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

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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.”

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NDLEA Arrests Four Notorious Female Drug Dealers In Four States

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The National Drug Law Enforcement Agency (NDLEA) has arrested four notorious female drug dealers in Edo, Imo, Kano, and Gombe states.

The Director of  Media and Advocacy, NDLEA, Mr Femi Babafemi, made this known in a statement in Abuja, yesterday.

Giving a breakdown, Babafemi said that in Edo, an intense sweep of notorious drug hotspots within Benin City by NDLEA operatives on June 2 led to the arrest of four key traffickers, including three females.

“At Uyosa, Benin City, two female suspects were nabbed with a cocktail of illicit substances, including 176 grams of skunk, 65g of Loud, and 5 grams of Methamphetamine.

“Along Agbor road in Benin City, another female suspect, 21-year-old Anita Abraham, was apprehended with 95 grams of Scottish Loud and 329 grams of regular Loud.

“At Upper Mission, Benin City, a male suspect was arrested with a diverse cache of psychotropic substances consisting of Loud, Colorado, Swinol, and Methamphetamine.

“A swift operation by operatives in Kano State on Thursday, June 4, led to the arrest of a 19-year-old suspect, Saifullahi Lawan at the Kafi area of Madobi, with 40 blocks of skunk weighing a total of 38 kilograms,” NDLEA said.

In a related development, Babafemi said, operatives in Gombe state intercepted a 28-year-old suspect on June 1 near Dantiti Plaza in the Tumfure area of Gombe.

“The suspect was caught with 15,000 capsules of tramadol,” he said.

He said the War Against Drug Abuse (WADA) social advocacy activities by NDLEA Commands and formations equally continued across the country in the past week.

Reacting to the string of successful operations, the NDLEA Chairman, retired, Brig.-Gen. Buba Marwa commended the officers, men and women of the Imo, Edo, Kano, and Gombe commands for their resilience and vigilance.

Marwa 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.

He re-emphasised that the agency remains fully committed to dismantling drug supply chains and would continue to target traffickers regardless of age, gender, or concealment methods.

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Navy Intercepts Over 135,000 Litres Of Stolen AGO In Rivers

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The Nigerian Navy says its operatives under Operation Delta Sentinel have intercepted over 135,000 litres of suspected illegally refined Automotive Gas Oil (AGO) during separate operations in Rivers State waterways.

Director of Information, Navy Captain Abiodun Folorunsho, said the operations were carried out by personnel of the Nigerian Navy Ship (NNS) Pathfinder around the Onne and Abonema axis.

He said the seizures were made during routine patrols aimed at curbing crude oil theft and illegal fuel transportation across creeks in the state.

In one of the operations, naval personnel intercepted a fibre boat at the entrance of Owogono Creek in Ogu-Bolo Local Government Area carrying drums and jerrycans filled with suspected stolen AGO.

According to him, the occupants abandoned the boat and fled into nearby creeks, while the vessel and about 63,000 litres of product were recovered.

In another operation around Abonema in Akuku-Toru Local Government Area, patrol teams intercepted a wooden boat conveying about 72,000 litres of suspected illegally refined AGO concealed in sacks.

The Navy said the products were being transported through waterways for onward distribution before the operation disrupted the movement.

Folorunsho said the recoveries highlight the continued exploitation of creek networks by criminal elements for illegal petroleum product transportation.

He added that all recovered items were handled in line with established procedures on anti-crude oil theft operations.

The Navy reaffirmed its commitment to intelligence-driven operations aimed at dismantling illegal oil networks and protecting Nigeria’s maritime economic assets.

 

 

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PERM SEC Tasks PUBLIC SERVANTS TO EMBRACE ACCOUNTABILITY

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The Permanent Secretary of Rivers State Ministry of Information and Communications, Dr Honour Sirawoo mni, has charged public servants to embrace accountability and prudent management of public resources, stressing that government funds must be utilised responsibly.

 

Dr. Sirawoo made the assertion during the 41st anniversary of The Rivers State Television (RSTV), in Elelenwo.

 

He noted that public service demands commitment and sacrifice, urging workers to justify the opportunities entrusted to them through diligengence and productivity.

 

“All I try to do is to see that we have value for every kobo that we spend and value for our time.

 

“Government has a social responsibility to provide opportunities, but when you have one, you must guard it through hard work and ensure your presence is justified,” he stated.

 

The Permanent Secretary further appealed to workers to see themselves as ambassadors of their respective institutions, adding that government remains committed to creating employment opportunities and improving public service delivery.

 

Also speaking, former Acting Managing Director of the Niger Delta Development Commission (NDDC), Dr (Mrs.) Christiana Atako, praised the station’s professionalism and consistency despite operational challenges.

 

“We have never been disappointed. In spite of all the challenges RSTV had at that time, they never failed us. They carried our stories very well,” she said.

 

Dr Atako encouraged staff members to continually improve themselves through training, education and professional development in order to remain competitive in the evolving media industry.

 

Earlier, Acting General Manager of RSTV, Ambassador Paul Damgbor, described the anniversary celebration as an opportunity to reflect on the station’s journey of over four decades and appreciate those who have contributed to its development.

 

Pastor Damgbor said that the station had recorded remarkable improvements in recent months through the acquisition of digital cameras, computers as well as upgrades in audio and visual production facilities.

 

“We have seen great change. We were able to get new brand digital cameras and improve on our audio. We have also provided new computers for key departments, including News, Programmes and the Library,” Damgbor remarked.

 

He also unveiled a commemorative magazine chronicling the history and achievements of the station, describing it as a valuable reference material for preserving RSTV’s heritage.

 

The Acting General Manager, however, expressed concern over the theft of critical equipment from the station’s transformer, a development he said had forced the organisation to rely heavily on generator power supply.

 

The Senior Pastor of Gateway International Church, Pastor George Izunma, who gave a short charge during the event, urged media practitioners to uphold the ethics of journalism and remain committed to accuracy in reporting.

 

“You are pressmen. You are okay to doubt, but verify,” he advised, stressing the importance of credibility and responsibility in the profession.

 

He equally highlighted the need to  “ask the help of God, sow a seed of help, and step into something as if you have help” stressing the need to move by faith for growth.

 

Some participants at the event also raised concerns about employment opportunities while commending RSTV’s growth and contributions to public enlightenment in Rivers State.

 

A major highlight of the celebration was the presentation of an award to the Rivers State Ministry of Information and Communications in recognition of its diligence and service to the people of the state. Dr Honour Sirawoo also received a special award for his contributions to the growth and development of RSTV.

 

Awards were equally presented to outstanding members of staff of RSTV for exemplary performance and their dedication to duty.

 

The event also featured the unveiling and launch of the RSTV commemorative magazine as well as a tour of the station’s newly built cafeteria and other facilities.

 

The celebration marked another milestone in the station’s 41-year history and reaffirmed its commitment to excellence in public broadcasting.

 

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