BudgIT ranks Gombe second in fiscal transparency

 

Gombe State has once again been recognised as a top-tier performer in fiscal transparency and accountability, ranking second nationwide with an impressive 99 out of 100 points, according to BudgIT’s latest Subnational Transparency Assessment.

 

The ranking, which evaluated fiscal transparency across the 36 states and the FCT in the second quarter of 2025, placed Gombe among the “Progressive Performers,” second only to Ekiti State, which led with a single point higher.

 

The report attributed this remarkable performance to Gombe State’s “strong commitment to openness and accountability” in the implementation of projects and policies under the leadership of Governor Muhammadu Yahaya.

 

This was contained in a press statement sent by Director General Press Affairs Ismaila Misilli, obtained on Wednesday by our correspondent.

Gombe excelled particularly in the timely publication of critical fiscal documents, including its Approved Budget, Medium-Term Expenditure Framework (MTEF), Citizens’ Budget, and Quarterly Budget Implementation Reports (BIRs).

 

“The state also stood out for maintaining an updated e-procurement portal and a functional website with fiscal data, ensuring easy public access to financial information,” the report noted.

This unprecedented achievement reflects the sustained efforts of Governor Inuwa Yahaya, who has made open governance and transparency in policy and project implementation a cornerstone of his leadership.

 

The governor’s commitment to transparency and accountability is instilling fiscal discipline and giving citizens clear insight into how their resources are being managed and spent.

 

Misilli’s statement added, “In a country where fiscal secrecy often hinders progress, Gombe State’s strides have positioned it as a model of transparency and smart resource management. Its commitment to good governance is winning the trust of citizens, attracting investors and drawing in support from development partners.”

 

With Gombe already excelling in most of the indices, the state is on course to maintain its leadership in fiscal transparency and continue to be a benchmark for governance reforms across Nigeria.

 

On August 21, 2025, PUNCH Online reported that BudgIT had accused the Federal Ministry of Finance and the Budget Office of the Federation of flouting the Fiscal Responsibility Act, 2007, by failing to publish Quarterly Budget Implementation Reports.

In a release by BudgIT’s Group Senior Communications Associate, Nancy Odimegwu, and made available to PUNCH Online, the group described the omission as a breach of law, a departure from established practice, and a setback to transparency reforms championed by previous administrations.

Priscilla Ojo, Rakeem, reunite with Juma Jux in Tanzania

 

Priscilla Ojo, daughter of Nollywood actress Iyabo Ojo, has returned to Tanzania with her newborn son, Rakeem Mkambala, where her husband, Tanzanian singer Juma Jux, gave them a grand welcome. The homecoming coincided with the day Rakeem turned one month old.

 

In a series of videos shared on Wednesday by a popular fan page, the_prisjuxsourcee, Juma Jux was seen warmly receiving his wife and son at the airport with fresh flowers and gifts.

 

Upon their arrival home, Priscilla was surprised with an elaborate blue-themed welcome party featuring balloons, framed photos, and a banner reading “Welcome Home Mommy and Rakeem.” A large standee spelling “RAKEEM” completed the décor.

 

Iyabo joined the celebration and playfully teased her son-in-law.

 

“Juma, you are so extra. What happened? Rakeem is actually one month old,” she said.

 

Juma proudly replied, “My son. Yes. My first son.”

Iyabo admired the gesture, responding, “This is so beautiful.” Even Priscilla was moved, exclaiming, “Oh my God, Papa Rakeem is extra.”

 

The family had earlier faced a challenge when Juma Jux was denied a Canadian visa and could not be in Canada during his son’s birth due to what reports linked to strict immigration scrutiny. Despite his absence, he marked the reunion with a lavish celebration in Tanzania.

 

Rakeem, born in August in Canada, recently received his Canadian passport, confirming his citizenship, a development Iyabo Ojo proudly shared on social media.

 

Priscilla and Juma Jux, who got married in Tanzania in February, shared clips of the homecoming on their Instagram story.

 

Priscilla posted a photo captioned “Home,” while Juma uploaded a short video featuring baby Rakeem and Iyabo Ojo, adding to the outpouring of congratulations online.

 

The celebration has been widely praised on social media, highlighting the couple’s joy and commitment as they embrace parenthood.

Tango Brook introduces digital fuel card

 

Tango Brook Technologies has launched the Tango Fuel Card, a digital fuel management system designed to give individuals and corporate customers greater transparency, control and rewards in managing fuel expenditure.

 

In a statement on Tuesday, the company said the Tango Fuel Card provides access to physical payment cards accepted at fuel stations nationwide, alongside tools, detailed reports, analytics and devices that help households and organisations track and optimise fuel use while curbing fraud.

 

The system, according to the company, can reduce fuel theft by up to 95 per cent, prevent leaks before they occur, set usage limits and prevent unauthorised spending. Customers can also access real-time transaction details, including exact volumes purchased per transaction, to enhance financial management.

 

Managing Director of Tango Brook Technologies, Obi Wemambu, said, “The Tango Fuel Card transforms fuel management by giving businesses and individuals real-time visibility into consumption, mileage and spending at both vehicle and driver levels. With PIN protection, customisable limits and nationwide acceptance, it offers unmatched flexibility, security and convenience. Enhanced with built-in rewards, Tango delivers savings while ensuring total control.”

Chief Operating Officer of the company, Dubem Okafor, added, “With the launch of the Tango Fuel Card, we’re introducing a smarter, more secure and rewarding way for people and businesses to manage their fuelling needs. This isn’t just about payments; it’s about giving customers transparency, convenience and value every time they power their journeys. At Tango Brook, we’re committed to building solutions that make everyday essentials simpler and more rewarding.”

 

According to the company, users can save up to 15 per cent on fuel costs while benefiting from loyalty schemes that provide up to an eight per cent bonus on fuel budgets. The card is also positioned as a data-driven decision-making tool for businesses, offering corporate spending controls that allow employers to set budgets for drivers and ensure accountability.

 

To access the service, customers are required to create an account, obtain an instant wallet, and request and activate their fuel card, after which they can fuel, track, and save.

Airtel foundation targets 10 million Africans with scholarships

 

 

The Airtel Africa Foundation, in collaboration with UNICEF, has unveiled an ambitious plan to directly impact over 10 million lives across the continent by 2030 through education, digital inclusion, environmental sustainability, and financial literacy programmes.

 

The announcement was made on Tuesday at a press conference in Lagos State, where the foundation was formally launched.

 

In his opening address, Chief Executive Officer of Airtel Nigeria, Dinesh Balsingh, said the foundation was committed to improving Africa’s socio-economic landscape through education and digital empowerment.

 

“We gather today to officially present the Airtel Africa Foundation to the world. This foundation carries forward our tradition of social investment and multiplies its reach with a sharper focus, a stronger platform, and a groundbreaking vision.

“For the first time, the world will see in one frame the projects we are delivering across the continent. These initiatives are already catching light in classrooms, in hospitals, in rural communities, and in cities, where digital access determines the difference between stagnation and opportunity,” he said.

 

Balsingh explained that the foundation was equipping schools with devices, internet connectivity, and teacher training to prepare young Africans for self-reliance in the digital economy.

 

Also speaking at the event, Chief Executive Officer of Airtel Africa, Sunil Taldar, described the goal as both a business imperative and a guiding philosophy.

 

“We have visited over 1,200 schools, impacted more than one million students, and trained 17,000 teachers in digital education across our 14 markets. A very large portion of the foundation’s investment will go into Nigeria,” Taldar stated.

Since its inception in July 2024, the foundation has been active in Nigeria and 13 other African countries, bridging the digital divide, equipping young people with 21st-century skills, and promoting economic resilience.

 

Chairman of the Airtel Africa Foundation, Dr. Segun Ogunsanya, described the initiative as a catalyst for change and a lasting legacy.

 

“What makes you rich is not what you have, but what you give,” he said.

 

Ogunsanya highlighted the foundation’s focus on creating pathways to higher learning through zero-rated educational platforms, device donations, and school refurbishment projects.

 

“We’ve given IT materials to teachers, installed smart TVs in classrooms, and reconstructed six schools across Nigeria — one in each region. Our target is to reach 10 schools for a geo-balanced impact,” he said.

 

The foundation has also introduced the Airtel Africa Fellowship, which offers full undergraduate scholarships in technology and STEM fields, mentorship opportunities, internships, and exchange programmes to groom Africa’s next generation of innovators.

“Beyond building schools, we are supporting students who cannot afford school fees through scholarships, and we are working towards building a major tech hub in Nigeria. Currently, we are sponsoring two Nigerian students in a university in India, and I am pleased to announce that 100 additional scholarships will be awarded to Nigerians,” Ogunsanya revealed.

 

He added that Airtel employees are central to the mission, with more than 1,100 staff volunteering their expertise for mentorship, coaching, and community projects across Africa.

FirstBank partners Lagos for E1 Lagos GP

FirstBank partners Lagos for E1 Lagos GP

In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025. Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.

“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.

With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle.  “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.

Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.

The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.

Lagos suspends wetlands reclamation projects over environmental concerns

 

The Lagos State Ministry of the Environment and Water Resources has ordered the immediate suspension of all reclamation projects across the state.

 

PUNCH Online reports that reclamation projects are engineered efforts to create new usable land from water-covered areas by filling them with sand, earth, rock, or other material for building construction.

 

Lagos Commissioner for Environment, Mr Tokunbo Wahab, in a statement personally signed on Thursday, justified the suspension on the basis that many works on wetlands, floodplains, and lagoons are proceeding without the required Environmental Impact Assessment approvals and drainage clearances.

 

He noted reclamation activities in high-profile areas, including Parkview, Banana Island, Osborne in Ikoyi, Victoria Island Extension, Lekki, Ajah, Oworonshoki, Lagos Mainland, Ikorodu, Ojo, and Badagry.

Wahab warned that unchecked reclamation poses significant environmental and social risks.

 

He said, “While reclamation may provide space for housing and infrastructure development, it also poses significant environmental and Social risks, including increased vulnerability to flooding, coastal erosion, disruption of livelihood (especially fishing), loss of wetlands and biodiversity, constriction of the Lagoons and their capacity, impairment of water quality, amongst others.

“With the low-lying topography of the State and its fragile ecosystem, the State Government cannot afford to allow this indiscriminate reclamation of the Lagoons, wetlands, and floodplains to continue unabated.

 

“Consequently, the Ministry is by this Notice directing all Reclamation Projects across the State with or without EIA approval and Drainage Clearance to be SUSPENDED IMMEDIATELY.”

 

The directive added, “All approved Reclamation Projects across the State must be submitted for proper Documentation and Monitoring, while all on-going and intending ones must be subjected to the Environmental Impact Assessment (EIA) process with issuance of Approval Letter and Drainage Clearance from the Ministry of the Environment and Water Resources.”

 

The ministry warned that failure to comply will prompt the deployment of machinery to decommission illegal sites.

 

“Failure to comply with this directive within the next 7 DAYS after this publication shall leave the Ministry with no other option than to deploy appropriate machineries to decommission the reclaimed sites, including excavation and removal of fill, reconnecting of already blocked water channels on the lagoon, and the arrest and prosecution of anyone involved and/or found on the site of the illegality.”

Private sector key to future of Carnival Calabar, says festival chairman

 

The Chairman of Carnival Calabar, Gabe Onah, has called for stronger private sector investment to sustain the popular street party.

 

Onah made the call on the sidelines of the 21st Akwaaba African Travel Market on Tuesday in Lagos.

 

The chairman said the annual carnival, which would turn 20 this year, was originally designed as a strategy for community participation and economic development.

 

“Carnival Calabar must breathe beyond the stranglehold of government.

“For sustainability, the private sector has to take more than a passing interest,” he said.

 

Onah credited the continuity of the festival to successive governors of Cross River, such as Donald Duke, Liyel Imoke, Ben Ayade, and the present governor, Bassey Otu.

 

He, however, emphasised that the community buy-in and the welcoming spirit of Calabar’s people were just as significant.

 

“The smiles of our people, the restfulness of the city and our natural blessings – vegetation, mountains, waterfronts and greenery – are what make Calabar stand out,” he said.

 

Speaking on Akwaaba’s role in regional tourism, Onah described the event as the melting point for the travel and trade industry.

 

“In tourism, we will keep saying partners must collaborate, not compete.

 

“Akwaaba has successfully done this for Nigeria,” he said.

Highlighting emerging trends, he said today’s tourists are digital, unique and global.

 

Onah emphasised the need to embrace artificial intelligence in tourism promotion.

 

The chairman added that families were becoming more central to travel decisions, which he said informed the upgrade of the children’s carnival to a junior carnival in Calabar.

Onah also noted that there was a growing demand for takeaways and memorabilia, as visitors seek lasting connections to cultural experiences.

 

It can be recalled that PUNCH Online reports on January 11, 2025, that the Cross River Tourism Bureau reported that the 2024 Calabar Carnival drew over 300,000 tourists between November 1 and December 31, marking a 42 per cent increase from 2023.

 

The month-long festival also attracted an estimated 450,000 onsite spectators for signature events such as the Cultural Carnival, Children’s Carnival, and Bikers Carnival, while more than 1.2 billion viewers tuned in globally via DSTV and over 100 million through live online streaming.

 

Most visitors came from Abuja, Lagos, and Akwa Ibom, which boosted Calabar’s hotel occupancy rate to 68 per cent, with more than 90 per cent of hotels fully booked during the peak period in December.

 

According to the bureau’s Managing Director, Ekpenyong Ojoi, the festival generated significant economic impact, with hotel bookings valued at N2.79 billion and food sales estimated at N900 million.

Major events such as Funfest and the Calabar Fashion Show brought in N100 million, while nightclubs generated N400 million. Ancillary activities, including online streaming, car rentals, and food and drinks, added another N1 billion, while visitor transportation costs reached N8.87 billion, underscoring the carnival’s growing role as a key driver of tourism and revenue for Cross River State.

 

Carnival Calabar has shown its strength as both a cultural celebration and an economic driver for Cross River State. But as Chairman Gabe Onah noted, its long-term success will rely on greater private sector involvement to ensure the festival continues to thrive beyond government support.

VIDEO: Ajaokuta Steel Industry May Never Work, Says Dangote

 

The President of Dangote Petroleum Refinery, Alhaji Aliko Dangote, has said that the moribund Ajaokuta Steel Complex may never work, insisting that global technological advancements have overtaken the project.

 

Dangote, who spoke on Tuesday in an interview with journalists, stressed that while no nation can thrive without a functional steel industry, Ajaokuta’s prospects remain dim.

 

The business mogul said, “The steel we are talking about, we will definitely look at the opportunities of doing that. There is no nation that you can build without a steel industry. And honestly, between us here, Ajaokuta will not work. We can keep deceiving ourselves. We can keep being passionate about this. It’s not possible.”

 

Conceived in 1979, the Ajaokuta Integrated Steel Complex was designed to host a Metallurgical Process Plant, an Engineering Complex and auxiliary facilities. However, more than 45 years later, the multi-billion-dollar project has failed to take off, dogged by mismanagement and corruption.

In January 2024, PUNCH Online reported that President Bola Tinubu approved the restart of the light steel section of the plant after discussions with India’s Jindal Steel Group, which pledged $5bn investment in a new steel project in Nigeria during the G20 summit in New Delhi in September 2023.

 

Speaking further, Dangote, warned that Africa must avoid becoming a dumping ground for outdated industrial plans and imports that undermine job creation.

“But really, you know, come to think of it, we should be very careful, not only in Nigeria, but in the entire African continent. Because people are importing poverty into our nations and exporting our jobs out. And we have the most, you know, growing population in the world, the continent.”” he cautioned.

 

 

Wema Bank Concludes ₦150 Billion Rights Issue with CBN & SEC Approval, Surpasses Regulatory Capital Requirement

Wema Bank Concludes ₦150 Billion Rights Issue with CBN & SEC Approval, Surpasses Regulatory Capital Requirement

Wema Bank Plc (“the Bank”) announces the successful completion of its ₦150 billion Rights Issue, which opened on April 14th,2025, and closed on May 21st,2025. The exercise has received formal approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.

This Rights Issue was undertaken in response to the CBN’s directive on the recapitalization of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the
₦200 billion minimum capital requirement applicable to commercial banks with national authorization.

In addition to the Rights Issue, Wema Bank also recently concluded a ₦50 billion Private Placement, which is now awaiting regulatory reviews. This additional capital raises the Bank’s total capital base above the regulatory threshold, further strengthening its buffer, enhancing its shock-absorption capacity, and positioning the Bank for sustained growth.

Commenting on the Bank’s success in meeting the regulatory threshold ahead of the 24-month timeline, Moruf Oseni, Wema Bank’s MD/CEO, reaffirmed the Bank’s promise of delivering the best value as it continues its growth journey. According to Oseni, “As a growth-driven Bank, the industry recapitalization requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the ₦200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders. We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”

The conclusion of these capital-raising initiatives reinforces the Bank’s prudential position and provides a solid foundation for long-term stability. It also reflects the continued confidence of stakeholders in Wema Bank’s governance, financial performance, and strategic direction.

Wema Bank remains committed to full regulatory compliance and prudent risk management. With its strengthened capital base, the Bank is well positioned to support customers, contribute to the stability of the Nigerian financial system, and deliver sustainable value to its stakeholders.

For more information, please reach out to investor.relations@wemabank.com or visit www.wemabank.com.

UBA to Empower Female Entrepreneurs, Drive Financial Inclusion with N5 Billion BOI MSME Fund

UBA to Empower Female Entrepreneurs, Drive Financial Inclusion with N5 Billion BOI MSME Fund

Africa’s global bank, United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.

The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.

UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.

He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth. It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”

Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you,”

The facility provides a maximum loan amount of N5million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola who highlighted the strategic importance of the targeted sectors to the nation’s continued growth, noted that the initiative will strengthen financial inclusion and set the country and indeed the continent on the path of sustainable development.

“We are structuring this facility to align with our broader mission of financial inclusion and economic empowerment. For us at UBA, we will be targeting Green Energy, Education, Healthcare, and Women-Owned Enterprises, which are critical to Nigeria’s sustainable development,” he noted.

Continuing, he said, “This facility is structured to ensure that businesses in these sectors can access affordable funding, expand their operations, and contribute meaningfully to the economy. We are excited to partner with BOI to make this a reality.”

Also speaking at the loan facility unveiling, Group Head, Marketing and Corporate Communications, Alero Ladipo, took time to highlight the competitive interest rate and government backing as well as urge business owners, especially women to take advantage of the initiative.

“What sets this program apart is its accessibility and affordability. We have worked closely with stakeholders to ensure the terms are business-friendly because we understand the challenges entrepreneurs face. I urge eligible businesses to visit any UBA branch or the bank’s official website to begin their application process right away,” Ladipo stated.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology

Exit mobile version