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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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Naija Times celebrates 5th anniversary, launches nonprofit arm to promote quality journalism and social impact

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Naija Times
EHI BRAIMAH, founder of Naija Times

Naija Times, Nigeria’s leading independent online newspaper, proudly celebrates its 5th anniversary.

To mark this milestone, the management is excited to announce the launch of Naija Times Journalism Foundation, its nonprofit arm, reinforcing its commitment to quality journalism and social impact.

Founded on September 15, 2020, by Ehi Braimah, a notable PR expert and media personality in Nigeria, Naija Times has delivered high-quality, unbiased, and informative content to its readers. Akpandem James and Jahman Anikulapo – two senior and highly respected journalists – are Braimah’s co-founding partners of Naija Times.

The newspaper covers politics, business, health, education, culture, and sports, while its regularly published editorials provide sharp insights into Nigeria’s pressing issues. The newly launched website, www.ntm.ng to mark the anniversary, offers a seamless, user-friendly experience, making it easier for readers to navigate the website and access Naija Times’ diverse content.

On its 3rd anniversary two years ago, Naija Times launched the book, ‘For a Better Society,’ a compilation of editorials published from September 2020 to July 2023 in Abuja, further solidifying its role in shaping public discourse.

Naija Times Journalism Foundation, accessible at www.ntjfoundation.org, expands the organisation’s mission by supporting investigative journalism on critical social issues, promoting media literacy to educate the public on evaluating information and combating misinformation, and empowering community development through initiatives that foster social cohesion and economic empowerment.

“We are proud to celebrate five years of delivering credible journalism to our readers,” said Braimah, founder and publisher/editor-in-chief of Naija Times.

“Five years ago, we launched Naija Times with the following goals in mind: build strong institutions, promote transparency and accountability in public spending, uphold the rule of law, and defend the public interest.

“Together with my colleagues, we remain committed to building an egalitarian society that is founded on equity, justice and respect for fundamental human rights. The launch of Naija Times Journalism Foundation represents a bold step forward in our mission to drive social impact and elevate journalism practice in Nigeria.”

Naija Times Journalism Foundation is a knowledge production and journalism innovation hub dedicated to strengthening democratic governance and promoting inclusive development and accountability by empowering a vibrant and free press in Nigeria, Africa and Black Diaspora.

The Foundation’s Programmes Officer is Hart Onoboh, a seasoned programmes and communications professional with over five years’ experience, driving impactful development projects in Nigeria.

Hart has a robust background in strengthening democratic governance, combating misinformation, and facilitating community-based interventions.

Previously a fact-checker and visual communications officer at the Centre for Democracy and Development (CDD-West Africa), he led initiatives to counter misinformation and promote electoral integrity, training over 25 fact-checkers across four states in Nigeria.

Hart is currently pursuing a Master’s degree in Information Management at Ahmadu Bello University, Zaria, and he brings technical expertise, creative communication, and field experience to the Foundation’s advocacy and governance initiatives.

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₦5.7bn Fraud Scandal: EFCC Quizzes Sujimoto CEO, Freezes Accounts, Seizes Passport

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Enugu Accuses Sujimoto CEO of N5.7bn Fraud over smart school -

The Chief Executive Officer of Sujimoto Luxury Construction Limited, Sijibomi Ogundele, is under intense interrogation by the Economic and Financial Crimes Commission (EFCC) over the alleged diversion of ₦5.7 billion paid by the Enugu State Government for an ₦11 billion contract.

Ogundele, who had earlier been declared wanted, turned himself in to EFCC Abuja headquarters and was grilled for more than 10 hours on Tuesday. His personal and company accounts have been frozen, and his passport seized to restrict his movement.

According to investigators, Ogundele convinced the state to release 50% of the contract sum—₦5.7 billion—after promising speedy delivery. However, state officials allege that work done so far is worth no more than ₦750 million, accusing him of abandoning the project.

The Enugu State Government’s petition triggered EFCC’s probe, which may see Ogundele spend more time in custody as investigations continue.

In a tearful online video, Ogundele denied any wrongdoing, framing the matter as a contractual dispute: “I’m not a thief, I’m not a fugitive. This is between my company and the Enugu State Government. It’s not criminality.”

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Nigeria Digital PR Summit Opens Nominations For 2nd Digital PR Awards

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Nigeria Digital PR Summit

…Unveils Selection Panel

The Nigeria Digital PR Summit has officially opened nominations for the second Nigeria Digital PR Awards, a prestigious platform that recognizes excellence, innovation, and impact in digital public relations across Nigeria.

Honourees will take the spotlight at the Nigeria Digital PR Awards Gala; a premium evening celebrating the individuals, organizations, and campaigns that defined digital PR in the past year, marking the 10th Nigeria Digital PR Summit. Adding flair to the night is the Digital PR Fashion Runway; a bold fusion of fashion, technology, and communications that promises an unforgettable experience.

This year, 19 award categories will honour campaigns across four classes including Campaign Excellence Awards, Sector Excellence Awards, Innovation and Technology Awards, and Individual & Professional Excellence Awards.

The Summit also unveiled a three-member Selection Panel responsible for reviewing entries and shortlisting winners.

The panel is chaired by the Founder and CEO, Fernhill Digital Consulting, Datari Ladejo, and includes the former Senior Business Program Manager, MarComms, Africa Development Center (ADC – West), Microsoft, Oluwamuyemi Orimolade; and Founder/Lead Partner, PuzzleCraft PR and Communications, Beatrice Okpara.

Nominations are open to agencies, corporate communication teams, NGOs, startups, and individual practitioners whose work has delivered measurable results and demonstrated creativity in leveraging digital platforms.

Nominations run from September 1 – 8, 2025. Shortlisted nominees will be announced during the Awards Gala on October 16, 2025, at the Conference Centre, Naval Dockyard, Ahmadu Bello Way, Victoria Island. For entry guidelines and submission details, visit: https://forms.gle/cM2oFQTnSSqL51EC9.

Founder, Nigeria Digital PR Summit, Segun McMedal, said, “We are excited to launch this year’s call for nominations and to welcome such distinguished professionals to the Selection Panel. This panel reflects the breadth of expertise driving digital communication in Nigeria, and its stewardship will ensure a fair and transparent evaluation process.”

The seven categories in the Campaign Excellence Awards include Best Overall Digital PR Campaign, Best Brand Advocacy Campaign, Best Crisis Communication in Private Organisations, Best Crisis Communication in Government, Best Public Affairs Campaign, Youth Impact Award for Social Change, Outstanding Influencer Collaboration, and Best Use of Content Marketing.

Categories in the Sector Excellence Awards include Excellence in Public Service Digital Campaign, Digital PR Excellence in Telecom Services, Digital PR Excellence in Financial Services, and Sustainability and ESG Communication Excellence.

The Innovation and Technology Awards category include Innovative Use of Technology in PR, Best Digital Engagement with Citizens, Outstanding Digital Customer Experience, and Creative Use of Short-Form Video in PR. The Individual and Professional Excellence Awards include Emerging Digital PR Professional of the Year and Digital PR Professional of the Year.

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