Business

Fraudulent Microfinance Banks To Face EFCC

Published

16 years ago

January 10, 2010

The Central Bank of Nigeria (CBN) said it will liquidate any microfinance bank found engaging in fraudulent practices and hand over its operations to EFCC.

Olufemi Fabanwo, the CBN director, Other Financial Institutions Department (OFID) on sanctions, told newsmen in Lagos that CBN would expose such fraudulent operators.

Fabanwo said if any of the five failed microfinance banks operators is found to be fraudulent, he or she will be handed over to the EFCC or any other anti-graft agency.

According to him for microfinance banks that are still solvent but needed management experts, there will be some kind of special restructuring.

He said the CBN and Nigeria Deposit Insurance Corporation (NDIC) were still conducting examination on other microfinance banks.

Fabanwo said the NDIC had conducted examination on 150 microfinance banks while the apex bank had carried out similar examination on some microfinance banks in 2009.

“All licensed microfinance banks are dully insured by NDIC and NDIC will step in after the comprehensive report has been compiled,” he said. The CBN Chief, however, assured customers of the failed microfinance banks that their money deposited with the banks are in safe custody.

At the present 930 microfinance banks are operating in the country with 205 microfinance banks based in Lagos.

The five failed microfinance banks are: Integrated Microfinance Bank, KFC Microfinance Bank, Bristol Microfinance Bank, Unique Microfinance Bank, and Milestone Microfinance Bank, all based in Lagos.

Business

FG to Roll Out 10,000 Electric Tricycles By August –Sheittima

Published

55 seconds ago

June 29, 2026

The Tide

Federal government says it has concluded plans to roll out 10,000 Electric tricycles for use as part of a broad plan to ease public transportation across Nigeria this August

The tricycles would be distributed by the North East Development Commission (NEDC) in August this year, for use across the northeast region and beyond.

Vice President Kashim Shettima, disclosed this to Newsmen during a courtesy visit by ‘The Transporters for Tinubu/Shettima 2027,’

Sheittima said Mr President, “has approved the replication of the initiative in other parts of the country by the various regional development commissions.”

He noted that the priority of the administration of President Bola Tinubu was to move Nigeria from a fragmented transport system to an integrated logistics chain where ports, rail lines, CNG-powered trucks, inland waterways, airports and local feeder roads work together to support commerce, agriculture, industry and national integration.

Shettima explained that the federal government’s transport reform agenda was anchored on the nationwide rollout of Compressed Natural Gas, major port upgrades and a stronger logistics chain.

This, he said, was aimed at improving working conditions for transport workers across road, rail, maritime, aviation and pipeline operations.

The Vice President maintained that the Tinubu administration was determined to build a transport economy that lowers the cost of movement, reduces delays at ports, connects farms to markets, strengthens national productivity and gives transporters a more dignified place in the country’s development process.

“Our vision is an unbroken logistics chain, where a container moves from a deep-sea port to a rail wagon, then to a CNG-powered truck, then to a trader in Ariaria Market or Maiduguri, without delay or policy failure,” he added.

He said the Presidential Compressed Natural Gas Initiative has begun to prove that Nigeria can use its domestic gas resources to reduce the cost of transportation, especially for heavy-duty vehicles, while government continues to address the technical and infrastructure concerns affecting smaller vehicles.

“We said CNG could cut fuel costs by over 60 per cent, and many called it a fantasy.

“Today, heavy-duty trucks run on Nigerian gas, proving sceptics wrong and returning money to your pockets,” he stated.

Shettima added that the administration was also pushing reforms in the maritime sector through the operationalisation of Lekki Deep Sea Port, the development of the National Single Window and renewed attention to inland waterways, saying the objective is to make Nigerian ports more efficient and globally competitive.

“Before this administration, clearing a container could become an encounter with frustration, corruption, and decay.

” We promised to unlock the blue economy. Today, with Lekki Deep Sea Port operational, the National Single Window taking shape, and inland waterways receiving attention, our ports are preparing to compete with the world’s best,” he said.

The Vice President also assured transporters that the Federal Government would continue to support policies that promote affordable fuel, insurable fleets, bankable contracts and dignified working conditions.

“This administration shall continue to stand with the Nigerian transporter. We shall continue to fight for affordable fuel, insurable fleets, bankable contracts, and dignified working conditions. We shall build roads that last, rails that stretch across this great nation, ports that breathe, and airports that reflect our pride,” Shettima said.

Earlier in his remarks, Technical Adviser to the Vice President on Transportation, Logistics and Innovation, Segun Obayendo, said the group, which constitutes a critical engine of Nigeria’s socio-economic survival, was unanimous in its endorsement and support for the Tinubu/Shettima presidency in the 2027 presidential election.

He said the executives of all the groups in the nation’s transport sector comprising air, maritime, rail and road unions, had consulted widely and were emphatic about their conviction and support for the Tinubu administration based on its achievements across different sectors.

Obayendo said the group was convinced that the Tinubu’s administration has set the country on the path of positive growth hence they are prepared to mobilise the support of members of the various unions in the transport sector to ensure Mr President’s re-election in 2027.

Earlier Secretary-General of the Maritime Workers Union of Nigeria (MWUN), Oniha Erazua, expressed gratitude to the Tinubu’s administration for the recognition given to unions in the transport sector in his government.

He said transporters and other stakeholders are convinced that the reforms of the Tinubu administration in the sector would yield greater dividends if sustained, hence their resolve to support the Tinubu/Shettima ticket in the 2027 election.

Chinedu Wosu

Business

Nigeria, Netherlands Partner To Boost Trade And Border Security

Published

11 minutes ago

June 29, 2026

The Tide

The Nigeria Customs Service (NCS) and the Customs Administration of the Kingdom of the Netherlands have signed a joint declaration to strengthen cooperation on trade facilitation, border security and the fight against transnational organised crime.

Comptroller-General of customs , Adewale Adeniyi, and Nanette Van Schelven, director-general (DG) of Netherlands Customs, signed the declaration in Brussels.

The Agreement follows a series of high-level engagements between both customs administrations, including the NCS’ working visit to the Netherlands in October 2025 and a return visit by a Dutch customs delegation to Nigeria in March 2026.

According to a statement by National Public Relations officer of the NCS, Abdullahi Maiwada, the partnership is aimed at enhancing customs modernisation, intelligence sharing, compliance management and enforcement cooperation.

The statement said both countries had identified opportunities for collaboration in risk management, cargo clearance systems, border control, supply chain security, capacity development and the fight against illicit trade.

The two Customs Administrations also acknowledged Nigeria’s strategic role as one of West Africa’s leading economies and an important trading partner of the Netherlands.

“The declaration highlighted growing concerns over trafficking in narcotic drugs, psychotropic substances and their precursors, counterfeit goods, wildlife products, and weapons, noting that these threats require coordinated international responses,” Maiwada said.

Speaking shortly after the signing Adeniyi said the partnership underscores the importance of international cooperation in addressing emerging trade and border management challenges.

“The partnership will strengthen intelligence sharing, enhance capacity building, improve enforcement effectiveness, and support the collective efforts to secure international supply chains while facilitating legitimate trade,” he said.

NCS boss described the declaration as a significant milestone in the service’s international cooperation agenda and a reflection of the growing relationship between the two customs administrations.

Also speaking, Van Schelven said both countries face similar challenges in an increasingly interconnected global trading environment.

She added that closer collaboration would improve operational capabilities and efforts to combat transnational organised crime while promoting efficient and transparent trade processes.

Under the declaration, both customs administrations agreed to deepen collaboration through the exchange of expertise, training and knowledge sharing, while developing structured cooperation frameworks.

According to the statement, the agreement also provides a basis for a joint work plan and future cooperation mechanisms aimed at improving border efficiency, promoting fair trade practices, strengthening supply chain security and addressing challenges associated with both legal and illegal cross-border movement of goods.

CHINEDU WOSU

Business

NIWA Concessions Waterways Clean-Up to Indigenous Coy

Published

11 minutes ago

June 29, 2026

The Tide

Nigeria’s inland waterways Authority (NIWA) has concession, a multi sectorial indigenous Environmental company, Parts Central Limited to provide strategic oversight and implementation support for a comprehensive clean-up initiative designed to restore the nation’s waterways and to enhance their economic potential.

The project was initiated during the administration of the former Managing Director, National Inland Waterways Authority (NIWA), Asiwaju Bola Oyebamiji, which represents a major step towards achieving a cleaner, safer, and more investment-friendly inland waterways ecosystem in Nigeria.

The initiative is expected to tackle the persistent problems of waste pollution, indiscriminate dumping of refuse, oil spillage and environmental degradation across Nigeria’s vast inland waterways through a structured and sustainable approach.

The project will deliberately identify major sources of pollution, facilitate systematic waste removal, and promote innovative waste-to-wealth solutions capable of creating employment opportunities for communities situated along the waterways.

Beyond environmental restoration, the project is designed to improve navigational safety by removing obstacles that hinder the smooth movement of vessels and other watercraft.

It is also expected to support the conservation of aquatic resources, strengthen the fisheries value chain, and contribute significantly to the realization of the Federal Government’s Renewed Hope Agenda of President Bola Ahmed Tinubu for the Marine and Blue Economy sector.

As part of its broader objectives, the initiative seeks to reposition Nigeria’s inland waterways as attractive destinations for local and foreign investment by promoting environmental sustainability and enhancing the overall efficiency of water transportation.

Stakeholders believe that cleaner waterways will stimulate economic activities, encourage tourism, boost commerce, and unlock the enormous untapped potential within the nation’s blue economy.

Speaking on the project, Managing Director, Part central, Henry Olaoluwa Onifade, assured Nigerians that every aspect of the programme would be professionally executed to deliver lasting results.

He noted that the initiative marks a historic intervention in the management of Nigeria’s inland waterways and reaffirmed the commitment of the project team to ensuring transparency, sustainability, and measurable environmental impact.

Onifade called on government agencies, private sector operators, host communities, environmental groups, and all stakeholders within the maritime sector to support the initiative, stressing that collective participation would be crucial to its success.

He expressed confidence that with sustained collaboration, Nigeria would soon witness cleaner, safer, and more productive inland waterways, setting a new benchmark for environmental stewardship and waterway management in the country.

CHINEDU WOSU