Nigerian banks have disclosed that individuals can now make international tuition payments directly from their naira accounts using the Central Bank of Nigeria’s “Form A” portal.

The “Form A” platform, regulated by the CBN, enables Nigerians to pay for approved services such as school fees, medical expenses, and training courses using the official foreign exchange rate.

This update comes after recent improvements in foreign exchange liquidity.

In an email sent to its customers on Monday, GTBank stated that the service applies to applicants paying for undergraduate and postgraduate tuition abroad.

“Pay international tuition fees directly from your Naira account,” the message read.

To use the service, customers must register and submit an application through the trade system portal at http://www.tradesystem.gov.ng.

“Select Form ‘A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application,” GTBank added.

Similarly, Lotus Bank informed customers they can process international tuition payments through its system.

“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank advised.

A Lotus Bank representative told TheCable that the process was never officially suspended, though interest was low after the naira was floated and FX became scarce.

“The process has always been, but due to lack of funds, too many people are chasing the funds. But nowadays there’s money,” the official explained.

“When the president floated the naira, there was some resistance due to the difference in exchange rate and introduction of additional documentation too. This made people want to shy away from the processes.”

Processing period reduced to four days

The bank representative further said the duration for processing international school fee payments has now been reduced to four days because of improved FX availability.

In 2022, banks stated that such requests made via “Form A” could take up to 120 days due to foreign exchange shortages.

According to the official, the steps involve sending instructions, after which the treasury team sources the dollar within T+2 business days. This means if the instruction is sent today, by Thursday, the customer’s account is debited, and the school receives the payment by Friday.

The documents required include: admission letter, school invoice, international passport, instruction to debit the account and pay the school, tax clearance certificate, and “Form A”.

This development follows the recent announcement by banks about the resumption of international transactions using naira cards.

• Announces N4.064 Billion Interim Dividend To Shareholders

Transnational Corporation Plc (“Transcorp Group” or the “Company”), (NGX: TRANSCORP), Nigeria’s leading listed conglomerate, announced its H1 unaudited results, showing impressive year-on-year growth, for the period ended June 30, 2025.

Transcorp Group’s H1 2025 revenue grew by 59% from N175.4 billion in 2024 to N279.7 billion, while profit before tax grew by 21%, to close at N85.7 billion compared to N70.9 billion recorded in H1 2024.

Despite continuing economic headwinds, Nigeria’s bellwether stock, with a portfolio that spans power, resources and hospitality continues to deliver for shareholders – and make significant investments in Nigerian infrastructure. Notable highlights of the period included the launch of the Transcorp Centre in Abuja, Nigeria’s state of the art convention and events centre, which has already hosted international leaders and major regional events.

Key Highlights

 Exceptional Growth in Revenue

 Transcorp Group achieved a significant increase of N279.7billion, representing a 59% rise compared to H1 2025 (N175.4 billion in H1 2024).

 Profitability

 Transcorp Group continued its healthy profitability trajectory in HI 2025, with a 21% PBT growth of N85.7 billion, compared to N70.9 billion in the same period last year.

 This performance saw an increased gross profit margin of 47%, despite economic headwinds.

 Dividend

 In line with its commitment to delivering value to shareholders, the Company has declared an interim dividend of ₦4.064 billion representing 40 kobo per ordinary share subject to applicable withholding tax.

Chairman Transnational Corporation Plc, Tony O. Elumelu, CFR, comments: “Delivering on our impact driven, value creating mission, we continue to advance strategic investments across key sectors in Nigeria.

In power, Transcorp Power and Transafam Power increasingly innovate to improve lives, transforming Nigeria. In hospitality, we continue to delight our clients and redefine our sector, not least with the opening in Abuja of the Transcorp Centre, Nigeria’s superlative events centre. Our growth demonstrates the resilience and strength of our diversified business model.

We remain dedicated to achieving our strategic vision, rewarding our valued shareholders, and driving the sustainable transformation of Nigeria’s economy.”

President/Group Chief Executive Officer, Owen Omogiafo, OON, comments: “The Q2 2025 financial performance reflects our firm commitment to operational excellence and the resilience inherent in our corporate strategy, which has further enhanced our capacity to effectively navigate challenges. This adaptability has enabled us to thrive within a dynamic business landscape while consistently delivering value to our stakeholders.

With our new 5,000-seat capacity event centre, we are positioning Nigeria as the epicentre of high-scale conferences and events, including hosting the recently concluded AFREXIM Annual Meetings 2025. We continuously explore innovative ways to further accelerate our growth trajectory while strengthening our leadership in Nigeria’s power, hospitality, and energy sectors.”

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain through its investments in OPL281. The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.

www.transcorpgroup.com

Troops of the Nigerian Army under Operation Hadin Kai have arrested a suspected foreign terrorist who attempted to breach a security perimeter in Yobe State. Additionally, two men acting under the directive of a prison inmate in Lagos were apprehended in Ondo State while trying to procure weapons intended for bandits in Zamfara State.

The troops also eliminated numerous terrorists, detained several suspects, and rescued victims during various missions across different operational zones.

A reliable source from the News Agency of Nigeria (NAN) said the suspect, who hails from Niger Republic, raised suspicion due to his inability to communicate in any Nigerian language, prompting further investigation into possible international links.

According to the source, the arrest was carried out by troops from the 120 Task Force Battalion in Katarko, located in Gujba Local Government Area of Yobe State.

In Borno State, two family members of terrorists—a woman and a child—surrendered voluntarily to soldiers from the 202 Battalion in Bama after fleeing the Churchur axis. The development was described as a reflection of ongoing military pressure on insurgent strongholds.

In Sokoto State, troops from the 8 Division Garrison engaged in a shootout with armed attackers in Tsamaye and Mai Lalle, Sabon Birni Local Government Area, resulting in the death of two assailants. Three AK-47 rifles and a motorcycle were recovered.

In Kebbi State, soldiers from the 1 Battalion Rear intercepted an attempted cattle theft in Sauna Village, Argungu Local Government Area. The thieves abandoned 251 cows and fled. The livestock was later returned to its rightful owners.

In Ondo State, troops from the 323 Artillery Regiment based in Igbara-Oke, Ifedore Local Government Area, intercepted two suspects who were attempting to purchase firearms. They were reportedly acting under instructions from an inmate at the Kirikiri Correctional Centre in Lagos, who is believed to be orchestrating criminal operations in Zamfara.

The source also reported that in Delta State, troops discovered a tricycle transporting about 200 litres of suspected illegally refined diesel along the Jeddo-Omadino route in Warri South Local Government Area.

During a separate mission, seven individuals were arrested from what was believed to be an IPOB/ESN hideout in Okpanam, Oshimili North Local Government Area. Items recovered included a motorcycle, four mobile phones, and other logistical supplies.

The Nigerian Army has reiterated its dedication to ensuring internal security and public safety and affirmed that its current operational intensity will be sustained.