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Senate, CIBN Seek to End Malpractices in the Banking Sector

The Senate committee on Banking, Insurance and other Financial Institutions, chaired by Senator Adetokunbo Abiru and the Chartered Institute of Bankers of Nigeria (CIBN) have vowed to sanitize the banking sector and bring to book erring banks and their employees involved in any form misconduct.

The collaboration was cemented at the Senate during an interactive session between members of the committee and CIBN.
The umbrella professional body for bankers in Nigeria led by its President/Chairman of Council, Dr. Ken Opara met with the banking Committee to seek assistance of the Lawmakers in the passage of the proposed CIBN Act Bill and other key issues and initiatives affecting the banking and finance industry.
Senator Abiru emphasized the need to rid the banking industry of corruption and sharp practices which are inimical to the progress of the nation.
He said; “As lawmakers, we shall continue to ensure that the banking industry is properly regulated by enacting modern laws required to engender confidence in the industry as well as perform effective oversight over the regulators such as the CBN and the NDIC.
“We hope to partner with relevant professional bodies, especially the CIBN. I am happy to note that the process of amending the CBN Act of 2007 will be concluded soon.”
We shall equally fast-track the passage of other Bills meant to strengthen the financial services industry in Nigeria.
Abiru who is also a member of the institute assured of the Senate’s resolve to support the CIBN to solve the Nation’s inflationary and other prevailing economic crisis.
He said; “Your coming at a time the National Assembly is debating amendments to the CBN Act as well as other related issues to help the government and the CBN navigate the current economic challenges posed by rising inflation and persistent naira depreciation.
Harping on the need to pass the CIBN Act, First Vice President CIBN Prof. Deji Olanrewaju stressed that many corrupt bankers evade prosecution under the guise that they are not members of the CIBN.
Deji explained that by the time CIBN Act bill is passed bankers involved in malpractices will be brought to book under the CIBN Tribunal which he said has a competent jurisdiction like a Federal High Court.
He explained; “The tribunal according to the provisions of the act law 207 has power and competent jurisdiction like a high court which means that any judgment passed by the tribunal is like a judgment passed by the high court, so they have to go to court of appeal but lo and behold, majority of those that we ought to bring to book escaped on the pretext that they are not our members.
“They work in the bank and deal with money but they said they are not members and as a lawyer we know the importance of the jurisdiction. These people are working in the bank but their activities are affecting us globally, so we must do something tangible that will make us sanitise the system.
Without the amendment to that law there is nothing we can do. We also reach out to agencies like EFCC and ICPC that are working against malpractices.
In an earlier address, the President of the CIBN added that if the CIBN Act is amended, everyone working in the banking sector will be held accountable for misconduct or financial crimes.
He said; “In the current amendment, we want to capture everyone working in the banking industry in Nigeria for the purpose of upholding ethics and professionalism CBN, NDIC, and banks are to send reports of allegations of misconduct to the Institute.
Dr Ken also revealed the plans of the institute to expand its name and coverage. “The expansion of the Institute’s name to include ‘Finance” to conform to the Institute’s coverage and best practice: “Chartered Institute of Banking and Financial Services”. -Section 1 to cover institutions under the regulation of CBN, especially non-conventional banks.
“And to also include persons carrying out non-conventional banking. This will enable the Institute to foster ethics, maintain professional standards and build capacity in the ever- evolving novel/modern banking practice, e.g. FinTechs will have an enabling environment to provide financial services through the use of digital and modern technology.
Senator Orji Uzor Kalu bemoaned the level of malpractices committed in the banking sector. The former Governor supported the passage of the CIBN bill.
“I wish you asked us to start the amendment ourselves. Because the banking industry needs sanitisation , they defraud unsuspecting people by juggling of money from one account to the other by bankers which they do with the computer system or any other means and want to encourage the CIBN to continue to play its role. The Government needs you at this crucial economic moment, Kalu said.
In his contribution Senator Osita Izunso advised that the amendment of the CIBN bill should also take into consideration the Federal Government’s Investment and Securities Tribunal to further boost its legitimacy so as to avoid constitutional bottle necks.
Izunaso advised; “I’m talking about the composition of the membership. It is you, the CIBN themselves that constitute the membership and that will still have a problem of legitimacy.
“I want us to look at it from the perspective of the Investment and securities Tribunal, that is constituted by the Government, it’s not by you yourselves, so ICT is set up by Government but it is in the act that the Government should constitute it.
“What we should have in this amendment is that it should be in the act, but that the Government should constitute it , when that happens there can even be budgetary provisions for it. That will give it plenty of legitimacy.
Izunaso also urged the CIBN to also grant membership to non-workers of the Banking sector who usually have dealings with banks.
“If I’m a customer and I have been defrauded by a banker, it’s not fair when you consider only the banker, you should consider every other person who is into banking, “Izunaso added.
News
Stakeholders Demand Stronger Governance and Infrastructure to Drive Tech Adoption @ Lagos AI Summit

As AI adoption accelerates across Nigeria, leaders at the “AI in Action Now” conference 2026 have called for a balance between rapid innovation and strict regulatory governance. The event, held at the Lagos Oriental Hotel, highlighted both the doggedness of Nigerian builders and the risks of unregulated data usage.

Dotun Adeoye, Co-Founder of AI Nigeria, raised alarms over “Shadow AI”, a trend where employees upload sensitive official documents to public AI platforms. He praised the Nigerian Data Protection Commission (NDPC) for its recent aggressive stance, including multi-million-dollar fines against major banks and social media brands.
“Innovation without governance is dangerous. The regulator now has the job of educating players. We are working in partnership with them to ensure players don’t just get fined, but actually understand how to protect data locally rather than storing it abroad, ” Adeoye noted.
Addressing issues of lack of infrastructure to carry AI adoption, Conference Convener Debola Ibiyode admitted that while Nigeria lacks the traditional foundation for AI adoption, the tech community cannot afford to wait.

“The simple answer is we don’t have the infrastructure, but Nigeria has never really had infrastructure to drive anything, and we still thrive, ” Iboyode said, encouraging students and builders to look beyond current limitations. “Once we start to build based on what we have now, it will encourage those who need to provide the infrastructure to do their part. The world will not wait for us,” she insisted.
To bridge this gap, she highlighted the AI Foundry Africa, an incubator designed to mentor ideas into market-ready products.
Meanwhile, speaking to journalists on the sidelines, Biodun Ogunleye, the Lagos State Commissioner of Energy and Mineral Resources, echoed the sentiment that the government’s role is to facilitate the right environment through partnership. He emphasized that data generated from interactions with the government must have long-term value.
“We must ensure that in all facets from production to interaction with government, the tools required to ensure data has value are appreciated,” Ogunleye stated.
He concluded that through private-sector collaboration, the government can focus on its primary functions while leveraging AI to ensure the nation aspires for the future.
News
35 Million Nigerians Face Acute Hunger in 2026, UN Warns

About 35 million Nigerians face acute hunger risks in 2026, including three million children battling severe malnutrition, the United Nations has warned, attributing the crisis to collapsing global aid budgets and escalating violence in the northeast.

UN Resident and Humanitarian Coordinator Mohamed Malick Fall disclosed this on Thursday during the launch of the 2026 humanitarian plan in Abuja, noting that the traditional foreign-led aid model proves unsustainable amid Nigeria’s escalating needs.
He highlighted dire conditions in Borno, Adamawa and Yobe states, where over 4,000 people perished in the first eight months of 2025 from surging suicide bombings and attacks—equalling the entire previous year’s toll.
The UN now targets $516 million to deliver lifesaving aid to 2.5 million people this year, a sharp drop from 3.6 million in 2025 and half of prior levels, forcing prioritisation of only the most critical interventions.
Fall stressed, “These are not statistics. These numbers represent lives, futures and Nigerians,” as shortfalls last year compelled the World Food Programme to halt support for over 300,000 children after resources dried up in December.
Yet, Fall acknowledged Nigeria’s increasing national ownership, including local funding for lean-season food assistance and proactive flood early-warning systems, signalling a shift toward self-reliant crisis response.
News
NITDA Commits to Digital Inclusion for Persons with Disabilities

The National Information Technology Development Agency (NITDA) has reaffirmed its commitment to inclusive digital development following the completion of a two-day digital literacy training for persons with disabilities (PWDs) in Abuja.

The programme, organised under NITDA’s Digital Literacy for All (DL4ALL) initiative, the programme trained 50 participants in practical digital skills to enhance their participation in Nigeria’s expanding digital economy.
In his remarks, the Director-General, Kashifu Inuwa CCIE, stated that the programme reflects the agency’s determination to ensure accessibility remains a core component of national digital transformation efforts.
He explained that genuine digital advancement cannot be realised without the inclusion of persons with disabilities, adding that millions of Nigerians remain constrained by limited access to accessible and inclusive digital platforms.
“In many cases, the problem is not the absence of digital tools but the lack of accessibility. Platforms that do not support assistive technologies, non-captioned content and inaccessible websites effectively shut people out and limit opportunities,” he added.
Inuwa further explained that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises inclusivity as a driver of national development. He stressed that persons with disabilities should be recognised as active contributors to economic growth rather than dependants.
“When equipped with the right skills and technologies, persons with disabilities become innovators, entrepreneurs and professionals who contribute meaningfully across sectors,” he added.
He acknowledged the role of Inclusive Friends Association (IFA) and SIMBED in delivering the training, describing the collaboration as a model of how government and civil society partnerships can advance inclusive development.
Highlighting NITDA’s broader digital literacy drive, the Director-General said the DL4ALL programme is a key component of the agency’s Strategic Roadmap and Action Plan, which targets 70 per cent digital literacy by 2027 and 95 per cent by 2030.
He explained that the initiative operates through three main tracks: an informal sector programme that has trained more than 480,000 Nigerians across 30 states and the Federal Capital Territory since September 2024; an education sector programme focused on embedding digital skills into learning institutions; and a workforce readiness programme designed to strengthen digital competence in both public and private sectors.
“This programme is not merely a pilot. It is proof that inclusive and intentional training works, and that persons with disabilities can excel when given equal opportunities,” Inuwa stated.
Also speaking, the Managing Director and Chief Executive Officer of SIMBED, Mr Daniel Onunkwo, described the training as a significant step towards closing the digital inclusion gap for persons with disabilities.
Onunkwo added that the initiative sends a strong message about equity and national progress, adding that SIMBED remains committed to expanding digital empowerment for persons with disabilities.
Similarly, the Executive Director of Inclusive Friends Association, Grace Jerry, represented by Tracy Agbamu, commended NITDA for demonstrating intentional leadership in promoting inclusion under the Renewed Hope Agenda.
She urged participants to continue applying the skills acquired and to serve as digital inclusion advocates within their communities.
The training programme further strengthens NITDA’s vision of building a digitally inclusive Nigeria where access to digital opportunities is determined not by physical ability but by empowerment and innovation.
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