Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the 5th edition of its Hackaholics initiative, a premier ideathon designed to empower and support the nation’s brightest tech innovators. The grand finale, which took place recently in Lagos, witnessed a remarkable showcase of ingenuity and problem-solving prowess, culminating in seven startups sharing an impressive N145 million in prize money—nearly double the initial prize fund of N75 million.

This year’s Hackaholics stood out with a record-breaking 3,500 applications from across Nigeria. From this pool, 10 finalists showcased innovative solutions addressing real-world challenges, ranging from education accessibility to sustainable agriculture, healthcare, and more.
Feegor, the overall winner, was awarded the top prize of N50 million for its innovative B2B wholesale marketplace and SaaS platform. Feegor empowers SMEs to discover, negotiate, and source goods from verified suppliers while accessing credit through a Buy Now Pay Later (BNPL) model. This groundbreaking approach is set to drive growth and create significant economic impact.
The first runner-up, Empayment AI, received N35 million for its AI-powered invoice discounting platform, revolutionizing how businesses manage payments. Bloom Beauty, the second runner-up, was awarded N20 million for its personalized, AI-curated solutions that are transforming the beauty industry.
In the women-led category, MyTherapist secured the position of first runner-up, earning N12 million. MyTherapist connects users with mental health professionals, providing accessible and affordable therapy solutions for emotional well-being. Meanwhile, MyItura, an innovator delivering remote healthcare services, clinched the position of second runner-up in the women-led category, receiving N8 million.
Both Northino and University X earned honorable mentions at the grand finale, each receiving N10 million. Northino was recognized for bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X impressed with its transparent, all-encompassing platform for tertiary education management.
The significance of these groundbreaking innovations was highlighted by Wema Bank’s CEO, Moruf Oseni, who shared his vision for the initiative. In his words, “We are delighted to celebrate the brilliance of our youth through the Hackaholics initiative. At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation. When I stood here earlier, the total prize money was N75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to N145 million. Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future.”
Ugonna Ginigeme, CEO of Feegor and the overall winner, expressed heartfelt gratitude for the recognition and support. “I feel very grateful to God, my team, and everyone who has been part of this journey. Winning among so many great startups and entrepreneurs is humbling. I sincerely thank the MD, Wema Bank, and its management for this incredible opportunity. These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy while building an all-around successful company.” Ginigeme said.
Hackaholics 5.0 not only underscores Wema Bank’s legacy of innovation but also sets the stage for further technological advancements, fostering a generation of problem-solvers poised to reshape Nigeria’s future.

Zenith Bank Plc has expanded its global footprints with the opening of Zenith Bank (UK), Paris Branch. The official commissioning, which took place on Wednesday, November 27, 2024 at 21 Rue de la paix,Paris, France was performed by the HonourableMinister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.

Dignitaries at the ceremony include Governor, KwaraState & Chairman, Nigeria Governors’ Forum (NGF), His Excellency, AbdulRahman AbdulRazaq; Governor, Lagos State, His Excellency, Mr. Babajide Sanwo-olu; Governor, Ogun State, His Excellency, AdedapoAbiodun, CON; Governor, Enugu State, His Excellency, Dr. Peter Mbah; Chairman, BUA Group, Abdul Samad Rabiu, GCON; Honourable Minister ofState for Finance, Dr. Doris Uzoka-Anite; Chief Executive Officer/Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Aisha Rimi and Executive Director/Chief Executive Officer, Nigerian Export Promotion Council (NEPC) NonyeAyeni, who joined Zenith Bank Executives in celebrating this significant milestone. The event highlighted the bank’s commitment to delivering exceptional financial solutions and fostering economic growth across the globe.

In her welcome address, the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, thanked the Founder & Chairman, Dr. Jim ovia, CFR, for his inspiration and vision in setting up an award-winning and record-breaking brand. She also highlighted the rationale for the bank’s strategic move to Paris. According to her, “The opening of this Paris branch is part of the broadstrategy of the Bank to extend its footprints across the major global financial centres and our efforts at following our customers’ businesses. Paris branch opening underpins the need to serve our customers and bolster trade and finance relationship between our customers in France and other countries. Zenith Bank’s expansion into France is a very strategic move as Nigeria accounts for 20% of France’s trade with Sub-saharan Africa according to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) Having successfully dominated large parts of Anglophone Africa, we will leverage Zenith Bank Paris operations to lead the Francophone market starting from Ivory Coast and Cameroun where we will be establishing subsidiaries very soon. This will facilitate business and trade flows between the African region and France, which is a major business partner to several African countries.”

Speaking at the ceremony, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said, “I feel that one of the dividends of building trust for Nigerian institutions around the world is this event today, the opening of Zenith Bank in Paris. The presence of Zenith here can only but help to engender trust of the French business community. They can learn about the opportunities in Africa, and of course, the entry into Nigeria can be facilitatedWe are happy and we are glad that we are all here to participate in this historic occasion.”

President and Chief Executive of Dangote Group,Alhaji Aliko Dangote, congratulated the bank for the milestone achievement. Expressing his optimism for this strategic initiative, he said, “I really want to congratulate Zenith Bank for achieving this feat by opening a branch here in Paris. I can guarantee you, without the likes of Zenith Bank and other Nigerian banks, we as a group, wouldn’t have been where we are today because there is no country that can grow without a very strong banking sector.”

Director General of the Treasury, France, Bertrand Dumont, commented, “This is a crucial asset when it comes to doing business between our two countries, or when it comes to doing business between our two continents. So, I would like to wish you the best in this endeavor, in this creation, and I hope that in the coming months or the coming year, you will invite me again for the integration of larger buildings as a sign of the success that you would have encountered.”

The Chairman, France-Nigeria Business Council (FNBC), Mr. Aigboje Aig-Imoukhuede, CFR, during his remark said, “15 years ago, Dr. Jim Ovia, then as the CEO of Zenith Bank welcomed me as CEO Access Bank into the UK to join him and other banks that had blazed the trail in opening banking businesses in the UK. 15 years later, to the glory of God, your young brother in banking welcomes you to Paris with pride on the significance of this occasion. Such intentional leadership, such partnership and collaboration speaks to the nature of endeavor that we at the France-Nigeria Business Council are trying to drive. So, on behalf of the French people, I simply say to Zenith – Bonne Arrivee!”

The opening of Zenith Bank, Paris followed the granting of the final approval by France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), in September 2024, allowing the branch to commence operations. Earlier in November 2023, Zenith Bank strengthened ties with France by signing a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary in France. The MoU was signed in Lagos by the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht during the French envoy’s visit to Nigeria.

Zenith Bank, Paris is positioned as a global financial hub for strengthening trade, accelerating trade flows and facilitating connectivity between Europe and Africa. The branch will provide a wide range of services currently being offered by the UK home-office including corporate banking, trade finance and treasury services to individuals and corporate clients in France and the wider European market. The branch will also leverage the bank’s strong global network and expertise to provide tailored solutions to its clients.

If bells could ring for every achievement, Jubril Adewale Tinubu’s would chime ceaselessly. In fact, it has become a tradition that any time Tinubu, the Group Chief Executive of Oando Plc, appears on the scene, the bells will sound impressively in honour of the extraordinary oil and gas mogul, whose impact will resonate for generations to come.

He is one of Nigerian business moguls redefining the tapestry of the African economic sector, particularly oil and gas business.

Many are aware that Tinubu had a background in Law. But sometime in the early 1990s, the Lagos State-born serial entrepreneur found the allure of oil and gas so irresistible, thereby making him dump his first love, Law.

Thereafter, he followed his heart’s desire by floating the Ocean and Oil business organisation.

Today, the business has not only earned him fame and wealth, but has also contributed in great measures to the economic development of Africa and beyond.

Again, Tinubu shone brilliantly during the recently held Africa Energy Week, AEW, which is the African Energy Chamber’s annual event, uniting African energy leaders, global investors and executives from across the public and private sector.

Quite expectedly, all eyes were on him at the recent interactive conference, exhibition and networking event held at the Cape Town International Conference Centre, CITCC.

In a category, comprising other high-profile deals in the sector and across Africa, Oando won the award in recognition of the Company’s recently completed landmark $783 million acquisition of the Agip from the Italian Energy firm Eni on 22 August, 2024.

The Deal of the Year award, it was gathered, recognises the most transformative and impactful deal in the energy sector – honouring excellence in negotiation, strategic alignment, innovation and collaboration, while celebrating deals that drive advancements in energy and economic growth.

Receiving the award, a visibly excited Tinubu said: “ I am delighted and honoured to receive the ‘Deal of the Year’ award from Africa Energy Week.

“This award is more than just an accolade for a successful deal closure; it represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision. It is a testament to my belief that with the Humans of Oando, impossible is nothing. I’d like to thank the dream team, the Humans Of Oando, our financiers, and partners for their belief and role in making this award a reality,” he said on the occasion.”

The acquisition is the culmination of a decade of preparation, strategic planning, and unwavering commitment to a vision of becoming Africa’s first indigenous International Oil Company.

This development, no doubt, bears testimony to the fact that the outgoing year has been most remarkable on many fronts for him and the company.

First, the Company marked its 30th anniversary recently. Thereafter, it concluded its strategic plan to acquire its second IOC in a decade, Nigerian Agip Oil Company (NAOC) and step up to the role of operator.
Indeed, the year 2024, has been a good one for the oil and gas mogul.
Entrepreneurial and deal making skills are two special gifts energy tycoon is blessed with. As a young man, he worked as a lawyer at his father’s firm to hone his skills but it was not for long as a very impliable young Tinubu soon became restless. Although he was generating a decent income from his small business, the young lawyer was actively on the lookout for bigger challenges and opportunities.
However, the landscape shifted in 1994 when Tinubu and his two friends —Mofe Boyo and Jite Okoloko— birthed Ocean and Oil Services, a small trading company in the business of supplying diesel and Low Pour Fuel Oil (LPFO) to various shipping firms and offshore exploration companies in Nigeria. Few years into their operations, the three partners bought their first vessel MT Carolina anchored in Bonny to supply diesel to off-shore companies from the Port-Harcourt Refinery. In six years, Ocean and Oil Services had grown its fleet to seven ships.

Within that short time, Tinubu emerged the new face among the oil & gas elite and caught the attention of the business world and piquing the curiosity of many eager to learn more about this rising titan. Tinubu’s meteoric rise is fueled by the massive success of Oando’s expansion. The cornerstone of this success? Tinubu stumbled across an even bigger opportunity when in 2000, he landed a blockbuster deal with the acquisition of government controlling 40 per cent equity in the defunct Unipetrol Plc, an integrated downstream oil marketing company. The three friends made an audacious bid for the company.

For an upstart Ocean and Oil —an oil trading and shipping company trying to find its feet in the downstream sector made the move to acquire a controlling interest in an oil & gas behemoth, it was indeed daring! Stumbling blocks dotted their paths as a result of their youthful age (they were all less than 33 at the time). But Tinubu eventually won the confidence of all the varying factions- the investing public, labour unions, employees and the government. Along with his team, he went to work on developing a solid business plan and a blueprint for the strategic direction of the company. Tinubu focused squarely on rejuvenating the ailing petroleum marketer.

With the gravitas you might expect of a Booker prize winner, Tinubu, two years later, took another bold step as he led the largest ever acquisition of a quoted Nigerian company with Unipetrol Plc’s purchase of Agip Nigeria Plc.

Thereafter, with another giant brand on their roster, the Group rebranded as Oando Plc and today, it has become Nigeria’s largest non-government owned company in the energy industry with a market value soared to record highs from N74 billion in 2023 to N1 trillion.

Oando is one of the many success stories coming out of Africa’s corporate space. With a load of challenges he has had to maneuver while growing Oando, Tinubu, on his part, silently contributing to the economy and cementing his standing among the global financial elite to the extent that Forbes magazine, recognizing his impressive impact, dubbed him the ‘King of African Oil’.

Tinubu’s latest deal marks a pivotal shift in Nigeria’s energy sector.

Last August, Tinubu and Oando recorded an historic milestone of a monumental deal with the Italian energy giant, ENI for the acquisition of 100% shares of Nigerian Agip Oil Company Limited. The $783 million deal, sealed and signed at a glittering ceremony held at The Peninsula Hotel in London, cements Oando’s position as Nigeria’s leading indigenous energy solutions conglomerate.
The transaction, first announced in September 2023, promises a brighter future for the company and industry alike.

“It is rather uncanny that this acquisition comes exactly a decade after Oando’s landmark $1.8 billion acquisition of ConocoPhillips’ Nigeria interest, a transaction which incidentally made the company a Joint Venture (JV) partner on the asset alongside NNPC E&P Ltd (NEPL) and NAOC. The ConocoPhillips transaction propelled Oando’s production from approximately 4,500 barrels of oil per day to 50,000 barrels of oil per day at the time,” Tinubu said.

He added on the AGIP’s acquisition: “Today’s announcement is the culmination of 10 years of hard work, resilience, and an unwavering belief that we would realise our ambition. It is a win, not just for Oando, but for every indigenous energy player as we take our destiny in our hands.

“This is a new dawn for the Nigerian energy sector, and we are confident that indigenous companies will play a pivotal role in this next phase of the nation’s upstream evolution. With our assumption of the role of operator, our immediate focus is on optimising the assets’ immense potential in contributing to our strategic objectives, whilst complementing the nation’s plan to boost production outputs.” He said.
For those who think Tinubu is leaning on his political connections with his uncle, Bola Tinubu as Nigeria’s President in achieving these great milestones, they need to check themselves or see a shrink. Being a good entrepreneur or successful business owner doesn’t exactly mean you’re a dealmaker. But Tinubu combines the three. In all, Tinubu has exceeded expectations. He has successfully built an empire with a verifiable trajectory. When he acquired Unipetrol’s assets in 2000, very few competitors and contemporaries gave him any chance of success. Now, they take him very seriously. He’s stated that someday, Oando is going to be Africa’s first oil major. It seems like an unrealistic ambition, but when it is Wale Tinubu speaking, just believe as all pointers show that the billionaire energy tycoon deserves and has earned his flowers!