E-Financial
BoI, UNIDO Partners to Boost Industrial Energy Efficiency

The Bank of Industry (BOI) and the United Nations Industrial Development Organisation (UNIDO) have partnered to improve the nation’s industrial energy efficiency, a move both organisations described as apt to increase industrial profitability, efficiency while also operating at international best standards.
The Managing Director, BoI, Olukayode Pitan, at the launch of the Industrial Energy Efficiency (IEE) and Resource Efficiency and Cleaner Production (RECP) Project Investment Committee, said the hidden costs of fossil fuels are enormous and include environmental hazards, air pollution, water pollution hence, the need to seek alternatives to ensure sustainable environments.
He noted that the benefits of IEE and RECP are many and include reduced cost of production, improved profitability, resourcefulness and competitive edge while others are improved health and stronger economy.
“Therefore, the participation of BoI in this arrangement demonstrates a strong commitment to bank to stability and many of these projects will enable industries align with energy management systems and energy systems organisation which will lead to reduced environmental pollution, global industrial power generation level, reduced costs of production and increase in company’s general stability,” he said.
In his words: “We believe that sustainable banking is the future and will result in long term resilience for the world as a whole and will contribute to the survival of future generations.”
Also speaking, Mr. Jean Bankole, the Country Representative and Regional Director, UNIDO Regional Office Hub, represented by the Environment Expert, Oluyomi Banjo, said globally, industries account for one-third of total energy consumption and for almost 40 per cent of worldwide CO2 emissions, noting that the International Energy Agency (IEA) has emphasised that industries will need to reduce their current direct emissions globally by about 24 per cent in comparison to 2007 levels.
He added that the need to reduce energy consumption, environmental degradation, and resource depletion by industries in emerging economies is especially evident, since global growth in industrial production since 1990 has been dominated by emerging economies like India and China, both of which accounted for over 80 per cent of increased industrial production during this period.
He said the inauguration of the Project Investment Committee was collectively developed and submitted by UNIDO on behalf of Nigeria in 2017 under the Global Environment Facility (GEF) 6 programming cycle.
According to him, the outcome of the project is targeted at industries to develop an expert base for Nigeria, which could also be exported to other countries in Africa and beyond.
“This project will address to a good extent the questions on how industries can improve their efficiency, increase profitability, operate at international best standards, comply with regulations and maintain improved relationship with policy makers.
“A pilot financing RECP-IEE scheme will be executed through the Bank of Industry of Nigeria and Issues around ISO 50000 and 14001 will be executed through Standards Organisation of Nigeria (SON).
“We hope to support not less than 75 industries across five sectors of food and beverage, wood and furniture, steel and metals, textiles and garment and petrochemicals. We will develop the capacity of the Organized Private Sector (OPS) and develop not less than 300 Nigerian RECP-IEE experts.”
In his words, the Risk Officer, Dr. Ezekiel Oseni, said the reason for the partnership is to promote efficiency in the way that local companies power their machines.
“We know that the costs of production is so high and about 40 per cent of its is attributable to energy. So there is need for reduction of that cost of production. So bringing in industrial energy efficiency, we believe that is going to make our companies some opportunity to be able to compete effectively with goods coming from overseas and even for them to be able to export to other countries as well,” he added.
E-Financial
Moniepoint: More Customers Lament after Police Exposed Scammers Who Stole over N400m

Nigerian customers of Moniepoint, a fintech bank, have expressed widespread frustration and discontent with the company’s operations, citing numerous difficulties and challenges, according to PM News.
These complaints are coming on the heels of a recent revelation by the Nigerian Police Force, which exposed a scam involving two Nigerians who stole over N400 million using Moniepoint profiles
One such customer, Suleiman Abubakar Audu, shared his ordeal with the medium, revealing that his account, containing N522,000, had been inexplicably closed for over ten weeks.
Audu noted that despite providing all necessary documentation and repeatedly reaching out to the bank, his account remains inaccessible.
He further lamented that the situation has left him under significant financial stress.
Audu said: “Moniepoint blocked my account for over 10 weeks. I have provided all the necessary information but till now they didn’t release my account.”
He claimed that the bank also failed to provide any meaningful update.
Audu further lamented, saying: “I messaged them via all the handle begging for their reply and they keep telling me issues have been prioritised. I call them via phone call almost each and every day. They are just promising that it will be resolved and update will be provided via mail and till now no any update in the mail. They are just playing me around and I don’t even know the dimension of the issue.”
However, Audu’s experience is not an isolated incident as further investigations by PM News uncovered multiple customers facing similar challenges with Moniepoint.
Busayo Busayo, another disgruntled customer, reported that N50,000 had been deducted from her account since October 2024, with no refund forthcoming.
“Moniepoint na ole (are thieves). Since Oct, my 50k still dey with no refunds. Every time I chat them, different story,” she exclaimed.
Kelvin Doris, a student, also shared her frustrating experience, stating that a refund from Moniepoint to his UBA account had been delayed, leaving him without funds for his school fees.
“I did a refund on Monday from my Moniepoint to UBA, but I have not seen the money,” Doris stated.
Adeboye, another customer, alleged that Moniepoint had allowed someone to use his phone number to open an account in his name, raising concerns about the bank’s security measures.
He said: “Someone is using my number and account for moniepoint, OTP was sent to me twice when I didn’t request for it. I just ignored because I know it’s a work of scammers. next I see is congratulations your password was reset, and I was told that the account has been upgraded to merchant level.”
Orimisan Olakolegan, a Facebook user, also shared his experience, stating that his money had been stuck in Moniepoint since February 4, 2025, without any resolution.
“My money have stuck in moniepoint and their client since 4th February 2025 without any review,” Orimisan alleged.
In light of these allegations, customers urged the Federal Government of Nigeria and the Central Bank of Nigeria to investigate Moniepoint’s operations and address the numerous challenges faced by its customers.
The affected individuals also called for prompt action to rectify the situation and prevent further hardship.
E-Financial
CBN Orders Bank Directors with Insider Bad Loans to Resign

Central Bank of Nigeria (CBN) has ordered bank directors with non-performing insider-related loans to step down immediately, as part of efforts to strengthen corporate governance and enhance risk management in the banking sector.

Olayemi Cardoso, Governor, Central Bank of Nigeria
The directive was issued in a circular signed by Adetona Adedeji, acting director of Banking Supervision.
Insider loans are the credit facilities granted by the bank to its executives, directors, employees, major shareholders, or other related parties.
The apex bank also directed banks to recover outstanding debts by enforcing collateral recovery and seizing shareholdings of affected directors.
Furthermore, banks must regularise all insider-related facilities within 180 days, particularly those that exceed limits prescribed in Section 19 (5) of the Banking and Other Financial Institutions Act (BOFIA), 2020, and were previously approved without specific timelines.
The CBN stated: “Directors with non-performing insider-related facilities are required to step down immediately from the board, while the bank should commence immediate remediation of the loans through the recovery of the collaterals, including the shareholdings of the affected directors.”
It also stressed the importance of compliance with Section 19 of BOFIA 2020, which limits insider-related loans:
“Banks are required to regularise within 180 days, all insider-related facilities above the limits prescribed in Section 19 (5) of BOFIA, 2020.
“Individual director-related facilities must be brought within the 5 per cent paid-up capital limit, while the aggregate insider facilities for the bank must not exceed 10 per cent of its paid-up capital.”
The CBN emphasized that compliance with these directives is effective immediately to uphold regulatory standards and corporate governance best practices.
E-Financial
CBN Orders Banks to Publish Details of Dormant Accounts, Unclaimed Balances

Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to publish the name of the account, the type of account, the name of the bank, and the branch where the dormant account is domiciled on their official websites.
According to CBN, a dormant account refers to a bank account that has remained inactive for at least one year.
This is disclosed in a circular entitled, ‘Guidelines On Management Of Dormant Accounts, Unclaimed Balances And Other Financial Assets In Banks And Other Financial Institutions in Nigeria’ and signed by MichaeL C. Akuka, for: director, financial policy and regulation department, CBN.
As part of the new regulations, financial institutions are required to display key details such as the names of individuals authorized to operate the accounts, the type of account, and the branch where it is domiciled.
This information must be made available on their official websites.
For other financial institutions (OFIs) that do not have dedicated websites, CBN has mandated that the information be published on the website of their respective industry associations.
“In furtherance thereof, and in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks and other financial institutions are required to note the following,” CBN stated.
“1. Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Also, Section 72.
“ (ii) of the Banks and Other Financial Institutions Act mandates the Central Bank of Nigeria to issue Guidelines on the administration of unclaimed funds in banks and other financial institutions.
“2. Information to be published on banks’ websites as well as the association’s website (where applicable) shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled ONLY.
“Information to be published annually in at least two national daily newspapers or the premises of State and Unit microfinance banks, shall also convey the details as listed in (2) above.”
This directive follows an earlier order issued by CBN on July 19, 2024, requiring banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.
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