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FG Showcases Banking Sector Gains, Deepens Citizen Engagement to Consolidate Economic Stability(Photos)

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The Federal Government has reaffirmed its commitment to deepening citizen engagement as a critical pillar of macroeconomic stability, while spotlighting far-reaching reforms in the banking sector that are strengthening depositor protection, reinforcing financial system resilience and advancing the Renewed Hope Agenda.

L-R Mr. THOMPSON OLUDARE SUNDAY CEO NDIC AND PERMANENT SECRETARY FINANCE, MR. RAYMOND OMACHI


The commitment was made at the Q2 2026 Citizens and Stakeholders’ Engagement Session convened by the Federal Ministry of Finance in Abuja.

Speaking during the session, the Permanent Secretary, Federal Ministry of Finance, Mr. Raymond Omachi, said the engagement reflects government’s deliberate commitment to transparency, accountability and inclusive governance by creating a platform through which citizens and stakeholders can engage directly with ongoing economic reforms, government priorities and institutional performance.

He noted that the Federal Ministry of Finance occupies a strategic position in the management of the nation’s public finances and remains committed to implementing fiscal policies that restore macroeconomic stability, strengthen public financial management and place the economy on a sustainable growth trajectory.

According to him, sustained engagement with citizens has become indispensable to effective policy implementation, improved service delivery and the consolidation of public confidence in government institutions.

Cross Section of participants at the event


He added that the initiative also provides an avenue for Ministries, Departments and Agencies (MDAs) to demonstrate progress in delivering Presidential directives and ministerial priorities.

Mr. Omachi highlighted the strategic role of the Nigeria Deposit Insurance Corporation (NDIC) in safeguarding financial system stability, describing the Corporation as a critical institution responsible for protecting depositors, promoting confidence in the banking industry and preserving the soundness of Nigeria’s financial system.

Presenting the Corporation’s scorecard, the Managing Director and Chief Executive Officer of the NDIC, Mr. Thompson Oludare Sunday, outlined a series of reforms and milestones that have significantly strengthened the nation’s financial safety net.

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He disclosed that deposit insurance coverage was increased tenfold in 2024, raising the maximum insured amount for commercial bank depositors from ₦500,000 to ₦5 million, with 98.98 per cent of depositors now fully protected under the scheme.

He further revealed that the Corporation has significantly accelerated depositor reimbursement, paying insured depositors within four days following the closure of Heritage Bank and within 72 hours after the revocation of the licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, demonstrating its readiness to protect depositors and sustain confidence in the financial system.

According to him, the NDIC currently provides deposit insurance coverage for more than 281 million depositor accounts across 914 licensed financial institutions, underscoring the breadth of protection available within Nigeria’s banking ecosystem.

Mr. Oludare also announced that the banking sector recapitalisation exercise has attracted over ₦4.61 trillion in fresh capital, considerably strengthening the resilience of financial institutions and enhancing their capacity to finance productive sectors of the economy.

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On the Corporation’s contribution to public finance, he disclosed that the NDIC has remitted over ₦505.53 billion into the Consolidated Revenue Fund since 2023, bringing its cumulative remittance to more than ₦950.52 billion.

He described the achievement as evidence of prudent financial management, operational efficiency and the Corporation’s sustained contribution to national revenue generation.

He further explained that the NDIC Act, 2023 (Act No. 33), provides the Corporation with four core mandates: Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation.

He said these statutory responsibilities continue to underpin the Corporation’s efforts to protect depositors, maintain financial stability and support national economic development.

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In his Vote of Thanks, the Director of Economic Research and Policy Management Department, Mr. Othma Abubakar Musa, commended the Honourable Minister of Finance and Coordinating Minister of the Economy, as well as the Permanent Secretary, Mr. Raymond Omachi, for their strategic leadership and steadfast support for reforms aimed at strengthening fiscal sustainability and advancing inclusive economic growth.

He also appreciated participants for their active engagement and reaffirmed the Ministry’s commitment to sustaining stakeholder dialogue, strengthening public confidence in ongoing economic reforms and ensuring that citizens remain active partners in advancing Nigeria’s economic stability, fiscal resilience and inclusive national development.

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OPay Rubbishes Viral Shutdown Rumour, Warns Against Fake Publication

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By Our Correspondent.

 

Leading fintech company, OPay Digital Services, has dismissed as false and malicious a viral social media publication claiming that the company would embark on a prolonged break from September 1, 2026, urging its customers to withdraw or move their funds.

The fabricated publication, which gained traction across social media platforms on Sunday, purportedly warned OPay customers that the fintech would shut down its operations for an extended period beginning September 1.

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However, OPay, in an official response published across its verified social media platforms, described the claim as false, assuring customers that the company remains fully operational.

In a statement titled, “This is FALSE!”, the fintech said: “OPay is not going on break by September. We’re here, and we’re going nowhere! 💚”

The company further urged its customers and members of the public to scrutinise the viral publication for inconsistencies and rely only on its verified communication channels for authentic information.

“True OPay users know how to identify our official communications. Take a closer look at the viral post and you’ll spot the red flags.

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“Always verify before you share. Filter the noise! Follow our official pages for authentic OPay updates,” the company stated, ending the message with the hashtag, #OPayIsOkay.

Also reacting to the development, the Vice President, Public and Government Affairs, OPay Digital Services, Dr. Maxwell Loko, described the viral publication as “false, malicious and misleading.”

Loko said OPay was not shutting down and cautioned customers against taking any action based on the fabricated information.

“This post is false, malicious and misleading. OPay is not shutting down, and customers should not be misled into withdrawing their funds based on fabricated information,” he said.

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He urged members of the public to disregard the publication and depend exclusively on OPay’s verified platforms for official announcements.

“We urge the public to disregard this post and rely only on OPay’s verified communication channels for official information,” Loko added.

The OPay executive further warned that deliberate attempts to spread false information capable of creating panic or undermining confidence in a financial institution could attract legal consequences.

“The deliberate spread of false information designed to cause panic or undermine confidence in a financial institution is a serious matter and may have legal consequences,” he said.

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The development has also raised concerns over the growing use of fabricated digital content to damage the reputation of financial technology companies and potentially trigger unnecessary panic among customers.

While speculation has circulated in some quarters that the publication could be linked to competitive interests seeking to undermine OPay’s growing market position, no evidence has been publicly established to substantiate such claims.

OPay therefore advised its customers to exercise caution and verify financial or operational announcements through its authenticated communication channels before acting on them.

The company’s clarification effectively puts to rest the viral claim that it would cease or suspend operations from September 1, 2026, with OPay reaffirming that its services remain available to customers.

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70-year-old granpa nabbed for sexual assault of 8-year-old girl in Bauchi

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The Bauchi State Police Command has arrested a 70-year-old man, Usman Abubakar, over the alleged defilement of an eight-year-old girl in the Tsakanin Bayara area of Bauchi metropolis.

According to a statement issued by the Command’s Police Public Relations Officer, Superintendent of Police (SP) Nafiu Habib, the suspect was arrested following a complaint lodged at the ‘E’ Division, Yelwa, by the victim’s 48-year-old father on Wednesday, August 26, 2026.

According to the police, the father alleged that the suspect, who resides in the same area, lured his daughter to an uncompleted building on Sunday, August 24, where he allegedly sexually assaulted her.

The Command said its operatives immediately commenced action after receiving the report and arrested the suspect.

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The police further stated that the suspect allegedly confessed to the offence during interrogation.

Following the incident, the victim was taken to the Police Clinic for medical examination and necessary care.

The Commissioner of Police, CP Sani-Omolori Aliyu, condemned the alleged offence and assured members of the public that the matter would be thoroughly investigated.

The case has been transferred to the State Criminal Investigation Department (SCID), Bauchi, for discreet investigation and prosecution, according to the Command.

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The police reiterated their zero tolerance for sexual violence and child abuse, while urging parents, guardians and members of the public to remain vigilant and report suspicious activities to the nearest police station.

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Peter Obi sympathizes with victims of Abuja market fire

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Nigeria Democratic Congress, NDC presidential candidate, Peter Obi, has expressed sympathy with traders and business owners affected by the fire that gutted Eda Plaza in Jabi, Abuja, on Sunday.

Obi, in a statement posted on his X handle on Sunday, said the incident highlighted the need to strengthen Nigeria’s emergency-response systems, particularly the capacity of fire services.

A fire outbreak destroyed shops and goods reportedly worth millions of naira at the plaza, a building materials market opposite Chida Hotel in Jabi.

An eyewitness told the Nigerian Television Authority that the alarm was raised around 3am after a trader received a distress call about the fire.

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The eyewitness said the fire destroyed one of his brother-in-law’s two shops and a packing store, with roofing materials worth more than N20m reportedly lost in the blaze.

There were no reported casualties.

Reacting to the incident, Obi said his “heart goes out to the traders, artisans, workers, families and business owners whose goods, investments and livelihoods may have been affected by this unfortunate incident.”

He noted that the losses suffered by the traders represented more than merchandise, noting that they included years of savings, borrowing and sacrifice.

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“As a country, we cannot continue to lose businesses and livelihoods repeatedly to preventable disasters. Each time this happens, we gradually lose our productive capacity,” he said.

The former Anambra State governor said small businesses were “the backbone of our economy” and that losses suffered by traders could affect their families, workers and communities.

Obi urged authorities to strengthen emergency-response systems, particularly by ensuring that fire services were properly equipped and adequately staffed.

“As we grieve what has happened at Jabi Market, let us not wait for another market to burn before we act. Let this tragedy become a reason to strengthen our emergency-response systems, especially by ensuring that our fire service is properly equipped, adequately staffed and capable of responding swiftly to emergencies.”

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“We must protect our small businesses and ensure that Abuja, and indeed Nigeria, becomes a safer place to live, work and invest,” he added.

Obi also prayed for those affected by the incident and emergency responders.

“May God comfort every person affected by this disaster, restore the livelihoods that have been lost, and grant our emergency responders the strength and wisdom required at this difficult moment,” he said.

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