News
How Osinbajo Indicted Nigerian Banks
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)
News
Widows, Wives and More than 2,000 Residents of Ikeja Police Barracks Benefit from YP4T’s Initiative
More than 2,000 individuals from the Ikeja Police Barracks community benefited from an impactful outreach program spearheaded by Young Professionals for Tinubu (YP4T), an advocacy and support group working in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
The initiative provided critical medical services, care packages, food supplies, and financial assistance to widows, wives, and vulnerable residents, demonstrating the heart of nation-building through community-centered support.
The program, which united healthcare professionals, community organizers, and volunteers, complemented the government’s broader efforts to bring essential services closer to the people.
Residents of the Ikeja Police Barracks received free medical consultations, blood pressure and diabetes screenings, and wellness advice. Widows and families also left with care packages filled with food items, toiletries, and financial support to help alleviate the pressures of the holiday season.
Dr. Love V. Tinuoye, CEO of Medvita Consultancy and the lead doctor on-site, reflected on the impact:
“This initiative reflects a collective commitment to advancing healthcare in Nigeria. We were able to screen for and address critical health issues such as hypertension and diabetes while also providing preventive care like vaccinations and cancer screenings. This is what true community-focused care looks like.”
Beyond medical services, the outreach distributed care packages containing food staples, toiletries, and financial support, designed to alleviate the challenges faced by vulnerable members of the police barracks community.
The event highlights the ongoing efforts under the Renewed Hope Agenda to provide inclusive support for Nigerians across the country. Initiatives like this not only extend access to essential services but also strengthen the fabric of communities.
Mrs. Jumoke Elom, a businesswoman and beneficiary, shared her gratitude:
“I am deeply grateful for this program. The care my family received today—both medical and material—has given us hope and reminded us that we are not alone. It shows that there is real support for families like mine.”
The outreach program was also a platform for demonstrating the principles of nation-building through collaborative action. Alex Oware, Security Expert and Director of YP4T, explained the motivation behind the initiative: “The Renewed Hope Agenda is about about bringing real transformation to communities. This initiative embodies that vision by supporting over 2,000 people—not just through tangible resources, but by reaffirming their place in the collective growth of our nation. It lies at the soul of Renewed Hope: fostering resilience and creating opportunities for all Nigerians.”
The outreach program extended beyond healthcare, providing food and financial support to families within the police barracks. A touching moment involved a widow who, after receiving her care package, expressed her gratitude with tears of joy. Her story is just one of many that reflect the transformative power of collective action.
This initiative by YP4T—an advocacy and support group of Nigerian professionals from across the globe—represents a continued commitment to driving grassroots impact, inspired by President Tinubu’s vision. The success of the Ikeja outreach program demonstrates the power of collaboration between the public and private sectors to deliver meaningful change across Nigeria.
News
Matawalle Salutes Nigerian Military, Citizens at Christmas
… Calls for Love and Peaceful Coexistence
The Honourable Minister of State for Defence, H.E. Dr. Bello Mohammad Matawalle, has extended warm greetings to the Nigerian military and all citizens, both Christians and non-Christians, during this joyous Christmas season.
In his message, he emphasized the importance of embodying the spirit of love and peaceful coexistence, urging all Nigerians to reflect on these values not only during the festive period but throughout the year.
“This season serves as a poignant reminder of the enduring principles of peace, unity, love, and sacrifice that bind us as a nation,” he stated.
The Minister encouraged every Nigerian, regardless of their religious beliefs, to celebrate and honor President Bola Ahmed Tinubu, GCFR, as well as the brave men and women of the Armed Forces who tirelessly demonstrate their patriotism in safeguarding the safety and sovereignty of our beloved country.
Highlighting the significance of the yuletide season, he noted that it should reinforce our bonds of unity, foster a spirit of camaraderie, and inspire compassion towards one another. He called on all citizens to remain steadfast in their collective efforts to build a secure and prosperous Nigeria.
In conclusion, the Minister wished everyone a Merry Christmas and a Happy New Year.
Henshaw Ogubike, MNIPR, FCAI, FSCA, FCPE
Director of Information, Press and Public Relations
…Says no government has shown so much support to LGs, State Governments like President Bola Ahmed Tinubu….
The Minister of State for Defence, Dr. Bello Mohammad Matawalle, has expressed confidence that the administration of President Bola Ahmed Tinubu GCFR will significantly enhance the economies of Zamfara State and Nigeria as a whole.
Matawalle who is currently on a five-day visit to his home state, the Minister and former Governor of Zamfara commended President Tinubu for his unprecedented support for Local Government Councils and state governments. “No previous administration has demonstrated such a strong commitment to developing local councils and states as President Tinubu,” Matawalle remarked.
He highlighted the President’s role as a grassroots mobilizer, emphasizing his passion for local development. “President Tinubu has allocated substantial funds to states and local government councils, enabling them to undertake impactful development projects,” he added.
Matawalle urged party supporters to collaborate with their leaders to reclaim the lost mandate from the ruling Peoples Democratic Party (PDP) in Zamfara State. “It is essential for all APC members to remain law-abiding citizens,” he stated, reinforcing the party’s commitment to uphold the law.
Addressing a large gathering of supporters who welcomed him, Matawalle reassured them of the federal government’s ongoing efforts to combat banditry and terrorism in the region. “With the federal government’s initiatives to address security challenges, we will soon experience a renewed sense of safety and peace,” he emphasized.
He concluded his address by urging the community to continue supporting the government at all levels. “Together, we can restore peace and order in our country,” Matawalle affirmed.
Portugal Football Club Signs on 19-Year-Old Nigerian- born Footballer, Yaqub Usman-Malah
Minister Commends Guards Brigade for Exceptional Service in Securing the Seat of Government
Spotify’s ‘Detty December’ Hub and Spotify’s ‘Songs of December’ now live
LASG Acquires New Outboard Engines For Optimum Boat Performance
Elon Musk builds Hotel in Mars, Sets to launch soon at $5million per night – Photos
