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.

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.

The organisers of Nigeria’s premier cycling event, the inaugural Lagos Gran Fondo “EKO 170” are proud to announce Mikano International Limited and Changan as the Official Platinum and Founding Infrastructure Partners.

The landmark 170km mass-participation cycling race is set to take place on January 11, 2026, showcasing Lagos as a global hub for sports tourism, healthy living, and sustainable mobility.

This strategic partnership forms the operational foundation of the event, with Mikano and Changan providing essential in-kind support. This includes official race vehicles from Changan’s range of reliable and innovative automobiles (distributed exclusively in Nigeria through Mikano Motors), power generation solutions from Mikano’s renowned expertise in energy systems, medical services, and comprehensive rider support throughout the challenging route.

The collaboration highlights a shared dedication to safety, excellence, and sustainability, aligning perfectly with the event’s goals and the Lagos State Government’s vision for innovative, world-class initiatives.

Endorsed by the Lagos State Government, the EKO 170 Gran Fondo will start and finish at the iconic Eko Atlantic City, taking riders through Victoria Island, across the Lekki-Ikoyi Link Bridge, along the Lekki–Epe Expressway to Epe, and back — offering participants a unique view of Lagos’s coastal beauty, modern infrastructure, and vibrant energy.

The event is expected to attract over 1,000 cyclists, from elite professionals to enthusiastic amateurs, from Nigeria and internationally.

As the exclusive Power and Infrastructure Partner, Mikano and Changan will receive prominent branding visibility across all event platforms.

A highlight of the partnership includes the introduction of a Mikano Clean Energy Hub at the finish-line festival, demonstrating cutting-edge sustainable power solutions.

With the foundational backing of Mikano International Limited — a leading Nigerian provider of power generation, automotive, and industrial solutions — and Changan — a globally respected automotive brand known for performance, safety, and innovation — the Lagos Gran Fondo “EKO 170” is poised to deliver an unforgettable, world-class cycling experience.

Participant registration remains open at www.eko170.com. Cyclists and supporters are encouraged to join this historic event that celebrates Lagos’s resilience and forward-thinking spirit.

Media Contact: Sabatha Joshua Media Relations, Lagos Gran Fondo “EKO 170”.

This partnership marks a significant milestone in elevating Lagos on the global stage through sports, infrastructure excellence, and community-focused innovation.