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Economy

Providus Bank Opens Ekiti Branch, Signals Expansion After Meeting CBN Capital Rules

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Providus Bank branch building in Ado-Ekiti, Ekiti State

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.

Economy

Nigeria Customs, World Bank Launch Post Clearance Audit Programme to Boost Revenue Collection

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Senior Nigeria Customs Service officials and World Bank representatives at a Post Clearance Audit workshop in Abuja.

The Nigeria Customs Service (NCS) has launched a two-week technical assistance programme with the World Bank Group aimed at strengthening its Post Clearance Audit (PCA) system, a key tool used by customs authorities to verify trade declarations and improve revenue collection.

The programme, held at the NCS Headquarters in Maitama, Abuja, runs from 1 to 12 June 2026 under the Accelerated Revenue Mobilisation Reform (ARMOR) Programme. It seeks to enhance compliance management, improve trade facilitation and strengthen revenue assurance through modern auditing techniques.

Officials say the initiative comes as Nigeria continues efforts to modernise customs operations, curb revenue leakages and create a more efficient trading environment for businesses.

Why it matters

Post Clearance Audit allows customs authorities to examine import and export records after goods have been released from ports and border posts.

Experts say effective audit systems can help governments increase revenue without introducing new taxes, while also reducing delays for legitimate traders.

The initiative aligns with broader reforms within the Nigeria Customs Service aimed at leveraging technology and intelligence-led operations to improve efficiency and transparency.

Customs pushes modernisation agenda

Speaking on behalf of Comptroller-General of Customs, Adewale Adeniyi, Assistant Comptroller-General Babatunde Olomu described the mission as a major step towards building a technology-driven and globally competitive customs administration.

He said modern customs agencies increasingly rely on intelligence-led and risk-based interventions rather than traditional transaction-focused controls.

“This mission presents a valuable opportunity to critically assess our existing processes, identify gaps, learn from international best practices, and develop practical solutions that will strengthen our PCA framework and overall compliance management system.”

Olomu identified risk-based targeting, case management, registry management, quality assurance, standardisation and integrated audit systems as key areas that will receive attention during the programme.

He added that an effective Post Clearance Audit framework would help Customs improve revenue assurance, facilitate legitimate trade and strengthen public confidence in government institutions.

The Assistant Comptroller-General also commended Customs leadership for prioritising modernisation and capacity development, while acknowledging the support provided by the World Bank and other development partners.

World Bank focuses on global best practices

World Bank Task Team Lead Moses Kajubi said the programme is designed to equip officers with practical audit tools and internationally recognised methodologies.

According to him, participants will gain exposure to modern compliance management techniques and case management systems that can be adapted to Nigeria’s customs environment.

Kajubi highlighted the growing role of technology and data-driven decision-making in customs administration worldwide.

“This engagement will equip participants with practical tools and global best practices that can be applied directly in the field to improve the effectiveness of Post Clearance Audit operations.”

He expressed confidence that the training would strengthen institutional capacity and support the Nigeria Customs Service’s ongoing reform agenda.

Technology and data analytics take centre stage

Lead Consultant for the ARMOR Programme, Colonel Aloke Dutt, said the mission aims to improve trade facilitation, optimise revenue generation and enhance compliance management through a more structured audit framework.

He stressed the need for standardised audit methodologies, effective monitoring systems and the integration of data analytics into customs operations.

Dutt also highlighted the importance of technology-driven solutions, including the Customs Service’s B’Odogwu platform, as part of efforts to improve accountability and operational efficiency.

During a technical session, Assistant Comptroller of Customs Muhammad Jubril demonstrated how officers can conduct audit reviews using the B’Odogwu platform, including the use of Harmonised Commodity Codes and risk indicators to identify potential compliance issues.

Industry perspective

Trade experts have long argued that stronger post-clearance audit systems can help strike a balance between trade facilitation and regulatory enforcement.

By moving audits away from ports and border checkpoints, customs authorities can speed up cargo clearance while maintaining oversight through data analysis and risk assessment.

Businesses may also benefit from more predictable customs procedures, although compliance requirements are expected to become more rigorous.

What happens next?

The workshop is expected to conclude on 12 June with recommendations for strengthening Nigeria’s Post Clearance Audit framework and integrating international best practices into daily operations.

In his closing remarks during the opening session, Comptroller Muhammad Shattima urged participants to make full use of the training and apply the knowledge gained to support the strategic objectives of the Nigeria Customs Service.

As Nigeria seeks to boost non-oil revenue and improve the ease of doing business, customs officials believe stronger audit systems will play an increasingly important role in achieving those goals.

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Economy

Ooni of Ife Praises Customs Boss Adewale Adeniyi, Cites Tinubu’s Confidence in NCS Reforms

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Ooni of Ife Oba Adeyeye Ogunwusi II and Nigeria Customs Service Comptroller-General Adewale Adeniyi during an Eid-el-Kabir gathering in Modakeke, Osun State.

The Ooni of Ife, Oba Adeyeye Ogunwusi II, has praised the leadership of Adewale Adeniyi, saying President Bola Ahmed Tinubu’s public commendation of the Customs chief reflects confidence in the direction of the Nigeria Customs Service (NCS).

The monarch made the remarks during an Eid-el-Kabir gathering hosted by Adeniyi at his residence in Modakeke, Osun State, on 28 May 2026.

The event brought together traditional rulers, political leaders, senior Customs officers, community stakeholders, family members, and associates.

Why It Matters

The endorsement comes at a time when the Nigeria Customs Service is playing a critical role in the Federal Government’s efforts to increase revenue, strengthen border security, facilitate trade, and support economic reforms.

As Nigeria seeks to diversify government income and improve trade efficiency, the performance of agencies such as Customs has become increasingly important to national economic planning.

The public support from one of Nigeria’s most influential traditional rulers also highlights the growing attention being paid to leadership within key government institutions.

Ooni Links Tinubu’s Praise to Customs Performance

Speaking at the gathering, Oba Ogunwusi said President Tinubu’s positive assessment of Adeniyi’s performance was significant.

“We are very proud of him and the work he is doing. When Mr President publicly expressed satisfaction with his performance, it was not a casual statement. It reflects trust in his capacity and the results he is delivering. What he is doing in the Customs Service and in the community shows that he is a unifier.”

The monarch described Adeniyi as a leader capable of bringing different groups together while contributing to both institutional development and community progress.

“He brings people together, and that is what leadership is about. We will continue to stand by him and pray for him.”

Customs Chief Highlights Reforms and Economic Contributions

Addressing guests, Adeniyi thanked the Ooni, community leaders, family members, and supporters for their continued encouragement.

He described Eid-el-Kabir as a period for reflection on sacrifice, service, gratitude, and responsibility.

According to him, the celebration also provides an opportunity to strengthen relationships and promote collective efforts toward community development and national progress.

Adeniyi said the Nigeria Customs Service has continued to record gains in revenue collection, trade facilitation, anti-smuggling operations, technological innovation, and corporate social responsibility programmes.

He noted that these efforts align with the Federal Government’s economic objectives and support the administration’s Renewed Hope Agenda.

Focus on Trade, Security and Community Development

The Customs chief said reforms within the Service are designed to facilitate legitimate trade, improve compliance, enhance national security, and create opportunities for economic growth.

He added that Customs has expanded community-focused interventions across the country, including educational support initiatives, healthcare programmes, and other development projects.

Adeniyi pledged that the Service would continue implementing reforms aimed at improving operational efficiency and delivering greater value to Nigerians.

He also reaffirmed Customs’ commitment to professionalism, transparency, and service delivery.

Expert Perspective

Public policy analysts say efficient customs administration remains essential to Nigeria’s economic development strategy.

Experts note that stronger trade facilitation measures can reduce business costs, improve cross-border commerce, and increase government revenue, while effective anti-smuggling operations help protect domestic industries and national security interests.

They add that investments in technology and institutional reforms could further strengthen Customs’ role in supporting economic growth.

Public and Industry Reactions

Business stakeholders have consistently called for faster cargo clearance processes, improved digital systems, and predictable trade policies.

Industry groups argue that continued reforms within Customs could help improve Nigeria’s competitiveness as a regional trade hub while boosting investor confidence.

Community leaders at the gathering also welcomed the Service’s social responsibility initiatives, particularly projects focused on education and healthcare.

What Happens Next?

The Nigeria Customs Service is expected to continue implementing reforms aimed at improving trade efficiency, increasing revenue generation, and strengthening border management.

Observers will be watching whether ongoing modernization efforts translate into measurable improvements for businesses, government finances, and consumers.

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Economy

Federal High Court Orders Mamuda to Stop Pop Power Energy Drink Production Over Trademark Dispute

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The Federal High Court in Abuja has ordered Mamuda Beverages Nigeria Limited to immediately stop producing its Pop Power Energy Drink in its current bottle design over allegations of trademark infringement involving Rite Foods Limited’s Fearless Energy Drink.

Justice B.F.M. Nyako delivered the ruling on Friday, 22 May 2026, in Suit No. FHC/ABJ/CS/705/2025, granting Rite Foods’ request for an interlocutory injunction while dismissing Mamuda’s preliminary objection.

The court held that Mamuda’s newly introduced bottle design still appeared to bear a “striking resemblance” to Rite Foods’ Fearless Energy Drink brand.

As part of the ruling, the court ordered Mamuda to halt production immediately, destroy all existing infringing products, and work with the court bailiff to compile an inventory of items marked for destruction.

The injunction will remain in place until the end of the year or until the substantive case is determined.

The matter was adjourned to 23 September 2026 for further hearing.

Why the Case Matters

The dispute highlights growing concerns around intellectual property protection and brand imitation in Nigeria’s fast-growing beverage market.

Trademark disputes involving consumer products can shape competition, influence consumer trust, and affect how businesses invest in branding and innovation.

Fearless Energy Drink has become one of Nigeria’s better-known energy drink brands, particularly among younger consumers, making the case significant within the country’s beverage industry.

Legal analysts say the ruling could send a stronger signal to companies about the risks of brand imitation and identity pass-off.

Earlier Settlement Failed to End Dispute

The latest court order follows an earlier legal battle between both companies in January 2025.

At the time, Rite Foods accused Mamuda of launching a lookalike version of Fearless Energy Drink under the Pop Power brand.

According to Rite Foods, Mamuda later sought settlement discussions, leading to a consent judgment entered by the court.

Under the settlement terms, Mamuda reportedly agreed to stop infringing on Fearless branding, destroy infringing products, and redesign its product packaging to avoid imitation.

However, Rite Foods argued that Mamuda later returned Pop Power to the market with only “cosmetic adjustments” to the packaging.

The company claimed the redesign did little to reduce customer confusion.

Reports from the market, according to Rite Foods, showed that some consumers continued referring to the product as “small Fearless”.

Rite Foods Defends Intellectual Property Rights

Rite Foods said the company remained committed to protecting its brand identity and promoting fair competition in Nigeria’s marketplace.

The company argued that innovation and originality should drive business growth rather than imitation.

In its statement, Rite Foods stressed that businesses must operate within the boundaries of intellectual property laws and ethical competition.

Industry and Consumer Reactions

The case has sparked conversations within Nigeria’s consumer goods sector, especially among branding experts and distributors.

Some retailers say lookalike products can confuse buyers, particularly in open markets where purchasing decisions are often made quickly.

Brand consultants note that packaging design plays a major role in consumer recognition and market loyalty.

Industry observers also say the outcome of the substantive case could influence how aggressively companies protect trademarks in Nigeria’s manufacturing and FMCG sectors.

What Happens Next?

The substantive suit is expected to continue in September, when the court will examine the broader trademark infringement claims in detail.

If Rite Foods succeeds fully in the case, the ruling could strengthen enforcement of intellectual property protections within Nigeria’s food and beverage industry.

For Mamuda Beverages, the legal challenge could affect product distribution, branding strategy, and market positioning in the competitive energy drink market.

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