Business
Japa: How mass exit of specialised workers has exposed Nigerian banks
Also, rising network glitches and weaker digital channels have exposed banks to increasing activities of hackers.
Mr James Emeka worked in the marketing departments of three commercial banks for nine years before he finally left Nigeria for United Kingdom in search of greener pastures.
Five years after, he speaks on the worrisome japa syndrome, the term used to explain the mass exit of Nigerians in the country who are seeking better life in other countries.
He says, “Unfortunately, we that have acquired the training and work experience on the field know how it is out there, we are all leaving the country because of the bad economy and experiences without passing the baton of experience to the new entrants.
“What you learn in school is totally different from what you learn when you are working, that is what is called experience.”
Recruiting new people will change of lot of things in banking operations, he says.
Emeka identifies japa as one of the reasons for the huge non-performing loans in the banking sector.
Speaking on major effects, he says, “It is going to change a lot of things. We have poor customer service, we have poor foreign exchange policies, there is no training because we did not handover to anybody; the banking sector is going backward. I spent over nine years in the banking sector, I left without giving the knowledge to people that were coming because I needed to go; nobody could stop me.
“Most of my customers complain they are no longer getting the best they used to get from me. For instance, I used to tell them ahead if there was going to be a change in forex policy, I let them know they need to do this and that. New workers coming in don’t really do that.
“Many of my customers were complaining that there was nobody to help them with loans. If you take a loan, I am not just going to leave you like that; I am still going to research into the business you want to invest in. You will be truthful to me because I am your banker, and I need to know that business you want to invest in. I will go the extra mile to research into the business you want to invest in and tell you these are my findings, the benefits and the challenges.”
According to him, 97 per cent of those he helped to secure loans repaid successfully because he was passionate about helping them to succeed, and helping the bank to make profit.
He says, “I was doing most of the ground works for them, but now, most of the people just want to borrow money without researching about the investment. The banks are not building strong customer relationship and confidence; they just want the loans out there and get their profits. That is why you see that at the end of the day, most of the loans end up going bad.”
Nigerian banks’ non-performing loans hit N1.32tn as of the end of April 2023, according to figures obtained from the Central Bank of Nigeria.
The CBN, in 2020 released the GSI guideline to reduce non-performing loans in the banking sector and monitor consistent loan defaulters among others.
According to the CBN, the GSI allows the banks to recover the outstanding principal and interest upon default from any account maintained by the debtor across all financial institutions in Nigeria.
The banking regulator says the non-performing loans were reduced due to the enforcement of GSI, and the writing off of some bad loans in the banks’ financial records.
However, it has been increasingly observed that the continuous exit of competent hands and specialised workers in the banking sector is affecting all areas of banking operations including IT services.
Failed transactions
Many bank depositors have continued to lose their hard-earned funds to failed transactions. Unfortunately, these funds are often not refunded after several complaints to the banks.
A trader, Tosin Ayoade, says, “I made an online payment worth N43,500 with my debit card; my account was debited but the merchant said the payment was not received. Again, I used my debit card to pay for N10,000 fuel through a PoS at the petrol station, I was debited but the petrol station printed a failed transaction receipt for me.
“On these transactions, I have called my bank several times, and went to two different branches of the bank to lodge complaints but the monies were not reversed. I escalated the complaint to the Central Bank of Nigeria’s complaint channel but I still did not get a refund.”
Speaking on challenges of failed transactions and scams in the banking sector, Julius Ohai, a former banker now in the United States of America, attributed huge failed transactions in the banking sector to high staff turnover in the IT department.
He says, “Many of the staff in the IT sector don’t stay on the job for a long time. As the banking sector in Nigeria seeks to grow and emulate what other countries are doing, the mass exodus of key IT staff is a major downside.”
While only a few displeased bank customers with large amounts take the extra step to approach the banking sector’s tribunal for redress, most customers are being cheated because they are not willing to go through the long path to get justice.
No fewer than 2,281 displeased banks’ customers lodged complaints to the Ethics and Governance Directorate of the Chartered Institute of Bankers of Nigeria, claiming N377.6bn and $428.7m refunds, respectively, since the inception of the directorate till the end of 2022, according to figures obtained from the institute.
The CIBN notes that as of the end of 2022 financial period, 2,241 complaints had been resolved, while N34.12bn and $19.48m refunds were awarded on resolved claims since the inception of the sub-committee.
A former bank worker, Charity Balogun, worked in the IT and audit departments of a commercial bank for 16 years before she relocated to Canada.
“Many complaints are not responded to because most of the experience hands have exited the banks, especially those in the IT departments, so the applications are left in the hands of people doing trial and error,” she says.
Hackers
The Director of Payment Systems Management of the Central Bank of Nigeria, Musa Jimoh, who is also the chairman of Nigeria Electronic Fraud Forum, said the banking sector recorded N9.5bn electronic fraud during the first six months of 2023.
A bank customer, Dupe Babatunde, says, “My online banking app was not working again so I went to my bank to complain. I was given a form to fill which I did. When I got back home, I got an email which I thought was from the bank and responded to it because I just came back from the bank.
“Later, a call came and I responded. The person asked me many questions that I should not have responded to but I did because I just left the bank. Unfortunately, my money was cleared from my account and the bank denied any involvement. But, why did the mail come after I left the bank,” she queries.
She is just one of many bank customers whose accounts have been hacked by fraudsters. While many customers have been able to outsmart hackers, several others have become sceptical about using the banks’ epayment channels.
For instance, a former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, says, “These boys outside the banks who are involved in IT are very clever; they are busy every now and then, trying to break into the banks’ systems because they have learnt so much. I also see that some of the banks’ staff members are part of it.”
Speaking further, he says, “I don’t use ATMs. The reason is that I went to collect a debit card from a bank on a Friday. I had not yet activated it, I planned to activate it on Monday. Before I got home, I started getting emails asking me for my details.
“I did not respond to the emails, but I went back to the bank on Monday. When I told the bank manager about all the emails I received, he was glad I did not respond to them because according to him, the emails were not from the bank. But how did the hackers know that I just left the bank?”
According to a former bank worker, Kazeem Ibrahim, the banking sector is breeding many disgruntled workers who readily compromise customers’ accounts.
He says, “Back in the days when I was in the banking sector, most of us were permanent staff. As a permanent staff, there are a lot of entitlements that we get so because of that, we kept the oath of secrecy of customers. But now, if you notice in the banking sector, contract staff are on the rise.
“Most of the bankers are contract agents who are often paid meagre salaries. So, these workers are the ones giving customers’ details to hackers.”
According to him, contract staff are not treated well and, as such, become very easy to compromise on the job.
Ibrahim says, “Banks have contracted most of these jobs to third-party companies. Can you imagine somebody working in a bank in Nigeria and getting a salary of N50,000 or N40,000 at the end of the month? They would not care to do anything they can to make extra money. So, they are the ones giving customers’ details to hackers. So, they connive with hackers to defraud bank customers.”
He says he left the banking sector 10 years ago, when full-time workers were prevalent in the banks.
“Then, we were well paid, we tried to protect our work, when people approach you, you say no. But now, even if you spend 20 years there, you are not entitled to anything, you just go. You will be ready to accommodate any fraudulent means to make more cash.”
Though he was well remunerated when he was still in Nigeria’s banking industry, he adds, he had to leave the country because of several challenges, especially the deteriorating economy and rising insecurity.
According to him, “The best decision I have made in my life is relocating to the UK because things are better now. They appreciate my value compared to the uncertainty you get at work in Nigeria, not knowing what is going to happen next.
“I left around 2013 and I was earning around N750,000 per month. Hearing now that some bankers are being paid N50,000 in 2023 is worrisome. I can tell you now that I am earning about 10 to 20 of that; more so, I am doing something that I like doing. I work in the engineering sector now and I am working from home. I only go to work once in a while, in short, it is the best decision that I have ever made.”
Business
No Bad Blood Over New Cement Factories, But Our Mining Rights Run Till 2045 — Ibeto Tells Ebonyi Govt
ABAKALIKI, EBONYI STATE — Billionaire industrialist and Chairman of Ibeto Group, Dr. Cletus Ibeto, has clarified his position on plans by the Ebonyi State Government to establish a new cement manufacturing plant, saying he has no objection to fresh investment in the state provided his company’s existing mining rights are respected.
Ibeto, who is also a core investor in the Nigerian Cement Company (Nigercem), said the proposed development should not interfere with areas covered by valid mining leases held by his company.
“We are not against the establishment of new cement factories in Ebonyi State. However, such developments must not interfere with or overlap the specific areas where Ibeto Group holds valid Mining Lease Licences issued by the Federal Ministry,” Ibeto stated.
He said the company’s statutory mining leases covering limestone deposits in the Nkalagu axis remain valid until 2045.
Ibeto stressed the need for proper delineation and mapping of mining areas to prevent conflicts between existing title holders and new investors seeking to establish businesses in the state.
Under Nigeria’s legal framework, mineral resources are vested in the Federal Government, with mineral titles administered through the Federal Ministry of Solid Minerals Development and the Mining Cadastre Office.
Nigercem Ready to Resume Operations
Addressing concerns over the future of the historic Nigercem plant, Ibeto said Ibeto Group remains committed to reviving the facility and is ready to commence work once outstanding administrative issues with the state government are resolved.
He said the company’s position should not be interpreted as opposition to new investment in Ebonyi, stressing that his concern was the protection of legally acquired mining rights.
The development could pave the way for both the revival of Nigercem and the entry of new investors into Ebonyi’s cement industry, provided the respective mining areas are clearly mapped out and existing legal titles are respected.
Business
Patience Jonathan Hails Azikel Boss Eruani as ‘Small Boy’ She Mentored Into Billionaire League
She said her guidance was behind his bold entry into big business at a relatively young age.
The former First Lady spoke on Tuesday in a video which went viral on Thursday during an inspection tour of the Azikel Refinery in Obunagha, Bayelsa State, alongside other dignitaries.
She said she personally introduced Eruani to billionaire businessmen, Aliko Dangote and Aminu Dantata, and pushed him to aspire to their level despite being the youngest among them.
“He’s a boy that I brought up. We are always together. Although he’s the little one among us when we are friends — Dangote, Seyi, Dantata, Eruani — among us, he’s the smallest. But I made sure he followed the Dangotes, he followed Dantata.
“Because I’m a woman in their midst, I made sure I told this small boy, ‘Go and follow them, and stop the grammar.’ But when he told me that one day he would be like Dangote, I said, ‘You’re thinking too high.’ I prayed to God to grant him his heart’s desire,” she said.
The former First Lady also recalled how the immediate past APC administration under Muhammadu Buhari initially failed to grant Eruani a refinery licence before eventually approving three.
“During the Buhari administration, he and others came to me and told me they were going to apply for a refinery. I told him, ‘Eruani, your brother, the President, did not give you a refinery.
“Is it the APC government that will give you one?’ I prayed it would happen. But later, they came back and told me they had been given three refineries,” she said.
The 25,000 barrels-per-day plant is a private hydro-skimming refinery designed to process condensate into petrol, diesel, aviation fuel, kerosene and other products.
It is set to become Nigeria’s second-largest full-slate refinery and the first major privately owned refinery in the Niger Delta.
The Managing Director/Chief Executive Officer of the Niger Delta Development Commission, Samuel Ogbuku, who joined the inspection tour, commended Eruani for his perseverance, noting that he had attended the project’s groundbreaking ceremony eight years ago.
Ogbuku described the refinery as an inspiration and a potential catalyst for investment, job creation and economic growth in Bayelsa State, and urged residents, particularly youths, to key into the opportunities it would create.
He also praised the Bayelsa State Government for improving road infrastructure leading to the refinery site and called for continued support for the project.
Governor Douye Diri, who was represented at the inspection by his deputy, Peter Akpe, has consistently backed the project, which is expected to employ hundreds of workers and drive industrialisation in the state.
Other dignitaries at the event included the Chairman of the Bayelsa State Council of Traditional Rulers, King Bubaraye Dakolo; Vice President of Azikel Group, Presley Asemota; and Isaac Yalah, among others.
A market check on Tuesday showed that NNPCL outlets in Abuja and nearby areas adjusted their petrol price from N1,155 per litre to N1,270 per litre.
The latest adjustment represents an increase of N115 per litre by the state-owned oil company.
The new price change follows recent increases by depot owners and petroleum marketers, who have adjusted their rates twice within a week.
The latest development also comes days after Dangote Refinery resumed the sale of refined petroleum products in dollars, a move that has raised concerns among industry players over the direction of fuel pricing in the country.
The Federal Government has disclosed that 13 of the 50 oil and gas blocks offered in the 2025 Licensing Round will be returned to the licensing basket after failing to attract bids from prospective investors.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.
Eyesan said that although 50 blocks were initially put up for bidding, prospective investors showed interest in only 37.
“At the end of the exercise, we had 50 blocks on offer, but we only had representation for 37 of those 50 blocks. Thirteen of those blocks will be returning back to the basket,” she said.
She further disclosed that 143 companies participated in the commercial bid process, submitting about 200 bids for the available oil and gas assets.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” Eyesan stated.
According to her, nearly 300 companies initially expressed interest in the licensing round, which she described as a sign of renewed investor confidence in Nigeria’s upstream petroleum sector.
“When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she said.
She explained that the number of interested companies was reduced to 196 following the prequalification stage, before the process moved to the technical and commercial evaluation phases.
“From the almost 300 interests that we got, we moved to the pre-qualification stage, and that number was pruned down to 196,” she added.
The 2025 Licensing Round was launched on November 11, 2025, in accordance with the Petroleum Industry Act 2021, with 50 oil and gas blocks put up for bidding across seven sedimentary basins.
The assets comprise 16 Niger Delta onshore blocks, 18 shallow-water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.
The bid portal opened on December 1, 2025, while a pre-bid conference was held in Lagos on January 14, 2026, to provide prospective investors with guidance on the bidding requirements.
Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.
The NUPRC said winning bids are being determined through a weighted evaluation that considers signature bonus commitments, proposed work programmes and performance security. The process combines technical and commercial scores rather than relying solely on financial offers.
The framework is aimed at ensuring that Nigeria’s petroleum assets are awarded to investors with the financial capacity, technical expertise and operational strength required to accelerate exploration and production in the country’s upstream sector.
The new pricing template, which took effect on July 13, 2026, also pegs Automotive Gas Oil (diesel) at $1.087 per litre and Aviation Turbine Kerosene (ATK) at $0.942 per litre, while coastal deliveries of PMS have been fixed at $1,044.62 per metric tonne.
The development marks the end of naira payments for refined petroleum products, a policy introduced after the commencement of the Federal Government’s naira-for-crude initiative on October 1, 2024.
In a notice issued to petroleum marketers and customers, the refinery announced that all previously issued naira-denominated Proforma Invoices and Deal Recaps for both gantry and coastal transactions had become invalid.
The notice, signed by the refinery’s Group Commercial Operations, directed customers not to make payments against the cancelled invoices, stating that all transactions would now be conducted in United States dollars.
Under the revised pricing schedule, petrol supplied through the gantry will sell for $0.779 per litre, diesel for $1.087 per litre, aviation fuel for $0.942 per litre, while coastal PMS supplies will cost $1,044.62 per metric tonne.
The refinery, however, clarified that the transition does not affect Liquefied Petroleum Gas (LPG), which will continue under its existing payment arrangement.
Industry sources said the decision followed a growing imbalance between the currency used to procure crude oil and that used to sell refined products.
According to the sources, the refinery now receives a larger share of its crude oil from the Nigerian National Petroleum Company Limited (NNPCL) under dollar-denominated supply arrangements, while a significant volume of its refined products had continued to be sold locally in naira.
The resulting mismatch, coupled with exchange-rate volatility and fluctuations in global crude oil prices, reportedly increased the refinery’s foreign exchange exposure and prompted the adoption of a uniform dollar-based pricing framework.
A source familiar with the development explained that the shift became necessary as the volume of naira-denominated crude supplies declined relative to dollar-based crude cargoes.
“The refinery is receiving fewer naira-denominated crude cargoes while a larger proportion of its refined products has continued to be sold in naira. That imbalance, combined with foreign exchange volatility, made the transition to dollar pricing inevitable,” the source said.
The decision is expected to have significant implications for petroleum marketers who source products directly from the refinery for nationwide distribution. It could also influence retail pump prices, depending on movements in the exchange rate, international crude oil prices, logistics costs and marketers’ operating expenses.
The Federal Government had introduced the naira-for-crude policy to encourage domestic refining, reduce pressure on foreign exchange demand and stabilise fuel prices. However, industry stakeholders have recently reported implementation challenges, noting that a growing proportion of crude supplies to local refiners has reverted to dollar-based transactions.
Analysts believe the latest development underscores the continued foreign exchange challenges facing Nigeria’s downstream petroleum sector despite efforts to deepen local refining and reduce dependence on imported fuel.
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