Press Release Archives - Ameh News

Adedeji Pledges Full Support for PTAD, Pension Reforms

Benjamin A Ameh — Sat, 04 Jul 2026 09:40:59 +0000

The Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, has reaffirmed the agency’s commitment to supporting initiatives that will strengthen Nigeria’s pension system, declaring that building credible and sustainable public institutions is fundamental to guaranteeing the retirement security of millions of Nigerian workers.
Adedeji made the pledge while receiving a delegation from the Pension Transitional Arrangement Directorate (PTAD), led by its Executive Secretary, Mrs. Tolulope Odunaiya, during a courtesy visit to the NRS headquarters.
The meeting highlighted the growing collaboration between key government institutions aimed at enhancing governance, improving service delivery, and ensuring that pension administration remains transparent, efficient, and sustainable.
Speaking during the visit, Adedeji described PTAD and the National Pension Commission (PenCom) as indispensable pillars of Nigeria’s pension ecosystem, stressing that the long-term wellbeing of public servants depends on the strength and resilience of these institutions.
According to him, governments that prioritize strong institutions ultimately create confidence in public service and secure the future of generations of workers.
“PTAD and the National Pension Commission play a critical role in Nigeria’s pension system. Strong institutions today are essential for the long-term security of every public servant. Supporting PTAD is an investment in the future. Our goal is to help build a sustainable institution that can continue to deliver effectively on its mandate,” Adedeji stated.
The NRS chairman assured the PTAD management that the revenue agency would continue to provide every support allowed by law to ensure government institutions discharge their responsibilities effectively and sustainably.
He noted that inter-agency collaboration remains one of the most effective tools for driving reforms capable of improving public sector performance and restoring citizens’ confidence in government institutions.
Technology Driving Pension Transformation
Adedeji also applauded PTAD’s remarkable progress in deploying technology to modernise pension administration, describing its digital transformation initiatives as critical milestones in improving service delivery to pensioners.
He particularly commended the Directorate’s pensioner convalidation exercise and other technology-driven innovations, which have simplified verification processes, reduced administrative bottlenecks, and made pension administration faster, more transparent, and more accessible.
According to him, embracing digital solutions is helping to eliminate inefficiencies while ensuring that retirees receive their entitlements with greater ease and accountability.
He observed that a dependable pension system extends beyond retirees, serving as a powerful motivation for employees still in active service.
“When workers are confident that their retirement benefits will be protected, they become more committed, productive and dedicated to their responsibilities. A secure pension system builds confidence in public service and strengthens national productivity,” he said.
Teamwork, Leadership Critical to Institutional Success
Adedeji further commended the cordial working relationship within PTAD’s management team, praising the support being provided to the Executive Secretary.
He emphasized that strong institutions thrive when leadership is complemented by unity, professionalism and a shared commitment to service delivery.
According to him, sustainable reforms can only be achieved when management teams work together with a common vision focused on delivering value to Nigerians.
Building Institutions Nigerians Can Trust
Beyond pension administration, the NRS chairman said the discussions reflected a broader national objective of building institutions capable of earning and sustaining public trust.
He stressed that strengthening agencies such as PTAD is not merely about improving pension management but about promoting accountability, transparency and efficient governance across the public sector.
Analysts say the renewed partnership between the Nigeria Revenue Service and PTAD comes at a time when the Federal Government is intensifying reforms aimed at strengthening public institutions, leveraging technology for better service delivery, and improving the welfare of both serving and retired public officers.
The collaboration is also expected to reinforce confidence in Nigeria’s pension administration framework while supporting broader economic reforms designed to improve governance and institutional efficiency.
As Nigeria continues to pursue fiscal and public sector reforms, stakeholders believe stronger cooperation among government agencies will play a pivotal role in creating a pension system that is transparent, sustainable and capable of meeting the expectations of millions of workers both today and in the future.
Nigeria Revenue Service Chairman Dr. Zacch Adedeji has pledged full support for PTAD and pension reforms, stressing that strong institutions, technology-driven innovation, and collaboration are essential to securing the future of Nigerian workers and retirees.

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Dangote Cement Rewards Shareholders with Record N753.8bn Dividend, Raises Payout by 50% to N45 Per Share

Benjamin A Ameh — Fri, 03 Jul 2026 14:31:48 +0000

Strong 2025 earnings, expansion across Africa, and robust cash flow drive highest dividend in the company’s history as shareholders approve landmark payout at AGM.

Dangote Cement Plc has reaffirmed its status as one of Nigeria’s most rewarding listed companies by announcing a record-breaking dividend payout of N753.8 billion, following shareholders’ approval of a 50 per cent increase in dividend from N30 to N45 per ordinary share at the company’s Annual General Meeting (AGM).
The historic payout, the largest in the company’s history, reflects Dangote Cement’s exceptional financial performance in 2025 and underscores its unwavering commitment to delivering sustainable value to shareholders despite challenging economic conditions.
The dividend increase follows a remarkable year in which the company recorded impressive earnings growth, strengthened its balance sheet, expanded its operations across Africa, and maintained strong cash generation capabilities.
Speaking at the AGM, Chairman of Dangote Cement Plc, Mr. Emmanuel Ikazoboh, described the enhanced dividend as a demonstration of the company’s confidence in its business fundamentals and long-term growth strategy.
According to him, the board remains committed to rewarding shareholders for their continued confidence while sustaining investments that will drive future expansion and profitability.
“Our commitment remains to create sustainable value for all stakeholders. This significant increase in dividend demonstrates the strength of our business model, our disciplined approach to capital allocation, and our confidence in the future.
“We are grateful for the trust our shareholders have placed in us over the years and remain committed to delivering superior returns while maintaining the highest standards of corporate governance and operational excellence,” Ikazoboh stated.
Dangote Cement’s outstanding 2025 financial performance provided the foundation for the record dividend declaration. The company reported earnings per share of N59.86, highlighting its resilience, operational efficiency, and ability to navigate macroeconomic headwinds while maintaining profitability.
The latest payout further strengthens Dangote Cement’s reputation as a dependable wealth creator on the Nigerian Exchange (NGX). Over the past 15 years, the company has distributed more than N3.3 trillion in dividends to shareholders, making it one of the highest dividend-paying companies in Nigeria’s capital market.
Industry observers noted that the latest increase continues the company’s consistent dividend growth trajectory, following an earlier 50 per cent increase from N20 to N30 per share, reflecting management’s commitment to enhancing shareholder returns.
Group Managing Director and Chief Executive Officer, Mr. Arvind Pathak, attributed the generous dividend to the company’s strong earnings capacity, prudent financial management, and healthy cash flows.
“The decision to increase our dividend by 50 per cent to N45 per share demonstrates the strength of Dangote Cement’s earnings capacity and cash generation capability.
“As we continue to execute our pan-African growth strategy, we remain committed to creating lasting value for our shareholders, investing in the future of the business, and supporting Africa’s industrial development. Our shareholders have stood by us throughout our journey, and we are delighted to reward that trust with another significant increase in returns,” Pathak said.
He disclosed that Dangote Cement continues to deepen its footprint across Africa through strategic investments aimed at meeting rising demand for cement while boosting regional industrialisation.
Among its major milestones in 2025 was the commissioning of a three-million-tonne-per-annum grinding plant in Côte d’Ivoire, expanding the company’s production network and increasing its total installed cement production capacity to 55 million tonnes per annum (Mta) spread across 11 African countries.
Pathak said the company remains firmly on course to achieve its long-term strategic objective of increasing installed production capacity to 80 million tonnes per annum by 2030, while simultaneously driving operational efficiency, improving sustainability, increasing exports, and delivering stronger returns to investors.
He added that investments in logistics infrastructure, alternative fuel technology, energy efficiency, and plant modernisation have significantly strengthened the company’s competitive advantage across its African markets.
Market analysts believe the record dividend declaration sends a strong signal about management’s confidence in Dangote Cement’s future earnings outlook and reinforces its position as one of the Nigerian Exchange’s premier blue-chip stocks.
Beyond rewarding shareholders, analysts say the company’s sustained investments in manufacturing capacity and regional expansion continue to support Africa’s infrastructure development, create employment opportunities, stimulate industrial growth, and reduce dependence on imported cement across the continent.
As Africa’s largest cement producer, Dangote Cement says it remains committed to its vision of making the continent self-sufficient in cement and clinker production while creating sustainable long-term value for shareholders and contributing meaningfully to economic growth across Africa.
The historic N753.8 billion dividend payout further cements the company’s reputation as a market leader that consistently combines strong financial performance with generous shareholder rewards, setting new benchmarks for corporate performance and value creation in Nigeria’s capital market.
Dangote Cement Plc has approved a record N753.8 billion dividend, increasing shareholder payout by 50% to N45 per share after delivering outstanding 2025 financial results and expanding operations across Africa.

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Four Universities Clinch ₦235 Million, Centre of Excellence Projects at Maiden Nigerian Engineering Olympiad

Benjamin A Ameh — Fri, 03 Jul 2026 07:54:00 +0000

Four outstanding engineering innovations developed by student teams from the Modibbo Adama University of Technology (MAUT), Yola; the University of Ibadan (UI); the University of Jos (UniJos); and the University of Nigeria, Nsukka (UNN), have emerged as winners of the maiden Nigerian Engineering Olympiad (NEO), sharing ₦110 million in seed funding to accelerate the commercialization of their innovations.

At the Grand Finale held in Lagos on June 30, 2026, MAUT received a ₦50 million grant as the overall winner, while UI received ₦30 million for second place. The University of Jos received ₦20 million for third place, and UNN received ₦10 million for finishing fourth. Beyond the cash prizes, the winning teams will receive continued technical mentorship, business development support, industry partnerships, and commercialization opportunities.

Also, the engineering faculties of the winning universities were rewarded. MAUT received a Centre of Excellence Building, while UI and UNN received grants of ₦75 million and ₦50 million, respectively, to strengthen engineering education and research.

MAUT emerged the overall winner with “Ubuntu Sapphire”, a decentralized, community-powered rapid alert and security intelligence network built for the security realities of rural and peri-urban Nigeria, where connectivity is poor, security architecture is thin, and millions of households still depend on feature phones.

The University of Ibadan claimed second place with their “Aurora Birth” innovation, a HealthTech solution designed to reduce neonatal deaths from birth asphyxia, especially in low-resource settings.

The University of Jos secured third place with “Sentra,” a solar-powered, AI-enabled crop diagnostic device that detects pests, diseases, and soil nutrient deficiencies before visible symptoms appear, giving smallholder farmers the early warning, they need to act promptly.

The University of Nigeria, Nsukka finished fourth with ‘’Flameless’’ – a containerised, modular power-generation platform that captures associated gas and converts it into electricity, providing reliable and affordable power for households, communities and businesses.

The winning projects distinguished themselves by offering practical, scalable, and commercially viable solutions to critical national challenges in security, healthcare, agriculture, and energy.

The winners emerged from a highly competitive national contest that attracted 375 successful team applicants from among 984 student participants across 80 tertiary institutions. Thirty teams qualified for the regional stage after the competition, which commenced in November 2025, with projects assessed on technical excellence, innovation, scalability, commercial viability, societal impact, and sustainability.

Speaking at the occasion, Engr. Margaret Oguntola, FNSE, the immediate past President of the Nigerian Society of Engineers (NSE), described the initiative as a bold step toward repositioning young engineers as drivers of sustainable national development.

She explained that the NSE was concerned about how to bridge the gap between the abundant talents in the tertiary institutions and technological advancement and industrialization aspirations, which NEO is purposely designed to fill.
Also speaking, Engr. Olutosin Ogunmola, FNSE, who represented the Nigerian Society of Engineers (NSE) on the NEO Steering Committee, described engineering as the critical difference between developed and developing nations, stressing that the profession remains central to nation-building.

He observed that sectors such as music and reality television have flourished partly because of healthy competition and public recognition, adding that the Olympiad seeks to create similar competitiveness within engineering education while celebrating the ingenuity of students and their lecturers.

In his welcome remarks, Mr. Michael Ajayi, Country Director of Enactus Nigeria, NEO implementing partner, said investing in youth-driven innovation is essential to Nigeria’s future, noting that the competition aligns with the organisation’s mission of promoting youth leadership and enterprise development.

According to him, it is expedient that the country intentionally harnesses its creativity, technical expertise, and entrepreneurial capacity to solve real-world problems, build sustainable businesses, and create jobs.

Speaking in a similar vein, the Executive Secretary, Nigerian Content Development and Monitoring Board (NEO initiator), Engr. Felix Omatsola Ogbe, said his organization would continue to support the NEO initiative in identifying and developing undergraduate and post-graduate engineering talent.

Engr. Ogbe, who was represented by Mr. Silas Omomehin Ajimijaye, Director of Planning Research and Statistics, commended the programme’s partners and challenged them to ensure that the winning innovations progress beyond the competition to reach the market and improve lives.

The representative of the Renaissance Africa Energy Company Limited, one of the funding partners, Dr. Igo Weli – Vice President (Relations and Sustainable Development), expressed satisfaction with the outcomes of the maiden NEO, promising that the prototype development grant for the participating teams would increase from the current N3m to N5m in the next edition.

Another funding partner, FIRST Exploration & Petroleum Development Company (FIRST E&P), which was represented at the occasion by Engr. John Alamu, General Manager, Engineering & Capital Projects, described the Olympiad as an important platform for strengthening STEM education and reducing the growing challenge of brain drain.

“We must build mechanisms that not only recognize excellence in problem-solving and technical capacity but also encourage solutions tailored to Nigeria’s energy, infrastructure, manufacturing and sustainability needs’’, he stated.

The Special Guest at the occasion, Executive Vice Chairman/Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Halilu, represented by Engr. (Dr.) Emmanuel Ajani, congratulated the young innovators and commended the organizers for the great initiatives, which he described as a veritable platform designed to identify exceptional engineering talents within the Nigerian universities, capable of driving Nigeria’s industrial transformation.

The maiden NEO competition broadly showcased innovations spanning healthcare, renewable energy, agriculture, security, infrastructure, manufacturing, and industrial technology, highlighting the ingenuity of young Nigerian engineers in addressing pressing national and global challenges.

The Olympiad began with regional competitions across Nigeria’s six geopolitical zones- Yenagoa, Enugu, Ibadan, Abuja, Yola, and Kano- where 30 shortlisted teams competed.

Following prototype development funding of ₦3 million for each of the 30 shortlisted teams (five from each from the six regions), the teams competed at the Regional Competitions, where the top 12 teams (two per region) were selected to advance to the National Bootcamp.

Twelve teams advanced to the national stage and participated in an intensive innovation bootcamp in Lagos, out of which four finalists emerged.

During the bootcamp, participants received mentorship from engineering professionals, entrepreneurs, business leaders, investors, and innovation experts before competing in semi-final knockout rounds that produced the eventual winners.

ABOUT NEO

The Nigerian Engineering Olympiad is a strategic national initiative aimed at bridging Nigeria’s engineering skills gap and strengthening the country’s innovation ecosystem. Beyond the competition, it provides seed funding, mentorship, technical guidance, and industry exposure to develop a pipeline of highly skilled innovators and technology entrepreneurs capable of advancing Nigeria’s energy, manufacturing, ICT, infrastructure, and industrial sectors.

The initiative is supported through a strategic partnership involving the Nigerian Content Development and Monitoring Board (NCDMB) as sponsor; Renaissance Africa Energy Company Limited and First Exploration & Petroleum Development Company (First E&P) as funders; the Nigerian Society of Engineers (NSE) as technical partner; and Enactus Nigeria as the implementing partner responsible for programme delivery and project management.

Over the next three years, the Nigerian Engineering Olympiad is expected to produce more than 150 engineering prototypes and numerous technology start-ups, contributing significantly to Nigeria’s industrial transformation while reducing dependence on imported technologies.

ABOUT THE NIGERIA SOCIETY OF ENGINEERS (The Technical Partner)

The Nigerian Society of Engineers is the umbrella organization for the Engineering Profession in Nigeria. The Society looks after the professional needs of members through well-structured programmes and regular interactions among the different cadres of membership, enhancing high professional standards and ethical practices.

The Organisation was founded on 16th February 1958 major challenge by a group of young Nigerian graduate engineers and students in the UK. The Society was inaugurated at the Nigerian House in London. The NSE is registered with the Corporate Affairs Commission as a company limited by guarantee.

It was incorporated as a Company limited by guarantee and not having share capital in 1967. The original Memorandum and Articles of Association were amended on 1st December 1998. Like some of its counterparts in other professions, the Society has distinguished itself through progressive and imaginative programmes to become the avenue for the professional development of its members as well as technological development of the country.

ABOUT ENACTUS (The Implementing Partner)

Enactus is a global network dedicated to using entrepreneurial action to create a better world. It brings together students, academic professionals, and business leaders to develop innovative solutions for social, economic, and environmental challenges.

Enactus Nigeria was established in 2000 as part of this global network. The hands-on experiential program provides a platform for university students to create and implement community development projects that address pressing issues in their communities using the skills of project management, leadership, and entrepreneurship taught and mentored. With a presence in over 30 institutions across 22 states, Enactus Nigeria empowers young leaders to lead positive change and develop sustainable solutions, thus inspiring progress.

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Oyedele: Nigeria Moves from Economic Crisis to Stability, Shifts Focus to Inclusive Growth

Benjamin A Ameh — Fri, 03 Jul 2026 07:29:00 +0000

The Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has declared that Nigeria has successfully emerged from the most difficult phase of its economic reforms, with the Federal Government now prioritising accelerated inclusive growth that delivers measurable benefits to citizens, businesses and investors.
Speaking at the Nigeria Employers’ Summit 2026, organised by the Nigeria Employers’ Consultative Association in Abuja, Oyedele said the bold economic reforms introduced by the administration of Bola Ahmed Tinubu had rescued the nation from the brink of economic collapse and laid the foundation for macroeconomic stability, fiscal sustainability and long-term economic resilience.
Addressing business executives, policymakers and development partners during a high-level panel discussion titled “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the minister acknowledged that while the reforms initially brought economic hardship and market volatility, they were necessary to stabilise the economy and restore investor confidence.
According to him, Nigeria’s fiscal position before the reforms had become unsustainable, with revenues from crude oil largely consumed by fuel subsidy payments, while non-oil revenues were almost entirely devoted to servicing debt, leaving limited resources for infrastructure, healthcare, education and other critical development priorities.
“The reforms were not optional; they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians,” Oyedele stated.
The minister noted that the country’s economic landscape has now transitioned from a period of uncertainty and instability to one characterised by improving macroeconomic fundamentals, creating a more favourable environment for domestic and foreign investment, increased productivity and sustainable economic expansion.
He explained that the next phase of the government’s reform agenda will focus on accelerating economic growth, expanding opportunities across key sectors, reducing inflationary pressures and ensuring that vulnerable groups, particularly low-income households and small businesses, are adequately protected.
Oyedele also emphasised the importance of improving public understanding of government economic policies, arguing that informed citizens are better equipped to participate in national development and hold public institutions accountable.
He observed that many Nigerians view government borrowing negatively because of societal perceptions that equate debt with financial irresponsibility. However, he stressed that responsible sovereign borrowing, when properly managed, remains an essential fiscal tool for financing development, stimulating economic activities and sustaining government operations.
Using the recently enacted tax reforms as an example, the minister explained that the policies were intentionally structured to provide relief for small businesses and low-income earners, while ensuring that individuals and organisations with greater financial capacity contribute a fairer share towards funding public services and national development.
He urged Nigerians to adopt a more balanced assessment of the country’s economic journey, noting that despite existing challenges, considerable progress has been achieved in fiscal management, debt sustainability, investor confidence and macroeconomic stability.
Other participants at the summit also acknowledged the importance of the ongoing reforms while urging government to intensify efforts to ensure that the benefits are more quickly felt by businesses and ordinary Nigerians.
Among the panelists were the Director-General of the National Health Insurance Authority, Kelechi Ohiri; Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf; and Principal Economist and Lead for Economic Transformation and Competitiveness at the Nigerian Economic Summit Group, Wilson Erumebor.
The experts advocated stronger interventions to support healthcare financing, improve infrastructure, strengthen power sector reforms, deepen tax administration, enhance support for small and medium-sized enterprises (SMEs), and ensure that macroeconomic gains translate into improved living standards, increased productivity and greater competitiveness for Nigerian businesses.
According to a statement signed by Maryann Duke, Senior Special Assistant on Communications and Press Secretary to the Honourable Minister of Finance and Coordinating Minister of the Economy, the Nigeria Employers’ Summit 2026 brought together senior government officials, private sector leaders, development partners and economic experts to examine how ongoing economic reforms and Environmental, Social and Governance (ESG) principles can strengthen enterprise competitiveness and drive inclusive national development.

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ICAN Ikeja District Honours Peter Adebayo, FCA, for Distinguished Service, Professional Excellence

Benjamin A Ameh — Thu, 02 Jul 2026 20:23:38 +0000

The Institute of Chartered Accountants of Nigeria (ICAN), Ikeja District, has honoured Mr. Peter Adebayo, FCA, with a prestigious Award of Recognition for his outstanding service, exemplary leadership, and enduring contributions to the accounting profession.
The honour, presented during a well-attended professional gathering, celebrated Adebayo’s unwavering commitment to advancing the ideals of integrity, accountability, transparency, and excellence that define the accounting profession. The event brought together distinguished chartered accountants, industry leaders, colleagues, and well-wishers to recognise a professional whose career continues to inspire excellence across the sector.
As a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Adebayo has built a reputation for professional competence, ethical leadership, and a passion for mentoring the next generation of accountants. Over the years, he has distinguished himself through his dedication to capacity building, knowledge sharing, and promoting best practices that strengthen the profession and contribute to national development.
The recognition came after his impactful facilitation at the district’s programme, where participants commended his insightful presentations, practical expertise, and ability to simplify complex accounting and financial issues. His session was widely described as engaging, thought-provoking, and relevant to the evolving demands of the profession.
Presenting the award, officials of ICAN Ikeja District noted that Adebayo’s remarkable contributions exemplify the values the Institute seeks to promote among its members. They described him as a role model whose professional achievements, selfless service, and commitment to continuous learning have positively influenced colleagues and emerging professionals alike.
Members of the District observed that recognising outstanding professionals such as Adebayo reinforces ICAN’s mission of promoting excellence, ethical conduct, and lifelong learning while encouraging younger accountants to pursue careers defined by competence, integrity, and service.
Responding to the honour, Adebayo expressed heartfelt appreciation to the leadership and members of ICAN Ikeja District for finding him worthy of the recognition.
He described the award as both humbling and inspiring, stating that it would further strengthen his resolve to continue serving the profession with dedication, mentoring young professionals, and contributing to initiatives that enhance the quality and global competitiveness of Nigeria’s accounting profession.
“I sincerely appreciate the leadership and members of ICAN Ikeja District for this honour. I receive it with gratitude and humility. This recognition is not just a celebration of my journey but also a reminder of my responsibility to continue upholding the highest standards of professionalism, integrity, and service to humanity through the accounting profession,” he said.
The ceremony concluded with goodwill messages from colleagues and participants who praised Adebayo’s exemplary career and acknowledged his enduring impact on the profession. The recognition further underscores ICAN Ikeja District’s commitment to celebrating excellence, rewarding outstanding service, and inspiring a new generation of accounting professionals to uphold the Institute’s core values.

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NDIC Takes Over 46 Microfinance Banks, Begins Depositor Payments

Benjamin A Ameh — Thu, 02 Jul 2026 19:46:52 +0000

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of 46 Microfinance Banks (MFBs) whose operating licences were revoked by the Central Bank of Nigeria (CBN), assuring affected depositors that the process of verifying claims and paying insured deposits has already begun.
The move follows the CBN’s decision to withdraw the operating licences of the 46 microfinance institutions with effect from July 1, 2026, citing its statutory powers under the Banks and Other Financial Institutions Act (BOFIA), 2020.
Following the revocation, the NDIC was officially appointed as the liquidator of the failed institutions in accordance with Section 12(2) of BOFIA 2020 and Sections 55(1) and 55(2) of the NDIC Act 2023.
In a statement issued by the Head of Communication and Public Affairs Department, Hawwau Gambo, the Corporation said the affected banks have ceased to operate as licensed financial institutions and are no longer permitted to carry out banking business in Nigeria.
The NDIC disclosed that it has immediately taken possession of the failed banks and activated the statutory liquidation process aimed at protecting depositors, preserving the remaining assets of the institutions and ensuring an orderly resolution of the failed banks.
According to the Corporation, the first phase of the exercise involves taking over the institutions, verifying deposit liabilities, identifying eligible depositors and paying insured deposits in line with the provisions of the NDIC Act.
The Corporation emphasized that safeguarding depositors remains its foremost responsibility, noting that every eligible depositor will receive insured compensation while efforts continue to recover and realise the assets of the failed banks for the benefit of uninsured depositors and other creditors.
“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors. Depositors and the general public will be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise,” the statement said.
The Corporation also issued a strong warning to members of the public against conducting any transaction with the affected banks, stressing that their banking licences have been revoked and they are no longer authorized to provide financial services.
It further cautioned individuals against attempting to remove, conceal, retain or interfere with the assets, records, documents or other properties belonging to the failed institutions, warning that such actions constitute violations of Nigerian law and may attract criminal prosecution.
Financial analysts say the swift intervention by the NDIC demonstrates the effectiveness of Nigeria’s financial safety-net framework designed to protect depositors and preserve confidence in the banking system whenever financial institutions fail.
Industry observers also noted that the immediate commencement of insured deposit payments is expected to reduce uncertainty among customers of the affected banks while minimizing disruption to financial inclusion efforts, particularly in rural and underserved communities where microfinance banks play a significant role.
The latest action represents another major regulatory step by Nigerian financial authorities to strengthen the stability of the banking sector by removing distressed institutions that are unable to meet prudential requirements while ensuring that depositors are protected through the deposit insurance scheme.
The NDIC advised affected customers to remain calm and await further announcements on payment procedures and liquidation updates through its official communication channels.
The Corporation also encouraged members of the public to consult the official list of the affected 46 Microfinance Banks published on its website for verification and additional information.
The development underscores the commitment of Nigeria’s financial regulators to promoting a sound, resilient and well-regulated banking industry while maintaining public confidence in the country’s financial system.
The NDIC has taken over 46 Microfinance Banks following the CBN’s licence revocation and has commenced verification and payment of insured deposits to eligible customers while warning against transactions with the failed institutions.

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FG Welcomes 271 Nigerians from South Africa, Says Returnees Will Receive Reintegration Support

Benjamin A Ameh — Thu, 02 Jul 2026 16:42:01 +0000

The Federal Government has reaffirmed its commitment to the welfare, rehabilitation and long-term reintegration of Nigerians returning from abroad, as another batch of 271 citizens voluntarily returned from South Africa amid rising anti-immigration tensions.
The returnees arrived safely at the Murtala Muhammed International Airport (MMIA), Lagos, at about 10:40 a.m. on Tuesday aboard an Air Peace flight under the Federal Government’s voluntary repatriation programme.
Speaking after receiving the returnees, the Honourable Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard M. Doro, assured them that the government would continue to stand by every Nigerian in times of difficulty, stressing that their return marked the beginning of a new opportunity to rebuild their lives with dignity.
In a statement issued on his behalf by his Senior Technical Adviser on Information Systems and Data Analysis, Dr. Abimbola Fasanu, the Minister praised the resilience, courage and determination displayed by the returnees despite the challenges that forced them to leave South Africa.
According to him, the returnees remained responsible and law-abiding citizens while striving to earn an honest living abroad.
“The most important thing is that you are home safely. You were not returned because you committed any crime. You conducted yourselves responsibly while striving to earn an honest living. Although you have faced difficult circumstances, we will face this challenge together as one nation,” the Minister said.
Dr. Doro emphasized that the administration of President Bola Ahmed Tinubu remains unwavering in protecting the dignity, welfare and rights of Nigerians both at home and abroad.
He noted that under the Renewed Hope Agenda, every Nigerian deserves the opportunity to recover, rebuild and contribute meaningfully to national development.
“Nigeria will never abandon its citizens. Under the Renewed Hope Agenda, every Nigerian matters, and every returning citizen deserves the opportunity to rebuild a productive and dignified life,” he stated.
The Minister explained that the Federal Government’s reintegration programme extends beyond welcoming returnees at the airport, incorporating humanitarian assistance, profiling, counselling, referrals, livelihood support, skills development and other empowerment initiatives designed to ensure sustainable reintegration.
He appealed to state governments, the organised private sector, development partners, humanitarian organisations, community leaders, families and well-meaning Nigerians to complement government efforts in supporting the returnees.
“Successful reintegration is a shared responsibility. Government has taken the lead, but lasting recovery requires the collective support of families, communities, state governments, development partners and the private sector. Together, we can restore dignity, rebuild lives and create new opportunities for our fellow citizens.”
The Minister commended the National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI) for coordinating the reception and reintegration exercise, describing the agency’s efforts as professional and commendable.
He also acknowledged the collaboration of the Federal Ministry of Foreign Affairs, the Nigerians in Diaspora Commission (NiDCOM), the National Emergency Management Agency (NEMA), the Nigeria Immigration Service (NIS), the Federal Airports Authority of Nigeria (FAAN), Port Health Services, Air Peace and other stakeholders whose coordinated efforts ensured the safe, orderly and dignified return of the Nigerians.
Providing an update on the repatriation exercise, the Director of Migrants Affairs at NCFRMI, Amb. Catherine Udida, disclosed that a total of 595 Nigerians have now been voluntarily repatriated from South Africa, adding that additional batches are expected to arrive in the coming weeks.
She assured that the Commission would continue to monitor the rehabilitation of the returnees, including providing skills acquisition opportunities and other empowerment programmes aimed at helping them rebuild sustainable livelihoods.
“Our priority is to help every returning Nigerian reconnect with opportunities, restore hope and begin a new chapter with confidence,” Udida said.
Addressing the returnees, Dr. Doro expressed confidence that they would overcome the present challenges through resilience and determination.
“I see strength, resilience and hope in every one of you. Nigerians are known across the world for their resilience, creativity and determination. I have no doubt that you will rise above this challenge, rebuild your lives and continue to make meaningful contributions to our nation.”
Some of the returnees shared emotional accounts of their experiences in South Africa.
One of them, Adeyemo Place, lamented that he returned home with virtually nothing after being forced to dispose of property accumulated over more than a decade at giveaway prices.
“It is heartbreaking to sell off everything I worked for over many years for peanuts, and even then I couldn’t dispose of all my belongings before leaving,” he said.
Another returnee, John Okeke, urged the Federal Government to intensify diplomatic efforts to address recurring xenophobic attacks against Nigerians and other African migrants in South Africa.
According to him, the returnees were law-abiding migrants who did not deserve the hostility and discrimination they experienced.
The latest repatriation exercise forms part of the Federal Government’s ongoing voluntary return programme for Nigerians who opted to leave South Africa following increasing anti-immigration tensions.
The Ministry of Humanitarian Affairs and Poverty Reduction reaffirmed its commitment to expanding partnerships and strengthening reintegration programmes that restore dignity, promote resilience and create sustainable pathways to economic recovery for returning Nigerians in line with the Renewed Hope Agenda.
The Federal Government has welcomed 271 Nigerians repatriated from South Africa, bringing the total number of returnees to 595, while reaffirming its commitment to rehabilitation, skills acquisition and sustainable reintegration under the Renewed Hope Agenda.

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CBN Cracks Down on Weak Lenders, Revokes Licences of 46 Microfinance Banks to Protect Depositors

Benjamin A Ameh — Thu, 02 Jul 2026 09:31:51 +0000

CBN Cracks Down on Weak Lenders, Revokes Licences of 46 Microfinance Banks to Protect Depositors
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country in a decisive regulatory action aimed at strengthening the financial system, protecting depositors’ funds, and restoring confidence in Nigeria’s banking industry.
The revocation, which takes effect from July 1, 2026, was carried out pursuant to the powers conferred on the apex bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
In a statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN said the decision was approved by its Governor, Mr. Olayemi Cardoso, after the affected institutions failed to meet the regulatory standards required to continue operating as licensed financial institutions.
According to the apex bank, the affected microfinance banks were found to have violated key prudential and operational requirements, making it impossible for them to continue carrying out banking activities safely and effectively.
The CBN listed the major reasons for the licence revocation to include:
Insufficient assets to meet financial liabilities;
Closure of business operations without obtaining prior approval from the Central Bank;
Prolonged inactivity and cessation of financial intermediation services;
Failure to commence operations within 12 months after receiving operating licences; and
Failure to maintain the minimum capital requirements as prescribed by regulatory authorities.
The apex bank explained that the enforcement action forms part of its broader supervisory strategy to sanitise Nigeria’s financial system by removing weak, dormant and non-compliant institutions from the banking landscape.
The regulator stressed that maintaining a healthy financial system requires strict adherence to prudential guidelines, corporate governance standards and capital adequacy requirements by all licensed financial institutions.
The CBN noted that the action is designed to safeguard depositors, preserve financial stability and ensure that only financially sound and properly governed institutions remain in operation.
The regulator reassured members of the public that it remains committed to building a resilient banking system capable of supporting economic growth while protecting the interests of customers and investors.
Industry analysts say the latest enforcement action underscores the CBN’s determination under Governor Olayemi Cardoso to deepen regulatory oversight and strengthen confidence in Nigeria’s financial sector through stricter compliance with banking laws.
They believe that while the revocation may temporarily reduce the number of licensed microfinance institutions, it will ultimately improve the quality, transparency and resilience of the sector by encouraging stronger governance, adequate capitalization and better risk management practices.
The Central Bank reaffirmed that it will continue to deploy appropriate supervisory and regulatory measures whenever necessary to ensure compliance with existing laws and to preserve public trust in Nigeria’s financial system.
The licence revocations became effective on July 1, 2026, marking another significant milestone in the CBN’s ongoing reforms aimed at creating a safer, stronger and more resilient financial services industry. The Central Bank of Nigeria has revoked the licences of 46 microfinance banks over regulatory violations, inadequate capital, operational failures and financial weaknesses as part of efforts to protect depositors and strengthen Nigeria’s banking sector.

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SUPERNEWS Confab 2026: Industry Leaders Unite to Advance Local Content, Digital Innovation and Inclusive Growth

Benjamin A Ameh — Wed, 01 Jul 2026 20:15:20 +0000

Nigeria’s leading insurance executives, oil and gas operators, regulators, policymakers and financial experts are set to converge at the SUPERNEWS Nigeria Annual Conference and 10th Anniversary Celebration in what is widely regarded as one of the most strategic industry gatherings of the year, with a focus on unlocking the transformative power of local content and digitalisation for sustainable national development.
Scheduled to hold on Tuesday, July 7, 2026, at the Oriental Hotel, Victoria Island, Lagos, the fourth edition of the annual conference will be held under the theme: “Local Content & Digitisation: Building Synergy Between Oil & Gas and Insurance Sectors for Inclusive Growth.”
The conference comes at a defining moment for Nigeria’s economy as stakeholders seek innovative ways to strengthen indigenous capacity, retain insurance premiums within the country, enhance risk management, accelerate digital transformation and deepen collaboration between two of the nation’s most strategic sectors.
Adding prestige to the landmark event, the Managing Director/Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, will chair the conference, while the Group Managing Director/Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, will deliver the keynote address expected to outline practical pathways for leveraging technology, policy reforms and local content to stimulate economic growth.
The event will also commemorate the 10th anniversary of SUPERNEWS Nigeria, celebrating a decade of promoting thought leadership, business journalism and stakeholder engagement across Nigeria’s financial and economic sectors.
Among the dignitaries expected is the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, who will serve as the Special Guest of Honour. The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Ekeoma Ezeibe, alongside other captains of industry, regulators, investors and policymakers, is also expected to participate.
The conference will feature an impressive panel of speakers, including Akinjide Orimolade, Managing Director/CEO of Stanbic IBTC Insurance; Ademola Abidogun, Managing Director/CEO of Guinea Insurance Plc; Nneka Obi, Managing Director/CEO of Deepshores Energy Limited; and Prof. Olajide Fadun, Professor of Insurance and Actuarial Science at the University of Lagos.
The discussions are expected to examine how technology, innovation, artificial intelligence, data analytics and digital platforms can improve underwriting efficiency, claims management, operational transparency and risk assessment across the insurance and oil and gas value chains.
Publisher of SUPERNEWS Nigeria and Convener of the conference, Ngozi Onyeakusi, said this year’s edition is designed to move beyond conversations by generating practical and actionable recommendations capable of strengthening collaboration between insurers and operators in Nigeria’s energy industry.
According to her, the conference will critically examine the implementation of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, which mandate operators in the oil and gas sector to insure operational risks through insurance companies and brokers registered in Nigeria.
She explained that the law permits offshore insurance placement only after written approval from NAICOM, following confirmation that the required underwriting capacity does not exist within Nigeria.
Onyeakusi observed that despite the implementation guidelines jointly introduced in 2022 by the Nigerian Content Development and Monitoring Board (NCDMB) and NAICOM, compliance has continued to face challenges arising from inadequate capitalisation, limited underwriting capacity, foreign competition and operational constraints.
She, however, expressed confidence that the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, coupled with the ongoing recapitalisation of insurance companies, is creating stronger institutions capable of underwriting larger and more sophisticated oil and gas risks that previously flowed to foreign markets.
Industry observers note that billions of naira in insurance premiums associated with Nigeria’s oil and gas operations have historically been ceded abroad due to capacity limitations. Stakeholders believe strengthening indigenous insurers through recapitalisation, strategic partnerships and digital innovation will significantly improve premium retention, create employment, boost foreign exchange conservation and expand the contribution of insurance to Nigeria’s Gross Domestic Product.
Participants are also expected to brainstorm on emerging risks associated with energy transition, cybersecurity, climate change, renewable energy investments and evolving technologies, while exploring innovative insurance products tailored to the future of Nigeria’s energy industry.
Beyond policy dialogue, the conference aims to foster stronger collaboration among regulators, insurers, energy companies, technology providers, academics and investors to develop sustainable solutions that enhance competitiveness and position Nigeria as a regional leader in insurance innovation and local content development.
With high-level participation from government officials, chief executives, scholars, civil society organisations, students, development partners and media professionals, SUPERNEWS Confab 2026 is expected to produce far-reaching recommendations that could influence future regulatory reforms, accelerate digital adoption, strengthen indigenous underwriting capacity and promote inclusive economic growth.
As Nigeria continues to pursue economic diversification and greater local participation in strategic sectors, industry stakeholders believe the outcomes of the conference could serve as an important roadmap for building a more resilient insurance industry capable of supporting the country’s expanding oil and gas ecosystem while driving sustainable national development.
Nigeria’s top insurance, oil and gas and regulatory leaders will gather at SUPERNEWS Confab 2026 to discuss local content, digital transformation, insurance reforms and strategies for inclusive economic growth.

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Keyamo receives Miss World Nigeria, King, Queen of the Air

Benjamin A Ameh — Wed, 01 Jul 2026 16:56:38 +0000

…says aviation tourism drives national development

The Minister of Aviation and Aerospace Development, Festus Keyamo, has received in audience Miss World Nigeria, Queen Tamunosoye Karibi-George, and her entourage in Abuja, where he pledged the Ministry’s support towards her participation at the forthcoming Miss World Pageant in Vietnam.

IKeyamo also played host to the reigning King and Queen of the Air, Mr. Adeyemi James Adebote of Arik Air and Miss Blossom Dalleness Ubani of Ibom Air in his office in Abuja

Leading the delegation from Miss World Nigeria, Team Lead, Prince Iwefa Aganaba, expressed appreciation to the Honourable Minister for granting the audience despite his busy schedule. He formally introduced the Queen and members of her entourage, describing the visit as an opportunity to seek the Ministry’s partnership in projecting Nigeria positively on the global stage through the prestigious international pageant.

In her remarks, Queen Tamunosoye Karibi-George thanked the Honourable Minister for the warm reception and congratulated him on his remarkable achievements in transforming Nigeria’s aviation sector. She appealed for the Ministry’s support towards her participation at the Miss World Pageant in Vietnam, noting that representing Nigeria at the global competition requires significant logistics and institutional backing. She also solicited support for her humanitarian pet project, which she said aligns with the values of service, empowerment and national development.

Responding, the Minister warmly welcomed the delegation and congratulated the Queen on emerging victorious in what he described as a highly competitive contest.

“I attended the pageant not in my capacity as a representative of the Federal Government, but because of my longstanding relationship with the Silverbird Group, who had earlier this year honoured me as their Minister of the Year. It was a very tight contest and you emerged deserving of the crown,” the Minister said.

He stressed that beauty queens play a strategic role in promoting the image, culture and tourism potential of their countries, adding that aviation and tourism are inseparable sectors that complement one another.

“For us in aviation, the basic duty of a beauty queen is to promote the image of her country and tourism. Without aviation, there is really no tourism, and without tourism, a substantial part of aviation loses its commercial appeal. When you stand on the world stage, you are not just representing yourself; you are promoting Nigeria.”

The Minister recalled with pride the historic achievement of former Miss World, Agbani Darego, who brought global recognition to Nigeria twenty-five years ago, expressing optimism that Queen Tamunosoye possesses the qualities to make the nation proud once again.

“I believe that after Agbani Darego, we now have another very promising prospect on the world stage. We want to do everything within our powers in aviation to support you because this is also about promoting Nigeria’s image and tourism.”

As part of the Ministry’s support, the Minister directed the Director of Air Transport Management to coordinate official correspondence to foreign airlines operating in Nigeria, requesting them, under their Corporate Social Responsibility (CSR) initiatives, to provide return flight tickets for the Queen to travel to Vietnam for the competition.

A statement by Tunde Moshood, Special Adviser On Media and Communications to the Minister, noted that Keyamo disclosed that discussions would commence with the Federal Airports Authority of Nigeria (FAAN) on the possibility of displaying the Queen’s promotional backdrop at selected international airports across the country to welcome visitors and showcase Nigeria’s representative to the world.

In addition, the Minister revealed plans to engage Air Peace on the possibility of partnering with the Queen on future international engagements as part of collaborative efforts to promote Nigeria’s tourism potential.

The audience concluded with the presentation of souvenirs and a group photograph, reaffirming the Ministry’s commitment to initiatives that positively project Nigeria’s image, strengthen tourism and showcase the country’s rich cultural heritage through aviation.

Meanwhile, Keyamo used the opportunity to introduce both Queens to each other, urging them to use their positions to promote Nigerian tourism and the aviation industry.

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