E-Financial
Senate Probes CBN’s N138Bn Intervention Funds
The Senate has accused the Central Bank of Nigeria (CBN) of awarding projects from its operating surplus, instead of paying such sums into the Consolidated Revenue Fund to be appropriated by the National Assembly.
The upper legislative house has therefore moved to investigate alleged extra-financial dealings in the Sanusi Lamido Sanusi-led apex bank, running into about N138billion.
Senator Ita Enang (PDP, Akwa Ibom) said that the CBN, has within the last three years committed about N50billion as intervention in tertiary institutions in the education sector alone, not considering intervention in the health sector, hospitality and tourism among others.
These projects, according to him, include projects above N1billion.
In the motion, Enang is praying the Senate to grant the following:
“Mandate the Senate Committees of Finance, Judiciary Human Rights and Legal Matters, to conduct a public hearing on the loss of revenue into the Consolidated Revenue Fund of the Federation through evasion of the Fiscal Responsibility Act, acting against and beyond the mandate given by law to the agencies, breach and evasion of public procurement laws and regulations, among others, and in general, for the purposes of determining:
“If and whether the funds spent by the agencies listed in the Fiscal Responsibility Act is the 20% of their operating surplus, and if it so be, where the 80% of their operating surplus were paid into and when.
“If the committal of funds by the Agencies are for projects and programmes within the core mandate or in any manner ancillary to the purpose for which they were each set up, etc.
“If and whether these Agencies are by the provisions of the Public procurement Act bound to submit their procurement to the Bureau of Public Procurement to consider, vet and issue a certificate of No Objection or otherwise before public procurements are consummated.
“By way of peer review, to compare the actions and expenditures of the Central Bank of Nigeria, Nigerian National Petroleum Corporation, Nigeria Ports Authority and other Agencies listed in the Fiscal Responsibility Act with such Treasury or Central Bank of other countries, National Oil Companies of other countries such as United States of America, United Kingdom, Germany, Canada, France, Australia and generally equivalent institutions of other countries and conclude if such institutions in those countries operate in the manner that Nigeria’s do.
“To determine if, and whether, the Fiscal Responsibility Commission as presently constituted should not be dissolved and appropriately reconstituted with responsive constituents.”
The senator further informed that the Senate noted that, “Whereas the 1999 Constitution of the Federal Republic of Nigeria (as amended) provides in Section 80 (1) as follows: All revenues or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation.
“Whereas the Fiscal Responsibility Act in Section 21 has provided that all government agencies and corporations as listed in the schedule to the Act cause to be prepared and submitted to the Minister their Schedule estimates of revenue and expenditure for the next three financial years who shall cause same to be compiled and submitted along with the Appropriation Bill to the National Assembly.
“Whereas the said Act provides in Section 22 (1) and (2) and 23 (1) as follows:
22. Operating surplus and general reserve fund
1) Notwithstanding the provisions of any written law governing the corporation, each corporation shall establish a general reserve fund and shall allocate thereto at the end of each financial year, one-fifth of its operating surplus for the year.
2) The balance of the operating surplus shall be paid into the Consolidated Revenue Fund of the Federal Government not later than one month following the statutory deadline for publishing each corporation’s accounts.
23. Classification of corporation operating surplus
1) The corporation’s surplus be classified as a Federal Treasury Revenue
“Whereas the Public Procurement Act in Section 3 (1) establishes an agency known as the Bureau of Public Procurement;Whereas the Public Procurement Act provides in Section 15 that the provisions of the Act shall apply to all procurement of goods, works, and services carried out by
1. The Federal Government of Nigeria and all procurement entities;
2. All entities outside the foregoing description which derive at least thirty-five percent of funds appropriated or proposed to be appropriated for any type of procurement described in this Act from the Federation share of Consolidated”
The motion is already listed and could be taken up when the Senate resumes.
The CBN governor had in the past rebuffed every entreaty by the National Assembly to have their budget vetted.
On several occasions Sanusi had cited the provisions of the Fiscal Responsibility Act and in most cases, insisted that it was only the board of the CBN that had the statutory powers to appropriate for him.
Africa Prudential Plc has launched Sabivest, a digital shareholder and investment management application, as part of efforts to deepen access to investment opportunities and enhance transparency in Nigeria’s capital market.
Unveiled in Lagos, the platform is designed to provide investors with a centralised system for managing shareholdings and tracking portfolio performance across multiple investment products.
At the launch, the Chairperson of Africa Prudential Plc, Christabel Onyejekwe, said the initiative reflects the company’s commitment to leveraging innovation to improve investor experience and participation.
“Sabivest provides a unified ecosystem that enables individuals and institutions to seamlessly access, monitor and grow diversified financial assets through a single interface,” she said, describing the platform as a significant step in advancing digital transformation within the capital market.
The Managing Director, Catherine Nwosu, noted that the application, which is available for download on both iOS and Android platforms, was developed to address structural challenges that have continued to limit investor efficiency, including fragmented investment accounts, restricted access to diverse financial instruments, and inadequate visibility into portfolio performance.
According to her, the platform aggregates multiple investment services, offering users real-time insights and control through a centralised dashboard.
She added that Sabivest features consolidated portfolio views, performance tracking, asset allocation insights, and electronic dividend management, alongside tools for monitoring, documenting, and recovering unclaimed dividends.
The launch also featured a roundtable session themed, “Building Trust and Driving Innovation in Nigeria’s Capital Market,” where stakeholders emphasised the importance of technology-driven solutions in strengthening investor confidence and expanding market participation.
Transnational Corporation Plc (“Transcorp Group” or the “Company”) (NGX: TRANSCORP), Africa’s leading listed conglomerate with strategic investments in power, hospitality and energy, has declared a total dividend of ₦20,323,995,148, representing ₦2.00 per share to its shareholders, at its 20th Annual General Meeting (AGM), held at the new state-of-the-art Transcorp Centre Abuja.
Group Chairman, Mr Tony O. Elumelu, CFR; President/Group CEO,, Mrs. Owen D. Omogiafo, OON; and Company Secretary, Ms. Atinuke Kolade, during the 20th Annual General Meeting (AGM) of Transnational Corporation Plc( Transcorp Group) held in Abuja at the weekend
The total dividend comprises an interim dividend payment of ₦4,064,799.030, representing 40 kobo per share, paid in August 2025, together with a final dividend of ₦16,259,196,118, equivalent to ₦1.60 per share.
At the AGM, where the shareholders approved the Audited Financial Statements for the year ended December 31, 2025, the Group Chairman of Transcorp Plc, Mr Tony O. Elumelu, CFR, restated the company’s commitment to delivering sustainable long-term value creation as shareholders commended the conglomerate and its management for sustained performance.
In 2025, the Group, with a combined market capitalisation of ₦4.78 trillion ($3.52 billion) as of May 7, 2026, recorded strong year-on-year growth across all key metrics. Revenue increased by 33% to ₦544 billion (FY 2024: ₦408 billion). Profit Before Tax rose 31% to ₦179.5 billion (FY 2024: ₦136.7 billion), while Profit After Tax surged 44% to ₦135.9 billion (FY 2024: ₦94.1 billion)
Group Chairman, Mr Tony O. Elumelu, CFR; President/Group CEO,, Mrs. Owen D. Omogiafo, OON; and Company Secretary, Ms. Atinuke Kolade, during the 20th Annual General Meeting (AGM) of Transnational Corporation Plc( Transcorp Group) held in Abuja at the weekend
Mr. Tony O. Elumelu, CFR, Group Chairman, Transnational Corporation Plc said: “Transcorp Group remains firmly focused on strong corporate governance and the disciplined execution of its strategic priorities to deliver sustainable, long-term value. Despite a challenging macroeconomic environment, the Group continues to benefit from its diversified portfolio, which has underpinned resilient financial performance in 2025.
Mrs. Owen D. Omogiafo, OON, President/Group CEO, Transnational Corporation Plc said: “FY 2025 was a year defined by disciplined execution, strategic resolve, and resilient performance. Transcorp Group is committed to resolving the energy crisis in Nigeria; we have an energy situation, and the gap between the demand and supply is still very wide. Hence, we will continue to work assiduously and tirelessly towards bridging that gap, creating value for the wider country.
In our hospitality business, the 5,000-seat capacity Transcorp Centre hosting us today is a testament to our disciplined execution, and you will see more in the coming years.
While commenting on the performance, one of the shareholders, Mrs E. O. Obideyi, commended the management of Transcorp Group, saying, “I commend the management and staff of Transcorp for sustained performance year-on-year. While we appreciate the Board, I am also extending my commendation to the members of staff of Transcorp for a job well done.”
Another Shareholder, Mr Moses Igrude, commended the Board, Management and Staff of Transcorp Plc. He said: “I appreciate the vision behind Transcorp and what it has become. When I look at the history, and how far it has come under Mr Tony Elumelu’s leadership, I am proud that the aim and objectives are being achieved. That payoff line, ‘Improving lives and transforming Africa,’ is a reality we are witnessing.
Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading listed conglomerates, with strategic investments in power, hospitality and energy, driven by its mission to improve lives and transform Africa.
The Group’s power businesses — Transcorp Power Plc and Transafam Power — provide over 20% of Nigeria’s installed power capacity. Transcorp is also advancing Nigeria’s domestic energy value chain through its investment in OPL281. Its hospitality subsidiary, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja and the landmark Transcorp Centre Abuja.
International Monetary Fund (IMF) has warned that artificial intelligence (AI) is significantly increasing the danger of cyberattacks on the global financial system.
Pic credit… saturnpartners
According to a blog post from the IMF, these AI-driven threats could turn isolated security breaches into severe economic disruptions, potentially freezing payments, shaking markets, and undermining public trust in banks worldwide.
In its analysis, the fund highlighted a specific example involving the controlled release of an advanced AI model called Claude Mythos Preview by Anthropic.
The IMF noted that this model demonstrated the ability to identify and exploit weaknesses in all major operating systems and web browsers, even when used by individuals without specialized expertise.
The IMF cautioned that AI could heighten risk concentration within the financial system.
A single exploited vulnerability might cascade across numerous institutions simultaneously due to heavy reliance on a limited number of cloud providers, software platforms, and AI models.
Such events could escalate from operational issues to macro-financial shocks, triggering confidence crises, liquidity problems, and fire-sale dynamics in markets. The organization also acknowledged that AI forms part of the solution.
As attackers operate at machine speed, financial institutions are deploying their own AI-assisted tools for threat detection, fraud prevention, and faster incident response.
The IMF highlighted a geopolitical dimension to the threat, noting that cyber risk crosses national borders and that inconsistent oversight among countries could weaken the globally interconnected financial system.
Emerging economies, often with limited resources, may face disproportionate exposure.
The fund urged policymakers to treat cybersecurity as a core financial stability concern rather than a technical or operational matter.
It called for prioritization of resilience standards, systemic supervision, and international coordination to contain breaches before they spread.
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