E-Financial
ITF Commences Audit of Skills Acquisition Centres

The Industrial Training Fund said it had begun the audit of skills acquisition centres as part of measures aimed at ensuring that the right equipment are used in the training of artisans.
Dr Juliet Chukkas-Onaeko, director-general of the Fund, disclosed this yesterday in Abuja during a tour of the ITF skills acquisition centre.
She said the move would not only help to provide the required skills for the development of the country, but also ensure inclusive growth through job creation and poverty reduction.
She said the audit became imperative following the directive by the Federal Government to the ITF to reduce the level of unemployment in the country through the development of manpower skills of two million Nigerians annually.
She said the audit would help the Fund to know the current state of facilities at the institute with a view to meeting the manpower needs of the country following the implementation of the Nigerian Industrial Revolution Policy.
She said, “We are fully aware of the challenges ahead, we have carried out a full audit of our facilities and we have reviewed the equipment.
“Its not only going to be on this centre, we have four other centres all around Nigeria that we are reviewing in addition to our area offices.
“The unemployment rate right now is very high and we need to train more and that is why we set the target of training two million every year.
“But we can’t do that within our centres and we are reaching out to other people to use other training centres so that we can increase the number.”
She also hinted that the fund, in collaboration with the United Nations Industrial Development Organization would this month begin an assessment survey of the skill gaps in the country.
The outcome of the survey, which according to her would cover all the sectors of the economy would be ready by January next year.
She said, “The actual survey is about to begin and this would be robust and then a report will be ready in the first quarter of next year probably January.
“We are embarking on full scale survey of all the key sectors in Nigeria and we are liaising with organisations to feed us in the gaps that exist so that we can establish where we need to speed up the areas of skills. We are commenting the survey with UNIDO this August.”
The DG, however, lamented that the dearth of fund is currently hampering the ITF from achieving its mandate.
The ITF boss also called on all employers of labour that are liable under the ITF amended act 2011 to remit their training contribution at when due, adding that technical vocational skills training had become capital intensive.
She said, “We are working on expanding the training scope and the people and that requires funding.
“Right now, ITF is funded by internal generated revenue which we have to continue to drive to get more and more and we are reaching out to stakeholders to see how they can participate in contributing more.
“We also have huge liability right now and based on the report from the liability committee we have about N8.5bn outstanding payment to be made and that’s a lot compared to N10bn and hopefully we are going to increase this revenue and reach out and get more creative to get donor agencies to one in to our aid.”
Earlier, the Training Manager at the facility, Alh Ishaku Bello said that the sum of N270m would be needed to upgrade the Abuja skills centre alone.
He said while the centre is targeting to generate N170m in the 2014 fiscal year, it had been able to make the sum of N32m between January and August.
He urged the DG to increase the capacity of the training centre to enable the Fund meets its target of training two million artisans annually.
E-Financial
FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.
Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).
The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.
“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.
“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends
“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”
Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to TheCable
Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.
In 2023, Nigeria was listed on the grey list by the Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.
Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.
In November 2024, Hafsat Bakari, chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.
E-Financial
NIBSS: Active Bank Accounts in Nigeria Hit 320m

Nigeria Inter-Bank Settlement System (NIBS) has revealed that the number of active bank accounts in the country increased to 320 million in the first quarter of 2025.
NIBSS also announced that the country’s cashless transactions rose to N295 trillion in the that quarter, up from N237.11 trillion in the corresponding quarter of 2024.
NIBSS disclosed this in its latest report on the country’s financial sector.
According to the data, the report highlighted the growing reliance on digital payments nationwide.
Details from the report showed that electronic payment channels were used 2.21 billion times in Q1, while point-of-sale, PoS terminals recorded 776.94 million transactions.
The NIBSS report corroborates ACI Worldwide data, which indicated that the volume of Nigeria’s real-time payment transactions will reach 19.7 billion by 2028, up from 7.9 billion in 2023.
“In Nigeria, real-time payments are quickly becoming a viable alternative to cash, historically the dominant choice for payments in the country,” ACI said.
E-Financial
Edun, Finance Minister Inaugurates NDIC New Management

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, has inaugurated Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations), at the Ministry of Finance, Abuja.

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, flanked by Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations),
In his speech during the occasion, the Minister submitted that the NDIC, as a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity.
He therefore charged the Management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the ministry’s full support in the task ahead.
Responding, Mr Sunday who spoke on behalf of the Management team, expressed appreciation to His Excellency, President Bola Ahmed Tinubu for their appointment.
He assured the Hon Minister of the readiness of the Management under his leadership to live up to expectations of the President in particular and the nation in general in the discharge of their duties.
The Management later received by the Corporation’s Head Office with a warm welcome by the workforce.
A statement signed by Hawwau Gambo, head, Communication & Public Affairs Department, revealed that Addressing the workers on behalf the Management team, Mr. Sunday promised to work in harmony with the staff to move the Corporation to its next level performance.
He stressed that the Management’s focus would be based on the public policy objectives, functions and mandate devolved on the Corporation by the enabling law that established it.
Thompson Oludare Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience.
Having cut his teeth with the Central Bank of Nigeria (CBN) in 1989, he went ahead to acquire high-end knowledge in Central Banking, spending 24 unbroken years in banking supervision.
While his vast experience is in the regulation and supervision of licensed institutions, his deep expertise span corporate governance, risk management and compliance as veritable tool for ensuring the safety and soundness of institutions.
He is a highly analytical and cross functional team worker with strong interest in building individual and institutional capacity for transformation and excellence.
Thompson’s skills and experience were horned by several key responsibilities and special assignments he handled for the apex Bank before his retirement as a Director 2021.
Kabir Sabo Katata, ED (Operations), is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience.
He has over twenty-eight years’ experience in the design and management of technically innovative systems in multiple industries including telecommunications, IT, energy (petroleum & power), finance and government.
He is a specialist in sophisticated financial optimization, the application of modern statistical techniques and mathematics to energy, deposit insurance and banking sectors.
Dr. Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).
- E-Business1 day ago
Huawei Unveils AI Computing System to Challenge Nvidia’s Flagship Product
- E-Financial1 day ago
Edun, Finance Minister Inaugurates NDIC New Management
- General News1 day ago
New Tax Law Empowers NRS to Fine Offenders up to N10m
- E-Financial1 day ago
Union Bank Rewards Customers with ₦5 Million Each in Save and Win Palli Promo Season 4 Grand Finale
- News1 day ago
Lawyers Drags NLS to Court for Alleged Election Fraud, Data Violation
- Broadcasting1 day ago
Court Upholds AVRS Legal Rights to Licence Audiovisual Works in Hotels
- General News1 day ago
Taskforce Arrests Six for over Fake Lottery Scam
- News1 day ago
NASRDA Celebrates Chief Owolabi Salis on His Historic Space Mission