Business
JUST IN: CBN hits Niger Republic junta with sanctions
President Bola Ahmed Tinubu has directed the Central Bank of Nigeria (CBN) to implement a set of new financial sanctions against the Niger Republic’s junta as well as their associates.
Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, said this during a briefing at the Presidential Villa in Abuja.
He said: “Following the expiration of the deadline of the ultimatum and standing on the pre-existing consensus position of financial sanctions meted out on the military junta in Niger Republic by the bloc of ECOWAS Heads of State, President Bola Ahmed Tinubu has ordered an additional slew of financial sanctions, through the CBN, on entities and individuals related to or involved with the military junta in Niger Republic.”
The President’s spokesman maintained that they are being instituted under the authority of the ECOWAS.
Nigeria has already cut off electricity transmission to its northern neighbours to pressurise the military to reinstate ousted President Mohamed Bazoum.
Ngelale added: “Concerning the ultimatum given to the military Junta in the Niger Republic, it is not a Nigerian mandate.
“The Office of President Tinubu, who is the chairman of ECOWAS, seeks to emphasise this point due to certain domestic and international media coverage tending toward personalisation of the ECOWAS sub-regional position to his person and to our nation individually.
“It is because of this that Mr. President has deemed it necessary to state unequivocally that the mandate and ultimatum were issued by ECOWAS.
“President Tinubu wishes to emphasise that the response of ECOWAS to the military coup in Niger has been and will remain devoid of ethnic and religious sentiments and considerations.
“The regional bloc is made up of all sub-regional ethnic groups, religious groups, and all other forms of human diversity.
“The response of ECOWAS, therefore, represents all of these groups, and not any of these groups individually.”
Ngelale stressed that tomorrow’s extraordinary summit of ECOWAS will come up with far-reaching decisions on the developments in the Niger Republic.
Junta rejects visit by ECOWAS, UN, AU, U.S. delegations
The Niger coup leaders vowed to resist external pressure to reinstate ousted President Mohamed Bazoum after ECOWAS imposed sanctions and Western allies suspended aid.
The junta informed ECOWAS that it cannot host a delegation from the West African regional bloc.
“The current context of anger and revolt among the population following the sanctions imposed by ECOWAS makes it impossible to welcome this delegation in the required serenity and security,” Niger’s Foreign Affairs Ministry wrote in a letter addressed to the ECOWAS representation in Niamey.
On Monday, acting U.S. Deputy Secretary of State Victoria Nuland met with the coup leaders and said they refused to allow her to meet with ousted President Bazoum, whom she described as under “virtual house arrest.”
She described the mutinous officers as unreceptive to her appeals to start negotiations and restore constitutional rule.
Police at alert to avert internal security crisis, says IGP
The Acting Inspector-General of Police (IGP) Olukayode Egbetokun yesterday directed Assistants Inspector General (AIGs) of Police and Commissioners of Police (CPs) in charge of the border to be alert to avert internal security crisis following the Niger coup saga.
Egbetokun disclosed this during a meeting with top police officers in Abuja.
He said the deployment of police officers would be done if need be alongside other security operatives.
The police boss said: “I have directed that CP of commands and AIGs, who are in charge of those border states with neighbouring countries, are to work in collaboration with our sister agencies, especially Customs to ensure that there are no internal security issues with respect to what is happening with our neighbours.”
ACF asks FG to lift economic sanctions against Niger
The mouthpiece of Northern Nigeria, the Arewa Consultative Forum (ACF), called on President Tinubu and ECOWAS to lift sanctions against the Niger Republic and adopt more dialogue with the military junta to prevent a further breakdown of talks.
ACF, in a statement by its National Publicity Secretary, Prof. Tukur Muhammad-Baba, said though the group condemns the coup and demands that the personal safety of President Bazoum and members of his government be guaranteed by the coup leaders, it feels dialogue, not military action is the way out.
This, he said, is to avoid a catastrophic occurrence of events between the two nations and the West African sub-region.
Coup plotters name economist as new prime minister
Nearly two weeks after the military took over power in the country, the coup plotters have named former economy minister Ali Mahaman Lamine Zeine as the country’s new prime minister.
A spokesman for the military junta made the announcement on television late on Monday night.
Lamine Zeine was formerly the minister of economy and finance for several years in the cabinet of then-president Mamadou Tandja, who was ousted in 2010, and most recently worked as an economist for the African Development Bank in Chad, according to a Nigerien media report.
Business
Heineken boss resigns after ‘turbulent’ six-year stint
“I believe this is the right moment,” said Van den Brink, 52, after almost six years at the helm “during which he has guided the company through turbulent economic and political times”.
• Dolf Van den Brink
Dolf van den Brink said on Monday he would step down on May 31 as the chief executive of Dutch brewer Heineken.
Van den Brink unexpectedly announced his resignation, as the company grapples with lower beer sales and job cuts in a difficult economic environment.
“I believe this is the right moment,” said Van den Brink, 52, after almost six years at the helm “during which he has guided the company through turbulent economic and political times”.
The change of leader comes at a tricky moment for Heineken, the world’s second-largest brewer after AB InBev.
Its most recent quarterly results, published in October, showed a steep decline in the amount of beer sold, with Europe and the United States driving the drop.
Van den Brink acknowledged at the time that the firm was dealing with a “challenging environment, resulting in a mixed performance”.
Heineken posted total net sales of 7.3 billion euros ($8.5 billion) for the third quarter, down from 7.6 billion in the second quarter.
Business
Global oil reserves: Nigeria down to 11th position in latest rankings
According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.
Stagnation in Nigeria’s crude oil reserve for decades has placed the country to 11th position on the global rankings of oil producing countries.
The United States occupy the 10th position with 45 billion barrels of proven oil reserve.
Crude oil reserve data computed from OPEC’s Annual Statistical Bulletin 2025, reveals that Nigeria sits as the 11th country with 37.28 billion barrels proven oil reserve in the world.
Likewise, official figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) places it at 37.28 billion barrels as of January 2025.
In a report published recently by Visual Capitalist.com, Venezuela holds the world’s largest proven oil reserves, accounting for an estimated 303 billion barrels of proven oil reserves, the largest of any country.
These reserves account for roughly 17% of the global total, well ahead of Saudi Arabia 267 billion barrels ; Iran 209 billion barrels, Canada 163 billion barrels , and Iraq 113 billion barrels.
Chart credit: Visual capitalist.com

According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.
Oil theft, vandalism, and insecurity hinder efforts to reach full production potential.
Nevertheless, the NUPRC aims to boost reserves and production, with plans to attract investment for new exploration and development.
Business
Wema Bank Plc launches major upgrade to its flagship digital banking platform, ALAT by Wema.
Wema Bank Plc has officially launched a major upgrade to its flagship digital banking platform, ALAT by Wema, introducing cutting-edge features including voice banking, Tap and Pay contactless payments, and predictive uptime capabilities.
Tagged “ALAT: The Evolution”, the revamped app (also referred to as ALAT 2.0) marks a significant step forward in Nigeria’s digital banking landscape. The upgrade integrates an AI-powered voice assistant called SAW (Smart ALAT by Wema), enabling users to perform banking tasks using natural voice commands—such as checking balances, transferring funds, or reviewing transactions—similar to popular assistants like Siri or Alexa.
This hands-free functionality aims to reduce friction, boost accessibility, and deliver a more intuitive experience for everyday users.
The update also rolls out Tap and Pay, a secure and convenient contactless transaction feature that allows quick payments by tapping compatible devices together. Complementing these innovations is predictive uptime, a transparency tool that forecasts service availability, helping build greater customer confidence in the platform’s reliability.
Announcing the launch, Mr. Moruf Oseni, Managing Director and Chief Executive Officer of Wema Bank, described the upgrade as more than a technical enhancement.
“ALAT: The Evolution is a clear demonstration of our commitment to redefining digital banking in Africa,” he said. “By understanding the future of banking and listening closely to our customers, we have upgraded ALAT by Wema to a digital banking platform that is smart, intelligent, and dependable.”
Mr. Olusegun Adeniyi, Chief Digital Officer at Wema Bank, emphasized the user-focused design: “With ALAT: The Evolution, we set out to enhance not just functionality but the overall banking experience. By integrating voice banking, contactless payments, and predictive reliability, we are delivering a platform that is built on powerful technology and responds intelligently to customer needs.
“The upgraded app is now available for download or update on the Google Play Store and Apple App Store. Existing users can simply update their app and log in with their current credentials—all account information and transaction history remain intact—while new customers can onboard seamlessly.
Since its debut in 2017 as Africa’s first fully digital bank, ALAT has transformed financial services for millions of Nigerians. This latest evolution reinforces Wema Bank’s position as a pioneer in innovative, customer-centric digital banking amid growing competition in the sector.
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