News
Banking Tsunami: Lawmakers Sleep as Chaos Looms
The banking tsunami is a phenomenon that holds a double-edge sword capable of reshaping the country for the better or presenting grave danger if not pursued to a logical conclusion, Nigeria CommunicationsWeek can now reveal.
Supporters of the recent fundamental change in power and organizational structures of some banks in the country, said, that there is need to resuscitate the values that country’s unborn children will be proud of and instill professionalism in financial system.
But claims and counter-charges have greeted the sweeping reforms; while some said it is totally expected given known oppositions to revolutions, others warn of preventable chaos citing selective justice.
Unfortunately as the argument swung left and right, the National Assembly which should have been the bastion of hope, appear to lack the technical depth to analyze in real terms the gains and losses by the banking revolution.
As the lawmakers look elsewhere, the ripple effects of the banking tsunami on financial industry, businesses and Nigerians is colossal and has resulted in confidence crisis, loss of credit lines, diminishing international trust and confidence, jobs losses and general hardship.
Attention has also been diverted from the subject and object of the tsunami with some Nigerians including members of the National Assembly applauding as sacked banks chief executives are paraded as thieves.
Nigeria CommunicationsWeek gathered that in place of the ineffectual National Assembly, different interpretations have been given to the revolution.
Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria (CBN), claim that the apex bank is acting with the framework of the powers granted it by its Act.
But some mischief makers have hijacked the entanglement to fuel discord
Recalcitrant debtors and critics are already calling for the head of the CBN’s boss, a man of uncommon depth and capacity. They said that his eclectic disposition gives him up easily.
Love or loathe him, he has profoundly disrupted the status quo. He is the most talked about person in the country today because of the sweeping reforms he embarked upon since assumption of office as governor of the apex bank.
Such phrases like “banking reforms”, “banking crisis”, “rot in the banking system” are now common buzz words even among the rich and poor, learned and illiterates.
He has a rich pedigree and robust record including one as the past group managing director/chief executive officer of First Bank Plc, Nigeria’s oldest bank and one of the biggest financial institutions in Africa.
Sanusi rose to the position of CEO having held the position of executive director, Risk & Management Control from where he championed remarkable developments in the bank’s enterprise risk and management control mechanisms.
Nigeria CommunicationsWeek gathered that the CBN governor now wears a revolutionary toga sown by his supporters since August 14, when he sacked the chief executives of five banks; Intercontinental, Oceanic, Afribank, Union Bank and FinBank – for allegedly awarding non-performing loans to the tune of about N780 billion. Another intervention in five other banks; Spring Bank, Wema Bank, BankPHB and Unity Bank generated equally the same cheers and jeers.
His critics said the reforms could have been handled better. They are quick to conjure up ethnic and religious agenda to discredit him.
Some said that the governor is a victim of ethnic and sectional prejudice with the belief that people from certain sections of the country are lower in the intelligence hierarchy.
Nigeria CommunicationsWeek gathered that most critics of Sanusi accuse him of replacing inefficiency with incompetence and wastefulness with profligacy.
Only mature handling of the revolution can starve distrust and widening of sectional divide in the country.
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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