Business
Obama Signs Financial Overhaul Bill Into Law
Revelling in victory, President Barack Obama, on Wednesday, signed into law the most sweeping overhaul of financial regulations since the Great Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street.
The law, pushed through mainly by Democrats in Washington’s deeply partisan environment, has come almost two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe. The legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to guard consumers and puts more light on the financial markets that escaped the oversight of regulators.
Obama described them all as commonsense reforms that will help people in their daily life — signing contracts, understanding fees, being aware of risks.
He went so far as to call the reforms “the strongest consumer protections in history.” The president added to a burst of applause: “Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes.”
Republicans portray the bill as a burden on small banks and the businesses that rely on them and argue it will cost consumers and impede job growth. Republican Rep. Darrell Issa of California called Obama’s bill-signing a “charade” that ignored the root causes of the financial crisis.
The president said otherwise. He argued that a crippling recession was primarily caused by a breakdown in the financial system that cannot happen again.
“I proposed a set of reforms to empower consumers and investors, to bring the shadowy deals that caused this crisis into the light of day, and to put a stop to taxpayer bailouts once and for all,” Obama said to supporters. “Today, thanks to a lot of people in this room, those reforms will become the law of the land.”
In a note of irony, Obama signed the bill with great fanfare in the massive Ronald Reagan Building, named after a president who championed deregulation.
The president was joined by scores of consumer advocates, state and local government officials, business owners and executives, and members of Congress who supported the bill. Obama singled out for praise Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass., who shepherded the bill through Congress.
In the midst of a heated midterm election season for many lawmakers, Obama sought to put the complex law in consumer-oriented terms for the nation. He said it would help root out fine print and hidden fees for people, and provide deeper scrutiny of the sophisticated financial transactions on Wall Street.
The law also assembles a powerful council of regulators to be on the lookout for risks across the finance system. Large, failing financial institutions will now be liquidated and the costs assessed on their surviving peers. Borrowers will be protected from hidden fees and abusive terms, but also will have to provide evidence that they can repay their loans. The Federal Reserve will get new powers while at the same time coming under expanded congressional oversight.
“While President Obama pats himself on the back today, families and small businesses are bracing for yet another big-government overreach that will make it harder to create new jobs,” said the House Republican leader, John Boehner of Ohio.
Though Obama and his top officials urged Congress to pass the law while the memory of the 2008 financial crisis was still fresh, many of the law’s provisions won’t take effect for at least a year, as regulators scramble to write new rules and implement them.
Large Wall Street banks have welcomed some provisions in the bill, but have fiercely opposed others that would limit their banking business and cut into their profitability.
Obama has at least one contentious remnant from the bill to address. He must still nominate a director for the independent consumer protection bureau, an agency that became one of the bill’s flashpoints and was attacked by Republicans as a broad expansion of government power over private business.
Elizabeth Warren, a Harvard law professor, is considered a leading candidate for the job. As head of the Congressional Oversight Panel for the government’s $700 billion Troubled Asset Relief Program, the bank rescue fund known as TARP, she has periodically clashed with Treasury Secretary Timothy Geithner.
Liberals and unions have been aggressively pressing for her appointment. AFL-CIO President Richard Trumka was among the latest to voice support for of Warren, saying Tuesday she is the only candidate “uniquely qualified and equipped to head this new agency.”
But opposition in the Senate could make Warren’s confirmation difficult, a point Dodd made in a radio interview on NPR Monday. White House spokeswoman Amy Brundage said that while the administration has additional candidates in mind, “We are confident she is confirmable.”
Also under serious consideration is assistant Treasury secretary Michael Barr, one of the architects of the financial regulation bill and a close ally of some White House officials”.
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.
-
Politics3 days agoLG CITY BOY COORDINATOR HAILS WIKE’S SUPPORT FOR ONYESOH, TINUBU
-
Politics3 days ago
DIRI INAUGURATES APC CAMPAIGN COUNCIL, SETS MILLION VOTES TARGET FOR TINUBU
-
Politics3 days agoNDC Candidate Urges Oborevwori To Probe Asaba Political Violence
-
News3 days agoArmy Recovers X Account After Hack Attempt
-
Business3 days agoNigeria Loses N17tr Yearly To Abandoned Projects
-
Politics3 days ago
2027: Oborevwori Tasks Media On Fair, Accurate Reporting
-
Politics3 days ago
2027: AKPABIO ENVISAGES TINUBU’S VICTORY IN SOUTH SOUTH REGION
-
Politics3 days ago
Asaba Political Violence: Police Confirm One Dead, Delta Govt Urges Probe