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 Politics › Re: These Are The Major Sources Of Revenue For Lagos State by MCentral(op): 2:43pm On Nov 11, 2025 |
MCentral:Taxes are the major source, but Lagos still depends heavily on FAAC allocations. |
| Politics › These Are The Major Sources Of Revenue For Lagos State by MCentral(op): 12:20pm On Nov 11, 2025 |
The major sources of revenue for Lagos in 2024 were taxation at N1.037 trillion, Statutory FAAC allocations N769 billion, Capital receipts N253 billion and levies fees and fines of N123 billion. Other revenue sources include: Income from other services of N64.5 billion, revenue from non-exchange transactions of N49 billion, investment income of N10 billion, interest income of N8.15 billion and Grants of N3.95 billion. Lagos State recorded an 89% jump in operating revenue in 2024 to N2.3 trillion at the end of 2024, according to Lagos State financials seen by MoneyCentral. However there was little impact on capital expenditure in the State year-on-year. https://moneycentral.com.ng/markets/article/these-are-the-major-sources-of-revenue-for-lagos-state/ |
| Politics › Lagos Revenue Hits ₦2.3 Trillion, But Massive FX Losses Hamper Infrastructure by MCentral(op): 12:07pm On Nov 11, 2025 |
Lagos State recorded an 89% jump in operating revenue in 2024, however that had little impact on capital expenditure due to massive foreign exchange (FX) losses. Total operating revenue for the period hit N2.3 trillion, up 89% from N1.22 trillion at the end of 2024, according to Lagos State financials seen by MoneyCentral. However capital expenditure of N323.9 billion rose barely 3% year-on-year, compared to N314 billion in 2023, due to massive loss on foreign exchange (FX) transactions of N716.8 billion in 2024. Wages and salaries of N264 billion, as well as General and Administrative Expenses of N302.5 billion also ate into money available for capital spending. Sources of Revenue for Lagos The major sources of revenue for Lagos in 2024 were taxation at N1.037 trillion, Statutory FAAC allocations of N769 billion, Capital receipts of N253 billion and levies fees and fines of N123 billion. https://moneycentral.com.ng/exclusive/article/lagos-state-revenue-hits-%e2%82%a62-3-trillion-but-massive-fx-losses-hamper-infrastructure-spending/ |
| Business › Re: Nigerian Banks Face Value Destruction As ROE Sinks Below Cost Of Equity by MCentral(op): 7:16pm On Nov 04, 2025 |
lawani:Every company, especially banks have a cost of equity also known as cost of capital. |
| Business › Nigerian Banks Face Value Destruction As ROE Sinks Below Cost Of Equity by MCentral(op): 6:43pm On Nov 04, 2025 |
…With GTCO Lone Exception Nigerian banks are mostly destroying value for their shareholders as they are generating returns lower than the cost of equity capital. The cost of equity reflects compensation investors demand for the risk of holding bank equity, factoring in country risk, market volatility, regulatory environment, and bank-specific fundamentals. Analysis by MoneyCentral shows the return on average equity (ROE) of the five Tier 1 lenders except Guaranty Trust Holdings or GTCO are lower than their cost of equity (COE), which means they are not generating sufficient returns to cover the expected compensation demanded by equity investors for the risks they bear. Zenith Bank’s ROE of 23.30 percent as at September 2025 is lower than its COE of 26.71 percent, according to MoneyCentral calculations. Access Bank, United Bank for Africa, and FirstHoldCo recorded ROEs of 15.40 percent, 18.60 percent and 20.20 percent as at 9M, 2025, which are below their cost of equity of 28.45 percent, 27.47 percent, and 24.72 percent respectively. However, GTCO is the only Tier 1 lender that created shareholder value as its ROE of 30.70 percent is higher than the COE of 25.93 percent, which is why it has the highest valuation of 0.94x book value compared to others that are trading at huge discounts to their book value. The disappearance of foreign exchange (FX) revaluation gains, cut in the interest rates by the central bank as well as stiff competition from financial technology (Fintech) firms have dealt a blow to banks’ profit. For instance, the average ROE for Access Holdings, Zenith Bank, Guaranty Trust Holdings, United Bank for Africa (UBA), and FirstHoldCo Plc reduced to 21.64 percent in September 2025 from 36.55 percent as at September 2024, according to data from Chapel Hill Denham Limited. The combined profit after tax (PAT) of the five banks fell by 15.54 percent to N2.89 trillion in September 2025 from N3.42 trillion as at September 2024, according to data gathered by MoneyCentral. Perhaps more worrisome is that these lenders are reeling from high cost to income ratio or efficiency ratio as operating expenses are growing faster than operating income in the face of inflationary pressures that forced many of them to hike workers’ salaries. Regulatory induced costs such as the Asset Management Corporation of Nigeria (AMCON) and Deposit Insurance or NDIC charges have been bloating expenses. Lower yields from a Central Bank easing cycle, combined with slow growth in fees and commission income could erode banks net interest margin. “We expect the lower policy rate to drive a decline in yields on loans and government securities that will outpace the related decrease in the cost of deposits,” said analysts at Moody’s Global ratings, noting that deposit costs adjust more slowly than lending rates. [b]Bottom-line: [/b]The cost of equity is the return that a company must offer investors to compensate them for the risk of owning its shares. It represents the compensation the financial markets require for the risk of ownership in the company. Return on equity (ROE) is a financial metric that measures how efficiently a company generates net profit from the equity invested by its shareholders. It is calculated by dividing the company’s net income by the average shareholders’ equity during a specific period. When a company’s ROE exceeds its COE, it indicates the firm is generating returns higher than the investors’ required rate, thereby creating shareholder value. Conversely, if ROE is less than COE, the firm is not meeting the investors’ expectations, implying it is destroying shareholder value or not using equity capital efficiently. When ROE equals COE, the company is just meeting investors’ requirements, often signaling no growth opportunities and distribution of all earnings as dividends. In summary, COE is a forward-looking measure of investor expectations and risk compensation, while ROE is a backward-looking measure of actual financial performance. The comparison of these two metrics is crucial in investment decision-making and evaluating whether the company is effectively generating value for shareholders. https://moneycentral.com.ng/exclusive/article/nigerian-banks-face-value-destruction-as-roe-sinks-below-cost-of-equity-with-gtco-lone-exception/ |
| Business › Re: Access Bank Forced To Sell 25% Stake At A Loss To Black South Africans by MCentral(op): 12:06am On Oct 26, 2025 |
Ruke1991:BEE laws have been a source of corruption and poor economic performance for South Africa. It is nt something to be emulated by Nigeria |
| Business › Access Bank Forced To Sell 25% Stake At A Loss To Black South Africans by MCentral(op): 1:21am On Oct 25, 2025 |
In a curious state of play regarding South Africa’s ease of doing business, Nigerian owned Access Bank has been forced to sell a 25.45% stake of its South Africa subsidiary to black individuals to comply with Black Empowerment (BEE) laws. The Bank recognized the difference between the Sales proceed (N8.3 billion) and the carrying amount of the portion of investment disposed (N9.7 billion) as a loss (N1.5 billion) in statement of comprehensive income for the period. On 30 May 2025, Access Bank Plc said it completed the sale of 25% (1,083,261,865) shares and an additional share of 1 of its ordinary shares in Access Bank South Africa to a consortium of Broad-Based Black Economic Empowerment (“B-BBEE”) purchasers, who are unrelated third parties. The transaction was undertaken to comply with the South African Broad-Based Black Economic Empowerment (B-BBEE) legislation, which promotes the inclusion of B-BBEE eligible citizens within the South African economy. No gain or loss was recognized in consolidated statement of comprehensive income arising from this transaction. In the separate financial statements, the Bank continues to carry the remaining investment in subsidiary at cost. The transaction was agreed at a total consideration of ₦10.3 billion (equivalent to ZAR 116.1 million), which is receivable after three years from the transaction date. In line with IFRS 9 Financial Instruments, the sales proceeds (consideration receivable) have been initially recognized at fair value, amounting to ₦8.3 billion (equivalent to ZAR 93.1 million). The fair value was determined by discounting the expected future receivable using a 7.25% discount rate, corresponding to the South African Reserve Bank’s monetary policy rate at the disposal date. The difference between the nominal consideration and the fair value represents the impact of the time value of money and will be unwound to profit or loss over the three-year period using the effective interest method. As of June 2024 Access Bank had already injected capital of Zar1.4bln (N115 billion), since its acquisition of Access Bank South Africa in 2021, while persistent losses have continued for the subsidiary. Access Bank South Africa made a loss of N9.3 billion in the Half Year 2025 period. Meanwhile, Access Holdings is investing USD24.7 million in Access Bank South Africa as deposits for shares for the recapitalization of the bank. following the approval of the Central Bank of Nigeria. Access Holdings had on its books a subscription for investment relating to the transaction of N34.62 billion. Basically Access Bank is taking risks and investing money taken from Nigeria while handing over shares on a platter to black South Africans, despite the owners of Access Bank being blacks themselves. https://moneycentral.com.ng/exclusive/article/access-bank-forced-to-sell-25-stake-to-black-south-africans-will-recapitalise-unit-with-24-7m/ |
| Politics › Ruling APC ‘own Goals’ Undercut Confidence Amid Regional Coup Scrutiny by MCentral(op): 11:09am On Oct 19, 2025 |
After a military coup ousted the elected government of Sierra Leone in 1997, civil society and regional organizations like ECOWAS mobilized popular uprisings and coordinated forces. The elected government was restored about nine months later, demonstrating effective citizen and regional intervention against a coup. In Africa, the Sahel region has witnessed a wave of coups d’état in seven countries that extend from Guinea on the Atlantic Ocean to Sudan on the Red Sea. Five military coups succeeded in five countries, in Mali, Burkina Faso, Guinea, Niger, and Gabon, while three other nations—Tunisia, Chad, and Sudan—had constitutional coups. During approximately the same period, coup attempts were thwarted in Gambia, the Central African Republic, Sierra Leone, and the island nation of São Tomé and Príncipe. In Nigeria, Africa’s most populous nation, largest oil producer and economic giant citizens woke up this past week to rumors of a coup plot by disgruntled army officers. If such a plot denied by the military hierarchy were actually true and succeeded, one wonders if ordinary Nigerians would have come out on the streets to protest against the coup leaders like was done in Sierra Leone or would have been indifferent. To be sure this paper condemns any attempt to truncate Democracy in Nigeria and take the country back to the dark days of military bloodletting in the form of coup plots, citizens without rights, an emasculated and hounded media as well as a non-growing static economy led by corrupt generals. However, there is a sense that the ruling APC party in Nigeria has committed many ‘Own Goals’ at the Federal and State levels that has undercut confidence and alienated many citizens amid the surge in regional coups. This sense of injustice is often used by misguided army officers to justify their illegal coup plots in other parts of Africa. The ruling APC party in Nigeria must guard against this by improving governance and reversing its numerous own goals some of which are listed below: The Rivers State of Emergency Fiasco Nigerian President Bola Tinubu declared a state of emergency in Rivers State in March 2025 following a protracted political crisis in the state. Tinubu suspended Governor Siminalayi Fubara; his deputy Ngozi Odu; and all the members of the House of Assembly for six months. The president nominated Vice Admiral Ibokette Ibas (rtd) as a military administrator to take charge of the affairs of the state for the first six months. It was always curious to us at MoneyCentral why the Tinubu administration would seek to give a military man (even if retired) a taste of governance through the back door, couched in the garb of ‘State of Emergency.’ The Retired Admiral was neither elected by the people of Rivers nor campaigned for the post. He also went about business awarding contracts and making appointments which are now being scrutinized by the real Governor Fubara after his return to office. Beyond the bad optics of bringing military men back to governance of an oil rich state like Rivers or any state for that matter, any coup plotter could use this as one of his excuses to strike. It is hoped that civilian Governors are never suspended again in the future because of politics, and rulers must be representatives elected by the people. Stop Demolishing People’s Homes and Businesses In the past two years a trend has emerged in Lagos and other parts of the country where homes and businesses of Nigerians are demolished with military like fiat, without a sense of empathy with Nigerians. To make matters worse there are often rumors of particular ethnic groups or tribes being targeted by these demolitions. The latest to happen was at the trade fair complex in Lagos, a Federal zone where property worth billions of naira were pulled down. One would have expected better coordination between the APC at the Federal level and APC government in Lagos to ensure that they are not working at cross purposes, since the trade fair complex was being administered by the Federal Government. More importantly however is the need to have a buy-in of the people and not seem like a government that is callous and out of touch. These are the same masses that would be needed to fight off any military incursion into politics. It is also the case that many Nigerians are struggling with a major cost of living crises hat began with this administration in 2023, as rents, building materials, cars, foodstuff and school fees have all skyrocketed. The government can help build up the masses instead of tearing them down. Properties without adequate building plans can be sealed off and owners invited to regularise their titles instead of demolitions. Dangerous Slide Into One-Party Rule In the Hollywood blockbuster movie, the matrix the machines held all the cards and could destroy the few humans fighting them if they wished but decided to give them an illusion of hope, through the creation of ‘The One.’ The Nigerian ruling party would do well to continue to encourage some form of robust opposition to give a sense of hope to young people and others who have lost faith in how the country has been mismanaged over the years. The current trend where entire Governors, Senators and representatives elected under opposition parties defect en-masse to the ruling party should be discouraged. We have seen this happen most recently in Delta State, Enugu State and Bayelsa State. The people should not be conditioned to believe that a military dictatorship would be better than what they perceive as civilian dictatorship or one party rule. Skewed Tribal Appointments One of the major fault lines in Nigeria is the ever present religious and tribal divide. Nigeria is one of the most ethnically and linguistically diverse countries in the world. It is home to about 371 distinct ethnic groups, spread across its 36 states and the Federal Capital Territory. Correspondingly, over 500 languages are spoken in Nigeria, reflecting this rich cultural variety. The three largest ethnic groups are the Hausa, Yoruba, and Igbo. Other prominent ethnic communities include the Fulani, Urhobo, Tiv, Kanuri, Ijaw, Edo, and Ibibio, among many others. These groups often have their own languages or dialects, many of which have long histories going back thousands of years. This rich diversity can be a source of strength or division depending on how politicians decide to govern. The current administration of President Bola Tinubu has been accused of running a Yoruba supremacy agenda in choosing key members of his cabinet by those for whom such things matter. For us at MoneyCentral we believe in having the best man for the job do it regardless of where he or she comes from. However, there should also be an understanding that for the common man or woman on the street, such things as ethnic balance in appointments, brings a sense of attachment to the government at the centre. Numerous groups and politicians have also sounded the warning. The Pan-Yoruba socio-cultural group, Afenifere, cautioned President Bola Tinubu over what it described as his bias and preference for the Yoruba in federal appointments. It warned that the development could threaten inter-ethnic relationships and peaceful co-existence in Nigeria. Babachir Lawal, former Secretary to the Government of the Federation (SGF) under late president Muhammadu Buhari, openly criticised the administration of President Bola Tinubu, declaring that he could not have served under the current government. Lawal said he was at ease with Tinubu’s style of governance but accused the President’s administration of nepotism, pointing to the appointments made under his leadership. “I cannot go to a meeting in which 99 per cent of the participants are Yoruba. The tendency is that they finish the meeting in their language, and I am just sitting there. “When we were doing the campaign, after he went to Ogun and said ’emi lokan,’ there was a Bola Tinubu platform in which I was participating. “They started insulting us, saying that northerners are illiterate. So I wrote on that platform that these are the people whose votes we would need.” Former Vice President Atiku Abubakar, along with the People’s Democratic Party, Coalition of United Political Parties, and the New Nigeria People’s Party, have also berated President Bola Tinubu’s administration for failing to promote inclusive governance, amid ongoing backlash over uneven political appointments since the beginning of his tenure. Atiku warned that promoting state-sponsored bigotry and nepotism in a multi-ethnic country like Nigeria could have serious consequences. He stated, “It is getting worse under Tinubu. Bigotry must not be a policy of states, bigotry should not be tolerated; bigotry and nepotism must never be adopted as a state policy, as is being done by Tinubu’s administration.” The Human Rights Writers Association of Nigeria (HURIWA) accused President Bola Ahmed Tinubu of fostering nepotism by extending the tenures of key public officials predominantly from the Yoruba ethnic group. HURIWA’s criticism follows the recent extension of Mrs. Kemi Nanna Nandap’s tenure as Comptroller-General of the Nigeria Immigration Service (NIS), which President Tinubu has approved until December 31, 2026. The group labeled the move an “abuse of power”, questioning whether no other qualified officers within the service could assume the role. Wike and Allegations of Corruption Nyesom Wike, the Minister of the Federal Capital Territory (FCT) a close confidant of the President has been enmeshed in corruption allegations against him regarding plots of lands allocated to his family members and houses allegedly acquired in Florida, United States. Wike as a former Governor obviously has the means to make the purchases if true, however the optics of the situation is what could be problematic. This is especially true since the Tinubu administration and EFCC have not made any clear announcement on the matter. Another African President, South Africa’s Cyril Ramaphosa – who was under pressure due to corruption allegations against a major ally of his, Police Minister Senzo Mchunua, chose to act swiftly. Ramaphosa faced a tough choice after his police minister was accused of helping drug dealers and blocking murder investigations. The South African President responded by suspending the police minister Senzo Mchunu, and announced a six-month judicial commission of inquiry to look into the matter. The Nigerian President should be disposed to act more forcefully against those accused of corruption in his cabinet. Umahi’s N15 trillion Coastal Road of Confusion Nigeria recently secured a $747 million syndicated loan for the Lagos-Calabar Coastal Highway that will link the nation’s commercial capital, Lagos to a key coastal city, Calabar. The funding, led by Deutsche Bank AG, will finance construction of the first phase of the Lagos-Calabar highway, a 700-kilometer (435-mile) project initiated by President Bola Tinubu, the finance ministry said. The $10 billion (N15 trillion) project was criticized by opposition leaders when it was first awarded in 2023 to Hitech, a company that belongs to a Gilbert Chagoury, a close confidante of the president. Last year, the Federal Government announced the commencement of construction work on the 700km Lagos-Calabar Coastal Highway, which spans nine states and includes two spurs leading to the northern states. Works Minister, David Umahi said the first phase of the project, made up of 47.47 kilometers of dual carriageway, is to be constructed in concrete pavement. The project has however been dogged by needless controversy since its launch with the Minister unable or unwilling until recently to reveal the cost per kilometer of road for the project. Recently Oyo State Governor, Seyi Makinde, weighed in on the cost of the controversial Lagos-Calabar Coastal Highway project that was approved by President Bola Tinubu. Makinde, who spoke at an event in a viral video, said there was no need for the Minister of Works, David Umahi, to be “dancing around the cost” of the project. The governor was reacting to a heated exchange that unfolded live on television between Umahi and Arise TV presenter Rufai Oseni. Justifying the journalist’s question to the minister, Makinde said, “They asked a minister how much the coastal road is, and then you (Umahi) are dancing around and going to say that no, the next kilometre is different from the next kilometre. Then what is the average cost? “When we did the Oyo to Iseyin road then, it was about N9.99 billion, almost N10 billion. About 34 or 35 kilometres, average cost is about N238 million per kilometre. “But when we did Iseyin to Ogbomoso, that was 76 kilometres, it was about N43 billion, average cost is about N500 million per kilometre. And we had two bridges, one over the Ogun river and then one at Ogbomoso end.” Beyond the humongous N15 trillion cost of the road there are genuine questions around whether the money would not be better spent on fixing existing roads within cities and already existing highways that are mostly dilapidated. These are legitimate questions that should not be dismissed by a wave of the hands as mischievous but given the serious answers it deserves. There have also been allegations of corruption in the sudden change of alignment of the road that violates the 2006 gazette as well as inappropriate demolitions. Better and More Targeted Poverty Alleviation The Nigerian government should better target its poverty alleviation programmes to ensure maximum impact and be strategic in its approach to spending money. Instead of the coastal road to nowhere being built for N15 trillion, perhaps the APC government of President Tinubu should look at how India has lifted over 250 million people out of poverty under Indian Prime Minister Narendra Modi in just 10 years. Modi’s government has made significant efforts to fight poverty in India, particularly through infrastructure development such as road construction, alongside social welfare initiatives. A key program in this effort is the Pradhan Mantri Gram Sadak Yojana (PMGSY), aimed at connecting rural habitations with all-weather roads. Over the past 10-years, approximately 400,000 kilometers of rural roads have been constructed in India, improving rural connectivity and access to markets, schools, and healthcare, which directly helps reduce poverty by boosting economic opportunities for rural populations. Meanwhile, Nigeria’s national poverty rate has significantly increased, with estimates ranging from 46% to over 60% depending on the source and year. According to the World Bank, the poverty headcount ratio was 56.2% in 2023, affecting around 104 million people. The National Bureau of Statistics reports that 63% of Nigerians were multidimensionality poor in 2022, with rural areas showing a much higher rate than urban ones. Poverty has risen steeply in Nigeria even as it undertakes reforms designed to deliver economic growth, according to a new report from the World Bank. The number of Nigerians living in poverty is projected to reach 139 million in 2025 from 81 million in 2019, with most of the rise occurring prior to 2023, the bank said in its bi-annual development update on the country. These are not numbers the Nigerian APC ruling party for the last decade (2015 – 2025),should be proud of. Real INEC Reforms The National Council of State recently unanimously approved the appointment of Professor Joash Ojo Amupitan (SAN) as the new Chairman of the Independent National Electoral Commission (INEC). However what followed the announcement was controversy over whether Mr. Amupitan was Yoruba or from the North, or both. These are besides the point in our opinion. INEC has lost credibility with a majority of Nigerians and needs major reforms if it is to be a vanguard of the legitimacy of any government in power. Without that legitimacy a coup against such a leader installed by rigged or irregular elections, is easier to get away with and there would be very little push back by the people. In democracies with weak institutions, non-adherence to the rule of law and zero-sum politics are exploited as moments of institutional capture by political elites, especially incumbents, in their quest to consolidate control over the political process. Yiaga Africa highlighted in its 2025 State of Electoral Integrity Report, that the 2027 elections could be the most compromised and expensive elections in recent history. This projection stems from the trend of highly politicised appointments to INEC. Since 2015, all appointments to INEC have been marred by controversies due to the appointment of partisan individuals to the commission. INEC has identified 142 post-election reform recommendations, eight of which require amendments to the 1999 Constitution or the Electoral Act 2022. The masses await concrete movement on these reforms to once again help engender confidence in the electoral process. https://moneycentral.com.ng/exclusive/article/ruling-apc-own-goals-undercut-confidence-amid-regional-coup-scrutiny/ https://moneycentral.com.ng//wp-content/uploads/2025/10/Coup-Nigeria.png |
| Politics › Re: FMDQ Faces 67% Trading Volume Loss As CBN Shifts To Internal Platform by MCentral(op): 3:31am On Oct 13, 2025 |
ideylaff:The CBN seems to want to keep everything inhouse. They should probably divest from the FMDQ also |
| Politics › FMDQ Faces 67% Trading Volume Loss As CBN Shifts To Internal Platform by MCentral(op): 12:35pm On Oct 03, 2025 |
FMDQ Group, a securities exchange and self-regulatory organization (SRO), faces a precipitous drop in trading volumes and revenue as the Central Bank of Nigeria (CBN) moves to shift trading of its Fixed Income and Foreign Exchange (FX) products to its own internal trading platform.https://moneycentral.com.ng/exclusive/article/fmdq-faces-67-trading-volume-loss-as-cbn-shifts-to-internal-platform/ 4 Likes
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| Career › Re: Why Dangote Sacked Refinery Staff - FIJ by MCentral: 1:43am On Oct 03, 2025 |
BarrElChapo:If Capitalism is dangerous try socialism and NNPC refinery see where that takes u |
| Business › Re: Access Bank Struggles While CEO Buys $20mn Mansion On London’s Billionaire's Row by MCentral(op): 5:18pm On Oct 01, 2025 |
Esthered:In civilized climes Executive compensation is tied to performance. Such as Elon Musk recent pay award. Access Bank has underperformed for the past 3 years. The bank is the only one among the big 5 that cannot even release its second quarter (Q2) financial results meanwhile we just entered Fourth quarter. It may be his money but the optics is bad. N30 billion for a house meanwhile shareholders are suffering 1 Like |
| Business › Re: Access Bank Struggles While CEO Buys $20mn Mansion On London’s Billionaire's Row by MCentral(op): 12:44pm On Oct 01, 2025 |
DSS1335:Access has not been executing its strategy well for some time. Yea Wigwes death was a blow to the bank |
| Business › Access Bank Struggles While CEO Buys $20mn Mansion On London’s Billionaire's Row by MCentral(op): 11:37am On Oct 01, 2025*. Modified: 1:08pm On Oct 01, 2025 |
Roosevelt Ogbonna, chief executive officer of Access Bank Plc, bought a mansion for £15 million ($20 million) on a street in London’s Hampstead neighborhood nicknamed Billionaires’ Row, even as the bank holding company struggles with underperformance in the Nigerian stock market this year. The reported $20 million purchase price is equivalent to N30 billion, a huge amount in Nigeria by any standards. It is unclear if the Central Bank of Nigeria (CBN) is aware of the transaction, and if money was moved out of Nigeria to the UK for the purchase of the Mansion. Ogbonna, who has been the boss of Nigeria’s largest bank by assets for over three years, purchased the sprawling mansion in August, according to a UK filing. The house, which has a spa and an entertainment suite, was listed for £17 million as recently as 2021. Access Holdings is the year’s worst performing bank stock as investors begin to doubt that its expensive expansion across Africa will bring value, despite billions of naira spent on such acquisitions. Access Holdings stock has returned just 7.55% year-to-date, dead last among 12 publicly traded bank stocks on the NGX, tracked by MoneyCentral. The lender’s share price has also underperformed the 10-member NGX Banking Index, which climbed 41% since the start of the year,. The financial services holding company has yet to report second quarter (Q2) 2025 results even as the third quarter just ended. Access Bank forecasts expansion to 26 countries through mergers and acquisitions, by the end of 2027, according to a presentation posted on the Nigerian Exchange. Access Holdings reported disappointing Full Year 2024 results with profit up a mere 1% to N618.6 billion as higher expenses hit the bottom-line. City AM first reported the purchase earlier. https://moneycentral.com.ng/exclusive/article/access-bank-struggles-while-ceo-buys-20-million-mansion-on-londons-billionaires-row/ https://moneycentral.com.ng//wp-content/uploads/2024/07/Roosevelt.png |
| Politics › Re: NNPC Awards LNG Cargoes To Linetrale, Lagos Firm With ‘barely Functional Website by MCentral(op): 7:29pm On Sep 29, 2025 |
DatNiggaDaz:Yea at least they should have up to date website to remove the appearance of it being a shady deal. "Trading in liquefied natural gas is a business long dominated by several established players as the high cost and technical complexity of moving LNG around the world mean smaller trading companies rarely get involved." The above quoted from the report is the key issue. |
| Politics › NNPC Awards LNG Cargoes To Linetrale, Lagos Firm With ‘barely Functional Website by MCentral(op): 5:24pm On Sep 29, 2025 |
A little known energy company Linetrale LLC, with a barely functional website was one of three trading houses to win Liquefied Natural Gas (LNG) cargoes offered by Nigerian National Petroleum Corp. (NNPC) last week. The obscure Lagos firm joined more established energy giants such as Gunvor Group and Abu Dhabi National Oil Co. Trading in liquefied natural gas is a business long dominated by several established players as the high cost and technical complexity of moving LNG around the world mean smaller trading companies rarely get involved. Lagos-based Linetrale was founded in 2006, yet it has previously supplied just two cargoes — in 2020 and 2023. Key founding partners include Mustapha Fasinro and Chinedu Nwokedi, who also serve in leadership roles. Not much information is available on the Linetrale website as seen by MoneyCentral on September 29, 2025, as it showed a message that read: “We are currently updating our website to make your experience with Linetrale LLC even better!” Nigeria is Africa’s largest LNG exporter, with a production capacity of about 22.5 million metric tonnes per annum (mtpa) from its six LNG trains operated by Nigeria LNG Limited (NLNG). Expansion projects, including the approved NLNG Train 7, aim to increase annual LNG production capacity to over 30 mtpa by 2025-26. In the first half of 2025, Nigeria produced about 1.37 trillion standard cubic feet (SCF) of natural gas, with a utilization rate of approximately 91.8%. Exports accounted for nearly 481 billion SCF, primarily via LNG. https://moneycentral.com.ng/exclusive/article/nnpc-awards-lng-cargoes-to-linetrale-lagos-firm-with-barely-functional-website/ https://moneycentral.com.ng//wp-content/uploads/2023/06/LNG-1.jpg |
| Politics › Re: These Top Three Nigeria Stocks Are Set To Benefit From AI Boom by MCentral(op): 8:08am On Sep 29, 2025 |
Maybe Aliko Dangote should have Invested the $20 billion used to build the Dangote Refinery in AI |
| Politics › These Top Three Nigeria Stocks Are Set To Benefit From AI Boom by MCentral(op): 7:04am On Sep 29, 2025 |
Global funds are pivoting to capture the artificial intelligence (AI) craze, with investors predicting that booming technology spending will drive returns for years to come. Nigeria, like most developing countries, is pretty much a spectator in the AI race for now, however some cutting edge companies trading on the NGX are already positioning to be AI first movers in the country. AI companies’ valuations have soared from the developed markets Magnificent Seven to Emerging markets, stocks with AI exposure have been rewarded by investors with higher valuations and are the biggest contributors to the rally in the S&P 500 stocks index this year. While much of the AI investment frenzy has focused on a handful of American firms, Frontier Markets companies like Nigeria that can harness the technology are set to benefit.Stock Brokerage AccountStock Trading Software Emerging-market stocks that are highly exposed to AI have even outperformed the so-called Magnificent Seven mega cap tech firms (composed of Nvidia, Microsoft, Apple Inc, Alphabet Inc, Amazon, Meta and Tesla), so far this year, according to equities strategists at Citigroup in a recent note. In Nigeria, there are signs that the momentum is just beginning as AI adoption accelerates across segments including cloud computing and banking services. MoneyCentral scanned the financial statements of major Nigerian firms listed on the NGX to see actual mentions of AI by corporate executives and how they are deploying the technology to improve their services and earnings. The top three firms are listed below. MTN Nigeria (Share Price N420/ share) MTN Nigeria is a $5.8 billion (N8.8 trillion) is a, Lagos Nigeria (NGX) listed company that is a subsidiary of Africa’s largest telecommunications firm, MTN Group. MTN Nigeria is the largest contributor to the MTN Group Ltd revenues, according to data from Half Year, 2025 financials. Group Service Revenue from the Nigerian business, which reported a loss in the first half of 2024, jumped 37.5% to 28.2 billion rand ($1.6 billion) in the six months to June 30, while sales at its South African unit rose 2.3% to 21.6 billion rand ($1.22 billion). MTN is well positioned to deliver AI services to Nigeria’s 230 million people, the largest in Africa. MTN Nigeria has launched the first phase of its US$240 million artificial intelligence (AI), Tier 3 Data Centre as part of a strategy to expand capacity and meet the growing demand for its services...... https://moneycentral.com.ng/artificial-intelligence-a-i/article/top-three-nigeria-stocks-set-to-benefit-from-ai-boom/ https://moneycentral.com.ng//wp-content/uploads/2025/07/data-centre-MTN.png |
| Business › Re: Julius Berger Leases Out Cashew Plant After Failed Agro-diversification by MCentral(op): 6:48am On Sep 26, 2025 |
Father4all:Berger still operates in Nigeria |
| Politics › Re: Tony Elumelu To Pocket N1.68bn Interim Dividend After Boosting UBA Stake by MCentral(op): 4:59pm On Sep 25, 2025 |
LagosOrigin:UBA faces intense competition from fintechs and other banks especially in Nigeria. The stock is a neutral for now |
| Business › Julius Berger Leases Out Cashew Plant After Failed Agro-diversification by MCentral(op): 4:57pm On Sep 25, 2025 |
Construction giant Julius Berger Nigeria Plc has abandoned its Agro-diversification plans after failure to gain traction from it and as such has opted to lease out its cashew processing plant in the Epe area of Lagos. Julius Berger on September 23, 2020, had informed the Market of its Board’s approval to explore a diversification opportunity in Agro-processing. However, the firm now says it is focused on being more thematic to its core business by strengthening its capacity in Nigeria and exploring opportunities regionally and globally. “The Board of Julius Berger, at its meeting of September 24, 2025, took the decision to lease out its cashew processing facilities, upon mutually agreed terms, to Eko Organic Food Industries Limited, whose core business would ensure the continued relevance of Julius Berger and its strategic intent to take value from opportunities in Agro-processing,” Julius Berger said in a filing to the NGX. Julius Berger’s Operating Profit fell by 47% to N9.4 billion in the six-month period to June 2025, from N17.8 billion as at June 2024. The firm reported a loss of N2.4 billion from its diversification efforts in the six months to June 2025 period. Julius Berger Nigeria Plc has four core business segments, civil engineering – encompassing infrastructure and related construction projects within Nigeria; Building involving residential, commercial, and industrial building projects within Nigeria, services, provided to third parties in Nigeria and in Europe. There is also Diversification which comprises of the business unit Cashew Processing in Epe, Lagos and the Groups expanded Construction Business into new regional Markets in West Africa. Julius Berger diversification began in 2022 with the commissioning of its Cashew Processing Plant. Julius Berger stock is listed on the Nigeria Exchange (NGX) and has returned -5.89% year to date. It closed trading at N146.1 per share on Thursday for a market capitalisation of N233 billion. “The goal of the Board of Directors and the Executive Management of Julius Berger remains to deliver on the strategy of maintaining and strengthening the Company’s competitive advantages in the Construction sector,” the Company Secretary, C. E. Madueke, said in the statement. https://moneycentral.com.ng/companies/article/julius-berger-leases-out-cashew-processing-plant-after-failed-agro-diversification/ https://moneycentral.com.ng//wp-content/uploads/2025/05/Berger-New.png |
| Politics › Tony Elumelu To Pocket N1.68bn Interim Dividend After Boosting UBA Stake by MCentral(op): 2:20pm On Sep 25, 2025 |
The Chairman of United Bank of Africa (UBA), Tony Elumelu will receive gross interim dividend of N1.68 billion, after more than doubling his shareholding in the bank to 16.3% with total direct and indirect ownership of 6.72 billion shares as at June 2025. UBA has proposed an interim dividend of N0.25k for every ordinary share of 50 kobo each subject to applicable withholding tax, to be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday October 03, 2025. Elumelu’s shareholdings rose from 2.54 billion total holdings of UBA as at December 2024, when he owned a 7.43%. UBA had 41 billion shares outstanding as at 30th June 2025, up from 34.19 billion as at December 2024. Elumelu increased his direct holding by more than six-fold to 1.5 billion shares, while indirect holdings surged 122% to 5.2 billion shares, between December 2024 and June 2025. The indirect holdings consisted of 2.11 billion shares owned through Heirs Holdings Limited, 1.814 billion shares through HH Capital Limited, 1.33 billion shares held through STH Limited, 324.88 million shares through Eternal properties and 258.9 million shares through Heirs Alliance Limited. The shares were worth N294 billion ($196 million) based on UBA’s closing price of N43.75 per share on Wednesday. United Bank for Africa (UBA) Plc is in the process of raising over N157 billion through a rights issue. https://moneycentral.com.ng//wp-content/uploads/2023/09/Tony-Elumelu.jpg https://moneycentral.com.ng/markets/article/tony-elumelu-to-pocket-n1-68bn-interim-dividend-after-boosting-uba-stake/ 1 Like |
| Investment Ads › These Are Nigeria’s Top 10 Banks By Market Capitalisation by MCentral(op): 8:10pm On Sep 19, 2025 |
Nigeria’s top 10 banks by market capitalisation have global ambitions but they are facing intense competition at home from fintechs, as well as macroeconomic and regulatory headwinds that keeps valuation grounded. Only a handful are valued over a billion dollars in market capitlisation, meanwhile fast growing startup fintechs such as Moniepoint, Flutterwave and Opay sport billion dollar valuations and more. Market capitalization, often called market cap, is the total market value of a publicly traded company’s outstanding shares of stock. It is calculated by multiplying the current share price by the total number of outstanding shares:Currency exchange rates A larger market cap usually signals greater investor confidence, stability, and liquidity, which is important for banks given their systemic role in the economy. Banks with higher market capitalization typically have better access to capital markets at lower costs, aiding in raising funds for expansion, lending, or regulatory capital requirements. Below is a list of the 10 biggest Nigerian banks by market capitalisation in Naira and Dollars, as at September, 19 2025. Top Ten Largest Nigerian Banks by Market cap 1. Guaranty Trust Holding Company, GTCO N3.42 trillion ( $2.28 billion) GTCO is the most valuable Nigerian Bank as seen from it trading at a Price to Book Ratio of 1.10. A market capitalisation of $2.28 billion r N3.42 trillion means its not being outshone by startup Fintechs.Currency exchange rates GTCO will see the growth in 2025, boosted by its recent capital raise of N209 billion, according to Segun Agbaje, Group Chief Executive Officer of GTCO Plc. Proceeds (N208 billion) from the combined equity raise will be strategically deployed to recapitalize the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution. Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries.Digital banking solutions 2. Zenith Bank Plc, N2.64 trillion ($1.76 billion) Zenith Bank Plc reported a 8% slide in profit after tax to N532 billion in the half year period to June 2025, compared to N578 billion as at June 2024. Zenith Bank Plc valued at N2.64 trillion is second on the list. Zenith Bank’s basic and diluted earnings per share fell to N12.95 in the Half Year 2025 period, compared to N18.41 in H1, 2024. This was due to the share count of the bank increasing to 41 billion, from 31.39 billion due to the recent rights issue to raise capital. Zenith Bank in 2024 successfully raised N350 billion in capital through a rights issue and public offer, with a subscription rate of 160%, demonstrating strong investor confidence in the Bank’s growth trajectory. The proceeds from the capital raise have been strategically deployed to enhance Information Technology (IT) infrastructure, invest in subsidiaries, financing operations and unlocking new growth opportunities.Digital banking solutions Zenith has completed its investments following the capital raise. Investments in IT infrastructure by Nigerian banks like Zenith has helped to grow income through fees, while reducing costs and growing margins, boosting overall profitability for the banking sector. 3. United Bank for Africa, UBA N1.8 trillion ($1.2 billion) United Bank for Africa (UBA) with a market capitalisaion of N1.8 trillion is third on the list. UBA is one of only four publicly traded Nigerian bank valued over $1 billion. UBA Nigeria operations were however a drag on profit in the Half-Year H1, 2025 period, compared to its rest of Africa business, a sign of the tough competitive landscape in its home market where at least 20 other major banks and fintechs operate. Analysts say a sustained trend would negatively affect UBA stock price and valuation. UBA reported profit after tax of N88.8 billion in its Nigeria operations, compared to N335.25 billion in Africa and N44.68 billion in its international operations. 4. Stanbic IBTC Holdings N1.55 trillion ($1.03 billion) Stanbic IBTC Holdings is a financial services holding company and a subsidiary of South Africa’s Standard Bank Group. Stanbic IBTC is the most expensive Nigerian bank stock as it trades at a Price to Book ratio of 1.70.Digital banking solutions This helped to push its valuation to N1.55 trillion coming fourth on the list. Stanbic IBTC Holdings profit for 2024 rose by 43.7% to N202.1 billion, compared to N140.6 billion in 2023. 5. Access Holdings N1.38 trillion ($920 million) Access Holdings is the fourth largest Nigerian Bank/ financial services group by market capitaliation. Access Holdings has struggled to execute its strategy sinc the tragic death of Herbert Wigwe, the late CEO.Digital banking solutions Wigwe in 2022 had outlined how he sees payments, pensions and insurance businesses as subsidiaries to help lead the financial services firm’s next growth phase, with an aim to becoming one of the continent’s biggest banks by 2027. Today Access is not even the top bank in Nigeria in terms of market cap. 6. FirstHoldCo Plc N1.33 trillion ($886 million) FirstHoldco is the parent company of First Bank of Nigeria. First Bank used to be one of Nigeria’s largest banks in the past, but has struggled with leadership tussle and poor corporate governance.Digital banking solutions New leadership by activist investor, Femi Otedola... https://moneycentral.com.ng/exclusive/article/these-are-nigerias-top-10-banks-by-market-capitalisation/ https://moneycentral.com.ng//wp-content/uploads/2025/09/Banks-Market-cap-September.png |
| Educational Services › Re: Rugby School Opens In Eko Atlantic City, With Annual Fees Exceeding N100m by MCentral(op): 9:59am On Sep 18, 2025 |
There's levels to this ish ...Hope the standard of education matches the expensive fees. |
| Educational Services › Rugby School Opens In Eko Atlantic City, With Annual Fees Exceeding N100m by MCentral(op): 9:43am On Sep 18, 2025*. Modified: 9:59am On Sep 18, 2025 |
Rugby School Nigeria, a world-class international institution and sister school to the prestigious Rugby School UK, located in the heart of Eko Atlantic City, Lagos Nigeria has been inaugurated and opened for classes on September 15 2025. The school is designed to offer a rich blend of academic rigor and co-curricular depth, featuring over a dozen A-Level offerings and expansive facilities for sports, arts, leadership, and personal development. Nigerian parents would be paying up to £58,920 (N120 million) per annum or £19,640 per term (there are 3 terms in a year) inclusive of VAT, for as Rugby school fees for boarding students. Rugby school fees for Day Pupil are £12,450 inclusive of VAT per term equivalent to £37,350 for 3 terms, or N76 million per annum, according to information from the school. The school offers a UK-style curriculum, with a focus on A-levels in the Sixth Form, a holistic approach to learning, and significant programs in sports, arts, and leadership. Rugby School Nigeria is now offering a two-year A level programme for day students from the age of 16. In September 2026 the School will expand to include day and boarding students aged 11 to 18. Dr Adam England was appointed the founding Principal of Rugby School Nigeria. ‘I am delighted to be returning to Lagos and to becoming Principal of such a prestigious school as Rugby,’ Dr England said. ‘Before then I shall be spending some time at Rugby School England, absorbing its ‘Whole Person Whole Point’ philosophy and its global approach to teaching and learning. I have no doubt that the parents and children of Lagos, and more widely in Nigeria, will be excited about the opening of Rugby and all the educational opportunities it will offer.’ Rugby School Nigeria is on a purpose-built campus in Eko Atlantic City in Lagos, a modern urban space with reliable transport, secure utilities, a beautiful landscape and ocean-side surroundings. Dr Neil Hampton, CEO of Rugby School Group, ‘said: ‘Led by Dr England, we are confident that Rugby School Nigeria will deliver the exceptional education that we have provided in the UK for centuries, and now also offer in Thailand and Japan.’ SEE VIDEO in the LINK BELOW https://moneycentral.com.ng/markets/article/rugby-school-opens-in-eko-atlantic-city-with-annual-fees-exceeding-n100m/ https://moneycentral.com.ng//wp-content/uploads/2025/09/Rugby-School.png |
| Business › UBA, Kenya Sign $150m Road Projects Deal Amid Transparency Concerns by MCentral(op): 2:24pm On Sep 13, 2025 |
The Government of Kenya has signed a US$150 million (KSh16.38 billion) financing agreement with United Bank for Africa (UBA) as part of a landmark US$1.35 billion (KSh175 billion) programme aimed at clearing unpaid road construction bills and restarting stalled projects across the country. Industry observers, however, caution that while securitisation is innovative, it requires strict transparency and accountability to ensure that future revenues are properly managed and that the burden is not simply shifted forward. The Bank of Ghana recently suspended the foreign exchange license of the United Bank of Africa, Ghana subsidiary, over FX market violations. Kenya is ranked 121st out of 180 countries on the Transparency International Corruption Perceptions Index (CPI) for 2024. The Kenya government has however promised that the programme will be fully monitored and audited to protect public interest. The arrangement, which is one of Kenya’s boldest experiments with securitisation, is designed to inject cash into more than 580 road projects that have been frozen due to a massive funding shortfall. UBA Kenya, a subsidiary of the Lagos-based UBA Group, is one of the largest financiers participating in the deal. According to government data, Kenya has accumulated unpaid road construction bills totalling KSh175 billion, leaving many contractors stranded and communities waiting for key projects to resume. The new financing programme will channel a portion of the Road Maintenance Levy into a special purpose vehicle (SPV) that will securitise the future revenues, raising upfront cash to settle the backlog. UBA Group Chief Executive Officer, Oliver Alawuba, explained that the bank’s participation reflects long-term confidence in Kenya’s economy and infrastructure prospects. “Infrastructure and SMEs are interconnected—one builds the roads, the other drives the economy on them. At UBA, we are financing both sides of that equation,” Alawuba said. Roads and Transport Cabinet Secretary, Davis Chirchir, who had earlier defended the securitisation model in July, described it as a transparent and legally compliant approach to resolving contractor arrears without increasing Kenya’s external debt. “This model allows us to pay contractors promptly, revive suspended projects, and bring lasting relief to communities—all without adding to Kenya’s debt burden,” he stated. Under the structure, Sh7 from the existing Sh25 per litre fuel levy will be assigned to the SPV. The SPV will then securitise the future inflows to generate immediate cash for the government, contractors, and stakeholders. Chirchir stressed that the Kenya Roads Board will not carry further liabilities once the rights to future collections are transferred to the SPV. Analysts say the move highlights a growing trend among African governments to use securitisation as an innovative financing tool for infrastructure. With rising debt levels across the continent, securitisation allows countries to leverage predictable revenue streams such as taxes, levies, and royalties, instead of adding fresh loans to already heavy public debt burdens. https://moneycentral.com.ng//wp-content/uploads/2023/07/UBA-MD-Oliver-Alawuba-756x1024-1.jpg https://moneycentral.com.ng/exclusive/article/uba-kenya-sign-150m-road-projects-deal-amid-transparency-concerns/ |
| Business › UBA And Gtbank Top Failed Bank Transactions List Amid Customer Frustrations by MCentral(op): 1:54pm On Sep 11, 2025 |
Guaranty Trust Bank (GTBank), United Bank for Africa (UBA) and Zenith Bank ranked among the Nigerian banks with the highest number of failed bank transactions by volume and intensity of failed transaction complaints recorded on various social media sites in 2024. Meanwhile, Stanbic IBTC had the best reputation for reliability in 2024. Incidents of system outages and failed upgrades dogged these three major banks leading to persistent complaints, with thousands of customers reporting failed transfers, frozen accounts, and delayed funds reversal. Large volumes of unresolved failed transactions have also led frustrated customers to switch to fintech platforms. More than 60% of customer complaints in early 2024 related to failed electronic transactions, with failed transfers as a major category. Persistent failures have eroded public trust and forced many individuals and businesses to seek alternatives with fintech providers like OPay, Moniepoint and PalmPay. Mobile money and fintech (OPay, PalmPay) processed ₦41.5 trillion in transactions (Jan–July 2024) compared to negligible levels in 2020, reflecting a shift away from less reliable bank payment channels, according to data from Ecofin Agency. Meanwhile, failure rates on POS rose to roughly 13–15% of all card transaction attempts by mid-2024, a significant uptick compared to pre-pandemic levels, according to the NIBSS. The Central Bank of Nigeria (CBN) has directed banks to speed up reversals and upgrades, with the National Assembly calling for scrutiny of high complaint rates. MoneyCentral looked at incidents of social media complaints by Nigerians about failed bank transactions on Twitter, Facebook, Instagram as well as TikTok, Youtube, WhatsApp and online social sites like Nairaland, in the past year to underscore the ranking.Wealth management services Key Nigerian Banks with Most Failed Transactions GTBank (Guaranty Trust Bank) GTBank recorded nearly a million (941,241) public complaints in 2024, including waves of unresolved issues tied to a botched core banking system upgrade and persistent failed transaction episodes. The social media outcry lasted for weeks and many complaints cited unreversed debits, account freezes, and inaccurate balances. GTBank’s system migration in October 2024 led to a multi-week period when thousands of customers could not access funds, transfer money, or even see correct account balances. This extended outage affected payroll cycles and essential expenses, amplifying personal and business hardship. Social Media Outrage: The crisis dominated social media, with hashtags and posts highlighting users stranded for days or weeks, especially around salary payment periods. Many complaints centered on failed resolution, lost money, and lack of transparency. Critical System Functions Broken: GTBank’s failures were especially glaring because both digital and physical channels (app, USSD, and branch systems) failed in parallel, making the bank seem inaccessible and unresponsive at a national scale. Delayed Restoration and Poor Communication: Despite promises and even weekend branch openings to resolve the crisis, customer complaints persisted long after the incident, and customers noted poor updates and ineffective customer care. Timing During Salary Cycle: The outages coincided with payroll week, causing thousands of workers to miss or delay their salaries, a deeply emotional and economically disruptive trigger that intensified backlash. UBA (United Bank for Africa) UBA logged over 3.2 million complaints in total, with more than 1.1 million cases unresolved at one point—many directly linked to e-payments and money transfers. The customer complaints were highly visibility on social media platforms due to failed transfer disputes. Zenith Bank Received around 203,787 social media complaints with a significant pattern of complaints focused on failed transactions after an October 2024 system upgrade. Zenith Bank was repeatedly cited in customer posts about inaccessible accounts, slow reversals, and poor communication. Access Bank Access Bank is noted for high social media traffic about failed transactions (sharing many customer service complaints with the top three banks), though slightly lower than the above leaders in negative prominence. First Bank First Bank had significant complaints, but overall it was less than GTBank, Zenith, and UBA. It however was still regularly mentioned on social media for failed reversals, which improved by late 2024. Stanbic IBTC Stanbic ITC was ranked as the best performer among top Nigerian banks, with the lowest failed transaction complaints and highest customer satisfaction/issue resolution rates by survey and social media data analysis. Customer Complaints Themes Failed Transactions: Over 60% of complaints in 2024 and 2025 center on failed or delayed transactions, with many users voicing frustration over unreversed debits and lengthy complaint processes. Fintech vs Bank Reliability: Customers on social media praised fintechs (such as OPay and PalmPay) for prompt transaction reversal and high reliability, in contrast to banks like GTBank, Access Bank, UBA, and Zenith Bank, which saw frequent criticism on social media about system downtimes, failed transfers, and weak response to complaints. Complaint Handling: KPMG’s 2024 survey found complaint resolution is banks’ weakest area, driving loyalty away from mainstream banks to fintech alternatives. Trends in Failed Transaction Volumes (2020–2025) Failed transaction volumes in Nigeria have sharply increased since 2020, with the years 2022–2024 particularly turbulent due to banking system strains and cash policy disruptions. The pandemic shutdowns caused a 50%+ year-on-year surge in e-payment volume between 2020–2021, overwhelming legacy banking IT, leading to frequent app/USSD failures and delays. In 2022, a renewed focus on cashless policy fueled online transfer growth, but many bank IT systems experienced scaling issues, particularly during spikes in demand and system upgrades. The naira redesign and cash withdrawal limits of 2023 was a tsunami that triggered a national cash crisis, sharply raising transaction failures; only 60% of failed e-payments were resolved by March 2023, leaving about 40% unresolved (often for weeks). POS and transfer failure complaints then rose to crisis levels. Even as the cash crisis eased, several major banks’ system upgrades caused network outages, payroll delays, and persistent spikes in failed transfers in 2024, especially at GTBank, UBA and Zenith Bank. Despite bank investment in infrastructure, outages and reversals remain a concern in 2025, especially during high traffic (salary dates, major events, system migrations).Wealth management services Fintech payment providers now dominate routine/retail payments largely because customers believe they offer more reliable uptime. https://moneycentral.com.ng/exclusive/article/uba-and-gtbank-top-failed-bank-transactions-list-amid-customer-frustrations/ https://moneycentral.com.ng//wp-content/uploads/2025/01/POS.png |
| Business › UBA Leads Nigerian Banks In AI Adoption As Rivals Scramble To Innovate by MCentral(op): 4:29pm On Sep 04, 2025 |
Several leading Nigerian banks have launched AI-driven products and digital banking innovations, but the level of AI adoption and product maturity varies across institutions.https://moneycentral.com.ng/exclusive/article/uba-leads-nigerian-banks-in-ai-adoption-as-rivals-scramble-to-innovate/ 2 Likes
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| Politics › Re: Akwa-Ibom Vs Cross River: Which Is The Most Peaceful State In Nigeria? by MCentral: 1:43pm On Aug 30, 2025 |
TimeManager:Point 4: MARRIAGE. It is really cheap to Marry a Calabar Lady because Majority of these ladies their parent inherited houses, landed properties so they believe if the Marriage won't work their daughter have every right to start coming back home instead of fighting for your family, building it and making it work they start running back home immediately. Sometimes is not about Domestic violence it is about the man couldn't afford my fashion sense because they love fashion but don't wanna work, they prefer to cook rich meals, wear jewelry, because they are mostly housewives so if their man isn't keeping up no more as everyday is not Christmas boom they start packing their bags. While in Akwa Ibom or Uyo it is not easy to get married to their ladies because the bride price is really too much. I've heard of situation where after getting the dowry list men that can't keep up run away from their fiancee because of the cost. And after Marriage you can't easily quit as an Akwa ibom lady except it is in the case of Domestic violence but a very big NO to other unnecessary reasons. They stay back and fix their Marriages. They are really supportive, even if their husband's want them to be house wives they find a way to do little businesses outside their houses. E.g Sell stuffs, just something that generates money. Point 5: EDUCATIONAL SYSTEM Well I schooled all my life in Calabar and it was a really nice experience because it was cheap and almost everyone can Afford it But in Uyo it was free in some schools and it is still free so that is the only difference. Point 6 lastly: INRASTRUCTURE In Calabar a lot of these thing ain't working except their good roads but other stuffs like E-library, Good Hospitals, Stadiums, Walk overs Etc ain't working shift like I almost fell down once at Marian Market walk over then if I had fallen down that day I would have been in my grave because a vehicle will crush me and live moves on. We had an independence day presentation years back in my secondary school days and we went to U.J Esuene Stadium the seats were all rusty i mean why?. Akwa Ibom is blessed we have good Hospitals, E-library, Walk on Bridges and Fly Overs, Stadiums where top tier international leagues are been held, Good roads too. So please y'all should stop the comparison. 1 Like |
| Politics › Re: Akwa-Ibom Vs Cross River: Which Is The Most Peaceful State In Nigeria? by MCentral: 1:39pm On Aug 30, 2025 |
TimeManager:Point 1: SAFETY: Calabar isn't safe at all because of the bunch of cultist and touts that exist there ruining young lives and taking from the poor there is a particular place called Calabar South that is a whole different world entirely from the Calabar municipal axis and its terrible in there. While Uyo isn't safe too I mean no place is there is crime everywhere but there's a factory that produces it when it has to do with Calabar and that is the Calabar South Boys. They terrorise the peace of Calabarians. Point 2: JOB OPPORTUNITIES AND SALARY INCOME So the least job you can get as a non graduate in Calabar is a hotel job and that gives you 15,000 to 20,000 thousand a month. And everywhere job opportunity such as cleaning, sales representatives, Record keeper in maybe a laundry shop gives you 10,000 a month and that is so funny. You can never make it in Calabar with that amount or even send yourself to school with such amounts. Then as a graduate if lucky you get yourself to work with the government which doesn't come along often then you could be paid 70,000 at most. Then house rent in general is 60k a year for a room. Which is very affordable and worth it unlike everyother states and the cost of daily living is affordable but you can't move out from that circle it continues till the day you leave maybe travel or die eventually because no progress is gonna come out from there. While in Uyo This same job opportunities can fetch you juicy amounts of money, as a non graduate you should be earning 50k per month in Uyo then as a graduate you should be earning up to 100k per month and the house rent is cheaper, for a one room in uyo is 75000 much spacious and comfortable with good toilets unlike Calabar. And the cost of living daily is extremely affordable because we have alot of people who ventured into Agriculture and made Agricultural products affordable and naturally safe for consumption. POINT 3: PROSTITUTION. In 100% of the ladies living in calabar 90% are prostitute because of the high level of laziness that runs in their blood and the feel relax, they don't wanna work because the salary isn't even worth it so they can get bleeped for a night and go home with the 10,000 that they should have been waiting for in a whole month so it's easier to get it with their body other than getting it with their physical hardwork. As an Akwa ibom girl if you go to places like Lagos, Abuja, Edo, PH and mention you're an Akwa ibom immediately there will be like see Calabar Girl because they are known for good sexual pleasure a.k.a PROSTITUTION So automatically you can't get a genuine relationship as an Akwa ibon Girl because Calabar girls have spoilt the reputation. While in Uyo 100 percnt of the ladies who live there or are from there 90percent are working or self employed because these ladies are so hard working 💪 and AKwa ibom lady ain't tired of using their physical strength to get money other than using their Body like the Calabar Girls. So people should rate Akwa Ibom more than they do because Akwa ibom Girl are truly not calabar girls. 4 Likes |
| Politics › Re: Akwa-Ibom Vs Cross River: Which Is The Most Peaceful State In Nigeria? by MCentral: 1:33pm On Aug 30, 2025 |
TimeManager:We interviewed someone with deep Knowledge of both states who had this to say I'm 24 years old and I was born and brought up in calabar and to be Precise I and my family have lived in like 4 different areas and if my paternal grandmother was alive I will ask her alot of questions why of all the states she choose calabar as our basement why? When there Re alot of beautiful states to choose from. So I have alot of points to make but I will make just 6 point why calabar shouldn't be compared to Akwa ibom even tho I haven't really lived in Akwa ibom but I have visited several times and I think the longest time I have stayed in Akwa Ibom is 1 months that was when we attended my maternal Uncle's funeral. Calabar is the capital city of CrossRiver so and I will speak from experience as someone who has stayed for 22years and 8months and have gone to some of the local government in Cross River such as Yala, Abi,Akamkpa,Etighidi |
