Business

Wema boosts children’s morale, crowns 10-yr-old MD

Published

2 weeks ago

May 27, 2026

News Diggers

By Philippine Duru

philippineobetoduru@gmail.com

08034905774

Wema Bank has named 10-year-old Chinmamanda Diamond Ozoakpata as the winner of its 2026 One-Day MD/CEO Children’s Day initiative, a programme aimed at promoting leadership, ambition and financial literacy among Nigerian children.

The announcement was made during the bank’s 2026 Children’s Day celebration at its headquarters in Lagos, where the young pupil assumed the symbolic role of Managing Director and Chief Executive Officer for a day.

The initiative, introduced by Wema Bank in 2025, is designed to expose children across the country to leadership responsibilities and encourage them to pursue their aspirations through practical corporate experience.

Ozoakpata emerged as the first female participant to occupy the position, following the maiden edition which featured 12-year-old Chiderije Mbah.

Speaking during the event, the bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the programme reflects the institution’s commitment to youth empowerment and early financial education.

According to him, the initiative was created to inspire children to believe in their potential while providing them with real-life exposure to leadership within a structured corporate environment.

Oseni added that the programme continues to grow in impact, noting that the bank remains committed to expanding opportunities that support children and promote financial inclusion from an early age.

In her remarks, Ozoakpata expressed appreciation to the bank for the opportunity, describing the initiative as a strong reflection of Wema Bank’s dedication to youth development and financial education.

She pledged to uphold the responsibilities attached to the role and commended the bank for investing in programmes that empower children and encourage financially aware future generations.

As part of her activities during the symbolic tenure, the young CEO approved several child-focused initiatives, including cash rewards for children celebrating milestone birthdays, academic incentives for outstanding pupils in national entrance examinations, and the introduction of a school-based STEM engagement programme to promote innovation and learning.

Other highlights of the celebration included the presentation of cash awards to selected children and the launch of a financial literacy publication targeted at children aged six and above.

The programme has further positioned Wema Bank as a leading advocate of youth empowerment, financial inclusion and innovative customer engagement within Ni

geria’s banking sector.

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Poverty skyrocketed under APC within 6 years- Global body

Published

2 days ago

June 10, 2026

News Diggers

By Philippine Duru

philippineobetoduru@gmail.com

08034905774

Nigeria’s economic reforms have begun to strengthen macroeconomic stability, but rising poverty and food insecurity continue to weigh heavily on millions of citizens, the International Monetary Fund has said.

In its latest assessment of Nigeria’s economy released on Tuesday, the IMF acknowledged that reforms introduced by President Bola Tinubu’s administration over the past three years had improved key economic indicators and enhanced the country’s resilience.

“Strong reforms over the past three years have yielded improved macroeconomic outcomes and built resilience,” the IMF said in a statement issued after its annual review of Nigeria’s economy.

The Fund, however, cautioned that the benefits of the reforms had yet to translate into improved living conditions for a significant portion of the population.

“Still, conditions for many Nigerians remain difficult,” it added.

Since assuming office, President Tinubu has implemented a series of major economic reforms, including the removal of the long-standing fuel subsidy, the liberalisation of the foreign exchange market, and changes to the country’s tax framework. Economists had long advocated for such measures, describing them as necessary to address structural imbalances in the economy.

Despite these efforts, the IMF reported that poverty levels have continued to rise, with about 63 per cent of Nigerians estimated to be living below the poverty line by the end of 2025.

The organisation also disclosed that more than 27 million Nigerians experienced food insecurity during the same period.

The IMF’s findings align with earlier reports by the World Bank, which stated that approximately 61 per cent of Nigerians were living in poverty, compared to 40 per cent in 2019. According to the World Bank, about three-quarters of the increase in poverty occurred before Tinubu assumed office in 2023.

The Fund further identified widespread insecurity, particularly in northern Nigeria where much of the country’s food production takes place, as a major threat to livelihoods and economic activity.

“Another risk to people and economic activity” is the persistent insecurity caused by armed groups, especially in regions critical to agricultural production, the IMF noted.

Meanwhile, inflationary pressures remain a concern. Nigeria’s inflation rate rose to 15.7 per cent in April, marking a five-month high, according to the latest official figures.

Analysts attributed the increase partly to higher global fuel prices linked to the ongoing conflict in the Middle East.

The IMF warned that although rising prices for food, fertiliser and fuel could increase government revenues due to Nigeria’s status as Africa’s largest oil producer, they could also worsen the cost-of-living crisis for vulnerable households.

The higher costs, the Fund said, could intensify inflationary pressures on poorer Nigerians, “potentially aggravating poverty and food insecurity.”

The report comes as Nigeria prepares for the next general election scheduled for January, with President Tinubu expected to seek a second term in office.

Business

Peter Obi accuses Tinubu of excessive borrowing without accountability

Published

3 days ago

June 9, 2026

News Diggers

By Philippine Duru

philippineobetoduru@gmail.com

08034905774

Peter Obi, the Labour Party’s presidential candidate in the 2023 election, has criticised President Bola Tinubu’s administration over what he described as “excessive borrowing without accountability,” alleging that Nigeria’s rising debt profile reflects imprudent governance.

In a post shared on X, Obi claimed that the Tinubu administration had increased Nigeria’s total public debt to about N200 trillion, arguing that the country had accumulated more than N100 trillion in additional debt within three years.

According to him, the pace of borrowing under the current administration contrasts sharply with the debt accumulated during the eight-year tenure of former President Muhammadu Buhari.

Obi expressed concern over what he termed the lack of transparency surrounding the utilisation of borrowed funds, saying millions of Nigerians were already burdened by the implications of the country’s growing debt obligations.

Citing figures from the Federation’s Budget Office, the former Anambra State governor stated that the Federal Government borrowed N11.89 trillion between January and September 2025, exceeding the projected borrowing target of N10.34 trillion by about N1.54 trillion.

He argued that in a responsible system, such a deviation from approved borrowing plans should trigger scrutiny and detailed explanations from the relevant authorities.

Obi further alleged that only N3.10 trillion of the borrowed funds was channelled into capital expenditure during the same period, representing 17.66 per cent of the N17.58 trillion budgeted for capital projects.

He said this left a shortfall of approximately N14.48 trillion, equivalent to 82.34 per cent of the planned capital expenditure for the period.

“The most disturbing aspect of the financial management fiasco under Bola Tinubu is that there is no explanation or information regarding how the balance was utilised or deployed,” Obi said.

He questioned whether the funds had been spent on recurrent expenditure, used for other government activities, or diverted for political purposes, insisting that Nigerians deserved a clear account of how public resources were being managed.

“The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance?” he stated.

Obi maintained that accountability and transparency remained essential to restoring public confidence in government finances and reiterated his belief that a “new and productive Nigeria is possible.”

The Federal Government has repeatedly defended its borrowing strategy, maintaining that loans are being deployed to finance infrastructure projects, support economic reforms and address fiscal challenges inherited over the years.

Business

Dangote refinery hits 700,000 barrel per day

Published

4 days ago

June 8, 2026

News Diggers

By Philippine Duru

philippineobetoduru@gmail.com

08034905773

Nigeria’s drive toward energy self-sufficiency has received a major boost as the Dangote Petroleum Refinery reportedly ramps up production to about 700,000 barrels per day (bpd), significantly increasing the supply of refined petroleum products to the domestic market and strengthening the country’s position in the global refining industry.
The development marks a significant milestone for the $20 billion refinery project, which has steadily increased its operational capacity since commencing production. Industry stakeholders say the higher output level is helping to ease fuel supply concerns, reduce dependence on imported petroleum products, and improve energy security in Africa’s largest economy.
Located in the Lekki Free Trade Zone in Lagos, the refinery was designed with a nameplate capacity of 650,000 barrels per day, making it the largest single-train refinery in the world. Recent reports indicating production levels approaching 700,000 barrels daily have fueled optimism about the facility’s ability to meet growing domestic demand while serving export markets across Africa and beyond.
The refinery’s rising output comes at a critical time when Nigeria is seeking to reduce the billions of dollars spent annually on fuel imports and conserve foreign exchange reserves. For decades, despite being one of Africa’s largest crude oil producers, Nigeria relied heavily on imported refined products due to inadequate domestic refining capacity.
Analysts say the increased production is already transforming the country’s downstream petroleum sector by ensuring a more stable supply of Premium Motor Spirit (PMS), commonly known as petrol, as well as diesel, aviation fuel, and other refined products.
“The refinery is gradually changing the dynamics of Nigeria’s fuel market,” said an energy analyst based in Lagos. “Higher production levels mean greater local availability of petroleum products, lower import dependence, and improved supply chain efficiency.”
The impact has been particularly evident in the petrol market, where increased local production has helped reduce pressure on fuel imports and improved product availability across the country. Industry operators note that the refinery’s growing output is also contributing to increased competition within the downstream sector.
Beyond the domestic market, the refinery has emerged as a significant exporter of refined products. Recent shipments of aviation fuel, diesel, and other petroleum products to Europe, Asia, and other international destinations have strengthened Nigeria’s position as a major refining hub.
The refinery’s export activities are generating valuable foreign exchange earnings and helping to improve the country’s trade balance. Energy experts believe the facility could eventually transform Nigeria from a net importer of refined petroleum products into a major exporter.
The increase in production has also created fresh opportunities for local crude oil producers. With a large domestic refining facility requiring substantial feedstock, upstream operators now have an additional market for their crude production, potentially reducing exposure to international market volatility.
Economic analysts argue that the refinery’s operations could have far-reaching implications for Nigeria’s economy. Increased local refining capacity is expected to support industrial growth, create jobs, stimulate related industries, and reduce logistics costs associated with importing refined products.
The development is also viewed as a positive signal for investors, demonstrating Nigeria’s capacity to execute large-scale industrial projects capable of attracting global attention and investment.
However, experts note that sustaining high production levels will depend on consistent crude oil supply, efficient logistics infrastructure, regulatory stability, and continued collaboration between industry stakeholders and government agencies.
The refinery’s growing role in the domestic market has coincided with efforts by authorities to deepen reforms in the oil and gas sector, improve transparency, and encourage greater private-sector participation across the petroleum value chain.
Market observers believe that as production continues to increase, consumers could benefit from improved fuel availability and potentially more stable pricing, although global crude oil prices and foreign exchange movements will continue to influence market dynamics.
For Nigeria’s broader economy, the refinery represents a strategic asset capable of strengthening energy security, reducing import dependence, supporting foreign exchange earnings, and accelerating industrial development.
With production reportedly reaching 700,000 barrels per day, the Dangote Refinery is increasingly positioning itself as a cornerstone of Nigeria’s energy transformation agenda and a major player in the global refining landscape.