General News
Banks’ Chiefs, Others Carry Out Insider Abuses- CBN
Godwin Emefiele, governor, Central Bank of Nigeria (CBN), has expressed the apex bank’s dismay over the level of corporate governance abuses perpetrated by the top echelon in banks, and warned that the regulator would punish offenders.
He spoke at this year’s edition of the CBN-Financial Institutions Training Centre (FITC) Continuous Education Programme for Directors of Banks and Other Financial Institutions.
Emefiele, who spoke on the theme: “The Next Level of Corporate Governance Practice”, said fit and proper persons should be appointed into the boards of banks, adding that corporate governance is undoubtedly an essential pillar in financial system stability.
He said the failure of banks’ boards in carrying out their oversight functions by checking management excessive risk taking, conflict of interest, undue concentration on short term gains and excessive executive compensation fundamentally affect the ability of financial institutions to meet their core mandates.
To Emefiele, a safe and sound financial system is dependent on the quality of corporate governance practices, which in turn depends on the quality of the board of directors and their ability to discharge their responsibilities honourably.
The CBN boss directed independent bank directors to rise up to their responsibilities and be the conscience of their institutions in the interest of depositors and minority shareholders. “Independent directors do not need to be friends of the managing directors. They can’t fire you but the CBN can remove you if you don’t do your job well,” he said.
Emefiele said banking needed independent directors who “are bold, sound and experienced to do what we want them to do.”
Emefiele said the CBN will get tougher on insider related loans, adding that many bank chiefs and executive directors borrow from the banks at very low interest rates.
He said banks are not owned by shareholders who he said were simply used by God to establish them. He said depositors funds are 10 times higher than shareholders’ funds, hence the interest of the depositors should be paramount. “A bank managing director who feels he set up the bank has only been used by God to set up such bank. The real owners of the banks are depositors,” he said.
In Emefiele’s view, even though shareholders are important to banking, the most important stakeholders are the depositors. “It is important for us to ensure we all protect them. That is why in the programme, we said that independent directors must remain independent and perform their roles and responsibilities, no matter how tough it is. They have to look at insiders who are shareholders and tell them what is good and what is not right. Yes, we are going tough because it is a dynamic environment and we will continue to take drastic actions against that insider abuse,” he said.
He spoke of a bank with 4.5 million depositors that the CBN is monitoring but has decided the lender will not be allowed to go down.
“If we allow the bank to go down, how can we explain to the 4.5 million customers that their money is lost? The impact of such closure on the economy will be tough,” the CBN boss said.
To him, running an efficient and sound bank is all about strong governance, adding that weak governance ensues when shareholders employ inexperienced or unenlightened people to run their banks.
“Weak governance will ensure that liquidity position in banks is eroded. We want to make sure that banks remain strong by ensuring that strong governance exists. It is also about checking your conscience to tell yourself, have you performed your role diligently, that you are not only serving your own interest as shareholders but also serving the interest of larger stakeholders? These are some of the issues we will be looking at going forward because those depositors are very important,” he added.
”It encompasses the protection of minority shareholders, disclosure provisions, the role and structure of the board, complexity on the definition of related parties, compensation structures and much more. Therefore weak corporate governance can undermine financial stability by heightening vulnerability of financial institutions to external shocks,” he said.
He said institutions with sound corporate governance and effective board oversights are more resilient to shocks and operate more profitably. “Given the crucial financial intermediation role which banks and other financial institutions play in the economy, corporate governance for financial institutions is, arguably, of great importance in contrast to governance in non-financial companies,” he said.
He said that prior to the global financial crisis of 2007 to 2009, it was taken for granted that the banking sector in Nigeria was safe and sound. However, this trust proved to be misplaced as it was realised that none of the 25 banks that scaled the CBN consolidation exercise was immuned from failure if they operated in a poor corporate governance environment.
Accordingly, the 2014 CBN Code of Corporate Governance for Banks and Discount Houses (an improvement on the 2006 Code) was one of many responses to the industry’s post-consolidation corporate governance challenges arising largely from the integration processes. The mass enlightenment on corporate governance in the industry today could very well be attributed to the issuance of the CBN Code. The implementation of the Code largely addressed ineffective board oversights; overbearing influences of chairmen on MDs/CEOs; weak internal controls and prolonged tenure on the board amongst other anomalies.
“While appreciable momentum had been attained in corporate governance practices in the Nigerian Banking Industry, we need not rest on our oars as vulnerabilities are still evident. The recent economic recession has shown that the financial industry still harbours weaknesses in governance, exemplified by instances of unclear rendition of returns, corporate governance abuses, such as unreported losses, huge exit packages for directors, insider non-performing loans, over-domineering executive management, contravention of regulatory/prudential guidelines and lending limits, poorly appraised credits and weakening of shareholders’ funds among others. Overall, the huge challenge of ‘key-man’ risk abound in our industry,” Emefiele said.
Emefiele stressed that ensuring good governance is a responsibility of all stakeholders.
Federal government has launched a N482.4 million investment fund to support 12 tech-enabled Nigerian startups.
The initiative under the federal government of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) Programme was implemented by the Bank of Industry (BoI).
The initiative in a statement said applications have been opened for Growth Lab, a 12-week acceleration programme that will select the 12 tech-enabled Nigerian startups, from the six geopolitical zones, for intensive growth support, investment readiness training, and access to up to $350,000 in funding.
According to Ife Adebayo, national coordinator of the Programme, growth lab was designed to support startups that have achieved early traction and are seeking the expertise, networks, and investment required to scale following the implementation of Founders Lab.
“Growth Lab is the Startup Bridge accelerator programme, designed for startups that have developed an MVP and require structured support to scale. The programme focuses on strengthening venture fundamentals and preparing companies for external investment.
“The programme targets startup founders who are seeking the support, networks, expertise, and investment readiness required to accelerate growth and strengthen their position within the Nigerian innovation ecosystem,” he said.
He added that selected founders will gain access to structured growth support, investment readiness preparation, access to industry experts, market expansion pathways, a $100,000 cash investment (or Naira equivalent) for 7.5% equity upon entering the programme (terms and conditions apply), and up to $250,000 in potential follow-on investment should certain growth conditions be met.
“Eligible startups must be at the post-MVP stage, demonstrate evidence of market validation through users, customers, pilots, partnerships, waitlists or any other demand signals, and be willing to participate fully in the hybrid programme,” he said.
The programme will run as an intensive 12-week hybrid experience, including virtual engagements and two physical weeks in Lagos focused on collaboration, learning, and business growth.
The statement said applications opened on July 15, 2026, and will close on August 19, 2026.
According to him, female founders are strongly encouraged to apply. Selection will be conducted through a clearly defined, merit-based evaluation process aligned with published criteria.
iDICE is a $618 million federal government initiative backed by international lenders to boost the technology and creative sectors.
It provides young entrepreneurs with business skills training, mentorship, and access to capital through funds and accelerator programs like the iDICE Startup Bridge.
Nigeria and The United Kingdom held the fourth Security and Defence Partnership (SDP) Dialogue at the Office of the National Security Adviser (ONSA) in Abuja, recently. The dialogue, an important pillar of the bilateral Strategic Partnership, was opened by the National Security Adviser to the Federal Government of Nigeria, Nuhu Ribadu, and the United Kingdom’s National Security Adviser, Jonathan Powell.
Building on the third dialogue hosted in London in July 2025, the fourth SDP dialogue included inter alia, regional and domestic security challenges, human rights and non-kinetic solutions, defence staff talks, cyber and hybrid threats, as well as cross-government discussions on strategic trends, counter terrorism, fraud and illicit finance. Senior representatives from across the Governments of Nigeria and the United Kingdom participated, reflecting the breadth and extent of the partnership.
Nigeria and the United Kingdom agreed to deepen cooperation based on mutual accountability and delivery of commitments while working in a spirit of partnership.
Defence co-operation
The United Kingdom and Nigeria’s defence partnership continues to strengthen in the support of peace and stability in the region. Following on from the successes of previous SDP dialogues, the United Kingdom renewed its long-term commitment to Nigeria’s Armed Forces, including through efforts to counter the threat from Uncrewed Air Systems (UAS) and Improvised Explosive Devices (IED), via joint doctrine, training, technical advice and lessons learning, as well as exploring the development of Special Operations Forces.
The United Kingdom reaffirmed its support for Nigeria’s Joint Doctrine and Warfare Centre, and for strengthening Nigeria’s Maritime Domain Awareness capability. Both parties recognised the success of the hydrography partnership. The United Kingdom committed to continue supporting the National Hydrographic Agency to enhance autonomy and regional influence.
Both governments underscored their shared commitment to deepening cooperation on maritime security in the Gulf of Guinea. Recognising the critical importance of regional stability and secure trade routes, both governments committed to aligning efforts to combat illicit maritime activities, and transnational threats. Nigeria and the United Kingdom also agreed to explore opportunities to strengthen their defence trade relationship.
Countering hybrid threats
Nigeria and the United Kingdom reaffirmed their cooperation on countering hybrid threats, including cyber security and Foreign Information Manipulation and Interference (FIMI). Both sides welcomed progress under the existing Cyber Memorandum of Understanding [2024 to 2027] and agreed to further collaboration on threat intelligence sharing and a new phase of targeted programme partnership.
In this context, the United Kingdom and Nigeria recognised the challenged posed to open societies by hybrid threat actors and our shared assessment. Both countries committed to advancing a new structured framework for cooperation on countering hybrid threats.
This will include the advancement of concrete cyber resilience initiatives, a formalised intelligence-sharing mechanism, robust joint capability-building programmes, and cooperation on counter-hybrid threat strategies, in order to effectively counter mis/disinformation, cyber-attacks, transnational organised crime, and other hybrid threats, whilst upholding human rights and the rules-based international order. Both sides will seek to widen the conversation on hybrid threats.
Joint efforts will continue to build national capabilities, including through programme delivery and targeted support, while addressing developing risks, including from emerging technologies, and supporting Nigeria’s efforts to enhance its role in promoting regional resilience across West Africa.
Countering terrorism and violent extremism
Building on commitments agreed at the third dialogue, Nigeria and the United Kingdom agreed to deepen their partnership on counter terrorism and countering violent extremism. Both sides identified shared priority areas, including strengthening multi-agency coordination, enhancing intelligence and information exchange, as well as reinforcing crisis preparedness and protective security.
Both sides appreciated their continued collaboration on aviation security. The United Kingdom reinforced its support for capacity development efforts at Lagos and Abuja airports to build on progress made to date. Both sides agreed to continue working together in support of Nigeria’s efforts to roll-out the Multi-Agency Anti Kidnap Fusion Cell at the State level.
Continued cooperation will support the operationalisation of Nigeria’s counter terrorism architecture, particularly the National Counter Terrorism Centre, alongside efforts to build capabilities in investigations, forensics and strategic communications. Both sides agreed to renew their support to Nigeria Police Force’s Counter Terrorism Unit with a technical needs assessment planned for late 2026.
Nigeria and the United Kingdom have renewed their commitment to preventing violent extremism through non-kinetic approaches including Disarmament, Demobilisation and Reintegration (DDR) and implementing a comprehensive, whole-of-society approach to building sustainable peace under Nigeria’s national security framework. They welcomed the development of a national policy framework on DDR, and the United Kingdom committed to continuing support to implement the framework at national and state levels following formal sign-off.
Recognising the importance of justice in effective responses to terrorism, the United Kingdom welcomed the commitment and concrete actions by Nigeria to expedite terrorism cases through remote court proceedings, alongside other latest efforts to counter terrorism.
This includes the ongoing phases of mass trials at the Federal High Court, demonstrating Nigeria’s determination to deliver timely, effective, and human rights-compliant investigations and prosecutions of terrorism crimes. Both countries also committed to work together on human rights compliance and recognised the importance of transparency, accountability and respect for human rights as integral to effective counter terrorism cooperation.
Human rights and non-kinetic solutions
Nigeria and the United Kingdom reaffirmed the central role of human rights and non‑kinetic approaches in achieving sustainable security outcomes. Both sides welcomed progress since the third SDP dialogue and agreed to deepen cooperation on civilian protection, accountability, conflict prevention, and the Women, Peace and Security (WPS) agenda.
Both sides reviewed ongoing efforts, including Nigerian Armed Forces’ civilian harm mitigation measures, and underscored the importance of strengthening practices, ensuring transparent investigation of incidents, and embedding lessons learned to reduce harm and maintain public confidence. On accountability, both sides emphasised the need for robust mechanisms to investigate violations by both state and non-state actors.
The United Kingdom welcomed the involvement of the National Human Rights Commission with the Nigerian Air Force’s investigations into recent air strikes. The United Kingdom offered support to strengthen the National Human Rights Commission’s capacity to document and investigate abuses by non-state actors.
Recognising the importance of Nigeria’s upcoming national elections, both sides noted the importance of effective election security before, during and after polls, including efforts to protect voters and institutions, public order management in line with international standards, and reducing the risk of violence.
On preventing conflicts and violent extremism, both sides highlighted the importance of strengthening early warning and early response systems, improving coordination, and strengthening ability of peacebuilding agencies to ensure timely preventive action. On WPS, both sides welcomed progress on Nigeria’s third National Action Plan and committed to advancing participation, protection, and prevention, with the United Kingdom’s continued support for implementation. The United Kingdom offered continued technical assistance in support of Nigeria’s relevant national and state-level strategies in these areas.
Both sides agreed to explore a National Counter Terrorism Centre led quarterly working-level mechanism, with the National Human Rights Commission, to track progress on session agreements and reaffirmed their shared commitment to accountability, transparency, and civilian protection.
Fraud and illicit finance
Building on commitments agreed at the third Security and Defence Partnership dialogue and the State Visit of President Bola Ahmed Tinubu to London thereafter, the United Kingdom and Nigeria reiterated their shared ambition to tackle fraud and illicit finance.
Both sides welcomed progress on strengthening cooperation, including efforts to enhance public–private partnerships, increase capabilities to jointly tackle fraud, improve asset recovery processes and oversight of virtual assets and cryptocurrencies, as well as recognised the growing relationship between illicit financial networks and hybrid threats.
Further collaboration will focus on enhancing mechanisms to support informal bilateral and international cooperation, including timely operational engagements on relevant requests, while addressing evolving fraud threats through strengthened intelligence exchange, joint analysis and coordinated enforcement action. A joint action plan will advance delivery against shared priorities.
Both countries also committed to continued capacity building to support investigation, prosecution and judicial responses, reinforcing a coordinated approach to protect the members of the public in Nigeria and the United Kingdom from serious and organised fraud and financial crimes. Nigeria and the United Kingdom committed to continuing efforts to embody regional and global leadership on the issue of fraud.
Regional security co-operation
Nigeria and the United Kingdom exchanged views on the evolving regional and domestic security environment, noting the deteriorating situation in the Sahel and its impact across West Africa. Both sides reaffirmed Nigeria’s prominence and role as a key factor in promoting peace and stability across Africa over the years.
To this end, both sides agreed upon the importance of Nigeria leveraging its regional relationships and its participation in significant regional platform including through the Economic Community of West African States (ECOWAS) and emphasised the importance of continued outreach and collaboration with countries in the Alliance of Sahel States (AES).
The United Kingdom and Nigeria welcomed the analytical exchange on security and hybrid threats held in advance of the Forth SDP and committed to continuing these as part of future dialogues. Against this backdrop, both countries reaffirmed their intention to deepen cooperation on regional security.
The United Kingdom welcomed the efforts of Nigeria on progress made towards transitioning the National Counter Terrorism Centre to a Regional Centre of Excellence. The United Kingdom expressed its continued support to Nigeria’s regional counter terrorism efforts and welcomed Nigeria’s decision to join the International CT Academy in Ivory Coast (AILCT) to share its expertise across West Africa and the Sahel. The importance of strengthening coordination, information sharing and burden-sharing between regional initiatives were recognised.
Both sides acknowledged the increasing cross-border nature of threats, alongside the impact of hybrid challenges on regional stability, and agreed to work together to support effective regional leadership and partnership.
Implementation and accountability
Finally, Nigeria and the United Kingdom emphasised the importance of sustained delivery and structured engagement to ensure progress on agreed priorities. Both sides agreed to maintain close coordination, through ongoing monitoring of implementation and continued cross-government collaboration.
To support this, officials were tasked to take forward agreed actions and to review progress ahead of the next Security and Defence Partnership Dialogue, to be hosted by the United Kingdom in 2027. It was agreed the Dialogue will continue to support delivery of the United Kingdom–Nigeria Strategic Partnership as well as provide a platform to strengthen cooperation across shared security and defence priorities.
Mr. Khalil Suleiman Halilu, Executive Vice Chairman, National Agency for Science and Engineering Infrastructure (NASENI), has reaffirmed that the Agency’s remarkable transformation is powered by the dedication, innovation and professionalism of its workforce.
L-R: Best Staff, Manufacturing Services Dept, Engr. Odii Emmanuel; Best Staff, Audit Dept, Mr. Abbas Suleiman; Best Staff, Natural & Physical Science Dept, Mr. Usman Ahmadu (represented by Engr Yunusa Jubrin Sulieiman); Overall Staff of the Year, Barr. Hussaina Shehu; Driver of the Year, Mr. Abdullah Mohammed; Staff Choice Award Winner, EVC of NASENI, Mr. Khalil Suleiman Halilu; Best Staff, Accounts & Finance Dept, Mr. Salisu Mohammed; Best Staff, Technology Business Development Dept, Engr. Dr. Abayomi Okeshola; Best Staff, Planning & Policy Dept, Mrs. Ahmed Bilkisu; Best Staff, Technical Services- Engr. Mrs. Ugochi Chimaduruaku; Best Staff, EVC’s Office, Barr. Lilian O. Utaka; Best Staff, Civil & Environmental Engineering Dept, Engr. Aliyu Tahir Ahmed; Best Staff, PICTT, Mr. Umar Muhammad Bashir; Best Staff, Admin & HR, Shakir Owodunni; Best Staff, Research & Development Dept, Miss. Anita Egga during the 2025 NASENI Staff Motivation and Reward Event held in Abuja on Saturday, July 18, 2026.
Speaking at the 2025 NASENI Staff Motivation and Reward Event held in Abuja, he described the ceremony as more than an award presentation, saying it was a celebration of the people whose commitment continues to drive Nigeria’s industrial and technological advancement.
Halilu noted that although the event came later than scheduled, excellence remains worthy of recognition at any time. “Tonight is more than an award ceremony. It is a celebration of the people behind NASENI’s transformation.
“Behind every innovation, every partnership and every achievement are dedicated staff whose commitment has made our progress possible.”
The NASENI boss said the Agency has undergone a fundamental transformation under the Renewed Hope Agenda of President Bola Ahmed Tinubu, repositioning itself as a performance-driven institution focused on Creation, Collaboration and Commercialization (3Cs).
According to him, the (3Cs) principle continue to guide NASENI’s mission of developing homegrown technologies, building strategic partnerships and commercialising innovations that improve the lives of Nigerians.
Highlighting the Agency’s achievements in 2025, Halilu disclosed that NASENI has developed more than 44 commercially viable Made-in-Nigeria products, ranging from laptops and smartphones to solar irrigation pumps and electric tricycles.
The EVC also revealed the ongoing construction of the 40-hectare NASENI Solar Industrial Park in Gora, Nasarawa State, which will become Africa’s largest clean energy manufacturing hub while noting that through the Developing Engineering Leaders Through Her (DELT-Her) initiative, NASENI awarded over ₦229 million in grants to female engineers to promote innovation and expand opportunities for women.
He added that the Agency’s Irrigate Nigeria Programme and Agricultural Machinery Institutes have contributed to the creation of more than 30,000 direct and indirect jobs, while the Agency’s Zero Carbon Project and electric mobility initiatives continue to support Nigeria’s transition towards cleaner and more sustainable technologies.
He congratulated the award recipients while equally commended members of staff who were not recognised this year, assuring them that every contribution matters to the Agency’s success.
Best Staff of the year winners from each department are: Finance & Accounts, Mr. Salisu Mohammed; Technology Business Development, Engr. Dr. Abayomi Okeshola; Admin & HR, Shakir Owodunni; Information, Mr. Asake Michael; Manufacturing Services, Engr. Odii Emmanuel; Technical Services- Engr. Mrs. Ugochi Chimaduruaku; Environmental Engineering, Engr. Aliyu Tahir Ahmed; Natural & Physical Science, Mr. Usman Ahmadu; Nano Science, Dr. Mrs. Sherifat Adeleye; Research & Laboratory, Miss. Anita Egar.
The rest include: Procurement- Mr. Christopher Okpanachi; Planning & Policy, Mrs. Ahmed Bilkisu; EVC’s Office, Barr. Lilian O. Utaka; and Audit, Mr. Abbas Suleiman. Other winners include Driver of the year- Mr. Abdullah Mohammed; Overall Staff of the Year, Barr. Hussaina Shehu; and Staff Choice Award Winner, Mr. Khalil Suleiman Halilu.
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