Economy
Airtel, Standard Chartered Bank Partner to Expand Operations
By Dipo Olowookere
The duo of Standard Chartered Bank and Airtel Africa Plc have come together to expand their operations on the continent.
This partnership supports Airtel Africa’s efforts to expand the range and depth of its Airtel Money offerings across its 19 million customer base, with new products and services helping to promote the wider adoption of mobile money and increasing financial inclusion.
A statement from Airtel Africa explained that the aim of the “strategic collaboration” is mainly to drive financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services.
Under the new arrangement, both parties will design new, innovative products that will make their respective customers enjoy better financial services.
For example, with the deal, Airtel Money’s customers will be able to make real-time online deposits and withdrawals from Standard Chartered bank accounts, receive international money transfers directly to their wallets, and access savings products amongst other services.
In the same vein, corporate clients of Standard Chartered will be able to make rapid and secure bulk disbursements, such as payroll payments, directly into the Airtel Money customers’ wallet.
This reduces the risks associated with travelling long distances for cash payments and instead customers can go to any Airtel Money agent, kiosk, or branch to cash-out their funds.
Mobile banking transfers between Airtel Money and Standard Chartered Bank are now live in Kenya, Tanzania, Uganda and Zambia. Remaining products will be rolled out later this year subject to regulatory approvals.
According to the CEO of Airtel Africa, Raghunath Mandava, “Our relationship with Standard Chartered boosts financial inclusion across the continent, giving millions of people access to valuable banking services.
“We continue to invest heavily in cashing in and cashing out locations for our customers and increase our distribution. This means that our customers can now send or receive digital payments via Standard Chartered Bank directly to their mobile phones, as well as cash-out their funds at our exclusive kiosks and branches at their convenience.
“This highlights Airtel Africa’s commitment to providing affordable, innovative, best-in-class solutions to enhance the daily lives of our customers.”
On his part, the Regional CEO of Africa and Middle East at Standard Chartered Bank, Mr Sunil Kaushal, stated that, “By collaborating with innovative organisations like Airtel Africa, we are accelerating our mobile and digital-led strategy to provide best in class financial services to Africa.
“Over the past year, Standard Chartered has rapidly launched digital banks across nine countries on the continent, allowing our customers to enjoy seamless services from the safety of their homes even during the peak of the pandemic.
“This partnership will further enhance the ability of our customers to manage and move money safely and securely and create market-leading financial solutions across countries.”
By Adedapo Adesanya
President Bola Tinubu has signed the 2026 Appropriation Bill into law, authorising an aggregate expenditure of N68.32 trillion for the current fiscal year.
He also signed a separate bill extending the implementation period of the 2025 budget from March 31 to June 30, 2026.
The budget allocates N4.799 trillion for statutory transfers and N15.8 trillion for debt service.
It further sets aside N15.4 trillion for recurrent expenditure and N32.2 trillion for capital expenditure through the Development Fund.
In a statement signed by Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Friday, it was that, “The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service. It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.”
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
“The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” it added.
The 2026 Appropriation Act took effect on April 1, with the federal government commencing full implementation in line with what the presidency describes as the Renewed Hope Agenda.
President Tinubu also assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the capital component of the 2025 Appropriation Act by three months to June 30.
The presidency said the extension would ensure the full utilisation of appropriated funds, particularly for critical infrastructure projects at advanced stages of implementation.
“The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
“It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure,” the statement read.
He directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with strong emphasis on value for money and timely project delivery.
The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives, the statement noted.
President Tinubu also assured Nigerians of his administration’s resolve to deepen fiscal reforms and boost revenue generation.
By Adedapo Adesanya
Pipeline Infrastructure Nigeria Limited (PINL) says Nigeria has lost an estimated $226.734 billion in revenue from stalled crude oil production in Ogoniland over the past 32 years.
The group at the company’s monthly stakeholders’ meeting in Port Harcourt called for an urgent, structured restart of operations in the region.
PINL described the resumption of oil production in Ogoniland as a “strategic national priority,” stressing that the process must be driven by host communities and grounded in environmental sustainability.
Speaking at the event, Mr Akpos Mezeh, General Manager, Community and Stakeholder Relations at PINL, said the scale of losses highlights both the cost of inaction and the opportunity ahead.
“Available data shows that over $226.734 billion has been lost due to the suspension of crude oil production from 96 oil wells in Ogoniland over the past 32 years. This clearly underscores both the economic cost of inaction and the immense opportunity that lies ahead,” he said.
Ogoniland, covered under Oil Mining Lease (OML) 11, has the capacity to produce over 500,000 barrels of crude oil per day. Production was halted in 1993 following unrest and environmental concerns linked to oil exploration activities.
PINL outlined key conditions for restarting operations, including active community participation, sustained environmental remediation, adoption of community-based security models, and prioritisation of economic inclusion.
“The position of PINL aligns with growing calls from stakeholders in the Niger Delta for the Federal Government to restart oil production in Ogoniland in a manner that balances economic benefits with environmental justice and community interests,” Mr Mezeh added.
He further affirmed the company’s readiness to support the process, stating: “At PINL, we stand ready to support this process by applying our experience in stakeholder engagement and infrastructure protection to ensure a peaceful, secure, and sustainable resumption.”
PINL maintained that with the right framework, resuming production in Ogoniland could significantly boost Nigeria’s crude output, increase government revenues, and support broader economic growth.
By Aduragbemi Omiyale
Additional shares of Champion Breweries Plc have been listed on the Nigerian Exchange (NGX) Limited.
A circular from the NGX Regulation Limited confirmed this development on Wednesday, April 15, 2026.
The new stocks of the brewery company came from its hybrid offer comprising rights issue and offer for subscription.
Through the two exercises, Champion Breweries issued fresh 2,375,615,342 ordinary shares of 50 Kobo each to subscribers, which were brought to the stock exchange for listing.
Business Post reports that 931,712,324 units arose from the rights issue of 994,221,766 ordinary shares of 50 Kobo each at N16.00 per unit, indicating a subscription rate of 93.71 per cent; and 1,443,903,018 units from the offer for subscription of 2,625,000,000 ordinary shares of 50 Kobo each at N16.00 per unit, reflecting a subscription rate of 55.01 per cent.
The listing of the new shares of the organisation has increased the total issued and fully paid-up shares to 11,323,611,234 ordinary shares of 50 Kobo each from 8,947,995,892 ordinary shares of 50 Kobo each.
“With this listing of the additional 2,375,615,342 ordinary shares of 50 Kobo each, the total issued and fully paid-up shares of Champion Breweries Plc have now increased from 8,947,995,892 to 11,323,611,234 ordinary shares of 50 Kobo each,” a part of the circular signed by the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, stated.
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