Business
NAMFBIN Plans Rebranding
The National Association of Microfinance Banks in Nigeria (NAMFBIN) has concluded plans to change its name to the National Association of Microfinance Banks (NAMBS).
The move would enable it to improve on grassroots empowerment for low income earners and help poor people in the country.
The President of NAMFBIN Olutayo Adenekan, told newsmen last week after the association’s monthly meeting in Lagos that with the new name, Microfinance Banks (MFBS) would be better positioned to gain more financial support from apex bank.
According to him, “arrangements had been completed for the establishment of a new umbrella body. Many MFBs refused to join NAMFBIN because they said that it was established by owners of the defunct community bank but with this, there would be improved integration of more MFBs in the association”.
He said that the CBN has decided to organise all the MFBs in the country under the NAMBs, to enable it harmonise their operations. Adding that, the new body would enable the CBN to further assist MFBs in various ways.
Adenekan further noted that the new association would eliminate disunity among MFBs operators and also enable the CBN assist MFBs with some intervention funds. He said that the capacity building programmes now being floated by the CBN will offer numerous advantages to the banks.
He disclosed that the major challenges in the sector for now are in staff recruitment but with the amalgamation, MFBs will be better able to set standards for staff recruitment.
Sanusi Lamido, CBN governor disclosed this recently at the International Monetary Fund (IMF) meeting in Istanbul, Turkey. He said that the CBN is considering outsourcing the supervision of MFBs in the country to a private firm in view of inadequate personnel.
According to him “the major challenges of the MFBs in Nigeria are that of administration but we are currently working out modalities to address the issue.”
In a similar development, Williams Ogunba, deputy director of financial Institutions Department (OFID) informed that CBN would no longer compromise improper and untimely rendition of statutory returns from MFBs to the apex bank.
According to him, “The manufacturing sector needs funding, it needs tariff regime that supports its course and above all, the sector needs power to enhance its productivity. The banks were supposed to have channeled funds towards the sector, but unfortunately, had diverted such money to the oil and gas industry and the capital market, which is currently witnessing serious downturn.”
He said that though there was need to create an enabling environment for the banks to operate, he stressed that the ongoing banking reforms would shore up the sector, adding that “it is not possible for the banking sector to lose 25 per cent of its equity and the economy is expected to thrive. Growth is a fiscal phenomenon.”
Sanusi, who said the banks have taken a disproportionae steps towards the manufacturing sector, informed that Nigeria’s inflation is expected to fall below 10 per cent in December, down from the 10.4 percent reported in September, adding that if this is achieved, coupled with the relative peace in the Niger Delta, there should be increased development in the manufacturing sector.
On the report that more foreign lines coming to the country have been stopped as a result of the measures taken by the apex bank against erring financial institutions, the CBN governor said: “Not a single correspondent bank has shut its line against Nigerian banks. Infact, a Commerce bank has just increased its lines to Nigeria”.
He stressed that finance remained the ban of the manufacturing sector, noting that finance is just one component of the real sector.
According to him, “CBN will no longer accept such irregularities because it disrupts proper documentations and any MFBs caught will be punished under the CBN Act.
Most MFB operators believed that within the shortest possible time, the sub sector would no doubt wear a new look, but urged the CBN to ensure that MFBs remain committed on their core objectives of empowering low income earners.
Bumi Lawson, managing director and chief executive officer ACCION Microfinance Bank Limited said that the whole financial industry needs to be sanitised adding that the apex regulatory authority should do the same thing it did to reform deposit money bank.
According to her, “I have confidence that within a short period our financial sector would be solid. The regulatory bodies should not just sanitise commercial banks alone, the MFBs, the Bureau De change (BDC) and the mortgage banks should all be cleaned up to allow for efficiency and good corporate governance.
Speaking further, she said that “CBN really needs to reduce the numbers of MFBs in the country. It is now clear that what CBN was trying to address is the issue on the spread of 860 MFBs, over 70 percent of them are actually in the South-East or South-West. It is obvious that their concentration is quite high. In some places in the North, you could barely find any MFBs but again the number is not the issue what we should be doing is to encourage large numbers of branches.”
Jack Kelly Ruth
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter