E-Financial
Why Nigeria is Corrupt by Okonjo-Iweala

Dr. Ngozi Okonjo-Iweala, minister of Finance and Coordinating Minister for the Economy, has claimed that lack of institutions, systems and processes to block and prevent corruption, alongside the problem of impunity in Nigeria, is basically the reason that corruption has been so hydra-headed in the country and needs to be cracked and tackled.
Okonjo-Iweala said that corruption in Nigeria needed to be tackled from the root causes while technology must be deployed to block leakages in the economy.
She spoke at a forum organized by the Catholic Caritas Foundation of Nigeria under the Catholic Bishops Conference of Nigeria (CBCN), with the theme, “Blocking Leakages in the Economy Amidst Dwindling Oil Revenue,”
“That is what this administration is doing, tackling the root cause of corruption,” she explained. “The problem is that we have been looking at the symptoms and not the causes of the disease. The cause of the disease is that we don’t have the institutions, systems and processes to block and prevent corruption in the first place, that is the only difference between us and people abroad.
“So if we arrest people for being wrong, which we must, I believe that impunity in the country has to be tackled, but behind that impunity, if you don’t do something to stop the sources, the next set of people will also come. Today, about 14 people are standing trial over the pension scam.
“We have a system that is cash-based, but we have introduced Government Integrated Financial Management System. 14 agencies in December tried to pay more than what was programmed but the system locked them out and this led to the delay of their staff salaries until the agencies were restored manually. We have been able to weed out 62, 892 ghost workers and saving about N209 billion.”
Rev Fr Ralph Madu, CBCN secretary general had earlier observed that the negative reports about the nation’s economy call for concern, and that Nigeria will not turn into a failed state, stressing that the government needed to collaborate with the church in areas of comparative advantage.
Also Rev Fr Everistus Bassey of Caritas Nigeria, argued that economic progress should not be measured solely by the Gross Domestic Product (GDP). Rather, but the well-being of a nation should be measured by a series of indicators linked to social protection systems.
Such includes access to quality services, decent work, adequate, safe and nutritious food, adequate housing, personal safety and basic income security, as well as a safe, clean, healthy and sustainable environment.”
The minister explained further: “The first time I was in government, Nigeria was second to the bottom on the Transparency International Corruption Index, it was 1.4, 132 out of 133 countries; we said we must do something to improve and by 2006, when we left government, it was 2.2 out of 10 and 2011, it was 2.4 while the score now is 2.7.
“I am not saying that 2.7 is a good score, Nigeria needs to move to 6 or 7. Even if we don’t have perfection, we must not sell to our children a score of 2.7, we must fight to move that number.”
Okonjo-Iweala explained that a growing economy that does not touch people’s lives is not the type desired. However, she noted that if the economy does not grow, poverty cannot be addressed. Therefore, “we must focus on centres that create jobs, that is the way to tackle poverty.
“Agriculture promises to be a sector that could be used to address poverty but it has to be made attractive. Housing has a social impact – it puts a roof over your head and gives you a stake. We need to create an institution that would pump in liquidity into the housing sector.
“We want to create about 200,000 mortgages annually, we need evidence-based discussions in the country, we need to promote entrepreneurship; 5,400 entrepreneurs have been created by the present administration. We are also supporting the manufacturing sector to create decent jobs.”
More so, “the Nigerian economy as at today is diversified, what is not diversified is the source of income as oil contributes 70 per cent of the nation’s revenue. We need to broaden our tax base, audit and look at those abusing exemptions. We gave ourselves a target of recovering N70 billion but recovered over N100 billion. That is an example of how we are blocking leakages.”
On excess crude account, the minister said: “They said we should not save, that the rainy days are already here and we should share the excess crude money.”
E-Financial
Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.
Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.
The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.
Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.
This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.
Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.
Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.
Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.
Offsetting this were write-offs and reversals that mitigated losses.
First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.
Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.
Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.
Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.
On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.
Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.
FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.
Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.
Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.
E-Financial
SEC Flags FF Tiffany as Ponzi Scheme

Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
”These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
E-Financial
AccionMonie App to Empower Low-Income Households

Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.
Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.
“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.
He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.
According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.
Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.
Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.
“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.
Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.
“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.
One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.
In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.
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