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Finance

CBN Denies Allocating $1.259bn for Fuel Imports

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By Sarah Sam Adda

 

The Central Bank of Nigeria (CBN) has dismissed reports claiming it allocated $1.259 billion for the importation of petroleum products in the first quarter of 2025.

In a statement, CBN described the report as “inaccurate and misleading,” clarifying that the referenced amount did not represent funds disbursed by the Bank to oil sector operators.

According to the apex bank, the figure originated from its Q1 2025 Sectoral Utilisation of Foreign Exchange data and reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across multiple sectors, including oil and gas.

CBN spokesperson, Mrs. Hakama Sidi Ali, explained that since the 2023 exchange rate unification, the NFEM has operated on a market-driven, willing buyer–willing seller basis, where foreign exchange is sourced and supplied by market participants—not allocated by the CBN.

She added that the reported data only captures aggregate FX utilisation by authorised dealers and end-users who independently sourced funds in line with regulations, stressing that these were regular market transactions rather than CBN intervention in the oil sector.

Ali reaffirmed the Bank’s commitment to a transparent and market-based FX system that supports price discovery, economic stability, and confidence in the country’s financial system.

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Business

Outrage as Wike Attends Dubai Summit with Sons, Faces Public Fund Allegation

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By Huldah Shado

 

Nigerians have expressed outrage after photos surfaced showing the Minister of the Federal Capital Territory (FCT), Nyesom Wike, attending the 2025 Asia Pacific Cities Summit and Mayors’ Forum in Dubai with his two sons, who were allegedly sponsored with public funds.

Images of Wike’s sons wearing delegate lanyards went viral, sparking backlash and accusations that the minister turned an official trip into a “family affair.”

The controversy deepened after Wike’s media aide, Lere Olayinka, defended the minister in a post on X, saying, “When e reach your turn, carry your enemies travel,” a remark many interpreted as mocking calls for accountability.

Social media users condemned the alleged misuse of public resources, describing it as an example of government impunity amid economic hardship.

Critics argued that by taking his children instead of ministry officials, Wike undermined institutional growth and denied civil servants valuable international exposure.

The incident adds to mounting public frustration over perceived extravagance and lack of transparency among political officeholders.

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Finance

UBA Graduates 700 Youths, Reaffirms Commitment to African Leadership

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By Sarah Sam Adda

 

The United Bank for Africa (UBA), has graduated 700 young professionals from its Graduate Management Accelerated Programme (GMAP), reaffirming its commitment to youth empowerment and leadership development across Africa.

The graduation ceremony, held at the Landmark Events Centre in Lagos, drew participants from Nigeria and other African countries where UBA operates.

UBA Group Chairman, Tony Elumelu, described the graduates as “lions and lionesses,” noting that the initiative equips Africa’s next generation of leaders with technical, managerial, and leadership skills.

Now in its third year, the GMAP has produced over 4,000 graduates through mentorship, training, and practical experience.

Representing the Group Managing Director, Oliver Alawuba, Deputy GMD Chukwuma Nweke praised the graduates’ perseverance, urging them to drive innovation and excellence within the bank’s 25,000-strong workforce.

UBA serves over 45 million customers across 20 African countries, as well as in the UK, US, France, and the UAE.

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Finance

Nigeria Set for Digital Marketing Boom as Tech Ecosystem Expands

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By Onilede Titi Faith

Nigeria’s digital marketing and technology sectors are on the verge of rapid growth, driven by internet expansion, AI adoption, and a rising wave of entrepreneurship.

A 2025 report by the Rome Business School Nigeria projects the nation’s digital transformation market to grow from $9.6 billion in 2024 to $22.8 billion by 2029, while the local AI market could hit $4.6 billion by 2030.

Experts say brands across Nigeria are embracing short-form video marketing, influencer partnerships, and live commerce, with AI now powering ad targeting, content creation, and analytics.

Government efforts such as the 3 Million Technical Talent (3MTT), programme and new innovation hubs are also boosting the digital workforce and promoting a knowledge-driven economy.

However, inadequate infrastructure, high data costs, and a widening skills gap remain key challenges.

Analysts believe early investors in AI and data-driven storytelling will define Nigeria’s digital future and help position the country as a regional tech hub.

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