News
FG to Cut Deposits in Banks over their Refusal to Lend to Nigerians
The federal government said that it might be forced to cut her deposits with Deposit Money Banks (DMBs), otherwise commercial banks in the country over their reluctance to grant loans to agricultural, mineral resources and small and medium enterprises sectors of the economy.
President Goodluck Jonathan who expressed his government’s dismay, said that banks were not doing enough to support the real sector despite the policies and other measures provided to create an enabling environment for them to thrive over the years.
The President spoke at the opening session of the 7th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tuesday.
Represented by Dr. Yerima Ngama, minister of State for Finance, Jonathan, warned that unless they increase their funding to these critical sectors, government might be compelled to reduce their access to public sector deposits.
Public sector deposits in banks are currently estimated at about N2 trillion but the Central Bank of Nigeria’s (CBN) decision to increase their Cash Reserve Requirement (CRR) for public sector deposits to 50 per cent, as part of the monetary tightening mechanism, had already reduced public funds available to banks to trade with.
The apex bank has intervened through financial intermediation support initiatives such as the Commercial Agricultural Credit Scheme (CACS), and Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL.
The President noted that the banks were getting money from the government at zero interest rate but continued to deny the productive sector the required funding support.
He added that if the banks failed to play their roles, the government might withdraw its deposits in the banks and use a substantial part of the fund to support the productive sector.
Describing the oil sector as external to the economy (because there is little it is drawing from Nigeria to create wealth), Jonathan expressed desire for the banks to jointly do more in agricultural lending, which he noted remained too low to achieve the Agricultural Transformation Agenda’s (ATA), goals of making Nigeria a net exporter of food and catalyst for job creation in the economy.
He said: “The banks have to come together and see how they can put funds together to really support the farmers. “The statistics we have coming from the Central Bank is that when you lend to farmers they pay you. I think we have First Bank’s experience where the percentage of the nonperforming agric loans to performing is less than 1.5 per cent.
“So, the poor actually pay their loans, but why are the banks always eager to go and lend to the riskier businesses than this safe agricultural businesses? “The issue is with our psyche, we think that maybe they are not high tech or maybe there is too much documentation based on a loan of N50,000 or N100,000.
But as a nation, you have to look at it as your responsibility. We owe this nation; we have to rise to that challenge and see that the banking sector should come together with a solution and no longer wait for the Central Bank to be coming with the solution.
“But if we want to believe that the banking sector is not innovative, that it is not ready to come with solutions and they are always looking for government and they are always looking for the Central Bank to do the magic, I am saying that time is running out and people are not patient,” the President warned.
Noting that the banks needed to do more in lending to the agricultural, solid minerals and real sector as a corporate imperative, the President said unless they played their roles in a manner that suggests their readiness to support the nation’s economic development objectives, the CBN may have to introduce new policy measures that would deny the banks continued access to government deposits.
Mr. Segun Aina, president of the CIBN, had in his remarks re-assured the government of the institute’s readiness to partner government in its various initiatives aimed at deepening banking knowledge and improving delivery of top class financial services to the economy
He expressed the hope that the conference would serve as a veritable platform for players in the industry to explore, share experiences and identify strategies to be pursued in ensuring that the financial services industry effectively plays its expected roles in supporting economic development.
Economic and Financial Crimes Commission (EFCC) has uncovered an alleged multi-billion-naira visa overstay racketeering network within the Nigerian Immigration Service (NIS), with at least five serving officers, including a deputy comptroller, grilled by investigators.
The investigation, which cuts across the administrations of several former comptrollers-general of Immigration, has reportedly uncovered about N700 million in the bank accounts of one of the suspects and several multi-billion-naira estates allegedly acquired by another suspect through proxies.
The alleged racket centres on the extortion of foreigners who overstayed their visas, with investigators probing how immigration officials allegedly diverted or illegally collected huge sums from affected foreigners.
The development comes against the backdrop of the Nigeria Visa Policy 2025, which introduced a penalty regime requiring foreigners who overstay their visas to pay $15 for every day spent in the country after the expiration of their visas.
A visa overstay occurs when you remain in a country past the authorized departure date stamped on your passport or travel document.
The EFCC investigation is reportedly focused on officers operating at the Murtala Muhammed International Airport, Lagos; Nnamdi Azikiwe International Airport, Abuja; and the NIS headquarters in Abuja.
Among those said to have been questioned are Assistant Superintendent of Immigration, Bashar Suleiman, serving at the Lagos airport; deputy superintendent of Immigration, Musa Abubakar, of the Abuja airport; principal staff officer to the comptroller-general of Immigration, chief Superintendent of Immigration Dotun Aridegbe; and two personal assistants to the comptroller-general, assistant comptroller of Immigration Emmanuel Imaekhai and assistant superintendent of Immigration O. Babatunde.
The investigation was reportedly triggered by information supplied by a female immigration officer who allegedly blew the whistle on the scheme.
A source familiar with the probe said the whistleblower’s allegations led investigators to examine the financial activities of several NIS officers and their associates.
“We opened an investigation into the visa overstay racket after a female immigration officer blew the lid on the racketeering,” the source said.
The source alleged that investigators had found links between the alleged racket and several aides of Kemi Nandap, current comptroller-general of Immigration.
“Several of her aides have indicted her directly and indirectly. Investigators are looking into whether she was a beneficiary of the multi-billion-naira extortion racket,” the source said.
The allegations against the Comptroller-General remain subject to investigation, and no formal charge has been announced against her.
The source said the investigation had revealed that the alleged extortion network may have operated for years, possibly under successive Comptrollers-General of Immigration.
“It is an interesting but damaging case because we found out that the extortion of overstayers has been going on for several years under past CGs, some of whom appeared to have benefitted from the scheme,” the source said.
Investigators have reportedly identified a Deputy Superintendent of Immigration who has served at the Nnamdi Azikiwe International Airport for more than 10 years, a posting described by investigators as unusual.
A search of the officer’s apartment allegedly uncovered immigration stamps associated with various international airports across Nigeria.
The officer is also said to have maintained close relationships with successive Comptrollers-General, a development now being examined as investigators attempt to unravel the alleged structure and longevity of the racket.
“He is known to relate directly with all serving CGs. His admissions have been illuminating as he is the linchpin of the operation,” the source said.
The EFCC is also investigating the alleged use of proxies to conceal the proceeds of the racket.
Some individuals whose names were allegedly used to operate multiple bank accounts and acquire landed properties have reportedly told investigators that they acted as fronts for the suspects.
The commission is expected to scrutinise the assets, bank accounts and financial transactions linked to the suspects as it traces the alleged proceeds of the racket.
The investigation may also be widened to include some former Comptrollers-General of Immigration, who could be invited to clarify findings and authenticate admissions allegedly contained in written statements obtained from the suspects.
The EFCC has yet to publicly announce charges against the officers, while the investigation is ongoing.
However, CSI O. Babatunde, one of the NIS officers, said to be linked to the alleged visa overstay racket has denied any involvement in the scheme.
The officer, in a brief response to the allegations, said he had no connection with visa fraud or any related racketeering.
“I am not involved in a scam and do not have any visa scam issue, please. I was never invited for visa scam,” the officer said.
Others who were asked of their involvement, Dotun Aridegbe, Emmanuel Imaekhai, Bashar Suleiman did not respond to messages sent to their mobile line.
The denial by Babatunde, comes as the EFCC continues its investigation into the alleged visa overstay extortion network.
The commission has not publicly disclosed the identities of all the officers being investigated, nor has it announced any charges in connection with the matter.
All allegations remain subject to investigation, and the suspects are presumed innocent unless proven guilty by a court of law.
Nigerian Copyright Commission (NCC) and National Drug Law Enforcement Agency (NDLEA) have signed a Memorandum of Understanding (MoU) to fight against piracy and drug trafficking in the country.
NCC Director General, Dr. John Asein (left) and NDLEA Chairman/CEO, Brig Gen Mohamed Buba Marwa (Rtd)
This was disclosed on Friday in a press statement released by Femi Babafemi, director of Media and Advocacy, NDLEA.
Speaking at the ceremony to sign the MoU at the NDLEA headquarters, Brig Gen Mohamed Buba Marwa (Rtd), chairman/chief executive officer of the Agency, said the partnership may appear, on the surface, to bring together two unrelated mandates, but which, on closer examination, reflects a shared reality in the fight against organized crime in Nigeria.
According to Marwa, “Our experience at the frontlines of drug law enforcement has shown us time and again that criminal networks rarely confine themselves to a single illicit enterprise. The same syndicates that traffic in narcotics are often found dabbling in other forms of economic crime, including the piracy of intellectual works that rightfully belong to Nigeria’s creatives: our musicians, filmmakers, writers, and software developers. Proceeds from one illegal trade frequently find their way into financing the other. This is the criminal value chain we must disrupt together.
“Today’s MoU gives structure to that shared fight. Through it, our two agencies commit to exchanging intelligence, coordinating joint operations, building the capacity of our respective officers, and supporting one another with the technical resources needed to do this work well. A Joint Working Committee will be established to drive this collaboration forward, meeting regularly to ensure that what we sign today translates into real results on the ground.
“Let me be clear: this partnership is not just about law enforcement. It is about protecting the health and social wellbeing of our people, and about safeguarding the immense creative talent of this nation: a talent that deserves to thrive without the theft that piracy represents, and a society that deserves protection from the scourge of illicit drugs.”
He commended the NCC for recognizing the intersection between drug trafficking and piracy. “This is how effective government works; agencies finding the common threads in their missions and pulling together rather than in isolation”, Marwa added.
In his remarks, Dr. John Asein, director general of NCC, noted that the alliance between NDLEA and the commission marks a significant milestone in the growing culture of inter-agency collaboration within the Nigerian public service, adding that the effort will enhance the common responsibility of protecting the Nigerian society from criminal enterprises that undermine national security, economic development and the rule of law.
“Copyright piracy is sometimes wrongly perceived as a minor commercial offence or a victimless activity. In reality, large-scale piracy is often a highly organised and profitable criminal enterprise. It deprives creators and investors of legitimate income, destroys jobs, discourages investment, reduces government revenue and weakens the foundations of Nigeria’s creative economy,”Asein said.
“International experience has demonstrated that organised copyright piracy is rarely an isolated criminal activity. Across several jurisdictions, the same criminal syndicates, logistics channels, financial networks and distribution systems used to traffic pirated goods have also been linked to other forms of transnational organised crime, including narcotics trafficking, money laundering, smuggling and cyber-enabled offences. This reality underscores the imperative for closer collaboration between agencies such as the National Drug Law Enforcement Agency and the Nigerian Copyright Commission.
“The same clandestine supply chains, transportation routes, storage facilities, financial channels and distribution networks used for trafficking in illicit drugs and other prohibited goods may also be deployed for the movement and sale of pirated books, films, music, software and other copyright products. Proceeds from piracy may equally be laundered or channelled into other criminal activities.
“This connection makes collaboration between the Nigerian Copyright Commission and the National Drug Law Enforcement Agency both necessary and timely. By combining our respective mandates, expertise and intelligence capabilities, we can more effectively identify criminal networks, trace illicit financial flows, disrupt illegal supply chains and dismantle the structures that sustain organised criminal enterprises.
“For the Nigerian Copyright Commission, this partnership offers an invaluable opportunity to leverage the National Drug Law Enforcement Agency’s world-class expertise in intelligence-led law enforcement. Over the years, the NDLEA has earned a well-deserved reputation, both nationally and internationally, for its professionalism, operational excellence and innovation in combating organised crime. Under the able leadership of the Chairman/Chief Executive, the Agency has demonstrated remarkable success in intelligence-driven operations, strategic investigations, forensic capabilities, surveillance, financial intelligence, international cooperation and effective inter-agency coordination.”
Federal Airports Authority of Nigeria (FAAN) has announced plans to introduce a biometric identity verification system, known as V-Pass, to speed up passenger processing and enhance security at domestic airports nationwide.
This initiative is aimed at strengthening aviation security, reducing passenger processing time and eliminating dependence on physical identity documents.
A statement issued yesterday by Henry Agbebire, director of Public Affairs and Consumer Protection, FAAN, said the new facial recognition platform, developed in partnership with Verxid Technologies Limited, would enable passengers to verify their identities through biometric authentication, allowing them seamless access through airport security checkpoints and boarding gates.
According to him, the initiative formed the focus of a strategic meeting between FAAN and Verxid Technologies Limited, where both organisations reviewed deployment plans, security safeguards and measures to improve passenger experience.
The statement hinted that the authority centred on ensuring the successful rollout of the digital platform while maintaining high security standards.
The statement quoted, Adebola Agunbiade, director of Commercial and Business Development, FAAN, as describing the V-Pass as another milestone in the authority’s ongoing digital transformation programme.
According to her, the platform indicated FAAN’s commitment to deploying innovative technology that enhances passenger facilitation while reinforcing aviation security across domestic airports.
She assured that the system would provide every traveller with a secure digital identity through a one-time enrolment process.
Under the arrangement, Nigerian passengers would register using their National Identification Number (NIN) alongside facial biometric capture, while foreign travellers would enroll with their passports through Optical Character Recognition (OCR) supported by biometric authentication, the statement added.
FAAN said the system would verify passenger identities before they gain access to restricted airport areas and once again before boarding their flights.
The agency noted that the dual-verification process was designed to prevent identity fraud, impersonation and unauthorised access to airport facilities, while giving security agencies greater confidence in passenger authentication.
Passengers would be able to complete the verification process either through self-service kiosks or with assistance from trained FAAN personnel.
The deployment would also include electronic gates to automate access into controlled areas, reduce queues and improve passenger movement across airport terminals.
According to the developers, first-time registration is expected to take about one minute, while subsequent biometric verification would take less than 30 seconds.
Apart from passenger processing, the V-Pass platform would also provide airlines with secure digital access to flight schedules, passenger manifests and boarding statistics.
FAAN assured travellers that data protection remained a critical component of the project, stressing that the platform fully complies with the Nigeria Data Protection Regulation (NDPR).
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