Category: Uncategorized

The organised labour movement, comprising the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, has announced plans to commence negotiations for a new national minimum wage in July 2026.

Labour leaders disclosed this at a joint press conference held on the sidelines of the 114th International Labour Conference in Geneva, Switzerland.

The workers’ representatives acknowledged that many state governors have recognised that the current N70,000 minimum wage is insufficient to meet the basic needs of workers.

However, they urged governors not to unilaterally propose a new wage figure, stressing that the appropriate negotiation process should be followed.

The organised labour also called on the government to ensure the payment of all outstanding gratuity arrears.

The labour unions said they remain committed to engaging relevant stakeholders in the forthcoming wage review process to secure improved welfare for Nigerian workers.

Organised Labour to commence re-negotiation of new minimum wage in July

Nollywood Actor-turned politician, Kenneth Okonkwo has alleged that the presidential candidate of the Nigerian Democratic Congress, NDC and other party leaders in the South-East received were bribed during the recent primary elections.

Okonkwo, a chieftain of the African Democratic Congress, ADC, made the allegation during an interview on Channels TV.

He claimed that a House of Representatives aspirant from Anambra State, sent him an “SOS message” exposing the alleged fraud that shrouded the outcome of the primaries.

Okonkwo, who claimed that anybody voting for Peter Obi and NDC in 2027, “is voting for criminality”, identified the alleged whistle-blower as one Obunike Ohaegbu, who sought to represent the Nnewi North and Nnewi South Federal Constituency in Anambra State via NDC.

According to Okonkwo, the NDC aspirant “sent an SOS to me and said that Peter Obi is now the head of the criminality that they were scammed in NDC.

“He said Kwankwaso went to his people and made sure that every Constituency produced one candidate so that they are not scammed, but Peter Obi told them that all the aspirants should go into the field, and the aspirants were told that they were going to have primaries.

“Remember that Dickson came out and said once you pay for your expression of interest form, you are not going to pay any money, when you are the one who is nominated, that is when you will pay nomination fees.

“All of them ran into it then Peter Obi and leaders of the South East, NDC caucus, went and told them that after paying for the expression of interest froms, you must pay N10 million bribe for Reps and Senate, N20 million.

“When all of them paid, thinking they were the candidates, they were told to go for the primary. While they were doing the primaries, Peter Obi was in the John Wood hotel writing names of candidates.

“The aspirant sent me the receipt of the money”.

NDC aspirant sent me receipt – Kenneth Okonkwo alleges Obi’s involvement in bribes

Nigeria’s capital market has evolved into a critical driver of investment, wealth creation, and economic development despite persistent economic pressures. In this interview, with Chris UGWU of THE WHISTLER, Chairman/Group Managing Director of Financial Trust Company (FTC), Mr. Niyi Ajayi, reflects on the Nigerian Exchange (NGX), the reforms required to deepen market participation, the enduring importance of trust and integrity in financial services, and FTC’s pan-African ambitions.

As the Group Managing Director of Nigeria’s first indigenous stockbroking company, how do you assess the performance of the NGX in the current economic climate?

The Nigerian Exchange has shown remarkable resilience despite foreign exchange volatility, inflationary pressures, and tight monetary policy. The NGX continues to post positive momentum, reflecting both the strength of listed companies and growing recognition that Nigerian equities offer long-term value.

The market has matured considerably. Infrastructure is stronger, settlement systems are reliable, and regulatory oversight has improved. The transition to T+1 settlement and ongoing digitalisation efforts will enhance efficiency. However, liquidity remains a challenge, especially among mid- and small-cap stocks, underscoring the need for broader retail and institutional participation.

What is driving investor confidence?

Three factors stand out – corporate earnings resilience, attractive valuations, and growing institutional interest.

Many Nigerian firms, particularly in banking, consumer goods, and industrial sectors, continue to demonstrate profitability despite operating challenges. Nigerian equities also trade below historical and emerging-market averages, creating attractive opportunities for medium- and long-term investors.

In addition, domestic pension funds increasingly view equities as inflation hedges, while foreign investors continue to recognise Nigeria’s long-term growth potential. Ongoing reforms in foreign exchange, fiscal policy, and regulation reinforce confidence that structural challenges are being addressed.

How can retail investing be democratized in Nigeria?

Retail participation remains one of the capital market’s most urgent challenges. Barriers include low financial literacy, limited disposable income, historical distrust, and cumbersome investment processes.

The priority is the removal of barriers. Opening a brokerage account and investing should be as easy as buying airtime or opening a bank account. That requires full digital onboarding, e-KYC verification, and mobile-based investing with entry levels as low as N1,000.

Capital market education should be introduced into secondary school curricula, complemented by social media campaigns and accessible investor education.

Younger Nigerians must be able to access fractional shares, thematic ETFs, and engaging investment platforms. Employer-linked investment schemes with tax incentives could also encourage consistent participation.

Finally, trust must be reinforced through visible enforcement against insider trading, manipulation, and disclosure failures.

Which sectors look promising over the next 12 – 24 months and why?

Banking remains attractive due to strong resilience, healthy margins, and expanding non-interest income streams.

Consumer goods continue to benefit from Nigeria’s youthful, urbanising population and enduring demand for essentials.

Industrial and manufacturing firms, while challenged, present compelling long-term opportunities linked to import substitution and local production. Infrastructure-related sectors such as cement, construction, and building materials also stand out.

Companies with strong digital capabilities and export orientation are particularly noteworthy in an increasingly globalisedeconomy

FTC recently marked 50 years in business. What has been the most significant factor behind the firm’s resilience and continued relevance?

The single most important factor is integrity. In financial services, trust is currency. For five decades, FTC has prioritisedlong-term reputation over short-term gain.

Founded in 1976 by the late Otunba Olufemi Ajayi, FTC evolved from a traditional stockbroking firm into a diversified financial services platform spanning fund management, investment banking, and FMDQ dealership operations.

FTC has also maintained a consistent institutional vision rooted in building enduring Nigerian institutions capable of surviving oil shocks, banking crises, global recessions, and the COVID-19 pandemic.

How do you assess the growth of indigenous financial institutions in Nigeria and the role of the FTC in the evolution?

The rise of indigenous financial institutions is one of Nigeria’s most significant but underappreciated. When the FTC began in 1976, Nigerian-owned firms competing in stockbroking were rare. Today, indigenous institutions dominate key areas of the financial system.

This transformation reflects deliberate policies, stronger regulation, and entrepreneurial ambition. FTC’s contribution has been demonstrating that Nigerian firms can compete on quality, trust, and reliability.

The next phase requires pan-African thinking, deeper technological adoption, and strategic partnerships that expand access to capital, expertise, and markets.

What differentiates FTC’s pan-African strategy?

FTC’s expansion is not about symbolic geographic presence. The firm targets markets where it can add value through expertise in investment banking, asset management, and capital markets.

The focus is on jurisdictions with sound regulation, growing middle classes, and governments committed to capital market development. Partnerships are central to this strategy because successful African expansion requires local knowledge, relationships, and credibility.

FTC is also investing in scalable digital infrastructure, including mobile trading platforms, digital onboarding, algorithmic execution, and analytics tools capable of supporting clients seamlessly across cities such as Lagos, Nairobi, and Accra.

How is your company using technology to remain competitive?

Technology sits at the centre of FTC’s long-term strategy. The company is modernising infrastructure through cloud-based systems that improve scalability, flexibility, and integration with fintech partners. These systems also support cross-border expansion without requiring heavy physical infrastructure.

FTC is also developing mobile-first platforms that provide real-time market data, trading, portfolio monitoring, and research access. Data analytics is another major investment area, enabling stronger insights and decision-making.

In addition, FTC embraces fintech collaboration, combining its strengths in market expertise, regulation, and client relationships with specialist technology capabilities.

The firm has survived many headwinds. What leadership lessons guide its future strategy?

First, liquidity is essential. FTC maintains conservative liquidity buffers and balance-sheet discipline. Second, culture matters. Shared values such as integrity, client focus, and long-term thinking determine whether strategies succeed under pressure.

Third, FTC deliberately diversified its products, markets, and revenue streams to reduce dependence on any single area.

Speed of response is another critical lesson. During crises, delayed decisions can be more dangerous than imperfect but timely action.

What reforms are needed to unlock Nigeria’s capital market potential?

Tax policy should better incentivise equity investment through measures such as long-term capital gains exemptions or tax-advantaged investment accounts.

Pension reforms could gradually increase permissible equity exposure for pension funds while strengthening governance standards. Market-making mechanisms and settlement improvements would also support liquidity, especially among smaller stocks.

Corporate governance enforcement must be stronger, with meaningful penalties for repeated violations. Product innovation should accelerate, particularly around ETFs, REITs, derivatives, and commodity-linked instruments.

Foreign investor confidence also depends on a more efficient forex market with easier capital repatriation and a sustained commitment to market-driven exchange rates.

Ultimately, Nigeria needs a coordinated national capital market strategy involving regulators, government agencies, and industry stakeholders.

As Nigeria’s oldest indigenous financial institution, how is FTC preparing the next generation of financial leaders and ensuring institutional continuity beyond its founding legacy?

Institutional continuity depends on investing in people, embedding values, and building systems that outlast individuals.

FTC runs structured mentorship, leadership development, and professional certification programmes across career levels. Apprenticeship and knowledge transfer from senior leaders remain central to preserving institutional experience.

The company recruits for values as much as competence, reinforcing integrity, client focus, and accountability through performance systems and zero tolerance for ethical breaches.

Equally important are documented processes, risk frameworks, and governance systems that ensure quality does not depend on any single leader. The ultimate test of institutional success is continuity of values, not tactics.

ENDS

INTERVIEW: Nigeria’s Capital Market Needs Coordinated Reform To Deepen Growth – Ajayi is first published on The Whistler Newspaper

Every generation is blessed with individuals whose lives rise above personal success and become symbols of inspiration, service, and enduring impact. Such individuals leave footprints that extend beyond boardrooms and institutions, touching lives, shaping policies, influencing nations, and inspiring future generations. Dr. Eberechukwu Uneze belongs to this distinguished class of leaders whose remarkable journey continues to illuminate pathways of excellence and purposeful living.

As June 11 approaches, family members, friends, professional associates, colleagues, admirers, and well-wishers across Nigeria, Africa, and the global community gather in celebration of a truly remarkable milestone as Dr. Eberechukwu Uneze marks his 52nd birthday.

This is not merely the celebration of another year. It is the celebration of a life richly invested in knowledge, leadership, service, innovation, and development. It is the celebration of a man whose contributions have transcended borders and whose influence continues to shape conversations around economic growth, governance, institutional transformation, public policy, and sustainable development.

For many, fifty two years may simply represent age. For Dr. Uneze, fifty two years represent a legacy of excellence built through vision, discipline, resilience, and an unwavering commitment to making a difference.

His story is one that inspires because it demonstrates what is possible when intellectual brilliance is matched with humility, when ambition is guided by purpose, and when success is measured not only by personal achievements but also by contributions to society.

From his early years, Dr. Uneze demonstrated an uncommon passion for learning and academic excellence. His educational journey would eventually take him from Nigeria to some of the world’s leading institutions of higher learning. After earning a Bachelor of Science degree in Economics from Imo State University, where he distinguished himself academically, he proceeded to the United Kingdom to obtain a Master of Science degree in Economic Management and Policy from the University of Strathclyde. Driven by a desire to deepen his understanding of economic systems and development challenges, he went on to earn a Doctor of Philosophy degree in Economics from the University of Kent.

For many scholars, obtaining a doctorate represents the pinnacle of academic achievement. For Dr. Uneze, it was merely the foundation upon which an extraordinary career would be built.

Armed with knowledge and driven by a deep desire to contribute meaningfully to society, he embarked upon a professional journey that has now spanned more than twenty five years across economics, public policy, development finance, academia, corporate governance, research, institutional leadership, and international development. Throughout this journey, excellence has remained his constant companion.

His professional accomplishments read like a masterclass in leadership and impact.

Over the years, Dr. Uneze has worked at the forefront of development initiatives involving some of the world’s most respected institutions. His expertise has been sought by organizations such as the World Bank, African Development Bank, Department for International Development, Overseas Development Institute, and various strategic agencies of the Federal Government of Nigeria. Through these engagements, he has contributed significantly to economic reforms, public financial management initiatives, policy design, performance monitoring frameworks, impact evaluation systems, and development strategies aimed at improving governance and enhancing national development outcomes.

One of the defining chapters of his professional life unfolded at the Centre for the Study of the Economies of Africa, one of Africa’s leading policy think tanks. Joining the institution as a Senior Research Fellow, he rose steadily through the ranks through hard work, competence, and visionary leadership before eventually becoming Executive Director. Under his stewardship, the institution strengthened its influence within policy circles, expanded its research footprint, enhanced stakeholder engagement, and contributed significantly to evidence based policymaking across Nigeria and Africa.

His outstanding contributions to research and policy development earned him one of the most prestigious recognitions of his career, a Lifetime Achievement Award from the Global Development Network in recognition of his exceptional contribution to the advancement of research and capacity building across Africa. Such recognition speaks volumes about the quality, relevance, and impact of his work.

Beyond research and policy, Dr. Uneze has also distinguished himself as a respected corporate leader.

His appointment as Executive Director and Board Member of the Asset Management Corporation of Nigeria represented another significant chapter in a career defined by excellence. In this strategic role, he provided leadership in asset management, corporate governance, institutional transformation, and strategic decision making. He played critical roles in managing specialized assets, overseeing corporate structures, and contributing to initiatives aimed at strengthening the Nigerian financial and economic landscape.

His leadership abilities also found expression through service on the Board of the Ibadan Electricity Distribution Company, where he provided strategic oversight and governance support while contributing to key board committees responsible for risk management, governance, human capital, and organizational effectiveness.

Yet, despite his accomplishments in policy and corporate leadership, Dr. Uneze has never lost touch with the world of learning and mentorship.

As an educator, he taught Economics at the University of Kent in the United Kingdom and later served as a Senior Lecturer at Baze University in Abuja. Through these roles, he inspired countless students and helped nurture a new generation of economists, policymakers, and development practitioners. His commitment to education reflects a belief that knowledge achieves its highest value when it is shared.

What makes his story even more remarkable is his unwavering commitment to lifelong learning.

Even after attaining the highest academic qualifications and reaching the uppermost levels of professional accomplishment, Dr. Uneze continued investing in his personal and professional growth. His participation in executive education programs at Yale University, Harvard University, Oxford University, Columbia Business School, Stanford University, MIT, London School of Economics, Wharton, Kellogg, INSEAD, Duke University, and several other globally respected institutions reflects an enduring commitment to excellence and continuous improvement.

This dedication to learning reveals much about the man behind the achievements. It speaks of humility. It speaks of curiosity. It speaks of a leader who understands that growth is a continuous journey rather than a destination.

His influence extends far beyond classrooms, boardrooms, and policy forums.

Over the years, Dr. Uneze has authored and co-authored numerous academic papers, journal articles, policy reports, technical publications, and development studies covering issues such as economic growth, poverty reduction, public finance, trade, development economics, education, healthcare, agriculture, and sustainable development. His scholarly contributions continue to influence academic discourse and policy conversations across continents.

He has participated in major international conferences and policy dialogues spanning Africa, Europe, Asia, and North America, representing Nigeria with distinction while contributing valuable perspectives on economic transformation, governance, development financing, youth employment, agricultural development, and global cooperation.

Today, as Global Council Member for Africa at the World Agriculture Forum, Dr. Uneze continues to lend his expertise to conversations that shape the future of agriculture, food systems, economic transformation, and sustainable development across the continent and beyond. His appointment to this prestigious global platform reflects the confidence that international stakeholders place in his experience, judgment, and leadership.

However, beyond the impressive résumé, distinguished titles, global recognitions, and professional achievements lies the true essence of Dr. Eberechukwu Uneze.

He is a man who has consistently demonstrated that leadership is about service.

He is a professional who has shown that knowledge becomes meaningful when applied to solving real problems.

He is a mentor who understands the importance of raising others.

He is a scholar who believes ideas can transform societies.

He is a leader whose influence is measured not merely by positions occupied but by lives impacted and institutions strengthened.

As he celebrates his 52nd birthday, it is fitting to reflect not only on the achievements already recorded but also on the countless lives inspired through his example.

At fifty two, Dr. Uneze stands as a shining testament to the possibilities that emerge when excellence, discipline, vision, and service converge in one life.

His journey continues to inspire young professionals seeking purpose.

It inspires scholars pursuing knowledge. It inspires policymakers committed to national development.

It inspires leaders striving to build stronger institutions. It inspires a generation searching for examples of impactful and values driven leadership.

The celebration of Dr. Eberechukwu Uneze at 52 is therefore more than a birthday commemoration. It is a celebration of a legacy still unfolding. It is a celebration of achievement without arrogance, influence without noise, and leadership without compromise.

Today, we celebrate a distinguished economist. We celebrate a globally respected development expert. We celebrate a transformative corporate leader. We celebrate an accomplished scholar. We celebrate a visionary strategist. We celebrate an exceptional Nigerian whose contributions continue to resonate across Africa and the world.

As family, friends, colleagues, and admirers raise a toast to his life and accomplishments on June 11, they do so with gratitude for the impact he has made and with confidence that his most impactful years may still lie ahead.

Happy 52nd Birthday, Dr. Eberechukwu Uneze.

May this new chapter bring greater accomplishments, renewed strength, expanded opportunities, good health, enduring fulfillment, and even greater impact in service to humanity.

Your journey remains an inspiration. Your influence continues to grow. Your legacy endures.

And at 52, your story continues to shine as a beacon of excellence, leadership, and transformational impact.

Dr Eberechukwu Uneze At 52: Celebrating Life Of Excellence, Leadership, Purpose is first published on The Whistler Newspaper

The Canadian High Commission has called for stronger collaboration among governments, communities, civil society groups, security actors and the media to protect children affected by conflict and prevent their recruitment into armed groups.

Omar Alihashi, Counsellor Political at the Commission in Nigeria, urged support for global efforts to protect children affected by armed conflict, warning that such children face profound challenges that go beyond the immediate dangers of violence.

At a media workshop on preventing the recruitment and use of children in armed conflict and violence, Alihashi said the media has a unique responsibility to raise awareness about the challenges faced by conflict-affected children while safeguarding their rights and dignity.

He noted that the training provides a platform for journalists and practitioners to strengthen understanding, share expertise and explore how reporting can contribute to child protection as well as broader peace and security efforts.

“Beyond the immediate dangers of violence, recruitment of children into armed groups can have lasting consequences for their education, well-being, opportunities, and future.

“At the same time, reporting these issues requires sensitivity, professionalism, and a strong understanding of the rights and dignity of children.

“Through accurate, ethical and responsible reporting, the media can help raise awareness, amplify evidence-based information, bring attention to the experiences of affected communities, and contribute to informed public dialogue.

On her part, Mrs Offiong Nsa, the Country Representative of the Dallaire Institute for Children, Peace and Security, described the use of children in armed conflict and violence as one of the most grievous violations of human rights.

She noted that children captured in conflict and armed are merely victims and not perpetrators, insisting that public narratives must shift from the stereotypes and portray such victims as potential agents of peace.

Nsa noted, “Through your ethical, child-centred reporting, you possess the ability to expose the hidden recruitment networks and the realities of children in armed violence.

“Your stories will shape public opinion, influence policy, and ultimately help us to put an end to this cycle of violence,” she said.

How ethical journalism can save, protect children trapped in armed conflict

United Capital has expanded its pan-African footprint after securing investment banking licences in Ethiopia and Rwanda, strengthening its presence in East Africa’s emerging financial markets.

With the approvals, the financial services group becomes the first foreign investment bank licensed to operate in Ethiopia, where it will provide services including financial advisory, securities brokerage, and portfolio management.

The entry is expected to contribute to the development of Ethiopia’s evolving capital market ecosystem and broaden access to investment banking services in the country.

In addition to Ethiopia, United Capital has also obtained regulatory approval from Rwanda’s Capital Market Authority to offer trust services, investment banking, and portfolio management. The dual approvals reinforce the group’s growing presence across East and Central Africa and align with its broader ambition to deepen intra-African financial integration.

The licences allow the company to formally establish operations in both markets and participate in capital market activities aimed at mobilising investment, supporting enterprise growth, and enhancing the efficiency of capital allocation across strategic sectors.

According to the Ethiopian Capital Market Authority, the approval followed a rigorous regulatory review process involving multiple government institutions and extensive due diligence across jurisdictions, reflecting increasing openness in the country’s financial sector reforms.

The expansion comes shortly after the group’s successful regulatory entry into Rwanda, further positioning it as a key player in Africa’s rapidly developing financial services landscape. With the latest approvals, United Capital now operates across 12 African countries, spanning West, East, and Central Africa.

Group Chief Executive Officer, Peter Ashade, described the development as a significant milestone in both the company’s growth journey and Africa’s broader capital market evolution. He noted that Ethiopia and Rwanda represent high-potential markets driven by ongoing economic reforms, strategic geographic positioning, and growing investor interest.

He added that the expansion reflects not only corporate progress but also the strengthening of cross-border financial collaboration across the continent, highlighting the role of African-led institutions in mobilising capital for development.

According to the company, the East African expansion aligns with its long-term strategy to build deeper, more integrated capital markets across Africa while leveraging its expertise in investment banking, asset management, and financial advisory services.

Executive Director for Africa, Ejikeme Okoli, said the licences expand the group’s operational footprint and reinforce its commitment to supporting financial market development across emerging African economies. He added that the company brings decades of experience in financial services across the continent, which it intends to deploy in advancing market infrastructure and investment flows in East Africa.

He further noted that the expansion reflects growing collaboration among African financial institutions and regulators, describing it as evidence of increasing confidence in pan-African financial service providers.
United Capital said its entry into Ethiopia and Rwanda underscores its commitment to supporting governments, corporates, and investors through diversified financial solutions, while contributing to the development of integrated and efficient capital markets across Africa.

The expansion also reflects a broader trend of African financial institutions increasingly seeking cross-border opportunities as regional markets continue to liberalise and deepen.

United Capital Expands Into East Africa, Secures Ethiopia, Rwanda Licences is first published on The Whistler Newspaper

Comoros have set up a date with African champions Super Falcons of Nigeria after a 30-0 aggregate victory over Sudan in the first round of the qualifiers for the 2028 Olympic Games.

The Coelacanths won the first leg 17-0, and completed the rout with a 13-0 victory in the reverse fixture.

Comoros, who produced a relentless attacking exhibition against the Sudanese, won the contest 30-0 on aggregate.

They will, however, face a more difficult test against the Super Falcons, who are Africa’s most successful side in the next round.

The Super Falcons will be the overwhelming favourites to win the contest and move to the next round.

.

Justine Madugu’s side defeated Senegal 3-0 in a friendly at the Remo Stars Stadium, Ikenne on Monday night.

The West Africans claimed a 2-1  victory against the Terangha Lionesses in their first friendly last week.

The second round qualifiers will be played between October 5-13, 2026.

Two countries will represent Africa in the women’s football event of the 2028 Olympic Games to be staged in Los Angeles, USA.

2028 Olympic Qualifiers: Comoros wallop Sudan to set up Super Falcons showdown 

For many Nigerian bank customers, the experience of checking an account statement is often accompanied by surprise. Not because of large withdrawals or unexpected spending, but due to a steady stream of small deductions that quietly reduce account balances over time.

These charges, though individually modest, accumulate into significant amounts over weeks and months.

In a country where millions of citizens are battling rising living costs, inflationary pressures, and stagnant wages, even minor banking fees can have a noticeable impact on household finances. What appears as a few naira here and there can eventually translate into thousands of naira lost annually.

As Nigeria deepens its transition toward a cashless economy, more financial transactions are now conducted through electronic channels such as mobile apps, USSD codes, Point of Sale (POS) terminals, and instant bank transfers. While these innovations have improved convenience, they have also introduced a wider range of service charges that many users do not fully understand.

A growing number of customers are beginning to question not only the frequency of deductions but also the clarity of how these charges are applied. Terms such as maintenance fees, transfer fees, SMS alerts, card usage charges, and interbank commissions often appear on statements without sufficient explanation to the average user.

Financial experts note that this lack of understanding contributes to widespread frustration among bank customers, particularly those in low- and middle-income brackets who rely heavily on small daily transactions. For such users, repeated deductions can erode trust in the banking system and discourage digital financial inclusion.

However, banking regulators, including the Central Bank of Nigeria (CBN), maintain that these charges are part of the operational structure required to sustain financial services, maintain infrastructure, and support the growing volume of digital transactions across the country. The challenge, they argue, lies in ensuring transparency and encouraging financial literacy among customers.

Beyond the confusion surrounding deductions, bank charges remain a necessary component of modern financial systems. They help banks manage transaction processing costs, maintain digital platforms, and comply with regulatory requirements. Still, for the average customer, understanding how these fees work is the first step toward reducing their impact.

Why Banks Charge Fees

Banks are financial intermediaries that provide services such as money transfers, account maintenance, ATM access, digital banking platforms, and payment processing. Each of these services comes with operational costs. Charges are therefore applied to sustain infrastructure, comply with regulations, and ensure service delivery.

In Nigeria, many of these charges are also influenced by policies from the Central Bank of Nigeria (CBN), which sets limits on certain fees while allowing banks to recover costs on transactions and account maintenance.

However, customers often argue that the frequency and accumulation of deductions can feel excessive, especially in low-income segments where small charges have a larger financial impact.

The most common deductions from bank accounts include:

Account Maintenance Fees

Most current accounts attract monthly or quarterly maintenance charges, depending on the bank and account type.

Transfer Charges (Intra and Interbank)

Customers are charged for transferring funds, with interbank transfers typically costing more than transfers within the same bank.

SMS Alert Charges

Banks charge monthly fees for transaction notifications sent via SMS, usually deducted automatically.

ATM Withdrawal Charges

While a limited number of free withdrawals may be allowed per month, additional withdrawals—especially from other banks—attract fees.

Card Maintenance Fees

Debit cards often carry annual maintenance charges or replacement fees when lost or expired.

USSD and Mobile Banking Fees

Transactions carried out via USSD codes or mobile apps may attract service charges depending on the bank and network provider.

Hidden Costs Customers Often Overlook

Beyond visible deductions, customers sometimes incur indirect costs such as data usage for mobile banking, failed transaction reversals delayed over time, and charges from third-party payment platforms.

Another common issue is duplicate or unclear deductions, which may arise from failed transactions that are not reversed immediately or from multiple attempts to complete a transfer.

Several factors contribute to the perception of rising bank charges in Nigeria. Some of them are increased reliance on digital banking platforms, higher transaction volumes due to cashless policy adoption, inflationary pressures affecting operational costs, and expansion of financial services such as instant transfers and agency banking

As more Nigerians adopt electronic payment channels, even small fees per transaction accumulate rapidly.

How To Reduce Bank Charges

While bank fees cannot be completely eliminated, customers can significantly reduce them by understanding how they work and adopting smarter financial habits. The key is to first know what each strategy means, then apply it in practical everyday situations.

Use Intra-Bank Transfers Where Possible

Intra-bank transfers refer to sending money between accounts within the same bank. These transactions are usually cheaper because they do not require switching between different banking networks, which often attract higher processing fees.

For example, if you bank with First Bank and you send money to another First Bank customer, the charge is usually lower than sending money to someone with an Access Bank or GTBank account. In some cases, intra-bank transfers may even be free depending on the account type or promotional policies.

Limit ATM Withdrawals

ATM withdrawals attract charges after you exceed your bank’s free monthly withdrawal limit. The more frequently you withdraw small amounts, the more likely you are to incur repeated fees. Reducing the number of withdrawals helps you avoid these cumulative charges.

For example, instead of withdrawing N5,000 five different times in a week, you can withdraw N25,000 or N50,000 once to cover your needs. This reduces the number of chargeable transactions.

Switch To App-Based Banking

Mobile banking apps are often more cost-efficient than USSD codes or ATM transactions. Banks tend to encourage app usage by offering lower fees, faster processing, and better transaction tracking.

For example, transferring money through a bank’s mobile app may cost less than using USSD codes like *737# or *901#, especially for frequent transactions.

Review Your Account Type

Different bank accounts come with different fee structures. Some accounts attract higher maintenance charges, while others especially digital or basic savings accounts have lower or no maintenance fees. Choosing the right account helps you avoid unnecessary deductions.

For example, a salary current account may charge monthly maintenance fees, while a low-tier savings account designed for digital banking users may have minimal charges.

Opt Out Of SMS Alerts (If Safe)

SMS alerts notify customers of every transaction but often come with monthly charges. Customers who regularly use mobile banking apps may choose to rely on app notifications instead to save costs.

For example, instead of paying monthly SMS fees to receive alerts for every ₦1,000 POS payment, you can monitor all transactions directly on your banking app without additional charges.

Consolidate Transactions

Making multiple small transfers increases the number of times you are charged. Consolidating payments into a single transaction helps reduce total fees and improves financial tracking.

For example, instead of sending N2,000 three separate times for transport, airtime, and food, you can send N6,000 at once to reduce multiple transfer charges.

Avoid Unnecessary Card Replacements

Replacing ATM cards comes with fees and sometimes delays. Frequent replacements due to carelessness or poor handling can add unnecessary costs over time.

For example, losing your debit card at a social event or misplacing it repeatedly means you may pay replacement fees each time, which can accumulate significantly over a year.

By understanding these banking habits and applying them in daily financial decisions, customers can reduce avoidable charges and take better control of their personal finances.

Role Of Regulation And Consumer Protection

The Central Bank of Nigeria continues to regulate banking fees to ensure fairness and transparency. However, financial experts argue that improved disclosure by banks is equally important.

Clearer breakdowns of charges on statements and digital platforms would help customers better understand what they are paying for and identify avoidable costs.

Consumer advocacy groups also encourage customers to report suspicious or unexplained deductions to their banks and, where necessary, escalate complaints through regulatory channels.

Building Financial Awareness

Ultimately, reducing bank charges is not only about avoiding fees but also about improving financial literacy. Many customers unknowingly trigger avoidable charges through repeated transactions, inefficient banking habits, or lack of awareness of their account terms.

Experts recommend that Nigerians regularly review their bank statements, compare fee structures across banks, and adopt digital tools that provide real-time transaction tracking.

Bank charges are a necessary part of modern financial systems, but their impact on personal finances can be minimized through awareness and disciplined usage. As Nigeria continues to deepen its digital payment ecosystem, customers who understand how these fees work are better positioned to protect their income and make more efficient financial decisions.

In a challenging economic environment, every naira saved counts and reducing unnecessary bank charges is one practical step toward financial stability.

ENDs

Understanding Bank Charges And How To Reduce Them is first published on The Whistler Newspaper

Victims rescued from the recent mass abduction in Ngoshe, Gwoza Local Government Area of Borno State, have recounted the harsh conditions they endured during more than three months in Boko Haram captivity.

The victims were among hundreds of residents abducted on March 3 when insurgents raided communities in Ngoshe, a border town near the Mandara Mountains. The attack resulted in the kidnapping of more than 400 people, mostly women and children.

Troops of Operation Hadin Kai recently rescued 360 captives from terrorist hideouts in the Mandara Mountains. The freed victims are currently receiving care at the Pulka Internally Displaced Persons (IDPs) camp, where they were visited on Monday by Borno State Governor, Babagana Umara Zulum.

Speaking about her experience, one of the victims, Aisha Bukar, said she spent three months and two weeks in captivity, surviving mainly on raw corn soaked in water.

According to her, the captives were fed only once a day throughout their ordeal.

“We survived on soaked raw corn and ate only once daily. That was how we lived for more than three months,” she said, adding that many of the victims were still struggling to adjust to normal meals after their rescue.

Another survivor, Hafsat Musa, said she lost her husband and three children while in captivity.

Musa recalled being beaten during the abduction before being taken into the mountains, where the captives were held in a cave under severe conditions.

“We were left without food, proper shelter or the opportunity to bathe. Hunger and starvation were constant. During my time there, I lost my husband and my three children,” she said.

She alleged that food sent by the group’s leader was often diverted by subordinates, leaving many captives hungry and weak.

Musa also revealed that another woman held alongside her lost four of her seven children during the ordeal and only learned of the tragedy after arriving at the camp.

Another freed victim, Zainab Abubakar, said the hostages were fed only once daily and expressed gratitude for their rescue.

Most of the survivors said the conditions they experienced remain similar to what many captives still in the terrorists’ custody are enduring.

One of the rescued men, Idrissa Mustapha, offered a different account. He said he was taken while breaking his Ramadan fast and was later housed by one of the insurgent leaders.

According to him, he was not subjected to physical abuse and was provided meals regularly during his captivity.

Meanwhile, Governor Zulum confirmed that 357 captives were released in the latest rescue effort, while dozens of others had regained their freedom in earlier phases, bringing the total number of released victims to 434.

The governor said the state government had released funds for the rehabilitation of Ngoshe community to facilitate the safe return of displaced residents.

He noted that discussions were ongoing with community leaders and security agencies to ensure the voluntary, safe and dignified return of residents willing to resettle in the area.

Zulum commended President Bola Ahmed Tinubu, the Nigerian Armed Forces, the Department of State Services, the Office of the National Security Adviser, the Civilian Joint Task Force, vigilantes and hunters for their roles in securing the victims’ release.

He also directed the distribution of food and other relief materials to the rescued persons.

The freed captives are currently receiving medical attention, psychosocial support and rehabilitation services before their eventual reintegration into their communities.

Freed Ngoshe Victims Recount Ordeal In Boko Haram Captivity is first published on The Whistler Newspaper

Kenyan police fired tear gas on Tuesday to disperse protesters in the central town of Nanyuki opposing a proposed United States-backed quarantine facility for Americans exposed to Ebola, as Washington pressed ahead with construction despite court orders barring further work.

The proposed 50-bed unit, to be built on a Kenyan air force base at Laikipia, has angered many Kenyans who accuse the United States of offloading the health risk of caring for those exposed to the ongoing Ebola outbreak in eastern Democratic Republic of Congo and Uganda.

Two protesters were killed in demonstrations at the same location last week.

Police fired tear gas early on Tuesday to scatter small groups who had gathered in Nanyuki, where frustration has deepened as both Kenyan and United States authorities have publicly reaffirmed their commitment to the project despite the court rulings.

One protester carried a white cross bearing the words “Respect Ebola” in red lettering.

The Trump administration has said it “cannot and will not allow” any Ebola cases to enter the United States, departing from the approach taken during the 2014-2016 West Africa outbreak when several infected American nationals were treated on home soil.

The Nanyuki facility is intended for Americans who have been exposed to the virus but remain asymptomatic. Those who go on to develop symptoms would be transferred to other countries for treatment, according to United States officials.

United States military planes have continued to ferry staff and equipment into the base even after Kenyan courts issued orders blocking the project, according to United States and diplomatic sources and flight tracking data.

Satellite imagery shows a growing build-up of white tents on approximately 11 acres of cleared land within the Laikipia Air Base since 27 May.

The United States said it was aware of the court challenge and was “working with the Kenyan government to resolve any objections.”

Kenyan officials have said the facility would also serve Kenyan and other foreign nationals, though United States officials have not confirmed this.

Kenyan Police Tear-Gas Protesters Over U.S. Ebola Facility is first published on The Whistler Newspaper