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FCMB Boosts Digital Banking Experience, Unveils New App Features

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By Tony Obiechina, Abuja

First City Monument Bank (FCMB) has introduced new features to its mobile banking application as part of efforts to enhance customer engagement and expand its digital banking services.

The upgraded app now includes a reward point’s programme that allows customers to earn and redeem points on transactions carried out through the platform.

It also offers direct access to mutual fund investments, instant virtual card requests and activation for online payments, and an in-app customer support feature known as “Chat with Temi” for faster issue resolution.

FCMB also launched the Regal Premium Lifestyle Subscription, giving users access to travel, dining and entertainment benefits, alongside three months of free transfers for customers who are new to the bank.

Speaking on the upgrade, the Divisional Head of Payments and Solutions, Oladipo Alabede, said the new features reflect the bank’s commitment to delivering greater convenience, rewarding customer loyalty and enabling users to manage their finances more efficiently from their mobile devices.

As part of the enhancements, customers can now seamlessly upgrade their accounts from Tier 1 to Tier 2 within the app, eliminating the need to visit a branch before accessing additional banking services.

The Divisional Head of Personal Banking, Adetunji Lamidi, said the latest additions align with FCMB’s digital banking strategy, noting that the integration of intelligent customer support and instant virtual card services is aimed at making banking more accessible, convenient and user-friendly.

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Uganda’s Leading Media Outlets Shut down by Army Chief

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Uganda’s leading independent media group says it is under “military siege” after the army chief – who is the son of President Yoweri Museveni – ordered the closure of TV stations, newspapers and radio outlets.

The Daily Monitor newspaper said that armed soldiers were stationed outside its headquarters in the capital Kampala and both NTV and Spark TV had been taken off air.

The outlets are part of the Nation Media Group, one of the most influential media companies in East Africa.

It is unclear what exactly led to the crackdown, but in posts on X, Gen Muhoozi Kainerugaba said: “I DO NOT believe in a free press! The press should be guided by cadres of the revolution.”

Opposition and human rights groups accuse Gen Kainerugaba of being a central figure in a highly repressive regime led by his father.

Supporters of the president and his family say they have guaranteed stability in Uganda, and the economy has improved under their rule.

President Museveni, 81, is a former rebel leader who took power about 40 years ago.

He won a record seventh term in disputed elections in January, with widespread speculation that he is grooming his son to succeed him one day.

Gen Kainerugaba said on X that his “great father” had given him the “power to shut down any media house I want to”.

He said that both NTV and Daily Monitor would “not re-open without my permission”.

“From now on ALL media in Uganda will follow the rules!” the general added.

The Daily Monitor said on X that the newspaper and its fellow outlets were ordered to close “in a crackdown during the wee hours of Sunday”.

It did not give reasons for the crackdown, but covered the story on its website.

It said staff had reported that “no-one was allowed to enter or leave the compound”, while NTV Uganda and Spark TV viewers “were met with blank screens displaying the message ‘video unavailable’.”

The article pointed out that the Daily Monitor had also been raided by police in 2013 over the publication of a letter allegedly linking senior government officials to a succession plan dubbed the ‘Muhoozi Project’, while NTV had been forced off air in 2007 following accusations by the government that its news coverage was negative.

“Over the years, Museveni has also repeatedly criticised the Daily Monitor, at one point referring to it as an ‘enemy and evil newspaper’ over its critical journalism,” the article said.

During January’s fiercely contested election, Gen Kainerugaba caused outrage when in posts which were subsequently deleted, he threatened to have the testicles of defeated opposition candidate Bobi Wine removed.

Before the polls, opposition rallies were disrupted, with security forces at times opening fire.

The United Nations said the election was held in an “environment marked by widespread repression and intimidation against the political opposition”.

Election officials said the poll was free and fair.

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Taraba Secures $268.63m ECOWAS Investment for Power, Agriculture, Industrial Devt

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From John Lamma, Jalingo

Taraba State has secured a $268.63 million financing agreement with the ECOWAS Bank for Investment and Development (EBID) to implement major projects in renewable energy, agriculture and industrial development.

Taraba State Governor, Dr.

Agbu Kefas, signed the agreement on behalf of the state government at the headquarters of the Economic Community of West African States (ECOWAS) in Lomé, Togo.

The financing package, approved during the 93rd Ordinary Session of EBID’s Board of Directors chaired by the bank’s President, Dr.

George Agyekum Donkor, is the largest share of the bank’s $308.63 million regional investment package for member states.

The agreement paves the way for the implementation of three major projects aimed at accelerating economic growth, expanding infrastructure, boosting agricultural productivity and creating employment opportunities across Taraba State.

One of the projects is a 50-megawatt Solar Photovoltaic (PV) Power Plant, designed to improve access to clean and reliable electricity, strengthen renewable energy generation, reduce dependence on diesel-powered generators and create jobs.

The second project is the Taraba State Integrated Rice Production and Processing Project, which seeks to increase rice production, establish a modern processing facility, strengthen the agricultural value chain, improve food security and enhance farmers’ incomes.

The third project, the Industrial Park Development Project (Phase I): Logistics and Agro-Industrial Clusters, is expected to establish a modern industrial ecosystem that will attract investment, promote manufacturing and agro-processing, create jobs, strengthen Public-Private Partnerships (PPPs), increase the state’s Internally Generated Revenue (IGR) and position Taraba as a leading investment destination in Northern Nigeria.

The projects are expected to generate thousands of direct and indirect jobs, particularly for young people and women, while reducing dependence on the export of raw agricultural products and stimulating sustainable economic growth.

Speaking after signing the agreement, Governor Agbu Kefas described the investment as a defining moment in Taraba State’s economic development.

He said the agreement goes beyond development financing, describing it as a strategic partnership that would unlock the state’s economic potential and create sustainable opportunities for present and future generations.

The governor reiterated his administration’s commitment to building an economy driven by clean energy, modern agriculture, industrialisation, innovation, private sector participation and sustainable infrastructure.

According to him, the projects align with his administration’s broader development agenda of expanding economic opportunities, creating jobs, strengthening infrastructure, enhancing food security and improving the standard of living of the people of Taraba State.

Kefas also assured EBID and other development partners that his administration would uphold transparency, accountability and international best practices in implementing the projects to ensure value for money and measurable socio-economic impact.

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FCCPC Queries High Fuel Prices despite Crude Oil Slump

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By David Torough, Abuja

The Federal Competition and Consumer Protection Commission (FCCPC) has questioned the continued high cost of petrol across the country despite the sharp decline in global crude oil prices, warning that operators in the downstream petroleum sector may be exploiting consumers.

The commission said findings from its ongoing surveillance of the petroleum market revealed that local refiners, depot operators, marketers and filling station owners had only made marginal reductions in fuel prices, despite a significant drop in international crude oil prices.

In a statement issued on Sunday by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the commission said its review of gantry and retail prices showed that Nigerians were yet to enjoy the full benefits of easing crude oil prices.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said while marketers are often quick to raise pump prices whenever crude oil prices increase, they appear reluctant to lower prices when the international market moves in the opposite direction.

According to Bello, although the commission does not regulate fuel prices under the deregulated market, it is mandated by the Federal Competition and Consumer Protection Act, 2018, to ensure fair competition and protect consumers from exploitative practices.

He stressed that market liberalisation does not absolve businesses of their responsibility to compete fairly or treat consumers equitably, warning that the commission would investigate and sanction any conduct found to undermine competition or exploit Nigerians.

The FCCPC’s concerns come amid a sharp decline in global crude oil prices following a ceasefire between the United States and Iran and the reopening of the Strait of Hormuz. Crude prices, which had climbed to about $120 per barrel during heightened Middle East tensions, have fallen to around $73 per barrel.

Despite the drop, petrol continues to sell for an average of about N1,200 per litre nationwide, while some local refiners maintain gantry prices between N1,025 and N1,075 per litre. This contrasts with February, when petrol sold for between N800 and N900 per litre before the surge in global oil prices.

While acknowledging that exchange rate movements, logistics, financing, refining and distribution costs also influence domestic fuel prices, the FCCPC maintained that prevailing market conditions should have resulted in more substantial reductions at the pumps.

The commission urged Nigerians to report suspected cases of price manipulation, anti-competitive conduct and other unfair market practices through its complaint channels, signalling closer regulatory scrutiny of pricing in the downstream petroleum sector.

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