Zenith Bank tops awards list as Toyota Nigeria celebrates three decades of excellence (plus photos)

Zenith Bank Plc has emerged as the biggest winner at the 2026 Toyota Awards and Customers’ Night, clinching the coveted Evergreen Customer of the Year Award for the second consecutive year in recognition of its exceptional patronage of Toyota vehicles over the past five years.

The colourful event, held on Friday, May 5, 2026, at The Podium Event Centre in Lekki, Lagos, brought together an impressive gathering of customers, dealers, government officials, corporate partners, media practitioners and industry stakeholders to celebrate the achievements of Toyota Nigeria Limited (TNL) and strengthen the partnerships that have sustained its leadership in Nigeria’s automotive industry.

The annual awards ceremony serves as a platform to reward loyal customers, honour strategic partners and reinforce the company’s customer-first philosophy.

The highlight of the evening came when representatives of Zenith Bank were invited to the stage to receive the prestigious award for purchasing the highest number of Toyota vehicles from TNL dealerships in 2025.

The banking giant also secured the same honour last year after emerging as the customer with the highest cumulative vehicle purchases between 2020 and 2024.

In recognition of the feat, Chairman and founder of Toyota Nigeria Limited, Chief Michael Ade-Ojo, presented Zenith Bank with the keys to a brand-new Toyota Starlet Cross.

The competition in the Customer of the Year category was equally keen. AGL Motors emerged as the overall winner, while the Nigerian Army and Zenith Bank finished as first and second runners-up respectively. The winners received office equipment worth several millions of naira.

The 2026 edition of the awards carried special significance as Toyota Nigeria celebrated its 30th anniversary, marking three decades of operations since its establishment in 1996.

In keeping with its tradition of recognising contributors across its business ecosystem, Toyota Nigeria also honoured outstanding automotive journalists whose reports and analyses helped shape public understanding of developments in the industry.

Veteran motoring journalist, Theodore Opara of Vanguard, was named Journalist of the Year for his consistent coverage of the automotive sector and insightful reporting on industry trends and Toyota’s innovations.

Mike Ochonma of Transport World emerged as the runner-up, while Rasheed Bisiriyu of Newstrends was recognised as the second runner-up for their contributions to automotive journalism, particularly in the areas of vehicle technology, mobility solutions and market analysis.ĺ

Earlier in his keynote address, Managing Director of TNL, Kunle Ade-Ojo reflected on the company’s journey, describing the milestone as a testament to resilience, innovation and customer loyalty.

“Tonight is a moment of reflection, celebration and renewed commitment,” he said.

“For us at Toyota Nigeria, this annual gathering is more than a tradition. It is a deliberate expression of our enduring philosophy of putting the customer first. It provides a unique platform to honour the loyalty, trust and partnership that have defined our journey over the years.”

According to him, Toyota Nigeria has evolved from modest beginnings into one of the country’s most trusted automotive brands through a relentless focus on quality, reliability and service excellence.

“Since commencing operations in 1996, our journey has been defined by resilience, growth and transformation. Our progress over the past three decades has been anchored on one unwavering principle—creating value for our customers.

“Beyond delivering vehicles that meet diverse mobility needs, we have invested significantly in building a nationwide after-sales ecosystem designed to provide a seamless and premium ownership experience.”

Ade-Ojo assured customers and stakeholders that Toyota Nigeria would continue to innovate and improve its products and services despite prevailing economic challenges.

Several dealers and business partners used the occasion to commend Toyota Nigeria for its continuous investments in dealer development, training initiatives and workshop upgrades aimed at improving service delivery nationwide.

Ade-Ojo expressed gratitude to Toyota Nigeria’s extensive network of stakeholders, including dealers, customers, suppliers, consultants, financial institutions and employees.

“The journey of the past 30 years would not have been possible without the unwavering support and contributions of our stakeholders,” he said.

The managing director also acknowledged the support of Toyota Nigeria’s principal partner, Toyota Motor Corporation, as well as the company’s board of directors led by Chief Ade.Ojo.

He further assured customers that Toyota Nigeria would continue to introduce customer-friendly initiatives designed to make vehicle ownership more accessible despite economic headwinds.

“Despite the monumental challenges in the economy, Toyota Nigeria will continue to devise means that will enable our customers to enjoy their preferred auto brand—Toyota. We will continue to initiate customer-friendly business improvement strategies aimed at making our vehicles more affordable.”

CBN Reforms Drive Return of Global Transactions on Naira Cards

Nigerian banks are increasingly restoring and expanding international transaction limits on naira-denominated debit cards, a development being driven by improved foreign exchange liquidity and sweeping economic reforms introduced by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso.

The move marks a significant turnaround from the foreign exchange crisis that forced many Deposit Money Banks (DMBs) to suspend international transactions on naira cards for more than three years due to severe dollar shortages and mounting pressure on the country’s external reserves.

Industry experts say the resurgence of overseas naira card spending reflects growing confidence in Nigeria’s foreign exchange market following a series of reforms that have boosted dollar inflows, improved liquidity, and restored investor confidence.

Before the Cardoso-led management assumed office in October 2023, Nigeria’s economy was grappling with acute foreign exchange scarcity. Businesses, manufacturers, students and travelers increasingly relied on the parallel market to obtain dollars, fueling speculation and widening the gap between official and black-market exchange rates.

In response, the CBN embarked on far-reaching reforms aimed at restoring stability to the financial system. Key measures included the liberalisation of the foreign exchange market, the unification of exchange rate windows, the clearance of over $7 billion in foreign exchange obligations, and the discontinuation of direct central bank financing of fiscal deficits.

The reforms have contributed to a significant increase in foreign exchange inflows into the economy. Analysts estimate that total FX inflows reached about $112 billion in 2025, driven by stronger autonomous inflows, foreign portfolio investments, diaspora remittances, non-oil export earnings and improved investor sentiment.

The improved liquidity has enabled banks to gradually restore international spending capabilities on naira cards, offering customers easier access to global payment platforms and foreign transactions.

One of the most notable developments came from Guaranty Trust Bank (GTBank), which recently increased its quarterly international spending limit on naira cards to $20,000.

In a notice to customers titled “Important Update on Your GTBank Naira Card,” the bank announced that cardholders can now spend up to $20,000 quarterly through Point of Sale (POS) terminals and online platforms.

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The new limit represents a substantial increase from the bank’s earlier restrictions, which capped online and POS transactions at $1,000 quarterly while limiting ATM withdrawals abroad to $500.

Other major banks have also resumed international transaction services on naira cards.

United Bank for Africa (UBA) announced that its Premium Naira Cards, including Gold, Platinum and World variants, are now enabled for international transactions.

According to the bank, customers can once again use their cards for online shopping, international POS payments and ATM transactions across multiple countries.

Similarly, Wema Bank informed customers that its naira Mastercard can now be used for dollar payments on international platforms such as Amazon, eBay, AliExpress, Netflix, Spotify and YouTube.

FirstBank has also reactivated international transactions on its Naira Mastercard, allowing customers to spend up to $500 monthly across approved channels.

The bank recently partnered with Visa to launch Visa Signature, a premium card targeted at high-net-worth individuals, business executives and frequent international travelers seeking enhanced global payment solutions.

Speaking on the initiative, FirstBank’s Group Executive for eBusiness and Retail Products, Chuma Ezirim, said the bank remains committed to providing financial products that align with the evolving needs of customers.

Visa’s Vice President and Cluster Head for West Africa, Andrew Uaboi, noted that Nigeria’s affluent consumers are among the most globally connected spenders on the continent and require payment products with broader acceptance and enhanced benefits.

Financial analysts say the return of international naira card transactions is one of the clearest signs that liquidity conditions in the foreign exchange market have improved substantially.

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Head of Financial Institutions Ratings at Agusto & Co, Ayokunle Olubunmi, said reduced pressure in the parallel market and shrinking arbitrage opportunities have encouraged banks to reactivate overseas card spending services.

Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, attributed the improvement to stronger oil revenues and multiple foreign exchange inflow channels introduced by the CBN.

According to him, measures aimed at boosting diaspora remittances, licensing additional International Money Transfer Operators (IMTOs), implementing a willing-buyer willing-seller foreign exchange framework and improving access to naira liquidity have strengthened dollar supply within the financial system.

Economic analyst and founder of B. Adedipe Associates Limited, Prof. Abiodun Adedipe, believes broader structural reforms are also contributing to the improved outlook.

He pointed to the elimination of arbitrage opportunities in the foreign exchange market, fuel subsidy reforms, bank recapitalisation efforts, fiscal consolidation and ongoing tax reforms as measures that are improving Nigeria’s competitiveness and strengthening investor confidence.

Adedipe noted that Nigeria’s large population, growing urbanisation, expanding internet penetration and rising digital adoption continue to provide strong long-term growth opportunities for investors.

The CBN has repeatedly maintained that monetary reforms alone cannot deliver sustainable economic growth without complementary fiscal measures.

Governor Cardoso recently reiterated the apex bank’s commitment to ending direct deficit financing while working closely with fiscal authorities to strengthen revenue mobilisation, improve public financial management and achieve long-term macroeconomic stability.

According to the CBN, reforms introduced since 2023 have contributed to improved foreign reserves, stronger investor confidence, enhanced liquidity in the official foreign exchange market and renewed access to international capital markets.

The reforms have also earned positive assessments from international institutions and rating agencies, many of which view the exchange rate reforms and foreign exchange backlog clearance as critical steps toward restoring confidence in Africa’s largest economy.

As foreign exchange inflows continue to improve, analysts expect more Nigerian banks to increase international spending limits on naira cards, providing greater convenience for travelers, students, online shoppers and businesses that rely on global payment platforms.

The development is increasingly being viewed as one of the most visible benefits of the CBN foreign exchange reforms, highlighting the impact of improved liquidity and market confidence on everyday banking services.

CBN Reforms Drive Return of Global Transactions on Naira Cards

Cooking Gas Hits ₦2,000/kg, HURIWA Warns Tinubu Against ‘Economic Cruelty’ to Nigerians

The Human Rights Writers Association of Nigeria (HURIWA) has raised alarm over the continued rise in cooking gas prices across the country, warning that the cost of Liquefied Petroleum Gas (LPG) reaching ₦2,000 per kilogram in some locations is worsening the hardship faced by millions of Nigerians and threatening their constitutional right to life. In a statement signed by its National Coordinator, Comrade Emmanuel Onwubiko, the rights group expressed concern over reports that cooking gas now sells for as much as ₦2,000 per kilogram in several parts of the country. HURIWA described the development as a reflection of weak market regulation and government inaction, arguing that cooking gas, which remains a basic household necessity, is gradually becoming unaffordable for ordinary Nigerians already battling high food prices, rising transport fares and increasing electricity costs.

HURIWA condemned the sharp rise in cooking gas prices, describing the development as “economic cruelty” and warning that unchecked profiteering is undermining citizens’ constitutional right to life. The group linked the soaring cost of LPG to broader constitutional concerns, citing Chapter IV of the 1999 Constitution and arguing that the right to life includes access to conditions that make survival dignified and sustainable. “The astronomical rise in the price of cooking gas is not merely an economic issue but a fundamental human rights concern. The direct consequence of making essential household energy unaffordable is mass hunger, malnutrition, disease, and avoidable deaths among vulnerable populations,” the statement said. According to HURIWA, families already grappling with high food prices, transportation costs, electricity tariffs and healthcare expenses are increasingly finding it difficult to meet basic needs. The organisation warned that many families are now being forced to make difficult choices between purchasing cooking gas and meeting other essential needs.

Official data from the National Bureau of Statistics (NBS) confirms the steady upward trend in cooking gas prices across the country. According to the NBS Cooking Gas Price Watch for March 2026, the average price for refilling a 5kg cylinder rose by 12.60 percent month-on-month from ₦6,799.18 in February 2026 to ₦7,655.73 in March 2026. The average retail price for refilling a 12.5kg cylinder increased by 15.62 percent month-on-month from ₦16,997.94 in February 2026 to ₦19,652.83 in March 2026. State-level analysis shows significant regional variations. For the 12.5kg cylinder, Nasarawa recorded the highest average retail price at ₦23,418.12, followed by Kaduna at ₦23,030.52 and Akwa Ibom at ₦22,816.74. The lowest average price was recorded in Bauchi at ₦15,738.50. By zonal analysis, the North-West recorded the highest average retail prices for both cylinder sizes.

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The price surge has occurred despite increased domestic LPG production. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows that local refineries and gas processing plants supplied the majority of the country’s LPG needs between April 2025 and April 2026. Domestic LPG supply consistently ranged between 3,300 and 4,500 tonnes per day, reaching 4,500 tonnes daily in both March and April 2026. During the same period, imports dropped sharply from 1,600 tonnes per day in November 2025 to just 200 tonnes per day in March 2026. However, greater domestic production has failed to reduce the financial burden on consumers. Cooking gas, which sold for less than ₦1,000 per kilogramme in many areas only months ago, now sells for around ₦2,000 per kilogramme in some locations.

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has shed light on the challenges driving the price surge. According to the association, marketers currently pay between N25.2 million and N26.2 million for 20 metric tonnes of LPG, depending on location. The National President of NALPGAM, Edu Inyang, and its Executive Secretary, Bassey Essien, aptly described the situation as “sad and rather very pathetic.” NALPGAM warned that the crisis is eroding years of progress made by government policies and public-private campaigns to deepen LPG penetration as a safer alternative to kerosene, firewood, and charcoal. “Millions of Nigerians embraced cooking gas under the national clean energy transition agenda. Those gains are now at risk. Households cannot refill cylinders, small businesses are folding under rising energy costs, and many families are reverting to firewood and charcoal despite serious implications for public health, environmental degradation, and deforestation,” the association said.

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HURIWA further warned that if cooking gas continues to move beyond the reach of average households, more Nigerians may resort to firewood and charcoal for cooking. It noted that such a shift could increase deforestation, worsen environmental degradation and expose families to health risks associated with smoke inhalation. The scale of the potential health crisis is alarming. According to the Voice of Nigeria, more than 160 million of Nigeria’s estimated 237 million people still lack access to clean cooking solutions. Consequently, millions depend on traditional fuels such as firewood, charcoal, and kerosene for their daily cooking needs. This dependence has devastating health implications. Reports indicate that between 80,000 and 95,000 Nigerians die prematurely every year from illnesses linked to toxic indoor air pollution caused by dirty cooking fuels. Unsafe cooking smoke has become Nigeria’s third-largest silent killer after malaria and HIV/AIDS. Any development that pushes citizens away from cleaner cooking energy should therefore be viewed as a national emergency.

Experts have attributed the surge in cooking gas prices to multiple factors. Mr Opeyemi Alabi, an economist, told the News Agency of Nigeria (NAN) that geopolitical tensions in the Middle East caused by the U.S.-Iran conflict have led to an increase in global Brent crude oil and LPG prices. Additionally, LPG is a globally traded commodity often priced in US Dollars, meaning fluctuations or devaluation of the Naira immediately increase the landing cost of imported gas, which still makes up a large part of Nigeria’s supply despite rising local production. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has also decried what it described as the inherent monopoly in the cooking gas value chain in Nigeria, advising the government to break the monopoly and liberalise the market with a view to enabling more operators to manage the market efficiently.

HURIWA called on the administration of President Bola Ahmed Tinubu to urgently investigate the factors driving the increase in cooking gas prices and implement measures aimed at stabilising the market. The group urged relevant regulatory agencies to identify and sanction individuals or companies engaged in exploitative pricing practices, while also advocating targeted interventions and fiscal policies to reduce the burden on consumers. “The association reiterates that governance must ultimately be measured by its impact on the lives of citizens. Any economic policy or regulatory failure that results in widespread hunger, suffering, and preventable deaths cannot be justified under any democratic system,” the statement added. The Centre for the Study of the Economies of Africa (CSEA) has similarly recommended that the government improve domestic gas supply, support local LPG production, invest in distribution infrastructure across the country, and provide social protection measures, particularly for vulnerable households. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has yet to issue an official response to HURIWA’s allegations or the growing public outcry over cooking gas prices as of the time of this report.

Cooking Gas Hits ₦2,000/kg, HURIWA Warns Tinubu Against ‘Economic Cruelty’ to Nigerians