General News
CBN Promises Strict Regulation of Banks
The Central Bank of Nigeria (CBN) said it will implement strict regulation and supervision on banks to ensure that they do not fail.
Lamido Sanusi, the CBN governor said, “The apex bank has a responsibility to ensure that depositors and investors’ funds are protected through adequate regulation. There is nothing like soft regulation and I don’t believe in it.”
A regulator like ours needs to protect depositors and investors’ funds. As far as the banks get license from us they must be strictly regulated. So we don’t want to go back to the bad situation we find ourselves. The banks, before the recent CBN’s intervention were not adequately regulated that was one of the reasons the managing directors of the troubled banks were busy buying jets and building estates without lending money to the real sector and Small and Medium Scale Enterprises( SMEs).”
According to him, “We will not allow banks to rate themselves nor rely on rating agencies to rate them because it is the information given to the rating agencies that are used to rate them. We will try as much as possible to use the information we have from our supervisory role to assess them. However, we would encourage credit bureau institutions to provide information on the credibility of Nigerians that want credit from the banks.
“Banks are established to play intermediation role. So if any person is able to meet the requirement for loan disbursement the bank should be ready to give out such loan. Banks lend to people with the hope that the borrower will repay as at when due. But because the troubled banks gave out loans to their friends, relative and some political class without meeting the requirement for loan disbursement they had crisis with liquidity and other problems.”
On the recovery of debts from debtors of troubled banks by the Economic and Financial Crime Commission (EFCC), Sanusi said , “It was proper. The EFCC is acting on the Act establishing it. In fact, the banks invite the EFCC to recover the money from their debtors who had refused to comply with the terms of lending.
It is not the EFCC who go for the debtors, it is the banks that invite them at the first instance. So there is nothing wrong if the EFCC should enforce the recovery of debt. So far the Commission has recovered over N100 billion. Is this not an achievement?” he asked.
Sanusi, while speaking on the opportunity for foreign investor owning banks in Nigeria, said, “The economy is open for any investor to come in. At the moment, CBN is undergoing technical assessment of applications submitted to it. Foreign investors are encouraged to invest in banks but we are not looking for hot money. We are looking for investor who has the interest to invest in our economy for long term. They must possess the expertise for risk management, corporate governance and overall management.
“One of the major problems with the troubled banks was the level of exposure to the capital market. I hope when the Asset Management Company (AMC) takes off , the recapitalisation problem would be solved. We are expecting approval from the National Assembly as the AMC bill is still with them.
The yuletide has delayed the passage of the bill. Probably in the coming few weeks the bill will be approved. When the toxic asset is bought by the AMC, probably the banks will just require additional N300 or N400 billion to stabilize.
National Identity Management Commission (NIMC), has explained why kidnappers and terrorists are not always traceable despite the country’s expanding digital identity infrastructure.
NIMC explanation pointed to a simple but significant gap in the system.
Abisoye Coker-Odusote, director-general of the agency said that: “A lot of the time, you find out the kidnappers use the phones of the people they have abducted, which means how do you trace them because they are not using their own phones?” she said.
Coker-Odusote spoke during an appearance on Channels Television, where she was asked to explain why criminals remain difficult to trace despite the mandatory NIN-SIM linkage policy.
She said criminals frequently frustrate investigations by using mobile phones belonging to their victims, instead of their own registered lines.
“We already know the NIN is the foundational identity for the security architecture, but a lot of the time, you find out the kidnappers use the phones of the people they have abducted. Which means, how do you trace them because they are not using their own phones?” she said.
She also suggested that some criminal elements involved in kidnapping operations may not even be captured in Nigeria’s identity database.
“There is a theory that it may be possible that these kidnappers are not Nigerians and are brought into the country 48 or 72 hours before a kidnapping takes place specifically for that purpose. I’m not insinuating anything, but if that were the case, they naturally would not be captured in our database,” she added.
The comments have revived questions about whether expectations placed on the NIN-SIM linkage have exceeded what the system was designed to deliver.
The NIN-SIM linkage exercise was introduced by the Nigerian Communications Commission (NCC) in collaboration with NIMC to strengthen identity management, eliminate anonymous SIM ownership and support national security.
Over the years, the exercise resulted in millions of subscribers linking their SIM cards with their National Identification Numbers, while telecom operators also deactivated millions of lines that failed to comply with regulatory directives.
Earlier, the NCC maintained that the policy was aimed at improving the integrity of Nigeria’s SIM registration database, strengthening identity verification and supporting security agencies in criminal investigations.
The regulator also described the exercise as an important component of the country’s digital economy and national security framework.
Telecommunications operators have consistently maintained that while they play a critical role in implementing the NIN-SIM linkage policy, they are not responsible for tracking criminals.
Quest Merchant Bank recently hosted the second edition of the Great Place to Work® Nigeria Study Mission, reaffirming its commitment to fostering a high-performance workplace culture and advancing people-centric leadership practices.
The Study Mission serves as a collaborative learning platform that brings together Great Place to Work® Certified organizations to exchange insights, share best practices, and strengthen workplace cultures.
The event welcomed Human Resources leaders and representatives from FITC, Princeps Credit Systems, Tonic Technologies and Esentry Limited for an engaging and insightful session focused on building thriving workplace cultures, promoting continuous learning, and advancing employee-centric practices that drive organizational success.
Speaking at the event, Tolulope Dayo-Peters, Head of People Management, emphasized the importance of continuous learning and collaboration in building sustainable workplace cultures.
“We are delighted to host the second edition of the Great Place to Work® Nigeria Study Mission. At Quest Merchant Bank, we believe building a great workplace is an ongoing journey rooted in trust, purposeful leadership, and a genuine commitment to our people.
“We are pleased to share the practices that have shaped our culture and look forward to more opportunities to learn and collaborate with like-minded organizations.”
Also speaking at the event, Afolabi Olorode, Acting Managing Director/CEO, Quest Merchant Bank Limited, highlighted the critical role workplace culture plays in driving long-term business success.
“We recognize that a strong workplace culture is fundamental to sustainable business success. Creating an environment where our people are empowered to grow, innovate, and perform at their best enables us to consistently deliver value to our clients and stakeholders. We are proud to support initiatives like the Great Place to Work® Nigeria Study Mission that encourage organizations to learn from one another and collectively raise the standard of workplace excellence in Nigeria.”
The Study Mission reinforced the importance of collaboration among organizations committed to creating exceptional employee experiences.
By providing a platform for open dialogue, peer learning, and the exchange of practical ideas, the initiative enabled participants to explore innovative approaches to employee engagement, organizational culture, leadership development, and talent management while strengthening a growing community of employers dedicated to workplace excellence.
Hosting the Great Place to Work® Nigeria Study Mission further strengthens Quest Merchant Bank’s position as a thought leader in workplace culture and talent management.
It also enhances the Bank’s employer brand and demonstrates its unwavering commitment to creating an environment where employees can grow, innovate, and achieve their full potential.
Quest Merchant Bank remains committed to championing initiatives that promote learning, innovation, and people-centric leadership. Through strategic partnerships and knowledge-sharing platforms such as the Great Place to Work® Nigeria Study Mission, the Bank continues to contribute to the advancement of exceptional workplace cultures and the future of work across Nigeria’s corporate landscape.
Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.
According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.
“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.
“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.
“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.
“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.
NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.
“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.
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