Business
Fraudulent Microfinance Banks To Face EFCC
The Central Bank of Nigeria (CBN) said it will liquidate any microfinance bank found engaging in fraudulent practices and hand over its operations to EFCC.
Olufemi Fabanwo, the CBN director, Other Financial Institutions Department (OFID) on sanctions, told newsmen in Lagos that CBN would expose such fraudulent operators.
Fabanwo said if any of the five failed microfinance banks operators is found to be fraudulent, he or she will be handed over to the EFCC or any other anti-graft agency.
According to him for microfinance banks that are still solvent but needed management experts, there will be some kind of special restructuring.
He said the CBN and Nigeria Deposit Insurance Corporation (NDIC) were still conducting examination on other microfinance banks.
Fabanwo said the NDIC had conducted examination on 150 microfinance banks while the apex bank had carried out similar examination on some microfinance banks in 2009.
“All licensed microfinance banks are dully insured by NDIC and NDIC will step in after the comprehensive report has been compiled,” he said. The CBN Chief, however, assured customers of the failed microfinance banks that their money deposited with the banks are in safe custody.
At the present 930 microfinance banks are operating in the country with 205 microfinance banks based in Lagos.
The five failed microfinance banks are: Integrated Microfinance Bank, KFC Microfinance Bank, Bristol Microfinance Bank, Unique Microfinance Bank, and Milestone Microfinance Bank, all based in Lagos.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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