Category: Nigerian Tribune

In the digital age, the installment lending sector is moving from hidden fees to a more transparent market where borrowers may see the whole picture before signing a contract. In the past, you walked into a traditional payday lending store and were left bewildered about your loan’s actual cost.

Over twelve million people in the United States make use of the services offered by this multi-billion dollar industry on an annual basis, as indicated by the most recent data from the Consumer Financial Protection Bureau. Furthermore, technology is being developed to increase transparency in ways that have never been seen before, ranging from comparison tools driven by artificial intelligence to blockchain-based transactions that are verified.

Decoding the Jargon of the Algorithmic Revolution

These algorithms are not only finding the right investors for projects, but also converting strings of financial jargon into words that people could understand. Machinery learning is now being used by services such as Payday Loans eLoanWarehouse to analyze hundreds of loan offers at once and provide side-by-side comparisons directly to borrowers that would have taken hours to compile by hand just a few years ago.

In 2024, a report produced by the Financial Health Network indicated that 78 percent of payday loan borrowers indicate they understand the relevant loan terms before accepting, up from just 41 percent in 2019.

Jonathan Reed, Founder and CEO at BestUSAPayday.com says: ‘We’ve put a lot of money into technology that makes the lending process less complicated. It displays every fee and calculates the total amount of repayments, along with alternatives if payment is early or late, so our borrowers see more than just an interest-rate. You never had this level of transparency in the old payday lending model.’

Mobile First : A New Level of Transparency in Your Pocket

Loan transparency has been brought to the palms of borrowers, thanks to the smartphone revolution. Pioneering platforms such as BestUSAPayday, LendUp, Earnin or Possible Finance have already created mobile applications that constantly inform you of your current balance, repayment dates, and interest accrued. Such apps deliver push notifications ahead of payment due dates, notify users about the potential for overdrawing their accounts, and provide one-touch access to customer service.

But more importantly, mobile technology has created an instant verification process that eliminates the paperwork and red tape typically associated with installment loans. Services like Plaid allow lenders to digitally verify a borrower’s income, eliminating the need for stacks of pay stubs and bank statements. By doing this verification step before underwriting, the risk of future misunderstandings about loan terms is minimized and borrowers are assured that they receive the most accurate quote based on verified financial data.

In fact, the difference is quantifiable: Digital-first payday lenders receive 43% fewer customer complaints for overdraft fees than their brick-and-mortar counterparts, according to data from the Online Lenders Alliance. It’s not merely about convenience, it provides a record that protects lenders and borrowers from potential future disputes.

Blockchain and Smart Contracts

Though in its infancy, blockchain technology could enhance transparency between all parties involved in payday lending thanks to the immutable records and smart contracts. Multiple fintech startups experiment on the blockchain-based lending platforms where the smart contracts encode loan terms, the payment process is automated, and every transaction takes a crystal-clear reference on a distributed ledger.

This simple technology solves the greatest transparency issue in the payday lending industry. Smart contracts can also be written to never let a loan rollover automatically without the consent of a borrower, which becomes an immutable record that you can find on the blockchain. They can also automatically enforce compliance, meaning lenders won’t be able to raise interest rates beyond state-mandated limits or change terms midway through the loan process.

Projects such as Bloom and Salt Lending have been showing that blockchain can reduce the cost of the loan process up to 40% whilst improving transparency. Borrowers benefit from lower interest rates due to lower operating costs, and transparency also helps create a virtuous cycle because the more information lenders disclose, the better their interest rates.

Regulatory Technology: Compliance Made Visible

With transparency lenders, compliance will be a selling point. Lending patterns used to occur in batches and sometimes it would take weeks for regulators to determine if any violations of state or federal regulations had occurred at a lending institution. Advanced monitoring systems now track this data in real time, which allows issues to be flagged before a violation takes place.

At the forefront of this trend are firms such as Oportun, Fig loans, etc. where the inclusion of RegTech solutions are shown by having their compliance certifications on their lending platforms. It provides borrowers with transparent information about what laws apply to their loan, their protections, and how to complain when something does not work. Such proactive transparency in regulation has gained these companies’ trust in an industry that has been infamous for its lack of trust for decades.

RegTech Association’s 2024 report shows that lenders using it report 67% fewer regulatory violations and resolve customer complaints 52% faster, and the numbers speak for themselves. This increased compliance not only benefits borrowers, but also allows good lenders to separate themselves from the bad things in an industry that thrives on a lack of transparency.

The Future of Lending

The evolution of the payday lending industry from an opaque, predatory industry to an increasingly transparent and consumer-friendly one is the biggest fintech success stories to date. This high-cost form of short-term lending isn’t going away thanks to technology, but it’s giving borrowers a tool they never had before: borrow (for free!), compare options, understand the terms, and make more informed decisions about the most important decision of their financial lives!

Moving forward into the next 10 years, the advancement of artificial intelligence, blockchain, and mobile will allow for even more visibility into the payday lending market. No longer are the questions whether technology has the ability to increase transparency – it now comes to how fast can the industry adopt these innovations and direct them towards those who would benefit the most from the borrowers.

General Lucky Irabor wrote a book that attracted a gathering of Generals in Abuja last Friday. Irabor, in the book, describes the January 1966 coup as ‘a shield that became a sword;’ a solution that became a problem. He may be right. Bishop Matthew Kukah, who reviewed the book, described the January 1966 coup as the nation’s primary crime scene. I disagree. Nigeria’s real crime scene is located far before 1966. We still have not learnt any lesson.

General Irabor is the immediate past Chief of the Defence Staff. Born 5 October, 1965, he was a baby – three months, ten days old – when January 1966 happened to Nigeria. General Olusegun Obasanjo wrote the Foreword to the book and chaired the Abuja gathering. I have not seen what he wrote in the Foreword but I heard what he said at the book launch. He said Boko Haram was not about politics and not really about religion. So what is it about? He suggested that frustration and lack of ‘better life’ perverted the pervert. He then wondered why terror and terrorism have become Nigeria’s way of life.

There were other Generals there. One of them is the Sultan of Sokoto; he belonged in the Armoured Corps. Another is the Etsu Nupe. Both of them left the army as Brigadier-General. The Sultan said Generals don’t retire. And because they do not retire or get tired, we keep seeing them in our lives beyond the barracks. Irabor’s book launch turned out to be a confab of Generals in search of what eludes them on the battlefield – victory over the collective enemy.

They were there looking for a solution to Nigeria’s interminable terrorism. I watched them and reached for 16th century English statesman, scholar and saint, Sir Thomas More. In his ‘A Dialogue Concerning Heresies’, More wrote a line which became the idiom: ‘looking for a needle in a haystack.’ Our Generals need to interrogate that English clause locked in seven words of frustration. It speaks to their gathering. What they seek they won’t find except they really want to see it.

Irabor’s book carries the title: ‘Scars’ in bold, capital letters of blood. Beyond quotes from the review, I have not seen the book to get what his ‘SCARS’ really talks about. But ‘scars’ as book or as sabre cuts on the face cannot be anyone’s sweet story.

Bishop Kukah, the book reviewer, said Irabor’s story is about Nigeria’s scars of insecurity; the ugly, unhealed, unhealable wound gashed on our collective face by Boko Haram. President Goodluck Jonathan was there with the Generals; and he got the metaphor right. He said the abduction of Chibok Girls is an everlasting scar on the face of his presidency; he hinted that it was a monument to leadership failure. But is Jonathan the only one with that scar?

Nineteenth century Scottish novelist and essayist, Robert Louis Stevenson (R. L. Stevenson) wrote ‘Treasure Island’, an excellent novel of pirates and blood, hidden treasure chests, death and disappointments. It was published in 1883. If you read more of Stevenson beyond his popular fiction, you would likely come across where he wrote the truth that our ‘wealth took their value from our neighbour’s poverty.’ You would read how this someone who lived and died 131 years ago saw that despite the ‘free man’s’ pretence to kindness, ‘the slaves are still ill-fed, ill-clad, ill-taught, ill-housed, insolently entreated, and driven to their mines and workshops by the lash of famine.’ The passage reads like it is about 2025 Nigeria and its unfed, unclaimed, unclad, untaught children.

I watched the cream of Nigerian Generals, serving and retired, on Friday at that book launch of one of them. I watched them pontificating, one by one, on TV about Nigeria and its scars and I remembered Major-General Sir Thomas Vandeleur in R. L. Stevenson’s ‘The Rajah’s Diamond’, a story in his ‘New Arabian Nights’ published in 1881. Thomas Vandeleur is a General in blind, desperate but fruitless search for his family’s lost jewel. Nigeria’s Generals, like Vandeleur, old adventurers in uniform who once held the diamond of power, have ruled and been ruined by it. The nation’s story, like Vandeleur’s, is one of obsession with that fatal jewel called authority, which brings suffering to all who covet it.

Our Generals are helpless. That is what I saw at that event on Friday. Power has cast Nigeria’s fortunes into the river of defeat; it has left generations searching the muddy depths for the nation’s lost promise. Dethroned by coups and transitions, Nigeria’s power elite always come back as ‘handsome tobacconists’ of democracy, reinvented messiahs and born-again democrats. They trade in influence and illusion; their scars, like Stevenson’s Vandeleur’s, are the marks of past violence disguised as experience, and their continued grip on Nigeria’s destiny shows that, though the diamond of nationhood is lost, its curse endures.

When I get General Irabor’s book to read, I will search for words that define wounds inflicted by bad and absent leadership, by aborted dreams and betrayed hopes. I will look for phrases, for sentences and paragraphs on heists that cut deeper into the nation’s face. I will love to read through its jagged pages of dreams deferred.

I scanned the Generals’ faces and read their lips. The gashes of insecurity, from Boko Haram’s bombs in Borno to herders’ bullets in Kwara, are the handiwork of decades of neglect and decay. The scar of insecurity has become our national birthmark, neither healed nor hidden; its permanence mocks every promise of reform. Obasanjo said at the book event that ‘Boko Haram is now virtually becoming part of our life. Should we accept that? If we should not accept it, what should we do? How much do we know? Even from the other side, and from this side, have we been active enough? Have we been proactive enough?’ If a General and former president asked us those questions, to whom should we then turn for answers? Like Vandeleur’s scar, Nigeria’s wounds carry an ambiguity; they are signs of survival, yet also of complicity, for we are all, in one way or another, marked by a bad story we refuse to rewrite. General Irabor has done very well by writing a book that has provoked a discourse. We wait for others.

The Generals who spoke were very eloquent on the scars of Boko Haram. Did I not hear excuses for what the terrorists do and why they do them? One of the Generals even said ‘they (Boko Haram) never said book is haram.’ Valuable minutes were spent doing definition of terms. Is that also a solution to the problem? They said so much but I didn’t hear a word from the Generals on the millions of out-of-school children who feed the machinery of terrorism and banditry. Today, Nigeria has an estimated 20 million out-of-school children, the highest number in the world. Read United Nations’ records: More than 60 percent of these children are in the northern states; they are the almajiri; the system is there till tomorrow; entrenched.

Was it not General Obasanjo who wrote in one of his books that ‘our fingers will not be dry of blood’ as long as lice abound in our clothes? I agree with him.

Because we are a dirty, contaminated nation, lice keep laying their nits in the seams of our garments. The line of Boko Haram lice is lengthened daily by mass child illiteracy and adult disillusionment. Our Generals would not acknowledge that the poverty of our streets is both symptom and scar: proof of the violence of neglect and the betrayal of the future. They, and we, still do not see that in every Almajiri begging for miserable morsels of leftovers, the nation’s unhealed wounds find new violence and new weapons.

Then, there is Bishop Kukah’s jarring charge that marabouts have become a substitute for government and governing. He hinted that we’ve outsourced the leadership of the nation to some ‘blind clerics’ somewhere. That statement should strike a chord with all who heard him. But because it is true, all who heard it pretended it was not said.

The Bishop was on solid ground when he uttered what he said. The proofs are everywhere: In August 2015, the Adamawa State government announced that it had earmarked N200 million to engage prayer warriors against Boko Haram. In March 2016, a certain Aminu Baba-Kusa, once a powerful executive director of the NNPC, appeared before the High Court in Abuja with a witness statement and disclosed in it that a total of ?2.2 billion was expended, not for arms or intelligence, but for prayers, solemnly commissioned to hasten the fall of Boko Haram. The money went out in two waves: ?1.45 billion first, then another ?750 million. It was a contract sanctified by faith and sealed by silence.

Nothing that has happened in the last ten years suggests a change of strategy. Marabouts still cash out from a mugu nation and a leadership that worships in unworthy shrines. Kukah stepped on toes; he said the manipulation of religion for politics, using religion to enforce power, has become destructive to religion in northern Nigeria. It took remarkable episcopal courage for Kukah to say publicly that northern politicians use Islam for political cash-out. I watched the Sultan, calm and angry at Bishop Kukah for daring to stray away from the book he was asked to review into a realm angels fear to tread. As the Sultan spoke, the TV man’s camera panned to a defiant Kukah fiddling with a piece of pamphlet.

Speaker after speaker spoke on what they thought caused insecurity in northern Nigeria. I waited in vain to hear the Generals acknowledge that northern children, denied books and purpose, are the soldiers of chaos in Zamfara, Sokoto, Niger and, now in Kwara. In vain I listened to hear the truth from our Generals that today’s violent elements, products of a past of negligence, are proof that unattended scars can erupt again in new forms of pain.

Our Generals are searching for what is not lost. The spring head of terror and terrorism in northern Nigeria is the wrong religious philosophy which atrophies millions of children. Every child anywhere, including in northern Nigeria, wants and deserves what General Obasanjo called ‘better life.’ A child who has opportunities for self-discovery and development won’t be readily available for employment by merchants of terror. Terrorism will dry out the moment its recruitment market winds up. Educating the street children of the North, and equipping them with the right skills will sound the death knell of Boko Haram and banditry, its brethren. But this is where even the Generals feared to tread last Friday. They were afraid of the clerics in whose hands lie the yam and the knife of power and privileges.

The people who spoke at that event were not up to ten. Several scores of other big men and women were there, silent and quiet, sometimes clapping. They either did not have the chance to be called to speak or they did not want to speak and be quoted into trouble. But, really, what is trouble? Trouble can sneak into the hole of silence. Jeff T. Johnson writes in his ‘Trouble Songs’ that ‘Trouble may appear in a title and disappear in a song,’ and ”Trouble’ may sneak up in a song without warning.’

Trouble is Nigeria, the sick, denying its illness. Real trouble is homicidal or suicidal silence; it is treating eczema when leprosy is the ailment.

So, at the risk of courting abuse and insults and threats, I join Bishop Kukah in urging Nigeria to stop keeping quiet in the face of evil. Enough of saying that you do not want to ruffle feathers or open old wounds. Wounds that refuse to heal should be opened and given the right medicine. That is what heals.

A broken nation, sworn to silence, or to denial of truth, hurtles down a roller coaster of failure. Silence scars with ugly gashes. Screaming within, yet saying nothing out is sickness. The Yoruba say silence is the foundation of misfortune. Speaking out does not mean you will die young, broke and broken. Not speaking out when you have a voice is no guarantee for safety and comfort. Bishop Kukah’s Hausa proverb is the ultimate counsel here: ‘Not going to the toilet does not mean you won’t be hungry.’

Nigeria’s digital payment space is witnessing intense competition as fintechs dominate transaction volumes, while traditional banks focus on translating digital activity into strong revenue growth.

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), licensed mobile money operators, including OPay, PalmPay, and Moniepoint, processed a combined N71.5 trillion in transactions in 2024 – a 53.4 percent surge from N46.6 trillion in 2023. The growth highlights the expanding reach of fintech platforms, which now serve millions of Nigerians seeking fast, low-cost, and convenient digital payment options.

Moniepoint reportedly handles over one billion transactions monthly, while emerging players such as Anchor are gaining traction through embedded finance solutions for startups and SMEs. Fintechs’ agility and user-centric models continue to attract micro and retail segments, positioning them at the forefront of Nigeria’s cashless evolution.

Yet, despite fintechs’ dominance in transaction volumes, the country’s biggest banks are proving that profitability – not scale – remains the ultimate measure of digital success.

Data compiled by Nigerian Tribune show that eight leading banks collectively earned N983.66 billion in fees and commissions in the first half of 2025, representing a 39.9 percent increase from N702.84 billion during the same period last year. The surge underscores banks’ ability to monetize their digital ecosystems, leveraging mobile banking, online transfers, and card transactions as solid revenue channels.

Access Holdings led the pack with N204.70 billion, followed by UBA (N147.04 billion), FirstHoldco (N138.69 billion), GTCO (N135.17 billion), and Zenith Bank (N128.06 billion). Others include Stanbic IBTC (N114.30 billion), Wema Bank (N45.37 billion), FCMB (N37.91 billion), and Fidelity Bank (?32.05 billion).

Analysts say the shift reflects the banks’ strategic response to Nigeria’s 2023 naira redesign crisis, which accelerated the adoption of cashless payments. In its aftermath, banks expanded infrastructure, upgraded mobile apps, and strengthened digital onboarding to attract and retain customers.

‘Fintechs move money, but banks make money,’ one analyst observed. ‘While fintechs thrive on transaction volumes, banks have mastered how to turn digital activity into sustainable revenue streams,’ he said.

Still, fintechs’ dominance in retail and peer-to-peer transactions cannot be overlooked. Their affordability, speed, and accessibility have deepened financial inclusion, reaching underserved communities and small businesses. However, their model remains largely volume-driven, with thinner margins per transaction compared to banks’ fee-based earnings.

To stay competitive, traditional lenders are adopting fintech-style innovation – rolling out virtual cards, SME payment gateways, and mobile-first digital platforms. Some are also partnering with or investing in fintech startups to enhance innovation and appeal to younger, tech-savvy customers.

‘Banks bring trust, regulation, and balance sheet strength; fintechs bring innovation and convenience,’ another market watcher noted. ‘The synergy between both is shaping a new financial order,’ he said.

As of mid-2025, Nigeria’s digital payment ecosystem shows convergence rather than conflict. Banks continue to dominate high-value and corporate transactions, while fintechs lead the retail and small-transaction market. Analysts predict that the next phase of competition will center on profitability, compliance, and scalability – where fintechs must turn vast transaction volumes into consistent earnings, and banks must sustain innovation within regulatory limits.

For now, the data suggest a balanced coexistence: fintechs are driving reach and inclusion, while banks are harvesting returns and scaling digital profitability. Far from losing ground, Nigeria’s lenders are evolving – profitably – in the nation’s fast-digitizing economy.

The Nursing and Midwifery Council of Nigeria (NMCN) has called on newly qualified nurses across the country to uphold their patriotic duty by contributing their knowledge and compassion to the growth of Nigeria’s healthcare system, rather than seeking opportunities abroad.

The Registrar of the Council, Dr. Ndagi Alhassan, made the call during the induction and oath-taking ceremony for graduating professional nurses of Elizade University, Ilara-Mokin, Ondo State, held on the institution’s campus over the weekend.

Alhassan, while inducting the 69 nursing graduates of the institution, charged the new professionals to see themselves as ‘ambassadors of hope and healing’ whose calling goes beyond personal ambition to national service.

Alhassan , who was represented by a director in the Council , Dr Olukemi Awe, emphasised that the nation depends on their expertise and dedication to bridge the gap in healthcare delivery, particularly in rural communities where medical care remains scarce.

According to him, while global mobility is a right, patriotism demands that professionals first invest their knowledge and energy in developing their homeland before looking outward.

The Registrar, however, cautioned those who may still wish to work abroad to be mindful of their destinations, warning them to avoid migrating to war-prone countries such as Russia, Ukraine, and Israel, where safety and stability cannot be guaranteed.

‘Every nurse trained in Nigeria carries a piece of the nation’s future. When you serve here, you heal not just patients but the soul of a country in need of care.Your choice to enter this noble profession is not just a career path, but a calling.

‘I would like to inform you that your success at the Council Examination has qualified you for a one-year internship program, but you cannot proceed for this without being inducted.

‘You are here today to accompany and perform the induction ceremony, which will allow you to proceed for this one-year mandatory internship program, at the end of which you will obtain your registration number, you will obtain your license, you will obtain your certificates, and you will obtain your certificates from the Nursing and Midwifery Council of Nigeria.

‘ By this, your degree will be recognized, and you will enforce your address as a professional nurse, a registered nurse, with the title registered nurse, after your name.

‘This is the beginning of your professional career as a nurse will be privileged for you to serve anywhere in the world, but please don’t leave the country (japa) . Let’s all take care of Nigeria. We still need you in Nigeria. Do not ‘japa’ for now.

‘But you see, if you still want to japa don’t go to Russia, don’t go to Ukraine, don’t go to Israel. Please, I’m just begging you. But we need you here. We want you to come and serve us here’

The Registrar also admonished the inductees to uphold the ethics of the nursing profession and continue to learn from senior colleagues in the clinics and hospitals where they would practice.

He said: ‘Do not allow what you have achieved today to be the end of the road for you. I encourage you to continue learning and explore all the available opportunities to advance further in nursing.’

He also commended Elizade University for maintaining high academic and professional standards in nursing education, describing the institution as a model in the training of competent, disciplined, and service-driven health professionals.

He reaffirmed the Council’s commitment to promoting professional excellence and working with governments at all levels to create conditions that will encourage healthcare workers to remain and serve within the country, saying the future of the nation’s health system rests on their shoulders.

In his remarks, the Acting Vice-Chancellor of Elizade University, Prof. Babatunde Adeyemo, congratulated the new nurses, noting that all the graduates successfully passed their professional examinations, a feat he attributed to the university’s unwavering commitment to providing quality education and rigorous training.

He urged the graduates to use the skills acquired during their studies to uphold the dignity of human life and render care selflessly wherever they find themselves.

Prof. Adeyemo said ‘Nursing is not just a profession; it is a calling. It is a vocation rooted in compassion, service, empathy, and an unwavering commitment to humanity.

‘The oath you will take today is not a mere formality, but a solemn pledge to uphold the dignity of human life, to render care selflessly, and to maintain the highest standards of professional ethics.’

Adeyemo commended the NMCN for its guidance and partnership, assuring that Elizade University will continue to produce competent and ethically sound graduates capable of competing globally while remaining committed to national development.

At a high-level panel session convened by the Athena Centre for Policy and Leadership during the launch of the Athena Election Observatory in Abuja, leading political figures, Governor Chukwuma Soludo of Anambra State, Governor Dauda Lawal of Zamfara State, and Ogbeni Rauf Aregbesola, National Secretary of the African Democratic Congress (ADC), called for deep reforms, stronger institutions, and improved transparency in Nigeria’s electoral process.

Themed ‘Innovation in Electoral Technology 2015-2025: Gains, Gaps and the Road Ahead,’ the forum brought together policymakers, academics, and civil society actors to assess the impact of technology on Nigeria’s elections, especially the introduction of the Bimodal Voter Accreditation System (BVAS) and INEC Result Viewing (IREV) portal systems by the Independent National Electoral Commission (INEC).

Governor Chukwuma Soludo commended the progress made by INEC under Professor Mahmood Yakubu, describing the agency’s technological advancements as transformational.

He recalled that Anambra was the first state where INEC deployed the BVAS and IREV on a statewide basis and will likely be the last state to conduct an election under Yakubu’s tenure.

‘I believe in technology, and I believe INEC has done greatly well. We must give INEC some credit. There are a few bad eggs, but a lot of good people there have delivered credible results’, Soludo said.

The governor noted that the transition from manual to electronic processes represented a remarkable leap from past elections, particularly when compared to the 2007 polls.

‘If the experience in Anambra since 2019 is anything to go by, we can score INEC’s performance at 90 percent, clear, transparent, open, and accountable,’ he added.

Soludo, however, stressed the need for better staff training and strict enforcement of penalties for officials who violate INEC regulations. ‘Those who collate and falsify results must be prosecuted and jailed. INEC must train its officers properly, and political parties must do the same for their agents’, he noted.

Governor Dauda Lawal of Zamfara State commended Athena for organizing the dialogue, describing it as a timely intervention ahead of upcoming elections.

He applauded INEC’s introduction of the BVAS system as a very good innovation but called for deeper integration between BVAS and the IREV portal to ensure real-time transparency.

‘For me, going forward, let there be proper integration of BVAS and IREV. As accreditation is happening, voting results should reflect online in real time. Infrastructure is key to solving this problem because technology depends on connectivity’, Gov Lawal said.

Lawal urged Nigeria to emulate countries like India, Brazil, and Ghana, where technology has greatly reduced manipulation in elections. He emphasized that the success of any electoral innovation rests on the rule of law, institutional strength, and security integrity. ‘Let us build institutions, not individuals. Without rule of law, no matter what we do here, it amounts to nothing. Politicians must stop using security to intimidate voters for selfish interests’, he stated.

Rauf Aregbesola, former Minister of Interior and now ADC National Secretary, argued that the credibility of elections begins with how INEC officials are appointed.

‘The issues in Nigerian elections are not as simple as we make them. The way the INEC Chairman and Commissioners are appointed does not inspire confidence. We must review it’, Aregbesola said.

He proposed a system where political parties with at least five members in the National Assembly would nominate candidates for INEC leadership positions to ensure fairness and inclusivity.

‘It may require constitutional amendment, but it can be done. The principal beneficiary of manipulation cannot be the one appointing the umpire’, he noted.

Aregbesola also urged INEC to publicly demonstrate any technology it intends to deploy before elections, emphasizing transparency and stakeholder confidence. ‘Don’t tell us you are using BVAS only for us to discover a different system on election day,’ he cautioned.

He further recommended linking voter registration to the National Identification Number (NIN) to eliminate inflated voter registers and multiple registrations.

‘It does not speak well that we register 93 million voters and get less than 20 million votes. A credible register is the foundation of credible elections’, he said.

The panelists agreed that while electoral technology such as BVAS and IREV have improved transparency, institutional weaknesses, poor training, lack of accountability, and political interference remain major obstacles.

They called for continuous innovation, stakeholder engagement, and legal reforms to strengthen Nigeria’s democracy and restore citizens’ confidence in the ballot.

A two-year-old girl, Aryatara Shakya, was recently chosen as Nepal’s living goddess in another display of the country’s centuries-old custom. The little girl was carried by her family from their home in a Kathmandu alley to the temple palace during Nepal’s biggest Hindu festival.

The selection, rooted in religion and tradition, has once again drawn global attention to Nepal’s living goddess tradition, a practice that continues to interest and puzzle people around the world.

The living goddess, also known as the Kumari or living virgin, is revered by both Hindus and Buddhists and believed to represent divine feminine energy.

A Kumari is a young, prepubescent girl chosen from the Shakya clan within Nepal’s Newari Buddhist community. It is believed that the girl is possessed by the goddess Taleju or Durga.

However, behind the calm and ceremony lies a system of beliefs, selection rules, and emotional effects that make this one of the world’s most unusual traditions.

In this article, Tribune Online takes a look at five facts about Nepal’s living goddess tradition.

1. Chosen before age four

One striking part of Nepal’s living goddess tradition is that candidates are often selected between the ages of two and four. The selection is carried out by priests who look for 32 qualities, including clear skin, calm behaviour, and physical balance.

This means that before they can fully understand the world around them, these young girls are made symbols of holiness and begin a new life inside the temple palace.

2. They live in isolation

After selection, the Kumari lives almost entirely inside the temple palace, meeting only a few caretakers, family members, and priests. She is rarely allowed outside except during major festivals when she is carried through the streets for people to worship.

While this isolation is meant to preserve purity, it also keeps the child from everyday experiences like going to school, playing outdoors, or meeting other children.

3. She loses her divinity at puberty

In Nepal’s living goddess tradition, the Kumari’s divine role ends as soon as she reaches puberty. Once her first menstrual cycle begins, she is believed to lose her purity and must step down immediately.

After this, she returns to ordinary life, learning to do chores, attend school, and live outside the temple. Many former Kumaris find this change difficult because they move from being worshipped to living like everyone else.

4. They face difficulties adjusting later in life

Many former Kumaris struggle to adjust to normal life after years of being kept indoors and treated as sacred. Doing everyday tasks, making friends, or walking freely in public can be hard at first.

Some also face emotional struggles as they try to adapt to a world that once saw them as goddesses but now treats them as ordinary people.

5. Curse of marriage

A well-known Nepalese belief warns that any man who marries a former Kumari will die young. This fear has led many former living goddesses to remain unmarried for most of their lives.

Although Nepal is becoming more modern, this old belief still affects how people see former Kumaris, making it hard for many of them to live freely after leaving the temple.

Dangote Group has partnered with Ethiopian Investment Holdings (EIH) to establish a fertiliser plant with an annual production capacity of three million metric tonnes of urea, making it one of the world’s largest.

The facility, located in Ethiopia’s South-East region, will utilise natural gas from the Hilal and Calub reserves to boost agricultural productivity, create jobs, and enhance food security across the Horn of Africa.

Speaking at the launch, Ethiopian Prime Minister Abiy Ahmed described the project as a symbol of cooperation, peace, and progress, reflecting the country’s determination to harness its potential and strengthen its global presence.

He urged Ethiopians to unite in driving industrial and agricultural growth.

Dangote Group President, Aliko Dangote, praised the Ethiopian government’s economic reforms and infrastructure development, noting that they have made the country attractive to investors.

He said the partnership represents a milestone in Africa’s drive toward industrialisation and food security.

Dangote revealed that the Gode project is only the beginning, with plans to produce more fertiliser types and make Ethiopia a regional hub.

He also announced plans for a polypropylene bagging plant and commended financial institutions backing the venture.

The ceremony was attended by senior Ethiopian officials, investors, and financiers, with Somali Region President Mustafa Omar calling Dangote ‘the anchor investor Ethiopia has been looking for.’

Nigeria’s ongoing bank recapitalisation exercise is reshaping the financial sector, with Union Bank, Polaris Bank, and Keystone Bank emerging as prime targets for potential acquisitions or mergers.

As the Central Bank of Nigeria (CBN) presses ahead with its March 2026 deadline for compliance with new minimum capital requirements, attention is turning to lenders yet to meet the benchmark.

Union Bank and Keystone Bank, in particular, are viewed by analysts as attractive prospects for stronger institutions seeking to expand market share and meet regulatory thresholds. Industry observers believe that mergers involving these banks could redefine the competitive structure of Nigeria’s banking industry, consolidating capital and improving operational efficiency.

The recapitalisation drive gained momentum following last week’s Monetary Policy Committee (MPC) meeting, where the CBN Governor confirmed that 14 banks have already met the new capital requirements. Market watchers are now monitoring banks still in transition-those raising fresh equity, negotiating mergers, or awaiting regulatory approval-to determine who will meet the March 31, 2026, deadline.

At the same time, the CBN’s resolution strategy for banks under its control has added another dimension to the unfolding consolidation wave.

In a major development, Unity Bank Plc shareholders recently approved a merger with Providus Bank Limited during a Court-Ordered General Meeting held on September 26, 2025. Under the approved scheme, Unity Bank shareholders will receive either N3.18 per share or 18 fully paid Providus Bank shares (N0.50 each) for every 17 Unity Bank shares held. The merger is expected to be finalised by December 2025, pending regulatory clearance.

The move marks one of the most structured mergers in recent years, setting a precedent for other mid-tier banks exploring consolidation as a pathway to meet recapitalisation targets.

Similarly, Union Bank of Nigeria has completed its merger with Titan Trust Bank Limited, following final approval by the CBN. While full transaction details remain undisclosed, analysts continue to scrutinise the implications of the deal, especially concerning legacy ownership and capital structure.

Market speculation also suggests that fresh merger talks involving Union Bank, Polaris Bank, and Keystone Bank could be in motion, as the CBN explores viable paths to strengthen their financial health. Analysts believe that forthcoming developments in these institutions could play a defining role in shaping the next phase of Nigeria’s banking consolidation.

Several banks have already taken decisive steps to raise capital ahead of the CBN’s deadline.

FirstHoldco Plc is finalising its additional capital raise through a private placement, following an off-market transaction involving 10.46 billion shares sold in July 2025.

Sterling Financial Holdings Company successfully concluded a public offer of 12.58 billion ordinary shares at ?0.50 each, raising ?88.07 billion to boost capital adequacy and fund strategic expansion.

United Bank for Africa (UBA) completed a Rights Issue of over 3.15 billion ordinary shares at ?50 per share, raising approximately ?157.84 billion, subject to regulatory approval by the SEC and CBN.

Wema Bank Plc closed a ?50 billion private placement-the final phase of its ?200 billion capital-raising plan-and awaits regulatory approvals.

FCMB Group Plc received shareholder approval to raise fresh equity via an Offer for Subscription, aligning with its recapitalisation strategy.

Jaiz Bank Plc also announced plans to increase its capital base to ?150 billion, signalling readiness to meet the CBN directive.

The recapitalisation exercise has spurred renewed interest in bank stocks, with investors weighing the impact of dilution on earnings per share (EPS) and future price-to-earnings (P/E) ratios. Analysts at Proshare’s Economic and Market Intelligence Unit (EMIU) forecast that EPS for several banks could decline by the end of 2025 due to expanded capital bases.

As a result, portfolio managers are expected to rebalance holdings based on forward-looking P/E estimates rather than trailing ratios. Currently, the average P/E ratio of Nigerian banks stands at 2.6 times-higher than the three-year industry average of 2.2 times.

Despite these shifts, profitability in the banking sector remains strong. Over the last three years, banks’ gross earnings have grown by 56%, with overall profitability rising by 66% annually, underscoring sector resilience amid regulatory reforms.

The Central Bank is expected to intensify oversight as the March 2026 deadline approaches, ensuring that all banks meet the capital thresholds. For institutions like Union Bank, Polaris Bank, and Keystone Bank, the coming months will be crucial in determining whether they pursue mergers, fresh equity injections, or strategic acquisitions.

Analysts believe the CBN’s ongoing intervention will lead to a leaner, stronger, and more competitive banking system-one capable of supporting Nigeria’s $1 trillion economy target by 2030.

As discussions continue, investors and the public are advised to rely on verified information rather than market speculation, as the next wave of consolidation promises to redefine Nigeria’s financial landscape in the months ahead.

UAC of Nigeria PLC (UAC) has finalized its acquisition of Chivita/Hollandia (CHI Limited), following regulatory approval from the Federal Competition and Consumer Protection Commission (FCCPC).

The deal, first announced on July 30, 2025, transfers ownership of one of Nigeria’s foremost food and beverage companies, best known for its Chivita juice and Hollandia dairy brands, to UAC.

Eelco Weber, Managing Director of CHI Limited, welcomed the development, noting that the business is well-positioned for growth under its new ownership. ‘We are pleased to have received regulatory approval for this transaction. We look forward to a smooth transition and to seeing Chivita/Hollandia thrive under UAC’s ownership,’ he said.

Fola Aiyesimoju, Group Managing Director of UAC, described the acquisition as a strategic milestone for the group. ‘We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we are eager to work together to build on their strong legacy and market leadership,’ he stated.

The acquisition strengthens UAC’s position in Nigeria’s fast-moving consumer goods (FMCG) sector, giving the group a larger stake in the rapidly growing juice and dairy segments. CHI Limited, with its flagship Chivita and Hollandia brands, dominates categories such as fruit juice, evaporated milk, and drinking yoghurt.

For UAC, the transaction aligns with its growth strategy of expanding its brand portfolio and leveraging established distribution networks. For The Coca-Cola Company, the divestment reflects a shift toward an asset-light model globally, even as it reaffirms its $1 billion investment commitment to Nigeria over the next five years.

The announcement coincides with UAC’s recently released half-year 2025 results, which showed a 33 percent year-on-year revenue jump to N110.4 billion, representing 56 percent of its 2024 full-year turnover. Operating profit nearly doubled to N12.59 billion, while pre-tax profit declined 25 percent to N11.1 billion due to the absence of last year’s foreign exchange gains.

Investor sentiment has remained strong. UAC’s share price has surged 134 percent year-to-date as of October 3, 2025, including a 10 percent intraday spike on Friday, likely reflecting optimism around the Chivita|Hollandia deal and the company’s growth outlook.

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has strongly condemned the recent comments made by Senator Adams Oshiomhole on national television, describing them as a ‘reprehensible assault on the fundamental rights of Nigerian workers’ and ‘a gross distortion of established labour laws.’

In a hard-hitting statement jointly signed by NUPENG’s National President, Comrade Williams Akporeha, and General Secretary, Comrade Afolabi Olawale, the union expressed ‘profound dismay’ that a former labour leader could now be ‘a vocal advocate for corporate oppression,’ campaigning against the very rights he once fought to protect.

‘We witness with utter disappointment a former labour leader now transformed into a vocal advocate for corporate oppression, actively campaigning against the very rights he once championed,’ the statement read. ‘His attempts to rationalize the victimization of workers for exercising their fundamental rights of association and peaceful action are not only nauseating but represent a flagrant misrepresentation of Nigerian Labour Law and International Labour Organisation (ILO) Conventions.’

NUPENG equivocally labelled Senator Oshiomhole a betrayer of labour movement ideas, describing his latest remarks as ‘the prattle of an apostate, intoxicated by the opium of power and dollarized into betraying the cause of the downtrodden Nigerian workers.’

The union said it was ironic that the man once regarded as the voice of Nigerian workers had now become an advocate for the ‘unconscionable capitalists’ opposed to unionization in their enterprises.

Citing sections of the 1999 Constitution and relevant labour laws, NUPENG reaffirmed that ‘every person in Nigeria: citizens and foreigners alike has the right to freedom of association and assembly,’ and that ‘no employer has the right to interfere with an employee’s freedom to join or form a union.’

The union recalled that Section 9(6) of the Labour Act expressly forbids any contract that attempts to exclude a worker from trade union membership, while ILO Conventions 87 and 98, both ratified by Nigeria, guarantee workers’ rights to form and join unions without interference.

The oil and gas workers’ body dismissed as ‘absurd and archaic’ Oshiomhole’s suggestion of a ‘moratorium on unionization,’ calling it ‘a regression to an unknown phase in human history that has no place in a modern democratic society.’ The union challenged him to ‘state to the whole world the section of the Labour Act or Trade Unions Act where such a slavish provision exists.’

Reacting to Oshiomhole’s criticism of the ongoing Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) strike, NUPENG described his position as ‘an act of profound historical revisionism and political amnesia.’ The union emphasized that PENGASSAN’s solidarity action with its members at the Dangote Refinery, where over 800 engineers were reportedly sacked for unionizing, ‘is a protected legal action under Section 31 of the Trade Unions Act.’

‘The principle that ‘an injury to one is an injury to all’ is the foundational ethic of trade unionism globally,’ NUPENG asserted. ‘For some Undistinguished Senators to now find this principle inconvenient only reveals a trading of once avowed class consciousness for a place among the oppressors.’

The union further expressed dismay that Oshiomhole, who once served several times in the Governing Council of the International Labour Organisation (ILO) and in the Committee on Application of Standards that reviews global violations of workers’ rights, could ‘demonstrate such monumental ignorance of trade unionism.’

Referring to a past comment allegedly made by former President Olusegun Obasanjo, NUPENG recalled the description of Oshiomhole as ‘a comrade in the morning and a politician by night,’ suggesting that the statement now rings truer than ever. The union accused the former labour leader of ‘rewriting history to suit his current reactionary advocacy’ and questioned his moral standing to lecture anyone on integrity or strategy.

In a dramatic conclusion, NUPENG declared Senator Oshiomhole persona non grata among Nigerian oil and gas workers for what it described as ‘the Undistinguished denunciation of the PENGASSAN strike against the unjustifiable sack of 800 engineers.’ The statement said the declaration means that ‘henceforth, we will not participate in or lend legitimacy to any event featuring Senator Oshiomhole,’ while urging the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), and ‘conscionable civil society organisations’ to take note.

‘Oshiomhole’s denunciation and insensitivity to the plight of 800 engineers and his resistance to unionism in the petroleum and gas sector is a dangerous toxin designed to weaken the resolve of the working class and strengthen the class enemy,’ NUPENG warned. ‘We will continue to deploy every legal and industrial instrument available to us, in full compliance with Nigerian law and global labour standards, to secure justice.’

Declaring that Oshiomhole’s position on the PENGASSAN strike ‘qualifies him as the Judas Iscariot of Nigerian trade unionism,’ the union concluded with its enduring slogan: ‘Solidarity Forever! Our solidarity remains constant, for the union makes us strong.’