Providus Bank Plc has opened a new branch in Ado-Ekiti, as it steps up expansion plans following compliance with capital requirements set by the Central Bank of Nigeria (CBN).

The lender says the move is part of a wider push to grow its presence in key markets, support small businesses, and improve access to banking services across Nigeria.

Why it matters

The expansion comes at a time when Nigerian banks are under pressure to strengthen their capital base and extend financial services to underserved areas.

Ado-Ekiti, the capital of Ekiti State, is seen as a growing commercial hub, with increasing demand for retail and business banking.

By opening new branches, banks like Providus aim to bridge financial gaps, particularly for small and medium-sized enterprises (SMEs), which are often described as the backbone of Nigeria’s economy.

‘Deliberate growth strategy’

Speaking at the commissioning, Providus Bank’s Executive Director and Chief Financial Officer, Deoye Ojuroye, said the move reflects a targeted growth plan.

“Our approach is deliberate—we are growing in the right places, supporting real economic activity, and building a bank that is both resilient and responsive to the needs of our customers.”

He added that the bank’s expansion drive will continue over the next 12 months as it seeks to strengthen its national footprint.

Strong capital position

Providus Bank says it met the CBN’s recapitalisation requirement in January 2025, positioning it for sustainable growth.

Mr Ojuroye said the bank’s financial stability gives it the confidence to expand responsibly.

“We are well capitalised within our regulatory category, and that gives us the confidence to continue expanding responsibly while supporting businesses and communities.”

Analysts say stronger capital buffers are critical for Nigerian banks, helping them absorb economic shocks while continuing to lend to businesses.

Industry perspective

Nigeria’s banking sector has seen renewed competition, with lenders racing to deepen market penetration beyond major cities.

Financial experts note that branch expansion, alongside digital banking, remains key to reaching customers in semi-urban and rural areas.

They say banks that combine physical presence with digital innovation are more likely to win customer trust and drive long-term growth.

What’s next

Providus Bank says it plans to open more branches in strategic locations over the next year.

The bank aims to scale its operations while maintaining a focus on risk management, accessibility, and customer service.

Governor Babajide Sanwo-Olu has praised the performance of the Lagos State Internal Revenue Service (LIRS), describing it as a key driver of economic growth, while calling for greater autonomy for tax agencies nationwide.

He made the remarks while hosting the 159th meeting of the Joint Revenue Board (JRB) at the State House in Marina, Lagos.

The governor said Lagos’ internally generated revenue (IGR) now accounts for more than 60% of the state’s annual budget, highlighting its role in funding infrastructure and public services.

Lagos recorded ₦1.3 trillion in IGR in 2024, a 45% increase from the previous year, driven by reforms led by LIRS.

“We can say that our internally generated revenues now account for well over 60 per cent of our budget,” Sanwo-Olu said.

“It has not happened by sheer luck. It is the result of years of investment in digital tax systems, a push to expand our tax net, and building trust with our taxpayers.”

Why It Matters

Nigeria has long struggled with low tax-to-GDP ratios compared to global benchmarks.

Experts say Lagos’ model, combining digital systems, broader tax coverage, and taxpayer engagement offers a potential blueprint for other states.

The governor argued that autonomy is critical for replicating this success.

“Governors need to give revenue agencies clear space to work,” he said.

“It should not be a situation where a governor comes and wants to disrupt the tenure of the chairman.”

He warned that political interference could weaken efficiency and reduce public trust in tax systems.

How Taxes Are Being Used

Sanwo-Olu said taxes collected are being directly translated into infrastructure and social development.

He cited projects such as the Lagos Blue and Red Rail Lines, road expansions, hospitals, and new universities.

The state is also building a multi-modal transport system integrating rail, road, and water transport.

“For us, it is really about our citizens,” he said.

“My deputy and I are consistently committed to ensure that we leave this place a lot better than we met it.”

Industry and Government Reactions

Chairman of LIRS, Ayodele Subair, said the JRB is playing a central role in strengthening Nigeria’s tax system.

“This meeting comes at a pivotal time following the enactment and implementation of the new tax laws,” he said.

“The JRB is positioning itself to support effective implementation by strengthening coordination across all tiers of government.”

Speaking on behalf of JRB Chairman Zacch Adedeji, Executive Secretary Olusegun Adesokan described Lagos as a benchmark for tax administration.

“It is no surprise that Lagos State Internal Revenue Service remains the leading subnational revenue authority in Nigeria,” he said.

He noted that Lagos’ annual revenue had grown from less than ₦94bn in earlier years to over ₦1.7tn.

“These achievements clearly demonstrate how strong revenue performance, when effectively managed, translates into tangible development outcomes for citizens.”

Wider Perspective

The JRB, formerly the Joint Tax Board, brings together tax authorities from all 36 states, the Federal Capital Territory, and federal agencies including the Ministry of Finance and Customs Service.

Analysts say stronger coordination across these bodies could improve compliance, reduce tax leakages, and boost national revenue.

What’s Next

Sanwo-Olu said he would continue to advocate for reforms among state governors to ensure revenue agencies operate independently.

The ongoing JRB meeting is expected to focus on implementing new tax laws and improving collaboration across Nigeria’s tax system.

Nestlé Nigeria has marked 15 years of its technical training programme with the graduation of 20 young Nigerians from its Flowergate Technical Training Centre, reinforcing its focus on skills development and youth employment.

The company says the programme has trained more than 300 young people since its launch, many of whom now work within the company or the wider manufacturing sector.

The graduation ceremony, held in Ogun State on 22 April, brought together government officials, traditional leaders and industry stakeholders, highlighting growing collaboration between the private sector and public institutions in tackling youth unemployment.

Why it matters

Youth unemployment remains a major challenge in Nigeria, where millions of young people struggle to access formal jobs.

Programmes like Nestlé’s Technical Training Centre aim to bridge the gap between education and industry by equipping participants with practical, job-ready skills.

The company says it has invested more than ₦6 billion in the initiative, which runs an 18-month curriculum combining classroom learning with hands-on engineering experience.

Graduates also earn an internationally recognised City and Guilds of London certification, improving their chances of securing jobs locally and abroad.

“Investing in the future” – Nestlé CEO

Nestlé Nigeria’s Managing Director and Chief Executive Officer, Wassim Elhusseini, said the programme aligns with the company’s long-term vision.

“At Nestlé, our purpose is to unlock the power of food to enhance quality of life for everyone today and for generations to come.

Through the Nestlé Technical Training Centre, we are investing in the future of our industry, our communities, and the thousands of talented young Nigerians ready to grow and excel.”

He added that the initiative has helped build a pipeline of skilled talent while strengthening the company’s operations over the past decade and a half.

Strong employment outcomes

According to Nestlé’s Country Human Resource Manager, Shakiru Lawal, the programme has delivered strong employment results.

“With an impressive 98% of graduates moving into employment within Nestlé, the programme has become a key talent pipeline for the business.”

He said the broader Nestlé Needs YOUth initiative focuses on providing “real pathways to work” through training, apprenticeships and partnerships across Central and West Africa.

Graduates speak

The valedictorian, Samuel Oladokun, described the programme as transformative.

“This training has gone far beyond building our technical skills.

It has shaped our discipline, strengthened our confidence, and prepared us in a real and practical way for demanding industrial environments.”

He added that graduates are leaving with “a stronger sense of responsibility, teamwork, and professionalism”.

Government and community support

Ogun State Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, praised Nestlé’s contribution to youth development, saying it complements government efforts.

Traditional leaders also backed the initiative, with the Akarigbo of Remo Land, represented at the event, commending its impact on local communities.

Other stakeholders present included representatives from the Nigerian Employers’ Consultative Association (NECA), the Ministry of Trade and Investment, and the Alliance for Youth initiative.

Inside the training programme

The Nestlé Technical Training Centre, established in 2011, operates across three locations — Agbara, Flowergate and Abaji.

Participants receive training in:

Food technology

Engineering

Manufacturing operations

The programme forms part of Nestlé’s global “Nestlé Needs YOUth” initiative, launched in 2013, which aims to support 10 million young people worldwide by 2030.

What’s next

Nestlé says it plans to expand the programme, deepen its impact, and continue building a skilled workforce to support Nigeria’s industrial growth.

As demand for technical expertise grows, initiatives like this could play a key role in shaping the country’s future labour market.