E-Financial
AfDB Partners CSOs to Spur Development in Africa

A committee comprising the African Development Bank (AfDB) and Civil Society Organizations (CSOs) has been relaunched with the aim of fostering partnership between the two players in order to enhance development on the continent.
The committee, reintroduced at a two-day meeting between the Bank and CSOs will discuss a work plan, modalities of its implementation as well as an accountability structure.
“CSOs are our integral partners especially in the promotion of accountability, transparency and good governance. Accountability is key in terms of achieving our objective, and we could certainly do with an external reporting tool especially from CSOs,” Rakesh Nangia, Chair of the committee, said as he opened the meeting on January 14 at the Bank’s headquarters in Abidjan, Côte d’Ivoire.
Addressing the participants, who included regional civil society heads and representatives of key sectors within the Bank, he reiterated the importance of strengthening engagement with CSOs. “The Bank recognizes and values the expertise and contributions of CSOs, which are essential in achieving sustainable development in Africa,” said Nangia, who is also the Evaluator General of the Bank’s Independent Development Evaluation department (IDEV).
His remarks were echoed by Mamadou Goita, Chair of the Civil Society Coalition, who described the role of civil society as crucial in helping the Bank to frame projects that would be more relevant to communities.
“We need to be involved from the first stage of designing a project because we know the context of our various communities. We can then help follow through to the implementation, monitoring and evaluation stages,” Goita said.
He cited the recent Ebola response saying civil society organizations would have been approached to help in framing the nature of the Bank’s assistance.
“We are the ones on the ground and we know the specific needs on the ground; if it is support in getting skilled care, drugs, or even building new hospitals, among others.” In August last year, the Bank approved a US $60-million grant to help strengthen West Africa’s public health systems in a bid to address the Ebola crisis.
The issue of engaging with CSOs from fragile states came into focus with recommendations of sustainable funding and long-term institutional development of the organizations, including capacity building.
However there were calls for a range of CSOs (international and local) in fragile states to work together in order to strengthen delivery of services. “International NGOs may not be able to intervene on the ground without involvement of grassroots NGOs. Both need to collaborate and ensure results,” noted Baboucarr Sarr, the Lead Regional Fragility Coordinator in the Bank’s Transition Support Department. This, he said, was a key lesson learnt while working in the Horn of Africa.
The AfDB-CSOs partnership is guided by the Framework for Enhanced Engagement with Civil Society Organisations, which is in line with the Bank’s Ten Year Strategy (2013-2022).
E-Financial
NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
E-Financial
SEC Directs Companies to Honour Unclaimed Dividend Requests

Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
E-Financial
FIRS Launches Revised SOP to Streamline Tax Payment

Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
- Telecom3 days ago
Telcos Hit by Major Outages across Lagos, Enugu, Others
- E-Business3 days ago
Human Hacking: When Cyber Criminals Target You
- News3 days ago
Beware!, Fraudsters Using our Name to Defraud Investors- NNPCL
- E-Financial3 days ago
AGF Drops Charges Against Fidelity Bank MD, Cites Lack of Direct Involvement
- E-Financial3 days ago
FIRS Launches Revised SOP to Streamline Tax Payment
- E-Financial3 days ago
Confidence in Nigerian Economy Grows as Forex Inflows Reach $5.96Bn
- News3 days ago
FG Plans AgriConnect Initiative Pilot
- News3 days ago
AAAN Congratulates Steve Babaeko, X3M Ideas on Financial Times Recognition