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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.
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.
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.
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.
… FCT Minister challenges ex-Rivers governor over stalled projects, 24-year public record
… Questions N10bn anti-malaria fumigation spending, electoral claims
… Says political leadership should empower, not pull others down
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has fired back at former Rivers State Governor Rotimi Amaechi, challenging him to account for major projects and expenditures incurred during his administration.
Wike made the statements on Saturday, during a visit to the Uzugbani Ekpeye National Executive Council at Ekpeye House in Ahoada, Ahoada East Local Government Area of Rivers State.
Wike, who spoke on Saturday during an interactive meeting with the Uzugbani Ekpeye National Executive Council as well as leaders and stakeholders of Ahoada East and West Local Governments, Rivers State at the Ekpeye House in Ahoada, was reacting to Amaechi’s appearance on Channels Television’s Politics Today on Friday evening.
Amaechi, a former governor and Minister of Transportation, had criticised the Federal Government over its record of project delivery and challenged the administration to name major projects it had completed.
But Wike turned the spotlight on his predecessor’s record in Rivers, questioning what became of several projects initiated under Amaechi.
He specifically raised questions over the $39 million reportedly paid for the Justice Adolphus Karibi-Whyte Specialist Hospital, the N68 billion monorail project and about N10 billion allegedly spent on an anti-malaria fumigation programme.
Wike asked what became of the money committed to the hospital project after the facility was not completed.
The controversy over the hospital dates back to the Amaechi administration.
A Rivers State judicial commission set up under Wike had investigated the payment of $39.2 million to a contractor for the project and its failure to materialise.
Wike also questioned the fate of the monorail project, which was among the major infrastructure schemes initiated by the Amaechi administration, as well as the expenditure on the fumigation programme.
He went further to criticize a $10 million malaria control project that was executed with Cuba to eradicate mosquitoes in the state, dismissing the initiative as a scam.
“Ask him about the fumigation of Rivers State with people from Cuba in which $10 million was spent. Ask him whether mosquitoes have stopped biting us in Rivers State,” he said.
The FCT Minister said such issues should be considered when assessing the records of political leaders seeking higher office.
Wike also challenged Amaechi’s record after spending eight years each as Speaker of the Rivers State House of Assembly, governor and Minister of Transportation.
“Someone was Speaker of the House of Assembly for eight years, Governor for eight years, and Minister for eight years, that is 24 years in top leadership positions. What can anybody point to that he attracted to Ekpeye Land in all those 24 years? Nothing! Not one single thing!” he said.
The minister urged the people of Ahoada East and West Local Governments to demand evidence of projects and political empowerment allegedly attracted to the area during Amaechi’s years in public office.
Wike said leadership should not be measured only by the offices occupied but by the people empowered, projects delivered and structures left behind.
He contrasted this with what he described as his own efforts to empower people and develop political successors, saying leaders should not deliberately prevent others from rising.
Wike also criticised what he described as the use of personal and family tragedies for political purposes.
He said political disagreements should not descend into the exploitation of private grief, particularly matters surrounding the death of family members.
The minister warned against a political culture in which personal tragedies are deployed to gain sympathy or attack opponents.
Wike further challenged claims about Amaechi’s political influence in Rivers State, asking supporters to examine his electoral record.
“Since I left him in 2011, after 2011, mention one election that he has ever won in Rivers State,” he said.
The minister also recalled their political relationship and past disagreements, including controversies surrounding appointments and business interests involving federal maritime agencies.
He contrasted what he described as Amaechi’s approach with the Tinubu administration’s establishment of regional development structures and appointments involving people from the South-South.
His latest comments deepen the long-running political feud between the two former Rivers leaders, who once worked together before becoming major political rivals.
News
Wike opens can of worms, queries Amaechi over what happened to $39m Justice Karibi-Whyte hospital, others (Video)
The Minister of the Federal Capital Territory FCT Nyesom Wike has queried, Rotimi Amaechi over what happened to $39million Justice Karibi-Whyte hospital, N68billion Monorail, N10billion anti-malaria fumigation projects.
The minister made this disclosure during his visit to Ekpeye Kingdom Ekpeye House, in Ahoada, Ahoada East Local Government of Rivers State on Saturday.
Watch:
News
Grand reception for FCT minister Wike at Ekpeye Kingdom on a visit to Uzugbani NEC, in Ahoada LGA today (VIDEO)
A video showing the grand reception for FCT minister Nyesom Wike as he arrives at Ekpeye Kingdom for a visit to the Uzugbani Ekpeye National Executive Council, Ekpeye House, in Ahoada, Ahoada East Local Government of Rivers State today.
Watch:
Wike tackles Amaechi: Account for $39m Hospital, N68bn Monorail, N10bn anti-malaria fumigation
Wike opens can of worms, queries Amaechi over what happened to $39m Justice Karibi-Whyte hospital, others (Video)
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