Business
Nation-Building: CIBN Seeks Collaboration With Stakeholders
The Chartered Institute of Bankers of Nigeria (CIBN) Lagos branch has called on all stakeholders, government agencies and the media to collaborate in building the Nigeria economy, especially at this period of global financial meltdown.
Speaking recently in Lagos, to formally announce the institute’s up-coming Bankers Night at July 30, 2009, Herbert Okumagba President of the organising committee for the Bankers Night and executive director of Oceanic Bank said the country is endowed with raw materials that could be transformed into finished products if probably harnessed.
He said that the Nigeria economy is very fragile, especially the financial industry, and that it is only a joint venture in building the economy that could enable Nigeria realise its vision of 2020.
According to him, Nigeria has never experienced some natural disaster or toxic assets which most countries in the world could not find solution to. “The problem that Nigeria has is mainly with the media. It is what you call yourself that people calls you. Our media industry has not played their role in projecting the image of the country positively. Most advanced countries of the world experienced worst things that we could record here, but our press tends to blow things out of proportion. There is need however to collaborate with all other stakeholders to build this economy”, he said.
Okumagba therefore explained that the topic chosen Global Financial Meltdown in Africa, asking players in the financial industry, have been assembled as key speakers at the event.
Explaining dignitaries at the occasion, Okumagba said the guest speakers are two erudite Nigerian, Mrs. Oby Ezekwesili, former Nigeria Minister of Education and the present Vice President with World Bank in charge of Africa and Asia and Bode Agusto, former director general and special adviser to the president on Budget Matters, government agencies and other stakeholders in the country.
Analysing why the choice of the topic for the Bankers Night, he said the current global financial crisis is a clarions call to all nations, particularly developing and emerging economies like Nigeria to address urgently fundamentals socio-political issues, adding also that if the developed and advanced economies think they can survive all alone without due consideration for the state of health of the emerging developing and weak economies of the world is a fallacy which realities are already impacting on everybody.
At a recent workshop organised by CIBN Lagos branch on risk management, Mr. Stephen Onasanya, Group managing director and chief executive of First Bank Plc has called for the implementation of sound risk management practices approached from a global, integrated perspective in order to tackle the deepening and emerging risk issues in the Nigerian environment.
Onasanya said cautious optimism in new credit creation is advised Sound Corporate Governance practices must be entrenched to support risk management structures of the banking industry is to successfully wade through these difficult times.
According to him, the global economic meltdown has become a major topical issue in recent times, in view of its impact on existing businesses, government policies, new development initiatives, rate of employment, standard of living, credit creation and recovering efforts.
He noted that its impact has, however, varied for countries and business sectors, adding that the genesis of the economic crisis could be traced to the “sub-prime, Mortgage crisis” which brought about the collapse of major financial institutions, and the take-over of others, in the United States.
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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