Business
Revealed Why Banks Are Having Technical Glitches With Online Banking
Revealed Why Banks Are Having Technical Glitches With Online Banking
BANKS-The cashless banking initiative of the Central Bank of Nigeria (CBN) is being hindered as the Nigerian banks continue to experience the technology skills gap due to a brain drain that is consuming experienced tech personnel in the sector, LEADERSHIP can exclusively reveal.
Findings showed that the IT department of most of the banks is now manned by inexperienced hands who cannot cope with the traffic on internet banking platforms. According to sources, although, the hike in brain drain in the banking sector started after the COVID-19 pandemic, precisely, 2021, the banks were managing the situation, until the Naira redesign policy of the apex bank kicked off early this year, hence, spiking the rate of usage of electronic and mobile banking platforms for banking transactions, a development the current personnel manning the IT backend of most banks are struggling to cope with.
The CBN had, in October 2022, announced its intention to redesign the nation’s currency, as effort to check terrorism financing, counterfeiting and imbalances in the fiscal space, to enable the apex bank take control of the currency in circulation and to move the country into a full-fledged cashless economy, initially, by January 31st, 2023.
Since the beginning of this year, when the policy was fully implemented, Nigerians have cried out over the fact that they could barely laid hands on the new naira notes, which is the only legal currency now accepted in the economy, due to insufficient cash in circulation.
This, in turn, has forced Nigerians to turn to internet banking system for their transaction. This could have been the means to moving the economy to a cashless economy, stakeholders have said, even as they lamented the poor network, infrastructure deficit and inexperienced tech, that have marred the policy in recent time.
The CEO, Precise Financial System, Mr Yemi Okeremi told LEADERSHIP, that the banking technology in Nigeria is fairly sophisticated, with respect to the country’s level of development.
Okeremi added that the naira redesign, leading to little cash in circulation and a surge in the use of the internet banking system, has caused more harm than good, as the fragile infrastructure put in place by the banks have further depleted as a result of traffic.
He said, “For me, we are not ready for the cashless policy. Before this time, we had enjoyed fairly good internet and mobile banking and that is because the banks had scaled up based on what was on the ground. They know the number of Nigerians who have signed up for their internet banking services and they also have idea of the Nigerians that are banked and have put infrastructure in place to service them.
“All of a sudden, the CBN then came up with the idea that all Nigerians must go cashless. This is like double of the figures that were using their internet services. There are many Nigerians who have accounts with banks, but not using their internet banking services. These set of people were forced to start using internet banking overnight, which has slowed down servers, thereby delaying transactions or even declining them.’’
He also said that many tech experts have left the country for greener pastures, leaving the less experienced personnel to manage the infrastructure in the bank. He said, ‘‘Most of these fresh graduates do not know the nitty-gritty on how to manage some of the software and hard ware used in the banking sector. Also, poor internet connectivity has marred the seamless transition to cashless, in the sense that, for cashless policy to work, people must transact and receive alert immediately.
“In essence, infrastructure deficit, brain drain, and social problem, whereby every Nigerians now want to use internet banking at the same time are the reasons why Nigerians are having issue with internet banking.’’
He however urged CBN to reconsider its decision. “We know cashless process is great for any economy to grow, however, CBN would have been gradual in the process of turning the Nigerian economy into cashless economy. The banking sector is doing the best they can do, because nobody envisaged the traffic of internet banking. I must commend them, however, I would appeal to them to scale up, to meet this present challenge.
“On broadband connectivity, the telecoms sector is doing its best, in that the industry is planning to scale up broadband connectivity level to like 70 per cent by 2024. If that happened, people will be able to receive alert of transaction on time,” he stated.
In the same vein, the head, of operations, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbolahan Awonuga, has urged the banking sector to upgrade their capacity. Awonuga said, “What the government is doing now is that they want a total cashless environment. We are taking about digital economy, but there must be some level of preparation. The bank should be able to accommodate the traffic flow of their customers.
“If everybody should go into cashless, the internet platforms of the banks should be able to manage the traffic. The reason we are experiencing delays in transactions or declined transactions is that there are lot of traffic at the backend. People want to do internet banking at the same time, however, because of the capacity, they cannot enter at the same time.”
He advocated for more partnership with fintech companies. Awonuga disclosed that there are some few fintech companies who are working with banks to ensure seamless online internet banking, while calling for more to join as an effort to salvage the current situation.
Speaking with LEADERSHIP, the president of the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, noted that the industry is currently suffering from talent drain. He said, “There is a whole lot of resignations and people leaving the industry particularly the younger ones. The figure is quite high. You train and then immediately you train them, they leave
the country and then you start all over again. It is a real challenge. The banking industry is losing a lot of younger ones. It is affecting the pull of manpower particularly the younger ones.
“They are moving in large numbers outside the country. We are experiencing a pull of people out of the industry to outside the country and these are the younger ones that we are supposed to hand over to after a period. So, succession planning is hindered, productivity is lowered because these guys are the next generation of people. That is also slowing
down activity.”
Also, Head, Financial Institutions Ratings at Agusto & Co, Ayokunle Olubunmi, affirmed that the mass exodus is impacting the succession plan in the banking industry.
He said, “Some banks are already having issues with their succession plans, so they are ensuring that, for each role, they have two to three people that understand it. So, if someone leaves, there is another to take over. It is not only the banking industry that is challenged, it all of the sectors of the economy from manufacturing to insurance and banking industry. The challenge is such that it is not even the lower cadre that is moving out, it is middle management and even in some cases upper management. A lot of companies are losing their best hands and even their technical hands.
“Zeroing it down into the banking industry, one area that is actually affected the most is the tech guys. Remember that a lot of banks are actually moving into digitization. So, people are losing their tech guys. Unfortunately, it is not a skill that is readily available like that. The talent pool is not that vast. The tech guys are moving to Canada and Europe. So, that has significantly affected them. It is such that in some banks, departments have lost a lot of their staff. All banks are affected and that is why you see all of them recruiting. This is how bad it is. For the banks, they actually have to manage it, because unfortunately as a bank, changing the trend is outside their purview. For banks, it is now about how you can actually adapt.”
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
Business
A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test
*A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test*
By Deji Johnson and Mustapha Bello
t begins with a pipeline that should have been completed by June 2026. It widens into a regulatory dispute. And it now risks becoming a defining test of Nigeria’s gas reforms under President Bola Ahmed Tinubu.
At the center is a stalled 80 kilometre gas pipeline from Sagamu to Ibadan, a project backed by over 100 million dollars in investment and built on a protected Gas Distribution Licence issued under the Petroleum Industry Act 2021. The licence granted NGML–NIPCO exclusive rights to distribute gas within Ibadan for 25years based on Nigeria’s Petroleum Industry Act.
On paper, the law is clear. On the ground, the situation is anything but.
For more than three months, construction has been halted following a stop work order issued by the Oyo State Government led by former Shell Contractor and engineer, Governor Seyi Makinde. No detailed public justification has been provided that aligns with existing federal approvals already secured for the project.
What might have remained a quiet regulatory disagreement has now escalated into something far more politically charged. How?
In recent remarks, Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, who is of the same political party as Governor Seyi Makinde, made a pointed allegation that has since rippled across political and industry circles. He suggested that the Governor of Oyo State and Shell were in what could be described as an “unholy alliance.”
It is a serious claim. One that, if substantiated, would raise profound questions about the intersection of corporate influence, state level action, and federal law.
Neither Shell nor the Oyo State Government has publicly responded in detail to the allegation.
But the silence is now part of the story.
*THE SHELL QUESTION*
For Shell, this moment carries particular weight.
The company has operated in Nigeria for decades, building one of its most significant global portfolios in the Niger Delta. But that history is not without controversy. From corruption claims to environmental damage claims and community disputes amongst others, Shell has faced years of litigation and, in several high profile cases, adverse rulings tied to its operations in the region.
Those cases, many adjudicated in foreign courts, have shaped a negative reputation that continues to follow the company.
Now, a new question emerges.
Is Shell once again operating at the edge of Nigeria’s regulatory framework seeking to exert undue influence in circumventing Nigeria’s petroleum laws, or firmly within it?
Industry sources including a widely reported meeting between their representatives, Oyo State Government representatives and the newly appointed midstream and downstream chief executive, indicate that engagements involving Shell and the Nigerian Midstream and Downstream Petroleum Regulatory Authority could enable the company to enter a gas distribution zone already licensed to another operator in breach of the PIA.
If true, the implications are immediate and far reaching.
A licence meant to protect investors and investments in Nigeria’s gas space ceases to be exclusive against the dictates of the guiding laws. A framework begins to look flexible, and a reform risks appearing reversible.
To many, it seems more than just a commercial dispute and is not just about one company versus another.
Nigeria is in the middle of an energy transition where gas is expected to play a central role in powering industries, stabilising electricity supply, and reducing reliance on expensive diesel. President Bola Tinubu has emerged as a global champion of using gas as a transition fuel in Nigeria and Africa whilst rolling out elaborate but clearly defined plans to achieve it. Yet gas availability remains inconsistent, constraining power generation and limiting industrial output.
Projects like the Sagamu to Ibadan pipeline are designed to close that gap. To halt such a project is to delay not just infrastructure, but impact. To undermine its legal basis is to question the system that enabled it and to introduce competing claims within the same licensed zone is to risk regulatory confusion at a time when clarity is most needed.
This is where the issue moves from commercial to national because at stake is not only an investment, but the credibility of the reform architecture itself.
*OYO STATE AND THE FEDERAL QUESTION*
The role of the Oyo State Government adds another layer of complexity.
Energy regulation in Nigeria, particularly in the gas sector, is governed by federal law. Yet implementation often intersects with state authority, creating spaces where jurisdiction can blur.
The stop work order issued on the pipeline has become the clearest manifestation of that tension. Was it a regulatory necessity?
A precautionary measure? Or, as alleged by Minister Wike, part of a broader alignment with external interests? Without transparency, speculation fills the vacuum and the regulator must avoid finding itself mired in such allegations.
*QUESTIONS THAT WILL NOT GO AWAY*
For Shell, the questions are now direct and unavoidable:
Is Shell, a global energy giant, seeking to operate within the Ibadan gas distribution zone already licensed to NGML–NIPCO?
What assurances, if any, has it received from regulators or state actors?
How does it reconcile such actions with the exclusivity provisions of the PIA?
For the regulator, NMDPRA:
Can a Gas Distribution Licence be effectively shared, diluted, or overridden after issuance? According to Nigerian laws, the answer is No.
What precedent does this set for Nigeria’s gas infrastructure market?
For the Oyo State Government:
On what legal grounds does the stop work order stand, given federal approvals already in place?
And how does this action align with national energy priorities or the state’s gas needs?
Nigeria has spent the last two years telling a new story to the world. A story of reform, of discipline, of a country ready to compete for global capital. And it has worked so far with stability returning to Nigeria’s economy and over $20bn of energy investments looking to enter the country in the short to midterm.
But reforms are not tested in policy papers. They are tested in moments like this.
Moments where law meets influence, investment meets interference and promise meets pressure.
For Shell, long mired in issues surrounding ethical operations in Nigeria, this is more than a business decision. It is a reputational crossroads.
For Nigeria, it is something even larger. Whether the country’s laws will hold when they are most challenged or Whether its reforms will stand when they are most inconvenient or even whether Nigeria’s energy investments future will be shaped by the rules of law, adherence to regulatory protections and provisions or by unethical and corrupt relationships.
Until those questions are answered clearly, publicly, and decisively, the pipeline in Ibadan will remain more than steel in the ground.
It will remain a symbol of a country still deciding which path it truly intends to follow. Nigeria must act quickly and decisively because the world is watching.
RABIU, ELUMELU ALIGN ON CAPITAL, SCALE, AND INDUSTRIAL EXPANSION AS BUA FOODS POSTS N1.77 TRILLION REVENUE, N28 DIVIDEND
Lagos, Nigeria | March 31, 2026
Nigeria’s industrial and financial heavyweights moved to deepen a partnership that has quietly underpinned decades of enterprise growth, as the Founder and Chairman of BUA Group, Abdul Samad Rabiu, hosted the Chairman of United Bank for Africa, Tony Elumelu and his executive management team at BUA Group’s corporate headquarters in Lagos.
More than a visit, the engagement brought together two institutions whose alignment of capital and industrial capacity has consistently translated into scale, execution, and long-term value creation across Nigeria and Africa’s economy.
At the centre of discussions was a renewed push to expand financing frameworks for large-scale manufacturing, deepen support for domestic production, and unlock the next phase of growth across food, infrastructure, and export-oriented value chains.
Rabiu, reflecting on a relationship that spans nearly three decades, traced its evolution from the early days of Standard Trust Bank to its present form as a mature, trusted partnership with UBA.
“Enduring partnerships are not built on transactions, but on conviction,” Rabiu said. “What we have built with UBA and the Nigerian financial industry over the years is a shared understanding of where Nigeria is going and what it will take to get there. That alignment remains as strong today as it was at the beginning.”
Elumelu underscored the strategic importance of the relationship, positioning it within a broader vision of African-led growth.
“Institutions like BUA Group demonstrate what is possible when long-term capital meets disciplined execution,” Elumelu said. “Our role is to continue enabling that scale, supporting enterprises that are not only growing, but reshaping the Nigerian economy.”
The meeting signals a continued convergence between capital and industry at a time when Nigeria’s growth story is increasingly being driven by indigenous scale, operational depth, positive government action, and sustained investment in real sectors.
In a parallel demonstration of that scale, BUA Foods, a BUA company, has released its audited results for the financial year ended December 31, 2025, delivering revenue of N1.77 trillion, a 16 per cent increase from N1.53 trillion in 2024.
The performance reflects sustained demand across its core segments including sugar, flour, pasta, and rice, alongside continued execution of its expansion strategy.
Gross profit rose to N737.26 billion, up from N540.82 billion, while profit after tax surged by 95 per cent to N518.4 billion, compared to N265.99 billion in the prior year.
Earnings per share increased to N28.80, reinforcing the strength of the Company’s earnings profile.
In line with its commitment to shareholder value, the Board has proposed a dividend of N28 per share, representing a 115 per cent increase from N13 in 2024, with a total proposed payout of N504 billion, subject to shareholder approval.
Cost of sales stood at N1.037 trillion, while total assets grew by 27 per cent to N1.39 trillion, reflecting sustained investment across operations and the broader value chain.
Speaking on the results, the Chairman of BUA Foods, Abdul Samad Rabiu said, “Our 2025 performance reflects a business that is not only growing, but scaling with discipline. We are building capacity, deepening local production, and delivering consistent value to shareholders, all while positioning for the future.”
The Managing Director, Engr. Ayodele Abioye, added; “Our strategy remains to expand capacity, strengthen market presence, and optimise the full supply chain. The demand signals are strong, and we are well positioned to sustain this momentum.”
Taken together, the meeting between BUA Group and UBA, alongside BUA Foods’ record performance, points to a broader shift for Nigeria. Nigeria’s growth is increasingly being shaped by institutions that combine scale, capital discipline, and long-term vision and should be seen as not just an expansion but a consolidation of industrial leadership.
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