima also proposed a National Electricity Reform Peer Review and Implementation Framework involving the Nigerian Electricity Regulatory Commission (NERC), the federal Ministry of Power, the Nigeria Governors’ Forum and state electricity regulators.

The proposed voluntary framework would allow states to assess their progress in establishing electricity markets, attracting investment, protecting consumers and expanding access, while sharing lessons and technical expertise.

‘No state needs to purchase with failure the knowledge another state has already acquired,’ he said.

The push for state-led electricity markets follows the Electricity Act 2023, which opened the sector to greater subnational participation and created a pathway for states to develop their own electricity markets. However, implementation requires regulatory capacity, investment and coordination between federal and state institutions.

Shettima said states could leverage their respective energy resources to develop electricity markets suited to local economic needs. He cited solar potential in Sokoto, Borno and Katsina, gas resources in Delta, Rivers and Bayelsa, and hydropower opportunities in Niger and Kebbi.

He also said government funding alone would not meet the country’s electricity infrastructure needs, urging states to establish transparent licensing processes, predictable regulations and commercially viable markets to attract private capital.

‘Government cannot finance this transformation from the treasury alone; private capital must arrive with technology and expertise,’ he said.

The vice president called for stronger consumer protection, including safeguards against arbitrary billing, poor service and unfair commercial practices, stressing that electricity operators must be held accountable for service quality.

Earlier, Mahmuda Mamman, permanent secretary of the federal Ministry of Power, said the success of the Electricity Act would depend on states’ ability to establish credible regulatory institutions and commercially sustainable markets.

Abdulateef Shittu, director-general of the Nigeria Governors’ Forum, said the forum was working to improve coordination between federal and state institutions. He also disclosed that efforts were underway to develop a standard tariff framework for states that would protect consumers while supporting investment and commercial viability.

Hauwa Yakubu, deputy general manager for compliance at NERC, said the commission had issued regulatory transfers to 17 states, with Akwa Ibom the latest. She added that NERC was supporting emerging state regulators through technical engagement and peer-to-peer training.

The Electricity Act 2023 provides a framework for decentralising electricity regulation, enabling states to address local supply challenges and develop markets based on their demand, resources and infrastructure needs.

Ebola symptoms: 10 warning signs Nigerians should know

As Nigeria responds to a confirmed case of Ebola Bundibugyo virus disease in Abuja, health authorities say recognising the symptoms early is important for identifying suspected infections and preventing further transmission.

Ebola is a serious viral disease that can cause severe illness and death. However, its early symptoms are similar to those of more common illnesses, including malaria and typhoid fever, making it difficult to identify based on symptoms alone.

According to the World Health Organisation (WHO), symptoms can appear between two and 21 days after infection, although they commonly begin around eight to 10 days after exposure.

What are the 10 warning signs of Ebola?

The illness can begin suddenly, with symptoms that initially resemble a common infection.

According to the WHO and the Nigeria Centre for Disease Control and Prevention, the warning signs include:

Fever: A sudden rise in body temperature is a common early symptom.

Severe headache: An infected person may experience persistent or intense head pain.

Extreme weakness: The person may feel unusually tired or physically weak.

Muscle and joint pain: Aches and pains can affect different parts of the body.

Sore throat: Throat pain may develop alongside fever and other early symptoms.

Loss of appetite: The person may have little desire to eat.

Vomiting: This may develop as the illness progresses.

Diarrhoea: Some patients experience diarrhoea that can cause significant fluid loss.

Abdominal pain: Stomach pain may accompany vomiting and diarrhoea.

Unexplained bleeding or bruising: Some patients develop bleeding from the gums, nose or other sites, or experience unusual bruising.

Other possible symptoms include difficulty breathing or swallowing, hiccups, confusion and signs of impaired kidney or liver function. However, not every patient develops all these symptoms.

Guinness Nigeria posts N40.69bn profit, declares N7 interim dividend

Guinness Nigeria Plc has reported N40.69 billion in profit after tax in the nine months ended September 2026 and proposed an interim dividend of N7, BusinessDay analysis shows.

The brewer’s unaudited financial statements filed with the Nigerian Exchange Group show that profit after tax rose 53.1 percent to N40.69 billion in the nine months to September 2026, from N26.59 billion in the corresponding period of 2025.

The company declared an interim dividend of N7.00 per share, totaling about N15.33 billion, on October 21, 2026.

The dividend is payable to shareholders whose names appear on the register as of October 30, with electronic payments scheduled for November 13.

The proposed payout reflects Guinness Nigeria’s return to stronger profitability after a period when elevated financing costs and foreign exchange pressures weighed on earnings across the manufacturing sector.

Revenue rose 20.4 percent to N403.33 billion from N335.07 billion a year earlier, reflecting improved sales performance during the period. However, the cost of sales increased 20.3 percent to N251.95 billion from N209.35 billion, leaving gross profit up 20.4 percent at N151.38 billion.

The company’s operating profit increased 23.4 percent to N64.98 billion from N52.64 billion, supported by higher gross profit despite rising administrative, marketing, and distribution expenses.

Marketing and distribution expenses increased 18.4 percent to N62.91 billion from N53.15 billion, while administrative expenses rose 19.4 percent to N24.12 billion from N20.21 billion.

The increase in operating expenses underscores the cost pressures facing consumer goods manufacturers, even as higher sales and improved operating performance supported earnings growth.

A significant improvement came from financing costs. Finance expenses fell 61.9 percent to N5.83 billion in the nine months to September 2026 from N15.30 billion in the corresponding period of 2025.

Finance income, however, increased slightly to N2.51 billion from N2.35 billion.

The combination of stronger operating earnings and lower finance expenses helped lift profit before tax by 55.3 percent to N61.65 billion from N39.69 billion.

Earnings per share increased to 1,858 kobo from 1,214 kobo, according to the company’s results.

Guinness Nigeria’s performance also strengthened its balance sheet. Total assets rose to N271.51 billion at September 30, 2026, from N245.18 billion at the end of December 2025, while shareholders’ equity increased to N64.30 billion from N43.32 billion.

Retained earnings moved into positive territory at N15.76 billion, compared with a deficit of N5.22 billion at the end of 2025, reflecting the company’s improved profitability after accounting for dividends declared during the period.

However, cash and cash equivalents declined to N1.40 billion from N6.97 billion at the end of December 2025. The company also reported a bank overdraft of N2.80 billion, up from N523.54 million.

Inventories increased to N65.65 billion from N45.82 billion, while trade and other receivables rose to N42.26 billion from N38.35 billion.

The company generated N51.56 billion in cash from operating activities during the nine months, down from N62.00 billion a year earlier. Capital expenditure on property, plant, and equipment and intangible assets amounted to N28.16 billion.

During the nine months, the company declared dividends of N19.71 billion and paid N19.27 billion, compared with N972.41 million in the corresponding period of 2025

Commenting on the results, Fabian Ajogwu, SAN, Chairman of the Board, said, ‘These results reflect the progress Guinness Nigeria is making in strengthening its financial performance and building a more resilient business.

‘The continued growth in revenue and profitability, alongside our disciplined approach to financial management, provides a solid foundation for the next phase of our journey. Our commitment remains to provide strong governance, support sustainable business growth, and deliver enduring value to our shareholders.’

Girish Sharma, managing director and chief executive officer of Guinness Nigeria Plc, added: ‘Our nine-month performance reflects the progress we are making in strengthening the business and improving profitability.

‘Revenue growth, higher operating earnings, and a significant reduction in finance costs have contributed to a stronger bottom line. While the operating environment remains dynamic, we remain focused on disciplined execution, operational efficiency, and delivering sustainable value for our consumers, customers, and shareholders.’

Kano commissions two roads, seeks more federal infrastructure projects

Kano State Governor Abba Kabir Yusuf has called on the Federal Government to expand investment in road infrastructure across the state, advocating concrete pavements for suitable projects to withstand heavy traffic and reduce frequent repairs.

Governor Yusuf made the appeal while representing President Bola Tinubu at the commissioning of Section III of the Abuja-Kaduna-Zaria-Kano Expressway, as he also commissioned the Nasarawa Hospital Road and Racecourse Road projects in Kano metropolis.

The governor said additional federal road projects, alongside improvements to the state’s urban road network, were necessary to ease transportation difficulties, improve connectivity and support Kano’s commercial activities.

He advocated greater consideration of concrete pavement technology for appropriate road projects, noting the need for durable infrastructure capable of delivering long-term value.

According to him, Kano’s position as a major commercial hub requires efficient road networks to facilitate the movement of goods and passengers within the state and to neighbouring areas.

Yusuf also emphasised the need to develop major bypasses and other strategic roads to ease congestion and reduce pressure on heavily used routes.

The governor said improved road infrastructure would strengthen economic activities by making transportation easier for traders, businesses, commuters and other road users.

The commissioning of the Nasarawa Hospital Road and Racecourse Road projects is part of the Kano State Government’s efforts to improve urban infrastructure and accessibility within the state capital.

The projects are expected to ease movement for residents and motorists, improve access to important locations and support commercial activities along the affected routes.

Yusuf called for sustained cooperation between the Federal Government and Kano State to ensure that critical road projects receive adequate attention.

Concrete roads can offer durability under heavy traffic when properly designed and constructed, although their performance depends on construction standards, drainage and maintenance.

The governor said continued investment in strategic highways and urban roads would improve connectivity and support economic development across Kano State.

MTN Nigeria launches Y’ello Y’Fi to help SMEs track customer behaviour

MTN Nigeria has launched Y’ello Y’Fi, an enterprise Wi-Fi and analytics solution designed to help small and medium-sized enterprises (SMEs) track customer behaviour, improve engagement, and manage network usage.

The platform combines internet connectivity with customer analytics, branded Wi-Fi login pages, promotional campaign tools, and network management features, enabling businesses to gather customer insights and use them to inform marketing decisions.

According to MTN Nigeria in a statement, Y’ello Y’Fi allows businesses to capture customer information through customised login pages, manage connected devices, run promotions, and personalise Wi-Fi landing pages to reflect their brands.

The solution also provides real-time insights into customer usage patterns and preferences, which businesses can use to refine marketing strategies and improve customer relationships.

Lynda Saint-Nwafor, chief enterprise business officer at MTN Nigeria, said businesses need digital tools beyond connectivity to compete and grow.

‘Small businesses need more than connectivity to compete and grow. They need tools that help them understand their customers, improve engagement, and make smarter decisions,’ she said.

The platform also offers device, user, and bandwidth management capabilities, allowing businesses to separate employee and guest access, monitor network traffic, and improve security.

Y’ello Y’Fi is available on MTN’s 5G Tozed X25 and X100 broadband routers. Existing customers can add the analytics solution to their current service, while new subscribers can purchase packages comprising a compatible router, dedicated data, and access to the platform.

MTN did not disclose subscription prices, expected customer numbers, or revenue projections for the service.

The launch expands the telecommunications operator’s enterprise digital services as businesses increasingly adopt technology to manage operations and engage customers.

For SMEs, the platform could provide additional information for marketing and service delivery. However, its commercial impact will depend on adoption, affordability, and businesses’ ability to translate customer insights into measurable results.

MTN said the solution forms part of its commitment to providing digital tools that support SME growth, operational efficiency, and customer engagement.

Chronic kidney disease: A growing epidemic that demands our attention

Every so often, a flyer appears on social media appealing for help for someone with kidney failure. There is a photograph, a short account of the patient’s suffering, a bank account number and a plea for money. We share it, donate what we can and pray. Then another flyer appears. And another.

The flyers raise a question we rarely ask: why do so many families end up pleading with strangers to keep a loved one alive, and what could we have done before they reached that point?

As a doctor, I have seen very young people with end-stage kidney disease. They should be looking forward to years of productive living. Instead, they face lifelong medication and regular dialysis. What I see in my practice is not national data, but it has convinced me that awareness is our most underused tool.

A disease that hides

Chronic kidney disease (CKD) is the gradual loss of the kidneys’ ability to filter waste and excess fluid from the blood. These two bean-shaped organs also help control blood pressure and balance the body’s salts. When they fail, the effects reach the whole body. According to estimates, about 25 million Nigerians may be living with CKD, with the burden greatly impacting young and middle-aged adults.

Its most dangerous feature is silence. A person can feel well while damage builds. By the time swollen feet or face, persistent tiredness, foamy urine or changes in urination appear, much of the kidneys’ function may already be lost. Yet the absence of symptoms does not mean the kidneys are healthy, which is why so many patients reach hospital late.

Nor is CKD only a disease of old age. Young adults, teenagers and even children can develop it.

What speeds up kidney damage?

Some causes are inherited or unavoidable. But many of the factors that accelerate damage are common, and some are within our control.

High blood pressure. Persistently high pressure damages the tiny blood vessels in the kidneys, and kidney disease in turn raises blood pressure, creating a vicious cycle. Many Nigerians, including young adults, have hypertension and do not know it.

Diabetes. Excess sugar in the blood injures the kidneys’ delicate filters over time. The longer it stays poorly controlled, the greater the risk.

Painkillers and other medicines. Prolonged or frequent use of some over-the-counter painkillers, especially without medical supervision, can harm the kidneys.

Unregulated herbal preparations. Concoctions of unknown ingredients and dosage may be toxic to the kidneys. ‘Natural’ does not mean ‘safe.’

Late diagnosis and untreated conditions. Ignoring early warning signs, or stopping blood pressure and diabetes drugs because ‘I feel fine,’ lets damage progress unchecked.

Family history. A close relative with kidney disease raises your risk.

Still, it would be wrong to blame every case on lifestyle or misuse. Some people develop CKD despite sensible precautions. The aim is not to assign blame but to reduce risk wherever we can.

When prevention fails

CKD does not always progress to kidney failure, and early care can slow it in many patients. But when it does progress, the costs can overwhelm a family. Dialysis, which does the kidneys’ filtering work, is rarely a one-off expense. Most patients need several sessions every week, indefinitely, unless they receive a transplant. Media reports put the cost at tens of thousands of naira per session, before medicines, laboratory tests and transport. Public hospitals may charge less, but not all have dialysis units, and those that do can be distant or overstretched. A transplant is costlier still and requires lifelong medication.

So, families sell property, drain savings and borrow, and caregivers leave jobs to nurse a relative. The flyer is where this private struggle becomes public.

What can we do?

Get checked. Everyone should have their blood pressure measured regularly. Anyone with hypertension, diabetes or a family history of kidney disease should ask a health professional about simple blood and urine tests, which can reveal damage before symptoms do. Not everyone needs frequent kidney tests, but people at risk should not wait for symptoms.

Treat existing conditions properly. Take prescribed medication consistently, even when you feel well. Some blood pressure and diabetes drugs actually protect the kidneys.

Be careful what you swallow. Avoid self-medicating with painkillers, and speak to a doctor or pharmacist before using herbal remedies.

Live healthier. Eat less salt, keep a healthy weight, stay active, avoid tobacco and limit alcohol.

But individual effort is not enough. A health system must support it: public awareness campaigns, screening and continuous care for hypertension and diabetes at primary health centres, and better national data on kidney disease. Where prevention comes too late, patients need financial protection. The government has announced subsidised dialysis at some federal hospitals. The question is whether it is reaching patients in practice, and whether it is enough. Prevention and protection are complementary responsibilities, not competing ones.

The next time a flyer appears on our phones, let us respond with compassion. But let us also ask a different question: what can I do today to protect my own kidneys and those of the people I love? Check your blood pressure. Share this message as readily as you share a flyer.

Civil Defence, Immigration board to reopen recruitment portal October 28

The Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) will reopen its recruitment portal from October 28 to November 13, 2026, to allow candidates who have progressed to the oral interview stage to confirm their recruitment status and obtain codes for mandatory drug screening.

The Board said the exercise continues the ongoing recruitment process and not a fresh recruitment exercise, warning eligible candidates to follow the official procedures and avoid individuals demanding money to facilitate their screening or appointments.

Abdulmalik Jibril, Secretary to the Board, disclosed this during its second meeting for the year, explaining that the reopening would allow candidates who had completed the medical examination, oral interview and other required stages to access information on their recruitment status and obtain the necessary codes for drug testing.

According to Jibril, candidates who have reached the oral interview stage are expected to log on to the official CDCFIB recruitment portal within the stipulated period to confirm their status and obtain the codes required to undergo the mandatory screening.

He explained that the drug test forms part of the final stages of the recruitment exercise, with successful candidates required to complete the screening before collecting their appointment letters.

The exercise is part of the Federal Government’s plan to recruit 30,000 personnel into the country’s four paramilitary services as the first phase of a target to recruit 120,000 personnel.

The four agencies recruiting are the Nigeria Security and Civil Defence Corps (NSCDC), Nigerian Correctional Service, Nigeria Immigration Service (NIS) and Federal Fire Service (FFS).

Jibril said candidates who qualify for the drug screening must visit the National Drug Law Enforcement Agency (NDLEA) office in their respective states to undergo the test after obtaining their screening codes through the recruitment portal.

He emphasised that the screening would be conducted free of charge, as the Federal Government would bear the cost of the exercise.

Under the arrangement, eligible candidates are expected to log on to the recruitment portal during the designated period, obtain their screening codes, report to the appropriate NDLEA offices and provide the required samples for testing.

The Board secretary warned that no candidate should be asked to pay for the drug test, stressing that the screening is a government-funded requirement and not an opportunity for individuals to demand payments from applicants.

He advised candidates who encounter demands for money during the process to report such incidents to the nearest security agency.

Jibril further disclosed that the drug test results would be made available immediately, enabling candidates who satisfy the screening requirements to proceed with the remaining stages of the recruitment process.

He said candidates who complete the drug screening would travel to Abuja to collect their appointment letters, subject to meeting all other recruitment requirements.

The Board secretary stressed that evidence confirming candidates are free from illegal drug use would be a mandatory condition for the appointment letters.

He said the requirement was in line with the Federal Government’s directive that prospective employees must provide evidence that they are free from illegal drug use before their appointments can be finalised.

Candidates were also advised to follow the screening procedures and ensure they obtain their codes through the official portal before visiting the designated NDLEA offices.

The Board reiterated that applicants should not engage intermediaries or pay touts claiming to facilitate recruitment, drug testing or the collection of appointment letters.

Barclays to cut 5,000 jobs as AI drives efficiency push

Barclays, the British banking group, has made plans to cut about 5,000 jobs by the end of 2026 as it expands its use of artificial intelligence (AI) and technology to streamline operations and reduce costs.

The planned reduction represents approximately five percent of the bank’s global workforce, which stood at around 93,000 employees at the end of 2025. About 1,000 positions have already been eliminated, with a further 4,000 expected to go by the end of the year, according to the bank.

The cuts form part of a broader cost-reduction programme focused largely on Barclays’ UK retail banking operations, although its investment banking business will also be affected.

Some back-office functions supporting its UK operations are based in India, where a significant proportion of the job losses is expected to occur.

Barclays said about 60 percent of the planned reductions would affect support functions, including technology roles such as software developers, as AI increases employee productivity.

The development highlights how financial institutions are using automation and AI to improve operational efficiency, while raising questions about the technology’s implications for employment across the banking industry.

AI investment shapes workforce strategy

C.S. Venkatakrishnan, Barclays’ chief executive officer said the efficiency gains reflected years of investment in technology, infrastructure modernisation and simpler business processes.

He described AI as an important component of the bank’s strategy but cautioned against treating it as the sole driver of the restructuring.

The bank has been implementing a three-year programme to improve performance, simplify its operations and strengthen its technology infrastructure.

Venkatakrishnan said the bank intended to deploy AI at scale, adding that modern infrastructure was necessary to realise the technology’s full benefits.

The comments suggest that the job reductions are linked to a broader transformation programme involving technology upgrades, organisational restructuring and automation, rather than AI adoption alone.

Barclays expects its efficiency measures to generate more than £1.1 billion in additional savings in 2027.

Profit rises as bank reduces costs

The announcement came as Barclays reported a pre-tax profit of approximately £2.3 billion for the third quarter of 2026, up from about £2.1 billion in the corresponding period of 2025.

However, the bank’s quarterly income fell short of analysts’ expectations, despite stronger performance in some business segments.

Barclays also announced a further £500 million in shareholder distributions, taking the total returned to investors through dividends and share buybacks since January to approximately £2.8 billion.

The combination of workforce reductions, technology investment and shareholder payouts shows the bank’s focus on improving returns while managing its cost base.

Banking industry faces AI-driven restructuring

Barclays’ plans reflect a wider debate across the financial services industry about how AI could change staffing requirements, particularly in administrative, operational and technical functions.

Standard Chartered has also outlined plans to reduce its workforce by more than 7,000 positions over four years as it expands its use of AI and restructures its operations.

For banks, automation offers opportunities to process information faster, improve productivity and reduce the cost of routine work. However, the extent to which these benefits will translate into permanent job losses remains an important question.

In Barclays’ case, executives have linked the cuts to technology-led efficiency improvements, but have not attributed every planned job reduction directly to AI.

The bank’s restructuring illustrates both the growing role of AI in corporate cost management and the difficulty of separating the technology’s effects from wider organisational changes.

As financial institutions continue investing in AI, employees in support functions and technology teams may face increasing pressure to adapt to changing responsibilities and new operating models.