General News
NNPC’s Withdrawal of $1.2Bn Triggers Panic in Banks
Nigerian National Petroleum Corporation (NNPC) has withdrawn $1.2 billion (N240 billion) from banks, triggering more dollar liquidity squeeze in the money market and causing the value of the naira to depreciate further at the parallel market, according to New Telegraph.
The NNPC reportedly wrote to the lenders last Tuesday, intimating them of its intention to transfer its domiciliary accounts to the Central Bank of Nigeria (CBN).
A top NNPC official, who pleaded anonymity, confirmed the withdrawal yesterday. He said the decision to move the accounts to the CBN stemmed from the ongoing probe of the corporation, stressing that it was to harmonise all “their accounts.”
A CBN official, who also asked not to be named because he has no clearance to speak on the issue, corroborated the NNPC official’s statement.
He said the NNPC’s directive to transfer its funds to the Central Bank was in order given the fact that the CBN is a banker to the government and that the oil corporation is also an institution of the government.
He, however, said the funds would boost the CBN’s reserves and improve its ability to stabilise the naira, which has received severe bashing at the parallel market, where forex end users that do not need documentation source for their dollars.
Besides, he said the decision to move the NNPC accounts to the CBN might not be unconnected with the ongoing probe of the oil swap deal and NNPC.
But the withdrawal of the funds has continued to jolt the money market, as banks, which had already created assets with the dollars, were said to be running helter-skelter to restructure the mis-matches that had been created with the NNPC funds.
According to New Telegraph, a treasurer in one of the tier-one banks said lenders may have to start calling back their dollar loans extended to customers.
“This is a serious problem for us because the CBN has not been selling dollars to banks and we have used the dollars being recalled by NNPC to pay for trade obligations to customers offshore,” said another senior treasurer of a tier-two bank.
Renaissance Capital, a leading investment banking firm originating from Russia that operates in high-opportunity emerging and frontier markets, few days ago, put the shortfall in the forex market, which the apex bank had not been able to meet at $4 billion.
This has exerted enormous pressure on the parallel market, where N243 exchanged for a dollar yesterday. The official exchange rate, however, remained stable at N196.95 per dollar.
Since June 24 when the markets started reacting to the CBN’s latest policy to restrict access to foreign exchange for certain categories of importers, the naira has declined against the dollar almost on a daily basis.
Although most analysts are predicting another devaluation to around N210, Non-Deliverable Forwards – currency derivatives traded offshore – pointed to it being priced at around N255-N261 to $1 before the end of the year.
Just last week, the release of part of the N400 billion funds approved by the Federal Government to clear the backlog of salaries in states and local governments had further worsened the fortunes of the ailing naira.
Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria (ABCON), said the demand for dollars had surged as individuals rushed to convert their naira to dollars.
He said: “There is a lot of demand with the recent injection of cash by the government. Part of the funds is being converted to dollars.”
Similarly, another BDC operator, who asked not to be named, said, “The scarcity is really serious; there is no dollar anywhere. So, people who have the money are buying available dollars with a view to later selling at a higher rate.” As at April, the CBN had spent $4.7 billion in defending the naira. Last February alone, it used at least $3.4 billion in fixing the exchange rate.
Nigeria’s reserves, according to the latest data on the banking watchdog’s website, is $29.95billion as at last Monday, which is totally at variance with the $31.89 billion announced by the CBN Governor, Mr. Godwin Emefiele, last week during his meeting with the Senate.
Some critical stakeholders in the economy, including the Managing Director of Financial Derivatives Limited, Bismarck Rewane, had stressed the need for a further devaluation of the naira.
For instance, Mr. Bisi Onasanya, Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, , contended that the CBN needed to let the naira devalue because the foreign- exchange trading restrictions had started to harm growth in the economy.
“People just don’t believe the CBN has what it takes to sustain the exchange rate at the present level.
The market needs to reopen. You cannot peg the naira at a level that the whole world knows is unrealistic.
“We are in a situation where Nigerian banks are shopping for foreign exchange in the international market. We need to bite the bullet and move on, or there will be repercussions over the long term,” he said.
But reacting to the steady decline in the value of the naira on the parallel market last Thursday, Mr. Ibrahim Mu’azu, CBN’s Director, Corporate Communications, stated that the apex bank would not be distracted by the development and would not take it into consideration in determining the exchange rate.
He said the volume of trading in foreign exchange taking place in the market was so marginal that it should not be used to determine the naira’s rate.
New Telegraph had reported last week that the banking watchdog had begun probing banks to ascertain those that have complied with its directive on the transfer of public sector revenue accounts to the CBN account.
The investigation followed the expiration of the June 30, 2015 deadline that the banking watchdog set for the exercise.
Prof. Chukwuma Soludo, governor, Anambra State, has approved an indefinite ban on graduation ceremonies in kindergarten, primary and secondary schools across the state as part of efforts to reduce the financial burden on parents.
Prof. Chukwuma Soludo, governor, Anambra State,
The directive was confirmed by Dr. Law Mefor, commissioner for Information and Value Reformation, in a statement issued on Friday.
According to the commissioner, the government deemed it necessary to clarify the policy following public inquiries and concerns over the scope of the ban.
Mefor explained that the directive applies to all graduation-related ceremonies in both public and private schools across the state.
He said the ban covers events described as graduation, passing-out, crossover or any other ceremony organised to mark the completion of kindergarten, primary or secondary school levels.
The government said the decision was taken to discourage unnecessary financial obligations often imposed on parents through elaborate school celebrations.
The commissioner clarified that students completing Senior Secondary School (SS3) are exempt from the directive.
However, he stressed that graduation ceremonies for SS3 students are not compulsory and may only be held without imposing any financial burden on students or their parents.
According to him, schools choosing to organise such ceremonies must ensure that no levies, compulsory contributions or hidden charges are demanded from parents.
Mefor warned that the state government would not hesitate to sanction any school that violates the directive.
He said schools found organising prohibited graduation ceremonies or imposing illegal charges on parents risk severe penalties, including possible closure.
The commissioner urged school proprietors and administrators to comply fully with the directive in the interest of parents and the education sector.
The state government said the policy is part of broader efforts to make education more affordable and eliminate unnecessary expenses associated with school activities.
Many parents have previously complained about the increasing costs of graduation ceremonies, including compulsory levies for gowns, entertainment, souvenirs and other related expenses.
The government expressed optimism that the directive would ease the financial pressure on families while encouraging schools to focus more on academic excellence than ceremonial activities.
General News
Universities, Polytechnics Submit 169 Entries for NASENI Research Commercialisation Grants
About 169 proposals from Nigerian institutions including universities, polytechnics, and research institutes spread across Nigeria’s six geopolitical zones have entered for the NASENI Research Commercialization Grant Programme (NRCGP).
NASENI
The programme, an initiative of the National Agency for Science and Engineering Infrastructure (NASENI), aimed at bridging the gap between research and industry, is designed to identify innovative research with strong commercial potential and support its transition from laboratories to the marketplace.
Speaking on the latest episode of the NASENI Window Podcast, recorded on yesterday at NASENI Studio, NASENI headquarters, Abuja, the Team Lead of the NRCGP and Deputy Director, Monitoring and Evaluation, Ms. Joy Elugbe, said the team received 169 proposals from eligible institutions across the country, including Universities, polytechnics and other research institutions.
Following the close of applications, and to ensure transparency and a rigorous selection process, NASENI engaged 21 professors with expertise across the Agency’s approved thematic areas to evaluate the originality and technical quality of the shortlisted proposals.
According to her, a rigorous preliminary screening reduced the number to 49 proposals after removing duplicate entries and submissions that failed to meet eligibility requirements while the Agency’s Innovation Hub assessed their commercial viability to determine their potential for market adoption.
“12 proposals, two from each geopolitical zone, have progressed to the due diligence stage before the final selection of six grant beneficiaries will be done. The objective is not simply to fund research but to invest in innovations that can successfully reach the market and deliver real impact,” Elugbe explained.
The NRCGP was conceived to address one of Nigeria’s longstanding innovation challenges which is the research breakthroughs that remain on the shelves due to inadequate funding.
She said the initiative, championed by the Executive Vice Chairman/Chief Executive Officer of NASENI, Mr. Khalil Suleiman Halilu, targets promising research proposals with the capacity to generate economic value, create jobs and contribute to Nigeria’s industrial development.
“The idea behind the programme is to identify innovative and commercially viable research outputs that have remained on the shelves because of lack of funding, and provide the support needed to transform them into products that can impact the economy,” she said.
Explaining the concept of commercialization, Elugbe described it as the process of transforming an invention, research outcome or service into a profitable product that meets market needs. The NRCGP aligns with NASENI’s strategic focus on Collaboration, Creation and Commercialization (3Cs), stressing that innovation only achieves its full value when it reaches end-users.
She disclosed that following the launch of the application portal, the Proposal Evaluation Team went on nationwide sensitization campaigns across the six geopolitical zones to educate prospective applicants on the programme requirements and application process.
The sensitization exercise, complemented by radio awareness campaigns, significantly improved participation and the quality of submissions.
She further revealed that NASENI’s support would extend beyond grant disbursement, noting that successful innovators would be linked with the Agency’s Innovation Hub for continuous technical guidance, market advisory services and commercialization support to ensure their products achieve sustainable market success.
The NASENI Research Commercialization Grant Programme was inaugurated in March 2025 to promote innovation, technological advancement and the commercialization of research outcomes in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR.
General News
NITRA Conference: Stakeholders Seek Policy Reforms, Grassroots Innovation to Bridge Nigeria’s Digital
Stakeholders in Nigeria’s information and communications technology (ICT) sector have called for comprehensive policy reforms, stronger infrastructure investment and grassroots innovation to bridge the country’s digital divide and improve global competitiveness.
NITRA Conference
The stakeholders made the call on Thursday during the Nigeria Information Technology Reporters Association (NITRA) Innovative and Scientific Conference held at Citi Height Hotel, Ikeja, Lagos.
The conference, themed “Bridging Nigeria’s Digital Divide With Scientific Innovation,” brought together government agencies, technology experts, regulators, telecom operators, private sector players, academics and policymakers to examine strategies for accelerating digital inclusion through science and innovation.
A panel session titled “The Place of Policy and Infrastructure in Nigeria’s Quest for Global Competitiveness through Scientific Innovation: Roles of Different Stakeholders in Grassroots Mobilisation” examined the policy, infrastructure and human capital requirements for driving Nigeria’s digital transformation.
Panelists identified multiple taxation, high right-of-way (RoW) charges, inconsistent state government policies, poor electricity supply, inadequate digital infrastructure and limited grassroots innovation support as major impediments to expanding broadband access and improving Nigeria’s competitiveness in the global digital economy.
One of the speakers noted that transporting internet bandwidth from Lagos to Canada is cheaper than extending connectivity to some parts of Nigeria because of infrastructure bottlenecks and multiple charges imposed by sub-national governments.
According to the panelist, although some state governments claim to have abolished right-of-way charges, operators are still subjected to numerous levies under different names.
“When we talk about right-of-way limitation, it affects the cost of providing services in some states.
“Some states say right of way is free, but when they grant free right of way, they introduce development charges, education levies and infrastructure fees, making the so-called free right of way meaningless,” the panelist said.
The speaker called for harmonised national policies that would eliminate multiple taxation and reduce the cost of deploying telecommunications infrastructure across the country.
Another panelist representing telecommunications operators stressed that government policies should encourage fair competition rather than favour dominant market players.
According to the representative, improved collaboration between regulators and industry operators is necessary to ensure that policies support innovation, cybersecurity and sustainable sector growth.
Speaking on innovation development, a representative of a private sector innovation fund said Nigeria must begin identifying and nurturing innovators from an early age.
The representative said the organisation supports young innovators through essay competitions, grants and educational programmes aimed at exposing students to science, technology and entrepreneurship.
“We believe innovation begins from childhood.
“By helping children in primary and secondary schools think creatively, they become better positioned to seize opportunities as they grow.
“Innovators exist everywhere, including rural communities. What many of them need is exposure and opportunity,” the speaker said.
On cybersecurity, another panelist advocated greater investment in developing indigenous cybersecurity professionals through structured internship and mentorship programmes.
The panelist also suggested that young people involved in cybercrime should, where appropriate, be rehabilitated and equipped with legitimate digital skills rather than relying solely on imprisonment.
“Part of what we are known for is developing local talent.
“We recruit interns from schools and train them in cybersecurity.
“We should find ways to harness the abilities of young cyber offenders instead of simply sending them to prison,” the speaker said.
A representative from the computer society sector emphasised that Nigeria’s digital transformation should begin with reforms in basic education.
According to the representative, pupils should be introduced to coding, robotics, artificial intelligence and innovation at the primary school level.
“If Nigeria wants to become globally competitive, we must start from primary school.
“Our schools should not merely prepare students for examinations; they should become innovation clubs where children learn robotics, coding and problem-solving,” the panelist said.
The speaker also referenced the recent launch of an artificial intelligence university portal in Lagos designed to create a talent pipeline from primary education through tertiary institutions.
Addressing regulation, a media analyst cautioned against excessive government control that could discourage technological innovation.
According to the analyst, regulatory frameworks should emerge through stakeholder engagement and strike a balance between consumer protection and innovation.
“Regulation must come with dialogue.
“If regulation becomes excessive, it will stifle innovation.
“As Nigeria develops policies on artificial intelligence, there is a need to strike the right balance,” the analyst said.
On infrastructure protection, another panelist called for stronger public awareness campaigns to discourage vandalism of telecommunications infrastructure.
The speaker said community ownership and public education are essential to safeguarding digital infrastructure.
“When telecommunications infrastructure is vandalised, everyone suffers, including regulators, operators and consumers.
“People need to understand that protecting infrastructure benefits the entire society,” the panelist said.
Participants also highlighted the affordability of digital services as a major challenge to digital inclusion.
One speaker urged the Federal Government to consider subsidy mechanisms that could reduce the cost of internet-enabled devices.
“Telecommunications companies are businesses, not charity organisations.
“If government introduces subsidy policies similar to what has been done in other sectors, device prices can become more affordable,” the speaker said.
Another panelist stressed that reliable electricity remains fundamental to Nigeria’s digital competitiveness.
“The child who enjoys uninterrupted electricity and internet access cannot be compared with one who has gone months without power.
“For Nigeria to compete globally, every child should have reliable electricity, internet access and opportunities to acquire digital skills,” the speaker added.
Earlier, NITRA Chairman, Mr Chike Onwuegbuchi, said the conference was organised to provide a platform for stakeholders to examine policy options capable of strengthening scientific innovation and promoting grassroots technological development.
He noted that the Federal Government had demonstrated increasing commitment to building an innovation-driven economy through various strategic initiatives.
Founded in 2013, NITRA is the umbrella body of journalists covering Nigeria’s information and communications technology sector.
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