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NHIS Accuses Banks, CEOs of Hiding N720Bn

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Professor Usman Yusuf, executive secretary, National Health Insurance Scheme (NHIS), has indicted banks, former executive secretaries of NHIS, select management staff and interest groups in a fresh misappropriation scandal, in which N720 billion NHIS funds is alleged to be missing.

 

According to the NHIS executive eecretary/chief executive officer, there is no trace yet of the N720billion.

 

Yusuf opened the lid on the corrupt practices in NHIS in a power-point presentation to the agency’s Governing Council in response to a query by the board.

 

“In a memo to the Executive Secretary, the Chairman of the Governing Council of NHIS, Dr. Enyantu lfenne, asked him to “clear these concerns (trapped funds and Forensic Audit) and guide Council on the way forward.”[The memo was obtained and published by The Nation]

Professor Usman Yusuf

Yusuf’s words: “Over N720billion of NHIS funds were “invested” over 12 years. No approvals from Minister, Board or Office of the Accountant-General of the Federation(OAGF).

 

“There was no transparency. In the deals were the Chief Executive Officers, banks and other interest groups. Billions of Naira were lost to diversion and underpayment of interest.

 

“The Executive Secretaries and select management staff were all neck deep in this.”

 

The Executive Secretary gave insights into the rot he inherited in NHIS and the dispute over forensic audit of the finances/ investments of the agency.

 

He added: “When I resumed in August 1, 2016, I could not ascertain the state of the finances of the Scheme. My preliminary findings from the review of financial records were shocking to say the least.

 

“I was unable to ascertain how much of the Scheme’s funds was with commercial banks, for how long and at what rate of return.

 

“It was unclear to me how much of the Scheme’s money was still with commercial banks before TSA and how much was transferred to TSA.

“The audited accounts of the Scheme for years ended 31st December 2011 to 2016 were in arrears and had not been signed by the previous CEOs.

 

“In view of all these anomalies and to bring transparency in the finances of the Scheme on December 21st 2016, I engaged the services of professional accounting firm Messrs. Sofura Professional Services to carry out a forensic review of the Scheme’s accounting system and banking transactions.

 

“Their scope of work included reconciliation of all NHIS current and investment accounts held with commercial banks, reconciliation of NHIS TSA with the CBN.

 

“Upon their engagement, I called a meeting of NHIS Management made up of all heads of departments and introduced the firm and its partners and the  work they have been engaged to do.

 

“After the meeting, the firm began its work reviewing documents and interacting with relevant staff. I was briefed regularly by the firm on the progress of the work.

 

“As part of the work, I wrote letters to commercial banks requesting and mandating them to give them all necessary cooperation relating to their engagement.

 

“Terms of their engagement were clearly spelt out in their letter of engagement; (I) An annual engagement fee of N2, 300,000.00 per annum for retainership and;

 

”Reimbursable expenses and fees for each specific service undertaken for the Scheme as may be agreed upon by both parties from time to time will be paid on submission of evidence for payment to the Scheme at the end of each assignment.

 

“I am pleased to report that this is the first time in the 13-year history of the NHIS that a forensic audit has been undertaken in the operation of the Scheme including a review of the records of the Finance & Accounts, Contribution Management, Audit and Procurement Departments.

 

“Following my resumption from suspension on February 6, 2018, I became aware of the  engagement of Aruna Bawa & Co. by the office of the Attorney General of the Federation to carry out an audit and recovery of NHIS funds held by financial institutions, Companies and individuals into the Federal Government’s treasury.

 

“The information on the basis of which Aruna Bawa & Co. sought to recover NHIS funds is a product of work that I, as the CEO of NHIS,  commissioned by engaging Messrs Sofura Professional Services.

 

“It is noteworthy that  Bawa the principal partner of Aruna Bawa & Co. worked for Sofura professional Services on this assignment.

 

“In the course of the work, I knew Mr Aruna Bawa as a member of the Sofura team. NHIS has never had any contractual agreement with Mr Bawa or his firm.

 

“On March 5, 2018, I wrote a letter to the Attorney-General of the Federation (AGF) asking him to cancel the engagement of  Aruna Bawa and his firm as it was based on misrepresentation and that NHIS has no contractual agreement with him.

 

“I visited the NHIS Council Chairman at her home after inauguration of the board and told her about the issue and that I had written a letter to the AGF asking him to cancel Mr Bawa’s engagement.

 

“The Chairman suggested I should see the AGF and personally brief him which I promptly did.

 

“I have been receiving letters from banks asking me to confirm if Bawa is representing the Scheme.

 

“I have written to the AGF asking him to write to him and all the institutions he had introduced him.

 

”Messrs Sofura Professional Services is the only legitimate firm that the Scheme has a valid contract with and have been working since engagement.

 

“In fact, I authorized them to meet with the CBN team yesterday to explain their work at the request of the CBN team which they gave me an update on.

 

”Apparently, Bawa has been going to the Chairman’s house with bags of documents telling her that I and Messrs Sofura Professional Partners have ulterior motives in our quest to recover NHIS funds, hence the Chairman’s “query”.

 

The NHIS Executive Secretary also explained why he attended the 71st World Health Assembly in Geneva, Switzerland from May 21 to 26.

 

He said the trip was not a jamboree as being insinuated in some quarters.

 

He said: “The World Health Assembly is an annual event by Ministers of Health from member nations.

 

“Nigeria’s delegation included the Minister of State for Health(HMSH) as the  leader and heads of Agencies under the Federal Ministry of Health(FMoH).

 

“The theme of the Assembly this year was Universal Healthcare Coverage (UHC). As a signatory to the Commitment to UHC, Nigeria’s delegation was ably represented by the

 

NHIS which is the lead Agency in Nigeria’s drive to UHC.

 

“With the commitment of President Muhammadu Buhari’s government to fund the Basic Health Care Provision Fund (BHCPF) for the first time since the passing of the National Health Act, the NHIS will receive N275bn to cover vulnerable Nigerians across all geopolitical zones.

 

All our development partners are very excited for our government’s political will.

 

“The World Bank and Gates Foundation have already committed an initial $20m into the fund.

 

“NHIS delegation of only five was grossly inadequate considering the multiple presentations on UHC, Healthcare financing, Equity in Health care, Resource mobilization, aggregation of fragmented pools etc.”

 

 

 


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NITDA DG Calls for Innovation-Led Economic Rebirth @ Kano Startup Weekend

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Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.

He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.

He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.

According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”

He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.

He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.

According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.

He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.

“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.

Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.

He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”

He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.

“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.

Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.


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Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

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Sterling Bank Limited on Monday convened stakeholders in the renewable energy industry to explore strategies for accelerating Nigeria’s transition to clean energy and boosting economic growth.

Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

L-R: Mr. Ayo Ademilua, President, Renewable Energy Association of Nigeria; Dr. Jekwu Ozoemene, Group Executive, The Alternative Bank; Mr. Biodun Ogunleye, The Honourable Commissioner, Lagos State Ministry of Energy and Mineral Resources; Mr. Dele Faseemo, Group Executive, Coprporate and Investment Banking, Sterling Bank; Engr. Bem Samuel Anyangeuor, Representative, Honorable Minister of Power and Mr. Oluwaseyi Okunnuga, Group Head, Renewable Energy & Sustainability Finance, Sterling Bank at the just concluded Renewable Energy Colloquium held in Lagos recently.

The colloquium, themed “Beyond the Grid: Unlocking New Frontiers in Renewable Energy”, was held in Lagos and brought together policymakers, financiers, and industry leaders to deliberate on priority areas for action.

In his opening address, Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, represented by Mr. Dele Faseemo, Group Executive, Corporate and Investment Banking, said the bank would focus on regulation and financing to expand access to energy.

He noted that energy access remained critical to supporting economic growth and achieving Nigeria’s ambition of building a one trillion-dollar economy.

Delivering a keynote address titled “Scaling Electrification in Nigeria: The REA Impact”, Managing Director of the Rural Electrification Agency (REA), Dr. Abba Aliyu, represented by Mr. Abba Hayatudden, said Nigeria required about 26 billion dollars to bridge its energy deficit.

Aliyu explained that the energy transition strategy integrates grid, mini-grid and off-grid technologies to achieve universal, reliable and sustainable energy access while aligning with national development and climate goals.

Minister of Power, Mr. Adebayo Adelabu, represented by Engineer Samuel Ayangeaor, commended Sterling Bank for convening the dialogue.

He said renewable energy and rural electrification were central to the Federal Government’s Renewed Hope Agenda.

“The Ministry of Power has continued to expand electricity access to underserved communities to drive economic growth, foster industrial activity and create jobs across the nation,” Adelabu said.

Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, highlighted the state’s efforts in renewable energy, including the ongoing two-gigawatt grid-scale solar project.

He described it as the most ambitious energy transformation ever undertaken by the state.

Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, urged participants to move beyond communiqués and act with intention to deliver meaningful impact.

The colloquium featured panel sessions on financing and scaling green energy solutions in Africa, among other discussions.


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Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

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Mr. Freddie Oduro, New Country Manager for Ghana.
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Cellulant, a leading Pan-African payments company enabling seamless digital transactions across Africa, has appointed Mr. Freddie Oduro as its new Country Manager for Ghana.

Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

Mr. Freddie Oduro, New Country Manager for Ghana.

Freddie’s appointment is a key step in Cellulant’s broader strategy to deepen its presence in priority markets by accelerating the acquisition of in-country enterprise businesses and strengthening its position as the payments partner of choice in Africa.

Freddie brings over a decade of commercial and strategic leadership experience in the telecommunications and financial services sectors, with expertise in  sales, business operations, and market expansion.

In his new role, he will drive merchant acquisition, strengthening partnerships, oversee collections and payout operations, while ensuring strong internal controls and regulatory compliance.

He joins Cellulant from Payaza and previously served as Sales Director at Cellulant, where he helped significantly expand the company’s footprint in Ghana.

Cellulant has been powering payments in Ghana for leading brands in sectors like e-commerce, utilities, oil and gas and retail, helping them offer their customers a wide range of secure digital payment options.

“We are happy to welcome Freddie back to the Cellulant family,” says Richard Gesimba, Chief Revenue Officer at Cellulant. “Ghana remains a critical market for us, with immense potential driven by rising digital payments adoption.

“As we sharpen our focus on in-country enterprise customers, Freddie’s leadership and industry insight make him the ideal person to steer our Ghana operations.”

The appointment comes at a transformative time for the company. Following a strategic shift between late 2023 and early 2024, focused on streamlining operations, doubling down on enterprise payments, and strengthening customer intimacy, Cellulant achieved profitability in 2024 and continues to build on this momentum.

The company now processes close to 4.5 million transactions daily for businesses across Africa, reinforcing its position as a fintech leader.

“I am honoured to return to Cellulant and lead the Ghana team at such a defining moment,” says Freddie, Country Manager for Cellulant Ghana. “Ghana presents a tremendous opportunity.

“We will ramp up our efforts to sign on more local merchants, strengthen our compliance and control frameworks, and introduce innovative solutions like Tingg Edupay, our automated school fee management solution that eliminates reconciliation delays by validating payments in real time and instantly updating student accounts.

“We will build on Cellulant’s strong foundation to deliver real value, reliability, and economic impact.”

Ghana’s digital payments sector continues to grow steadily, supported by increased mobile money usage and a progressive regulatory environment. Between January and October 2025, the value of mobile money transactions hit about GH¢ 3.6 trillion, up sharply from GH¢ 2.37 trillion in the same period of 2024.

Registered mobile money accounts now exceed 79 million, demonstrating strong consumer and business confidence in digital financial services and in turn creating many opportunities for payment innovation.

This leadership appointment underscores Cellulant’s commitment to building a resilient, high-performance organisation geared towards playing a pivotal role in the next era of Africa’s digital economy.

Looking ahead to 2026, Cellulant plans to further enhance the user experience on its payment platform, Tingg, and expand its  footprint across Ghana.


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