Business
Wema Bank’s ALAT Wins Best Digital Bank in Nigeria — Euromoney Awards 2025
In recognition of its pioneering role in Africa’s digital banking space, ALAT Africa’s first fully digital bank and an innovation of Nigeria’s oldest indigenous bank, Wema Bank has been named Nigeria’s Best Digital Bank at the 2025 Euromoney Awards.
Euromoney is a leading provider of competitive intelligence and benchmarking insight for the global banking and finance industry, trusted for over 50 years to deliver data-led analysis that informs strategy, validates performance, and supports decision-making at the executive level. The Euromoney Awards, pioneered by Euromoney, are regarded as the ultimate accolade in banking; the industry-leading stamp of approval that banks across the globe work yearlong to achieve. Recognised as Nigeria’s leading financial institution in digital innovation, Wema Bank’s revolutionary digital bank, ALAT, was awarded Nigeria’s Best Digital Bank at the Euromoney Awards 2025 held at The Peninsula London Hotel in London on Thursday, 17th July, 2025.
Since its launch on May 2nd 2017, ALAT has bridged the gaps in delivery of financial services to Nigerians within Nigeria and globally, evolving remarkably into a holistic hub of lifestyle and financial solutions for Nigerian adults of all ages and from all walks of life. From simply being the first fully digital bank in Africa, ALAT has evolved remarkably into a digital platform with an ecosystem of dynamic financial solutions tailored to provide seamless, reliable, and convenient service for all. With ALAT, basic financial services like transfers, airtime & data purchases, bill payments and loans are placed at the fingertips of users, in addition to a wide range of advanced financial services and solutions that merge banking with lifestyle.
From in-app local and international flight bookings to tailored personal and group savings options, investments and stocks, movie and event tickets, deals and discounts on a limitless pool of products and services, 24/7 health consultation, and a suite of customised loan options for salary earners and non-salary earners; ALAT changed the game, redefining banking and financial services in a world where digital has become the future. In view of ALAT’s groundbreaking role in blazing the trail for FinTechs in Africa and its intentionally-curated wealth of features and offerings designed to meet the needs of Nigerians in Nigeria and the diaspora, it is evident that the Bank is undeniably deserving of the recognition and accolade.
Underscoring Wema Bank’s commitment in shaping the future of banking through impactful innovations like ALAT, Wema Bank’s MD/CEO, Moruf Oseni, expressed appreciation to the Euromoney Awards for recognising the Bank’s impact on the proliferation of digital innovation in Africa, reiterating the Bank’s commitment to its sustainability vision of developing digital solutions for societal impact. Receiving the award, Oseni commented, “The world is moving fast and so is the permeation of ‘digital’ into the most critical aspects of our lives. 80 years ago when Wema Bank was established, typewriters were the extent of banking technology. Today, we have pioneered a fully digital bank, and possess technology advanced enough to power over 150 FinTechs. In ten years, one can only imagine what this fast-paced digital economy will bring. One thing is clear, any business, venture or institution that will remain relevant by the end of the next decade, must leverage digital technology today. This is why Wema Bank is so driven when it comes to digital. Innovation and empowerment”.
“As a Bank, our stance is clear. Wema Bank will never relent in empowering lives through innovation and developing digital solutions for societal impact. We will continue to pioneer innovation, empower innovators and bridge the gap between traditional and digital, leveraging the opportunities of the digital world to generate meaningful impact on lives and businesses in Nigeria, Africa and across the world. We have remained resilient in this commitment since 1945 and this award tells us that the world is feeling our impact. We are honoured by this recognition, and I take this opportunity to extend our sincerest gratitude to the Euromoney Awards. We take this as a challenge to keep up the good work, go harder, and continue going above and beyond in shaping the future of banking through digital innovation. Here’s to 80 years of impact and a future of limitless possibilities with Wema Bank”. Oseni concluded.
Wema Bank continues to raise the bar in financial services, placing Nigeria on the global map for banking and digital innovation. Since 1945, the Bank has spearheaded a positive transformation in Africa’s banking and financial landscape, proving that Nigerian-owned businesses have the capacity to last and stand the test of time. As the Bank celebrated its 80th anniversary on May 2nd 2025, its futuristic digital platform, ALAT simultaneously clocked 8, marking 8 years of digital transformation.
The world continues to watch in anticipation as Wema Bank leads the movement in digital innovation, shaping the future of banking in Africa.
WHAT YOU NEED TO KNOW ABOUT WEMA BANK
Established on May 2nd, 1945, Wema Bank is Nigeria’s oldest indigenous bank, most innovative, and pioneer of Africa’s first fully digital bank, ALAT. Commemorating a remarkable 80 years of impact and a future of possibilities, Wema Bank celebrated its 80th anniversary on May 2nd 2025 alongside the 8th anniversary of ALAT by Wema.
The publicly quoted Nigerian company has successfully built a legacy of trust, resilience and banking excellence that has won it the loyalty of its customers for 8 decades and counting. The Bank has remained innovative in delivering value to its stakeholders, constantly introducing products and services tailored to the needs of its customers at every stage of their lives.
Wema Bank is a proud partner to more than one million individuals, families, and businesses across Nigeria, helping them achieve their personal and financial goals.
Since its establishment in 1945, Wema Bank has built a legacy of pioneering innovation and empowering innovation to thrive, connecting traditional with digital and introducing several digital gamechangers and industry-firsts that have redefined standards across various industries and verticals.
From launching Africa’s first fully digital bank, ALAT, in 2017, Wema Bank went on to launch the ALAT For Business App, a business-focused version of ALAT; CoopHub App, a-first-of-its-kind digital solution designed to empower cooperatives for optimal productivity; Wema Phygital, a self-service implementation adding a digital touch to the physical experience in Wema Bank’s branches; ALATPay, an end-to-end payment gateway that provides instant settlement for business transactions; and the ALAT Xplore App, Nigeria’s first fully licensed banking app for
Business
Late Tax Payments Attract New Interest Rates From October 1
The federal government says late tax payments will attract new interest rates from October 1, 2026.
According to a statement by the ministry of finance, the new rates are linked to market interest rates and will be set for each calendar month.
Under the order, interest on tax payable in naira will be charged at the Central Bank of Nigeria (CBN’s) monetary policy rate (MPR) plus one percentage point, compared with the previous five-percentage-point spread.
However, the ministry said the rate would not fall below the yield on 364-day treasury bills.
This means that since the MPR is 23 percent, taxpayers who pay late would be charged 24 percent interest on the delayed tax, subject to the 364-day treasury bill yield floor.
For tax payable in foreign currency, the statement said the interest rate will be the secured overnight financing rate (SOFR) plus 6 percentage points. The SOFR stands at 22.12 percent for the 30-day average and 22.59 percent for the 90-day average as of September 24, 2026.
The ministry said the new rates would provide taxpayers with greater certainty over the cost of late payment, which it said has been linked more closely to prevailing market rates.
Speaking on the move, Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the new framework would ensure that delaying tax payments does not become a cheaper source of credit than borrowing from the market.
“Tax that is due belongs to the public. When it is paid late, Government may have to borrow to fill the gap, and the cost falls on everyone,” Oyedele said.
“This Order ties the cost of late payment to real market rates, so that delaying tax does not become a cheaper form of credit than the market itself.”
The ministry said under the order, one interest rate would apply for each calendar month and would be determined on the last business day of the preceding month.
“The Nigeria Revenue Service (NRS) is required to publish the applicable rate on its website by the third business day of every month,” the statement added.
The ministry said interest would be calculated as simple interest on a daily basis, from the date the tax becomes due until payment is made.
For foreign-currency tax, the ministry said SOFR would apply as the international benchmark for US dollar rates, noting that if the SOFR is discontinued, its official successor rate would apply.
Oyedele said the arrangement would also provide a uniform basis for taxpayers dealing with federal, state and FCT tax authorities.
“Just as important is certainty. Every taxpayer, whether dealing with the Nigeria Revenue Service or a State revenue service, will know the rate in advance, see it published every month, and be charged in the same way,” he said.
“Clear rules make compliance easier and support a fair, predictable tax system.”
The ministry said the order does not change the 10 percent penalty for late payment provided under section 65 of the Nigeria Tax Administration Act (NTAA), 2025.
“The relevant tax authorities may also waive interest or penalties where good cause is shown, in line with section 66 of the Act,” it said.
The ministry said the new rates would apply to interest arising from October 1, including interest on tax that became due before that date.
“Interest that arose before October 1 will not be affected to the extent that it was specifically provided for under the rules in force at the time,” the statement said.
The finance ministry said the order supersedes the 2017 notice on interest on unpaid taxes and other earlier notices on the subject.
The ministry said the framework applies to self-assessment taxpayers, the NRS, and state and Federal Capital Territory (FCT) internal revenue services.
The ministry advised taxpayers to file their returns and pay applicable taxes on time.
It also advised taxpayers with outstanding liabilities to settle them promptly or engage the relevant tax authority.
Business
Adron Homes Unveils Premium Estate Plan in Ile-Ife Ahead of Olojo Festival
Adron Homes and Properties is set to participate in the 11th Olojo Festival in Ile-Ife, Osun State, as the company deepens its engagement with the ancient city and unveils plans for a Premium Estate development within the Ile-Ife domain.
The 2026 edition of the renowned cultural festival, themed “Culture Preservation Through Sustainable Tourism,” is expected to bring together traditional rulers, government representatives, corporate organisations, cultural stakeholders, tourists and the media for a celebration of Yoruba heritage and the cultural significance of Ile-Ife.
Ahead of the festival, Adron Homes made a strong appearance at the press conference and unveiling of the 2026 edition with a delegation comprising key members of its Western operations.

The delegation included Ogundapo Odunola, Deputy Managing Director, Western Super-Cluster; Johnson Olugbenga, Assistant Managing Director, Western Galaxy 1; and Shobowale Taiwo, Deputy Sales Manager, Livingspring World.
Their presence reflected the company’s growing development interests in Ile-Ife and its commitment to initiatives that connect real estate development with cultural heritage and community growth.
Speaking at the event, Seyi Oyekunle, Director General, Media, Branding & Corporate Communication, Adron Group, who represented the Managing Director of Adron Homes and Properties, Mrs Adenike Ajobo, said the company’s participation in the Olojo Festival was driven by its belief that cultural preservation and sustainable development could work hand in hand.
Oyekunle described the theme of the festival as timely, noting that culture remains an important part of identity and history, while sustainable tourism can create opportunities for employment, investment, entrepreneurship and community development.
He described Olojo as more than an annual cultural celebration, saying it represents the enduring connection between the past, present and future of Ile-Ife and its place in Yoruba civilisation.
According to him, Adron Group’s vision extends beyond conventional real estate development.
“At Adron Group, we are in the business of real estate, but our purpose is much bigger than the development of properties. We build homes. We build cities. We build communities,” he said.
A major highlight of the company’s participation was the unveiling of plans for the Adron Homes Premium Estate within the Ile-Ife domain.
Oyekunle expressed appreciation to the Ooni of Ife, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, Ojaja II, for the confidence and approval granted to Adron Homes and Properties for the development.
He said the approval comes with a strong responsibility for the company to contribute meaningfully to the development of Ile-Ife while respecting the city’s rich historical and cultural heritage.
According to him, Adron Homes is prepared to deploy its experience, resources and development capacity towards delivering a project capable of creating value for residents and contributing to the growth of the community.
He described the Premium Estate as more than a property development, saying it presents an opportunity to attract investment, provide quality housing, stimulate local businesses and strengthen the connection between Ile-Ife and sons and daughters of Ifeland and Yorubaland across the world.
The Adron Group representative said the development could provide an avenue for people in the diaspora to reconnect with the Source by creating opportunities to “come home, invest home, build home and preserve home.”
He also called for greater development of Ile-Ife as a year-round tourism destination, stressing that the city’s tourism potential should extend beyond the annual Olojo Festival.
Oyekunle said sustainable tourism should translate into tangible economic opportunities for residents, particularly artisans, young people, entrepreneurs and operators within the hospitality sector.
He further urged young people to view Yoruba culture and heritage as potential sources of economic opportunity, noting that the sector could inspire careers and businesses across film, technology, fashion, music, arts and tourism.

The Olojo Festival press conference brought together traditional rulers, government representatives, corporate organisations, members of the Olojo Festival Committee, cultural stakeholders and media practitioners ahead of the 11th edition of the festival.
As Adron Homes prepares for its participation in the festival, the company’s Premium Estate plan adds a major real estate dimension to its engagement with Ile-Ife, reinforcing its vision of “Building Homes, Cities and Communities Across the Globe.”
Business
FG To Review Tax Laws
The Federal Government has commenced a six-week review of the new tax laws to identify implementation gaps, address consequences that have emerged since their implementation and consider concerns raised by the organised private sector and other stakeholders.
The review will examine areas including Value Added Tax thresholds, withholding tax, capital gains treatment and multiple taxation.
Recall that President Bola Ahmed Tinubu last year signed into law four new tax bills passed by the National Assembly, describing the laws as pivotal to the success of his administration’s reforms and the country’s prosperity.
The bills were the Nigeria Tax Bill (Ease of Doing Business), which seeks to consolidate Nigeria’s fragmented tax laws into a harmonised statute; the Nigeria Tax Administration Bill, which establishes a uniform legal and operational framework for tax administration across the federal, state and local governments.
Others are the Nigeria Revenue Service (Establishment) Bill, which repeals the Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency, the Nigeria Revenue Service (NRS); and the Joint Revenue Board (Establishment) Bill, which provides a formal governance structure to facilitate cooperation between revenue authorities at all levels of government.
While inaugurating the Technical Subcommittee on Fiscal Policy and Tax Reforms in Abuja yesterday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said implementation of the new laws had exposed areas requiring clarification and further reforms.
“The real test begins when the law meets the economy, as businesses interpret it, administrators implement it, investors respond to it, and citizens experience it. Implementation inevitably reveals areas requiring clarification, refinement or further reform,” the minister said.
Oyedele said the government was shifting from fundamental tax reforms to continuous improvement, stressing that the review was not intended to reverse the 2025 reforms.
He said, “The Finance Bill 2027 should not be seen as just another annual legislative exercise. Our task is not to rewrite the 2025 reforms, but to preserve their fundamental principles while learning from implementation and responding to new economic realities.
“We must ask where implementation has revealed ambiguity, where unintended consequences have emerged, where compliance can be simplified, and where we can improve investment and competitiveness.”
The review will also cover fiscal policy and management, public financial management, debt, transparency, capital markets and cross-border capital flows.
According to Oyedele, the government received 134 submissions from across Nigeria’s geopolitical zones after inviting public input, alongside additional submissions made in hard copy.
Preliminary concerns raised by stakeholders included calls to clarify and simplify VAT thresholds, withholding tax and capital gains provisions.
Stakeholders also proposed stronger measures against multiple taxation and improved coordination among revenue authorities.
They called for greater digitalisation and data sharing to prevent taxpayers from repeatedly submitting information already available to government agencies.
Other proposals included stronger taxpayer rights, faster refunds, safeguards for small businesses and measures to improve investment and competitiveness in mining, renewable energy, healthcare and capital markets.
Oyedele urged the subcommittee to assess the economic impact of proposed changes, particularly on low-income households, workers and businesses.
“Every tax reform produces winners and losers; the question is whether a policy is fair, efficient and competitive, not whether it is popular with everyone,” he said.
He added, “A provision that raises revenue may impose a far greater cost on the wider economy. The government must optimise the whole economy, not merely achieve a single objective.”
The minister warned that complicated tax rules could increase compliance costs for businesses.
Beyond preparing recommendations for the Finance Bill 2027, the subcommittee will review the Deduction of Tax at Source Regulations 2024 and prepare revised withholding tax regulations.
It will also review the Companies Income Tax (Significant Economic Presence) Order 2020 and develop an updated framework aligned with the new tax laws and international practices.
The Permanent Secretary of the Federal Ministry of Finance chairs the subcommittee, while Chairman of the Tax Advisory Committee Albert Folorunsho serves as co-chair.
Members include representatives of the Federal Ministry of Justice, Nigeria Revenue Service, Joint Revenue Board, Nigeria Customs Service, Central Bank of Nigeria, Debt Management Office, Budget Office of the Federation and Nigerian Investment Promotion Commission.
Other members are drawn from the Small and Medium Enterprises Development Agency of Nigeria, Manufacturers Association of Nigeria, Nigerian Economic Summit Group, Nigerian Bar Association, Association of National Accountants of Nigeria, Chartered Institute of Taxation of Nigeria and Institute of Chartered Accountants of Nigeria.
Representatives of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and the Big Four accounting firms — Deloitte, EY, KPMG and PwC — are also members.
The Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025 and Joint Revenue Board (Establishment) Act 2025 took full effect on January 1, 2026.
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