News Rider

BY CHIKA OKEKE, Abuja Taiwo Oyedele The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele has unveiled an empowerment scheme for 500,000 entrepreneurs, designed to close the employment gap for the youth. Tagged YouthCred, the initiative was also planned to unlock the entrepreneurial potential of young Nigerians and accelerate economic growth through access to affordable credit. At the launch of the initiative on Wednesday in Abuja, the minister stated that the initiative will unlock the entrepreneurial skills of young Nigerians and accelerate economic growth through access to affordable credit. Implemented by the Nigerian Consumer Credit Corporation, CREDICORP, the programme is intended to bridge the financing gap of young entrepreneurs and also provide them with the resources needed to start, sustain and scale their enterprises. The Minister stated that the programme reflects the Federal Government’s commitment to building a more inclusive econ...

BY CHIKA OKEKE, Abuja The Nigeria Deposit Insurance Corporation, NDIC, has commenced the payment of insured deposits to customers of the 46 failed microfinance banks whose operating licenses were revoked by the Central Bank of Nigeria, CBN. The Apex bank revoked the operating licenses of 46 Microfinance Banks effective July 1, 2026, over insufficient assets and other regulatory issues. This followed the MFB’s failure to meet the regulatory requirements for continued operation as licensed financial institutions, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act ,BOFIA, 2020. Managing Director and Chief Executive of the NDIC, Thompson Sunday informed journalists in Abuja, that plans are underway to reimburse the depositors, encouraging depositors without valid Bank Verification Numbers, BVNs, to report to the nearest NDIC zonal office to complete the verification process and receive their payments. He hinted that NDIC is tapping the Niger...

BY CHIKA OKEKE, Abuja The Nigeria Customs Service, NCS, has cautioned applicants against succumbing to traps set by scammers through the fake recruitment update circulating on some social media platforms. Describing the information as fake, the Service hinted that the announcement did not originate from the NCS.   The purported announcement reads in part: “Nigeria Customs service wishes to officially clarify its recruitment procedures following ongoing inquiries to firmly reiterate that the entire recruitment process is entirely free of charge. Under no circumstances should any candidate be requested to make any form of payment at any stage of the verification or selection process.” Worried by the activities of scammers, the NCS advised members of the public to disregard the publication and rely only on information disseminated through the official communication channels of the Nigeria Customs Service. The Service enjoined Nigerians to stay vigilant and verify informati...

BY CHIKA OKEKE, Abuja Taiwo Oyedele The Federal Government has advanced plans to rescue the electricity sector from years of underinvestment by floating N729bn bonds in August, meant to offset the mounting debts owed by individuals and corporate organisations.  Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who disclosed this at the Nigerian Bulk Electricity Trading Plc, NBET, Investors Forum in Abuja, blamed underinvestment on liquidity shortages, tariff shortfalls, mounting debts to generation companies and weak market confidence. The bond, which is part of the Presidential Power Sector Debt Reduction Programme, is expected to be set aside for the payment of verified obligations to generation companies and gas suppliers to improve liquidity, boost plant availability, and restore investor confidence in the power sector. Oyedele informed that the bonds will be raised through the second tranche of its Power Sector Multi-Instrument Issuance P...

BY CHIKA OKEKE, Abuja Kashim Shettima Vice President Kashim Shettima has challenged African countries to collaborate in developing affordable broadband connectivity, strengthening cybersecurity and promoting responsible Artificial Intelligence, AI, governance. He stated this on Thursday in Abuja at the opening of the 7th Ordinary Session of the African Telecommunications Union, ATU, ahead of the forthcoming 2026 ITU Plenipotentiary Conference in Doha, Qatar. Shettima disclosed that effective partnership will accelerate digital trade, adding that no single nation, regardless of its size or resources, will fully realise Africa’s digital ambitions in isolation. The Vice President stated that Nigeria is committed to the African Union’s Agenda and the Digital Transformation Strategy for Africa through sustained investments in broadband expansion, digital infrastructure, AI, innovation, cybersecurity and digital skills. He pointed out that Africa must assume a stronger role in sh...

BY CHIKA OKEKE, Abuja The Federal Mortgage Bank of Nigeria, FMBN, has set out plans to build 962 housing units on the Kaba District, Abuja land recovered by the Independent Corrupt Practices and Other Related Offences Commission, ICPC. This followed a Federal High Court order mandating the return of the forfeited property to FMBN, as the victim of the unlawful diversion of funds originally meant for the housing project. Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, who received the property, described the development as a significant milestone in the Bank's drive to expand affordable housing delivery and safeguard the contributions of millions of National Housing Fund, NHF, subscribers. ‎He noted that the event represented a significant milestone in its collective efforts to advance affordable housing and expand access to decent homeownership for Nigerians. ‎Osidi praised the ICPC for its diligence, professionalism and commitment in recovering and return...

BY CHIKA OKEKE, Abuja Taiwo Oyedele The Federal Government has hinted that public confidence in financial institutions contributed to increased savings among Nigerians, expanded investments and provided multiple opportunities for the economy. Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele disclosed this at the 2026 International Association of Deposit Insurers, IADI, Africa Regional Committee Annual Meeting and Workshop, organised by the Nigeria Deposit Insurance Corporation, NDIC, in Abuja. He said: “Financial stability is often discussed in technical terms, yet its impact is felt in the everyday lives of citizens. It affects the ability of businesses to access credit, households to save securely, investors to commit capital, and governments to deliver development programmes. “Monetary and fiscal policy alone cannot drive prosperity if the financial sector is vulnerable to panic, capital flight, or systemic distress. The banking system is th...