TotalEnergies Marketing Nigeria Plc has launched the TotalEnergies Mobility Card Plus, positioning it as a technology-driven upgrade designed to deliver stronger security, real-time control and greater convenience for individual users and businesses across the country.

Unveiling the card on Tuesday in Lagos, the company said TEMC+ sets a new standard for mobility and secure payments by combining enhanced digital features with tools that allow customers, particularly fleet operators, to manage transactions and accounts directly and instantly.

The launch marks the start of a nationwide migration from existing cards to TEMC+, which is already underway and scheduled to be completed by 31 December 2025.

The Managing Director of TotalEnergies Marketing Nigeria Plc, Dr Samba Seye, said the new platform reflects the company’s long-standing focus on innovation and customer satisfaction.

Represented by the General Manager, Retail and Cards, Abdullahi Umar, he noted that TEMC+ was developed to meet the demands of the digital era and evolving customer needs.

“At TotalEnergies, our vision has always been to make mobility smarter, safer and more convenient for everyone. Today, with TEMC+, we are taking a bold step forward in delivering greater convenience, control and security for both individual customers and businesses of all sizes,” Seye said.

He described TEMC+ as more than a mobility card, explaining that it is a technology-driven platform built to simplify operations and enhance customer experience. The solution offers online secure transactions, mobile app integration for real-time account visibility, pre-authorisation for accurate fuel dispensing, instant SMS alerts, virtual card capabilities and on-the-spot fund reallocation.

“This launch is not just about a product. It reflects our commitment to innovation and customer satisfaction,” he said, adding that customers would experience live demonstrations, guided sessions on digital account management and support through the migration process.

Giving details, the Project Manager, TEMC+, Osarobo Aigbogun, said the upgrade was shaped directly by customer feedback and represents growth rather than replacement of the existing Total Card.

“We listened to you and went back to the drawing board. Today, we are proud to introduce TEMC+, the next evolution of Total Cards. This represents growth, not replacement. We are improving what we had before,” Aigbogun said.

He explained that TEMC+ introduces three payment options: card payment, mobile app payment and one-time password payment, giving customers flexibility even without internet access. Fleet managers now have real-time access to an extranet that allows them to blacklist or whitelist cards, manage card limits, transfer funds between cards, fund wallets instantly, generate PINs and unblock cards without contacting TotalEnergies.

“Now, when you credit your funds, you get them immediately, and you can use them straight away,” he stressed, adding that the platform improves agility and simplifies reconciliation for businesses.

Deposit Money Banks are shoring up their capital base as the Central Bank of Nigeria intensifies oversight, reinforcing governance, transparency, and risk management to ensure a resilient, stable financial system, OLUWAKEMI ABIMBOLA writes

Nigeria’s banking system remains stable and resilient, a key pillar of the country’s financial stability. Yet the Central Bank Governor, Olayemi Cardoso, says the apex bank continues to stay alert to emerging risks such as cyber threats, credit-concentration pressures, and operational vulnerabilities. These challenges, he explained, are being managed through strengthened risk-based supervision and the ongoing transition to Basel III, which is expected to enhance capital quality, reinforce resilience, and improve liquidity monitoring as the banking recapitalisation drive progresses.

Nigerian banks are navigating one of the most defining periods in their history. Importantly, members of the Monetary Policy Committee have acknowledged that the system remains safe and sound. At the 303rd MPC meeting in Abuja, the committee expressed satisfaction with the sustained strength of the banking sector, noting that most financial soundness indicators continue to fall within regulatory benchmarks.

Committee members also recognised the significant progress recorded in the recapitalisation programme, with 16 banks already fully meeting the revised capital requirements. They encouraged the CBN to ensure the programme is completed successfully.

With just under four months remaining before the conclusion of the recapitalisation exercise, Cardoso confirmed that the process remains firmly on course. Speaking at the recent Bankers’ Dinner in Lagos, he noted that several banks have already met the new capital thresholds, while others are steadily advancing and are well positioned to meet the 31 March 2026 deadline.

“To date, 27 banks have raised capital through public offers and rights issues, and sixteen have already met or exceeded the new requirements, a clear testament to the depth, resilience, and capacity of Nigeria’s banking sector,” he said.

“As we strengthen the capacity of our banks, stress-testing this year confirms that Nigeria’s banking sector remains fundamentally robust. Key financial soundness indicators overwhelmingly satisfied prudential benchmarks during the year,” he added.

Credit-risk framework

The CBN is also redesigning the banking sector’s credit-risk framework to safeguard the estimated N4.14tn in new capital being raised. Cardoso said the bank is enforcing stronger governance, transparency, and accountability to protect these funds. This effort is supported by a newly established Compliance Department, now fully operational, with mandates covering financial crime supervision, market conduct, enterprise security, corporate governance, and environmental, social, and governance issues.

According to him, the strengthened controls will ensure that the new capital is properly managed. “As recapitalisation progresses, we are redesigning the credit-risk framework to enforce stronger governance, greater transparency, and firmer accountability across the sector. We are determined to break the boom-and-bust cycle that has accompanied past recapitalisation efforts,” he stated.

The CBN’s Credit Risk Management System is now web-enabled, allowing banks to access its database for statutory returns and borrower checks. The apex bank is also integrating the system with banks’ internal platforms to improve efficiency.

A Deloitte report titled “Nigeria’s macro headwinds trigger bank recapitalisation” estimates that banks will raise about N4.14tn before the exercise ends in March 2026. The report noted that the sharp increase in minimum capital requirements, ranging from N50bn to N500bn depending on licence type, is essential to meet the industry’s capital adequacy needs amid inflation, high interest rates, currency volatility, and forex constraints.

The report added, “The upward revision will ensure that Nigerian banks have the capacity to take on bigger risks and stay afloat amid both domestic and external shocks. It also means an increased liquidity position of banks, which will help broaden their loss-bearing capabilities.”

Cardoso maintained that Nigeria’s banking system remains sound and resilient. “At the same time, we remain vigilant to emerging risks, including cyber threats, credit-concentration pressures, and operational vulnerabilities,” he said. He reiterated that the Basel III transition will further strengthen the system’s resilience.

The CBN is also reinforcing operational discipline to ensure that the financial system works efficiently for all Nigerians. Cardoso explained that the bank undertook an end-to-end review of the entire cash lifecycle—production, transportation, distribution, and consumer access. This review, he noted, informed steps such as recalibrating cash-printing models, issuing ATM-to-card ratio guidelines, strengthening approvals for ATM or branch closures, sanctioning banks whose ATMs fail to dispense cash, and enhancing supervision of POS operators nationwide.

These regulatory interventions reflect the CBN’s commitment to supporting the government’s ambition of achieving a $1tn GDP by 2030, as proposed in the Policy Advisory Council’s national economic plan. A well-capitalised banking sector is considered critical to realising this vision. Cardoso said banks must be sufficiently capitalised to support future economic expansion.

“Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1tn economy in the near future? In my opinion, the answer is ‘No!’ unless we take action,” he said, noting that the ongoing recapitalisation will enable banks to attract significant transactions and support growth.

The CBN has assured the public and depositors that the sector remains secure. “The CBN affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision,” the bank stated.

Road to recapitalisation

On 28 March 2024, the CBN announced a two-year recapitalisation programme that began on 1 April 2024. Minimum capital was increased to N500bn, N200bn, and N50bn for commercial banks with international, national, and regional licences, respectively. Merchant banks must hold N50 bn, while non-interest banks require N20bn (national) and N10bn (regional). The compliance deadline is 31 March 2026.

Cardoso said the policy is expected to drive inclusive growth by enabling banks to extend more credit to MSMEs and invest in technology and innovation, which are vital for expanding digital financial services and improving access in remote areas.

Under the recapitalisation exercise, the CBN adopted a distinct definition of minimum capital base, comprising paid-up capital and share premium only, excluding reserves and retained earnings. This means most banks must raise fresh capital even if their shareholders’ funds exceed earlier requirements.

Cardoso emphasised that the sector remains strong. “The non-performing loan ratio remains within the prudential benchmark of five per cent,” he said, adding that the liquidity ratio also surpasses the 30 per cent regulatory minimum. He noted that recent stress tests reaffirm the system’s overall robustness.

CBN Deputy Governor (Corporate Services), Ms Emem Usoro, said achieving a $1tn economy requires structured planning, clear policies, and committed implementation. She emphasised that recapitalisation is a key pillar of this goal, noting that banks must be equipped to finance a larger economy. “As we work towards building a $1tn economy, we must consider the recapitalisation of our banks to be able to fund, finance and power the economy,” she said in Abuja.

United Bank for Africa Group Managing Director, Oliver Alawuba, described the recapitalisation exercise as timely and necessary to strengthen the financial system. According to him, it will help the sector withstand inflation, currency instability, and global geopolitical shocks while positioning banks to finance large-scale infrastructure and industrial projects.

What the law says

The Central Bank of Nigeria Act of 2007 mandates the CBN to promote financial system stability. The bank fulfils this responsibility through reforms, greater access to finance, institutional capacity building, and enforcement of strong corporate governance practices.

Analysts note that financial system stability is essential because bank failures can erode public confidence, reduce savings and investment, disrupt the money supply, and trigger payment system breakdowns with harmful effects on the real economy. A stable financial system also strengthens the transmission of monetary policy, ensuring that authorities can achieve their primary objective of price stability.

Over the years, the CBN has introduced several reforms aimed at strengthening the banking industry and ensuring the effective functioning of the financial system.

The Nigeria Deposit Insurance Corporation and the Nigeria Inter-Bank Settlement System Plc are set to sign a Memorandum of Understanding aimed at ensuring a more efficient process of reimbursement for depositors in the event of bank failure

According to a statement from the NDIC on Wednesday, the Managing Director/Chief Executive of the NDIC, Mr Thompson Sunday, disclosed this during a courtesy visit to the Corporation’s Head Office in Abuja by the NIBSS Executive Management team led by its Managing Director/Chief Executive, Mr Premier Oiwoh.

This proposed MoU comes a day after the NDIC commenced the liquidation process for two mortgage banks, Aso Savings and Loans and Union Homes Savings and Loans, whose licences were revoked by the Central Bank of Nigeria. NDIC said that depositors of the defunct banks will be paid their insured deposits of up to N2m per depositor, and those with deposits above N2m will be settled once the assets of the banks have been disposed of.

Speaking during the visit, the NDIC boss commended NIBSS for its longstanding partnership and invaluable contributions to strengthening the Corporation’s mandate of protecting depositors and enhancing public confidence in the banking system. He highlighted the pivotal role played by the NIBSS in driving digital verification processes, particularly through the deployment of the Bank Verification Number platform, which enabled seamless payment to the alternate bank accounts of depositors of the failed Heritage Bank Limited.

“You have been a reliable partner, and NDIC remains committed to that partnership. Without NIBSS’s support, it would have been difficult to achieve the milestone we attained with the closure of failed Heritage Bank despite the impromptu nature of the arrangement. That is why it is important for us to concretise our partnership through this MoU,” the NDIC MD/CE stressed.

Sunday highlighted key areas to be covered by the MoU, such as real-time synchronisation of NDIC’s deposit registers and electronic records to allow for swift verification of eligible accounts during bank resolution; expansion of disbursement channels for depositor claims to include Mobile Money Operators and a possible NDIC-branded mobile interface; and investment in Single Customer View and interoperability infrastructure for instant validation in the event of bank failure.

The NDIC boss also hailed NIBSS for reforming the payments system in Nigeria and putting it ahead of its peers in most parts of the world, adding that the efforts of the NIBBS platform in mitigating fraud in the financial system are laudable.

In his response, NIBSS’ Oiwoh expressed appreciation to the NDIC leadership for the sustained partnership that is geared towards a safer and smoother payment system in Nigeria over the years. He reaffirmed NIBSS’s full commitment to supporting the Corporation in the delivery of its mandate of depositor protection, emphasising that NIBSS exists to serve Nigerians and stands ready to provide the technological backbone required to enhance financial system stability.

Oiwoh emphasised the critical importance of prompt and efficient reimbursement during bank failures, noting that the NDIC’s efforts in this regard directly contribute to public trust and financial inclusion. He assured that his organisation is working closely with law enforcement agencies to proactively reinforce the safety of the nation’s payment system, as well as strengthen its infrastructure to lower the cost of transactions on its platforms.

The MoU between both institutions is expected to usher in a new era of digitised, responsive, and technology-driven depositor reimbursement processes, ultimately reinforcing confidence in Nigeria’s financial safety-net framework.