Business
FG To Tackle Issues Of e-Payment System
The Accountant-General of the Federation, Alhaji Ibrahim Dankwambo, said in Abuja on Monday that government would tackle issues that affected effective and efficient implementation of e-payment system.
The News Agency of Nigeria (NAN) reports that the Federal Government introduced the e-payment system in January 1, 2009.
Dankwambo gave the assurance at a two-day training workshop on e-payment with the theme “e-Payment System and Public Financing Management Reporting System as Tool for Achieving Transparency in Government’’.
“Generally some of the problems which include delay in payment and customers getting value for services rendered are mainly human challenges.
“We are still battling with the human aspect of e-payment; there are still people who are not yet at home with the e-payment system.
“We will continue to dialogue with this people, we will continue to perfect the e-payment system to make it acceptable.
“We will also continue to train and retrain people and personnel who are working in the cause of implementing e-payment system so that the implementation will be smooth, challenges and the human factor minimised,” he said.
He added that issues of national network where everybody would hook up for the purpose of clearing and processing transaction was still on the platform.
This, he said, when finished by the end of 2010 would help eliminate some of the major challenges and enhance the e-payment system.
He said the main objective of organising the Forum was to broaden knowledge on the tools that could effectively be deployed to achieve transparency in government.
According to him, implementation of e-payment brought elimination of use of cash to facilitate speedy payments for all transaction, fast tracking the implementation of government policies through the elimination of delays in government payment system.
“Enhance transparency and accountability in payment system, achievement of economy and efficiency in government financial transactions among others,’’ he said.
Dankwambo noted that all Ministries, Departments and Agencies in the Federal Government had fully adopted the e-payment system.
In his keynote address, Mr Achi Achinuvu, Permanent Secretary, Ministry of Finance, said that considerable progress had been made over one year in realising the objectives that formed the basis for adopting e-payment.
“Such objectives include the elimination of unacceptable delays in the payment of contractors, Federal Inland Revenue Service (FIRS) and staff claims, interaction between contractors and government officials thus eliminating corrupt tendencies.
“It has fast tracked the process of implementation of government activities and removal of unnecessary bottleneck and ensured that audit trails of all payment can easily be traced to relevant accounts of individuals or companies that operate them,’’ he said.
He noted that there was need for accounting personnel in the public sector to brace to the international standard of financial reporting as it would enhance transparency in government.
He added that the Federal Government had planned Integrated Financial management Information System (GIFMIS) as steps to ensure accountability in government
“GIFMIS planned to take off in 2011, involves the computerisation of public financial management process, from budget preparation and execution to accounting and reporting with the help of an integrated system for financial management of line ministries, spending agencies and other public sector operation,’’ he said.
He tasked stakeholders to make meaningful contribution to enable the forum come out with issues that would help government achieve its goal of transparency, probity and accountability.
The Forum was organised Accountant –Generals of Nigeria in collaboration with the office of the Accountant-General of the Federation and the World Bank.
Participant were Accounting Officers drawn from federal, state and local government areas across the country.
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.
-
Opinion5 days ago
Ozoro Festival: Tradition or Tyranny?
-
News2 days ago
Decentralizing Pipeline Surveillance Poses Greater Dangers To Niger Delta …. Group Warns
-
Politics2 days agoAPC Resumes Electronic Membership Registration Nationwide
-
Rivers2 days agoCourt Rules Out Interim Administration In Jumbo House, Bonny
-
Politics5 days ago
RIVERS WOMEN RALLY SUPPORT, CONTINUOUS PRAYERS FOR TINUBU
-
Politics5 days ago
AKPABIO, DIRI, OBOREVWORI, OTHERS VOW TO REELECT TINUBU …AS GIADOM RETAINS APC ZONAL CHAIR
-
Business2 days ago
33 Banks Raise N4.65tn As Recapitalisation Ends
-
Politics5 days ago
Viral 2027 Nomination Forms Price List Fake, Misleading – APC