The Governor of Delta State, Sheriff Oborevwori, has authorized the immediate allocation of N10 billion to address outstanding pension arrears owed to retirees within the state.

This announcement was made on Tuesday during a meeting with Edwin Ogidi-Gbegbaje, the Chairman of the Bureau of State Pensions, as well as Anthony Osanekwu, the State Chairman of the Association of Contributory Retirees, in Asaba, as reported by the News Agency of Nigeria (NAN).

Governor Oborevwori indicated that the purpose of the meeting was to discuss various issues pertaining to the welfare of retirees, including the settlement of backlog payments and challenges related to the migration under the Contributory Pension Scheme (CPS). He noted that his administration has thus far disbursed over N36 billion for pension services in the state. Furthermore, he highlighted that N1.4 billion has been allocated monthly for pension payments since he assumed office.

The governor emphasized that the state has consistently fulfilled its monthly pension obligations during his administration. However, he acknowledged the necessity of urgently addressing the arrears that predated his tenure. “Our retirees are individuals who have devoted their best years to service in the state. It is both just and necessary that they receive the benefits to which they are entitled, and ensuring their welfare remains a top priority under my administration,” he stated.

In conjunction with this announcement, the governor established an oversight committee to monitor the implementation of the released N10 billion, underscoring the importance of maintaining transparency in the process. He reiterated his administration’s dedication to prioritizing the welfare of senior citizens who have contributed significantly to the state.

Ogidi-Gbegbaje characterized the governor’s announcement as a “pleasant surprise,” expressing confidence that the N10 billion allocation would provide substantial relief to retirees. He assured that the funds would be exclusively utilized for pension payments, emphasizing that the system is designed to ensure transparency and accountability.

Osanekwu also expressed gratitude to the governor for this unexpected and generous decision, remarking, “You took us by surprise; our expectations were significantly lower than the N10 billion you have just approved. I am elated, and I am confident that this news will bring significant joy to pensioners across the state.”

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In May, Governor Oborevwori reaffirmed his administration’s commitment to the welfare of workers, noting that Delta State was among the first to implement a new minimum wage of N77,500, exceeding the national benchmark of N70,000. This adjustment increased the monthly wage bill from N11.5 billion to N15.3 billion.

As part of its civil service reforms and engagements, the administration has facilitated three town hall meetings and a notable dinner with senior civil service staff. “We have upheld our commitments in this area. Over 8,000 public servants have received training, including 450 senior management staff who participated in a comprehensive seven-weekend training program in collaboration with the Administrative Staff College of Nigeria (ASCON), thus marking a significant advancement in leadership development,” he stated.

The governor conveyed that to enhance understanding of the MORE Agenda, the government organized a strategic retreat with Sewa Assets Management for commissioners and heads of inter-ministerial agencies.

Regarding workforce expansion, he reported that 13,497 new teaching and non-teaching staff members have been recruited across the state’s 25 local government areas to address manpower shortages. Furthermore, promotion interviews have been conducted for over 2,193 officers, reflecting the administration’s commitment to career advancement.

The African Development Bank (AfDB) has said that the continent is losing more than $580 billion every year through corruption and illicit capital outflows, a loss that continues to undermine the continent’s economic progress and deepen its debt woes, according to Nairametrics.

AfDB President, Akinwumi Adesina, who stated this in a Bloomberg interview, said the losses are so severe that they outweigh the continent’s ability to finance infrastructure and development, even as Africa’s total debt burden nears $2 trillion.

“It doesn’t matter how much water you pour into a bucket if the bucket is leaking. If you’re able to reduce the leakages to illicit capital, also corruption and all of these things, Africa will be able to keep a lot of these resources and meet the amount of infrastructure it needs,” Adesina said.

$1.6 billion lost daily
The AfDB estimates that Africa loses about $1.6 billion every single day to what it calls “financial leakages.”

This includes $90 billion annually in illicit financial flows, $275 billion lost through profit-shifting by multinational corporations, and $148 billion siphoned off due to corruption.

These losses come at a time when the continent is grappling with an annual infrastructure financing gap of up to $170 billion, a shortfall that must be addressed if Africa is to unlock economic growth and create jobs for its youthful population. Instead of channelling resources into such projects, many African governments are overwhelmed by soaring debt-service costs.

A joint study by the Boston University Global Development Policy Center and the Institute for Economic Justice recently found that debt servicing in Africa has climbed to its highest level since the early 2000s debt crisis.

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Shockingly, more than half of African governments now spend more on interest payments than on public healthcare.

Adesina stressed that while access to concessional financing and debt restructuring are important, curbing corruption and illicit outflows remains the single most crucial step to safeguarding Africa’s resources and reducing its reliance on debt.

What you should know
The AfDB, in its recently released 2025 African Economic Outlook, had expressed concern about Nigeria’s rising debt costs, stating that the country is projected to spend 75% of its revenues on interest payments in 2025.

According to the Bank, a country’s debt-to-GDP ratio may be low and still face high debt burdens if substantial shares of revenue are channeled towards debt service payments.

The AfDB further explained that while many African countries experienced declining debt levels in 2022–2023 due to favorable interest-growth differentials, this trend remains vulnerable.

A slowdown in economic growth or a rise in interest rates, the Bank noted, could reverse recent gains. Moreover, reckless fiscal behavior and excessive borrowing, especially on commercial terms, could undermine progress.

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The Katsina Command of the Nigeria Customs Service (NCS) has successfully seized illicit drugs valued at approximately N690 million naira, involving the interception of two vehicles transporting these substances.

Idriss Abba-Aji, the NCS Controller in Katsina, disclosed this information during a press briefing with journalists on Tuesday regarding the arrests and seizures made by the command.

As detailed by Abba-Aji, the operatives recovered 14 cartons of Tramadol, estimated to be worth N650 million naira, as well as Fragbaline capsules valued at 28 million naira, both of which were concealed within separate vehicles. He further indicated that these seizures occurred over a two-week period, during which cannabis sativa with an approximate value of 15 million naira was also confiscated.

“Recently, we have observed a trend where our borders are exploited for drug smuggling operations. Vehicles are often employed strategically to mislead security personnel during inspections,” Abba-Aji explained. He emphasized that the public must understand that customs officials are tasked with stopping all vehicles to conduct thorough checks.

While members of the public occasionally express concerns about customs personnel disrupting commuters, Abba-Aji clarified that drug traffickers typically do not utilize lorries or open vehicles. Instead, they tend to disguise the transportation of illicit drugs within vehicles designed to appear inconspicuous.

The importance of comprehensive inspections was underscored by Abba-Aji, who noted that without stopping and searching vehicles, operatives would not be able to identify such concealments. He remarked that the recent confiscation of two vehicles on separate occasions was a fortunate outcome of diligent efforts.

Abba-Aji indicated that each vehicle was loaded with significant quantities of illicit drugs, which may have been distributed throughout Katsina and neighboring states had they not been intercepted. He revealed, “In a recent operation at one of our borders, we seized 14 cartons of Tramadol valued at approximately N650 million naira. This represents the largest seizure of such nature in our command.”

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Addressing the correlation between drug abuse and banditry in the region, he affirmed that drug misuse exacerbates insecurity. Consequently, the command has intensified its enforcement operations to combat this issue. It is noteworthy that one suspect was arrested in connection with one of the vehicles but was subsequently released on administrative bail.

In addition, the Nigeria Customs Service (NCS), Seme Area Command, recently reported the interception of five trucks containing 2,800 bags of smuggled foreign parboiled rice, cannabis, and other prohibited items. The overall Duty Paid Value (DPV) of these items was estimated at 1,268,794,474 naira, as stated by the Customs Area Controller, Dr. Benedict Oramalugo, during a press briefing at the Joint Border Post complex in Seme.

These interceptions, which took place between July 1 and 19, were based on credible intelligence gathered by operatives along the Lagos–Abidjan corridor. Moreover, the NCS intercepted 25 containers of pharmaceutical products and other counterfeit substances valued at 9.23 billion naira, which have been submitted to the National Agency for Food and Drug Administration and Control (NAFDAC) for further scrutiny.

The Comptroller-General of Customs (CGC), Bashir Adeniyi, confirmed this development during a handover event in Apapa, Lagos. He remarked that the 25 containers, with a total Duty Paid Value of 9.23 billion naira, highlight a sophisticated network of criminal enterprises that exploit regulatory gaps, thereby undermining national health security.

Zenith Bank Plc over the weekend marked its 35th anniversary with a colourful Chairman’s Dinner at the Eko Convention Centre, Lagos, where it honoured pioneer customers and long-serving staff for their contributions to the institution’s growth.

The glamorous event, which drew leading figures from Nigeria’s political, business, and financial circles, recognised employees who have served the bank for 25 years and above, as well as customers who have stood with the institution since inception.

Dignitaries at the ceremony included Vice President Kashim Shettima; Lagos State Governor, Babajide Sanwo-Olu; Ondo State Governor, Lucky Aiyedatiwa; Taraba State Governor, Agbu Kefas; Borno State Governor, Babagana Zulum; and Delta State Governor Sheriff Oborevwori, represented by his deputy, Monday Onyeme. Also in attendance were business mogul Aliko Dangote and Labour Party presidential candidate in the 2023 election, Peter Obi.

In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame Dr. Adaora Umeoji, OON, paid glowing tribute to the bank’s founder and chairman, Jim Ovia, CFR, describing him as the “Godfather of modern banking” in Nigeria. She praised his foresight and tenacity, noting that his vision had transformed a modest idea into a world-class financial powerhouse.

Vice President Shettima, an alumnus of Zenith Bank, also hailed Ovia’s role in revolutionising the country’s banking industry. “Long before technology became the bloodstream of global finance, Jim Ovia had already woven it into the DNA of Nigerian banking. His true legacy, however, lies in his investment in human capital, in building generations of bankers and investors,” the Vice President said.

In his remarks, Jim Ovia expressed appreciation to customers, shareholders, regulators, and staff for their trust and support over the years. He commended the Zenith Bank family, led by Dr. Umeoji, for their loyalty and dedication, and acknowledged his family for their unwavering encouragement.

Founded in May 1990, Zenith Bank has grown into Nigeria’s largest bank by Tier-One capital, with branches across the 36 states and the FCT, as well as subsidiaries in the United Kingdom, Ghana, Sierra Leone, The Gambia, France, and the United Arab Emirates, along with a representative office in China.

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The bank’s 35-year journey, celebrated with glitz and gratitude, underscored its reputation as a leader in innovation, customer service, and excellence in Africa’s financial services industry.

The Nigeria Customs Service (NCS) recently intercepted 16 containers containing prohibited items, including firearms, ammunition, military equipment, and counterfeit pharmaceuticals, with an estimated value of N10 billion at the Lagos Port Complex (LPC) in Apapa.

During a press briefing in Lagos, Comptroller General Adewale Adeniyi reported that the seizures included two pump-action rifles, 25 cartridges of ammunition, and 202 cans of Colorado Loud, a cannabis strain originating from Canada, which were concealed within a 40-foot container identified by the document number MRSU6407089.

This particular container was consigned to Mr. Babatunde Ogidiolu, linked to a Lagos address.

Adeniyi clarified that the container had initially received clearance as compliant; however, a subsequent search conducted by joint security agencies revealed the concealed illegal items. Each can of Colorado Loud weighed 500 grams, culminating in a total weight of 101 kilograms, roughly equivalent to two bags of cement.

He also noted that intelligence reports suggested the potential presence of additional contraband within the confiscated containers, thereby leading to directives for comprehensive scanning to uncover all hidden items.

“And when this was done, arms and ammunition were discovered inside the container. Two pump-action rifles and 25 cartridges of ammunition were discovered. Also discovered was one Smith & Wesson pistol with 55 rounds of ammunition, one blank, and a number of accessories.

“This container had Mr. Babatunde Ogidiolu of an address in Lagos as the consignee of these products. Other seizures include that of seven containers of expired drugs and prohibited medicaments, three containers of expired food items, particularly margarine, and three containers of absolutely prohibited used clothing.”

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Over the weekend, Adeniyi disclosed, “we also launched an operation through the customs area where one container, one by 40-footer container, number OERU4243517, was seized.

“And it contained 1,290 sacks of frozen poultry products. Another container, FBIU5507953, a 40-footer container, also had 1,290 sacks of frozen chicken. Another interesting seizure has to do with an importation that has infringed intellectual property rights.

“It was established that this container, number ZZSU7277511, had 305 cartons of toothpaste that were concealed with beads and a Jalabiya dress. This particular seizure also underscores what customs does with other agencies of government regarding the enforcement of branch rules. It was a case of infringement of a brand owned by a Nigerian company. Because these products were also not registered by NAFDAC, in addition to the brand infringement, they are subject to seizure.

“Two other containers of expired chest and lung tablets without NAFDAC registration number were also seized. And as we were putting together this press briefing, two containers that we have followed over a period of time from our partners arrived at our ports yesterday.

And true to the information that we received, he said, “These two containers, 40-foot containers, contained codeine. These two containers have also been seized. And the information that we had on these containers is linking the owners to those of the previous ones that we have made.”

The Service, he added, has “therefore deployed tools, technology, and intelligence to help us to strike a delicate balance between and among all these mandates. In doing so, we have found ourselves working on some tightropes to ensure that we do not give attention to one and allow another one to suffer. The results that we have gotten in the last two years have justified the fact that we are doing our best in striking a healthy balance,” Adeniyi said.

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FirstBank proudly sponsored the recently held Canada-Africa Fintech Summit (CAFS 2025), which ended at the weekend at the Sheraton Centre in Downtown Toronto.

Convened by Dr. Segun Aina, President of the African Fintech Network, CAFS 2025 was a landmark event that united fintech leaders, regulators, startups, and investors from Africa and Canada to explore scalable digital solutions, encourage investment, and promote inclusive economic development across both continents.

As a legacy institution with over 131 years of leadership in financial services, FirstBank’s sponsorship highlights its commitment to fostering cross-border collaboration, financial inclusion, and forward-thinking innovation in the global fintech landscape. Olayinka Ijabiyi, Ag. Group Head, Marketing and Corporate Communications at FirstBank, stated, “Our support of CAFS 2025 reflects our belief that collaboration between African and Canadian fintech ecosystems can lead to transformative innovations. FirstBank is proud to help shape that future.”

During a high-level panel discussion with Rudy Cuzzeto, MPP for Mississauga–Lakeshore, and David Stevenson, Country Director for the United Nations World Food Programme (Nigeria), Chuma Ezirim, Group Executive for E-Business & Retail Products at FirstBank, stressed the significance of digital collaboration in Africa’s financial ecosystem. “We’re building APIs that understand regulatory bifurcation, who has access to what, and why. The technology is the easy part.”

The real challenge lies in maintaining security, consent, and performance,” he explained. “In Nigeria, fintech has evolved beyond disruption to convergence, integrating banks, fintechs, and regulators into an agile and accountable ecosystem.” He further emphasized that regulatory clarity is essential for building public trust and attracting private investment in fintech, stating, “The more we collaborate, the more lessons we learn, and the greater the benefits for consumers.”

In a separate panel discussion, Rachel Adeshina, Chief Technology Officer at FirstBank, shared insights on harnessing AI to enhance credit access for the underbanked. “We’re addressing data poverty by using AI to interpret alternative data, allowing us to lend to individuals who might otherwise be invisible to the traditional credit system,” she noted. Adeshina highlighted that FirstBank has disbursed over ₦1 trillion in digital loans through this AI-driven model, achieving a remarkable repayment rate of over 99%. “This innovation was enabled not only by technology but also by a supportive environment, including API banking regulations, data privacy laws, and a shift from account-based to wallet-based banking,” she added. She also underscored the importance of scalability through collaboration, stating, “In a fragmented continent like Africa, digital scale will come from interoperability. Connecting the 54 markets is the next big challenge, and fintechs are ideally positioned to lead that initiative.”

The summit formed part of Canada’s broader Africa Strategy, aimed at fostering economic partnerships, digital cooperation, and innovation exchange. As Africa’s digital finance ecosystem continues to grow and Canada develops its own open banking framework, events like CAFS 2025 provide a timely platform to align strategies and ignite collaborations.

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