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.
Dr. Aminu Maida, executive vice chairman and chief executive officer (EVC/CEO), Nigerian Communications Commission (NCC), has has been confirmed as a Special Guest of Honour at this year’s Africa Beacon of ICT Lectures and Awards.
Dr. Aminu Maida, executive vice chairman and chief executive officer, NCC
Africa Beacon of ICT Lectures and Awards, is widely regarded as the most prestigious annual event available in the ICT industry in Nigeria.
The event according Ken Nwogbo, editor-in-chief of Nigeria Communications Week,“is digital transformation edition” will hold on Saturday, May 30, 2026 at the Four Points by Sheraton, Lagos.
Africa’s BoICT Lecture is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.
It will also to recognise and celebrate organisations and individuals in the ICT and banking industries that have impacted in digital transformation of the economy.
Nwogbo said that Dr. Maida, oversees the regulation, development, and strategic direction of the Nigerian telecommunications industry.
His administration at the NCC, actively drives initiatives to improve telecom consumer experience, enhance infrastructure, and foster collaborations (such as with the Central Bank of Nigeria) to protect citizens from financial fraud
He holds a PhD in Electrical & Electronic Engineering from the University of Bath, UK.
Prior to joining the NCC, he served as the Executive Director, Technology and Operations at the Nigeria Inter-Bank Settlement System Plc (NIBSS).
At NIBSS, Dr. Maida was responsible for spearheading the technical and operational standardization of all devices deployed in the financial system in Nigeria for interoperability.
He led a dynamic team that ensured that all terminals used in the e-payment industry and all devices deployed in Nigeria would accept all cards issued by banks and other licensed card schemes without discrimination.
Prior to his appointment at NIBSS, Maida was the Chief Technical Officer (CTO) at the Nigerian-based FinTech Arca Payments Network and Senior Manager at Cisco Systems, United Kingdom.
As a seasoned technical professional with over 15 years of multi-functional and international experience in FinTech & Telecoms & Enterprise Technology, Dr. Maida between 2010 and 2014, worked as a Network Design Consultant at EE, part of BT Group, and one of the largest mobile communications companies in the UK.
He was also at some point (2006-2010) a System Engineer at Ubiquisys, a leading company in intelligent 3G and LTE small cells, which is now part of Cisco.
Dr. Maida will be joining will join top dignitaries who have graced the event in the past including: Dr. Ernest Ndukwe, former executive vice-chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Chris Uwaje, chairman, Mobile Software Solutions Ltd; Uche Orji, former managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodun Omoniyi, Managing Director/CEO, VDT Communications; and John Obaro, CEO and founder of Systemspecs; Dr. Isa Pantanmi, former DG, NITDA; Dr. Obadare Peter Adewale, co-founder and COO, Digital Encode Limited; among others.
The highpoint of the BoICT Lecture will be the conferment of awards to companies and individuals for their significant contributions to the growth of technology in Nigeria and indeed Africa.
The event is a five-star event; easily Nigeria’s ICT Oscars.
General News
Pantami, Ex Minister of Communication Withdraws from Gombe APC Governorship Primaries over Alleged Electoral Violations
Professor Isa Ali Ibrahim Pantami, former minister of Communications and Digital Economy, has withdrawn from the All Progressives Congress (APC) governorship primary election in Gombe State, citing alleged violations of the Electoral Act 2026 and failure by party officials to provide conditions necessary for a credible primary process.
Professor Isa Ali Ibrahim Pantami
Pantami announced his withdrawal in a statement issued by Barrister Ibrahim M. Attahir on behalf of the Pantamiyya Movement.
The former minister said his decision followed extensive consultations with stakeholders and careful assessment of developments surrounding the APC direct primaries in the state.
According to the statement, Pantami participated fully in the governorship process out of loyalty to the APC after accepting appeals from party leaders, youths, women groups and other stakeholders urging him to contest for the state’s top seat.
The statement noted that Pantami complied with all party requirements and procedures and was the only governorship aspirant represented at the Peace Accord meeting organised by the Nigeria Police Force, Gombe State Command, on May 14, 2026.
It added that his representative was also the only aspirant’s delegate who signed the peace accord during the event.
Despite this, the Pantamiyya Movement alleged that the APC leadership repeatedly failed to provide critical information relating to the conduct of the direct primaries.
According to the statement, several letters sent by Pantami’s solicitors to relevant organs of the party seeking clarification on procedures, accreditation, collation centres and other operational details were neither acknowledged nor responded to.
“In a democracy, the law must guide the process. Non-compliance with the Electoral Act 2026 and the party guidelines renders the exercise unsafe and illegitimate,” the statement said.
The movement further alleged that no actual election took place during the recent National Assembly direct primaries conducted in Gombe State on May 16 and 18, 2026, claiming that many aspirants were not informed about voting venues, accreditation procedures or collation arrangements before results were announced.
The statement maintained that Pantami’s political strength lies in his grassroots support base, particularly among youths and women, but alleged that ordinary party members were sidelined in the recent primaries.
It also claimed that despite President Bola Ahmed Tinubu’s insistence on credible and transparent direct primaries, the directives were allegedly not implemented in Gombe State.
“Prof. Pantami had requested details on the time and place for accreditation of agents and observers, the procedures for accreditation, voting and collation, and the location of collation centres. This information should have been provided to all aspirants without being solicited. As of this moment, nothing has been provided,” the statement added.
Pantami expressed appreciation to supporters, especially youths who reportedly raised funds through crowdfunding to purchase his expression of interest and nomination forms.
The movement disclosed that donations from supporters ranged between ₦5,000 and ₦4 million, with contributors publicly sharing receipts online.
The former minister also thanked women groups, coordinators at ward and local government levels, elders, campaign officials and members of the Campaign Coordinating Committee for their support and loyalty throughout the process.
He urged his supporters to remain calm, peaceful and law-abiding, stressing that democracy must be anchored on the rule of law, peace and security.
The statement added that the Pantamiyya Movement would communicate its next political direction and future plans to supporters and followers across Gombe State and the country in due course.
“All followers, admirers and supporters of Malam Pantami are to remain united for the next alignment and realignment in the political space,” the statement said.
Pantami’s withdrawal is expected to significantly reshape political calculations within the APC ahead of the 2027 governorship election in Gombe State, given his strong support base among youths and grassroots mobilisers.
The U.S. Trade and Development Agency (USTDA) has concluded arrangements to deploy U.S.-made wireless infrastructure in Nigeria and other three West African countries.
Donald Trump …..credit..foxbusiness
According to a statement made available by the U.S Embassy, Abuja, U.STDA, disclosed the funding for a feasibility study to install approximately 1,500 turnkey mobile communications base stations for deployment of wireless technology across Benin, Côte d’Ivoire, Ghana and Nigeria.
The deployment of American-made mobile base stations, it further stated will address West Africa’s urban-rural connectivity gap and provide millions of West Africans with faster, more reliable mobile access, aimed at supporting economic activity in areas.
The statement reads: “USTDA announced funding for a feasibility study to install approximately 1,500 turnkey mobile communications base stations from Massachusetts-based company Vanu Inc. (Vanu), across Benin, Côte d’Ivoire, Ghana and Nigeria.
“USTDA is bringing private sector solutions to unlock widespread, affordable, trusted internet access in off-grid communities across West Africa,” said Thomas R. Hardy, USTDA’s deputy director.
“By helping American companies compete in these critical markets, we are offering an alternative to insecure infrastructure while creating export opportunities that make America more prosperous.”
“USTDA’s assistance will fund the study for Vanu Côte d’Ivoire, which has selected Georgia-based Vernonburg Group LLC to provide U.S. expertise to assess the commercial viability of large-scale deployment and help mobilize financing for implementation.
The study will evaluate existing network infrastructure, analyze market conditions across all four countries, assess legal and regulatory frameworks, and develop a comprehensive financing plan.
The project will generate substantial opportunities to deploy trusted U.S. wireless solutions, network management systems, and other digital infrastructure throughout the project’s implementation.
“The deployment of American-made mobile base stations will address West Africa’s urban-rural connectivity gap and provide millions of West Africans with faster, more reliable mobile access, supporting economic activity in areas that have historically been offline or limited to outdated 2G and 3G networks.
Andrew Beard, CEO of Vanu Inc., said: “Vanu is proud to partner with USTDA to demonstrate how our systems enable mobile network operators in West Africa to deliver broadband Internet and voice services in some of the most economically and operationally challenging markets and prove that connectivity in these markets can be profitable, sustainable and scalable. Building on our pioneering world-first Federal Communications Commission certification of a software radio product, Vanu has developed an ecosystem of American companies to deliver cost-effective systems based on open interfaces and architectures. The USTDA study will help catalyze new investment, expand U.S. exports, and accelerate deployment of trusted, secure digital infrastructure to connect billions of people worldwide.”
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