Business
First Bank Begins Robotic Services In Lagos, Ibadan Branches
The Managing Director and Chief Executive Officer of the First Bank of Nigeria, Mr. Adesola Adeduntan, has said that the new technology and digital service experience introduced into the banking system of the bank will go a long way to curb forgery, fraud and other forms of vices in the banking sector, which will not affect services being rendered by the staff.
Mr. Adeduntan gave the assurance yesterday, during the launch of the second fully automated Digital Xperience Centre of the branch of the bank at the University of Ibadan.
He said that the days of customers getting stranded is gone with the digital technology of the centre, adding that customers can walk into the location and conduct their banking services without having to interact with any human being.
He said: “There are machines here that issue debit cards, the Robot can help you to make enquiries and you can work with the Robot to open an account. It can also help you block your account in case you suspect any fraud.”
“The new technology and digital service is the first of its kind, we are the first Bank in Nigeria that has started this digital experience centre. The first one was located at our branch, Adetokunbo Ademola Street on Victoria Island, Lagos.
“The new technology and digital service is the first of its kind, we are the first Bank in Nigeria that has started this digital experience centre. The first one was located at our branch, Adetokunbo Ademola Street on Victoria Island, Lagos.
“We purposefully chose the branch at the University of Ibadan for the second location because of the advance initiative in the city of Ibadan because we believe that the students, lecturers and customers all over the neighbourhood will benefit significantly from making use of the facility.”
Business
CBN increases ATM card issuance fee by 50% to N1,500
CBN disclosed this in its Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.
The Central Bank of Nigeria, CBN, has increased the fee for issuance and replacement of Automated Terminal Machine (ATM) debit/ credit cards by 50 percent to N1,500 from N1,000.
The apex bank also scrapped the N50 monthly charges for Naira Debit/ Credit Card maintenance which usually includes 7.5 percent Value Added Tax but said customers with Foreign Currency denominated debit/credit cards will continue to pay maintenance fee of $10 per annum.
CBN disclosed this in its Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.
The apex bank also reiterated among other things that the cost of ATM transactions on Merchants PoS will be borne by the Merchant and not the customers.
CBN said: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1, 500. “Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge. “Merchant Service Charge (MSC) (charge to be borne by the merchant).
There shall be no charge to the cardholder paying the merchant.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant.
The MSC payable by a merchant (0.5 percent) subject to a cap of N10,000 shall be the same irrespective of the technology or payment methods.”
In a circular to Banks, Other Financial Institutions and the Public signed by the Director Financial Policy and Regulation Department, CBN, Dr. Rita Sike, CBN said that the review of the guide to charges by banks and OFIs and non bank Financial Institutions was to fulfill its mandate to promote a safe and sound financial system in Nigeria accelerate the adoption of innovative financial services, financial inclusion and micropayments/transaction.
(Vanguard)
Business
FG Launches Energise Commercialisation Now (ECoN) To Boost Industrial Productivity
The Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu-Udeh, described ECoN as a national framework designed to bridge the gap between research and the marketplace.
• Kano ECoN launch by First Lady, Senator Oluremi Tinubu, Thursday 23,2026.
The federal government has launched the Energise Commercialisation Now (ECoN) an initiative of the Ministry of Innovation, Science and Technology.
Nigeria’s First Lady, Senator Oluremi Tinubu, launched the programme in Kano, yesterday, and calling for a shift from ideas to industrial productivity.
The First Lady said that Nigeria must move beyond generating ideas to building industries that create jobs and drive economic growth.
She noted that although innovative concepts continue to emerge from universities, technology hubs and young entrepreneurs, many do not translate into real-world solutions.
“This initiative represents a decisive effort to close that gap by creating an environment where ideas can grow, attract support and scale into real solutions,” she said.
The Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu-Udeh, described ECoN as a national framework designed to bridge the gap between research and the marketplace.
He said that the initiative aims to transform research outputs into revenue-generating ventures while promoting inclusive economic growth.
Business
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
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