Category: Business

By Uchenna Eletuo.

The Tin Can Island Port Command of the Nigeria Customs Service has broken its revenue record, generating ₦1,576,507,651,601.84 in 2025, exceeding its target by ₦51.8 billion.

Comptroller Frank Okechukwu Onyeka on Tuesday 23, December 2025,attributed the success to reforms, improved processes, and stakeholder engagement.

The Command has also made significant seizures, including ₦8 billion worth of illicit drugs and ₦2 billion worth of arms and ammunition.

Comptroller Frank Okechukwu Onyeka whose helmsmanship of the Command began just over a year ago has witnessed tremendous improvement on the legacy left by his predecessor as he is seen as a revenue guru and he has not by any means disappointed in the discharge of his mandate.

Speaking with newsmen,Onyeka stated that the Tincan Island Port Command was assigned a revenue target of ₦1,524,669,999,478.52 and presently the Command has generated total revenue of ₦1,576,507,651,601.84.

According to him,this means they have exceeded their annual target by over ₦51,837,652,129.32, a milestone that reflects discipline, professionalism, and unwavering commitment to duty.

He stated that this growth did not happen by chance; it is the outcome of deliberate reforms, improved processes, and collective responsibility.

Comparatively, the generated amount towers over the ₦1.13 Trillion that the command raked in, 2024, clearly showcasing the results of the extra efforts put in to acheive greater performances.

“The generated revenue is a record for the Command and it underscores the very essence of the principles on which the CAC has anchored his operations-stakholders engagement, blocking of revenue loopholes, prudent allocation of all resources including time and the keying into the innovative methods as espoused by his principal, the Comptroller-General of Customs.”he said

His words “Our major revenue contributors remain bulk cargo, general merchandise, and the importation of used vehicles, which constitute a significant volume of trade passing through the Port.”

“Through diligent cargo examination, and strict adherence to customs procedures, the Command ensured that government revenues due on these imports were fully collected”.

“One of our key focus areas in 2025 was the elimination of revenue leakages and operational inefficiencies. We deliberately addressed the issue of multiple and unnecessary alerts, which had previously slowed down clearance processes and created room for abuse. By streamlining Alerts and strengthening internal”he stated

Investigator news reports that earlier in the course of the year around March, two containers were intercepted carrying illicit drugs worth more than N8 billion, including cannabis indica and crystal methamphetamine, collectively weighing over a metric tonne.

The contraband was promptly handed over to the National Drug Law Enforcement Agency (NDLEA).

Also in another operation, a 40-foot container supposedly loaded with used cars concealed a cache of weapons: pistols, live ammunition, blank rounds, empty magazines, and handcuffs.

The discovery, made possible through a mix of physical inspection and non-intrusive scanning, underscored the Command’s vigilance.

The arms cost over ₦2 billion. They, along with the implicated consignee and declarant, were handed over to the Department of State Services (DSS).

Yet in October, another round of seizures of 2X20FT containers which were intercepted in different batches, falsely declared to contain used Cars and used Auto Spare parts originating from Canada yielded different types of drugs including methamphetamine, Canadian loud and hashish oil. These hard drugs were estimated to cost over ₦5.3 billion.

When answering questions Comptroller Onyeka said ” the best staff staff of the Nigeria Customs Service is domiciled in the Tin Can Island Port Command and we also have wonderful stakeholders who are highly compliant and cooperative. We close work here everyday by 10.00pm in order to solve the problems and complaints of stakeholders”he opined

He noted also that a major factor that catalysed the growth was that the trading public came back to the Command and that it takes about two days or less for any cargo that has moved from ship to shore to be cleared and leave the premises of the Command.

On the national single window project which takes off by early next year, Comptroller Onyeka said ” we expect the trading public to be happier for it when the project starts”.

Emmanuel lkpeama 

A five-member panel of the Supreme Court, led by Justice Lawal Garba, on Friday ruled in favor of Fidelity Bank in its appeal against Sagecom Concepts Limited. Given previous rulings, this marks a significant victory for Fidelity Bank in a long-running legal dispute.

The judgment brings definitive closure to a legacy case that has attracted attention across the financial sector for more than two decades.

In a motion dated October 8, 2025, Fidelity Bank sought clarification from the Supreme Court, requesting a consequential order that the judgment debt be paid in Naira.

The bank also asked that the interest rate be set at 19.5% per annum rather than 19.5% compounded daily. Additionally, it prayed that the exchange rate used for conversion be the rate on the date of the High Court judgment, in line with the Supreme Court’s decision in Anibaba v. Dana Airlines.

Fidelity Bank further requested that the judgment debt be fixed at ₦30,197,286,603.13 and that interest on this amount be payable at 19.5% per annum until full settlement.

In a ruling delivered by Justice Adamu Jauro, the apex court granted the bank’s first three prayers but declined the fourth and fifth.

As a result, the judgment sum will be paid in Naira at an annual interest rate of 19.5%, rather than the daily compounded rate previously awarded by the High Court.

The Supreme Court also affirmed that the applicable exchange rate should be that of the date of the High Court judgment, consistent with its earlier decision in Anibaba v. Dana Airlines.

The dispute originated from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. It stemmed from a 2002 credit facility extended to G. Cappa Plc and subsequent legal proceedings tied to the collateral.

This ruling provides finality to years of litigation and confirms a significantly lower liability than the ₦225 billion previously speculated in some quarters. It aligns with Fidelity Bank’s consistent computation and materially contradicts earlier estimates.

Throughout the case, Fidelity Bank’s share price remained stable, reflecting investor confidence in its strong governance framework, prudent risk management, and robust financial fundamentals.

Industry experts believe the judgment reinforces the bank’s financial strength and commitment to transparent, responsible governance.

When approached for comment, Fidelity Bank representatives declined to speak on the matter but expressed gratitude to the Supreme Court for bringing clarity and closure to the case.

Emmanuel lkpeama 

Union Bank of Nigeria has been named Best Company in Workplace Practice at the Sustainability, Enterprise and Responsibility (SERAS) Awards, held on November 29, 2025, at the Oriental Hotel in Lagos.

The bank’s workplace practices, including a five-month fully paid maternity leave and an onsite crèche at its head office, impressed the judges.

This significant achievement follows a comprehensive assessment by SERAS multinational independent judges who rigorously evaluated applicants’ Corporate Social Responsibility and sustainability initiatives.

Union Bank received nominations across four categories: SERAS Education Intervention of the Year, Best Company in Workplace Practice, Best in Gender Equity and Women Empowerment, and Best Company in Reporting and Transparency.

The Bank also achieved first runner up positions in both the Gender Equity and Women Empowerment and Educational Intervention categories, highlighting the strength of its commitment to these critical areas.

The Bank’s award-winning workplace practices reflect its holistic people-first philosophy that transcends conventional human resources functions. Union Bank has created an inclusive, rewarding and high performing work environment that establishes new benchmarks for Nigeria’s financial sector.

Key initiatives that distinguished Union Bank include the introduction of five months fully paid maternity leave exceeding statutory requirements, and the establishment of an onsite crèche at its head office to support work life balance and improve female retention.

Investigator news reports that the Bank also recorded its highest promotion rate in ten years with 24 per cent of employees advancing across departments, demonstrating a robust meritocratic culture.

A significant 40 per cent salary increase further enhanced employee financial wellbeing, reduced economic pressures and boosted productivity.

Judges recognised Union Bank’s initiatives for generating substantial social value, particularly in advancing gender equality through comprehensive maternity benefits aligned with Sustainable Development Goal 5.

Enhanced wellness programmes featuring mental health support and flexible working arrangements fostered a more inclusive workplace, improving overall staff wellbeing.

The Bank’s prioritisation of employee and family needs created positive ripple effects throughout the broader community.

Commenting on the award, Olufunmilola Aluko, Chief Brand and Marketing Officer at Union Bank, stated:”Our workplace initiatives are firmly anchored in our triple pillar model of Citizenship, Sustainability and Innovation, which underpins our commitment to responsible financial, environmental and socio-economic development.

This framework empowers us to champion best practices across the sector. The measurable outcomes, including enhanced employee satisfaction, increased productivity and significant progress in gender inclusion, demonstrate the strength and adaptability of our approach.

We are confident these efforts will continue driving positive social transformation across Nigeria. Union Bank is deeply honoured by this recognition from SERAS and all sustainability stakeholders, and we remain dedicated to advancing these vital initiatives.”

Now in its nineteenth year, SERAS has consistently established the benchmark for corporate social responsibility and sustainability excellence. This year’s edition, themed “Sustainability 2.0: Innovating for Impact and Inclusive Growth”, celebrated corporate entities and leaders who pushed creative, technological and strategic boundaries to deliver measurable community and industry impact.

Union Bank’s workplace initiatives provide a robust model worthy of replication both within and beyond the financial sector, setting a new standard for responsible corporate citizenship in Nigeria.

Investigator news gathered that Union Bank of Nigeria Plc was established in 1917,and it is one of  the leading provider of financial services in Nigeria, renowned for its “Simpler, Smarter Banking” philosophy.

With a nationwide network and a strong focus on digital innovation, Union Bank continues to empower individuals, businesses, and the public sector to achieve lasting success.

The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers a range of banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance.

The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

More information can be found at: www.unionbankng.com

Emmanuel Clement

Fidelity Bank Plc has restated its commitment to advancing Nigeria’s oil and gas industry, with a strong focus on supporting indigenous operators.

This was highlighted by the bank’s Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe,OON, during a first oil presentation event for Emadeb Energy at Fidelity Place, the bank’s corporate headquarters in Lagos.

At the event, Emadeb Energy’s Group Managing Director and Chief Executive Officer, Mr. Adebowale Olujimi, expressed appreciation for the bank’s role in enabling the company’s progress.

“What makes Fidelity Bank unique is its willingness to take calculated risks. Many banks prefer to work with companies only after they have achieved first oil because they want already-established customers.

Fidelity Bank reviewed our proposal thoroughly, including legal, technical, financial and character assessments. We met these requirements and that is why they supported us,” Olujimi said.

Dr. Onyeali-Ikpe congratulated Emadeb Energy on its milestone and reaffirmed Fidelity Bank’s commitment to strengthening Nigeria’s energy sector.

“At Fidelity Bank, we are dedicated to supporting indigenous companies in developing oil and gas assets that enhance energy security and promote sustainable growth.

Our interventions include financing Nigeria’s first privately built and operated onshore crude export terminal in over fifty years at the Otakikpo Marginal Field in Rivers State.

“We also led funding for the Pinnacle Oil and Gas Terminal in Lekki, Lagos, which improves petroleum product distribution and reduces costs.

In addition, we part-financed the production of a 23,000-cubic-meter Liquefied Petroleum Gas carrier for Temile Development Company Limited, which supports cleaner energy use and strengthens local maritime participation,” she said.

Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, a milestone regarded as a significant breakthrough in Nigeria’s upstream sector.

“Our next phase will be exciting. We plan to drill two additional wells and increase production to 12,000 barrels per day by the end of 2026. After that, we aim to expand our gas business and raise oil output to 30,000 barrels per day,” Olujimi added.

Emmanuel lkpeama.

Lagos, Nigeria – A milestone moment awaits on November 21, 2025, as Development Bank of Nigeria (DBN), with support from Agence Française de Développement (AFD), and Sterling One Foundation host the Women Investment Readiness Accelerator (WIRA) Demo Day to showcase the innovation and growth potential of women-led enterprises in Nigeria.

The Demo Day will serve as the final stage of the WIRA program, providing women entrepreneurs who have undergone weeks of hands-on business development training,mentorship, and investment readiness coaching the opportunity to pitch their businesses to a room of targeted investors, development finance institutions, and strategic ecosystem partners.

WIRA was launched to bridge the long-standing capacity and financing gap faced by women-led businesses in Nigeria.

Many women entrepreneurs continue to face capital, quality advisory services, market opportunities, and networks needed to scale their enterprises, despite playing a significant role in driving economic productivity and job creation.

The programme directly responds to these gaps by equipping participants with the tools, resources, and confidence to expand and sustain their businesses in competitive markets.investing in women-led enterprises: “

Speaking ahead of the Demo Day, Dr. Tony Okpanachi, Managing Director/CEO of Development Bank of Nigeria Plc, emphasized the importance of the WIRA program represents a strong step toward unlocking the potential of women entrepreneurs who, for too long, have been underserved. At DBN, we recognize that empowering women-led MSMEs is essential for achieving inclusive economic growth.

The upcoming Demo Day is an opportunity to showcase the innovation and resilience that these women bring to the Nigerian economy, and to connect them to partners who can help bring their ideas to scale.”

Similarly, Olapeju Ibekwe, CEO of Sterling One Foundation, noted that the Demo Day reflects the Foundation’s commitment to long-term women economic empowerment: “Our goal with WIRA has been to not only build business capacity, but to expand the pathways to funding and visibility for women entrepreneurs.

The Demo Day is more than a pitch event, it is a platform that elevates women’s voices, celebrates their innovation, and links them with opportunities to grow their impact. We look forward to showcasing the remarkable progress these entrepreneurs have made.”

The event will be attended by impact investors, commercial and development finance institutions, private sector partners, and stakeholders in the women entrepreneurship ecosystem.

About the Development Bank of Nigeria
Development Bank of Nigeria was set up by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

Its objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

Investigator news reports that Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security.

Gender Equality and women empowerment are integrated as a cross-cutting priority across all our programming areas.

The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs).

For more information visit onefoundation.ng
Chiwendu Isaiah
Public Relations, Sterling One Foundation.

Emmanuel lkpeama 

Fidelity Bank Plc has announced its audited financial results for the half-year ended 30 June 2025, demonstrating resilience and sustained growth across key performance indicators.

Highlights of the financial results which was uploaded on the Nigerian Exchange (NGX) portal on Thursday, 13 November 2025 shows that the bank delivered robust results across key financial metrics including Gross Earnings, which stood at ₦748.7 billion, up from ₦512.9 billion in H1 2024; Net Interest Income, which rose to ₦420.4 billion, compared to ₦326.4 billion in H1 2024; and Customer Deposits, which grew to ₦7.2 trillion, from ₦5.9 trillion in FY 2024.

Similarly, the bank’s Net Revenue increased to ₦444.4 billion, compared to ₦396.8 billion in H1 2024.

Fidelity Bank continued to expand its digital banking footprint, enhance customer experience, and support key sectors of the economy. The bank’s loan book grew, with Net Loans and Advances expanding to ₦4.9 trillion, up from ₦4.4 trillion in FY 2024, reflecting increased support for businesses and individuals. Asset quality remained stable, with non-performing loans well within acceptable limits.

The bank’s capital raising initiatives have further strengthened its financial position, ensuring readiness to meet new regulatory requirements and pursue growth opportunities. Fidelity Bank’s strong liquidity profile and robust governance framework provide a solid foundation for continued success.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Emmanuel lkpeama 

Polaris Bank has once again reaffirmed its leadership in digital innovation and inclusive banking, emerging as the MSME Digital Bank of the Year (Inclusive Growth) at the second edition of the MSME Finance & CEO Awards held recently in Lagos.

The event, organized by the Africa Global Economic Forum BBBin partnership with PROSHARE, recognized outstanding institutions and other notable stakeholders driving MSME development and financial inclusion across Nigeria.

The award celebrates Polaris Bank’s unwavering commitment to empowering small and medium-scale enterprises through technology-driven financial solutions, notably its flagship digital banking platform, VULTe.

In the last few years, VULTe has revolutionized how MSMEs access finance by providing seamless, self-service banking and loan solutions — a reflection of the Bank’s mission to bridge financial access gaps and foster entrepreneurship nationwide.

This latest honour comes on the heels of VULTe’s recent win as “Digital Bank of the Year” and the Best MSME support Bank for the record fifth consecutive time at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, underscoring Polaris Bank’s consistent digital excellence and customer-centric innovation.

Speaking on the award, Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal, noted that the recognition reinforces the Bank’s strategic focus on inclusive growth and digital transformation.

“We are committed to building a future where technology and innovation empower businesses and individuals, particularly MSMEs, to thrive in the digital economy,” he said.

With a growing footprint in digital banking and sustainable finance, Polaris Bank continues to demonstrate leadership in enabling access to financial services that drive entrepreneurship, job creation, and national economic growth.

Emmanuel lkpeama In a bold move to promote environmental sustainability and inspire a culture of responsible waste management amongst Nigerians, leading financial institution, Fidelity Bank Plc has donated large-capacity recycling bins to Yaba College of Technology (YABATECH), Lagos.

The donation was made during the 19th edition of the Walk for Nature event held on Saturday, November 1, 2025, at YABATECH. The event, themed “Lagos, Let’s Beat Plastic Pollution,” was organized by the Nigerian Conservation Foundation (NCF) in collaboration with the Lagos State Government to raise awareness on plastic pollution and promote sustainable waste management practices.

Speaking at the event, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, affirmed the bank’s commitment to driving environmental consciousness and sustainability through consistent advocacy and impactful community initiatives.

“As a socially responsible institution, we integrate sustainability into our business and community impact programmes. Beyond reducing our carbon footprint through renewable energy deployment across our branches and ATM network, we are also deepening our advocacy for recycling and waste reduction.

“Through recycling partnerships with schools, tree planting campaigns, and environmental beautification projects in urban as well as underserved communities, we are committed to building a cleaner, greener, and more sustainable future. In line with this commitment, we are donating three large recycling bins to YABATECH to encourage responsible waste management and recycling among students,” he said.

Dr Nwagboh equally applauded the Nigerian Conservation Foundation and the Lagos State Government for their collaborative efforts in driving environmental awareness, urging individuals and organizations to adopt eco-friendly lifestyles and reduce dependence on single-use plastics.

“Beating plastic pollution requires more than policies. It starts with each of us making conscious choices. By rethinking our consumption habits, reducing single-use plastics, and embracing recycling, we can make Lagos a model megacity for environmental stewardship,” he emphasised.

In her address, the Chairman, National Executive Council, NCF, Hon. Justice R.I.B. Adebiyi, emphasized that plastic pollution remains one of the most pressing environmental challenges globally.

“This year’s Walk for Nature is unique because, for the first time, we are taking the awareness campaign directly to a tertiary institution. Young people represent the innovation and energy needed to build a cleaner future. Fidelity Bank’s donation of recycling bins to YABATECH is not just symbolic, it represents learning, responsibility, and change,” Justice Adebiyi stated.

Representing the Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, the Special Adviser on Environment, Engr. Olakunle Rotimi-Akodu, also noted that plastic pollution has become a silent global crisis.

In appreciation of the donation, the Rector, Yaba College of Technology, Dr. (Engr.) Ibraheem Adedotun Abdul, thanked Fidelity Bank and the Lagos State Waste Management Authority (LAWMA), which also donated two additional bins to the institution.

“On behalf of Yaba College of Technology, we express our heartfelt appreciation to Fidelity Bank and the Lagos State Government for this thoughtful gesture. The recycling bins will be strategically positioned across campus and judiciously used to promote a culture of sustainability among our students,” he said.

The initiative, which aims to encourage students to adopt eco-friendly habits, strengthen the institution’s recycling, and waste management systems, is the latest of the bank’s ongoing environmental awareness and sustainability efforts.

Fidelity bank PLC is ranked among the best banks in Nigeria,it is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.