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List Of Top Five High Earners As Nigerian Banks Record Lower E-business Income

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Interestingly, the tier-1 banks popularly known as the FUGAZ (First Bank, UBA, Access Bank, GT Bank, and Zenith Bank) topped the list of banks with the highest e-business earnings in the first half of 2020.   


Data from their half-year 2020 financials show that the FUGAZ generated a sum of N67.3 billion from electronic business, a drop of 14.2% compared to N78.4 billion recorded in the corresponding period of 2019. 

The recent decline could be attributed to the disruption caused by the COVID-19 pandemic and a CBN policy that implemented a downward review of bank charges for various transactions. This is the first decline since we started tracking as earnings from e-business has consistently witnessed an increase over the years.


Data obtained from Nairametrics Research shows that the tier-1 banks generated a sum of N32.3 billion e-business earnings in the second half of 2017, N45.1 billion (2018), and N78.4 billion (2019) respectively before the decline in H1 2020.

GT Bank  – Fifth Position
The most capitalized bank in the stock market generated a sum of N4.8 billion from their electronic businesses to stand in fifth behind Zenith Bank. GT Bank e-business revenue declined by 32.2% from N7.14 billion generated in H1 2019 to N4.8 billion in H1 2020. Its e-business revenue accounted for 2.1% of its total revenue (N225.1 billion) generated within the period. 

Zenith Bank  – Fourth Position
Zenith Bank generated a total of N8.94 billion from e-business income in H1 2020, a 67.01% decline from N27.1 billion generated in the same period of 2019. Its e-business revenue accounted for 2.6% of the total revenue generated during the period. It should be noted that when compared to other banks, it posted the highest profit after tax of N103.8 billion during the period under review.  

Access Bank  – Third Position
The largest bank in Nigeria by total assets doubled its e-business revenue from N5.5 billion recorded in H1 2019 to N13.9 billion in 2020. Access Bank recorded the highest year-on-year growth in e-business income as its N13.91 billion was 151.3% higher than the corresponding 2019 earnings.  E-business revenue generated by the bank includes fees and commissions from online purchases and bills payments.  

UBA – Second Position
With a total e-business income of N17.93 billion, UBA moves to second place. The multinational grew its E-business revenue by 6.35% from N16.86 billion generated in the first half of 2019. E-business revenue accounted for 6% of the total revenue generated during the period (N300.6 billion). 
Apart from the UBA Mobile Banking app, the banking giant boasts of a number of electronic products such as U-Pay which allows customers to make payments at the click of a button in countries where UBA has a presence in Africa, U-Collect, on the other hand, is a consolidated internet payment gateway solution which integrates multiple payment solutions available in Nigeria such as VISA, Verve, Master Card and e-Tranzact.

First Bank – First Position
 First Bank toppled Zenith Bank to the first position, having earned N21.7 billion from e-business between January and June 2020, a marginal decrease of 0.53% compared N21.83 billion recorded in the corresponding period of 2019. Meanwhile, the bank’s e-business revenue had enjoyed consistent growth in the past years, growing by 40.8% between 2018 and 2017, and a 46.3% growth between 2019 and 2018. 
Despite being one of the oldest banks in the country, First Bank has been at the forefront of the mobile banking revolution. The bank was one of the pioneers of the USSD platform which is used to transfer money via a text messaging application of a mobile phone. 

The bank also has two mobile banking apps, the FirstMobile which is like other banking apps, and FirstMonie which does not require its customers to have bank accounts to transfer money or make transactions. It also makes use of FirstBank mVisa, which allows consumers to pay for goods and services through FirstMobile by scanning a QR code or by dialing a USSD number. Other apps include; Qr Merchant and First Bank Paypal.  
Stiff Fintech competition As earlier stated, the decline could also be attributed to the economic downturn witnessed in the country as a result of the COVID-19 pandemic and the new CBN mandated downward review of bank charges for various transactions.


Commercial banks also face stiff competition from startups are entering into the Fintech space to compete for market share with backing from venture capital and private equity firms. The influx of tech-oriented banks continues to pose a threat to revenue earned by the traditional banks from e-businesses.

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Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows

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Titans and Trailblazers: Nigeria’s Great Entrepreneurs from Abiola to Dangote — The Story of Wealth, Influence, and National Impact. By George Omagbemi Sylvester | Published by saharaweeklyng.com 

Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows

…Spotlighting Africa’s Next Generation of Change Leaders

 

 

 

World Economic Forum (WEF) in partnership with the Aliko Dangote Foundation (ADF) has announced the 2026 cohort of the Young Global Leaders (YGL) Aliko Dangote Fellows, highlighting a new generation of African leaders committed to expanding opportunity and strengthening institutions across the African continent.

 

 

 

The Fellowship serves as a critical bridge between Africa’s emerging changemakers and the global Young Global Leaders network, fostering collaboration, knowledge exchange, and sustainable development. The YGL Aliko Dangote Fellowship supports high-impact African leaders by enabling their full participation in the Forum of Young Global Leaders (YGL) programme and broader WEF activities.

 

WEF said the 2026 YGL Aliko Dangote Fellows represent diverse professional backgrounds spanning healthcare, technology, entrepreneurship, and advocacy across sub-Saharan Africa. The newly selected fellows are Dr. Esperance Luvindao; Charlot Magayi, Founder of Mukuru Clean Stoves; Rewa Udoji, Founder of Cranstoun; Dr. Stephen Modise; Dr. Musa Kika; Hatim Eltayeb; Kemi Lala Akindoju; and Vimbai Masiyiwa.

 

 

 

With a strong emphasis on empowering women leaders, the Fellowship is designed to support Africans shaping solutions to pressing social and economic challenges while strengthening leadership capacity across key sectors.

 

 

 

Over the past 14 years, the Aliko Dangote Foundation–powered Fellowship has supported more than 130 young African leaders, providing access to Davos meetings, executive education opportunities, and influential peer networks that amplify African voices on the global stage.

 

 

 

Commenting on the announcement, Fatima Aliko Dangote, Trustee of the Aliko Dangote Foundation and Group Executive Director, Oil & Gas, Dangote Industries Limited, described the 2026 fellows as “leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms.”

 

She added: “Africa’s future will be defined by the strength of its people. When the right leaders—especially women—are empowered and given a global voice, they do not just lead; they reshape what is possible. That is why we invest in people: because it is the surest path to lasting global prosperity, stability, and self-determination. The 2026 cohort embodies this vision.”

 

According to her: the 2026 YGL Aliko Dangote Fellows represent that future leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms while helping define a world whose future will be shaped by the continent.

 

 

 

 

 

She explained that the idea behind the YGL Aliko Dangote Fellowship is to cultivate, empower, and support exceptional African leaders under 40, ensuring they have the resources to participate in the World Economic Forum (WEF)’s Young Global Leaders (YGL) community. It specifically aims to accelerate their impact on the continent and globally.

 

 

 

 

 

Details of the new fellows in the announcement indicated that; Hatim Eltayeb, is the Chief Executive Officer of African Leadership Academy, strengthening one of the continent’s most important leadership institutions; Dr Esperance Luvindao, Namibia’s Minister of Health and Social Services, combining clinical experience with digital health and grassroots innovation; Charlot Magayi, the Kenyan founder of Mukuru Clean Stoves, linking clean energy, public health and livelihoods; Dr Stephen Modise, Botswana’s Minister of Health, bringing a data-driven approach to public health reform.

 

 

 

 

 

Dr Musa Kika, Executive Director of the Institute for Human Rights and Development in Africa, using law to defend constitutionalism and civic space; Rewa Udoji, the Nigerian artist and finance professional whose work bridges culture, capital and women’s economic literacy; Kemi Lala Akindoju, the Nigerian producer and actor helping reshape the creative economy through talent development, financing and more grounded storytelling; and Ms Vimbai Masiyiwa, co-founder and Chief Executive Officer of Batoka Africa, building a model of tourism rooted in sustainability, community ownership and women’s empowerment. Together, they reflect the range of leadership the fellowship is designed to support public leaders, entrepreneurs, institution-builders and cultural actors already shaping systems in very different ways.

 

 

 

It would be recalled that Aliko Dangote YGL Fellowship has supported more than 90 Fellows from over 25 African countries, thus enabling full participation in the World Economic Forum’s Young Global Leaders programme through access to convenings, executive education, peer networks and global platforms.

 

Over that period, Fellows have taken part in more than 400 engagements across Annual Meetings, regional summits and learning modules, contributing to debates on finance, climate, health, technology and governance.

 

 

 

 

 

 

 

 

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Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments

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Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments

 

The President/Chief Executive of Dangote Group, Aliko Dangote has held a high-level meeting with Nicolai Tangen, the Chief Executive Officer of Norges Bank Investment Management, the world’s largest sovereign wealth fund manager, overseeing assets valued at approximately $1.9 trillion.

 

At the meeting, the Norwegian investment institution expressed strong interest in partnering with Dangote Group to expand its footprint across the African continent, with a focus on strategic sectors including power, energy, renewables, agriculture, fertiliser and cement.

 

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, one of the world’s leading fertiliser and agricultural companies, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

 

The engagement shows growing global investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation.

 

For Dangote Group, the potential partnership represents a significant opportunity to deepen its investments across key sectors critical to Africa’s development, particularly in energy transition, food security and industrial capacity expansion.

 

The Norwegian sovereign wealth fund, widely regarded as a benchmark for global institutional investment, has in recent years shown increased interest in emerging markets, with Africa seen as a frontier for long-term value creation.

 

The collaboration between the fund and Dangote Group could unlock substantial capital flows into critical infrastructure and industrial projects, further accelerating economic growth and regional integration across the continent.

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Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage

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Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage

 

Leading financial institution, Fidelity Bank Plc, through the Fidelity Helping Hands Programme (FHHP), has funded critical support for the JKS Special Needs Academy in Abuja to ensure continued shelter and care for vulnerable children.

 

 

 

The intervention was facilitated by a group of the bank’s newly recruited employees known as Team Valorem, as part of their induction activities. Through the FHHP, employees are empowered to actively contribute to social development by dedicating their time, resources and skills to impactful projects. Projects executed under the initiative are employee-driven, with teams encouraged to identify causes, contribute fifty percent of the project funding, while the bank matches the contribution.

 

Speaking during the outreach, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted that the initiative aligns with the Bank’s CSR pillars focused on health & social welfare, and youth empowerment.

 

“This intervention reflects our belief that building a better society is a shared responsibility. Through the Fidelity Helping Hands Programme, we empower our employees to actively contribute to meaningful social causes. The funding provided will secure the orphanage’s accommodation for an additional year, ensuring a stable and safe environment for the children. This support guarantees that these children continue to have a place they can call home,” Nwagboh remarked.

 

He also commended caregivers at the facility for their dedication and called for increased focus on empowerment and skill development for children with special needs.

 

“Beyond providing basic needs, we must provide these children with opportunities to develop skills and become self-reliant. Everyone, regardless of their physical or socio-economic status, has a role to play in the society,” he said.

 

In her response, Director of JKS Special Needs Academy, Mrs. Nifemi Ajileye, expressed deep appreciation to Fidelity Bank and its staff for the timely intervention.

 

“We are truly grateful to Fidelity Bank for this support. It will significantly improve the welfare of the children under our care and help us sustain our operations,” she said.

 

Ajileye highlighted the high cost of caring for children with disabilities, stating that, “Many of the children require continuous medical attention and therapy, which are quite expensive. Support like this helps us bridge critical gaps and continue delivering quality care. This support from Fidelity Bank is timely and it means the world to us and to these children. It will help us continue our work and secure a better future for them,” she added, while calling for sustained support from other organisations.

 

As an institution with a heart for people, Fidelity Bank continues to demonstrate its commitment to social responsibility by driving inclusive growth and social impact through initiatives that empower communities and improve lives across Nigeria.

 

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK.

 

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.

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