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NCDMB: Remittance of 1% Nigerian Content Levy Still Mandatory

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The Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday reminded operators, contractors, and service companies in the upstream sector of the Nigerian oil and gas industry of their mandatory obligation to remit one percent (1%) Nigerian Content Development Fund (NCDF) levy into the bank accounts officially designated by the Board.

In a statement at the Nigerian Content Tower, Yenagoa, Bayelsa State, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe explained that the NCDF is established under Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010 as a dedicated fund for the development of Nigerian content in the oil and gas industry.

He reiterated that covered entities are bound to remit one percent (1%) of the value of every upstream contract, adding that NCDMB is vested with the exclusive authority for the management and administration of the fund.

Funds generated under the NCDF are deployed to support indigenous oil and gas contractors and service companies, to finance capacity development and training in the industry, to enable access to affordable finance for indigenous participation, and to drive sustainable growth across the oil and gas value chain.

Ogbe clarified further that “the NCDF is a ring-fenced statutory development fund created by a specific Act of the National Assembly,” adding that it is “not classified as Federal Government revenue payable into the Consolidated Revenue Fund and its collection and administration are expressly governed by Section 104 of the NOGICD Act.”

He stressed that all remittances of the one percent (1%) NCDF levy must be made strictly into the accounts officially designated by the NCDMB, pointing out that “any remittance made outside the accounts formally designated by the NCDMB “shall not be recognised as valid payment of the one percent (1%) NCDF Levy under the Act.”

He urged companies to ensure strict compliance and to seek clarification from the Board where necessary prior to effecting any remittance. The Executive Secretary assured industry stakeholders that the Board remains committed to transparency, accountability, and the effective utilisation of the Fund for the growth and sustainability of Nigerian Content in the oil and gas industry.

Furthermore, the NCDMB has announced that obtaining the Nigerian Content Development Fund Compliance Certificate (NCFCC) has become a key requirement for accessing the Board’s regulatory services and approvals.

The NCDF Compliance Certificate is issued to companies to confirm their full compliance with statutory obligation to remit one per cent (1%) of the value of every contract awarded in the upstream sector of the oil and gas industry.

The Board stated that “without a valid NCDF Compliance Certificate, access to regulatory documents, certifications, approvals, and clearances issued by NCDMB shall not be granted.” Some of these include Nigerian Content Equipment Certificate (NCEC), approvals and clearances for projects and contracts, and other regulatory documents issued by the Board.

The agency advised oil and gas industry stakeholders to regularise their NCDF remittance status, apply promptly for the document and ensure continuous compliance to avoid disruptions to operational schedules.

The Board said the process of obtaining the NCFCC is fully digital and accessible via the NCDMB online portal. It advised all eligible companies to submit relevant contract and remittance information, upload evidence of NCDF payments, complete verification and compliance review, and obtain the Compliance Certificate upon confirmation.

According to NCDMB, obtaining the NCDF Compliance Certificate matters because it is a validation of a company’s standing with the Board, and serves as a mechanism for promoting transparency, accountability, and sustainable Nigerian content development.

 

 

NCDMB Builds Capacity in Health Sector, Donates Hi-tech Equipment, Simulators to Bayelsa Medical University

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A state-of-the-art Clinical Skills and Simulation Laboratory, fully equipped by the Nigerian Content Development and Monitoring Board (NCDMB), was on Friday commissioned at the Bayelsa Medical University (BMU), Yenagoa, with the goal of positioning the institution to align with global best practices in medical education, and “strengthening local capacity in Bayelsa State and Nigeria at large.”

Equipment provided include high-fidelity adult and pediatric patient simulators, laparoscopic training systems, obstetric trainers, advanced life support mannequins, consultation cubicles, and audio-visual learning systems, all of which the university authorities claimed would enable students to “learn, make mistakes, and perfect their life-saving skills in a zero-risk environment before they ever touch a human patient.”

Speaking at the commissioning ceremony at the Clinical Skills Acquisition Centre, BMU Main Campus, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, said that capacity building is “not just about oil and gas; it is about ecosystems,” and that the industry does not operate in isolation. He listed health care, education, engineering, and logistics, among others, as sectors with linkage to the oil and gas industry.

He noted that “Simulation-based learning is now the global standard in medical education” and that it allows students to acquire hands-on clinical skills, improves decision-making, and builds confidence in a controlled safe environment before engaging the blue patient.

Represented by Mr. Ene Ette, Acting Director, Planning, Research and Statistics (PRS) of the Board, the Executive Secretary commended the Management of BMU and partner organisations for their collaboration, professionalism, and shared vision, pointing out that the upgraded laboratory is a strategic investment in human capacity and capital development and a practical demonstration of how policy can translate into measurable impact.

In his welcome address, the Vice Chancellor of the institution, Professor Dimie Ogoina, noted that the event was not just the commissioning of a building or unveiling of medical equipment, it was about “securing the future of healthcare in Bayelsa State, the Niger Delta, and Nigeria at large.” He said words could not adequately express his profound gratitude to the Management of the NCDMB.

He recalled that when he assumed office as Vice Chancellor in 2025, he shared his vision, encapsulated in what he termed A.S.P.I.R.E. Agenda, to transform Bayelsa Medical University into a globally recognised leader in medical education, research, and innovation, driven by technology and excellence. “Today,” he remarked, “as we look at this world-class facility, we are seeing the ASPIRE Agenda come to life.”

To the Executive Secretary and the entire Management of the NCDMB, he declared: “You have provided us with the very best – from advanced patient simulators and CPR mannequins to essential surgical and diagnostic kits,” noting that by equipping the lab to such a standard, the Board was “directly contributing to the reduction of medical errors, the improvement of patient safety, and the development of indigenous healthcare professionals who will serve our communities and our industries.”

“We are not just training doctors for today, we are nurturing digital-age physicians capable of competing on the global stage,” he emphasised.

Professor Ogoina also appreciated the Bayelsa State Governor, Senator Douye Diri, and the Commissioners for Health and Education, for the unwavering support and for creating an enabling environment that allows partnerships like the one with NCDMB and its partner organisations to thrive.

In a similar vein, the Provost of the College of Medicine, Bayelsa Medical University, Professor Philip Eyimina, expressed profound gratitude to the NCDMB for its foresight and generosity in equipping the University Clinical Skills and Simulation Laboratory, and to the Bayelsa State Government for continued commitment to strengthening healthcare and education in the State.

He pointed out that the newly upgraded laboratory played a significant role in the institution’s recent accreditation verification exercise. According to him, “The presence of a functional, well-equipped Clinical Skills Laboratory strongly affirmed our readiness to deliver high-quality medical education in line with national standards.”

According to him, “In this laboratory, our students will learn essential competencies – history taking, physical examination, suturing, intravenous access, cardiopulmonary resuscitation, obstetric skills, and emergency response – while developing critical thinking, teamwork, and communication skills.”

In a special address, the State Governor, Senator Douye Diri, who is the Visitor to the University, lauded the NCDMB for providing facilities which he described as remarkable. He recalled the aspiration of the Vice Chancellor to make BMU “a leading university in medicine,” noting that “What the NCDMB has done is clearly a demonstration of going with that vision to market this university to the entire world.”

Represented by the State Commissioner for Education, Dr. Gentle Emelah, the Governor declared that the institution has the firm support of the State Government as it strives for high academic standards and global reckoning.

In a goodwill message, the Pro-chancellor of the University, Professor Tarilah Tebepah, said while the Governing Council was considering the vision of BMU becoming globally known as a leader in medical education, producing very sound innovative healthcare professionals, it never lost sight of the fact that a lot of technology, equipment and funding would be required.

He thanked the NCDMB profusely, while pleading that it should continue to identify with the institution as it grapples with resource-related challenges.

The event was concluded with a tour of key units of the state-of-the-art Clinical Skills and Simulation Laboratory, which include a Virtual Reality Station, Paediatric and Airway Management Stations, EGG and Patient Monitoring Station, IV Fluids Administration and Cannulation Station, and a Demonstration Hall.

NCDMB Holds Lagos Midstream Workshop, Charges Operators on Compliance, New Policies

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The Nigerian Content Development and Monitoring Board (NCDMB) has enjoined operators in the midstream segment of the oil and gas industry to comply with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, or risk attracting sanctions, including project withdrawal, suspension and criminal prosecution.

The Board also reaffirmed that obtaining the Nigerian Content Equipment Certificates (NCEC) attracts zero processing fees, and it had banned the use of middlemen in all its transactions and confirmed that expired or misapplied NCECs will lead to automatic disqualification from tenders.

These positions anchored the NCDMB Sensitisation Workshop for Midstream Companies and Stakeholders, held on Friday in Lagos, as the Board deployed a five-directorate technical team to deepen compliance awareness across Nigeria’s fast-expanding midstream segment.

Organised by the Monitoring and Evaluation Directorate and supported by the Project Certification and Authorisation Directorate, Capacity Building Directorate and Planning, Research and Statistics Directorate, the workshop was themed, ‘Compliance with the Provisions of the NOGICD Act 2010: The Path to Industrialisation’.

Opening the workshop, the Acting Director of Monitoring and Evaluation, NCDMB, Mr. Omomehin Ajimijaye, said the decision to host the Lagos leg of the engagement underscored the Board’s commitment to extending Nigerian content enforcement beyond the upstream sector and the Niger Delta region.

“Today’s workshop is one of the key platforms for deepening engagement with the midstream sector. We are not focused only on the upstream sector. We are also doing our best to ensure that our midstream and downstream stakeholders are carried along in the quest for Nigerian content value expansion, and for the economic progress and energy security of our country,” he said.

Conveying the appreciation of the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, he thanked participants for honouring the invitation at short notice, describing them as strategic partners in the Board’s national mandate.

Ajimijaye outlined four objectives of the engagement: deepening understanding of the NOGICD Act; clarifying statutory reporting templates; addressing midstream-specific compliance challenges; and strengthening collaboration between the Board and industry players.

“Your feedback is crucial as we move towards our collective goal of raising Nigerian content to 70 per cent. This journey requires partnership and mutual understanding,” Ajimijaye added.

The Director of Capacity Building, Engr. Abayomi Bamidele, said, “The Act mandates all operators and contractors to prioritise Nigerian employment and training,” noting that any project or contract valued at $1m and above must submit an Employment and Training Plan for Board approval.

He explained the NCDMB Field Readiness Initiative, designed to bridge workforce gaps created by retirements and emigration of some personnel, and open the oil and gas sector to OND, HND and BSc holders via the NOGIC JQS portal.

Bamidele reiterated that NCEC processing is completely free, middlemen are prohibited, and companies must own, not lease, certified equipment.

Delivering a detailed technical presentation, the Supervisor, Project Certification and Authorisation Directorate, Mr. Elvis Ogede, explained that every operator was statutorily required to submit a Nigerian Content Plan in line with Sections 7 and 8 of the Act.

“With respect to your scope of work, we expect you to set targets. These targets are achievable, not just aspirations — with the capacity that exists in-country,” Ogede said.

He explained that operators must engage the Board at five mandatory points, including Nigerian Content Plan submission; approval of selective or sole-source contracting strategies; review of invitation-to-tender documents; participation in bid openings; and submission of technical and commercial evaluation reports before issuance of the Nigerian Content Compliance Commitment.

Clarifying recent changes, Ogede stressed that the NCCC was not a certificate of past compliance but a binding commitment.

“It is not a certificate that you have complied. It is a commitment — what you are going to do — and you will be monitored against it,” he said.

He also warned that Memoranda of Association could no longer substitute for valid NCEC, that expired NCECs are disqualifying, and that service-specific certification is mandatory.

“Nobody should expect to use a consultancy NCEC for fabrication work and then complain when disqualified,” he added.

The Deputy Manager, Midstream Monitoring Division, Mr. Damola Aderibigbe, outlined the Board’s monitoring framework, which spans performance, compliance and intervention monitoring across upstream, midstream and downstream operations.

“We do not just monitor activities — we measure performance against commitment,” he said.

He listed 14 statutory reports required from companies and warned that late or incomplete submissions remained the most common compliance failures.

Aderibigbe stressed that engineering firms must hold corporate COREN accreditation, not just individual staff certification.

“If you fall short of the law, remediation will be required, suspension may follow, legal action can be taken, and projects can be withdrawn. But the Board is a business enabler — we want compliance, not conflict,” he said.

The Supervisor, Planning, Research and Statistics Directorate, Mr. Emmanuel Paulker, said that the NOGIC JQS portal had registered 406,000 individuals and 11,445 companies, including 115 operators, though much of the midstream sector remains outside the system.

He said 1,603 expatriate quota applications had been processed, with 1,417 approvals, generating 13,833 employment commitments, and warned that companies must obtain NCDMB’s approval before approaching the Federal Ministry of Interior.

“Anything outside that process is a contravention of the law,” Paulker said.

Delivering the vote of thanks, the Supervisor, Midstream Monitoring Division, Engr. Pius Waritimi, reiterated that compliance commitments are binding and encouraged stakeholders to engage the Board early.

“We want everyone here to join the NCCF and the Sectoral Working Groups, where industry concerns can be addressed constructively,” he said.

 

CBN Gov: Net Reserve Figures Indicate Stronger External Sector Fundamentals, Result of Sustained Policy Reforms

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The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has stated that Nigeria’s gross and net foreign reserves showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms.

Following his disclosure at the post-Monetary Policy Committee (MPC) press briefing on Tuesday, February 24, 2026, where he said the country’s gross external reserves stood at $50.45 billion as of February 16, 2026, Mr. Cardoso, at the weekend, said the net foreign exchange reserves, as at the end of December 2025, rose to $34.80 billion.

He stated that the figures emphasised the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger FX inflows, and improving reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.

According to him, the improvement represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.

He disclosed that net reserves increased sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, reflecting what he described as a fundamental improvement in reserve quality. He added that the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.

Mr. Cardoso further stated that net reserves rose from $23.11 billion at end-2024 to $34.80 billion at end-2025, while gross external reserves increased to $45.71 billion from $40.19 billion over the same period, representing an increase of $5.52 billion. He said the expansion highlighted Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.

He described the end-2025 reserve position as strong validation of the Bank’s ongoing policy reforms and external sector adjustments.

He reaffirmed the CBN’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.

 

Stanbic IBTC Bank Nigeria PMI: New Orders Return to Growth, Inflation Eases to Lowest in Six Years

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The Nigerian private sector returned to growth in February, following a muted start to 2026. A renewed rise in new orders fed through to an accelerated increase in business activity. Employment, input buying and inventories were also up midway through the opening quarter of the year.

Meanwhile, an improvement in the strength of the currency helped lead to an easing of inflationary pressures, with both purchase costs and output prices rising at the slowest rates in just over six years. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI).

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “After the dip seen in January, Nigerian private sector returned to growth, with the headline PMI settling higher at 53.2 points in February from 49.7 in January.

This was in line with higher customer demand, which drove higher new product offerings at competitive pricing. Accordingly, output (55.8 vs January: 50.2) regained momentum in February while new orders (55.5 vs January: 49.9) also increased markedly in the month.

Notably, the wholesale & retail sector, which had dipped in January, returned to growth, thereby ensuring that all the four monitored sectors by the survey increased in February. Elsewhere, local currency appreciation helped to support softer input and output prices in February, as the naira has been trading below 1400 against the USD consistently since 29 January.

Strengthening external account, higher offshore FX flows, and improvement in remittances continue to support higher FX supplies with the CBN also stepping in by buying USD in the FX market to moderate the pace of local currency appreciation.

The Nigerian economy is on track to grow by 3.86% y/y in Q1:26 and we still see real GDP growth at 4.1% y/y in 2026. The government has been visible in infrastructure, livestock development, easing trade constraints, and attracting investments in oil & gas and manufacturing. Aside from that, the Dangote refinery is expected to continue to have forward-linkage impact on other sectors of the economy.

Additionally, likely lower interest rates in line with lower inflation and exchange rate stabilization should support private consumption and business investments in 2026. Because of these factors, we see more sectors contributing to real GDP growth rate in 2026 compared to 2025, likely translating to an improvement in the quality of lives of the citizens compared to the last two years when the citizens witnessed the full negative impact of the government’s flagship reforms.”

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. After dipping below the 50.0 no change mark in January, the headline PMI recovered from the reading of 49.7 to 53.2 in February.

As such, the latest data pointed to a solid monthly improvement in the health of the private sector. Except for January’s blip, business conditions have improved continuously since December 2024. New orders returned to growth in February, with anecdotal evidence pointing to improving customer demand and better product affordability.

The rise in new business, higher customer numbers and new product offerings helped lead to a rejuvenation in growth of output, which increased markedly and at the fastest pace in four months. All four monitored sectors saw activity rise as wholesale & retail posted a renewed expansion. Higher new orders led firms to expand their staffing levels again, and at the fastest pace since last October. Employment has now increased in nine consecutive months.

Despite sustained job creation, however, backlogs of work increased at the fastest pace since May 2020. Panellists linked rising outstanding business to delayed client payments, shortages of staff and materials, and power supply issues.

A desire to keep up with order requirements meant that companies expanded their purchasing activity and inventory holdings markedly in February. Suppliers’ delivery times continued to shorten, however, amid prompt payments and improved traffic conditions. A stronger currency led to a marked easing in the pace of purchase cost inflation in February.

The latest rise in purchase prices was the weakest in just over six years. Where inflation was recorded, panellists linked this to higher prices for animal feed and raw materials. Meanwhile, cost-of-living payments to workers meant that staff costs continued to rise.

With the rate of purchase cost inflation softening, firms also raised their output prices at a much weaker pace. Here too, the rate of inflation was the weakest since January 2020.

Advertising efforts and business expansion plans were central to positive expectations for output over the next 12 months. Sentiment picked up in February, but remained relatively muted.

TeamApt Partners Awabah, PenCom to Power Micro-Pension for Nigeria’s Informal Economy

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L-R: Dennis Ajalie, Chief Executive Officer, TeamApt Limited (a subsidiary of Moniepoint Inc.); Tunji Andrews, Chief Executive Officer, Awabah; Uche Uzoebo, Chief Executive Officer, Shared Agent Network Expansion Facilities (SANEF); and Ifeanyi Duru, Senior Vice President, Enterprise Network Sales, Moniepoint Inc. at the announcement of the TeamApt-Awabah partnership during the Awabah Agent App Launch in Abuja.

TeamApt Limited, a subsidiary of Moniepoint Inc. and leading financial infrastructure provider, has partnered with Awabah, the National Pension Commission’s first licensed Accredited Pension Agent, to transform pension accessibility for millions of Nigerians in the informal economy.

This was announced at the launch of Awabah’s novel agent license in Abuja, under the theme ‘Building Financial Resilience: Securing the Future with Personal Pensions.’

The partnership addresses a critical gap in the informal sector outlined by Omolola Oloworaran, Director-General of PenCom, at the launch. She stated that although Nigeria’s pension assets have grown to over N27 trillion, the gains have largely benefited formal-sector workers, while the informal sector, which represents the majority of Nigeria’s workforce, mostly retires without any savings. Similarly, Moniepoint’s 2025 Informal Economy Report echoes this reality that 65% of informal businesses report revenue growth, yet most lack the structural sustainability needed for succession.

Through this collaboration, TeamApt, a CBN-licensed switching and processing company, will enable seamless pension onboarding and contributions via Point of Sale (POS) terminals across Nigeria for Awabah users through its Direct Debit service. Workers can register for personal pensions with simple clicks, tokenize their cards for recurring contributions, and set up automatic periodic deductions.

This transforms pension savings from a complex, bureaucratic process into a simple, everyday transaction, allowing business owners to build long-term financial security beyond their active working years.

“When we started Awabah, we were driven by a single idea: that no African worker should be one mishap away from poverty,” said Tunji Andrews, CEO of Awabah. “Our partnership with TeamApt makes this vision achievable at scale. Their Direct Debit service and extensive POS network enable us to meet informal workers where they are – at the market stall, the mechanic workshop, the roadside kiosk, and so on. For only a small token per period, workers can now access personal pensions bundled with health insurance, accident cover, and life insurance, all through the same POS terminals they use every day.”

Dennis Ajalie, CEO of TeamApt, emphasised the alignment with TeamApt’s mission: “At TeamApt and Moniepoint Inc., we have always been laser-focused on powering the informal economy. Today, in line with the permissible activities of our license category and in conjunction with our co-subsidiary, Moniepoint MFB, we operate in all 774 local government areas in Nigeria, serving millions of businesses and individuals who form the backbone of our economy. This partnership with Awabah represents exactly the kind of transformative financial infrastructure our country needs. Together, we will spread the gospel of pension inclusion, ensuring that every Nigerian worker, regardless of their employment status, can build a secure financial future.” Ajalie also acknowledged the leadership of the Director General of PenCom, Omolola Oloworaran, adding, “I want to commend the Director General for her visionary leadership in making this possible. Her commitment to expanding pension coverage to the informal sector is opening doors for partnerships like ours that can drive real, sustainable change.”

The partnership leverages TeamApt’s comprehensive financial technology ecosystem that has powered banks, fintechs, and other financial institutions for over a decade. Their omni-channel Direct Debit service enables automated, recurring collections (subscriptions, repayments, or instalments) directly from a customer’s bank accounts upon their consent.

For the everyday Nigerian, the benefits extend well beyond retirement savings. Workers can now automate contributions for investments in the capital market, access quality healthcare through HMOs, and protect their families through insurance coverage. The initiative delivers financial advancement and well-being that goes far beyond basic inclusion.

About TeamApt

TeamApt Limited is a subsidiary of Moniepoint Inc. and Nigeria’s leading financial infrastructure provider. As a CBN-licensed switching and processing company, TeamApt Ltd. powers banking operations for numerous Nigerian banks and fintech companies, designing and operating systems that enable reliable movement of funds between financial institutions, payment channels, and end users. TeamApt’s solutions include direct-to-bank transfers, switching infrastructure, third-party processing, and Monnify, its flagship payment gateway.

About Moniepoint Inc.

Moniepoint Inc. is Africa’s all-in-one financial platform, helping over 20 million businesses and individuals access seamless payments, banking, credit, cross-border, and business management tools each month. As Nigeria’s largest merchant acquirer, it powers most of the country’s point-of-sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes over US$250 billion in digital payment transaction value annually.

ITU Report: 6bn People Connected Online, 2.2bn Offline Globally

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The world’s online population grew by more than 240 million people in 2025, according to Facts and Figures 2025 released by the International Telecommunication Union (ITU).

The new estimates confirm continuing progress in expanding digital connectivity, while pointing to differences in quality that impact how users benefit from Internet use.

Globally, an estimated 6 billion people – about three-quarters of the world’s population – are using the Internet in 2025, up from a revised estimate of 5.8 billion in 2024. However, 2.2 billion people remain offline, down from a revised estimate of 2.3 billion in 2024.

Overall, the report’s findings underline the importance of digital infrastructure, affordable services and skills training to ensure that everyone can truly benefit from advancing technologies such as artificial intelligence (AI).

“In a world where digital technologies are essential to so much of daily life, everyone should have the opportunity to benefit from being online,” said ITU Secretary-General, Doreen Bogdan-Martin. “This report highlights how today’s digital divides are being defined by speed, reliability, affordability, and skills, all of which we must prioritise as we work toward our mission of universal connectivity.”

Connectivity’s Quality Challenge

For the first time, Facts and Figures estimates the total number of 5G subscriptions, which now account for about one-third – or around 3 billion – of all mobile broadband subscriptions worldwide.

In 2025, 5G networks are estimated to cover 55 per cent of the world’s population, reflecting strong momentum in advanced mobile technologies. Coverage, however, remains uneven, with 84 per cent of people in high-income countries having access to 5G, compared with only 4 per cent in low-income countries.

While Facts and Figures shows that 4G and 3G services are available to most of the global population, these services are not best suited for keeping pace with advancing technologies.

Estimates in the report reveal deep contrasts in intensity of use as an indicator of the quality gap. A typical user in a high-income country now generates nearly eight times more mobile data than one in a low-income country.

Making Connectivity Meaningful

Facts and Figures 2025 highlights that affordability and digital skills remain essential to achieving universal and meaningful connectivity – reached when everyone can access the Internet with high-quality service, at an affordable cost, whenever and wherever needed.

Globally, the median price of a data-only mobile broadband basket decreased, but access remains unaffordable in around 60 per cent of low- and middle-income countries.

Data also suggest that most Internet users possess basic skills, while more advanced capabilities – such as online safety, problem-solving and digital content creation – are being developed more slowly.

“Reliable data are the foundation of effective digital policies and of our shared vision to connect the world,” said ITU’s Telecommunication Development Bureau Director, Cosmas Luckyson Zavazava. “Achieving that vision will require sustained and well-targeted efforts – in infrastructure, in digital skills, and in data systems. By working together and directing resources where the needs are greatest, we can ensure that no one is left behind and that everyone benefits fully and safely from the opportunities of the digital age.”

Detailing the Globe’s Digital Divides

According to Facts and Figures 2025, digital development remains closely linked to economic development, gender and location.

The report underscores the persistence of several digital divides:

  • 94 per cent of people in high-income countries use the Internet, in contrast to only 23 per cent in low-income countries;
  • 96 per cent of those offline live in low- and middle-income countries;
  • 77 per cent of men are online compared to 71 per cent of women;
  • 85 per cent in urban areas are online versus 58 per cent in rural areas;
  • 82 per cent of 15–24-year-olds use the Internet, compared with 72 per cent of the rest of the population.

Facts and Figures 2025 provides global, regional and income group estimates for indicators related to Internet use, mobile network coverage, Internet subscriptions, Internet traffic, affordability, digital skills and mobile phone ownership.

 

 

NGX RegCo Issues Advisory on Recent Price Movements, Urges Informed Trading

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NGX Regulation Limited (NGX RegCo), the independent regulatory arm of Nigerian Exchange Group, has issued an advisory to the investing public in response to notable price movements observed in the shares of certain listed companies over recent trading sessions.
Issued as part of NGX RegCo’s standard market surveillance functions, the advisory serves as a measured reminder for investors to prioritise informed and disciplined decision-making. The Exchange continues to monitor market activities closely in line with its mandate to ensure a fair, orderly, and transparent market.
NGX RegCo encourages all investors to base their decisions on publicly available information, including a thorough assessment of company fundamentals, financial performance, and risk profile. Investors are also advised to exercise due diligence, avoid speculative trading based on unverified information, and consult licensed intermediaries such as stockbrokers or investment advisers when needed.
Commenting on the advisory, Olufemi Shobanjo, CEO of NGX Regulation Limited, said: “Our primary responsibility is to maintain a level playing field where market participants can trade with confidence, backed by timely and accurate information. This advisory is a routine communication, reinforcing that sound fundamentals, not speculation, remain the foundation for sustainable investment outcomes. We are fully committed to preserving the integrity and stability of our market.”
NGX RegCo reassures all stakeholders that Nigerian Exchange remains stable, well-regulated, and resilient. The Exchange continues to foster an environment where investors can participate with confidence, supported by robust oversight and transparent market operations.

Union Bank: Cardoso’s Remarks at MPC Meeting Aligns with Our Recapitalisation Journey

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Union Bank of Nigeria has issued a statement reaffirming its steadfast position in the course of ongoing regulatory engagements in response to recent media queries at the Central Bank of Nigeria’s (CBN) 304th Monetary Policy Committee (MPC) press briefing.

The bank’s affirmation comes in the wake of Governor Olayemi Cardoso’s clarification on the regulatory framework governing institutions under intervention while speaking on the complexities and structural considerations influencing the recapitalisation timeline.

According to the CBN Governor, institutions currently under regulatory oversight are subject to unique circumstances that necessitate a differentiated approach, distinct from those institutions that have had an extended period to prepare for recapitalisation. This clarification was made in direct response to queries raised by journalists seeking insight into the operational status of banks under intervention.

Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, explained that the CBN Governor’s remarks align with Union Bank’s consistent messaging to stakeholders. She reiterated that Union Bank remains a going concern with stable operations, resilient franchise and uninterrupted service delivery.

“The Governor’s remarks reinforce what has consistently been our position in all engagements with stakeholders. Union Bank remains under strong regulatory oversight and active supervisory engagement. The Bank is a going concern with a resilient franchise, stable operations and uninterrupted service delivery across all channels.

We have maintained, and continue to maintain, that all customer deposits are safe and secure. That position has not changed. The Bank continues to operate within the established regulatory framework, working transparently and constructively with the Central Bank of Nigeria towards full compliance in line with the applicable structure.”

The bank is working constructively with the Central Bank towards full compliance, as part of a system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector.

Union Bank will provide updates as regulatory engagements progress while maintaining its commitment to customer protection, financial stability and service continuity.

AIICO 2026 Agency Retreat Honours Outstanding Sales Champions

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Mrs. Ego Uzochukwu (Award Winner, centre); flanked on her right by Mr. Babatunde Fajemirokun, MD/CEO, AIICO Insurance Plc; Mr. Adewale Kadri, Executive Director, Technical; and Dr. Donald Kanu, Company Secretary. On her left is Mr. Gbenga Ilori, Executive Director, Retail Business Division, alongside members of the Management Team and Financial Advisors of the Company.

AIICO Insurance Plc brought together its Annual Agency Retreat last weekend in the historic city of Abeokuta, Ogun State, reaffirming its commitment to celebrating excellence, strengthening professionalism, and deepening insurance penetration across Nigeria.

The annual retreat serves as a platform to appreciate, reward, and strategically engage the company’s financial advisors, whose footprint spans communities across the country. The financial advisors from regional offices nationwide converged in Abeokuta for the highly anticipated gathering, reflecting the strength and reach of AIICO’s retail distribution network.

In one of the executive sessions, the Managing Director and Chief Executive Officer, Mr. Babatunde Fajemirokun described the ongoing evolution of industry standards as the most significant regulatory shift in over two decades, noting that its emphasis on stronger compliance, risk-based capital, and digitization aligns with AIICO’s culture of governance, discipline, and innovation. He reaffirmed the company’s readiness to lead in a more structured and technology-driven era, charging agency leaders to execute with professionalism, ownership, and measurable performance.

The highlight of the weekend was the Awards Night held on Saturday, February 21, where outstanding performers were recognised for exceptional production and consistency.

Mrs. Ego Uzochukwu emerged as the overall best-performing agency for the year, improving from her second-place ranking in the previous year. She was followed by Mr. Henry Onwuchekwa while Mr. Lawson Njoku secured third place.

Notably, the awards celebrated the top 10 leaders who expertly manage and mentor teams of financial advisors that delivered billion-naira gross written premiums (GWP) across regions – demonstrating the scale and impact of AIICO’s agency force. In addition, awards were presented across 10 other performance categories.

Speaking during the awards ceremony, Mr. Gbenga Ilori, Executive Director and Head of Retail Business Division, commended the financial advisors for their resilience and drive.

“In spite of macroeconomic headwinds, you have remained bold, undaunted, and committed to delivering outstanding results. Your performance is a testament to your professionalism, your belief in our value proposition, and your determination to win in every market you serve,” he said.

The evening also featured long-service recognition awards, celebrating loyalty and dedication within the agency force.

Honourees were recognised across the 10, 15, and 20-year categories. Three individuals were celebrated for 25 years of service, two for 30 years, and two — Mr. Odozi Christopher and Mr. Bernard Showunmi, for 35 years. Mazi Okoroafor Chijioke was specially recognised for an extraordinary 40 years of dedicated service, earning admiration and applause from the audience.

Beyond the strategy sessions and awards, the retreat offered a refreshing and vibrant atmosphere, complete with live band performances, fine dining, and rich networking opportunities.

The event was well attended by the management of AIICO Insurance Plc, alongside the leadership teams of its subsidiary companies, all of whom stormed Abeokuta to celebrate and support the retail agency force.

The retreat closed on a high note, reinforcing AIICO’s commitment to building a high-performance sales culture anchored on professionalism, innovation, and disciplined execution, while honouring the people who continue to drive insurance inclusion across Nigeria.

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients.

Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

CBN: Banking Sector Recapitalisation on Course as 20 Banks Meet Capital Requirement  

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The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, says the banking sector recapitalisation programme is progressing in accordance with the approved regulatory timetable, with activity accelerating as the March 31, 2026, deadline nears.

Speaking at the close of the 304th Monetary Policy Committee (MPC) on Tuesday, February 24, 2026, Cardoso disclosed that 20 banks have fully met the new minimum capital requirements, while a further 13 banks are at advanced stages of their capital-raising processes and are expected to conclude within the stipulated timeframe.

He explained that institutions still finalising their plans were assessing a variety of strategic options, including consolidation where suitable, as part of efforts to meet compliance within the remaining timeframe. He also revealed that, as of February 19, 2026, the total verified and approved capital raised under the programme was 4.05 trillion.

He provided a breakdown showing that 2.90 trillion (71.67%) was mobilised domestically, while US$706.84 million, estimated at 1.15 trillion (28.33%), reflected foreign participation. According to the Governor, this balanced mix signals broad investor engagement and growing confidence in the sector.

Governor Cardoso also discussed the status of institutions currently under regulatory intervention, noting that specific legal and structural factors influence the order of recapitalisation measures for these banks.

He said the CBN remains actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability. In this context, he reassured stakeholders that depositor funds in those institutions remain secure and that operations continue under strict regulatory oversight.

Based on the current pace of compliance and ongoing capital-raising activity, Gov. Cardoso expressed optimism that the market would see substantial alignment with the new capital requirements by the cut-off date.

Under the CBN framework, minimum capital thresholds include: 500 billion for commercial banks with international authorisation, 200 billion for national authorisation, 50 billion for regional commercial banks, 50 billion for merchant banks, and 20 billion/10 billion for national/regional non-interest banks.

 

 

Sovereign Trust Insurance Spreads Love with Fire Safety Drive

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On Valentine’s Day, Sovereign Trust Insurance Plc showed its love for the Saka Tinubu Market community in Victoria Island, Lagos, with a fire safety initiative, tagged, “Protecting What You Love.” The Underwriting Firm Partnered with the Federal Fire Service in organising a fire drill and sensitisation program designed to equip the traders with life-saving skills. The event emphasised prompt responses to fire emergencies in and around the market space.

In Moving beyond the traditional symbols of love which many engage in on Valentine’s Day, the Underwriting Firm chose to express its affection by prioritising the safety and well-being of the bustling market community on February 13, 2026, a day penultimate to Valentine’s Day.

The event had in attendance members of the market executives, shop owners, and shoppers in the ever-busy market.

The Federal Fire Service officials conducted practical demonstrations on the use of fire extinguishers, emergency evacuation procedures, and fundamental fire prevention techniques. The exercise was aimed at building the capacity of the market community to managing minor incidents before it gets escalated, thereby protecting lives and the assets of the shop owners in the incident of a fire outbreak.

Speaking at the event, the Head of Marketing and Business Development Division of the Underwriting Firm, Olajumoke Olatubosun, explained to the gathering the rationale behind the gesture.

“At Sovereign Trust Insurance Plc, our commitment to our communities extends beyond financial protection. We are concerned about the well-being of our customers and the things they hold dear to their hearts. On this Valentine, we wanted to give a gift that truly matters—the gift of safety and preparedness by empowering the traders here at Saka Tinubu Market with the knowledge to handle fire incidents whenever it occurs.”

The collaboration underscores the critical role of public-private partnerships in enhancing urban safety. The Federal Fire Service lauded the initiative by commending Sovereign Trust Insurance Plc for its proactive approach to corporate social responsibility and its investment in public safety education.

The event was greeted with appreciation from the market leadership who noted that such practical interventions are vital for a high-density commercial area like Saka Tinubu Market in the heart of Victoria Island.

The exercise concluded with a renewed commitment from all parties to prioritise safety as a shared responsibility.

CBN Gov, Cardoso, Hails AU Decision on African Monetary Institute, Central Bank

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The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has lauded the recent decision of the 39th Ordinary Session of the Assembly of the African Union (AU) during the February 2026 Summit to officially approve Nigeria’s permanent membership of the Board of the African Monetary Institute (AMI).

This approval followed the earlier adoption by the Executive Council of the African Union (AU), at its 48th Ordinary Session. The AMI, established under the African Union’s financial institutions agenda, acts as a precursor to the African Central Bank (ACB), which will be headquartered in Abuja, Nigeria.

Cardoso noted that hosting the AMI and, subsequently, the African Central Bank hold immense value for Nigeria and the continent. He stressed that it would position Nigeria as the epicentre of Africa’s emerging monetary union and enhance her voice and influence in the shaping of Africa’s single currency architecture.

Hailing the decision that also makes Nigeria a permanent member of the Convergence Council, he said: “This historic decision marks a significant milestone in Africa’s financial integration journey and further emphasises Nigeria’s strategic role in shaping the continent’s evolving financial architecture.”

Its implementation marks a vital step towards enhancing macroeconomic convergence, fostering monetary cooperation, and progressing Africa’s long-term vision of financial sovereignty and economic integration.

The AU Heads of State and Government at the Summit reaffirmed the pathway by endorsing Nigeria’s standing representation on the AMI Board, a position that will remain in place throughout the transitional phase until the formal establishment of the ACB.

The CBN, along with the Ministries of Foreign Affairs, Justice, and Finance, played a central, strategic, and historic role in achieving this milestone.

Over the past years, the Bank has led the technical effort that contributed to the Draft AMI Statute, approved at the 5th Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja, and provided the AU with the initial hosting facilities and essential logistics for the immediate launch of AMI.

The CBN also participated in the Inter-ministerial collaboration with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency to sustain Nigeria’s advocacy at the highest political levels.

According to Mr. Cardoso, the latest success reflects the collective efforts rooted in sustained determination, structural reforms, strategic diplomacy, technical consistency, and a renewed macroeconomic direction.

“These efforts have led to improved monetary stability, external reserves management, banking supervision, and payment system modernisation. Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent,” he noted.

“We will continue collaborating with the African Union Commission, the Association of African Central Banks, Member States, and development partners to establish a solid foundation for the African Central Bank and the future African Single Currency,” he added.

The permanent seat granted to Nigeria is time-bound to the transitional period of AMI and includes a sunset clause upon establishment of the ACB. This design fully respects AU principles of rotation, equity, and regional balance, while ensuring that the host country remains embedded in governance during AMI’s formative years.

While thanking President Bola Ahmed Tinubu, and his vice, Senator Kashim Shettima for their strategic guidance, Mr. Cardoso described the development not only as a victory for Nigeria but also a triumph for Africa’s integration and monetary sovereignty.

 

Tinubu to Governors: Remember the Poor, Empower the Under-privileged

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President Bola Tinubu, on Monday in Abuja, urged Muslim and Christian leaders in the country to show greater compassion for the poor and under-privileged by pursuing policies that cater to the needs of the majority in the grassroots.

The President, who hosted governors for the breaking of an interfaith fast at the Presidential Villa, said the simultaneous periods of abstinence and penitence for both religions underscore a common humanity.

President Tinubu noted that Ramadan and Lent provide opportunities for leaders in both religions to reflect further on the plight of others and to design programmes that will directly impact the livelihoods of many.

“It is a joy and great honour to be with you again this year. To give thanks to the Almighty God for sparing our lives and keeping us together to see another Ramadan.

“A great Ramadan that coincides with that of the Christian faith, Lent. You know what it means: discipline, sacrifice, faith, resilience, and strong determination to continue to bridge together, pray together, and love one another.

“For the humility, self-restraint, love for our neighbours, and their service for humanity, I want to thank all of you for what you have been able to get and achieve so far. I thank God for what we have been able to achieve together,’’ he said.

The President said more could be achieved, especially in reducing poverty and empowering the youth.

“I didn’t expect this number because some governors are still buried in various congresses and other local government or state-level activities.

“Tolerate everybody and build structure in this period of faith, unity, harmony and sacrifice that you are experiencing. Let the young ones breathe too,’’ the President added.

President Tinubu welcomed the Kano State Governor, Abba Kabir Yusuf, to the State House.

“I am glad I can see Abba from Kano. Even though the cap is red, it is not different from that of the Ebonyi State governor. Ebonyi Governor, I saw the crisis on the news, please temper justice with mercy,’’ he stated.

The President commended Governor Babagana Zulum of Borno State for his magnanimity to both Muslims and Christians during the period of fasting.

“I must refer to the generosity of Prof. Zulum. I saw the layout of the Ramadan outreach for both Christians and Muslims. That is a very good spirit. I watched the story.

“To all of you, I am very grateful because we have seen progress and commitment to duty. But please, I appeal again, let’s go further to embrace the downtrodden, the young ones and all the supporters.

“Let it be all encompassing so that we can spread the development opportunity across to the grassroots and local governments. I have seen a lot of progress being made in the States. The reward of hard work is more work, including for my son, the farmer from Niger State, Mohammed Umar Bago.

“There are lots of gains and commendations coming from all angles. As long as we stay together, work together, and are determined to rescue this country, the best is yet to come for Nigeria.

“We are out of the woods. Out of the dark tunnel of uncertainty. The economy is showing up. Let’s help the unemployed. What I promise you will not be postponed. We will establish State Police to combat insecurity. Start looking around you,’’ the President noted.

The President added, “To reach the young man who feels forgotten. To lift the woman who carries her family on tired shoulders. To touch the communities at the grassroots, where hope sometimes flickers. Development must not recognise religion. Compassion must not recognise tribe. Opportunity must not recognise status.

“I am determined to rescue this country. And as long as we work together in delivering hope to our citizens, the best is yet to come for Nigeria.

“What I promised Nigerians will not be postponed.

“Security is the foundation of prosperity. Without it, farms cannot flourish, businesses cannot grow, and families cannot sleep in peace.

“We will establish state police to curb insecurity. This is not about politics. It is about practicality. It is about empowering states with the tools to protect their people while strengthening our national framework.

“We must be bold enough to reform what is not working. We must be united enough to protect what we hold dear.’’

Imo State Governor, Sen. Hope Uzodimma, representing the Nigeria Governors’ Forum (NGF) Chairman, commended President Tinubu for fostering national unity amid religious and ethnic tensions during an interfaith.

Uzodimma said the simultaneous fasting was divinely inspired.

“It is not often that the Muslim Ramadan fast coincides with the Lent season. The last time was 33 years ago. This convergence is a special situation created by God to remind us Christians and Muslims, not to allow religious and ethnic differences to guide our thoughts and our political activities,” Uzodinma stated.

The governor commended President Tinubu’s leadership: “Mr President, you have brought to bear in the goings on and activities of governance in Nigeria. I have been around for some time now, playing politics. Never in the history of this country have we had the opportunity to remove some situations in our political environment.”

Uzodimma highlighted collaborative progress: “You’ve done this and forged national partners in progress with governors. There are also challenges with governors. This period of fasting is a holy time that God has enjoined on us to support the less privileged. In your wisdom, you invited us to come and eat together.”

 

 

Stanbic IBTC Nominees Celebrates 30 Years of Trust with Landmark Gala Event

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Stanbic IBTC Nominees Limited marked a significant milestone on Wednesday, February 11, 2026, celebrating three decades of exceptional custodial services in Nigeria’s financial markets.

The anniversary gala, held under the theme “30 Years of Trust,” brought together industry leaders, clients, regulators, and stakeholders to commemorate the institution’s enduring legacy and steadfast commitment to safeguarding client assets.

Since its establishment in 1996, Stanbic IBTC Nominees has grown into one of Nigeria’s most trusted custodians, providing comprehensive asset servicing, safekeeping, and investment administration solutions to institutional and retail clients nationwide.

The celebratory event highlighted the business’s journey from its inception to its current position as a market leader, showcasing its evolution through regulatory changes, technological advancements, and shifting market dynamics. The evening featured testimonials from long-standing clients, recognition of dedicated team members, and reflections on the milestones that have shaped the business over the past 30 years.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, emphasised the strategic importance of the custody business to the group’s overall operations:

“Our vision is to be Africa’s most innovative and trusted custody provider, leveraging cutting-edge technology while maintaining the personalised service that has defined us for 30 years. The next 30 years will be about combining global expertise with local insight to create unparalleled value for our clients and supporting Nigeria’s capital market growth with infrastructure that meets global standards.”

Speaking at the event, Babatunde Majiyagbe, Chief Executive, Stanbic IBTC Nominees, highlighted the custody team’s dedication to excellence:

“What truly distinguishes us is our holistic approach; we do not just safeguard assets, we provide comprehensive solutions that include settlement efficiency, accurate reporting, and regulatory compliance support. Our track record of zero tolerance for operational errors and consistent regulatory compliance reflects our commitment to being more than service providers; we’re trusted partners to Nigeria’s leading institutional investors.”

The custody business has played a pivotal role in Nigeria’s capital markets development, supporting pension fund administrators, asset managers, insurance companies, and other institutional investors in their investment operations. The business has consistently maintained compliance with regulators and global best practices while adopting innovative technology solutions to enhance service delivery.

Jude Chiemeka, Chief Executive officer, Nigerian Exchange Limited, shared his experience working with Stanbic IBTC:

“Our partnership with Stanbic IBTC has been transformative for our operations. What stands out most is the peace of mind that comes from knowing our assets are in safe hands. Beyond technology, it is the people that make the difference; their team is responsive, knowledgeable, and genuinely invested in our success. We view them as strategic partners rather than just service providers.”

As part of the celebrations, Stanbic IBTC reaffirmed its commitment to maintaining the highest standards of custody services, continuing to invest in technology and human capital, and expanding its service offerings to meet the evolving needs of Nigeria’s investment community.

The 30th anniversary celebration underscores Stanbic IBTC’s position as a cornerstone in Nigeria’s financial infrastructure and its dedication to being a trusted partner for clients seeking secure, efficient, and reliable custodian services.