Nigeria News (Standard)
Lagos Banks Generate ₦225bn from ATM and E-Banking Fees in Q1, Sparking Public Outcry
Customers criticise rising charges as Access Holdings, UBA, Ecobank top digital revenue earners amid shift to electronic transactions
Customers criticise rising charges as Access Holdings, UBA, Ecobank top digital revenue earners amid shift to electronic transactions
Major Nigerian banks operating in Lagos and other cities generated nearly ₦225 billion from ATM, card management, and electronic banking charges between January and March 2026, leading to renewed complaints from customers over mounting transaction costs. The unaudited Q1 financial statements of 11 listed lenders revealed a sharp 12.56 percent rise in digital banking income compared to the same period last year.
The review shows that Access Holdings led the pack with ₦55.71 billion earned from e-banking channels, followed by United Bank for Africa (UBA) with ₦46.93 billion, and Ecobank with ₦35.53 billion from card management fees. Other banks such as GTCO and Zenith Bank also reported significant income, raking in ₦21.90 billion and ₦21.54 billion respectively through electronic products and services.
This surge comes at a time when more Nigerians are relying on digital platforms—mobile apps, USSD codes, debit cards, online transfers and ATMs—for daily transactions. However, many customers have questioned why they are made to pay multiple fees just to access their own funds as banks post record non-interest earnings. Income from ATM and card management alone rose to ₦46.70 billion in Q1 2026, up from ₦40.09 billion recorded in the first quarter of 2025.
A breakdown of the figures shows that electronic banking services accounted for a substantial ₦177.97 billion out of the total earnings for the quarter—reflecting how crucial these channels have become for bank profitability in Nigeria’s increasingly cashless economy. Despite this growth, public criticism has mounted over what many see as excessive deductions on routine transactions.
Not all banks recorded gains: Wema Bank saw digital product income fall by more than half year-on-year, while UBA and Ecobank reported slight declines in some segments despite their overall strong performance. Meanwhile, Fidelity Bank posted the fastest growth among peers—its digital banking revenue soared nearly 165 percent to ₦8.81 billion on the back of increased ATM use.
The Central Bank of Nigeria (CBN) has not issued fresh guidance on fee caps since its last directive on bank charges; however, consumer advocates argue that current levels are unsustainable for ordinary Nigerians facing economic pressures from inflation and naira volatility. As banks continue to prioritise digital expansion for non-interest revenue growth, stakeholders say the debate over fair access to financial services is unlikely to subside soon.
Nigeria News (Standard)
Lagos: RetailWings Africa, Corner Block Sign Deal to Boost Working Capital for SMEs
Agreement enables retailers using RetailWings ERP platform to access credit without traditional collateral, targeting sector-wide growth
Agreement enables retailers using RetailWings ERP platform to access credit without traditional collateral, targeting sector-wide growth
RetailWings Africa has entered into a strategic partnership with Corner Block Services Limited to expand access to working capital for small and medium-sized retailers across Nigeria. The agreement was formally signed at the RetailWings Africa head office in Lagos on 15 June 2026 by Managing Partner Akinola Akintilebo and Corner Block’s Head of Sales and Business Development, Matthew Enemona Ameh.
Under the new arrangement, eligible merchants operating on the RetailWings ERP platform can now apply for working capital financing through Corner Block Services Limited. Unlike conventional bank loans that require physical collateral, this initiative will use business performance data from the RetailWings system as a basis for credit assessment.
The companies said that limited access to credit remains a major constraint for many Nigerian retailers, especially small businesses that struggle to meet strict collateral demands from traditional lenders. According to both firms, this lack of financing continues to hinder inventory expansion, operational growth, and long-term sustainability within the retail sector.
“This partnership is designed to address one of the most pressing challenges facing African retailers — access to affordable working capital,” Akintilebo said during the signing ceremony. Ameh added that by leveraging digital business records, more SMEs would be able to scale up operations and improve their resilience in a competitive market.
Industry observers note that technology-driven solutions are increasingly being adopted to bridge financing gaps for local entrepreneurs. With this collaboration, stakeholders expect improved business stability and increased job creation in Nigeria’s retail sector over the coming year.
Nigeria News (Standard)
Abuja Court Orders Deregistration of ADC, Accord and Three Other Parties Over INEC Application
Judgement follows suit by electoral commission citing failure of affected parties to meet constitutional requirements
Judgement follows suit by electoral commission citing failure of affected parties to meet constitutional requirements
A Federal High Court sitting in Abuja on Monday ordered the deregistration of African Democratic Congress (ADC), Accord Party, and three other political parties after an application by the Independent National Electoral Commission (INEC). The court delivered its judgement on 15 June, granting INEC’s request to remove the parties from its register for failing to meet constitutional thresholds.
According to court filings, INEC approached the court seeking an order to deregister the five affected parties following their inability to win any seat in the last general elections. The presiding judge ruled that the electoral body acted within its constitutional powers as stated in Section 225A of Nigeria’s Constitution, which empowers INEC to deregister political parties that do not meet minimum requirements such as winning a seat in either federal or state elections.
This development is significant for Nigeria’s political landscape, as it underscores ongoing efforts by authorities to streamline the number of registered political parties. Since 2019, many Nigerians have raised concerns about ballot paper congestion and confusion at polling units due to proliferation of small parties. The ruling is expected to have immediate impact on future elections, especially ahead of upcoming off-cycle governorship polls.
INEC officials welcomed the ruling, noting that it will help sanitise the party system and make election administration more efficient. “The court has affirmed our power to ensure only viable parties remain on the ballot,” one senior commission official said after proceedings. However, representatives of some affected parties have expressed disappointment and hinted at plans to appeal the judgement, arguing that all parties should have opportunity for political participation regardless of electoral performance.
With this judgement, INEC is expected to issue a formal statement listing the deregistered parties in coming days. Political observers say this may further encourage existing smaller parties to intensify grassroots mobilisation so as not to suffer a similar fate in future.
Nigeria News (Standard)
House of Representatives Reshuffles Committee Leaderships After Minority Caucus Changes in Abuja
Move follows recent shifts in minority caucus composition; affected lawmakers to receive new committee assignments, say officials
Move follows recent shifts in minority caucus composition; affected lawmakers to receive new committee assignments, say officials
The House of Representatives in Abuja has carried out a major reshuffling of its committee leaderships following recent changes within the minority caucus. The development took place on Monday, 15 June 2026, with several standing and ad hoc committees seeing new chairpersons and deputies appointed by the House leadership.
The reshuffle comes amid internal realignments among opposition members, as parties like the Peoples Democratic Party (PDP), Labour Party (LP), and New Nigeria Peoples Party (NNPP) adjusted their caucus structures within the chamber. Sources in the House said the shake-up was necessary to reflect new political realities and ensure effective legislative oversight.
Committee assignments are considered crucial for lawmakers as they determine influence over key legislative areas such as finance, education, oil and gas, security, and health. In Nigerian parliamentary practice, committee leaderships are often distributed according to party strength, seniority, and regional balance. The latest reshuffle is expected to impact oversight functions and policy debates across several sectors.
Officials who spoke on condition of anonymity explained that affected lawmakers would be notified of their new postings before the next plenary session. There has been no official statement from House Speaker Tajudeen Abbas or principal officers as at press time. Meanwhile, some aggrieved members from minority parties have reportedly expressed concerns about transparency in the selection process.
The House is expected to reconvene later this week, where formal announcements on the new committee leaders will be made public. Observers say the development could alter legislative alliances ahead of key debates on national budget implementation and electoral reforms.
Lagos: RetailWings Africa, Corner Block Sign Deal to Boost Working Capital for SMEs
Abuja Court Orders Deregistration of ADC, Accord and Three Other Parties Over INEC Application
House of Representatives Reshuffles Committee Leaderships After Minority Caucus Changes in Abuja
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