ATM withdrawals surge 198% despite higher fees
Nigerians withdrew N36.34 trillion from automated teller machines in the first half of 2025, nearly tripling the N12.21 trillion recorded during the same period in 2024. Transaction volumes climbed 73 per cent from 496.47 million to 858.80 million withdrawals.
The surge occurred despite the Central Bank of Nigeria introducing higher ATM charges in March as part of its efforts to discourage cash usage and promote electronic payment channels. The new fees impose N100 per N20,000 withdrawn from other banks’ ATMs, with additional surcharges of up to N500 at off-site locations.
Fuel imports still dominate Nigeria’s petrol supply
Imported petrol accounted for 62.47 per cent of Nigeria’s total fuel consumption in 2025, totalling 11.85 billion litres, despite increased output from domestic refineries, including the Dangote Petroleum Refinery. The Nigerian Midstream and Downstream Petroleum Regulatory Authority reported that domestic refineries supplied 7.54 billion litres during the year, representing 37.53 per cent of total consumption.
The Dangote refinery, which commenced commercial operations in late 2024, delivered approximately 7.53 billion litres throughout 2025, falling about 4.7 per cent short of its annual benchmark of 7.2 billion litres. The Federal Government plans to implement a 15 per cent import tariff on petrol in the first quarter of 2026, which is expected to significantly reduce import volumes.
Read Also: Nigeria’s fuel market is finally learning how to compete
Spain train disaster kills 21 in deadly collision
At least 21 people were killed, and over 100 were injured when two high-speed trains derailed near Adamuz in southern Spain on Sunday evening. The Iryo train, travelling from Malaga to Madrid with approximately 300 passengers, derailed shortly after leaving Córdoba station at around 7:45 p.m., crossed onto the opposite track, and collided with a Renfe train carrying some 200 passengers from Madrid to Huelva.
Emergency services worked through the night to rescue passengers, some of whom had to break windows to escape overturned carriages. Rail services between Madrid and Andalusia remained suspended on Monday as investigators examined the cause of the incident on what Spanish Transport Minister Óscar Puente described as a recently renovated flat stretch of track.
Trump’s Greenland tariffs spark EU crisis response
President Donald Trump threatened to impose 10 per cent tariffs on eight European countries starting February 1, escalating to 25 per cent by June 1, unless the United States is allowed to purchase Greenland. The tariffs target Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the United Kingdom, all of which deployed small numbers of military personnel to the Danish territory in a show of solidarity.
EU ambassadors held an emergency meeting on Sunday, with French President Emmanuel Macron calling for activation of the bloc’s anti-coercion instrument for the first time. European Commission President Ursula von der Leyen warned the tariffs risk a dangerous downward spiral, while British Prime Minister Keir Starmer said applying tariffs on allies was completely wrong.
Uganda restores internet after Museveni’s seventh term victory
Ugandan authorities partially restored internet services late Saturday after President Yoweri Museveni, 81, won a seventh term with 71.6 per cent of the vote, extending his rule into a fifth decade. The internet had been shut down for approximately 100 hours, with the state-run Uganda Communications Commission citing the need to curb misinformation and electoral fraud.
Opposition candidate Bobi Wine, who received 24 per cent of the vote, rejected the results and alleged mass fraud. Scattered protests erupted in Kampala following the results announcement, with police using tear gas to disperse demonstrators. Wine’s whereabouts remained unknown Sunday after he reported escaping a military raid on his home.
