NPS processes 26.55m transactions worth N1.4tn

NPS processes 26.55m transactions worth N1.4tn

The rollout of Nigeria’s new sovereign digital infrastructure, the National Payment Stack, has recorded rapid commercial adoption in its early operational phase, processing 26.55 million transactions valued at N1.4tn across 48 participating institutions.

Developed by the Nigeria Inter-Bank Settlement System Plc to modernise the nation’s financial ecosystem, the multi-currency architecture bridges transaction processing and payment intelligence while consolidating payments, identity, and data onto a single rail designed to succeed the legacy NIBSS Instant Payment system.

Commercial banks and fintechs are already driving significant scale across the network. First Bank of Nigeria currently leads the industry in total transaction volume processed on the new platform, while Fidelity Bank holds the top spot for overall transaction value. Other major early adopters powering network activity include Guaranty Trust Bank, Sterling Bank, Access Bank, and Moniepoint.

The platform introduces structured ISO 20022 data architecture, enabling metadata-rich transactions that automate corporate reconciliation, streamline merchant collections, and power request-to-pay invoicing. It also unifies single transfers and high-volume corporate disbursements onto one rail, backed by embedded security features such as automated sanction screening, account validation, end-to-end encryption, and in-flight risk scoring to flag potential fraud before execution.

Highlighting the transformative impact of the new infrastructure, the Managing Director and Chief Executive Officer of NIBSS, Premier Oiwoh, emphasised the platform’s role in shifting the national payments landscape towards deeper intelligence and efficiency.

He said, “The National Payment Stack represents an economic catalyst moving our financial infrastructure from basic transaction processing to comprehensive payment intelligence.

“By delivering an ISO 20022-compliant, multi-currency rail, we are laying the groundwork for unprecedented interoperability, heightened security, and seamless regional trade.”

Complete ecosystem readiness now depends on full participant alignment across technical and operational domains, with NIBSS urging all financial services institutions to activate related debit and credit processing rails to prevent platform congestion.

Supporting this transition, the Director of Payments System Supervision at the Central Bank of Nigeria, Dr Rakiya Yusuf, reaffirmed the apex bank’s full regulatory backing for mandatory integration as the sector prepares for the ultimate decommissioning of the 15-year-old legacy NIP rail.

Osun guber: You can’t kill same people you want to govern – Dantalle warns politicians

National Chairman of the Inter-Party Advisory Council, IPAC, Yusuf Dantalle, has expressed concern over the rising cases of electoral violence in Osun State ahead of the August 15 governorship election.

several local government areas in the state have been identified as hotspots for potential election-related violence ahead of Saturday’s poll.

Dantalle cautioned politicians against perpetrating violence against the same citizens they seek to govern, citing the destruction of lives and property in different parts of the state.

Speaking in an interview with Arise News, the IPAC chairman said the council had condemned the incidents and warned key stakeholders, including political actors, the Independent National Electoral Commission, INEC, security agencies and traditional rulers, to prioritise the interests of the people of Osun State.

He said, “We have continued to condemn these actions and also alert various stakeholders, including political actors, INEC as the electoral umpire, security agencies and traditional leaders, on the need to prioritise the interests of the people of Osun.

“It is unacceptable to harm the people you intend to govern. There have been several incidents involving the destruction of lives and property, as well as protests and counter-protests.

“We want to advise all stakeholders involved in the Osun election that this is a deviation from the principles and ethics of democracy, which is fundamentally about allowing the people to freely and fairly choose their leaders, with the outcome respected and accepted by all.

“This situation is indeed troubling, and I would like to use this opportunity to urge all stakeholders to exercise caution.

“Those who use state institutions to intimidate or harass political opponents must desist and allow the people to make their own choices.

“If we allow such actions to continue, we must consider their implications for the general elections just a few months away. It could be a foreshadowing of what we may encounter in the 2027 elections.

“We must exercise extreme caution to avoid undermining the progress we have made.”

Osun 2026: Why Adeleke deserves second term – Dele Momodu

A chieftain of the African Democratic Congress, ADC, Dele Momodu, has said that Osun State Governor, Ademola Adeleke, deserves a second term in the August 15 governorship election in the state.

In a post on his verified X handle on Tuesday, Momodu said the All Progressives Congress, APC, had turned Osun State into a theater of war.

According to him, the only sensible strategy was for all opposition parties to align immediately and back the Accord Party candidate and incumbent governor, Adeleke.

The publisher of Ovation Magazine also said that Governor Adeleke had been a global phenomenon who would easily defeat President Tinubu himself in a popularity contest.

“I make this declaration without equivocation, or any fear of contradiction. This is not based on friendship or family ties.

“Adeleke is the best amongst Nigerian Governors, in order of extraordinary performance in infrastructure, health, education, staff welfare, labour unions, agriculture, commerce, culture, women empowerment, youth integration, and so on.

“We should never supply the APC an easy alibi to rig the Osun gubernatorial election on August 15, 2026. God bless the Federal Republic of Nigeria,” he tweeted.


	
After four months in darkness, Taraba community cries out over prolonged power outage

Residents of Mika Sabon-Gida community in Pupule ‘B’ Ward, Yorro Local Government Area of Taraba State, have raised the alarm over a prolonged power outage that has left the community without electricity for more than four months.

The residents, who spoke with DAILY POST, appealed to the Taraba State Government, Yola Electricity Distribution Company (YEDC), elected representatives, philanthropists and other relevant stakeholders to urgently intervene and restore power to the area.

The prolonged blackout, reportedly caused by a faulty transformer, has severely disrupted economic activities and negatively affected the livelihoods and general well-being of residents.

A community leader, Jauro Baki, while appealing to the authorities and well-meaning individuals for support, called for urgent action to address the electricity crisis.

“We are calling on the state government, YEDC and other well-to-do individuals and our elected politicians to come to our aid by ensuring that power is restored to our community.”

For many residents, the impact of the blackout extends beyond the inconvenience of living without electricity, as businesses that depend on regular power supply have been forced to shut down or operate at significantly reduced capacity.

Andrew Helikiah, another resident, said the prolonged outage had contributed to the relocation of some young people from the community after their businesses became increasingly difficult to sustain.

“Because of this, most of our young men and women have relocated from this community to somewhere else because their small businesses are no longer functioning due to the prolonged power outage,” he said.

Also speaking on behalf of the residents, Alhaji Babangida Aliyu Mika Mika, a community representative and former Special Adviser to the Executive Chairman of Yorro Local Government Area, described the situation as increasingly unbearable.

Mika said the faulty transformer was particularly important because it serves not only Mika Sabon-Gida but also provides a critical electricity link to communities around Yorro and Zing Local Government Areas.

He therefore urged the authorities to consider the electricity crisis a matter of wider public interest and urgently provide a replacement transformer.

“Our businesses are dying, and the economic growth of our people has been completely undermined. We have endured over four months without a functional power supply.

“We are calling on the relevant authorities to facilitate the immediate provision of a new transformer to bring life back into our community’s economy,” he said.

Residents said families and business owners had been placed under considerable economic pressure as a result of the blackout, with many forced to depend on alternative sources of electricity, which they described as expensive and unsustainable.

For small-scale businesses, artisans and other economic operators, the absence of reliable electricity has made it increasingly difficult to maintain productivity, operate efficiently and sustain livelihoods.

The community is consequently calling on the Taraba State Government, electricity authorities, elected representatives and other stakeholders to treat the situation as an urgent public-interest matter.

They urged the authorities to facilitate the immediate replacement of the faulty transformer and restore electricity to Mika Sabon-Gida and surrounding communities.

According to the residents, restoring power would not only ease the hardship currently being experienced in Pupule ‘B’ Ward but would also help revive economic activities in neighbouring communities along the Yorro-Zing axis.

Alhaji Babangida Mika also expressed appreciation to government representatives and other stakeholders for their previous interventions in providing essential services aimed at improving the welfare of communities across Yorro LGA.

He, however, appealed for renewed and urgent action to address the electricity crisis, stressing that residents could no longer afford to remain in darkness after more than four months without a functional power supply.

Meanwhile, a senior YEDC officer in Taraba State, who spoke on condition of anonymity, said the company had concluded plans to provide the community with a new transformer.

The officer, who directed our reporter to the company’s headquarters in Yola, the capital of Adamawa State, said YEDC was aware of the situation and was working to restore electricity to the community.

“YEDC is aware that the transformer in Mika Sabon-Gida community in Yorro Local Government Council has been down, and the company has been working round the clock to replace it.

“Though I am not in a position to speak to the press on the issue because our spokesperson is based in Yola, I can assure you that plans are already in the pipeline to restore power to the community,” he said.

 

Lagos Assembly seeks stronger community security, prosecution of infrastructure vandals

Lagos State House of Assembly has called for stronger community-based security measures and tougher prosecution of individuals involved in the vandalism of public infrastructure across the state.

The lawmakers made the call during Monday’s plenary, urging the state government to strengthen and adequately equip the Lagos State Neighbourhood Safety Corps and other community security structures to improve surveillance and prevent the destruction of roads, bridges and other public facilities.

The Assembly also stressed that the prosecution of infrastructure vandals should extend beyond those who physically remove public property to individuals and businesses that purchase, sell or profit from stolen government assets.

The lawmakers’ position followed a motion moved by the member representing Ikorodu II, Moshood Aro, who raised concerns over the increasing vandalism of public infrastructure, particularly in FESTAC.

Aro said the destruction of infrastructure funded with taxpayers’ money effectively imposed additional financial pressure on residents because government would have to spend more money repairing or replacing damaged facilities.

“It baffles me that some residents of Lagos ought to be experiencing this kind of situation, knowing that we are paying for these facilities with our money,” he said.

He argued that the government should not be forced to repeatedly commit public funds to infrastructure because facilities already provided for residents were being vandalised.

“Public funds are being used to provide these facilities, and when they are damaged or vandalised, public funds are again required to repair them. This places an additional burden on taxpayers,” Aro added.

The lawmaker called for increased scrutiny of individuals and businesses involved in the scrap trade, particularly those who purchase materials suspected to have been removed from public infrastructure.

According to him, disrupting the market for stolen government property was essential to addressing the root of infrastructure vandalism.

Aro urged security agencies and relevant authorities to ensure that suspects arrested over the destruction of public facilities were properly prosecuted.

“Persons arrested for vandalising public infrastructure should not be released without proper prosecution and, where found guilty, should be sentenced accordingly,” he said.

He further called for closer cooperation among government agencies, security organisations and communities to develop a more effective response to the problem.

“We, as citizens and representatives of the people, need to take this matter seriously. All the relevant agencies need to sit down, collaborate and respond appropriately to these challenges,” Aro said.

Supporting the motion, the Speaker of the House, Mudashiru Obasa, called for stronger enforcement against both vandals and those facilitating the illegal trade in stolen public materials.

Obasa also urged ministries, departments and agencies responsible for environmental and infrastructure enforcement to ensure that relevant laws were properly communicated and effectively implemented.

He advocated increased government support for local security structures, including the Neighbourhood Watch and Lagos State Neighbourhood Safety Corps, arguing that better funding and resources would enable them to identify suspicious activities and prevent criminal acts within communities.

The lawmakers emphasised that the state’s response should combine prevention, surveillance and prosecution, rather than relying solely on arrests after infrastructure has already been damaged.

They said adequately trained and equipped community security personnel could provide valuable intelligence and early warnings, while the police and other relevant agencies would handle criminal investigations and prosecution.

Contributing to the debate, Lawal Olumegbon urged the Lagos State Government to strengthen cooperation with the 20 local government areas and 37 local council development areas in tackling infrastructure vandalism at the grassroots.

Similarly, Stephen Ogundipe said the problem extended beyond a particular constituency, noting that communities across Lagos were experiencing the damaging effects of the destruction of public infrastructure.

NANS secures release of detained Polytechnic Ibadan students after EFCC operation

The National Association of Nigerian Students (NANS) has secured the release of all detained students of The Polytechnic, Ibadan, following an EFCC operation in which the students were arrested.

NANS said it intervened to ensure that the affected students could participate in their ongoing examinations.

The intervention, according to a statement issued on behalf of the association on Tuesday by the Chief Press Secretary, Office of the National Financial Secretary, NANS, Kamaldeen Ilias A, was led by the National Financial Secretary of NANS, Alao John Oluwadamilola, alongside the Student Union President, Fagbemi Nurudeen Ojo, and other members of the student union cabinet.

“NANS delegation engaged relevant authorities after receiving concerns over the detention of students of the institution, with particular emphasis on protecting the students’ academic interests during the ongoing examination period,” the statement read.

According to NANS, the intervention was necessitated by concerns that the detention could disrupt the students’ ability to sit for examinations for which they had prepared.

Following the engagement, the detained students were released, allowing them to return to their academic responsibilities and participate in their examinations.

NANS commended the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), particularly the Zonal Director, ACE I Haauwa Garba Ringim, for what the association described as an understanding of the concerns raised by the student body.

“The development underscored the importance of constructive engagement between student leaders and law enforcement agencies, particularly in situations where investigations could affect students’ academic progression,” the student body said.

NANS maintained that while legitimate investigations and the fight against financial crimes remain important, such processes should, where possible, be handled in ways that minimise unnecessary disruption to students’ education.

The association also appreciated the management of The Polytechnic, Ibadan, and other individuals who contributed to facilitating the students’ return to their examinations.

ASUU gives 20 universities 14-day ultimatum, threatens strike

The Academic Staff Union of Universities, ASUU, has authorised branches in 20 universities to issue 14-day ultimatums to their respective authorities before embarking on strike over the non-implementation of the 2025 Federal Government-ASUU agreement.

The decision was reached at the union’s National Executive Council, NEC, meeting held at the University of Abuja on Saturday and Sunday, August 8 and 9, 2026.

According to the resolutions signed by the ASUU President, Christopher Piwuna, NEC expressed concern over what it described as the haphazard implementation of the 2025 FGN-ASUU agreement and the federal government’s failure to release subvention needed to fully implement the agreement.

The union also faulted visitors to several state-owned universities that had yet to implement the agreement.

Consequently, NEC authorised branches that had approached it for approval to begin procedures for industrial action, subject to the issuance of a 14-day ultimatum.

The affected institutions are Nasarawa State University, Keffi; Ibrahim Badamasi Babangida University, Lapai; University of Medical Sciences, Ondo; Gombe State University; Plateau State University, Bokkos; Adekunle Ajasin University, Akungba; Ambrose Alli University, Ekpoma; Olusegun Agagu University of Science and Technology, Okitipupa; Abia State University, Uturu; and University of Education and Entrepreneurship, Akamkpa.

Others are Emmanuel Alayande University of Education, Oyo; Kaduna State University; Aliko Dangote University of Science and Technology, Wudil; Northwest University Kano; Enugu State University of Science and Technology; Imo State University, Owerri; Niger Delta University; University of Africa, Toru-Orua; Bayelsa Medical University; and Taraba State University, Jalingo.

ASUU directed that upon the expiration of the ultimatums, the affected branches should embark on strike to press home their demands.

OPay bets on digital savings to build financial resilience

OPay is seeking to deepen Nigeria’s savings culture with the launch of its 49-day 7 Savings Festival, a nationwide campaign designed to encourage customers to save consistently while earning competitive returns.

The initiative, powered by OWealth, runs from 10 August to 27 September 2026, and offers eligible participants an interest rate of 27 percent per annum, daily interest and access to a N77m additional interest pool.

The campaign comes as households and small businesses continue to navigate changing spending patterns and rising living costs, making financial planning and disciplined saving increasingly important.

Under the initiative, customers can create Target Savings plans ranging from N77,000 to N777,000 and save towards specific financial goals throughout the campaign period.

Customers who maintain their savings until their target is completed without making an early withdrawal will qualify for the 27 per cent annual interest, daily interest and a potential share of the N77m additional interest pool.

OPay said the initiative is designed not merely to attract deposits but to encourage customers to develop consistent savings habits.

The fintech is positioning the campaign as part of a broader shift in digital financial services, where platforms are increasingly moving beyond payments and transfers to provide products that help consumers manage, preserve and grow their money.

The OWealth platform allows participants to monitor their savings targets, track progress and view applicable rewards during the campaign, with the aim of improving transparency and encouraging accountability.

Chief Commercial Officer at OPay, Elizabeth Wang, said the initiative was aimed at helping Nigerians develop stronger financial habits.

“The OPay 7 Savings Festival reflects our commitment to helping Nigerians build stronger financial habits. By saving consistently towards their goals, customers can enjoy rewarding benefits, including an interest rate of 27 per cent per annum, while building financial confidence on a platform they can trust,” she said.

How the savings campaign works

Customers can participate by logging into the OPay app and accessing the 7 Savings Festival page.

They are required to create a Target Savings plan between N77,000 and N777,000 and save towards their selected target.

The campaign opens on 10th August, while new Target Savings plans can be created until 20 September 2026.

Final interest earnings and distributions from the N77m additional interest pool are scheduled for 27 September 2026.

OPay said the campaign forms part of its wider efforts to promote financial well-being by making savings more accessible and rewarding.

The company added that stronger savings habits among individuals and small businesses could contribute to greater household financial resilience and, more broadly, support economic stability.

Established in Nigeria in 2018, OPay is a fintech company offering digital financial services including money transfers, bill payments, card services, airtime and data purchases, and merchant payments.

The company is licensed by the Central Bank of Nigeria and its deposits are insured by the Nigeria Deposit Insurance Corporation under the applicable deposit insurance framework.

MTN Nigeria spent N1.63tn on CAPEX – CFO

MTNThe Chief Financial Officer of MTN Nigeria Plc, Modupe Kadri, has disclosed that the telecom firm spent N1,63tn on capital investment in the last 18 months.

He announced this at the firm’s 25th anniversary celebration, which was commemorated with an exhibition at its headquarters in Lagos on Monday.

“So, over the last 18 months, we spent N1.63m on CAPEX or capital investments. Basically, prior to January 2025, when the regulator gave us a tariff increase. Before that time, there was no increase in prices. So, what we’ve done since then is that we’ve committed over a trillion to CAPEX.

“We’ve also paid over N620bn in terms of taxes and levies. And one thing you need to understand is that at the top line, 2.5 per cent of everything you see is actually operating licence. So, that’s how it works. And we continue to meet our obligations in terms of our licence and insurance,” Kadri explained.

According to the CFO, investing Nigerians have enjoyed appreciable capital gain since MTN listed at the Nigerian Exchange in 2021.

MTN Nigeria shares were first listed on the Premium Board of the Nigerian capital market on May 16, 2019, through a listing by introduction, when 20.35 billion of its existing ordinary shares were listed at N90 per share.

MTN Nigeria shares traded at N845 per share at the close of trading on the Nigerian Exchange on Monday.

“And while today gives us every reason to be proud of the past, anniversaries should never become excesses in nostalgia. The most important question is not what we accomplished in the last 25 years.

The most important question is what will the next 25 years make possible? Is it artificial intelligence? Internet? 5G? And technology that is emerging? If the transformation between 2001 and 2026 has been extraordinary, I believe what lies ahead can be even more profound,” Kadri asserted.

The General Manager, Access Planning and Optimisation, MTN, Nasiru Hayatu, disclosed that the telco currently had over 92 million subscribers, making it the largest telcom firm in the country.

He explained that the firm had been able to manage the significant rise in its subscriber base with the adoption of step-by-step optimisation.

“Step-by-step optimisation is something that we do every year. We have tools that allow us to forecast. We have tools that allow us to look for new areas of opportunity for our architectures,” he added.

MTN Nigeria’s Chief Marketing Officer, Onyinye Ikenna-Emeka, emphasised that the firm had no plan to delve into device sales, noting that it would continue to expand its relationship with original equipment manufacturers of mobile devices to enable Nigerians to enjoy the latest technologies.

“So, what we are doing is further tasking our partners and expanding the possible scope of partnerships to ensure that they don’t just come in and want to concentrate on the other areas that they want to focus on in the region but recognise that the opportunity lies across the entire space of the country,” she said.

Also, the firm’s Chief Digital Officer, Aisha Umar- Mumuni, promised that MTN Nigeria would continue to give Nigerians interesting family content like the Next Afrobest Star, whose second edition was underway.

Meanwhile, during the exhibition tour, the firm’s Chief Customer Relations and Experience Officer, Ugonwa Nwoye, took journalists through the evolution that the telco had undergone, like Project Fame, Extra Cool, etc.

MTN started commercial operations in Nigeria in August 2001, after its historic first test call made on May 16, 2001, at Maritime House in Apapa, Lagos.

UBA, Mikano offer 70% vehicle financing to Nigerian buyers

UBAUnited Bank for Africa Plc has partnered Mikano Motors to offer financing covering up to 70 per cent of the cost of new vehicles, as lenders and auto dealers seek to make vehicle ownership more accessible amid rising vehicle prices.

Under the “Drive Your Dream Today” scheme unveiled in Lagos, eligible customers are required to provide a 30 per cent down payment, while UBA finances the remaining 70 per cent.

The financed amount is repayable over 36 months at an interest rate of 23 per cent, according to the partners.

The scheme is open to both salaried and self-employed Nigerians, including entrepreneurs and other eligible customers who may not have conventional monthly salaries.

The partnership was unveiled at the Mikano Motors showroom in Victoria Island, Lagos, with UBA saying the initiative is aimed at expanding access to consumer credit and encouraging a stronger credit culture.

UBA’s Group Executive Director-designate, Personal and Business Banking, Chidi Okpala, said the arrangement was designed to reduce the upfront financial burden associated with vehicle purchases.

“A customer puts down 30 per cent, we finance the rest, and they pay us back comfortably over a three-year period,” Okpala said.

He said the partnership reflected the bank’s broader effort to provide credit products that respond to customers’ everyday financial needs.

UBA’s Group Head, Consumer Lending, Frank Okoh, said the financing structure was designed to accommodate both salaried workers and business owners.

According to him, prospective customers can begin the process by undergoing an eligibility check at a UBA branch or through the bank’s consumer lending email channel.

Once approved, customers can approach Mikano Motors for a proforma invoice for their preferred vehicle and proceed with the financing process.

For Mikano Motors, the partnership is expected to expand the pool of Nigerians able to purchase its vehicles through structured financing.

General Manager of Mikano Motors, Tarek Mostafa, said the company would complement the financing arrangement with sales and after-sales support.

He said the company provides genuine spare parts, maintenance and other after-sales services to customers across the country.

The partnership comes as vehicle affordability remains a major constraint for many Nigerians, particularly as the cost of new vehicles has risen sharply in recent years.

By allowing buyers to spread the financed portion of the purchase price over three years, the initiative shifts part of the vehicle acquisition burden from an upfront payment to scheduled repayments.

The arrangement also deepens UBA’s consumer lending activities by linking bank credit directly to the purchase of a tangible asset.