BUSINESS
RMAFC Hails Tinubu for Issuing Executive Order on Oil & Gas Revenue Remittance
By Tony Obiechina, Abuja
The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu has commended President Bola Tinubu for signing the Executive Order directing the direct remittance of oil and gas revenues to the Federation Account.
The Commission in a statement signed by the Chairman described the Executive Order as a bold, constitutionally grounded, and fiscally transformative intervention aimed at restoring transparency, eliminating revenue leakages, and strengthening the revenue base of the three tiers of government.
The Executive Order, signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria (as amended) and anchored on Section 44(3) of the Constitution, reinforces the constitutional principle that ownership, control, and derivative rights in all minerals, mineral oils, and natural gas in Nigeria are vested in the Government of the Federation for the collective benefit of the Nigerian people.
The Commission noted that before this Executive Order, several structural and legal provisions within the Petroleum Industry Act (PIA) created channels through which substantial Federation revenues were subject to multiple deductions, including management fees, frontier exploration allocations, and other layered charges.
These deductions significantly reduced net remittances to the Federation Account and constrained fiscal capacity across the federal, state, and local governments.
“RMAFC wishes to state that the Commission has consistently advocated the review of statutory and regulatory provisions that create opportunities for revenue leakage, erosion, or retention outside the Federation Account, as evidenced by the recent Retreat held on 9th of February, 20226 in Enugu State. The Executive Order has now decisively addressed these structural concerns.
“The Commission considers this reform timely and necessary, particularly in light of the pressing fiscal demands facing the nation, including security, infrastructure, education, healthcare, the energy transition, and economic stabilisation.
“By freeing revenues previously subjected to layered deductions and fragmented oversight, the Executive Order enhances transparency, improves cash flow predictability, strengthens fiscal federalism, and restores the constitutional revenue rights of the Federal, State, and Local Governments”, the noted.
The Chairman emphasised that the reform significantly enhances the Commission’s ability to discharge its constitutional mandate under Paragraph 32 of Part I of the Third Schedule to the Constitution, particularly in monitoring the accruals to and disbursement of revenue from the Federation Account.
“With this Executive Order, the constitutional architecture of revenue remittance is strengthened. It closes structural leakages, eliminates duplicative deductions, and ensures that revenues due to the Federation are remitted transparently. This directly supports the Commission’s oversight and monitoring responsibilities,” the Chairman stated.
RMAFC reiterated its full support for the Federal Government’s ongoing reforms aimed at strengthening public financial management, enhancing accountability, and repositioning Nigeria’s revenue system in line with global best practices.
BUSINESS
PalmPay Marks IWD with Tech Training for Women
PalmPay, a financial technology company, says it will bridge the gender gap in tech through a three-day digital finance and technology training programme for young Women.
This was part of activities to commemorate the International Women’s Day (IWD) 2026.
The company, in a statement on Tuesday in Lagos, said the initiative, tagged “Purple Woman 3.
0”, was designed to equip women with practical and job-ready skills needed to thrive in the digital economy.PalmPay noted that the training, scheduled to hold from March 5 to March 7, would bring together 100 selected women aged between 18 and 30 through a competitive application process.
It explained that participants would undergo intensive, hands-on training in digital finance and technology, facilitated by industry experts, to enhance their employability and career prospects.
According to the company, the programme aligns with the theme of International Women’s Day 2026, which focuses on the need to empower women through access to skills and opportunities.
PalmPay, since its launch in 2024 and through the Purple Woman initiative, had trained 150 women in key areas such as Data Analysis, Software Engineering and Product Management.
It noted that outstanding participants in the 2026 edition would also have the opportunity to secure internship placements with the company for practical industry experience.
The firm reiterated its commitment to supporting women’s inclusion in technology through continuous capacity-building programmes.
BUSINESS
Smart Cash Boosts Digital Banking Access with Zero-transaction-charge Service
Smart Cash Payment Service Bank says it is removing transaction charges and paying competitive interest on savings to address the cost barriers that keep some Nigerians outside the formal financial system.
At the media launch of its zero-transaction-charge and daily interest payments on savings service in Lagos on Tuesday, the bank said the move is a practical step toward easing the financial pressure on low-income earners, traders and small business owners.
According to the bank, the service, tagged “No Be Cho Cho Cho”, signals a shift from promises to practical action under the regulatory framework of the Central Bank of Nigeria (CBN).
Its Managing Director, Ayotunde Kuponiyi, explained that millions of small traders and micro businesses still operate outside the banking system, often because of cost and trust concerns.
He said removing transaction fees was one way to lower the entry barrier and encourage wider participation in the digital economy.
Kuponiyi said, “For many small traders, those small charges matter. They may look insignificant, but over a month they reduce income. By removing them, we are saying your money should work for you, not against you.
“Financial inclusion is about real people; the woman selling in the market, the artisan, the small business owner. When they can save securely and move money freely, they grow their businesses and create jobs.
“This is not a short-term campaign. It is part of our long-term commitment to make digital banking accessible and affordable.”
He added that the bank’s savings product pays interest daily and does not penalise customers for frequent withdrawals, a feature he said was designed with informal earners in mind.
Ada Uba, Head of Legal and Company Secretary of Smart Cash, said the bank, a subsidiary of Airtel Nigeria, received its payment service banking licence in 2022 and had since focused on expanding access to simple and affordable financial services.
She said the new campaign was designed to help more Nigerians connect to formal banking without feeling burdened by routine charges.
Also, Head of Product and Partnerships, Oti Omaghomi, said the zero-charge policy applies to peer-to-peer transfers, transfers to other banks and bill payments.
He explained that customers could open accounts digitally using their National Identity Number or Bank Verification Number, in line with CBN regulations.
According to him, the bank leverages the nationwide network of its parent company to reach customers even in rural communities.
“We understand that access is not just about having an app. It is about coverage, reliability and simplicity. That is why we built the onboarding process to be straightforward and inclusive,” he said.
On trust and security, Omaghomi assured customers that transactions are monitored round the clock, with automatic reversals for failed transfers.
“Banking runs on trust. We have a 24-hour monitoring system and clear processes to resolve failed transactions quickly. Customers should feel confident that their funds are protected,” he said.
Also speaking, another official, Obianuju Onwidi, said users who buy Airtel airtime or data through the platform receive instant cashback, in addition to free transfers and savings interest.
“The goal is simple; remove the fear, remove the hidden charges, and give customers value. When people feel respected by their bank, they stay,” she said.
BUSINESS
IWD: Ecobank Unveils ‘Ellevate’ to Promote Women Entrepreneurs’ Growth
Ecobank Nigeria, has unveiled an enhanced version of its gender financing initiative, ”Ellevate” by Ecobank, as part of activities commemorating 2026 International Women’s Day (IWD).
A statement by the bank on Wednesday, said that the upgraded programme reinforced the bank’s long-term commitment to advancing women-led enterprises in Nigeria and across Ecobank’s pan-African footprint.
Originally inaugurated to improve access to finance for women-owned, women-led, and women-focused small and medium-sized enterprises (SMEs) within its commercial banking segment, the enhanced ”Ellevate” programme now adopts a broader, more inclusive structure.
The new framework extends across all business segments, positioning ”Ellevate” as a comprehensive ecosystem designed to address the structural financing and growth barriers faced by women entrepreneurs.
The Managing Director of Ecobank Nigeria, Bolaji Lawal, said the enhanced programme further strengthened the bank’s ambition to be the financial partner of choice for women entrepreneurs.
“Since its inauguration in Nigeria in July 2021, ‘Ellevate’ has delivered meaningful impact for SMEs and women-led businesses.
“This next phase deepens our value proposition and reinforces our resolve to remain the preferred financial partner for women entrepreneurs,” he said.
Lawal also said that the expanded structure offered improved access to credit on competitive terms, including more flexible collateral considerations aimed at easing traditional financing constraints.
He said beyond lending, the programme integrated digital payment, collections, and cash management solutions to enhance operational efficiency and support scalability.
He added that a core pillar of the enhancement was structured market access.
He explained that, through the bank’s ”MyTradeHub” online matchmaking platform and e-commerce enablement capabilities, women entrepreneurs would be better positioned for cross-border trade expansion and participation in Africa’s regional value chains.
According to him, the initiative also incorporates robust non-financial support mechanisms, including targeted training programmes, leadership development sessions, and knowledge-sharing platforms to strengthen managerial capacity and long-term sustainability.
”This is complemented by access to custom wealth management advisory services, integrated insurance solutions, and a loyalty framework offering commercial incentives through select retail and lifestyle partnerships.”
Lawal noted that the programme aligned with Ecobank’s broader ambition to drive inclusive growth by empowering women as critical contributors to economic development.
“African businesswomen deserve world-class banking solutions that drive turnover, profitability, and sustainable growth.
“Our approach goes beyond financial inclusion to building an enabling ecosystem that enhances competitiveness and long-term resilience,” he added.


