By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) had directed refunds of N19.2 billion and $329.3 million to bank customers in 2025 as more customers turned to the apex bank for resolution of various complaints against banks.

In its annual report and statement of accounts for the year ended December 31, 2025 released on Tuesday, the CBN reported that a total of 23,129 complaints were received from consumers of financial services in 2025, 10.

From these, a total of 18,824 complaints were resolved, indicating a 9.

According to the report, total claims in local currency increased to N40.61 billion in 2025 from N17.13 billion in 2024 while foreign currency claims also rose to $344.2 million compared with $1.06 million in the preceding year.

Based on resolved complaints, the report indicated that N19.12 billion and $329.3 million were refunded in 2025 compared with N9.66 billion and $0.67 million in 2024.

The apex bank stated that the growing recourse to it reflected increased awareness and improved confidence in its consumer complaint resolution process.

During the review period, the CBN also imposed 11 penalties on financial institutions totalling N1.26 billion, for infractions ranging from regulatory breaches and failure to respond to regulatory queries In addition, the apex bank imposed 21 penalties on financial institutions to the tune of N430 million, for infractions ranging from delays in resolving customer complaints to failure to comply with the bank’s directives.

The CBN Group reported N9.86 trillion total income in its audited consolidated and separate financial statements for last year. It further indicated that the total income for the bank was N9.76 trillion.

The bank and the group recorded a surplus of N86.81 billion and N108.13 billion, compared with the surplus of N165.69 billion for the Bank and N38.84 billion for the Group in the preceding year.

“In accordance with the provisions of Section 22(1) and (2) of the Fiscal Responsibility Act (FRA), 2007, the sum of N69.45 billion (80 per cent of 2025 operating surplus) was due to the Federal Government, while the balance accrued to general reserve,” the report, signed by CBN Governor, Olayemi Cardoso said.

He also attributed the sterling performance to President Bola Ahmed Tinubu’s support. “The Bank’s achievements in 2025 would not have been possible without the continued support of President Bola Ahmed Tinubu. This is much appreciated,” he said.

Further analysis of the results showed that the value of the Group and the Bank’s balance sheet increased in 2025 as total assets increased by 18 per cent to N138.86 trillion for the Group and N138.66 trillion for the Bank

 “The assets position reflected an increase in external reserves (11.9 per cent) and other assets (299.7 per cent). The increase in total assets was compensated for on the liabilities side by a rise in the CBN instruments issued (100.7 per cent), while the paid-up capital and reserves of the Bank stood at N599.24 billion,” the results said. The CBN approved a currency indent of 5,706.8 million pieces across the various denominations for 2025.

This represented an increase of 20.5 per cent, from the 4,737.5 million pieces, approved in 2024. Of this amount, the NSPM Plc was allocated 2.0 billion pieces (35.0 per cent), while foreign High Security Printers (HSPs) were alloted the balance of 65 per cent.

 “As of 31st December 2025, the NSPM Plc delivered 1,239.24 million pieces (62.0 per cent) with a face value of N368.83 billion, leaving 760.76 million pieces (38.0 percent) outstanding. Foreign printers completed the delivery of 2,206 million pieces across the N1,000, N500, and N200 denominations

From Joseph Amedu, Lokoja

President Bola Tinubu on Tuesday declared that Nigeria has taken the lead in Africa’s renewable energy revolution with the commissioning of the continent’s first Barefoot Renewable Energy College and the Green Hydrogen Research and Demonstration Pilot Plant in Osara, Kogi State.

Represented by Vice President Kashim Shettima, the President described the new institution as a landmark investment designed to transform Nigeria’s abundant renewable energy resources into economic opportunities through the training of skilled manpower.

According to Tinubu, the college is a direct response to the shortage of technical expertise that has slowed Africa’s energy transition, stressing that it will produce technicians, installers, operators and maintenance professionals equipped with internationally recognised certifications.

He said the institution, modelled after India’s successful Barefoot College initiative, would position Nigeria as Africa’s hub for renewable energy capacity development and provide graduates with skills that are competitive in the global labour market.

The President also praised the speed of execution of the project, noting that it was completed within two years, unlike many public projects that remain unfinished for decades. He urged development partners, research institutions and the private sector to collaborate with the college, assuring them of Nigeria’s readiness to lead renewable energy partnerships on the continent.

Tinubu commended the Minister of Innovation, Science and Technology, Dr. Kingsley Udeh, the Director-General of the Energy Commission of Nigeria, Dr. Mustapha Abdullahi, and Kogi State Governor Ahmed Usman Ododo for their roles in delivering the project.

Governor Ododo described the college as a strategic investment in human capital that would strengthen Nigeria’s energy sector, attract investments and create employment opportunities for young people.

Udeh said the project aligns with the Federal Government’s vision of building a knowledge-driven economy, noting that a skilled workforce in renewable energy is essential to Nigeria’s ambition of becoming a one-trillion-dollar economy.

The Director-General of the Energy Commission of Nigeria, Dr. Mustapha Abdullahi, said the institution is equipped with smart classrooms, battery energy laboratories, a mini-grid simulation centre and other state-of-the-art facilities to train professionals in renewable energy technologies.

The Ohinoyi of Ebiraland, Dr. Ahmed Anaje, welcomed the project, saying it would empower youths with technical skills and contribute significantly to national development.

By David Torough, Abuja

President Bola Tinubu has unveiled a major package aimed at strengthening Nigeria’s armed forces through improved welfare and enhanced defence capability, approving a substantial salary increase for military personnel while reaffirming support for indigenous defence production.

The President approved a pay rise of between 30 and 80 per cent for approximately 250,000 personnel of the Armed Forces of Nigeria, with the new salary structure taking effect from September 1, 2026.

According to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the salary adjustment is structured to favour junior personnel, with the highest percentage increases going to the lower ranks.

Under the new arrangement, officers above the rank of colonel—including brigadier-generals, major-generals, lieutenant-generals and generals—will receive a 30 per cent increase, while personnel from colonel to warrant officer will earn a 50 per cent raise. Soldiers from private to staff sergeant will benefit from an 80 per cent increase.

The new pay package will increase the military’s annual wage bill from N660 billion to N924 billion, representing an additional N264 billion in government spending.

President Tinubu said the salary review reflects his administration’s appreciation of the sacrifices made by troops in the fight against terrorism, banditry and kidnapping, stressing that personnel welfare and military modernisation remain central to his security agenda.

“The men and women who help to keep us safe in our homes must be supported and appreciated,” the President said, pledging continued investment in modern weapons, technology and other operational capabilities to enable the armed forces to effectively protect lives and property across the country.

Meanwhile, the Chief of Army Staff, Lieutenant General Waidi Shaibu, has called for deeper collaboration between the Nigerian Army and indigenous defence manufacturers to strengthen national security and reduce dependence on foreign military equipment.

Receiving the management of Proforce Group during a courtesy visit to the Army Headquarters in Abuja, Shaibu described the indigenous defence company as a source of national pride and urged greater local production to support the Army’s ongoing expansion from eight to 12 divisions.

He identified areas requiring stronger collaboration, including Counter-Improvised Explosive Device systems, ground-penetrating radar, foliage-penetrating surveillance technology, signal intelligence, facial recognition, unmanned systems and dark web exploitation to enhance intelligence-driven operations against criminal and terrorist groups.

The Proforce Group Managing Director, Ade Ogundeyin, reaffirmed the company’s commitment to advancing indigenous defence technology, noting that local manufacturing improves operational security, shortens logistics timelines and provides faster technical support for the Armed Forces of Nigeria.

The latest initiatives underscore the Federal Government’s twin strategy of improving troop welfare while building a stronger domestic defence industry to enhance the country’s security architecture.