Business
CBN Directs Banks To Disclose Accounts
Central Bank of Nigeria (CBN) has taken major steps to ensure that the financial statements of banks are published in their annual report to reveal their real state of operation.
CBN director of banking operation Mr. Samuel Oni, last week told banks to recognise the examiners’ loan loss provision and fully provide for same in their accounts as at September 30, 2009. He implored them to publish their un-audited accounts as at September 30, 2009 latest by the end of this month.
This development, according to Oni will make further discovery on banks financial statement after the conclusion of the special examination on the deposit money banks in the country. “Following the conclusion of the special examination on the deposit money banks in Nigeria, banks are hereby required to recognise the examiners’ loan loss provision and fully provide for same in their accounts as at September 30, 2009. Therefore banks are required to publish their un-audited accounts as at September 30, 2009 latest by October, 2009, Oni said in a circular forwarded to banks last week.
However, he commended the CBN Governor for the proactive step he took regarding the present bank reform. It would be recalled that the apex bank had injected funds worth N620 billion into six banks that displayed signs of failure due to high concentrations in their exposure to certain sectors such as capital markets and oil and gas.
Moreover, the NDIC director disclosed that the banking sector is Oligopolistic in nature with 10 banks still dominating the institution which reflected in their share of total deposits, loan and advances.
He further explained that until recent intervention by the CBN, reports showed that banks were unable to meet and fulfill their obligations to depositors and creditors as a result of their situation.
In his presentation, Dr. Joseph Afolabi NDIC Chairman on Public Awaress Committee said its deposit insurers with broad mandates and appropriate powers have greater ability to build and maintain public confidence as well as dealing with financial crisis. “Deposit insurers may therefore need risk minimising mandate with prompt intervention and resolution powers to contribute to the stability of the financial system and maintain public confidence”, he said.
He went on to say that there is further need to demonstrate to the public that the deposit insurance is well managed and governed to build trust and credibility with key stakeholders in the industry.
Afolabi further stressed that deposit insurance is a depositors protection scheme usually supported by insured institutions themselves and administered either through a government controlled agency, a privately held one that is jointly owned and administered.
Nkpemenyie Mcdominic
Reports say that the training is designed to equip youths with practical technical skills for employment in the oil and gas and construction sectors, with emphasis on employability, safety, competence and self reliance.
In attendance at the flag-off ceremony this week, at the Petroleum Training Institute (PTI) Conference Hall, Effurun, were stakeholders, dignitaries, and political representatives, among others.
Dafinone, represented by his Chief of Staff, Adelabu Bodjor, said the initiative reflects a deliberate political investment in human capital development across Delta Central.
He explained that the training focuses on rigging and scaffolding, noting that “both are essential technical competencies required in industrial operations, construction projects, and oil and gas installations”.
Bodjor added, “The programme is intended to reduce dependency among youths by providing job-ready skills capable of supporting long-term economic opportunities and self-sufficiency. The initiative aligns with Senator Dafinone’s broader development agenda, which prioritises practical skill acquisition as a pathway to sustainable empowerment.”
Also addressing the participants, the NCDMB, Felix Omatsola Ogbe, represented by Mr. Teddy Bai, commended Dafinone for sponsoring the programme, describing it as “a timely response to critical manpower gaps in the industry”.
Bai explained that rigging and scaffolding remain safety-sensitive skills required across fabrication yards, offshore platforms, and construction sites, stressing that the programme bridges the gap between certification and practical competence.
He also charged the training consultant, OROH Contractors Limited, to maintain strict standards of professionalism, safety, and discipline, while urging participants to remain committed, focused, and disciplined throughout the exercise.
The Senate Liaison Officer for Sapele Local Government Area, Chief Patrick Akamuvba, , described the programme as a major step in strengthening human capital development in Delta Central.
Akamuvba said scaffolding and rigging skills are in high demand across residential, commercial, and industrial construction projects, noting that the training offers real employment opportunities for beneficiaries
He urged participants to prioritise knowledge and certification over short-term material expectations, stressing that discipline and seriousness would determine their long-term success.
He also cautioned youths against social vices and distractions, advising them to remain focused to maximise the opportunities provided by the programme.
