.. First Bank MD urges more Fintech investment

Artificial intelligence (AI) could widen the global jobs gap, with about 800 million people potentially left without employment opportunities over the next 10 to 15 years, Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, has warned.

Oyedele said estimates presented at the ongoing International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand, suggested that about 1.2 billion people could enter the global labour market within the period, while only 400 million new jobs might be created.

He warned that the projected gap posed a serious challenge to governments, particularly developing countries such as Nigeria, where a growing population of young people needs employment and economic opportunities.

The minister said the challenge was not only to attract investment and achieve economic growth, but also to ensure that the expansion of economic activity translated into decent jobs and improved living standards.

His warning comes amid growing debate over the impact of AI on employment, productivity and the future of work, as businesses and governments increasingly adopt new technologies.

Oyedele called for greater investment in skills, technology and businesses capable of creating jobs, while urging policymakers to consider how the benefits of AI could be shared more widely.

He said economic performance should not be measured only by the volume of investment attracted, or the rate of growth in gross domestic product, but also by the number of decent jobs created and the improvement in people’s living conditions.

The warning formed part of discussions at the closing press briefing of the IMF and World Bank meetings, where Nigerian officials addressed the country’s economic reform programme, investment prospects and the challenges facing developing economies.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, also warned that the growing use of AI presented risks to financial stability and cybersecurity.

Cardoso said Nigeria needed a clear strategy to benefit from the productivity gains associated with the technology, while protecting its financial system against emerging threats.

He disclosed that the CBN had engaged AI specialists to brief its board on the opportunities and risks associated with the technology, reflecting the importance of preparing financial institutions and regulators for changes in the banking industry.

The concerns raised by the Nigerian delegation mirror the growing challenge facing financial institutions, which must take advantage of technology to improve services and efficiency while strengthening protection against increasingly sophisticated cyberattacks.
Also, the Chief Executive of First Bank of Nigeria, Olusegun Alebiosu, has said the bank has invested more than N6 billion annually in cybersecurity to protect its systems against cybercriminals. He said the growing use of AI has increased the need for stronger safeguards, even as it creates opportunities to improve banking operations.

The First Bank chief, who spoke in Abuja on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference, said the bank maintained round-the-clock surveillance of its systems, enabling it to detect and take down millions of cyber threats every month.
He said the bank planned to increase its cybersecurity spending, as its business continued to expand and digital operations became more extensive.

“The bank has already established a command centre to monitor its franchise across the globe and counter emerging threats,” he said.

The command centre, according to the bank chief, enables the institution to monitor its operations across different locations and respond to threats targeting its systems.

Alebiosu said the increasing sophistication of cyber threats required banks to remain vigilant and continuously strengthen their defences, adding that AI has heightened cybersecurity risks, making it necessary for financial institutions to invest in the technology and the expertise required to protect customers and their operations.

However, he cautioned against viewing AI only as a source of danger, saying the technology could deliver substantial benefits to banks if the associated risks were properly managed.

On the role of AI in banking, Alebiosu said it could create major opportunities to improve efficiency, speed up processes and support the collection and analysis of data.

He said AI could provide more opportunities than threats for the banking industry if financial institutions put appropriate safeguards in place.

According to him, the technology could help banks carry out tasks more efficiently and gather large amounts of data within a short period, potentially improving the speed of decision-making and the delivery of services.

His comments point to the dual challenge confronting the banking industry: adopting technologies that can reduce operating costs and improve customer service, while preventing criminals from using the same tools to develop more effective cyberattacks.

The growing role of AI therefore places pressure on banks to balance technology investment with cybersecurity spending, staff training and effective risk management, Alebiosu stated.

The Federal Government has taken steps to secure businesses, prevent harmful content, fraud, privacy, accountability and the protection of children and other vulnerable users online.

The government, through the Nigerian Communications Commission (NCC), has therefore, convened the Internet Governance Symposium that brought together government, industry, the technical community, academia and civil society to discuss how Nigeria’s communications sector can play a stronger role in shaping the internet’s future.

Executive Vice Chairman/CEO, NCC, Dr Aminu Maida who declared the hybrid forum opened in Lagos yesterday, said internet governance fora at national, regional and global levels have shown the value of bringing different voices to one table.

Represented on the occasion by Executive Commissioner, Technical Services at the NCC, Abraham Oshadami, the EVC said: “Decisions about the Internet affect far more than networks: they affect opportunity, trust, security and the rights of the people who use it. Nigeria’s communications sector must therefore contribute its practical experience to these conversations and help turn their outcomes into action at home.

“That responsibility is becoming more urgent. Artificial Intelligence (AI) is changing how people learn, work, communicate and access services. It also creates new questions about harmful content, fraud, privacy, accountability and the protection of children and other vulnerable users. These questions cannot be answered by one institution alone. They require informed dialogue and cooperation across the communications sector and beyond. This afternoon’s session on AI governance will take this discussion further.

“For the Commission, the Internet Code of Practice (ICOP) 2026 provides a framework for promoting a safer and more responsible online environment. Its success will depend on clear expectations, meaningful engagement with affected stakeholders and consistent implementation. At the same time, the Cyber Resilience Framework for the Nigeria Communication Sector (CRF-NCS) calls on us to strengthen the security and resilience of the infrastructure on which digital services depend. Together, these efforts speak to a simple obligation: Nigerians should be able to use the Internet with greater confidence.

According to Maida, the symposium is an opportunity to hear from one another, identify practical priorities and strengthen the communications sector’s contribution to Internet governance.

“It also marks the formal launch of the Internet Governance Working Group (IGWG), which we expect to provide a continuing platform for engagement beyond this event.

“I encourage every participant to speak candidly and constructively. Let us leave here with a clearer understanding of our respective responsibilities and a shared commitment to follow through,” he added

The IGWG is meant to keep the engagement going after the symposium and give stakeholders a standing channel to contribute and to follow through on agreed priorities

Decisions about how the internet is managed affect businesses, consumers and the services people rely on every day. These decisions cover domain name security, online safety, and the growing use of AI.

They need informed participation and cooperation across stakeholder groups. The symposium links global Internet governance discussions to Nigeria’s priorities and turns them into commitments stakeholders can act on.

A central focus is strengthening private sector participation in Internet governance. The discussions will examine what holds organisations back, what other regulated sectors can learn, and how participation can become more consistent and meaningful.

Digital bank, PalmPay, has warned customers against clicking suspicious links and authorising unauthorised transactions, as it urged users to verify customer support channels to protect their accounts from fraud.

The financial technology company gave the advice in a customer security advisory following the recent Customer Service Week, highlighting the risks of fraudsters impersonating customer service representatives to obtain sensitive information and deceive users.

In an advisory issued on Thursday, PalmPay said impersonation scams could occur through phone calls and messaging platforms, with fraudsters posing as representatives of financial institutions to offer fake rewards, promise refunds, or request account details under the guise of resolving complaints.

The warning comes against the backdrop of billions of naira lost to fraud across Nigeria’s banking and payments industry. Data from the Nigeria Inter-Bank Settlement System showed that financial institutions lost N25.85bn to fraud in 2025, down from N52.26bn in 2024.

Social engineering accounted for 47 per cent of fraud volume and was associated with N17.84bn in losses in 2025, according to figures presented by NIBSS at the Nigeria Electronic Fraud Forum in January 2026. Such schemes often involve manipulating victims into disclosing confidential information or authorising payments under false pretences.

“Customers should not to disclose their one-time passwords, personal identification numbers, passwords, or verification codes to anyone,” it stated, warning them to independently verify requests for sensitive information or actions on their accounts before responding.

The company also urged users to confirm the authenticity of social media accounts and other communications claiming to represent it before sharing personal or financial information.

For merchants, PalmPay recommended checking payments through official transaction records before releasing goods or services, rather than relying solely on screenshots or messages presented as proof of payment.

The company further advised customers who notice unfamiliar transactions, suspect fraudulent activity or experience account access problems to seek assistance through its official customer support channels.

It encouraged users to familiarise themselves with the security features available in the PalmPay app’s Security Center, keep their account credentials confidential, and report suspicious activity promptly.

The company said the guidance formed part of its ongoing PalmPay Dey For You campaign, which includes customer education on fraud prevention and safer digital financial transactions.

The Nigerian Safety Investigation Bureau (NSIB) has commenced investigation into an occurrence involving a Challenger 604 aircraft, registration T7-SEI, operated by Triton.

According to a statement signed by its Director General, Captain Alex Badeh jnr, the NSIB said the aircraft departed Abuja on Thursday October 15, 2026 for Lagos at 1612 UTC.

He said the aircraft after departure inching three   nautical miles into its journey having climbed 3,500 feet above sea level, the crew declared emergency, known in aviation parlance as: “mayday” after the aircraft’s door separated.

The aircraft, the NSIB said, returned to Abuja and landed safely on Runway 22 about 1634 UTC, with nine persons on board, comprising three crew members and six passengers.

The NSIB said the door had been recovered and secured at its wreckage hangar.

The Bureau, Badeh said, had commenced its investigation to establish the circumstances surrounding the occurrence.

The NSIB said it will provide further updates as the investigation progresses.

Experts have, however, expressed concerns over the increasing incidents related to safety, urging relevant agencies to ramp up surveillance.

The incident of aircraft door separation is new to the Nigerian airspace.

In the United States, there are reported incidents.

In-flight door separations have occasionally been documented on earlier Challenger models, including:  Challenger 601 and 600 series jets, where latching mechanisms or warning/indication light sequences prior to takeoff were focal points for aviation safety investigators.

The main entry door on Bombardier Challenger aircraft such as the Challenger 601 and Challenger 604) has experienced rare in-flight door separation incidents shortly after takeoff.

In -flight door separations have historically occurred on older Bombardier Challenger variants (such as the Challenger 601) under similar low-altitude climb conditions.

Past investigations often focused on: Latch or locking mechanism engagement verification – “Door Safe” warning lights or reset switches.

On May 23, 2012, a similar incident occurred  in Opa- Locka , Florida, when  a Challenger 601-3R business jet (registration N207JB) owned by Medcp Aviation was climbing through 3,000 feet after departing Opa-locka Airport for a short repositioning flight.

The main entry door separated under unknown circumstances.

The crew declared an emergency and safely diverted to Fort Lauderdale-Hollywood International Airport.

The door and its attached air stair landed on a nearby golf course, narrowly missing residential high-rises.

There were no injuries. Investigators noted the co-pilot believed the door-safe lights were functioning but could not explicitly recall seeing them illuminated.

Trading on the Nigerian Exchange Limited closed on a positive note on Thursday, as the benchmark All-Share Index recorded a modest gain of 33.48 points to settle at 247,707.13 points compared to the 247,673.65 points recorded on Wednesday. The market capitalisation of listed equities similarly appreciated, closing higher at N160.83tn from N160.81tn recorded in the previous trading session.

Across the broader trading landscape, activity levels reflected robust investor engagement as total equity volume crossed hundreds of millions across major sectors, anchored by strong performances in key counters.

Sectoral performance was largely upbeat, spearheaded by significant rallies in specialised market indicators. The NGX Oil and Gas Index led the sectoral advances with a notable surge to close at 6,194.16 points, up from 6,034.68 points, driven by strong buying interest in energy and exploration equities. The NGX Lotus Islamic Index also advanced firmly to 23,164.84 points, while the NGX Growth Index scaled higher to 26,970.58 points.

Additional positive momentum was observed in the NGX Main-Board Index, which climbed to 10,820.66 points, and the NGX Banking Index, which ticked upward to settle at 2,556.46 points. Conversely, a few indices experienced downward pressure, including the NGX Premium Index, which retreated to 30,909.21 points, and the NGX Consumer Goods Index, which closed relatively flat at 4,033.67 points.

Individual stock performances highlighted active trading across premier and main board securities. In the banking subsector, United Bank for Africa Plc recorded positive price movement, closing at N43.15 with a 0.35 per cent gain on heavy volume of over 36.3 million shares traded, while Zenith Bank Plc traded actively with over 12.3 million shares changing hands at N127.70. Access Holdings Plc saw moderate activity, closing at N28.30, whereas First Holdco Plc appreciated 0.84 per cent to close at N138.00.

Dangote Cement Plc maintained a steady market presence at N1,066.70, and Seplat Energy Plc anchored the oil and gas exploration category with robust trades at N16,000.10. Meanwhile, Aradel Holdings Plc recorded a strong 7.14 per cent appreciation to close at N1,499.90, reflecting sustained investor appetite for integrated energy services.

The deductions from Nigeria’s Federation Account fell by N1.7tn in the first half of 2026, following the Federal Government’s move to stop certain oil revenue retentions by the Nigerian National Petroleum Company Limited and redirect gas-flaring penalties to the Federation Account.

The World Bank disclosed this in its Nigeria Development Update report analysed by our correspondent on Thursday, noting that total deductions declined from N10.1tn in the first half of 2025 to N8.4tn in the corresponding period of 2026.

The reduction represented a fall of N1.7tn, or 16.8 per cent, year-on-year. As a share of the nation’s Gross Domestic Product, deductions dropped from 4.6 per cent to 3.4 per cent, a decline of 1.2 percentage points.

The World Bank attributed the development partly to Executive Order 9 of 2026, signed by President Bola Tinubu on February 13, which ended the Nigerian National Petroleum Company Limited’s 30 per cent management-fee and Frontier Exploration Fund deductions from profit oil and profit gas under specified petroleum contracts.

The order also redirected proceeds from gas-flaring penalties to the Federation Account, rather than the Midstream and Downstream Gas Infrastructure Fund. The measures were designed to increase the revenue available for distribution among the Federal Government, states and local governments.n deductions helped increase distributed Federation Account revenues from N7.6tn in the first half of 2025 to N10.5tn in the first half of 2026.

That represented an increase of N2.9tn, or 38.2 per cent, over the period.

In its assessment of Nigeria’s fiscal performance, the bank stated, “Total deductions fell from 4.6 per cent of GDP (N10.1tn) in H1 2025 to 3.4 per cent (N8.4tn) in H1 2026, partly supported by the February 2026 Executive Order eliminating Nigerian National Petroleum Company Limited management-fee and Frontier Exploration Fund deductions and redirecting gas-flare penalties to the Federation Account, alongside a sharp reduction in refunds to subnational governments.”

It added, “As deductions fell significantly, distributed revenues rose from 3.5 per cent of GDP (N7.6tn) to 4.2 per cent (N10.5tn).”

The development comes as state and local governments face mounting pressure to finance infrastructure, education, healthcare, security and other public services amid elevated borrowing costs and persistent expenditure demands.

Executive Order 9 was introduced due to concerns over the amount of petroleum revenue retained or channelled into funds before reaching the Federation Account.

Under the Petroleum Industry Act 2021, NNPCL was entitled to a 30 per cent management fee on profit oil and profit gas from specified production-sharing, profit-sharing and risk-service contracts. The framework also provided for a 30 per cent allocation of profit oil and profit gas to the Frontier Exploration Fund.

In addition, gas-flaring penalties were paid into the Midstream and Downstream Gas Infrastructure Fund to support gas infrastructure development.

The Tinubu administration argued that the arrangements reduced the revenue available to the Federation and created overlapping funding mechanisms. The executive order consequently directed that the specified petroleum revenues be remitted to the Federation Account, while gas-flaring penalties would no longer flow into the gas infrastructure fund.

The order also directed relevant petroleum contractors to make specified payments, including royalties, tax oil and profit oil, directly into the Federation Account.

The reform seeks to increase transparency in petroleum revenue collection and improve the funds available for distribution to the three tiers of government. Its implementation, however, also raises questions about how affected agencies and funds will finance their statutory responsibilities under the revised arrangements.

Despite the reduction in deductions, the World Bank reported that gross Federation Account revenues increased only modestly as a share of the economy.

Gross revenues rose from N17.7tn in the first half of 2025 to N18.9tn in the first half of 2026, an increase of N1.2tn, or about 6.8 per cent. However, the revenue-to-GDP ratio fell from 8.0 per cent to 7.6 per cent.

Trading activities on the Nigerian Exchange closed on a positive note on Wednesday, as the market capitalisation recorded an upward movement to close at N160.812tn compared to N160.708tn recorded on the previous trading day.

The market All-Share Index similarly appreciated to settle at 247,673.65 basis points from 247,513.63 basis points, reflecting a broad-based recovery across key sectoral indices. Market activity spanned multiple asset classes including equities, exchange-traded products, bonds, and mutual funds, recording a total equities volume turnover of 314,899,895 shares valued across 30,922 deals.

Tier-one banking equities maintained robust liquidity and investor interest. United Bank for Africa Plc traded actively with 11,743,883 shares exchanging hands across 957 deals, closing at a price of N43.00 per share and a market capitalisation of N1,900,435.54m.

Zenith Bank Plc recorded significant turnover with 17,771,602 shares traded across 2,349 deals, closing at N127.80 per share. Access Holdings Plc recorded heavy activity in the other financial institutions category, pulling a volume of 99,365,975 shares across 1,652 deals to close at N28.40 per share

Guaranty Trust Holding Company Plc also witnessed strong participation, recording 12,169,864 shares traded in 2,082 deals to close at N128.00 per share.

The consumer goods and industrial goods sectors posted notable market performances characterised by high-priced bellwether listings. Dangote Cement Plc closed at N1,066.70 per share with a market capitalisation of N17,999,025.65m, while BUA Cement Plc closed at N297.00 per share.

Telecommunications giant MTN Nigeria Communications Plc maintained a solid market valuation of N17,720m, closing at a price of N844.00 per share with 1,170,077 shares traded across 2,198 deals. Airtel Africa Plc traded at a prime price point of N6,300.00 per share, contributing to the telecommunications services volume on the main board.