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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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ADC Kwara Guber candidate, Mohammed unveils running mate, Elder Julius Olaide Olawuyi

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The African Democratic Congress Kwara ADC governorship candidate, Hon Zakari Mohammed has unveiled his running mate,

Olawuyi is a retired teacher and school Administrator from Offa town,In Offa local Government Area of Kwara State.

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Reps Probe Alleged Fake Presidential Council as Head of Civil Service Confirms Budget Participation, Approval for 314 Posts

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By Gloria Ikibah

The House of Representatives on Monday intensified its investigation into the controversial Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PEAC/PFIPC), as the Head of the Civil Service of the Federation (HCSF), Didi Walson-Jack, confirmed that representatives of the body participated in the 2025 Annual Manpower Budget Defence and obtained approval for 314 positions.

The disclosure came during the inauguration of the House Ad-hoc Committee investigating the circumstances surrounding the existence and operations of the council, chaired by Rep. Yusuf Gagdi.

The probe follows growing public concern over reports that the council, whose legal status has been questioned, appeared in official government processes, including budget preparations and personnel planning, despite uncertainty surrounding its establishment and operational mandate.

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Appearing before lawmakers in Abuja, Walson-Jack explained that while the Office of the Head of the Civil Service of the Federation (OHCSF) has no authority to establish government agencies, it received a request from the council seeking approval of its organisational structure.

She said the request was first submitted on 6 August 2025 but was initially rejected because the required supporting documents were not attached.

According to her, after the necessary documentation was later presented, approval was granted for a workforce comprising 14 existing personnel already engaged by the council and an additional 300 positions.

She said: “The Council in question submitted a request to the OHCSF for approval of its organisational structure on the 6th of August 2025 without providing the requisite documents.

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“The request was earlier declined due to non-submission of relevant documents. However, after the required documents were submitted, approval for a total workforce of 314 positions, comprising 14 existing officers engaged by the Council and 300 additional positions, was issued.”

The Head of Service also disclosed that official records showed the approved establishment was collected by a representative of the council.

“The records of the Organisation Design and Development Department further confirmed that the authorised establishment was collected on behalf of the Council by a certain gentleman who represented the PEAC/PFIPC,” she stated.
Walson-Jack further revealed that officials representing the council took part in the 2025 Annual Manpower Budget Defence Exercise.

According to her, “Representatives of the Council participated in the 2025 Annual Manpower Budget Defence Exercise. They were led by a lady who identified herself as the Deputy Director of Administration and appeared before officers of the Organisation Design and Development Department during the organisation’s bilateral manpower defence.”

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She explained that following the engagement, the request was processed in line with existing administrative procedures and subsequently approved.

However, she insisted that the Office of the Head of Service never posted any civil servants to the council.

“Following the bilateral engagements with the Council’s representatives during the 2025 Annual Manpower Project Defence Exercise, the request was reviewed by officers of the Organisation Design and Development Department and, in accordance with the Office’s established administrative procedure, the fourth batch, comprising 88 Ministries, Extra-Ministerial Departments and Agencies, including the Agency in question, was approved on the 18th of July 2025 by the Permanent Secretary, Common Services Office, who was overseeing the Office of the Head of the Civil Service of the Federation at that time.

“There was no deployment of officers by the OHCSF to the Council because recruitment and placement of staff in agencies are not within the responsibility of the Office,” she said.

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She also clarified that staff salaries and allowances are handled by other statutory agencies.

“Remuneration and emoluments of personnel are under the purview of the National Salaries, Incomes and Wages Commission, while the Revenue Mobilisation Allocation and Fiscal Commission is responsible for the remuneration of political appointees and chief executive officers,” she explained.

Walson-Jack further disclosed that the office occupied by the council at the Federal Secretariat belonged to the Office of the Secretary to the Government of the Federation (OSGF).

“The office occupied by the Council in Phase Three of the Federal Secretariat forms part of the office spaces allocated to the Office of the Secretary to the Government of the Federation through a letter dated 16 November 2023,” she said.

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She maintained that every matter relating to the council’s establishment, administration and supervision falls under the jurisdiction of the OSGF and other relevant government institutions.

The Head of Service also confirmed that two officials linked to the approval process had been released to the Nigeria Police for questioning.

According to her, Mrs Patricia Akhigbe, under whose supervision the approval was processed, alongside Mr Jacob Oluwafemi David, are currently assisting investigators.

She disclosed that the approval process was carried out manually because the electronic document management system was not functioning at the time.

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“The approval was done using physical files because the management system was down during the period. I personally discovered that all the documents relating to the Council were fake, although this was after the matter became public,” she added.

Also testifying before the committee, Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, represented by the Director of Banking Services, Hamisu Abdullahi, disclosed that the apex bank opened two accounts for the council.

He said one was a domiciliary dollar account while the other was a pound sterling account.

According to him, both accounts have remained inactive since they were created.

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“The mandate to open the accounts was received on 30 July 2025 from the Office of the Accountant-General of the Federation through a letter dated 29 July 2025. The necessary verification was conducted, but no further instruction followed. There has been no inflow or outflow on both accounts from inception till date,” he said.

Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Aliyu, informed lawmakers that the anti-graft agency had already launched its own investigation.

He appealed for more time to conclude preliminary findings.

“We have commenced investigation and collecting documents as well as interacting with officials that we feel are necessary in order to help us unravel this issue.

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“I urge the Ad-hoc Committee to give the Commission a little time, maybe between today, tomorrow and the next day, so that we can return and inform the House how far we have gone and what we have discovered,” he said.

Declaring the investigative hearing open, Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, represented by the House Majority Leader, Rep. Julius Ihonvbere, said the investigation was aimed solely at establishing the facts.

“The discussions surrounding the Presidential Foreign Investment Promotion Council have dominated media reports, public commentary and policy debates regarding its legal status, institutional mandate, operational framework, relationship with existing agencies and, importantly, its appearance within the Federal Budget Framework despite widespread uncertainty regarding its establishment.

“These questions deserve clear, factual and authoritative answers. The House of Representatives has therefore not constituted this Committee to validate speculation or amplify controversy. Neither is this a political exercise. Our objective is simply to establish the facts,” he said.

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He stressed that the investigation was about safeguarding public institutions rather than targeting individuals.

“This investigation is not about any individual. It is about the integrity of public administration. Conduct your proceedings with fairness and, as much as possible, protect the rights of every witness. Give every interested party an opportunity to be heard. Follow the evidence wherever it leads. Let your conclusions be guided neither by public pressure nor political convenience, but by facts, the Constitution and the law.

“The credibility of parliamentary oversight rests not on the conclusions it reaches, but on the integrity of the process by which those conclusions are reached. As the People’s House, we are committed to ensuring that every institution entrusted with public authority is subject to public accountability,” he said.

At the close of proceedings, the committee resolved to invite the Secretary to the Government of the Federation, Ministers of Finance, Budget and Economic Planning, Attorney-General of the Federation, Accountant-General of the Federation, Director-General of the Budget Office, Inspector-General of Police, as well as heads of several key agencies, including the Federal Character Commission, Revenue Mobilisation Allocation and Fiscal Commission, and Fiscal Responsibility Commission.

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The committee also directed the Inspector-General of Police to ensure the appearance of the two officials from the Office of the Head of the Civil Service to provide further explanations on their roles in the matter when the investigation resumes on Tuesday.

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FHC grants Miyetti Allah President N2.6bn bail over $2.63m money laundering

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Justice Inyang Ekwo of the Federal High Court in Abuja has granted the National President of Miyetti Allah Kautal Hore, Bello Bodejo, bail in the sum of ₦2 billion over alleged money laundering charges involving $2.63 million.

In a ruling delivered on Tuesday, Justice Ekwo held that Bodejo was entitled to bail because the offences for which he was charged are bailable under Nigerian law.

The court ordered that the defendant must produce one surety in the like sum, adding that the surety must be a resident of Abuja, possess a three-year tax clearance certificate and own landed property worth ₦2 billion within the Federal Capital Territory.

Justice Ekwo further directed that the property documents be verified by the court registrar before the bail conditions could be perfected.

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The court also ordered Bodejo to surrender his international passport to the registrar and barred him from travelling outside Nigeria without the permission of the court.

Following the ruling, the judge adjourned the case until October 5, 6 and 7 for the commencement of trial.

Bodejo was arraigned by the Economic and Financial Crimes Commission (EFCC) on multiple counts of alleged money laundering after the anti-graft agency accused him of receiving large cash payments outside the banking system in violation of Nigeria’s anti-money laundering laws.

According to the EFCC, the Miyetti Allah leader allegedly accepted cash payments totalling about $2.63 million from a former Accountant-General of Bauchi State, Sa’idu Abubakar, in separate transactions conducted between 2022 and 2024 without routing the funds through financial institutions as required by law.

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