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Access Holdings Tops Chart as Nigerian Banks Double Tech Spend to N518.5 Billion in 2024

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1 year ago

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In 2024, Nigeria’s leading banks collectively spent N518.5 billion on information technology infrastructure, more than doubling their investment compared to the previous year’s N248 billion. This sharp 109% increase—based on audited reports from eight prominent banks—underscores a critical strategic pivot: digital transformation is now central to banking operations, not just an added feature.....KINDLY READ THE FULL STORY HERE▶

The surge in IT spending reflects a broad shift across the industry, with banks upgrading core systems, deploying AI-powered platforms, and enhancing mobile and digital banking experiences to meet evolving customer demands and compete with fast-growing fintech firms.

Top Spenders Access Holdings led the pack with a remarkable N193.5 billion in IT expenditures, marking a 148% rise from 2023. While the bank didn’t announce any sweeping core banking overhaul, it executed multiple backend upgrades seamlessly to avoid service disruption—demonstrating a strong commitment to scaling its digital infrastructure in line with its pan-African growth objectives.

GTCO followed closely, raising its IT investment to N88 billion, a 48.4% increase. A key highlight was its migration to Infosys’ Finnacle banking platform from its earlier software—signaling a major systems revamp.

Zenith Bank nearly doubled its own IT budget, moving from N33.5 billion in 2023 to N67.3 billion. The shift included a switch from Finastra’s Phoenix to Oracle’s Flexcube, intended to enhance both customer interface and backend operations.

Mid-Tier Banks Catch Up Fidelity Bank saw one of the most significant jumps, increasing its IT investment by 239%—from N16.5 billion to N56 billion. This leap signals an aggressive shift towards digital competitiveness.

UBA’s IT spend also doubled, hitting N48 billion from N23.2 billion, driven by upgrades to digital channels and mobile applications. Similarly, Stanbic IBTC ramped up its tech budget by 73.1% to N33.4 billion, while FCMB grew its spending by 58.6% to N26.8 billion.

Wema Bank, despite having the lowest absolute figure (N5.5 billion), registered the highest growth rate at 292.9%, up from just N1.4 billion the previous year.

Although First Bank Holdings has released its 2024 financials, it did not break down IT expenditures, while Sterling Bank’s full-year results were yet to be released at the time of reporting.

What’s Driving the Investment? Traditional banks are feeling the heat from agile fintech challengers like OPay, PalmPay, and Moniepoint, which offer speed, lower costs, and superior digital experiences. To stay competitive, banks are scaling their digital capabilities.

According to Mr. Dipo Alabede, CEO of mobile payments firm Clane, banks must continue investing in IT—not only to expand digital offerings but also to defend against rising cybersecurity threats as digital transactions increase.

Mr. Tayo Ogunlade, CTO at Onafriq, emphasized the need for robust cybersecurity measures and interbank collaboration to protect the growing digital ecosystem.

In summary, Nigeria’s banking sector is undergoing a significant digital shift, with record investments aimed at reshaping financial services, boosting user experience, and maintaining a competitive edge in a rapidly evolving market.

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Economy

PETROL PRICE PARADOX: Why You Are Still Paying N1,200+ Despite Global Crude Crash.

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2 months ago

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June 25, 2026

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Despite a significant drop in global crude oil prices—with Brent falling to $73.14 and WTI to $69.85—petrol prices in Nigeria remain stubbornly high. While global markets have stabilized following the US-Iran conflict, domestic pump prices have barely budged, hovering between ₦1,200 and ₦1,300 per litre.....KINDLY READ THE FULL STORY HERE▶

Although industry insiders argue that ex-depot prices should be closer to ₦700, experts warn that a direct price drop is unlikely. Dr. Ayodele Oni, an oil and gas analyst, explains that in a deregulated market, the naira’s exchange rate is just as critical as the price of crude. He emphasizes that while falling crude prices help, the cost of petrol will only truly stabilize if the naira remains strong, as refined product imports are dollar-denominated. Consequently, relief for the average Nigerian may remain elusive unless both crude prices and the currency improve simultaneously.

Option 2: Accessible and Direct (Best for blogs or general reading)

Global oil prices are nearing pre-conflict levels, but Nigerians aren’t seeing the expected relief at the pump. Even though international oil benchmarks have dropped significantly since the US-Iran tensions cooled, local fuel prices remain stuck at ₦1,200 to ₦1,300 per litre.

Many marketers believe pump prices should be much lower, suggesting a price point closer to ₦700 per litre given current market conditions. However, analysts caution that it isn’t that simple. Because Nigeria’s fuel market is deregulated and reliant on imported refined products, the value of the naira is a major factor. Essentially, even if the price of crude oil falls, the cost of petrol will stay high as long as the dollar remains expensive against the naira. For now, experts believe that significant price relief depends as much on currency stability as it does on global oil trends.

Key Takeaways (Bullet Points)

  • The Disconnect: Global oil prices have returned to pre-conflict levels, yet domestic petrol prices remain high (₦1,200–₦1,300 per litre).

  • The Expectation: Marketers and the public believe current crude prices warrant a drop to around ₦700 per litre at the depot level.

  • The Complication: Experts note that the deregulation of the sector means the naira-to-dollar exchange rate is now a more powerful driver of pump prices than global crude costs alone.

  • The Outlook: Relief for consumers is unlikely to happen based on oil prices alone; it requires a combination of lower crude costs and a more stable naira.

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Economy

UNBEARABLE BURDEN: Nigerians Groan As Cooking Gas Hits Unprecedented ₦2,000 Per Kilogram.

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3 months ago

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June 1, 2026

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Despite a significant shift toward domestic production and a drop in imports, the price of Liquefied Petroleum Gas (LPG) has surged to ₦2,000 per kilogram in various parts of Nigeria. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicates that local facilities—including the Dangote Petroleum Refinery—have become the primary suppliers of LPG between April 2025 and April 2026, with daily domestic supply reaching 4,500 tonnes by April 2026. Conversely, imports have plummeted, falling from 1,600 tonnes per day in November 2025 to just 200 tonnes per day by March 2026.....KINDLY READ THE FULL STORY HERE▶

Market Challenges and Consumer Hardship

Even with consistent local output, consumers are facing prohibitive costs and localized shortages, leading many households to abandon gas in favor of charcoal and firewood. Key issues contributing to the crisis include:

  • Supply Chain Barriers: Marketers report that sourcing the product has become increasingly difficult, and they are now paying between ₦25.2 million and ₦26.2 million for 20 metric tonnes of LPG.

  • Economic Impact: The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) stated that these high costs are causing severe hardship for families, food vendors, and small businesses.

  • Policy Setbacks: Stakeholders warn that these trends threaten to reverse years of progress in promoting clean energy adoption and may lead to increased environmental damage.

Infrastructure Progress

While market prices remain high, the Nigerian Gas Infrastructure Company reports that several critical projects designed to improve gas transportation are nearing completion. As of the latest data:

  • The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project is 93.40% complete.

  • The OB3 River Niger Crossing stands at 93.88% completion.

  • The ELPS Midline Compressor Project has reached 94.45% completion.

  • The Odidi-Warri Expansion Project is 70.28% complete, while the Escravos-Odidi project is in its early stages at 17.49%.

Despite this infrastructure progress, industry experts emphasize that addressing distribution bottlenecks remains essential, as increased domestic production alone has so far failed to lower retail prices for the average Nigerian.

Is there a specific aspect of this situation—such as the infrastructure projects or the marketers’ stance—that you would like to explore further?

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Economy

REVOLUTIONIZING THE SKIES: How Nigeria’s New $7 Billion AfDB Deal Will Transform Air Travel Forever!.

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3 months ago

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May 29, 2026

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Nigeria has officially signed a Letter of Intent with the African Development Bank (AfDB) to advance aviation development across the continent. Minister of Aviation and Aerospace Development, Festus Keyamo, formalized the agreement during a dialogue in Brazzaville, Congo, where he served as the African Champion of the AfDB’s Integrated Aviation Transformation Programme.....KINDLY READ THE FULL STORY HERE▶

During the session, Minister Keyamo showcased President Bola Tinubu’s “Renewed Hope Agenda,” emphasizing the need for capital to support key infrastructure and the newly established Nigeria Aircraft Leasing Company. To attract this investment, the Minister highlighted Nigeria’s recent regulatory reforms, including the domestication of the Cape Town Convention and updates to insurance frameworks. In response, AfDB President Dr. Sidi Ould Tah pledged the bank’s support for the programme, signaling a shared commitment to strengthening aviation finance and infrastructure throughout Africa.

Nigeria Moves to Boost Aviation Sector Through AfDB Partnership

Nigeria has taken a major step toward modernizing its aviation industry by signing a Letter of Intent with the African Development Bank (AfDB). Aviation Minister Festus Keyamo, representing the country in Brazzaville, Congo, utilized the platform to present Nigeria’s aviation roadmap under President Tinubu’s “Renewed Hope Agenda.”

A core focus of the discussion was the Nigeria Aircraft Leasing Company, which is expected to improve aircraft financing for local operators. Minister Keyamo assured stakeholders that Nigeria is ready for increased investment, citing significant reforms such as the domestication of the Cape Town Convention and modernized insurance policies. The AfDB has signaled strong support for these initiatives, agreeing to collaborate on the Integrated Aviation Transformation Programme to drive sustainable growth for Nigeria and the wider African aviation market.

Option 3: Short & Punchy (Best for social media or newsletters)

Nigeria is accelerating its aviation growth through a new partnership with the African Development Bank (AfDB). Aviation Minister Festus Keyamo recently signed a Letter of Intent in Brazzaville to unlock funding for the sector, specifically targeting the new Nigeria Aircraft Leasing Company. By implementing key reforms—like the domestication of the Cape Town Convention—Nigeria is positioning itself as a hub for aviation investment. The AfDB has officially pledged its support, marking a key milestone in efforts to modernize air travel infrastructure across the African continent

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