Business
N2.67bn School Feeding Funds Found In Private Accounts, ICPC Confirms …Ministry Feigns Ignorance
The Chairman, Independent Corrupt Practices and other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, says the agency has discovered N2.67billion meant for the school feeding programme in private accounts.
The agency, he added, also found over N2.5billion diverted by a deceased worker with the ministry of agriculture, noting that 18 buildings, 12 business premises and 25 plots of land, were also recovered in the ministry.
Owasanoye disclosed this in Abuja on Monday at the second National Summit on Diminishing Corruption in the Public Sector, which was organised in collaboration with the Office of the Secretary of the Government of the Federation.
The summit with the theme, “Together against corruption”, also included the launch of the National Ethics and Integrity Policy.
He said under the Open Treasury Portal review carried out between January and August 15, 2020, 72 out of 268 ministries, departments and agencies had cumulative infractions of N90million.
According to him, while 33 MDAs explained that N4.1billion was transferred to sub-Treasury Single Account, N4.2billion paid to individuals had no satisfactory explanations.
He stated, “We observed that transfers to sub-TSA were to prevent disbursement from being monitored. Nevertheless, we discovered payments to some federal colleges for school feeding in the sum of N2.67billion during lockdown when the children are not in school, and some of the money ended up in personal accounts.”
The ICPC chairman also said under its 2020 constituency and executive projects tracking initiative, 722 projects with a threshold of N100million (490 ZIP and 232 executive) were tracked across 16 states.
He noted that the constituency tracking project of the agency compelled 59 contractors to return to sites, adding that the individuals handling the projects worth N2.25billion had abandoned the projects before the ICPC’s intervention.
President Muhammadu Buhari said his regime would not relent in its efforts to eradicate corruption in the country.
He reiterated his position that if corruption was not eradicated, the menace would kill the country.
Buhari spoke at the second national summit of the ICPC and the inauguration of the National Ethics and Integrity Policy to mark the commission’s 20th and Nigeria’s 60th Independence anniversaries.
Meanwhile, the Ministry of Humanitarian Affairs, Disaster Management and Social Development has dissociated itself from reports that N2.67billion meant for the feeding of schoolchildren during the lockdown was diverted to private accounts.
In a statement issued on Monday night by the Special Assistant on Media to the Minister, Nneka Anibeze, stated that the statement by the Independent Corrupt Practices and Other Related Offences Commission on the said funds was twisted and misinterpreted.
“The Ministry of Humanitarian Affairs, Disaster Management and Social Development hereby informs the public that the Federal Government colleges school feeding in question is different from the Home Grown School Feeding which is one of its Social Investment Programmes,” it said in the statement.
It stated that the school feeding under scrutiny was the feeding of students in Federal Government colleges across the country.
“It is not under the Federal Ministry of Humanitarian Affairs which only oversees Home Grown School Feeding for children in Primaries one to three in select public schools across the country,” the ministry argued.
It added, “The ministry or the minister does not even handle or disburse funds for Home Grown School Feeding. The money for funding the programme neither passes through the minister nor the ministry.”
It explained that the over N2.5billion which was reportedly misappropriated by a senior civil servant took place in a different ministry and not the Ministry of Humanitarian Affairs, Disaster Management and Social Development.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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