Lagos Govt. first Bank Partner To Boost Health-care Delivery In Ine-Ododo Community   …Over 10,000 Residents To Benefit From New Primary Healthcare Centre

L-R: Dr. Ibrahim Mustapha, Permanent Secretary, Lagos State Primary Healthcare Board; Mrs. Tolani Oshodi, Permanent Secretary, Office of Secretary to the State Government/Cabinet Office; Hon. Ayodele Thomas, Vice Chairman, Iba Local Council Development Area; Mr. Seyi Oyefeso representing the CEO of FirstBank; High Chief Jelili Ododo, Baale of Ijeododo land looks on as Mrs. Folasade Jaji, Secretary to the State Government and representative of the Governor of Lagos State cuts the ribbon during the commissioning of the Primary Healthcare Centre sponsored by FirstBank to the Ijeododo Community, Lagos.
L-R: Dr. Ibrahim Mustapha, Permanent Secretary, Lagos State Primary Healthcare Board; Mrs. Tolani Oshodi, Permanent Secretary, Office of Secretary to the State Government/Cabinet Office; Hon. Ayodele Thomas, Vice Chairman, Iba Local Council Development Area; Mr. Seyi Oyefeso representing the CEO of FirstBank; High Chief Jelili Ododo, Baale of Ijeododo land looks on as Mrs. Folasade Jaji, Secretary to the State Government and representative of the Governor of Lagos State cuts the ribbon during the commissioning of the Primary Healthcare Centre sponsored by FirstBank to the Ijeododo Community, Lagos.


In a bid to boost healthcare delivery to thousands of residents, the Lagos State Government has built and unveiled a new Primary Healthcare Centre (PHC) in Ije-Ododo Community, Iba Local Council Development Area (LCDA), under the Ojo Council Area of the state.

The facility, which has been under construction since 2021 in partnership with First Bank of Nigeria Limited, was unveiled in the community in an opening ceremony attended by the Lagos State Governor, Babajide Olusola Sanwo-Olu, representatives of the state government, the state Primary Health Care Board, community leaders, as well as traditional rulers of Iba, Ije-Ododo and Ijagemo, among others.

In his welcome address, the governor, who was represented by Secretary to the State Government (SSG), Mrs. Folashade Sherifat Jaji, said the opening of the health facility under the SSG’s One Community At A Time (OCAAT) initiative, formed part of activities to herald the inauguration of his second term in office on Monday, May 29, 2023.

Maintaining that the attention being paid to the healthcare sector was deliberate to ensure a healthier populace, he said the state government under his watch would deploy more resources to the health sector for easier access to health services, especially in underserved communities.

He enjoined members of the community to take full advantage of the health benefits that will be provided in the facility and charged them to take ownership and protect the assets and the facility at all times.

Speaking, Permanent Secretary, Primary Healthcare Board, Dr. Ibrahim Mustapha, commended First Bank of Nigeria Limited and the contractor for completing the project within the stipulated time frame, but also requested more assistance to make the facility functional by providing equipment and other necessary medical gadgets.

New Primary Healthcare Centre, Ije-Ododo built by Lagos Govt. in partnership with First Bank
New Primary Healthcare Centre, Ije-Ododo built by Lagos Govt. in partnership with First Bank

On his part, Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan, who was represented by Mr. Seyi Oyefeso, expressed satisfaction at the successful completion of the project, adding that it was gratifying to know that no fewer than 10,000 residents of Ije-Ododo and neighbouring communities will have access to primary healthcare services in the facility.

He said as a responsible corporate social organisation, the bank’s intervention in the primary healthcare sector aligned with its Corporate Social Responsibility (CSR) approach anchored on citizenship, impact management, strategic education, as well as the health and welfare of the immediate and remote communities of Lagos State and other parts of the country.

In his words: “The completion and opening of the primary healthcare centre is to ensure that Ije-Ododo community will become healthier and wealthier since health is wealth.”

In his goodwill message, the Baale of Ije-Ododo, Dr. Abu Jelili Ododo, who spoke in company of the Oba of Iba and Baale of Ijagemo, applauded Governor Sanwo-Olu for the timely completion of the healthcare centre and appealed for the construction of the Ijegun-Ije-Ododo-Abule-Ado road to link the Badagry Expressway, adding that it was high time the Ije-Ododo Community was provided with a motorable road to ease the sufferings of residents.

Responding to the request for the road, Jaji assured that the Lagos State government under Sanwo-Olu was poised to build the road but that the project suffered some setback due to agitations by some members of the community over the location of the project, adding however, that as soon as the governor settles down for his second tenure, construction work will begin on the road.

Children’s Day: Polaris Bank Urges Parents To Teach Their Kid’s Savings Culture

Polaris Bank logo
Polaris Bank logo

As the world commemorates 2023 children’s’ day celebration, Polaris Bank has urged parents to imbibe in their kids, the art of saving by opening Polaris Rainbow Account.

To encourage savings amongst kiddies, Polaris Bank offers its customers a specialized savings account, Polaris Rainbow Account, for kids between zero and 12 years. The account is part of a range of products designed by the Bank to ensure that, from infancy to adolescent, and to adulthood, there is a financial solution for everyone”.

Polaris Rainbow Account, managed by parents or guardians, provides an opportunity for children to gain financial literacy from an early age. It also offers competitive interest rates on savings, as well as access to e-channel platforms. Polaris Rainbow Account provides automatic migration to the Polaris Young Achievers account (a specialized savings account designed for teenagers), once a child clocks 13.

Commenting on the value of Polaris Rainbow Account, the Bank’s Group Head, Brand Management & Corporate Communication, Nduneche Ezurike said, “We are extremely passionate about children and believe in the importance of savings in creating a successful future and helping them achieve their hopes and dreams. Our Polaris Rainbow Account has been created to support parents in establishing a solid foundation for their children.”

Customers and prospects can sign up to the product at any Polaris Bank branch, nationwide. It is also available for activation through SurePadi agents in their respective neighbourhoods or online, through the Bank’s account opening portal at

Mu’azu Jaji Sambo Commissions Ultra-Modern Skills Acuisition Center In Zaria By NIMASA

Minister Of Transportation, Mu’azu Jaji Sambo,  on Saturday 27th May 2023 commissioned an Ultra-Modern Skill Acquisition Center in Zaria, Kaduna State
The Minister Of Transportation, Mu’azu Jaji Sambo, on Saturday 27th May 2023 commissioned an Ultra-Modern Skill Acquisition Center in Zaria, Kaduna State by the Nigeria Maritime Administration and Safety Agency (NIMASA), He was accompanied by the Emir of Zazzau, Ambassador Ahmed Nuhu Bamalli and Members of the Zazzau Emirate Council.

The Transportation Minister lauded NIMASA for several other projects it has delivered in the last few years.

The Minister in his keynote address, said; “The significance of what we are doing today to build human capacity for various sectors of our economy can never be over-emphasized because as a government, we have to be responsible for creating an enabling environment that will encourage our students in their journey towards learning and achieving the required skills which will eventually add value to our national development.”

“Once again as an Agency of the government, NIMASA has displayed to Nigerians and indeed the whole world that the Agency is a socially responsible organization and that the commitment of the President Muhammadu Buhari’s led Federal Government to tackle poverty through human capacity development remains unwavering.”

“More importantly, the skill acquisition centre does not only serve as a place of learning, but it also further strengthens our resolve for eliminating and eradicating the out-of-school children that the Federal Government continues to settle, and I assure you, this centre would have a direct positive effect on the Federal Government’s drive to reduce and ultimately eliminate the current challenge of out-of-schoolchildren.”

“Furthermore, the best and most important aspect of learning is through practical experience and the set-up of this skill acquisition centre will be all-encompassing with a great learning experience that would ensure every student that passes through this centre becomes a master of a specialized art that would add to our economic growth.”

The Minister, without living any stone unturned, commended President Muhammadu Buhari on the impact he has made on Nigerians.

He said; “I would not end this presentation without commending President Muhammadu Buhari who has continuously ensured that the Federal Ministry of Transportation receives all the support that would ensure we make the needed changes to bring positive impact in the lives of Nigerians; An example of this is what we are witnessing today.”

“I must commend the unwavering support of our royal father, Ambassador Ahmed Nuhu Bamalli, the Emir of Zazzau, for his fatherly role and ensuring the entire Zazzau Emirates key into this project. May Allah Bless you, sir.
The Emir in his remark thanked the Federal Government for such a laudable project and appreciated the DG NIMASA for remembering home.

In conclusion, the Minister prayed to God to bless the Federal Republic of Nigeria, the Kaduna State Government and the Zazzau Emirate.

Stakeholders Task In-coming Govt On Critical National Issues

Distinguished guests at CICAN inauguration
Distinguished guests at CICAN inauguration

Major stakeholders in the Organised Private Sector (OPS) have given directions to the incoming administration of President-elect, Bola Ahmed Tinubu, on ways to revamp the ailing economy and other issues confronting the country.
The OPS, which include the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agnculture (NACCIMA), Federal Institute of Industrial Research, Oshodi (FIIRO) and others, made this known at an event organised by the Commerce and Industry Correspondents Association of Nigeria (CICAN).
The event, which held yesterday May 25, at the MAN House, Ikeja, Lagos, has as theme: “Agenda Setting For the Incoming Federal Government Administration/Investiture of New Executive”.
First to speak was Mrs. Toki Mabogunje, the immediate past president, Lagos Chamber of Commerce and Industry (LCCI), who feels that the rising debt profile, forex liquidity concerns, contracting disposable incomes, rising inflation, escalating unemployment, business disruptions and Investment uncertainties are like a clog in the wheels of Nigeria’s economy.
Mabogunje therefore, called on the new administration/policymakers to expeditiously develop a framework that would ensure the country has a well-diversified revenue base, as this would help macroeconomic stability.
“When we take a holistic view of the Nigerian economy, one cannot but be concerned about the challenges we face; the rising debt profile, forex liquidity concerns, contracting disposable incomes, rising inflation, escalating unemployment, business disruptions and Investment uncertainties.
“There is a need for policymakers to expeditiously develop a framework that will ensure the country has a well-diversified revenue base”, she said.
She emphasised that there is a need to deepen efforts to improve investment in human capital development, particularly education and health, as this would create mass employment of our teeming population, which in turn would have a positive effect on the current insecurity problems facing the country.
Mabogunje reminded the Chambers of Commerce of the numerous roles they have to play in the economies where they exist, such as; assist the development of commerce/trade and industry, provide support or oppose legislation that they feel would affect their members, provide information to members on their line of business, organise trade fairs, exhibitions, etc., to enhance commercial activities, Amongst others.
She also said that within the context of today’s theme, Chambers of Commerce and Business Associations play a significant role in advancing policy reform within their jurisdictions, and that these Chambers and Business Associations act to promote public policies that are in the best interest of business, in general.
With reference to CICAN, however, Mabogunje tasked the Media for policy advocacy to be truly effective, as the process of disseminating policy-related information through the communications media, especially where the aim is to effect action, a change of policy, or to alter the public’s view of issues cannot be over emphasised.
On his part, the MAN president, Otunba Meshioye Francis, ably represented by Ambrose Oruche, the Head, Communications, he said though MAN is an advocacy group and apolitical, they have expectations from the incoming government and look forward to working with them to accelerate the economic development of Nigeria, particularly the manufacturing sector.
Francis acknowledged that the magnitude of the responsibility awaiting the new administration is enormous and demanding high senses of determination, and resourcefulness, as almost all parts of the economy are presently in shambles and squarely squabbling in crisis.
He mentioned that these crises range from political and social rascality to arrays of economic imbalances, Economic imbalances in terms of multiple taxes, fees, and levies imposed by all tiers of government, forex scarcity, a bourgeoning borrowing interest rate, energy insecurity, and an infrastructural deficit in a highly inflationary environment.
Francis blamed all these on misaligned macroeconomic policy, policy misconceptions, negligence, and mismanagement, which has unimaginably negative impacts on the real sector, adding that the impact is graver among industries, especially manufacturing, which has been battling poor performance and is now on the verge of collapsing as a result of these challenges, especially taxes.
He believes that while the government indulges in tax increments to rake in more revenue, the action is highly counterproductive as this exerts much pressures on manufacturing and small and medium-scale businesses reducing their income, thereby affecting their tax-paying ability.
So, for him, the incoming government should in the first 100 days in office; “Reverse with immediate effect the 2023 fiscal policy measure that raises taxes on beverages and tobacco.
“Address the issue of multiple taxes in the country is paramount, then, the productive sector should be given maximum priority for the general good of all in terms of wealth and job creation for the Nation.
“Promote the use of local content by mandating the patronage of Made-in-Nigeria products by all government parastatals, agencies, and ministries.
“Revisit executive orders 003 and 004.
“Create a special window for forex allocation to the manufacturing sector.
“Identify and break the powerbroker militating against the completion of the Ajaokuta steel complex to make available raw materials for our steel and automobile industries.
“Provide incentives to encourage a rapid energy transition in the manufacturing industry.
“Give tariff preferential treatment to the motor vehicle and assembly sector pending the development of the iron and steel sector.
“Revisit and reactivate dormant export incentives
“Engage and dialogue with the key stakeholders in the manufacturing sector on overcoming the challenges troubling the sector”.
Further, that they should pay particular attention to this critical low-hanging fruit agenda with a deep sense of effective implementation and monitoring.
While saying this requires an unwavering and high spirit of commitment, dedication, and selflessness in public service delivery by the new administration, he equally enjoined the media to play a vital role in terms of accurate information dissemination to promote the growth of the manufacturing sector.
Dr. Chima C. Igwe, Former Ag. Director General and Chief Executive Officer, Federal Institute of Industrial Research, Oshodi (FIIRO), stated that Commerce and Industry are the two sides of a coin, and are known as the key drivers of any economy while the media are strategic players in actualising both.
Igwe noted that for national growth and development, national security and economic recovery and diversification, research and development in the fields of science, engineering, technology and innovation must be at the forefront, because it is the very foundation of any successful industrial revolution and industrialisation.
He stressed that science, technology and innovation (STI) is a very crucial cross-cutting sector in all developmental efforts of any nation if it is to be sustainable and that It is mainly through the application of science, technology and innovation that a developing economy can grow to a developed economy by wealth creation for the nation and the citizens.
In setting agenda for the in-coming administration, he highlighted on different strategies for implementation using science and technology, which according to him many research institutes, private and public such as FIIRO have hundreds of technologies ready for commercialization via training of entrepreneurs and establishment of clusters and catalytic model plants/factories in various local government area/states ased on their raw materials of relative advantage, these government could leverage on to curb unemployment.
Industrialization/increased investment (local/foreign), is another strategy which he said the incoming administration should establish industries and training of entrepreneurs using using readily available techno-entrepreneurial programmes, this would increase industrialization, commerce and industry activities and investment in the country.
Insecurity/national emergencies for job creation/ wealth generation/emergency meals/food for Internally Displaced Persons(IDPs), with this he said there are process technologies in various research centres such as FIIRO for the production of ready-to-eat fortified foods for IDPs in security or disaster challenged areas and communities.
Also, food security/ infant nutrition Igwe explained, could be used to provide Ready to Use Therapeutic Foods(RUTFs) for management of malnutrition in children and infants, with this all food materials are processed, postharvest, and this would ensure availability at the right quantities and qualities all-year-round and food /nutrition security.
FIIRO for instance he said had concluded work and packaged a school feeding programme ready for implementation by government.

FY 2022: Shareholders Applaud Fidelity Bank’s Sterling Performance

Fidelity Bank head office
Fidelity Bank head office
Shareholders of leading financial institution, Fidelity Bank Plc, have commended the board and management of the bank for performing exceptionally in FY 2022. The commendations came at the bank’s 35th Annual General Meeting (AGM) held virtually on Tuesday, May 23, 2023.

Speaking at the AGM, the Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu applauded the bank’s management for “listening to shareholders and declaring an interim dividend”.

On his own part, National Chairman of The Progressive Shareholders Association Mr. Okezie Boniface lauded the bank for coming to customers’ aid during the period of the Naira redesign policy, explaining that the bank’s branches and Automated Teller Machines (ATM) always provided customers with Naira notes. He also commended the bank’s leadership for prioritizing Corporate Social Responsibility (CSR) initiatives across its focus areas of youth empowerment, health and social welfare, education and environmental conservation and sustainability.

According to the bank’s 2022 annual report uploaded on its website and distributed to shareholders, the bank grew by double digits along all the major indicators. Customer deposits increased by 27.4% from N2.0 trillion in 2021FY to N2.6 trillion. Net Loans and Advances rose by 27.6% from N1.7 trillion in 2021FY to N2.1 trillion in 2022 FY. Total Assets grew by 21.6% from N3.3 trillion in 2021 FY to N4.0 trillion in the period under review.

Giving his remarks at the meeting, Mr. Mustafa Chike-Obi, Chairman, Board of Directors, Fidelity Bank Plc said, “When we set the audacious target of attaining Tier 1 status a few years ago, we did not expect a smooth ride due to the endemic challenges in our operating environment. However, we were able to weather the storm because our business is built on a foundation of good corporate governance, effective risk management and shareholders’ value enhancement.

In response to a shareholder’s question on the deployment of capital raised during the recent private placement exercise, Mrs. Nneka Onyeali-Ikpe said, “The bank is growing in leaps and bounds and the capital would enhance our capacity to accommodate the business volumes coming our way. This is in addition to improving our technology especially in the light of the Cashless drive and creating more secured platforms that can handle the challenges posed by cybercrime.

Several resolutions were considered at the AGM including the declaration of a final dividend of 40kobo, re-election of non-executive directors -Mrs. Amaka Onwughalu and Chief Nelson Nweke, election of an Executive Director -Mrs Pamela Shodipo; amongst others.

Fidelity Bank is a full-fledged customer commercial bank operating in Nigeria with over 8million customers serviced across its 250 business offices and digital banking channels. The bank was recognized as the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Ajadi Extols CICAN For Contribution To Real Sector Development

CICAN logo
CICAN logo

Felicitations have continued to pour in the direction of the Commerce & Industry Correspondents Association of Nigeria (CICAN) for foresight in its agenda setting programme for the incoming administration of Senator Bola Tinubu
The latest is from the managing director of Bullion Go-Neat Global limited, Ambassador Olufemi Ajadi Oguntoyinbo, who added that CICAN deserved commendation for its sustained advocacy reportage of the real sector over the years.
He said CICAN had nurtured generations of seasoned journalists who had gone on to play key roles in other aspects of the nation’s life, urging it to sustain the good work.
He said the association’s members’ reportage has recorded evidences of impact in terms of both infrastructure development and right fiscal policies.
Ajadi who was the New Nigeria People’s Party (NNPP) gubernatorial flagbearer in Ogun State in the last election, urged the association not to relent in this direction but up the ante especially now that a new administration was about to be inaugurated.
“While I commend you for your contributions, I urge you to continue the good work.
“Whereas we entrepreneurs are committed to adding value to the economy through our range of products and services as well as employment generation, the issue of poor infrastructure continues to remain a nightmare.
“It is worsened by multiple taxation and harassment of genuine entrepreneurs by task forces across the different layers of government, this is a great disincentive to real sector development”, Ajadi said.
Nigeria at its level of development, he added, ought to have outgrown that.
He cited example with a recent visit to Tanzania where he said he was marvelled by reliability of electricity and the availability of public sector workers on their duty posts.
“It is amazing how this country has transformed its natural endowments for foreign exchange generation and boost in its international reputation.
“I can’t remember experiencing power outage throughout my stay.
“If Tanzania can do it, Nigeria can, and should, much more.
“This must be a critical item in the agenda CICAN must set today for the new government”, he said.
Ajadi also congratulated the CICAN leadership spearhead by Mr. Charles Okonji for upholding great journalistic ethiquettes, urging it not to lower its guards.
He also pledged continued collaboration with the association.

Nestle Appoints Oyebode New Board Chairman

Oyebode, Chairman, Board of Directors, Nestle Nigeria Plc
Oyebode, Chairman, Board of Directors, Nestle Nigeria Plc

The Board of Nestlé Nigeria PLC has appointed Mr. Gbenga Oyebode, MFR, as the new Chairman of the Board of Directors with effect from May 18, 2023.
The appointment announced to shareholders and other stakeholders at the Annual General Meeting of Nestlé Nigeria PLC,held at the MUSON Center on May 17, 2023,follows the retirement of Mr.David Ifezulike as a Director and the Chairman of the Board of the Company with effect from May 18, 2023.

Mr. Oyebode qualified as a Solicitor and Advocate of the Supreme Court of Nigeria
in 1980. He holds a Master of Laws degree and is the co-founder of the law firm of Aluko & Oyebode. He is a Fellow of the Chartered Institute of Arbitrators (UK) and the Nigerian Leadership Initiative. He is the Chairman of Okomu Oil Palm PLC,
Teach forAll,and the African Philanthropy Forum. He is also a Director of both CFAO Nigeria and Lafarge Africa PLC as well as a member of the Board of Trustees of the Ford Foundation.
Mr. Oyebode was first appointed to the Board of NestléNigeria PLC on February
24, 2014, and has served on the Statutory Audit Committee, Nomination,
Governance and Remuneration Committee as well as the Board Audit And Risk
Management Committee of the Company.

Mr. Ifezulike who holds a Masters in Management Science and a Diploma of
Imperial College,London, was appointed to the Board of Nestlé Nigeria PLC on
December 22, 2000. He became the Chairman of the Board on May 10, 2013 and served the Company meritoriously during his tenure.

He joined Nestlé Nigeria PLC on January 1,1980 and worked for over 26 years in
various capacities and locations including Nigeria, Malaysia, Zimbabwe,
Switzerland,and Ghana. He was on an international exchange program as Factory Manager of Nestle Ghana between May 1999 and April 2003.
He retired from Nestle Nigeria PLC as the Executive Director, Industrial
Development in October 2006.

The Board of Nestlé Nigeria PLC thanked Mr. Ifezulike for his contributions to the growth of the Company and wished him success in his future endeavours.The Board of Nestle Nigeria PLC also expressed confidence in the ability of the new Chairman of the Board of Directors,Mr. Oyebode,to further contribute to the development of the Company and wished him personal satisfaction in his new role.

NDIC Assures Speedy Payment Of Claims To Depositors Of Closed MFBs And PMBs

MD, NDIC, Bello Hassan
MD, NDIC, Bello Hassan

Following the revocation of licenses of 179 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the closed banks speedy payment of their insured sums.

NDIC Managing Director/Chief Executive, Mr. Bello Hassan gave this assurance in a statement which followed the revocation of the licenses of the affected MFBs and PMBs by the Governor of the CBN, Mr. Godwin Emefiele, CON.

Hassan said, as deposit insurer, the NDIC would begin the process of payment of the insured sums immediately with the verification of eligible depositors at the respective premises of the closed banks. He enjoined such depositors to get the required documents for the exercise such as proof of account ownership, verifiable means of identification and alternate bank account to facilitate their seamless verification and payment of their insured deposits.

The NDIC Boss stated that the insured deposit is the first claim that the Corporation pays to depositors upon revocation of bank’s license by the CBN, adding that the maximum specified limits for the MFB and PMB sub-sectors are N200,000.00 and N500,000.00 per depositor per bank, respectively.

As liquidator, the MD/CE disclosed that the Corporation has also put machinery in motion to commence sales of assets of the defunct banks as well as recover debts owed to them in order to declare liquidation dividends on pro rata basis to the affected depositors with claims exceeding the maximum insured sums of N200,000.00 for MFBs and N500,000.00 for PMBs.He assured that regulatory authorities are leaving no stone unturned to ensure that the soundness of the banking system is not compromised, stressing that there is no need for the public to panic over the safety of their bank deposits.

CBN Revokes Licences Of 179 Microfinance Banks,

CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) has revoked the operational license of 179 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) in the country.
This fact is contained in an official gazette of the Federal Government published on the CBN website on Tuesday.

The gazette disclosed that the licenses of the financial institutions were revoked because they ceased to carry on the type of business for which their licences were issued for six months.
“The banks also failed to fulfil or comply with the conditions subject to which their licences were granted or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”
The document quoted the CBN Governor, Godwin Emefiele, as saying that the CBN revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.
The microfinance banks whose Licenses were revoked include – Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, and others.
Finance companies whose Licenses were revoked include – HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited while the four primary mortgage banks whose licenses were revoked are – Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

Transport Minister Commissions NIMASA Enforcement Boats, Search And Rescue Base Clinic, Other Facilities


L-R: Acting Board Chairman, Nigerian Maritime Administration and Safety Agency,        Muhammed Abubakar;        Minister     of Transportation, Mu’azu Sambo; Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, OFR and others during the commissioning of Enforcement Boats and the inauguration of     other projects in Lagos.
L-R: Acting Board Chairman, Nigerian Maritime Administration and Safety Agency, Muhammed Abubakar; Minister of Transportation, Mu’azu Sambo; Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, OFR and others during the commissioning of Enforcement Boats and the inauguration of other projects in Lagos.

The Minister of Transportation, Engineer Mu’azu Jaji Sambo, in Lagos commissioned five enforcement boats and four ferries for staff of the Nigerian Maritime Administration and Safety Agency, NIMASA. Also commissioned were newly acquired gadgets to enhance communication between NIMASA operational base and vessels in Nigerian waters, an ultra-modern Search and Rescue Base clinic located in Apapa, the newly developed multipurpose hall and an administrative block for the Agency in its Kirikiri operational base.

While commending the Dr. Jamoh-led administration at NIMASA for the achievements, the Honorable Minister noted that the new facilities would have tremendous positive impacts on the Agency and the entire blue economy of Nigeria especially as the nation seeks more vibrant ways of diversifying its economy.

His words: “Maritime remains the catalyst for our growth as a country and we must do all we can to ensure the sector remains viable for investors. If we want to benefit from the potentials of our blue economy, we must be able to reinvent the wheel in such a manner that would boost the confidence of foreign and local investors in our maritime domain and these projects are laying credence to our efforts. It is our belief that our efforts to bring these projects to fruition would have made significant positive impacts on the decisions of investors in our maritime sector.”

“Specifically talking about enforcement boats, I am aware of the impact these boats would have on the regulatory mandate of NIMASA. It is expected that those who have plans of carrying out nefarious acts in our maritime domain would have a rethink because NIMASA now has additional platforms to enforce compliance of its regulations. This will further enhance security in our domain in order for maritime businesses to thrive.”

Also speaking at the event, the Director General of NIMASA, Dr. Bashir Jamoh, OFR, said that the newly commissioned assets would ensure Nigeria’s Maritime Administration sustains its leadership role in the maritime sector of Africa, ensuring that the impact of its maritime security architecture is felt in the Gulf of Guinea and the entire African maritime domain.

Jamoh noted that the investment in the communication gadgets alongside the enforcement boats will not only add more value to our maritime security architecture, but also enhance NIMASA’s primary role of Port and Flag State Administration, adding that the Search and Rescue Base Clinic (SARBC) was to meet basic requirements of the IMO, since Nigeria is host to the Regional Maritime Rescue Coordination Center for the West and Central Africa Region.

“Maritime cannot thrive without effective Search and Rescue because as much as we don’t want accidents, when they occur, we should be able to respond effectively. The Maritime Search and Rescue (SAR) Coordinating Centre for West and Central Africa Region is domiciled here and we have the SARBC to complement its activities. What NIMASA has done is to upgrade the SAR clinic to the standards that would ensure it meets up with rescue centers of global repute. The issue of health in the Transport sector must always be at the front burner. The NIMASA Search and Rescue Base Clinic is another stride for the maritime sector because it meets international standards and would serve more purposes of taking care of patients within and beyond the transport sector,” he stated.

It is noteworthy that last week, the newly acquired NIMASA office in the Federal Capital Territory was also commissioned by the Honorable Minister bringing to an end, over a decade of the Agency operating from a rented facility in the Federal Capital.