Connect with us

News

‘49% Of Adults’ve No Access To Financial Services’

Published

on

Efforts by the Central Bank of Nigeria to drive financial inclusion across the nation is yielding result, as over 50 percent of Nigerian adults are using formal (regulated) financial services.
This was disclosed during the launch of Enhancing Financial Innovation and Access (EFInA), Access to Financial Services in Nigeria 2020 Survey, yesterday.
It was gathered that this is the first time, more than half of Nigerian adults are using formal (regulated) financial services,
The survey shows that, while more Nigerian adults are financially included, National Financial Inclusion Strategy targets were not met.
The survey also indicated that growth in digital financial services and agent banking highlights opportunities to drive faster progress toward financial inclusion, particularly for excluded groups such as women, rural and Northern Nigerians.
According to the survey, “51 percent of Nigerian adults are using formal financial services, such as bank, microfinance bank, mobile money, insurance, or pension accounts, up from 49 per cent in 2018.
“This has largely been driven by growth in banking, with 45 per cent of Nigerians banked in 2020, up from 40 per cent in 2018.
“Although financial inclusion has grown in the past decade, Nigeria fell short of the National Financial Inclusion Strategy targets for 2020.
“Nigeria had aimed to reach 70 per cent of Nigerians with formal financial services by 2020; the actual figure was 51 per cent.
“The strategy also set targets for overall financial inclusion, which counts Nigerians that use either formal financial services or informal financial services that are not nationally regulated, such as savings groups.”
Speaking during the launch, the Deputy Governor, Financial Systems Stability (FSS), CBN, Aishah Ahmad, stated that “financial inclusion … is a strong lever for bridging income inequality, combating poverty and preserving social harmony.
“The CBN has accordingly been at the forefront of the efforts to drive financial inclusion in Nigeria by championing the development and implementation of Nigeria’s National Financial Inclusion Strategy led by the CBN governor.”
Ahmad, who doubled as chair of the Financial Inclusion Technical Committee, noted that, “Despite progress achieved to date, critical groups remained excluded, including women, rural dwellers and citizens in the northern area.
“To address the issue with women, CBN launched a Framework for Advancing Women’s Financial Inclusion in Nigeria in 2020 and is leading the industry to implement the framework, which we expect to lead to significant increase in women financial inclusion in Nigeria.”
On his part, the Chief Executive Officer, EFInA, Ashley Immanuel, said, “At our current rate of progress, we will not reach the 2020 financial inclusion targets until around 2030. However, we can reach these targets much faster if we follow paths taken by other African countries that have seen rapid financial inclusion growth due to mobile money.
“EFInA’s Access to Financial Services in Nigeria Surveys show that use of digital financial services and agent networks started to grow significantly between 2018 and 2020.
“Phone ownership has also increased, with 81 per cent of Nigerians now owning mobile phones. Now is the time to build on this initial progress and drive faster financial inclusion growth through digital financial services such as mobile money.
“We can do this by creating an open and level playing field for a wide range of providers, creating the right environment for fin-tech to thrive, and encouraging partnerships between different providers.”
The Economic Development Team Leader, Nigeria for the UK’s Foreign, Commonwealth & Development Office, Gail Warrander, remarked that, “The EFInA Access to Financial Services in Nigeria 2020 Survey shows that Nigeria has made progress on financial inclusion but there’s still a way to go.
“The report models how the journey to the financial inclusion goal can be speeded up by encouraging the scale up of mobile money. I firmly believe that the majority of those excluded, especially women and youth, could then enjoy the convenience of financial services, including using remote payments systems. This survey is full of rich data for policy makers, development partners and financial services companies to use.”

Continue Reading

News

NDLEA Intercepts Drugs Hidden In Clothes, Garri

Published

on

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted consignments of cocaine and various opioids concealed in walls of cartons used to package cloths and other items going to the United Kingdom and Australia.

Spokesman of the agency, Femi Babafemi, in a statement shared on X yesterday confirmed the interdiction.

According to him, “The two seizures were recorded at a courier company in Lagos on Friday 15th May 2026 during examination of shipments going to the UK and Australia.

“A total of 170grams of cocaine sealed in cellophane parcels and buried in the walls of a carton of cloths heading to Australia were recovered.

“A wide range of opioids including: 200 ampoules of pentazocine injection; 1,100 capsules of tramadol and 100 ampoules of promethazine injection were recovered from another carton which has United Kingdom as its final destination”.

“In FCT Abuja, NDLEA operatives on Monday 11th May arrested a 29-year-old businessman Ogadi Peter who specializes in producing drug laced cakes and cookies for parties and social gatherings in the capital city.

“Following credible intelligence, he was traced to his home in Life Camp area of the FCT where he was nabbed while 800grams of skunk and 2.70kg drug laced cookies recovered from him”.

“In Delta state, NDLEA operatives on Sunday 10th May, raided Ejeonu village in Ukwuani local government area where they destroyed 27,500 kilograms of skunk on 11 hectares of farmland and recovered 22.9kg of same substance while a 52-year-old suspect Ifeanyichukwu Peter was arrested in a follow up operation at Obiaruku.

“A similar raid in Orogun village, Ughelli North LGA on Tuesday 12th May led to the destruction of 37,500 kilograms and recovery of 55.4kg of same psychoactive substance on 15 hectares of farm as well as the arrest of 30-year-old Godwin Vincent Osadera.

“This brings the total weight of skunk destroyed by NDLEA operatives supported by soldiers in the two operations to 65,000 kilograms”.

“In Kaduna State, 361kg of skunk was recovered during a raid operation at Dan Magaji area of Zaria town on Wednesday 13th May. and a suspect Husaini Suleiman, 42 ,was arrested.

“A large cache of military-grade ammunition was intercepted by NDLEA officers on patrol along Abuja-Kaduna highway, Kaduna on Tuesday 12th May.

“A suspect, 35-year-old Abdullahi Hassan was caught conveying the 1, 989 rounds of RLA 7.62mm concealed in fresh white cassava granules locally known as garri.

“Both the suspect and exhibit have since been transferred to another security agency for further investigation’.

Also, a total of 181kg skunk was recovered from a suspect Aliyu Sani when NDLEA operatives raided the Ogere area of Ogun state on Wednesday 13th May, while another suspect Sufiyanu Mohammed Misa, 27, was arrested with 105,850 pills of opioids including tramadol, diazepam and exol-5 along Zaki- Biam road Wukari LGA, Taraba state on Thursday 14th May.

In Oyo State, two suspects: Adeleke Olamide Aliyah, 20, and Aloba Abdulazeez, 25, were arrested on Thursday, 14th May at Challenge II, Saki town, in connection with the seizure of 99 litres of skuchies.

NDLEA also said a total of 1,388.4175 kilograms of skunk were destroyed on two farms on Friday, 15th May when NDLEA officers raided Ago forest, Orhionmwon LGA, Edo state.

A 25-litre jerry can of palm oil used to conceal 1.2kg pills of tramaking 225mg was recovered from Kofar Ruwa motor park in Kano on Monday, 11th May following credible intelligence while a suspect Aminu Isa, 35, was arrested at Sabuwar Sharada area of the state same day with 30.5kg skunk.

The War Against Drug Abuse (WADA) social advocacy activities by NDLEA Commands equally continued across the country in the past week including: WADA sensitization lecture delivered to students and staff of The Apostolic Church Model College, Ijokodo, Ibadan Oyo State; School of Health Technology, Lambata, Niger state; Yewa Junior High School, Agege, Lagos; Government Secondary School, Yardaje, Katsina; Igogo Commercial High School, Igogo Ekiti and Government Girls Secondary School, Magwan, Kano state; among others.

While commending the officers and men of DOGI, Delta, Kaduna, Oyo, Taraba, Kano, FCT and Edo Commands of the Agency for the arrests and seizures of the past week, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) also praised their counterparts in all the commands across the country for pursuing a fair balance between their drug supply reduction and drug demand reduction efforts.

Continue Reading

News

Five Die In Abuja Building Collapse

Published

on

No fewer than five persons have been confirmed dead after a three-storey building under construction collapsed in the Durumi 3 area near Gudu Market in the Abuja Municipal Area Council of the Federal Capital Territory on Saturday morning.

Ten other persons were rescued alive from the rubble, according to the media aide to the Minister of the Federal Capital Territory, Lere Olayinka, who provided an update on the incident via his X handle on Saturday.

Olayinka further stated that the Mandate Secretary of the Health Services and Environment Secretariat of the Federal Capital Territory Administration, Dr Adedolapo Fasawe, who visited the site, disclosed that the Minister of the Federal Capital Territory, Nyesom Wike, had directed that “all casualties be given free medical treatment.”

According to him, emergency responders continued efforts to evacuate more victims believed to be trapped beneath the rubble.

Officials of the Federal Fire Service, health workers, security agencies and local volunteers were at the scene working to rescue victims.

Recall that in April, six persons were injured following a similar collapse of a two-storey building under construction in Jikwoyi within the AMAC area.

Continue Reading

News

Odu Charges Newlyweds To Build Marriage On Love

Published

on

Rivers State Deputy Governor, Prof. Ngozi Odu, has charged newlywed couples to build their marriages on the virtues of love as taught in the Word of God.

Prof. Odu gave the charge at the wedding ceremony of Amblessed Favour Sunny-Cookey and Samson Jesuganji at Lifegate Power Ministries, Dominion Cathedral, in Port Harcourt at the weekend.

This was contained in a statement by the Head of Press, Deputy Governor’s Office, Owupele Benebo last Saturday.

The statement identified the bride as the daughter of Pastor Sunny Cookey, the Founder and Presiding Pastor of Lifegate Ministries.

The deputy governor congratulated the couple on a new phase of life, and prayed for God’s blessings upon their union, noting that the couple were raised by godly parents and encouraging them to uphold the Christian values instilled in them.

Referring to the sermon delivered during the ceremony, Odu emphasized that the principles of love and submission remain fundamental to a successful marriage.

According to her, genuine love reflects the nature of God, stressing that love should remain the foundation of the couple’s relationship as they journey through life together.

She prayed for enduring peace, happiness, and progress in their home, expressing confidence that the marriage would continue to flourish under God’s guidance.

The deputy governor commended the families of the couple for their support and upbringing, while urging the newlyweds to always remember the significance of the day and the commitment they had made before God and witnesses.

In his sermon at the wedding, the Founder and Presiding Pastor of Salvation Ministries, Pastor David Ibiyeomie, stated that marriage did not originate from Western culture, traditions, or human ideas, but from God, whom he described as the “manufacturer” of marriage.

According to the cleric, couples seeking lasting and peaceful homes must rely on biblical principles rather than societal trends or assumptions.

He explained that many marital crises and rising divorce rates stem from ignorance and failure to apply scriptural teachings in family life.

Drawing from the biblical parable of building a house on a rock, Ibiyeomie said the Word of God remains the only solid foundation capable of sustaining marriages through challenges and difficult times.

He noted that marriage naturally comes with unexpected realities and pressures, stressing that religious ceremonies or cultural practices alone are not enough to sustain a home without proper understanding of God’s instructions.

The pastor further warned that ignorance of scripture remains one of the greatest weapons against believers, urging Christians to study and practice the Word of God rather than merely attending church services.

The ceremony had many ministers in attendance including Apostle Zilly Aggrey, Pastor George Izunwa, and Bishop Winston Iwo.

 

Continue Reading

Trending