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Fears of Job Losses as Standard Chartered Closes some Nigerian Branches

Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), the workers’ union, which strives to Striving to eliminate barriers that deny individual right to enjoy dignity of labour and discrimination against workers, has said job losses are looming in the sector over a plan by Standard Chartered Bank to close 50 per cent of its branches in Nigeria.
There were reports on Monday that the United Kingdom-based lender would cut branches in Nigeria and focus more on digital banking.
Mrs Oyinkan Olasanoye, president, ASSBIFI, fear that some workers of the UK listed bank might lose their jobs following the development.
She spoke against the backdrop of the latest moves by Standard Chartered which had in December begun to close some branches, according to a Bloomberg News report.
Olasonoye said, “It is not possible for any bank to reduce branches that it won’t affect the employees. Despite the digitalisation, it is the employees of these banks that are still feeding the necessary machines and the necessary equipment to be able to work better.
“This will bounce back to Nigerians generally because Nigeria’s economy is a dependent economy, so those bank workers have some relatives and friends that they still assist financially. A single worker laid off will affect many Nigerians.”
While speaking on entitlements that job losers should have, she said, “It is not every staff that works in Nigerian banks that are full bank staff. The majority of them are contract workers.
“Standard Chartered Bank employees are not members of any union in Nigeria. If they were unionised and those people are our members, we would go into negotiation with the management on severance package, the allowance they are going to be paid.
“And one other thing again that we do in ASSBIFI is that we talk about reducing the number. If the management wants about 50 workers to go, we find a way to do negotiation to reduce the number to a lesser figure because of the effect on the families and the economy at large.
“But as long as they are Nigerian workers, if they walk into any of the labour centres, their case will be taken up and can then be directed to ASSBIFI level to be taken up on the ground that they are Nigerian workers.”
Standard Chartered’s reported decision came amid pressure on the finance industry by mobile money providers.
The closure teed off in December, which means just 13 branches of the bank will be up and running ultimately, compared to around 25 operating before the move, according to the news outlet.
There has been an uptick of lenders deploying mobile money services on a vast scale in Nigeria to tap the market of the unbanked population comprising approximately 38 million adults, which Dataphyte estimated to be worth N26.2 trillion for the first 11 months of last year.
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Elumelu, UBA Chair Seeks Digital Sovereignty for Africa

Tony Elumelu, chairman, United Bank for Africa (UBA) and Heirs Holdings, has called on Africa to avow itself in the fast-evolving global technology landscape, calling for deeper partnerships, infrastructure investments, and recognition of the continent’s digital potential.

Tony Elumelu, chairman, United Bank for Africa (UBA) and Heirs Holdings,
Elumelu, who made this statement in a series of posts on his verified X handle over the weekend, questioned the continent’s current role in global tech innovation and value creation, noting that while technology is transforming the world, Africa risks being sidelined without urgent strategic action.
“We know technology is transforming our world, and the pace of transformation is accelerating. Where is Africa? Are we in the conversation, or are we being left behind?” Elumelu asked.
Citing Africa’s youthful, entrepreneurial, and digitally native population, Elumelu stressed the need for stronger global partnerships that empower African startups and tech developers to not only serve local markets but compete globally.
“Young Africans are digitally native, entrepreneurial, and hungry to build. What we need are more opportunities for partnership, more belief in our potential, and platforms to amplify our voices.
“Africa has led in digital banking and payments. Our value chains are ripe for transformation. Yet we need more investment, more platforms, and more belief in our potential.
“We know that many of the minerals that are techs’ foundation are found in Africa. But is Africa getting the benefit? Africa needs to capture the moment – ensure we have digital sovereignty – that African priorities are understood and met”
The UBA Chairman revealed that he attended an exclusive dinner with French President Emmanuel Macron and global technology executives at the Élysée Palace in Paris, where he sought to amplify Africa’s voice at the highest level of innovation discourse.
“I had enriching conversations with global tech CEOs, including the CEO of NVIDIA, Jensen Huang, on how innovation can and must solve humanity’s most urgent challenges—including those facing Africa,” he said.
Elumelu used the opportunity to advocate for the continent as the next frontier of global tech investment, calling attention to Africa’s unique demographics and the imperative for inclusive innovation.
Speaking further he said through his investment company, Heirs Holdings, remains committed to Africa’s digital transformation, actively backing tech ventures such as Heirs Technologies and Redtech Limited, which are building solutions tailored for the African market while competing on a global scale.
News
FG Urges Private Sector to Invest in Africa’s Space Future

National Space Research and Development Agency (NASRDA) has called on African businesses to seize the opportunities emerging within the rapidly growing global space economy, which is projected to reach one trillion dollars annually by 2030.
The appeal was made by Dr Matthew Adepoju, director-general, NASRDA, during a press briefing at the weekend in advance of the second Africa Space Economy Conference and Exhibition (ASEC 2025), scheduled to take place in Abuja from 17 to 19 June.
The event, organised in collaboration with the Abuja Chamber of Commerce and Industry (ACCI), will focus on the theme “Space Economy and Emerging Markets in Africa”.
Dr Adepoju highlighted that the global space economy is on the verge of surpassing $500 billion per year, making it the fastest-growing economic sector worldwide.
He stressed that Africa must position itself at the forefront of innovation, science, and technology by investing in space-related ventures.
“This is the Fourth Industrial Revolution and Africa must not be left behind.
“It is time for us to take our rightful place at the forefront of global innovation, science and technology, with space technology being the pinnacle of human endeavour.
“The space economy is the fastest growing economic sector in the world and it is projected to hit one trillion dollars per annum. Currently it’s more than 500 billion dollars annually,” he said.
The conference aims to foster collaboration between industry leaders, academic institutions, and research organisations, all working to strengthen Nigeria’s space ecosystem.
Dr Adepoju praised President Bola Tinubu for his forward-thinking economic initiatives, noting the President’s directive to transform NASRDA into a revenue-generating body.
NASRDA, he said, is now committed to fully commercialising and industrialising space research. The upcoming conference is expected to attract international participants, with confirmed interest from countries such as China, the United States, and several European and African nations.
The agency is also preparing for the launch of four new satellites—three optical and one Synthetic Aperture Radar (SAR).
These satellites are intended to support national security, environmental monitoring, and economic surveillance, particularly in sectors such as the blue economy and oil and gas.
Dr Adepoju encouraged private sector involvement in areas including satellite technology, data services, rocketry, and space-based applications.
He stressed that with Nigeria being Africa’s most populous country, there is already a significant market for space-related products and services, and now is the time for African businesses to build capacity, invest locally, and retain economic value.
Speaking on behalf of Chief Emeka Obegolu, ACCI President, Mr Agabaidu Jideani, chamber’s director-general, noted that Africa has yet to fully tap into the space economy’s potential.
He pointed out challenges such as limited public awareness, infrastructure gaps, and evolving policy environments, but said these issues also present opportunities for innovation and investment.
“It was with this foresight that ACCI, through our Policy Advocacy Centre, in a strategic partnership with NASRDA, conceptualised the ASEC,” he said.
Dr Haruna Mohammed, co-chairman of the Conference Organising Committee, reiterated that the event is aimed at the private sector and will showcase how space-based technologies can aid in economic diversification, enhance infrastructure, and promote sustainable development across the continent.
News
Schneider Electric Ignites Innovation in Africa with New Hub

Schneider Electric’s newly launched innovation hub is set to benefit not just large corporations, but also local communities, start-ups and learners from technical, vocational education and training (TVET) colleges.
This is according to Canninah Dladla, Schneider’s first female cluster president for English-speaking Africa, speaking at the launch of the hub over the weekend at the company’s headquarters in Midrand.
The hub builds on Schneider Electric’s global strategy to bring its technology closer to its customers on the African continent, while reinforcing its leadership in sustainability, innovation and digitisation, according to the company.
This African hub is part of Schneider Electric’s global network of over 40 registered innovation hubs, and provides an interactive environment where visitors can explore the company’s integrated solutions across key segments, including energy solutions, industrial automation, building solutions as well as power and grid solutions.
“We are building an ecosystem that thrives on collaboration, innovation and relevance to the African context; one that values local talent, fosters local partnerships and drives local solutions. The innovation hub enables us to create a truly dynamic experience that embodies Schneider Electric’s purpose: enabling all to maximise energy and resources while bridging progress and sustainability,” said Dladla.
“Indeed, Africa holds immense potential, and this hub is designed to help our customers and partners unlock it through digitalisation, innovation and collaboration.”
During the event, Dladla highlighted the company’s commitment to Africa’s energy future, emphasising the need for innovative solutions to address energy challenges on the continent.
“There is more to this building launch; it is unveiling our commitment to Africa’s energy for the future. Everybody, including local media, talks about Africa’s energy issues and problems. But maybe it’s about time we stopped talking about issues and problems and come with solutions.”
Walid Sheta, president of the Middle East and Africa at Schneider Electric, said the hub is made for all Schneider’s partners, colleagues and customers, adding that everyone is invited to visit and learn how the technology drives sustainability and efficiency.
“We believe our software solutions and digital offerings will shape the future for our customers. With technology like AI and sensors, we can detect issues like leaks in pipelines or equipment failures before they happen.
“This helps prevent losses, reduce emissions and keep production running smoothly. It’s already being used in various industries, like refineries, power plants and even buildings, to optimise performance and predict potential problems,” he said.
Speaking at the launch, Dr Anna Mokgokong, Schneider Electric South Africa chairperson, stressed the need for businesses to adapt and innovate in today’s fast-changing landscape. She highlighted the significance of the agriculture sector, acknowledging its challenges, and pointed out that Schneider’s automation solutions could address the sector’s challenges
Mokgokong, who also serves as a chancellor at the North-West University, said there is a need to integrate innovation in academic institutions.
“We should focus on equipping students with in-demand skills, allowing them to gain practical experience and build connections with companies like Schneider through vacation work. This way, by the time they graduate, they’ll have a competitive edge and be more likely to secure employment. It’s time for our universities and colleges to shift mindsets and prioritise quality education that meets industry needs.”
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