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Tensions soar over high cost of living in Benin Republic

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In the heart of Cotonou’s large Dantokpa market, Diane Makpenon’s family corn shop is less busy than usual these days.The business run by her mother like others in Benin’s economic capital has been slowing down as they struggle with rising prices.

 

The price of a kilo (2.2 pounds) of corn, one of the country’s most widely consumed foods, rose from 200 CFA francs (0.30 euro cents) to 450 CFA francs, before falling again to 400 CFA francs within a few days, according to traders.

 

A 120-kilo bag is now sold for between 33,000 (about 50 euros, nearly $54) and 36,000 CFA francs compared to barely 30,000 CFA francs before.

 

The increase in food costs in the small West African nation prompted Benin’s labour unions to call for an unprecedented series of protests against the cost of living — the first was dispersed by police firing tear gas and a second banned by the authorities.

A third planned for Cotonou on Saturday has been granted authorisation by city officials.

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Benin’s consumer prices and economy have been hit by fallout from the Ukraine war and by the closure of the border with major trading partner Niger to the north following a coup there last July.

 

Neighbouring Nigeria’s naira currency devaluation and abrupt end of a decades-long fuel subsidy have also impacted Benin’s fuel prices and trade.

 

“Going to the market has become torture. Everything costs us so much that we are helpless,” said Roberte Akododja, 42, owner of a bistro in Cotonou’s popular Gbegamey district.

 

“Even in restaurants, you have to pay more for usual meals or settle for small portions,” said Delphin Agossohou, a private administration executive.

 

Camille Segbedji, one of the leaders of the National Union of Secondary Teachers and Administrative Personnel of Benin (SYNEPAS), criticised the absence of a “fair agricultural policy” from the government in the face of declining purchasing power.

 

The World Bank said Benin’s economy in 2023 was still resilient despite the external economic shocks the country had to weather.

 

At a cabinet meeting this week, the government temporarily suspended shipments of cereals outside the country in a bid to ease pressure on prices.

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– In the streets –
Political protests have become less common in Benin since President Patrice Talon came to power in 2016, with some major opposition leaders either in exile or jailed.

 

Critics regularly accuse the cotton magnate of taking an authoritarian turn in a country once praised as a beacon of pluralism in West Africa.

 

Protesting over high costs, the main unions organised a demonstration in Cotonou on April 27 which was banned by the police who used tear gas to break up the rally.

 

Nearly 30 demonstrators and leaders of the trade union movement were arrested on that day, before being released a little later.

 

“The workers are struggling to make themselves heard. We have demands, but no way of expressing them,” explained nurse Arsene Olory-Togbe, aged 48.

 

On May 1, the Confederation of Benin Workers’ Unions (CSTB Benin), the country’s main trade union, rallied in a new demonstration, which was immediately banned by the authorities.

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This time, 72 demonstrators were arrested, including 21 placed in pre-trial detention for cannabis consumption.

 

“Our motivations relate to the unhappiness among citizens today. The high cost of living and the decline in purchasing power,” said Anselme Amoussou, general secretary of CSA Benin, the country’s second-largest trade union organisation.

 

Despite the ban and cancellation of demonstrations in recent days, trade unionists have once again called on the population to protest against the high cost of living on May 11 in the economic capital of Benin.

 

“No worker is happy to take to the streets, it is never light-hearted. But in certain situations it is necessary,” said teaching union representative Segbedji.

 

For CSA union leader Amoussou workers just wanted dialogue, a more human approach from the government and the guarantee of labour union rights.

 

“Wondering whether the peaceful march will be repressed is sad for a democratic country like Benin,” he said.

AFP

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Banks to charge 7.5 VAT for mobile transfer, PoS transaction fees

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Banks are set to commence the deduction of 7.5 percent value-added tax (VAT) on banking services, including point of sale (POS) transaction fees, mobile banking transfer fees, from January 19. 

In an email to customers, Moniepoint Microfinance Bank said the charge stems from a government-endorsed regulatory change.

According to reports, the VAT is charged on the N50 stamp duty and does not affect the actual amount being transferred or withdrawn.

The proceeds of the charge will be remitted to the Nigerian Revenue Service (NRS).

“We would like to inform you of an upcoming government-endorsed regulatory change regarding Value Added Tax (VAT),” Moniepoint said.

“From Monday, 19 January 2026, we are required to collect a 7.5% VAT, to be remitted to the Nigerian Revenue Service (NRS) (formerly known as the Federal Inland Revenue Service).

“VAT will apply to certain banking services that include: electronic banking charges such as POS transaction fees, mobile banking fees (transfers), USSD transaction fees, POS activation fee, card issuance fee and Moniebook subscription.”

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According to the bank, the charge also applies to other fees, such as loan processing and documentation fees.

“Services that DO NOT attract VAT include: interest on loans and advances, and interest on deposits and savings,” Moniepoint said.

“Please note: This is not a price increase by Moniepoint. Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service (NRS).

“The NRS has communicated a deadline of 19th January for all financial institutions (commercial banks, microfinance banks and electronic money transfer operators) to start collecting and remitting VAT.”

The bank clarified that VAT applies only to banking or service fees and not to interest, adding that the charge will be listed separately on transaction reports and statements.

The new tax laws retain the VAT rate at 7.5 percent.

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Wema Bank Launches Upgraded Version of ALAT Banking App

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…introduces Voice Banking, Tap and Pay and Uptime Prediction

Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has launched the upgraded version of its flagship digital banking platform, ALAT by Wema. Designed as the next phase in digital banking, the upgraded version of ALAT delivers a smarter, faster, and more intuitive experience, reinforcing Wema Bank’s leadership in technology-driven financial services.

 

Tagged ALAT: The Evolution, the upgraded version represents a significant advancement in how customers interact with their bank.

 

It enables seamless banking through intelligent features such as voice banking (called SAW), which allows customers to carry out banking activities using natural voice commands, reducing friction and improving accessibility. It also introduces Tap and Pay for quick, secure, and convenient contactless transactions, alongside uptime prediction that enhances transparency, reliability, and confidence around service availability.

 

Together, these innovations are designed to simplify everyday banking while anticipating customer needs in real time, reinforcing Wema Bank’s commitment to trust, efficiency, and customer-centric digital experiences.

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Announcing the upgraded version, the Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said, “ALAT: The Evolution is more than an upgrade. It is a clear demonstration of our commitment to redefining digital banking in Africa.

” By understanding the future of banking and listening closely to our customers, we have upgraded ALAT by Wema to a digital banking platform that is smart, intelligent and dependable.

“This evolution reinforces our promise to deliver innovation that genuinely enhances how people live, work, and transact everyday.”

 

He added that migrating to the upgraded app is seamless. “Existing customers can simply visit the Google Play Store or Apple App Store to update their existing ALAT app and sign-in with their existing login details (All their account information and transaction history remain intact on their profile and they will also gain access to new features that make banking faster, more intuitive, and more reliable).

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For new customers, all they have to do is visit the Google Play Store or Apple App Store to download ALAT by Wema app and click the Get Started icon to onboard seamlessly.

 

Speaking on the technology in the upgraded ALAT by Wema, Mr. Olusegun Adeniyi, Chief Digital Officer at Wema Bank, explained, “With ALAT: The Evolution, we set out to enhance not just functionality but the overall banking experience. By integrating voice banking, contactless payments, and predictive reliability, we are delivering a platform that is built on powerful technology and responds intelligently to customer needs. This upgrade reflects our long-term digital vision to create a digital bank that is adaptive, intuitive, and consistently available.”

 

Built on speed, intelligence, and user-centric design, ALAT: The Evolution redefines everyday banking through intuitive features such as voice-enabled transactions, contactless payments, and predictive service reliability. Designed to anticipate customer needs in real time, the platform delivers a smarter, more seamless, and dependable digital banking experience that reflects Wema Bank’s vision for the future of finance.

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With the upgraded version of ALAT, Wema Bank continues to strengthen its position as a digital-first institution, delivering innovative solutions that empower individuals and businesses to bank with confidence in an increasingly digital economy.

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Energy Tycoon, Wale Tinubu hails Otedola, Elumelu on mega deals

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Billionaire energy tycoon, Jubril Adewle Tinubu has hailed two of Nigeria’s influential investors —Femi Otedola and Tony Elumelu —for wrapping up the year 2025 and ringed in 2026 with two landmark deals.

 

In a post Thursday on his various social handles, Tinubu spotlights Otedola’s ‘investor foresightedness’ and Elumelu’s deliberate ‘bet on African capability’ as inspiring moves in the energy sector that will spur others into a roaring start.

 

The Oando Plc Group Chief Executive wrote: “Reflecting on the first week of work in 2026, Femi Otedola and Tony O. Elumelu have given us a roaring start already. With the Geregu exit, Femi turned an investment in power into a landmark deal, while simultaneously deepening his position in banking. This speaks to deft positioning.

 

“Femi, you backed investor foresight with conviction and knew exactly when to act decisively. The mark of an exceptional investor is not simply in making an investment. The mastery lies in knowing when to exit. This, I must admit, was executed in spectacular fashion.

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“For Tony, stepping into Seplat as a major shareholder is a long, deliberate bet on African capability; on ownership; on governance and on the belief that our energy future should increasingly be shaped by those who live and build at home. These are exceptional deals that set the tone not just for the year ahead, but for how value is truly created,” Tinubu concluded.

 

Industry stakeholders have equally described the two billionaires’ late 2025 megadeals as a fast changing pecking order in the volatile energy sector.

 

Otedola had reportedly cashed out when he ceded control of his high-yielding Geregu Power Plc through a change at the holding company level.

 

The billionaire businessman has divested his 77 per cent controlling stake in the company in a landmark $750m transaction.

 

In a notice filed with the Nigerian Exchange, NGX, Otedola exited Geregu as majority shareholder with MA’AM Energy Ltd acquired 95% of his Amperion Power Distribution Co., changing the ultimate beneficial ownership of 77% of Geregu’s issued share capital.

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Geregu is among the NGX’s most watched electricity stocks, helped by steady earnings in a market hit by gas constraints and payment shortfalls.

 

Otedola, it is learnt, intends to redeploy the capital into financial sector investments. The Epe-born investor is the Chairman of First HoldCo Plc, a financial holding company he owns more than 18 percent of its stake.

 

Elumelu, the banking tycoon, also through his Heirs Group, created a sensation at the twilight of 2025 when he bought Maurel & Prom entire 20.07% stake —about 120.4 million shares— in Seplat Plc, in a deal valued at roughly $500 million.

 

Seplat’s rise has been fueled by a $1.28 billion purchase of ExxonMobil’s onshore business, completed last year, which added oil blocks, fields and export infrastructure.

 

On his part, Tinubu has also emerged one of the few titans who command a great deal of reverence in Nigeria’s vast and ever-evolving energy landscape. He has led his Oando Plc into a status of one of Nigeria’s best known indigenous energy names, listed in Lagos and Johannesburg, with upstream interests and trading and logistics operations.

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