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NDIC Faults Microfinance Banks’ Operations

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16 years ago

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The latest report of Nigerian Deposit Insurance Corporation (NDIC) has implicated microfinance institutions in the country for lack of plans and focus.

The 2008 report of corporation on the banking industry could not believe why most of the MFBS operated like commercial banks, rather than granting micro credit to the active poor.

According to NDIC, “The board of MFBs lacked strategic objectives, policies, plans and procedures. Also there were issues of self serving practices and insider abuse by the owners, board and management of some of the MFBs.”

The corporation who was not happy with the trend stated that only 26 percent of total loans were granted as micro credit to small businesses by MFBs, while about 74 percent of the sector’s fund were considered as cash and near cash assets. Majority of MFBs examined by the corporation during the period was said to have large workforce who received unsustainable remuneration and benefits.

Rather than granting micro loans to their customers to sustain their business, the report shows most of MFBs grant commercial loans to businessmen.

The MFBs tended to be risk averse as many of them kept large sums of money with the universal banks rather than give such funds out as loans, the report said. It also discovered that most MFBs invested their funds in Treasury Bill.

Some microfinance institutions, the corporation said, operated as if they were in competition with the universal banks.

According to it, “the cost of accommodation mostly in the urban centres, heavy wage bills resulted in very high operating costs, which reduced their (MFBs) ability to grant loans.”

From 145 MFBs examined by the NDIC in 2008, it was discovered that only 26 percent of the total credit portfolio of MFBs qualified as micro credits. This, it said, revealed that MFBs had more funds tied down as cash and near cash assets than credits granted.

NDIC however disclosed that only 453 microfinance institutions of he 840 MFBs render their returns to it.

While total assets of the 453 MFBs in 2008 stood at N77.87bn, total deposit liabilities and total loans stood at N39.57bn and N27.77bn respectively, the corporation said.

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Kenyan Runners Dominate Berlin Marathons

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3 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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3 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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3 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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