Business
In Six Years, Buhari’s Govt Has Borrowed $2.02bn from China
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The Buhari’s administration has borrowed $2.02bn as loans from China from 2015, data obtained from the Debt Management Office on Monday showed, reports The Punch.
According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38bn.
However, as of March 31, the country’s debt portfolio from China had risen to $3.40bn.
According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, a tenor of 20 years and grace period (moratorium) of seven years.
The debt office said that the terms of the loans were compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007.
The loans from China are tied to project. The projects, (eleven in number as at March 31, 2020), include the Nigerian Railway Modernisation Project (Idu-Kaduna section), the Abuja Light Rail Project, Nigerian Four Airport Terminals Expansion Project (Abuja, Kano, Lagos and Port Harcourt), Nigerian Railway Modernisation Project (Lagos-Ibadan section) and the Rehabilitation and Upgrading of Abuja-Keffi-Makurdi Road Project.
Of the amount paid as debt service, 46.15 per cent ($332.03m) was paid to service the interest on the loans.
In the first quarter of 2021, $102.19m was used to service debt to China. This is about 11 per cent of the total $1.0bn used to service external debts within the period.
The DMO recently disclosed that Nigeria had more than $5.83bn foreign loans that had been approved but not yet disbursed as of December 31, 2020.
Out of this amount, $1.25bn is supposed to come from the Export-Import Bank of China. Apart from multilateral agencies, China has remained the nation’s largest creditor.
There had been fears among Nigerians that the country may forfeit some of the projects in case of loan defaults.
Despite the assurance, fear persists that the Chinese loans contain some obnoxious clauses that could breach the nation’s sovereignty especially as the loan agreements are not available in the public domain.
Amaechi denied knowledge of any clause that hands over a national asset to China in case of any default in an AriseTV interview on Monday.
He disclosed that the administration of Major General Muhammed Buhari had paid $150m out of the $500m borrowed by the administration of President Goodluck Jonathan for the Abuja-Kaduna Rail project.
The minister also commented on other issues such as the suspension of Bala-Usman and the impacts of the country’s Deep Blue Project on every Nigerian.
When asked about the plans of the Federal Government to pay back the loans so as to avoid the Zambian experience where some national assets such as the Kenneth Kaunda International Airport, the Zambia National Broadcasting Corporation and the National Power and Utility Company were reportedly used to settle Zambia’s financial obligations to China, Amaechi said borrowers should meet their obligations.
He said, “When you take loans, you are expected to pay back. Today we are paying back. Under the regime of President Goodluck Jonathan, the loan for Abuja-Kaduna was taken. It was about $500m. Today, we have paid about $150m on that loan.
“Nigeria has never defaulted when it comes to repayment. I do not also expect that we should default on any other loan that we have taken.”
While commenting on the status of the suspension of Ms Hadiza Bala-Usman from the Nigerian Ports Authority, he said, “I am not aware that I suspended Hadiza. I am not the president, and I do not have such powers. That power rests with the president.
“I am not aware that Hadiza was actually suspended. I suspect she was asked to step aside, to enable investigation to be carried out on NPA, not on her. We are investigating NPA.
“At the conclusion of the investigation, all the reports will be sent to the president who will then make a decision on the way forward.”
The minister also said that he was not aware of when the panel would finish and that it was in the hands of the panel.
Responding to how the $195m Deep Blue Project will affect all Nigerians who are not seafarers, he said, “What we have done with the Deep Blue Project is that we will reduce the cost of producing oil in Nigeria.
“By the time we provide security on the waters, the economy would improve because there would be more money coming into the economy. That is the impact it will have.”
He added that the company that handled the project guaranteed to refund of the money spent on the project if there was no improvement in the economy six months after the project.
The Punch
Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, has been named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.
The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.
Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value. In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.
Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.
“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria,” he concluded.
A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships. Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.
Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.
For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.
The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.
… Spotlight financial inclusion, others as sectors poised for exponential growth
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has hosted another impactful edition of its quarterly UBA Business Series, bringing together entrepreneurs, investors, innovators and business leaders to explore how customer insights and technology is shaping Africa’s next generation of high-growth businesses.
Held at the Bank’s corporate headquarters in Lagos under the theme, “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions,” the event examined how African entrepreneurs are leveraging data, consumer behaviour and innovation to build scalable businesses tailored to the continent’s unique realities.
A major highlight of the discussion was the consensus among panellists that financial inclusion, the creative economy, sports, and small and medium enterprises (SMEs) represent the sectors most likely to produce Africa’s next billion-dollar companies.
They agreed that the businesses most likely to succeed will be those that remain deeply connected to the needs and behaviours of their customers.
Moderated by media entrepreneur and founder, Adaora Mbelu, the conversation featured an accomplished panel comprising Co-founder and Chief Executive Officer of Chowdeck, Femi Aluko; acclaimed rapper and entrepreneur, M.I Abaga; and Venture Capitalist/ Co-founder of Octerra Capital, Ashim Egunjobi.
Opening the conversation, Mbelu challenged entrepreneurs to pay closer attention to the realities around them.
“Building is not reserved for the smartest person in the room. It is about being observant enough to understand people, behaviour and context. The greatest opportunities often emerge from paying attention to what others overlook.”
Sharing the Chowdeck growth story, Aluko explained that some of the company’s biggest innovations emerged directly from analysing customer behaviour. He revealed that purchasing patterns within the platform inspired the creation of Chowstore, demonstrating how data can uncover entirely new business opportunities.
“Customers constantly tell you what they need. If you listen carefully, they will show you what to build next.”
Speaking on artificial intelligence, M.I Abaga described AI as a transformative opportunity for Africa’s creative industry rather than a threat. He noted that emerging technologies would enable African creators participate more competitively in the rapidly expanding global creative economy.
“Technology has always been part of creativity. AI gives African creators the opportunity to compete globally, solve bigger problems and build businesses that serve international markets.”
He also observed that the digital era has fundamentally changed how audiences are reached, enabling creators to build direct relationships with their communities while creating demand for stronger financial and business support systems.
Offering an investor’s perspective, Egunjobi emphasised that successful investing begins with backing resilient founders rather than impressive presentations.
Africa’s Global Bank, United Bank for Africa (UBA) Plc is set to host the latest edition of its quarterly UBA Business Series, turning the spotlight on how businesses can transform everyday customer feedback into technology that answers Africa’s real needs,
Scheduled for Thursday, 16 July 2026 at 11:00 a.m. (WAT), the event, themed “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions,” will convene founders, investors and builders to share candid insight on designing products that work in African conditions rather than solutions borrowed wholesale from elsewhere.
Participants will be able to join virtually, as the session streams live across UBA’s digital platforms, including the Group’s YouTube channel, with those interested following the conversation online through the bank’s official channels.
The session will feature a lineup of speakers who have built for African markets first-hand, including rapper and entrepreneur, M.I Abaga; venture capitalist and co-founder of Octerra Capital, Ashim Egunjobi; and co-founder and chief executive of Chowdeck, Femi Aluko. The conversation will be hosted by media entrepreneur and founder, Adaora Mbelu.
Panelists are expected to share their personal journeys and perspectives on building consumer platforms, backing the founders behind them, and staying close enough to the customer to keep getting the product right in a fast-moving market.
Speaking ahead of the event, UBA’s Group Head, Brands, Marketing and Corporate Communications, Alero Ladipo, said the edition reflects the bank’s commitment to the entrepreneurs and businesses driving Africa’s growth.
“The best African businesses are not guessing what their customers want, they are listening, adapting and building accordingly,” Ladipo said.
“Through this edition of the UBA Business Series, we want to put that discipline within reach of every entrepreneur, and create a platform where honest conversations about product, technology and growth can take place. When our businesses build for Africa’s realities, the whole continent benefits.”
The quarterly UBA Business Series has grown into a major knowledge-sharing platform designed to equip entrepreneurs, professionals and business leaders with the insights, tools and strategies to build sustainable enterprises and navigate an evolving business environment.
With more than 25,000 employees and over 45 million customers globally, UBA is one of the largest employers in Africa’s financial sector. The bank operates in 20 African countries, as well as the United Kingdom, the United States, France and the United Arab Emirates, providing retail, commercial and institutional banking services while advancing financial inclusion through innovative technology.
