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How Osinbajo Indicted Nigerian Banks

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The Vice President, Prof Yemi Osinbajo, on Monday decried the low impact of commercial banks on the citizenry with no fewer than 40 per cent of the people under-banked.

He said this in a remark at the public presentation and launching of the book “Banking Reform in Nigeria: the Law, the Prospects and the Challenges” written by a doctor of Law, former lecturer in the University of Ife and a member House of Representative,  Bode Ayorinde, in Abuja.

“It is perhaps accurate to say that for most Nigerians, banks have not really significantly impacted their lives or livelihoods.

“First, the under-banked population is said to be in the order of about 40 per cent, which means that a significant number do not even have access to banking facilities let alone banking products of any kind.

“The majority of those who have bank accounts for a variety of reasons are not able to access personal loans, mortgage or business loans

“This explains why financial inclusion has gained inclusive currency and resonance in the past few years.”

According to Osinbajo, depositors give their hard-earned funds to the banks at single-digit interest rate but cannot get anything less than double-digits when they seek the same funds for their businesses or mortgages for homes.

He noted that the practice occurred against the backdrop of what seemed to be regular declarations of hefty profits by banks.

The Vice President stated that the issue was not just about safe keeping of funds especially for the poor and those in the rural areas.

He said everyone should have access to financial products designed for low income earners as well as for the SMEs.

Osinbajo stated that when the administration started the conditional cash transfer scheme for the poor it experienced the banking problems first hand.

He said the government had relied on the words of enthusiastic banks for sending N5,000 to the first batch of the One million poor but got disappointed when the banks could not perform.

He said that by the way bank businesses were designed in the country there was little room for financial inclusion and little room for those who could pay the banks charges.

He, however, said it was not the fault of the banks alone as the financial system favoured the strong and excluded the weak.

Osinbajo noted that there was a need to use mobile banking as an important tool to reach more Nigerians.

“It is an important consideration in any economy that the banking system must be able to provide loans adding that the intention of the administration was to facilitate the growth of SMEs.

Osinbajo stated that the author had stirred intellectual discourse on the subject matter and there was the need for all to pay attention to his suggestions and adapt those that could propel the economy.

Accordingly, he said banking supervision was crucial as regulation was at the heart of the financial system.

“Regulation is at the heart of our whole financial and economic system.

“One thing that we have learnt from the last decade is that more often than not it is these ordinary citizens who pay for the misadventures of the financial services sector and the failures of government regulation.

“Not only do they lose their homes and moneys, sometimes even their live savings they also shoulder the cost of the bail outs in the banks.

“This is why, it is my view that independence governance of the CBN and closer and more regular forensic scrutiny of banks is fundamental,” he added.

According to Osinbajo, it is not more rules and regulations but greater enforcement.

“It is holding our bankers to account; it is insisting that they keep their books honestly and transparently and to sanction effectively those who so often step out of line.”

He expressed gratitude on the conversation of the book on the financial sector and the economy adding that it would be a worthwhile contribution on what needed to be done in the regulation of the financial system. (NAN)

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Penpushing Media congratulates IPI new leadership

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IPI Nigeria
IPI Nigeria

The Management and Editorial Board of Penpushing Media, owner of online newspapers and television have congratulated the newly elected leadership of International Press Institute (IPI) Nigeria Chapter led by Musikilu Mojeed of Premium Times to run affairs of the global organisation for next three years.

The media outlet in a congratulatory letter signed by chairman Editorial Board, Olufunke Fadugba said the organization rejoiced with the team on renewal of their tenure, and equally encouraged them not to only sustain the previous visibility and interventions on behalf of the media but to do more

“We rejoice with you on the renewal of your tenure as leaders of International Press Institute Nigeria. This congratulatory message is to encourage you to not only sustain the previous visibility and interventions on behalf of the media but also to do more”, the letter read.

 Fadugba pointed out that the past months have been challenging for journalists, stressing that as the democracy in the country move closer to 2027, it is expected that the great battle for freedom of expression will be more intense.

“The International Press Institute Nigeria and other stakeholders will need to be more creative, determined, and build positive networks to guard the media from existential threats both from within and outside the media ecosystem”, the letter stated.

“However, judging from your previous performances and renewed impetus, we in Penpushing Media have no doubt that you will make a success of this tenure, in the interest of the media, the people and the country”, Fadugba emphasized

“On behalf of the Board, Management, and members of Penpushing, we wish the newly elected Executive Members a successful tenure. Congratulations, as we urge you to continue to carry the members along in order to enjoy their much-needed support”, the letter said

The other elected officials include Ahmed Shekarau of Media Trust as Secretary, Fidelis Mbah of Al Jazeera Television as Deputy President, Rafatu Salami of Voice of Nigeria as Treasurer, Yomi Adeboye of Herald Newspaper as Assistant Secretary and Tobi Soniyi of Arise News as Legal Adviser.

The President of International Press Institute (IPI), Nigeria, Musikilu Mojeed in response to the congratulatory letter expressed appreciation to the management of Penpushing Media, as well as commitment to press freedom and responsible journalism.

“We are deeply grateful for your congratulatory statement on the recent IPI Nigeria election. Your consistent support for IPI means the world to us, and we appreciate your commitment to press freedom and responsible journalism”, Mojeed wrote.

“On behalf of the Board of Trustees, Executive Committee, and members of the Institute, I extend heartfelt thanks for your encouragement. May God continue to bless you abundantly”, he added

“Your support and encouragement inspire us to continue promoting ethical journalism, advancing media pluralism, and defending press freedom. We look forward to collaborating with your administration to expand access to information and reinforce Nigeria’s democratic ethos’, the President stated.

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Pensions and other Military Entitlements: Matawalle Commends President Tinubu for Prompt Payment

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Bello Matawalle and President Tinubu
*Minister Bello Matawalle

The Honourable Minister of State for Defence, H.E. Dr. Bello Muhammed Matawalle MON, has expressed his gratitude to H.E President Bola Ahmed Tinubu GCFR, for his decisive action in ensuring the prompt payment of military salary increase with three months arrears and also today’s release of funds for the payment  of Pension and other owed entitlements of retired military Personnel

Dr. Matawalle confirmed that alerts regarding the three-month salary increase for military personnel have begun to be received.

The Minister commended President Tinubu for his unwavering commitment to the welfare of both serving and retired military personnel, emphasizing that the payment of pension arrears  owed to retirees will continue to receive critical attention. This initiative reflects the President’s dedication to enhancing the living standards of those who have served the nation.

Furthermore, the Hon minister acknowledged the efforts and support of the Honourable Minister of finance  and Coordinating minister of Economy Mr Wale Edun who was very committed in the actualization of these payments.

Dr. Matawalle urged the Nigerian military to remain steadfast in their duties, reassuring them that President Tinubu is fully committed to boosting their morale and providing the necessary support to combat insecurity in Nigeria. “Despite initial setbacks, be rest assured that Mr. President will do everything within his power to uplift our military forces as they confront the challenges of insecurity,” he affirmed.

Highlighting the significant contributions of the Nigerian military in combating insurgency, terrorism, and other forms of criminality, the Minister reiterated the vital role that these brave men and women play in ensuring the nation’s security.

He assured the officers and personnel of the Nigerian Armed forces of President Tinubu’s unwavering resolve to eradicate insecurity in Nigeria, bolstered by the readiness and resilience of the military.

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We Received N80,000 Minimum Wage  in November – Enugu Labour Leaders

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Enugu Labour Leaders
Enugu Labour Leaders

The Organised Labour in Enugu State has refuted the media reports that the new minimum wage was yet to be paid in the state, saying that the implementation of the N80,000 minimum wage, which is above the N70,000 national minimum wage, commenced in November 2024.

The workers also said that they had no plan to go on strike since.  They said that observed discrepancies in consequential adjustment in the implementation of the N80,000 minimum wage had already been conveyed to Governor Peter Mbah and nursed no doubts that it would be addressed subsequently, as he had already earned workers’ trust by his commitment to their welfare since his assumption of office.

This was made known in a joint statement in the state capital on Tuesday by the Chairman, Nigeria Labour Congress, NLC, Enugu State Council, Comrade Fabian Nwigbo; Chairman of the Trade Union Congress, TUC, Comrade Ben Asogwa; and the Chairman of the state’s Joint Public Service Negotiating Council, JNC, Comrade Ezekiel Omeh.

The statement read, “The Orgaised Labour in Enugu State wishes to make clarifications in several media reports, which wrongly project Enugu among the states that are yet to pay the national minimum wage.

“We want to acknowledge the fact that the Enugu State Government paid the N80,000 minimum wage approved by the governor in the November 2024 salary.

“However, the minimum wage paid did not reflect the consequential adjustments inherent in minimum wage implementation.

“As labour leaders, we have already communicated to His Excellency the observed discrepancies and in his usual magnanimity to the welfare of workers, we strongly believe that he will address this subsequently.

“Our confidence in the governor remains intact, considering his usual dispositions to the wellbeing of workers.

“It is worthy of note that he continued to pay wage award of N25,000 he approved for workers from December 2023 till October 2024 when the new minimum wage of N80,000 was approved and consequently reflected in the November salary.

“We also recall his good faith in ensuring that local government employees were included from the onset in the new minimum wage of N80,000, having earlier upgraded them to full N30,000 minimum wage upon assumption of office after several years of waiting.

“Likewise, he approved the payment of the N1.9bn four-year accumulated leave allowances owed to teachers of public primary schools in the state and eight-month salary arrears valued at over N467m, which were also owed the academic, non-academic, and casual staff of the Enugu State College of Education Technical, ESCET, Enugu, before his assumption of office.

“Consequently, in the same culture, we trust him to address all the concerns regarding consequential adjustments in the implementation of N80,000 minimum wage.

“So, we have not gone on strike. We do not also contemplate or foresee any strike in the near future because there is no need for that yet.” 

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