Business
Sterling Bank Stops Online Transfer Charges

Sterling Bank has called for the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.
The announcement by the Bank on Tuesday, April 1, sparked widespread arguments, with many assuming it was a marketing prank tied to ‘April Fool’.
However, Sterling Bank, in a statement, has confirmed that it is not a stunt, that the zero-transfer-fee policy was real, and effective immediately.
READ ALSO: S/African Court Acquits Nigerian Pastor Of Rape, 31 Other Charges
With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.
“We believe access to your own money shouldn’t come with a penalty,” said Obinna
Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate.
“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added. “Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” it sated.
READ ALSO: S/African Court Acquits Nigerian Pastor Of Rape, 31 Other Charges
Under the new policy, Sterling customers will enjoy free transfers for all local transactions
conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.
The bank’s latest move has been met with widespread public approval, sparking positive
reactions across social media and placing pressure on industry peers to follow suit.
We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.”
Business
French Media Giant Canal+ Takes Over S.Africa’s Multichoice
French media giant Canal+ said Monday it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries in Africa, Europe and Asia.
The companies said in a joint statement that the combined group will have a workforce of 17,000 employees and serve more than 40 million subscribers.
The acquisition is “the largest transaction ever undertaken” by Canal+, the statement said.
READ ALSOFrench Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv
Canal+, which is already the sector’s leader in French-speaking African countries, now controls what it described as the leader in the continent’s English- and Portuguese-speaking regions.
“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.
The buyout was given a final green light by South Africa’s competition authority in late July, more than a year after Canal+ launched its bid.
READ ALSO:FG To Arraign MultiChoice Chairman, MD, Others For Allegedly Breaching FCCP Act
Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.
Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.
MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.
It includes Africa’s premier sports broadcaster, SuperSport, and the DStv satellite television service.
AFP
Business
BREAKING: Nigeria’s GDP Grows By 4.23% In Q2 2025 – NBS
Nigeria’s Gross Domestic Product grew by 4.23 per cent (year-on-year) in the second quarter of 2025, the National Bureau of Statistics revealed in its Q2 2025 GDP Report.
According to the report released on Monday on its website, the figure shows a significant improvement compared to 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent recorded in Q1 2025.
The figures signal a strengthening economy, driven by recent rebasing, rebound in oil production and a resilient non-oil sector.
READ ALSO: UK GDP Records Fastest Growth In Q1 2025
The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates
“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.
“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.
READ ALSO: BREAKING: Nigeria’s GDP Grew By 3.46% In Q4 2023 — NBS
According to NBS, “The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.”
The report said in terms of share of the GDP, “the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”
It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.”
Details later…
Business
Why Nigeria’s Crude Oil Production Dropped To 1.63mbpd In August – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that unscheduled maintenance at a refinery facility made Nigeria’s crude oil production drop on a month-on-month basis in August.
This comes as Nigeria’s crude oil production dropped to 1.63 million barrels per day month-on-month in August, down from 1.71 million bopd in July.
NUPRC disclosed this in its Crude Oil and Condensate Production for August 2025, released on Saturday.
This means a 4.7 per cent drop in combined crude oil and condensate production from 1.71 million bopd in July.
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In the same vein, crude oil production itself declined by 4.8 per cent, down from 1.5 million bopd in July 2025.
“The month-on-month drop was driven by a single-day unscheduled maintenance at an oil facility.
“In the month of August, the lowest and peak combined crude and condensate production were 1.59 million bopd and 1.85 million bopd, respectively,” NUPRC said.
The data showed that while there was a decline month-on-month, the country’s crude oil production rose on a year-on-year basis by 5.5 per cent to 1.63 mbpd in August this year from 1.58 million bopd in the same period last year.
READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction
Further analysis indicates that daily condensate production in August stood at 197,229 bpd, reflecting a decline.
Also, Nigeria’s crude oil output in August achieved 96 per cent of its OPEC quota, which is set at 1.5 million bopd.
Accordingly, in the period under review, Forcados Terminal topped the production charts, delivering a total of 8.99 million barrels, including 8.08 million barrels of crude oil and 915.2k barrels of condensates.
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