Press Release
CASH SHORTAGE: SANWO-OLU APPROVES 50% REDUCTION ON PUBLIC TRANSPORT, CREATES FOOD PALLIATIVE FOR VULNERABLE LAGOSIANS
• BRT, LAGRIDE, FMLM, LAGFERRY passengers to enjoy weeklong relief with Cowry Cards
• Governor permits fuel stations to operate 24hrs
• Governor hails Supreme Court ruling on currency swap
Following nationwide tension caused by persistent fuel shortage and the debacle of currency exchange by the Central Bank of Nigeria (CBN), Lagos State Government has announced palliative measures to cushion effects of the crises on residents.
Governor Babajide Sanwo-Olu, on Wednesday, directed 50 per cent fare reduction in all State-owned transportation services, effective Thursday.
Passengers using BRT buses, LAGRIDE taxi-scheme, First Mile and Last Mile buses, and Lagos Ferry Services (LAGFERRY) will enjoy the palliative for the next one week, using their Cowry Cards.
The Governor also gave express permission to all fuel stations operating within Lagos to commence 24-hour operations to allow residents buy fuel without having to stay in queues for hours.
The controversy over the CBN currency exchange deadline, Sanwo-Olu said, has had dislocation effect on Lagosians, limiting their access to cash for daily transactions and making their means of sustenance difficult.
The Governor announced establishment of food banks in various parts of the State for distribution of food items to vulnerable families hit by the lingering crisis.
He said: “I have found it necessary to address the good people of Lagos, following some event in our dear country. The currency exchange and the fuel situation have, no doubt, raised the tension in the land. I commend our dear citizens for your patience and understanding in the face of hardship that you have experienced in recent days. Your resilience has been remarkable. You stand firm in demonstration of your confidence in our ability to protect your interest in these difficult days.
“The current situation has had telling effects on States and we have taken some steps to cushion the effects on your wellbeing. To support you in weathering these stormy days, I hereby announce a 50 per cent cut in fares on all our BRT buses, LAGRIDE taxi-scheme, First Mile and Last Mile buses, and Lagos Ferry Services (LAGFERRY). This will take effect from tomorrow (Thursday) for the next seven days. We will push out more Cowry Cards to enable more Lagosians get onboard our services.
“I have also directed that food banks be set up in various parts of the State to cater for the vulnerable. We have identified stakeholders and organisations that will help distribute food stuff to the vulnerable people in various communities hit by the current situation. By this, we are not out to solve the entire economic crisis created by the currency swap programme, but we understand this is a difficult moment for vulnerable individuals. The relief will help until normalcy is restored.”
Sanwo-Olu disclosed that the State Government had suspended the ongoing construction work on Buba Marwa Road, the dual carriageway leading to tank farms in Ijegun Egba from where 40 percent of petroleum products are transported to other parts of the country.
The Governor said the road, which is about 50 per cent completed, will give unhindered access to petrol tankers to transport products to filling stations, thereby increasing supply of petroleum products.
He said: “There have been talks between the State Government and the Nigerian National Petroleum Corporation Limited (NNPCL) on the lingering fuel shortage. NNPCL demanded Ijegun Egba tank owners and operators’ unhindered access to the tank farms where about 40 per cent of petroleum products come from.
“We have been able to do that by rearranging the timing of the work on the Buba Marwa Road, the dual carriageway that leads to the tank farms. The road is about 60 per cent completed, but I have directed suspension of the construction work on the highway in order to improve supply of petroleum products.”
Sanwo-Olu hailed the Supreme Court for its pronouncement on the currency exchange crisis, stressing that the apex court’s “wise intervention” on the matter would help douse the nationwide tension.
The Governor also commended security agencies, including the Military, Department of State Services, the police, Civil Defense and Neighbourhood Watch, for being proactive and on alert to protect law-abiding residents.
He warned criminals and mischief makers, who may want to exploit the situation as an opportunity to incite violence, saying any attempt by criminally-minded individuals to breach the peace in Lagos would be counterproductive.
Small and Medium Enterprises (SMEs) have been encouraged to adopt digital tools to enhance their operations and drive sustainable growth.
This call was made during the Fidelity SME Empowerment Program 2025, held on Wednesday, July 23, 2025, at the bank’s dedicated SME Hub in Gbagada, Lagos.
The event, which drew a large turnout of entrepreneurs and stakeholders, marked the official launch of Fidelity Bank’s initiative to equip 100 growth-ready SMEs with ERPRev-enabled POS systems and business support tools—at no cost to the beneficiaries.
Welcoming guests, Dr. Nneka Onyeali-Ikpe, Managing Director/CEO of Fidelity Bank Plc, represented by Mr. Stanley Amuchie, Executive Director/Chief Operations and Information Officer, emphasized the bank’s commitment to SME development:
“At Fidelity Bank, we believe SMEs are not just the backbone of our economy—they are the architects of innovation, resilience, and inclusive growth. Through the Fidelity SME Empowerment Program (FSEP), we are providing 100 entrepreneurs with the tools, training, and support they need to thrive in today’s digital economy.”
Through the initiative, benefiting businesses will receive: a fully-installed POS desktop system, ERPRev business software, receipt printer and barcode scanner, inventory data input support, financial and bookkeeping training, branding and onboarding support, six months of post-installation monitoring; and a free Fidelity POS with instant settlement.
The three-day program features high-impact trainings, masterclasses, and networking opportunities designed to spark innovation, build partnerships, and unlock new markets.
L – R: Divisional Head, Product Development, Osita Ede; Executive Director -Lagos and SouthWest, Ken Opara (both of Fidelity Bank Plc); Chief Executive Officer, Manmark, Adaonah Kene-Uyawune; Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Stanley Amuchie; Deputy Director and Lagos State Manager of SMEDAN, Bunmi Kole-Dawodu; and Divisional Head, Brands and Communications, Fidelity Bank Plc, Meksley Nwagboh; at the Fidelity SME Empowerment Program 2025 in Lagos, recently.
Speaking at the event, Mrs. Adaonah Kene-Uyawune, CEO of Manmark -Fidelity Bank’s strategic partner, noted, “This digital transformation initiative is a game changer. It replaces manual bookkeeping with a unified system that simplifies accounting, inventory, HR, and profitability tracking. These tools are not handouts—they are instruments for long-term business success.”
According to the Nigerian Bureau of Statistics, SMEs make up 96% of all businesses in the country, employ over 80% of the workforce, and contribute nearly 50% to the national GDP. Despite their critical role in the economy, many still rely on manual processes that hinder efficiency and limit access to finance.
Fidelity Bank’s intervention is therefore both timely and strategic—providing SMEs with the digital tools and support they need to streamline operations, improve transparency, and unlock new growth opportunities.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Polaris Bank is set to host the 2025 edition of its Annual Media Capacity Seminar on July 17, 2025, from 10:00 AM to 1:00 PM.
This year’s seminar is themed: “Empowering Journalists in the Digital Age: Storytelling, Tools & Transformation”, and will feature two distinguished facilitators: Taiwo Obe, Founder and Director of Journalism Clinic, and Abayomi Adisa, a Senior Journalist with the BBC.
Now in its 11th year, Polaris Bank’s Media Capacity Seminar has grown into a flagship media education initiative supporting journalism excellence and professional development across Nigeria. Since its inception in 2015, the program has trained over 5,500 journalists, equipping them with the contemporary knowledge and tools needed to thrive in an evolving media landscape and AI era.
The 2024 edition, held in a hybrid format, recorded over 500 participants and focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.” Participants gained insights into data journalism, fact-checking, multimedia storytelling, and the responsible use of artificial intelligence in the newsroom.
Building on last year’s success, the 2025 edition will explore critical aspects of modern journalism, including digital storytelling, transformative newsroom practices, and emerging tools that can help journalists remain relevant in practice and impactful in today’s information age.
Attendance at the seminar is free, but registration is mandatory. Interested participants can still register via bit.ly/PAMC2025.
Polaris Bank remains committed to promoting responsible journalism through robust, consistent and premium media education and investing in initiatives that foster a more informed and progressive society.
Press Release
Union Bank Strengthens Public-Private Partnership At Maiden International Civil Service Conference
Union Bank, one of the nation’s most respected financial institutions, reinforced its commitment to national progress as a proud partner of the inaugural International Civil Service Conference held on June 25 and 26, 2025 at the Eagle Square Arena, Abuja.
The conference, themed “Rejuvenate, Innovate & Accelerate,” convened civil servants, policymakers, and development partners to drive reforms and digital transformation in Nigeria’s public service.
Organised by the Office of the Head of Civil Service of the Federation and the Global Government Forum UK, the conference highlighted critical priorities such as strong inclusive leadership, fostering an agile and digital culture, and effective public service delivery structures that transcend organisational silos. These closely align with Union Bank’s expertise in delivering innovative digital banking solutions and supporting public sector efficiency.
In a statement to the media, Mannir Ringim, Executive Director, North and Public Sector, said: “At Union Bank, we believe in the transformative power of public-private partnerships. Our support for this landmark conference underscores our dedication to modernising Nigeria’s civil service through innovative financial solutions and digital platforms that foster transparency and efficiency.”
Union Bank’s participation reflects its leadership in public sector collaboration, and this support for the International Civil Service Conference attended by President Bola Ahmed Tinubu and senior public sector leaders from across Africa, reinforces the Bank’s role as a key enabler of Nigeria’s development and sustainable economic growth.
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