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.”

MTN Defends Mobile Data Prices, Says Nigeria Among World’s Cheapest Markets

The Chief Executive Officer of MTN Nigeria, Karl Toriola, has defended the cost of mobile data in Nigeria, insisting that the country remains among the cheapest globally despite recent changes in telecom tariffs.

Speaking at the MTN Data Trial Conference in Lagos on Saturday, Toriola dismissed claims that telecom operators are overcharging subscribers, stressing that mobile data prices in Nigeria remain competitive when compared with several countries across Africa and beyond.

He explained that based on global comparisons of data cost per gigabyte, Nigeria still ranks among the most affordable markets. According to him, a review of data pricing across countries such as Kenya, Congo, and others shows that Nigeria remains one of the lowest-cost markets for mobile internet access.

Toriola added that while countries like Ghana also maintain relatively low-cost internet services, operators such as MTN Nigeria and other telecom providers continue to offer some of the cheapest data plans in Africa, even after the recent tariff adjustment.

The remarks come amid growing public debate following a 50% telecom tariff increase in Nigeria, approved by the Nigerian Communications Commission (NCC) in January 2025. The regulator described the adjustment as necessary to address rising operational costs, inflation, and foreign exchange pressures affecting the industry.

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According to the NCC, telecom operators initially requested more than 100 percent tariff adjustments, but the approved increase was reduced to balance industry sustainability with consumer protection. The commission also stated that the revised pricing structure is aimed at supporting continued investment in telecom infrastructure, network expansion, and improved service delivery across the country.

Despite this explanation, the tariff hike has triggered widespread criticism from consumers, labour unions, and civil society organisations. Many Nigerians argue that the rising cost of data bundles in Nigeria has worsened economic pressure on households already affected by inflation, fuel price increases, and declining purchasing power.

The Nigeria Labour Congress (NLC) has strongly condemned the tariff adjustment, describing it as insensitive and an additional burden on workers and low-income earners. Consumers have also raised concerns that data now depletes faster than before, intensifying dissatisfaction over value for money in mobile internet services in Nigeria.

Telecommunications operators, however, maintain that the tariff review is essential for the survival of the industry. They argue that rising costs of network equipment, electricity, foreign exchange volatility, and infrastructure expansion have made previous pricing structures unsustainable.

They also insist that periodic adjustments are necessary to ensure continued investment in 4G and 5G network expansion, improved connectivity, and better service quality across urban and rural areas.

While Nigeria may rank among countries with relatively low data prices per GB globally, analysts note that affordability depends heavily on income levels and purchasing power. This has created a growing gap between global rankings and local realities, as many Nigerians continue to feel the pressure of rising communication costs despite being classified among markets with relatively cheap internet access.

MTN Defends Mobile Data Prices, Says Nigeria Among World’s Cheapest Markets

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