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CBN Issues Deadline to Banks on Unaudited Accounts

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The Central Bank of Nigeria (CBN) has ordered all banks to publish their September unaudited account on or before October 30, 2009.
A circular issued by Samuel Oni, director of banking supervision said the accounts should provide details of loan loss in line with the recent examiner’s report.
Following the conclusion of the special examination on the deposit, banks are required to recognise the examiners’ loan loss provision and fully provide for same in their accounts as at September 30.
The circular said banks who have already published their September 2009 un-audited accounts are required to re-publish the accounts in line with the attached format. Under the new format, banks should show their assets by revealing cash and balances with CBN, due from other banks and financial institutions and short term investments. They should also show their bills discounted, loans and advances, advances under finance lease and deferred taxation.
They should also provide other assets, long term Investments, investment properties, fixed assets, intangibles and total assets.
The new format also provides for the banks to reveal their liabilities including deposits, due to other banks and financial Institutions and taxation. They should also provide their deferred taxation, dividend payable, other liabilities and long term borrowings.
They are to state their capital and reserves showing total capital and reserves, minority interest, total liabilities and off balance sheet engagements and contingencies. Other details that the banks must show by October ending are their profit and loss for September.
Under these, they must show their gross earnings, interest and discount income, interest expense, net interest and discount income. They must also show other income, operating income, operating expense, provision for risk assets, net profit before tax and exceptional items. They are also directed to reveal their exceptional items net profit (loss) before tax and profit (loss) after tax as well as non-performing loans and advances.

 


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Nigeria First Policy: FG Reaffirms Galaxy Backbone as ICT Provider

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Federal government , through the Office of the Secretary to the Government of the Federation (OSGF), has issued a circular reaffirming its commitment to leveraging the substantial investment in the National Information Communications Technology Infrastructure Backbone (NICTIB), for the benefit of Ministries, Departments and Agencies (MDAs).

Nigeria First Policy: FG Reaffirms Galaxy Backbone as ICT Provider

Chidi Okpala, spokesperson for Galaxy Backbone Ltd, disclosed this in a statement on Monday.

The directive, issued in line with the Nigeria First Policy, endorsed Galaxy Backbone Limited, as the designated provider of ICT infrastructure for federal government institutions.

Commenting, Professor Ibrahim Adeyanju, managing director, Galaxy Backbone Ltd, reiterated that the agency is well positioned to actualise the Nigeria First Policy in the country’s ICT sector.

“We have repositioned our organisation in such a way that the MDAs experience the quality, reliability, and innovation of our services, and they can see us as a partner in their digital transformation journey.

“Our pledge is to listen, collaborate, and provide tailored digital infrastructure solutions that meet the unique needs of each agency, while ensuring Nigeria’s data remains safe within our borders,” he said.

According to him, federal government MDAs are expected to accelerate Nigeria’s digital transformation and contribute directly to national economic growth through the implementation of the Nigeria First Policy.

Galaxy Backbone Ltd was established by the Federal Government with the core mandate of ensuring data sovereignty through a centralised e-government platform that offers secure connectivity and related ICT services.

 

 


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FG Reaffirms Galaxy Backbone as Its ICT Infrastructure Provider Under Nigeria First Policy

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The Federal Government, through the Office of the Secretary to the Government of the Federation (OSGF), has issued a circular reinforcing its commitment to leveraging the substantial investment in the National Information Communications Technology Infrastructure Backbone (NICTIB) for the benefit of Ministries, Departments, and Agencies (MDAs).

This directive, in line with the Nigeria First Policy, endorses the use of Galaxy Backbone Limited (GBB) as the designated provider of ICT infrastructure for Federal Government Institutions, covering IP-network services, data centre hosting, and related infrastructure solutions.

GBB was established by the Federal Government with the core responsibility of ensuring data sovereignty through a centralized e-government platform that offers secure connectivity and related ICT services. Over the years, the organization has consistently invested in upgrading its capacity, achieving multiple international certifications and recertifications that position it as a provider of world-class, secure, and reliable technology services.

With this renewed endorsement, GBB is also officially positioned as the Government Data Exchange Platform and the interoperability layer for the nation’s Digital Public Infrastructure implementation, reinforcing its role as the body that coordinates, manages, and integrates all federal digital infrastructure and services, ensuring they comply with Nigeria’s data sovereignty goals and work harmoniously as part of the nation’s digital public Infrastructure.

While this directive ensures compliance with the Nigeria First Policy, GBB emphasizes that its mission is to deliver excellence through building trust and collaboration with Ministries, Departments and Agencies (MDA). Federal Government Institutions currently hosting data abroad are encouraged to migrate to GBB’s secure platforms, confident in the assurance of improved service delivery, enhanced security, and alignment with global best practices.

“We have repositioned our organisation in such a way that the MDAs experience the quality, reliability, and innovation of our services and they can see in us as a partner in their digital transformation journey,” said Professor Ibrahim Adeyanju, Managing Director/CEO, GBB.

He further reiterated; “Our pledge is to listen, collaborate, and provide tailored digital infrastructure solutions that meet the unique needs of each agency, while ensuring Nigeria’s data remains safe within our borders.”

GBB’s commitment is rooted in service excellence, security, and innovation; principles backed by its ISO certifications and global standard operating frameworks. This renewed collaboration between GBB and MDAs is expected to accelerate Nigeria’s digital transformation and contribute directly to national economic growth.


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Virtual Reality in Healthcare: Nigeria’s Untapped Opportunity for Training, Patient Care, and Medical Innovation

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Across the world, Virtual Reality (VR) is proving to be far more than a gaming technology. In healthcare, it is emerging as a practical solution to train professionals, improve patient care, and speed up medical innovation. For Nigeria — where health facilities face workforce shortages, infrastructure gaps, and tight budgets — VR offers a unique chance to leapfrog into modern practices without the prohibitive cost of traditional methods.

Training Without Risk, Learning Without Limits

One of the biggest hurdles in healthcare is preparing professionals for real-life emergencies. Nursing students can read about procedures in textbooks, but they need hands-on experience to master them. VR bridges this gap by simulating real hospital scenarios: inserting an IV line, performing CPR, or managing a trauma patient — all in a safe, repeatable virtual environment.

Emergency response teams can also rehearse disaster situations, from mass-casualty events to fire outbreaks, without risking lives or resources. Instead of waiting for rare live drills, responders can practice repeatedly in lifelike VR settings until every step becomes second nature.

Across Nigeria, a new wave of innovators, like Insightful3d Studio, is developing these immersive training programs locally. By building high-quality VR modules tailored for Nigerian hospitals, universities, and teaching centers, they reduce dependence on expensive foreign programs and make advanced training more affordable.

Improving Patient Understanding and Confidence

VR isn’t just for training staff. Patients can also benefit. For example, a woman preparing for childbirth can take a guided virtual tour of a delivery room to reduce anxiety. A family deciding on surgery can visualize what the procedure involves and better understand the risks and benefits. When people clearly see what to expect, trust in medical care increases — and so do positive outcomes.

A Platform for Local Innovation

VR also allows medical teams in Lagos or Abuja to collaborate seamlessly with specialists abroad. They can jointly review virtual models of medical cases, discuss treatment options, and learn new techniques in real time. For research institutions and pharmaceutical companies, VR provides an interactive environment to test ideas faster and with fewer physical resources.

Nigeria’s Window of Opportunity

Globally, VR in healthcare is growing rapidly — projected to become a multi-billion-dollar industry this decade. Nigeria does not need to be a latecomer. With forward-thinking hospitals, training schools, and government support, the country can develop home-grown solutions instead of importing them at high cost.

Companies like Insightful3d Studio are proving that this is not futuristic wishful thinking — it is already happening. The real question is not whether VR belongs in Nigerian healthcare, but how quickly hospitals, regulators, and investors will adopt it. Early movers will improve patient outcomes, cut training costs, and set a new standard for African healthcare.


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