Nigerians without smartphones or internet access may soon be able to borrow money through a new government-backed scheme.

What was unveiled

The Nigerian Consumer Credit Corporation (CREDICORP) launched SPARK at a 'CREDICORP for All' event in Aba, Abia State, attended by more than 1,000 residents, according to reports on Sunday, 1 November 2026. The product works on USSD, the basic mobile service available on simple feature phones, allowing eligible users to start credit transactions without a data connection.

Who it is for

SPARK is aimed at first-time borrowers, low-income earners and others who are poorly served by traditional banks. CREDICORP says it will also help users build formal credit histories by borrowing and repaying responsibly. Loan sizes, interest rates and eligibility rules were not disclosed, and the USSD code has not yet been published. CREDICORP expects the product to be widely available before the end of 2026.

Who spoke

CREDICORP's chief executive, Uzoma Nwagba, spoke at the event, along with a representative of Abia Governor Alex Otti and an official of the Ministry of Finance Incorporated.

Background

CREDICORP was set up in 2024 to expand access to consumer credit, so that Nigerians can buy goods such as phones, solar systems and household items and pay over time. Many Nigerians rely on online loan apps, some of which have been criticised for high interest rates and harsh debt-recovery methods.

A warning

Officials urged people to wait for official announcements and to avoid unverified platforms claiming to register people for SPARK loans.

A new pan-African bank dedicated to financing energy projects has officially started work in Nigeria's capital.

What happened

The Africa Energy Bank held its first general meeting in Abuja and named Helmy Ghazi as its first president, according to a statement by the African Export-Import Bank (Afreximbank) reported on Sunday, 1 November 2026. The bank has an authorised capital of $5 billion.

What the bank will do

The bank was set up by Afreximbank and the African Petroleum Producers' Organisation (APPO) to fund oil, gas and other energy infrastructure on the continent. Afreximbank estimates that Africa needs about $200 billion in energy investment to meet its development needs. Supporters of the bank say it will help African producers finance projects at a time when many Western lenders have pulled back from funding oil and gas.

Background

Nigeria won the bid to host the bank's headquarters, beating other African countries, and the Federal Government has promoted the institution as a sign of investor confidence. African oil producers have long complained that it is difficult to raise money for fossil fuel projects as global banks shift towards renewable energy. The bank is expected to fund a mix of projects, including gas processing, refineries and power generation.

What it means

For Nigeria, hosting the bank could bring jobs, international meetings and closer ties with energy investors, though analysts say its success will depend on how quickly it can raise funds and start lending.

Pensioners in Akwa Ibom State are set to receive an extra month's pension, Governor Umo Eno has announced.

What was announced

Speaking at the Ibom Hall Grounds in Uyo, in remarks reported on Saturday, 31 October 2026, the governor said all pensioners in the state would receive a 13th-month pension bonus. He also announced a separate ₦10,000 welfare payment, which will be paid together with November 2026 pensions. The exact amount and payment date of the 13th-month bonus were not stated in reports.

Clearing the backlog

The governor reportedly said his government had paid ₦100 billion of a ₦111 billion gratuity backlog it inherited and planned to clear the remainder before the end of its first term. He also urged pensioners aged 65 and above to register for the state's free health insurance scheme for older people.

Background

At the event, the Nigeria Union of Pensioners presented the governor with a merit award. Unpaid pensions and gratuities are a long-standing problem in many Nigerian states, and retirees have often protested over delays. Some states have recently announced extra payments to help workers and pensioners cope with rising living costs, while the Federal Government this week unveiled a ₦50,000 monthly cash relief scheme for vulnerable households.

How people reacted

Pensioners welcomed the announcement, while some residents called on other states to follow the example.

Three Islamic clerics who were kidnapped in Zamfara State more than six weeks ago have been freed, according to reports on Saturday, 31 October 2026.

What happened

The clerics were among six imams abducted on 12 September 2026 on the Dakko–Damri road in Bakura Local Government Area, near Sububu Forest, while travelling to Talata Mafara for a prayer gathering for President Bola Tinubu's government. Their kidnappers reportedly demanded a ransom of ₦30 million.

The rescue

The three were reportedly rescued through intelligence-led operations by the Office of the National Security Adviser and the Department of State Services, working with the police. They were said to be unharmed and in stable condition after medical checks and security debriefings, and will be handed over to the Zamfara State Government to be reunited with their families. The fate of the other three clerics was not reported, and it was not said whether any ransom was paid.

Background

Zamfara is one of the states worst affected by banditry in the North West, with frequent kidnappings on rural roads and in villages. Security agencies have stepped up operations in the region, but abductions for ransom remain common. Insecurity is a key issue in the 2027 election campaign, and opposition candidates have promised tougher action against kidnappers.

What happens next

Security agencies say efforts are continuing to secure the release of the remaining captives.