General News
NHIS Accuses Banks, CEOs of Hiding N720Bn
Professor Usman Yusuf, executive secretary, National Health Insurance Scheme (NHIS), has indicted banks, former executive secretaries of NHIS, select management staff and interest groups in a fresh misappropriation scandal, in which N720 billion NHIS funds is alleged to be missing.
According to the NHIS executive eecretary/chief executive officer, there is no trace yet of the N720billion.
Yusuf opened the lid on the corrupt practices in NHIS in a power-point presentation to the agency’s Governing Council in response to a query by the board.
“In a memo to the Executive Secretary, the Chairman of the Governing Council of NHIS, Dr. Enyantu lfenne, asked him to “clear these concerns (trapped funds and Forensic Audit) and guide Council on the way forward.”[The memo was obtained and published by The Nation]
Professor Usman Yusuf
Yusuf’s words: “Over N720billion of NHIS funds were “invested” over 12 years. No approvals from Minister, Board or Office of the Accountant-General of the Federation(OAGF).
“There was no transparency. In the deals were the Chief Executive Officers, banks and other interest groups. Billions of Naira were lost to diversion and underpayment of interest.
“The Executive Secretaries and select management staff were all neck deep in this.”
The Executive Secretary gave insights into the rot he inherited in NHIS and the dispute over forensic audit of the finances/ investments of the agency.
He added: “When I resumed in August 1, 2016, I could not ascertain the state of the finances of the Scheme. My preliminary findings from the review of financial records were shocking to say the least.
“I was unable to ascertain how much of the Scheme’s funds was with commercial banks, for how long and at what rate of return.
“It was unclear to me how much of the Scheme’s money was still with commercial banks before TSA and how much was transferred to TSA.
“The audited accounts of the Scheme for years ended 31st December 2011 to 2016 were in arrears and had not been signed by the previous CEOs.
“In view of all these anomalies and to bring transparency in the finances of the Scheme on December 21st 2016, I engaged the services of professional accounting firm Messrs. Sofura Professional Services to carry out a forensic review of the Scheme’s accounting system and banking transactions.
“Their scope of work included reconciliation of all NHIS current and investment accounts held with commercial banks, reconciliation of NHIS TSA with the CBN.
“Upon their engagement, I called a meeting of NHIS Management made up of all heads of departments and introduced the firm and its partners and the work they have been engaged to do.
“After the meeting, the firm began its work reviewing documents and interacting with relevant staff. I was briefed regularly by the firm on the progress of the work.
“As part of the work, I wrote letters to commercial banks requesting and mandating them to give them all necessary cooperation relating to their engagement.
“Terms of their engagement were clearly spelt out in their letter of engagement; (I) An annual engagement fee of N2, 300,000.00 per annum for retainership and;
”Reimbursable expenses and fees for each specific service undertaken for the Scheme as may be agreed upon by both parties from time to time will be paid on submission of evidence for payment to the Scheme at the end of each assignment.
“I am pleased to report that this is the first time in the 13-year history of the NHIS that a forensic audit has been undertaken in the operation of the Scheme including a review of the records of the Finance & Accounts, Contribution Management, Audit and Procurement Departments.
“Following my resumption from suspension on February 6, 2018, I became aware of the engagement of Aruna Bawa & Co. by the office of the Attorney General of the Federation to carry out an audit and recovery of NHIS funds held by financial institutions, Companies and individuals into the Federal Government’s treasury.
“The information on the basis of which Aruna Bawa & Co. sought to recover NHIS funds is a product of work that I, as the CEO of NHIS, commissioned by engaging Messrs Sofura Professional Services.
“It is noteworthy that Bawa the principal partner of Aruna Bawa & Co. worked for Sofura professional Services on this assignment.
“In the course of the work, I knew Mr Aruna Bawa as a member of the Sofura team. NHIS has never had any contractual agreement with Mr Bawa or his firm.
“On March 5, 2018, I wrote a letter to the Attorney-General of the Federation (AGF) asking him to cancel the engagement of Aruna Bawa and his firm as it was based on misrepresentation and that NHIS has no contractual agreement with him.
“I visited the NHIS Council Chairman at her home after inauguration of the board and told her about the issue and that I had written a letter to the AGF asking him to cancel Mr Bawa’s engagement.
“The Chairman suggested I should see the AGF and personally brief him which I promptly did.
“I have been receiving letters from banks asking me to confirm if Bawa is representing the Scheme.
“I have written to the AGF asking him to write to him and all the institutions he had introduced him.
”Messrs Sofura Professional Services is the only legitimate firm that the Scheme has a valid contract with and have been working since engagement.
“In fact, I authorized them to meet with the CBN team yesterday to explain their work at the request of the CBN team which they gave me an update on.
”Apparently, Bawa has been going to the Chairman’s house with bags of documents telling her that I and Messrs Sofura Professional Partners have ulterior motives in our quest to recover NHIS funds, hence the Chairman’s “query”.
The NHIS Executive Secretary also explained why he attended the 71st World Health Assembly in Geneva, Switzerland from May 21 to 26.
He said the trip was not a jamboree as being insinuated in some quarters.
He said: “The World Health Assembly is an annual event by Ministers of Health from member nations.
“Nigeria’s delegation included the Minister of State for Health(HMSH) as the leader and heads of Agencies under the Federal Ministry of Health(FMoH).
“The theme of the Assembly this year was Universal Healthcare Coverage (UHC). As a signatory to the Commitment to UHC, Nigeria’s delegation was ably represented by the
NHIS which is the lead Agency in Nigeria’s drive to UHC.
“With the commitment of President Muhammadu Buhari’s government to fund the Basic Health Care Provision Fund (BHCPF) for the first time since the passing of the National Health Act, the NHIS will receive N275bn to cover vulnerable Nigerians across all geopolitical zones.
All our development partners are very excited for our government’s political will.
“The World Bank and Gates Foundation have already committed an initial $20m into the fund.
“NHIS delegation of only five was grossly inadequate considering the multiple presentations on UHC, Healthcare financing, Equity in Health care, Resource mobilization, aggregation of fragmented pools etc.”
Gov. Hope Uzodimma of Imo has commended the National Agency for Science and Engineering Infrastructure (NASENI) for expanding access to technology-driven skills with the inauguration of a Skills Acquisition Centre in Owerri.
L-R: Chairman, Senate Committee on NASENI, Senator Ezenwa Onyewuchi; First Lady of Imo State, Barr. Chioma Uzodimma; Governor of Imo State, Senator Hope Uzodimma; EVC/CEO of NASENI, Mr. Khalil Suleiman Halilu and other dignitaries during the commissioning of the NASENI Skills Acquisition Centre in Owerri North LGA, Imo State yesterday.
The governor described the initiative as a strategic investment in youth empowerment, entrepreneurship and economic development.
The centre, established under the NASENI Sustainable Empowerment Programme (NSEP) in partnership with the Senator representing Imo East Senatorial District, Sen. Ezenwa Onyewuchi, is designed to equip young Nigerians with practical and industry-relevant skills.
Speaking at the inauguration, Uzodimma said technology remained central to Nigeria’s economic growth and lauded NASENI for supporting President Bola Tinubu’s Renewed Hope Agenda through initiatives that empower citizens.
He said the project would provide young people with practical skills needed to build sustainable livelihoods.
“This is not about giving people fish; it is about teaching them how to fish,” the governor said.
Uzodimma urged that beneficiaries of the programme be supported with start-up capital to enable them establish businesses and create employment opportunities for others.
He also commended NASENI for its continued developmental interventions in Imo and called on the host community and relevant stakeholders to protect the facility.
Responding, the Executive Vice Chairman and Chief Executive Officer of NASENI, Mr Khalil Suleiman Halilu, described the centre as another demonstration of the agency’s commitment to developing the human capital required to drive Nigeria’s industrialisation.
According to Halilu, the centre reflects NASENI’s conviction that industrial development begins with investing in people and equipping them with practical skills.
“The commissioning of this centre is not merely the opening of another facility. It is the opening of opportunities for young Nigerians to acquire practical skills that solve real problems, create businesses and generate employment.
“At NASENI, we believe our greatest investment is in the talent of our people,” he said.
Halilu said the centre would offer training in high-demand areas, including solar installation and maintenance, graphic design and printing, phone repair, fisheries and aquaculture, as well as other vocational and technology-based disciplines.
He explained that the project aligned with NASENI’s strategic focus on creation, collaboration and commercialisation, aimed at strengthening innovation, expanding local capacity and reducing dependence on imported technologies.
The NASENI boss commended Onyewuchi for partnering with the agency to deliver the project.
Onyewuchi said the centre was established to address youth unemployment through skills acquisition and entrepreneurship.
He disclosed that beneficiaries would receive support to establish small businesses after completing their training, enabling them to become employers of labour.
The lawmaker said the initiative would contribute to economic growth by empowering young Nigerians with skills relevant to today’s economy.
The commissioning of the centre, according to NASENI, reinforces the agency’s commitment to equipping Nigerians with practical skills, fostering innovation and building the workforce required for Nigeria’s industrial and economic development.
Federal government has launched Credit for Laptops, Internet, Connectivity and Knowledge Digital Devices (C.L.I.C.K.D.), a new consumer credit initiative, to provide affordable financing for locally assembled laptops and other digital devices.
L-R: Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, and Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, at the launch
The initiative by the Nigerian Consumer Credit Corporation (CREDICORP) and the Federal Ministry of Communications, Innovation and Digital Economy, is aimed at equipping Nigerians with the tools needed to participate in the country’s growing digital economy.
During the launch, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, described access to credit as critical to improving productivity and driving economic growth.
Dr Tijani said no nation could achieve sustainable development without a strong credit system that enables individuals and businesses to access resources needed to become more productive.
He noted that in today’s digital age, technology has become indispensable for education, innovation and wealth creation.
The minister explained that many talented young Nigerians possess the skills required to succeed in the digital economy but remain constrained by their inability to own computers and other digital tools.
Drawing from his personal experience, Dr Tijani recalled how his first laptop as a student in the university opened doors to international opportunities and eventually inspired him to establish one of Nigeria’s pioneering technology hubs.
He said the new programme would ensure that more young Nigerians are not denied similar opportunities because of financial barriers.
According to him, the initiative aligns with President Bola Tinubu’s vision of building a one-trillion-dollar economy by expanding access to technology, boosting productivity and supporting local manufacturing.
Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, described the programme as a strategic investment in Nigeria’s future workforce and digital transformation.
Mr Nwagba said that while improvements in internet connectivity and digital skills training have positioned Nigeria for the Fourth Industrial Revolution, access to devices remains a major challenge preventing many young people from fully participating in the digital economy.
He explained that C.L.I.C.K.D. would bridge that gap by providing affordable consumer credit that enables beneficiaries to acquire laptops and other internet-enabled devices while they develop in-demand digital skills
Federal Government has announced the disbursement of about N333 billion to eight electricity generation companies (GenCos) as part of measures to resolve outstanding debts in the power sector.
The government also disclosed the issuance of a second bond valued at N729 billion to settle verified legacy obligations and improve liquidity within the Nigerian Electricity Supply Industry (NESI).
The disclosures were made on Tuesday at an investors’ forum organised by the Nigerian Bulk Electricity Trading (NBET) Plc in Abuja.
Government representatives said the latest bond issuance marked the completion of the initial phase of the Presidential Power Sector Debt Reduction Programme, which was designed to address verified liabilities and attract private sector investment across the electricity value chain.
The Special Adviser to the President on Energy, Mrs Olu Verheijen, said the implementation of the first series of the programme demonstrated the administration’s commitment to meeting its financial obligations and improving investor confidence.
Verheijen disclosed that the Federal Government in February 2026 allocated about N501 billion under the first tranche of the programme, comprising N300 billion in cash and N201 billion in non-cash bond instruments to offset verified debts owed to power producers.
She said N333 billion had so far been disbursed to eight participating GenCos operating 17 power plants.
According to her, the government also paid the first coupon of about N63.5 billion on the seven-year bond in full on July 14, 2026.
She explained that the payments had enabled generation companies to meet critical obligations to gas suppliers, lenders and operations and maintenance contractors, thereby improving their operational capacity.
“Markets do not reward promises; they reward performance. Capital follows credibility,” Verheijen said.
She added that the second bond series would further strengthen liquidity in the electricity market and create a more stable financial environment capable of attracting long-term private investment.
The Presidential Power Sector Debt Reduction Programme is part of broader Federal Government efforts to address challenges affecting electricity generation, distribution and investment in Nigeria’s power sector.
NDIC Begins Payment to Depositors of 46 Failed Microfinance Banks
Telcos Seek Clear Regulatory Framework on Airtime Credit Services
FG Says Rumours, Fear, Can Crash Banks
MTN Warns Customers against Fake Promo
EU Debunks Fake Compensation Scheme Targeting West African Bank Customers
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
News2 days agoYEDC Warns Customers, Says 20 Percent Electricity Bonus is Scam
News2 days agoPFIPC Probe: Dollar, Pounds Accounts of Fake Agency Inactive – CBN
Broadcasting2 days agoNBC, INEC, Plan Joint Broadcast Monitoring Framework ahead of 2027 Elections
News2 days agoSTEM Africa Fest to Nurture Nigeria’s Future Innovators
E-Financial2 days agoNo Going Back on July 31 Deadline for Insurance Firms’ Recapitalisation – NAICOM
E-Business2 days agoJumia Nigeria Expands Flexible Payment Options with Klump Partnership
E-Business2 days agoLagos Unveils N10m Single-digit Loan Scheme for MSMEs
E-Financial2 days agoCourt Affirms FCCPC’s Power to Regulate Digital Lending