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CBN Affirms strength of Nigerian Banking Sector, Issues Routine Guidance for Banks Under Forbearance

•Banks’ shares dipped further

James Emejo in Abuja,NumeEkegheandKayodeTokede in Lagos

In a move aimed at calming market jitters and ensure smooth transition from regulatory forbearance, the Central Bank of Nigeria (CBN) yesterday affirmed strength of the Nigerian bank sector revealing that it issued routine transitional guidance to banks navigating post-forbearance adjustments.

Precisely, the central bank stated that the time-bound measures are for some banks still completing their transition from the temporary regulatory support it had provided them.

In a statement signed by its Acting Director, Corporate Communications, Mrs. HakamaSidi Ali, the apex bank stated that the step was part of the CBN’s broader, sequenced strategy to implement the recapitalisationprogramme announced in 2023.

Still reeling from the effect of the policy, the Nigerian equities market extended losses yesterday, as the NGX All-Share Index declined by 0.30 percent to close at 114,910.16 points. Market capitalisation also declined by 0.25 percent and closed at N72.50 trillion.

Sustained investor sentiment on the back of the CBN forbearance circular was the primary driver of the negative sentiment as United Bank for Africa shares dipped by 5.57 percent to close at N32.20 per share; FIRSTHOLDCO dipped by 4.15 percent to close at N25.40 per share, Access Corporation shares also depreciated by 2.2 percent to N20.05 per share, and Fidelity Bank dipped by 0.55 per cent to close at N18.20 per share.

The CBN explained, “The programme, designed to align with Nigeria’s long-term growth ambitions, has already led to significant capital inflows and balance sheet strengthening across the sector. Most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.

“The measures announced apply only to a limited number of banks. These include temporary restrictions on capital distributions, such as dividends and bonuses, to support retention of internally generated funds and bolster capital adequacy. All affected banks have been formally notified and remain under close supervisory engagement.

“To support a smooth transition, the CBN has allowed limited, time-bound flexibility within the capital framework, consistent with international regulatory norms. Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums. “

“For example, Nigerian international banks are required to hold a minimum Tier 1 capital of 11.25 percent of the bank’s risk-weighted assets, nearly double the Basel III benchmark of six percent.

“These adjustments reflect a well-established supervisory process, consistent with global norms. Similar transitional measures have been implemented by regulators in the U.S., Europe, and other major markets as part of post-crisis reform efforts,” it added.

In a circular dated June 13, 2025, and signed by Director of Banking Supervision, Dr. OlubukolaAkinwunmi, the CBN had instructed all banks currently under regulatory forbearance to suspend the payment of dividends to shareholders, bonuses to directors and senior executives, and investments in offshore subsidiaries or new foreign ventures.

The move, according to the apex bank, was part of a broader strategy to ensure that banks operating under forbearance supervision strengthened their financial resilience and fully complied with capital adequacy and loan provisioning standards.

CBN had emphasised that the restrictions were temporary and will be lifted once key conditions were met, a full exit from regulatory forbearance, and independent verification of capital and provisioning levels as being within acceptable regulatory thresholds.

The new CBN directives were designed to ensure full provisioning for high-risk exposures and improve cash-based profitability metrics.

In the latest statement, the CBN stressed that it remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums, adding that the goal was to ensure a transparent, predictable, and collaborative regulatory environment.

“Nigeria’s banking sector remains fundamentally strong. These measures are neither unusual nor cause for concern, they are a continuation of the orderly and deliberate implementation of reforms already underway.

“The CBN will continue to take all necessary actions to safeguard the sector’s stability and ensure a robust, resilient financial ecosystem that supports sustainable economic growth,” it added.

THISDAY had reported that the genesis of the matter was that during the COVID-19 crisis, the CBN granted forbearance to the entire banking industry to enable banks withstand the challenge posed by the pandemic.

However, the industry regulator had given a deadline of December 2024 to phase out the policy. This saw some industry players putting pressure on CBN to extend it by another year, but the CBN Governor, Mr. Olayemi Cardoso, maintained that in line with his return to orthodoxy, he would not extend the deadline, which made him to give all operators six months extra, which expires this month.

THISDAY learnt that Cardoso believed banks should not be paying dividends and bonuses to shareholders and directors while carrying forbearance.

•Banks’ shares dipped further James Emejo in Abuja,NumeEkegheandKayodeTokede in Lagos In a move aimed at calming market jitters and ensure smooth transition from regulatory forbearance, the Central Bank of Nigeria

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Tinubu Orders Immediate Execution of Approved Infrastructure Projects

•Says public-only infrastructure funding no longer sustainable

DejiElumoyeand James Emejoin Abuja

President Bola Tinubu yesterday directed that all approved infrastructure projects must transition from planning to immediate real-time execution.

The president gave the marching order at the 2025 Nigeria Public-Private Partnership (PPP) Summit with the theme, “Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda.”

The president said his administration remained determined to deliver infrastructure that are both sustainable and inclusive.

The summit was organised by the Infrastructure Concession Regulatory Commission (ICRC) in Abuja.

Tinubu, particularly cautioned against any delays caused by bureaucratic hurdles.

Represented by Vice President KashimShettima, he said the federal government planned to fast-track approvals for viable projects and intensify coordination among Ministries, Departments, and Agencies (MDAs) to ensure rapid implementation.

Tinubu also declared that the old model of public-only infrastructure funding was no longer sustainable.

He said, “Our national aspirations far exceed what public budgets alone can deliver. That is why we must innovate and work together.

“We’re not looking for investors to carry burdens. We’re offering opportunities to create value. We seek long-term partners ready to help us bridge our infrastructure gap with purpose and precision.”

The president said, “We will fast-track approvals for viable projects. We will ensure coordination across Ministries, Departments, and Agencies to enable swift implementation.”

He explained that Nigerians expect tangible results rather than mere promises, stressing the critical need to transform commitments into infrastructure that directly addresses citizens’ daily requirements.

He said, “We do this because we know that what matters to the average Nigerian is not promises, but power in their homes, roads to their farms, access to clean water, modern hospitals, and quality schools. We must build. We must deliver. And we must do it together.”

Tinubu further acknowledged existing challenges within Nigeria’s project implementation culture, observing that the country’s potential has not always been matched by action.

According to him, “Nigeria does not lack potential. What we have lacked, at times, is alignment of purpose and the courage to act decisively. Let us chart a new path, not just as government and investors, but as partners in nation-building.”

He said the current administration had taken measures to streamline bureaucratic processes and improve transparency in the public-private engagement framework.

“We have aligned our processes with global best practices and investor expectations,” he added.

He stressed that a functional partnership between government and the private sector was central to national transformation.

He noted that ICRC had been strengthened to effectively regulate and de-risk PPP transactions.

Speaking on long-term infrastructure goals, Tinubu reiterated the government’s commitment to the National Integrated Infrastructure Master Plan (2020–2043), which aims to increase Nigeria’s infrastructure stock from 30–35 percent of GDP to 70 percent by 2043.

However, he cautioned that, “blueprints do not build roads. Policies alone do not generate megawatts.”

He called on private sector stakeholders to look beyond perceived risks and seize the opportunity to contribute to a rapidly transforming economy.

He said, “To our private sector partners, Nigeria offers scale, demand, and returns like no other African market. But we need more than investment.

“We need innovation, we need efficiency, and above all, we need integrity. I urge you to look beyond the risks and recognise the immense opportunity to shape a nation that is not just rising, but ready,” he added.

Earlier in his remarks, the Director-General/Chief Executive, ICRC, Dr. Jobson OseodionEwalefoh, assured both local and international investors that the country remained open for business and prepared for genuine partnership.

He cited the country’s large population, expanding middle class, and significant infrastructure deficit—estimated at over $2.3 trillion—as clear indicators of the urgency and opportunity for PPPs.

He said, “With over 200 million people, a growing middle class, rich natural endowments, and an enormous infrastructure gap estimated at over $2.3 trillion — the case for PPPs in Nigeria is not only compelling, it is urgent.”

He added that the commission was focused on balancing its regulatory role with facilitation and collaboration.

He said, “We are committed to ensuring that every PPP transaction is not just legally sound, but economically viable and socially impactful.”

Ewalefoh, pledged that the ICRC would support investors from project conceptualisation through to financial close and implementation.

He also attributed the commission’s progress to Tinubu’s direct support and a clear mandate to mobiliseprivate-sector funding for national infrastructure.

On her part, Regional Director, Central Africa & Anglophone West Africa, IFC, Dahlia Khalifa, applauded the ongoing reform in Nigeria’s PPP framework, acknowledging IFC’s collaboration with authorities across key sectors to achieve the country’s overall objectives and strengthening the existing relationship between the organisation and Nigeria.

She added that Nigeria under Tinubu has demonstrated strong commitments to timely and transparent resolution of disputes arising from PPP projects, which is evident in the ongoing efforts to restructure the country’s PPP framework.

Also, Vice-President for Private Sector, Infrastructure &Industrialisation at the African Development Bank, Solomon Quaynor, said the theme of the summit implies that partnerships are not just optional but are essential.

He said the infrastructure deficits, “demand that the government and the private sector work together in commercially viable PPPs,” adding that the bank is working with other partners on the Lagos-Abidjan highway project to boost regional economic integration in West Africa.

“PPPs are complex long-term projects. They need to be designed properly and designed to survive different political administrations because by their very nature, they are long-term,” he stated.

On his part, Director & Global Head, Project Preparation, African Export-Import Bank (Afreximbank), ZittoAlfayo, explained that the government’s limited fiscal space has necessitated PPPs, saying the federal government’s bold market reforms have positioned Nigeria to absorb the shocks of the outside world.

“With this clear demonstration of commitment from the Nigerian government, the onus is now on the private sector to drive the adoption of PPP. Since its inception, Afreximbank has disbursed over $50 million in Nigeria, capitalising investment in various sectors including energy, transport and logistics, manufacturing, healthcare, and financial services,” he noted.

•Says public-only infrastructure funding no longer sustainable DejiElumoyeand James Emejoin Abuja President Bola Tinubu yesterday directed that all approved infrastructure projects must transition from planning to immediate real-time execution. The

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Alawuba: N1.57tn Non-performing Loans Pose Risks to Credit System

•Says no economy can flourish without enabling guardrails of justice

•Kekere-Ekun: Judicial predictability not just legal virtue but economic asset

James Emejoin Abuja

Group Managing Director/Chief Executive, United Bank for Africa (UBA) Plc, Mr. Oliver Alawuba, yesterday, raised concerns over the Non-performing Loan (NPL) portfolio in the banking sector, valued at N1.57 trillion, describing it as a symptom of deeper institutional weaknesses that need to be tackled.

Speaking at the opening of the 23rd National Seminar on Banking and Allied Matters for Judges, in Abuja, Alawuba, who is Chairman of the Body of Bank CEOs, said the development could further hamper credit disbursement to the real sector without a functional and efficient judicial system.

NPLs have continued to pile amid judicial delays and enforcement bottlenecks.

The UBA CEO urged the judicial to do more to salvage the situation.

The seminar was jointly organised by Chartered Institute of Bankers of Nigeria (CIBN) and National Judicial Institute (NJI) at the NJI headquarters in Abuja.

Alawuba said the country’s financial system was exposed to systemic risk due to the judiciary’s current limitations in handling commercial and financial disputes, highlighting the huge volume of bad loans in the industry.

He said, “Without a strong, efficient judiciary, banks will struggle to extend credit with confidence,” adding, “Our partnership is not one of convenience, but of necessity.”

He called for urgent reforms to enhance judicial performance in financial matters, including digitisation of court processes, investment in judicial capacity building, and the establishment of specialised financial courts to handle complex cases involving fraud, cybercrime, and contract enforcement.

Alawuba said the banking industry’s success was tied to the effectiveness of the courts.

According to him, “No economy can flourish without the enabling guardrails of justice. From credit systems to contract enforcement, the banking industry depends daily on the efficiency, fairness, and predictability of our judicial processes.”

He stressed that the courts must evolve to meet the demands of a rapidly transforming financial landscape, especially as digital platforms, fintech innovation, and cybercrimes became more entrenched in Nigeria’s financial ecosystem.

Alawuba stated, “In Nigeria, however, judicial delays, overlapping jurisdictions, and enforcement challenges continue to increase the risk profile of financial transactions.

“Prolonged litigation and enforcement bottlenecks are not mere technicalities, they impede credit access, raise the cost of capital, and limit the capacity of banks to support SMEs and job creation.”

Chief Justice of Nigeria (CJN), Justice KudiratKekere-Ekun, also stressed the strategic importance of judicial predictability in promoting economic growth.

Kekere-Ekun said, “Judicial predictability is not just a legal virtue, it is an economic asset. It enhances market efficiency, lowers risk premiums, and unlocks capital for infrastructure and business development.”

She urged members of the bench to constantly update their knowledge in emerging fields of financial regulation and digital commerce.

The CJN said, “Our courts must possess the capacity to interpret complex transactions and assess novel financial arrangements within the framework of existing laws.”

President/Chairman of Council, CIBN, Professor Pius Olanrewaju, said trust and security remained central pillars of banking, maintaining that the role of the judiciary cannot be separated from the stability of the banking system.

Olanrewaju said, “Trust is the lifeblood of banking, and security its bedrock. Every financial transaction, from deposits to loans, hinges on the assurance that rights will be upheld, obligations fulfilled, and injustices addressed.”

He maintained that courts must inspire confidence in the resolution of financial disputes and protect the sanctity of contracts, as failure to do so could undermine investor confidence and hinder the nation’s economic growth.

Administrator of the National Judicial Institute, Hon. Justice SalisuAbdullahi, also linked judicial efficiency to national development, saying a competent and independent judiciary is fundamental to investor confidence and economic stability.

Abdullahi said, “A judiciary that is both competent and fiercely independent doesn’t just resolve disputes; it actively underwrites economic growth. It creates the fertile ground where capital feels safe to land, innovation can flourish, and businesses can thrive.”

•Says no economy can flourish without enabling guardrails of justice •Kekere-Ekun: Judicial predictability not just legal virtue but economic asset James Emejoin Abuja Group Managing Director/Chief Executive, United Bank for

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House Committee Probes N1.12trn Anchor Borrowers’ Programme

Juliet Akoje in Abuja

House of Representatives Committee on Nutrition and Food Security has launched an investigation into the expenditure of N1.12 trillion under the Anchor Borrowers Programme (ABP).

The committee is also examining the disbursement of N215 billion by NIRSAL Microfinance Bank for agribusiness projects, as well as N3 billion distributed by the Bank of Industry to 22,120 smallholder farmers through the Agricultural Value Chain Financing initiative.

The chairman of the committee, Hon. ChikeOkafor, raised concerns during a hearing on the alleged mismanagement of agricultural and food security funds by federal departments, agencies, and programmes.

Okafor stated that while 24 participating financial institutions (PFIs) were involved in disbursing ABP funds, the committee had only found evidence relating to nine of them.

He emphasised that a central role of the committee was to monitor how intervention programmes tied to food security and nutrition were implemented by relevant government ministries, departments, and agencies.

He stated, “We are scrutinising how the Central Bank of Nigeria (CBN) disbursed approximately N1.12 trillion through the ABP to 4.67 million farmers cultivating maize, rice, or wheat, working through 563 anchor firms.”

Okafor pointed out CBN had engaged 24 PFIs to manage the disbursement of the funds, yet only documentation from nine institutions was available.

He said some PFIs had made attempts to engage the committee.

He added, “The second issue under investigation is how NIRSAL allocated over N215 billion for agricultural and agribusiness purposes. Additionally, we are reviewing the Bank of Industry’s distribution of N3 billion to over 22,000 smallholder farmers under the agricultural value chain scheme.”

Reiterating the committee’s oversight duties, Okafor said their responsibilities included ensuring effective execution of intervention programmes by relevant government entities, scrutinising fund allocation, crafting new legislation, and enhancing existing laws on nutrition and food security.

He said those responsibilities were fully described in the committee’s mandate as outlined in the House’s rules.

Okafor also emphasised that nutrition and food security were inseparable and remained top priorities in the current administration’s Renewed Hope agenda.

He further explained that the committee’s formation reflected a legislative commitment to work alongside the executive and other stakeholders in ensuring a well-nourished and food-secure Nigeria.

During the hearing, Charles Bassey, representing NIRSAL Microfinance Bank, cited security challenges as a major obstacle to the proper execution of their loan scheme.

Bassey explained that in identifying eligible beneficiaries, the bank strictly followed established guidelines.

He stated, “However, issues such as insecurity, specifically, attacks by bandits and herders, prevented many farmers from returning to their fields after investing the funds, delaying harvests and seasonal agricultural activities.”

Bassey added that some farmers were also affected by environmental factors, like flooding and drought. As a result, a few requested that their loans be restructured to allow more time for repayment.

Group Head of Agric Finance and Solid Minerals at Sterling Bank, OlusholaObikanye, reported that the bank had fully returned N113.49 billion to the Central Bank of Nigeria (CBN), comprising both disbursed and undisbursed funds.

Obikanye affirmed that Sterling Bank had no outstanding liabilities under the Anchor Borrowers Programme, stating, “We have a balance of zero-naira, zero-kobo owed under this scheme.”

Juliet Akoje in Abuja House of Representatives Committee on Nutrition and Food Security has launched an investigation into the expenditure of N1.12 trillion under the Anchor Borrowers Programme (ABP). The

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Policy Innovation Centre Set to Host 2025 Gender, Inclusion Summit

Emmanuel Addeh in Abuja

The Policy Innovation Centre (PIC) is set to host the 4th edition of the Gender and Inclusion Summit, christened GS-25, on September 3 and 4, 2025 in Abuja.

The summit is expected to convene over 1,000 in-person and virtual participants to explore urgent solutions for building a more inclusive society, a statement from the organisation stated.

With the theme: “New Voices and New Approaches for Accelerating an Inclusive Society,” this year’s summit, the organisation said, will spotlight bold strategies to address mounting challenges such as the shifting financial landscape.

Besides other issues to be discussed will include: Unequal access to equitable healthcare, economic inequality, housing insecurity, climate challenges, educational inequity, and the exclusion of marginalised groups, particularly women, persons with disabilities, and youth.

GS-25, according to the organisers, will feature interactive plenaries, roundtables, thematic breakout sessions, exhibitions, oral and poster presentations as well as a learning workshop.

Confirmed participants include policymakers, civil society leaders, development agencies, youth advocates, the private sector, academia, diplomats, and grassroots organisers — all working to co-create scalable and inclusive solutions aligned with the Sustainable Development Goals (SDGs).

Since its inception in 2022, the summit, PIC said, has become a premier pan-African platform championing gender-transformative policies, digital inclusion, and behavioural insights in governance.

The 2025 edition is expected to build on this legacy, integrating evidence-based approaches and fresh voices into high-level dialogue.

“This summit is more than a convening. It’s a time to pause, reflect, learn, refuel, and refire. It’s a call to action to reimagine Africa’s development path through equity and inclusion,” said the Executive Director, PIC, Dr. OsasuyiDirisu.

Some key themes for this year’s summit, he said, include advancing gender equity through education, women in leadership and governance, equitable access to healthcare, inclusive technology and digital rights.

Others are: Sustainable agriculture and food systems, creative economy and cultural inclusion as well as legal reforms with men as allies in gender justice. The summit will be held in a hybrid format to enable global participation.

PIC is Africa’s first national institutionalisedbehavioural initiative, supporting governments and stakeholders in making evidence-based, behaviourally informed decisions. An initiative of the Nigerian Economic Summit Group (NESG), the PIC was established with support from the Gates Foundation.

Emmanuel Addeh in Abuja The Policy Innovation Centre (PIC) is set to host the 4th edition of the Gender and Inclusion Summit, christened GS-25, on September 3 and 4, 2025

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LCCI: Latest Inflation Report Marks New Shift in Nigeria’s Trajectory

•Nigeria requires new digital economy resilience tools to address cybersecurity threats, says NESG

•Tasks CIoD, board members on evolving, driving cyber-security risk management

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has welcomed the latest report from the National Bureau of Statistics (NBS), which showed that Nigeria’s headline inflation rate eased to 22.97 per cent in May 2025, down from 23.71 per cent in April 2025.

This comes as the Chief Executive Officer of Nigerian Economic Summit Group (NESG), Dr. TayoAduloju, stressed that in the face of growing digital disruptions and systemic cyber vulnerabilities, “Nigeria urgently requires a new digital economy resilience analytics tool to support institutional preparedness” in responding to cyber-security risks and threats.

Furthermore, the LCCI noted that this marked “a positive, albeit modest, new shift in the country’s inflation trajectory after several months of persistent increases.”

Commenting on the NBS’ report yesterday, the Director General of LCCI, Dr. ChinyereAlmona, said, “The marginal decline may have been driven by the consistent monetary tightening by the Central Bank of Nigeria (CBN), including interest rate adjustments and liquidity control mechanisms.”

Almona, however, noted that “this improvement must be viewed cautiously, considering prevailing structural risks and looming food production and distribution shocks.”

She said the recent spate of herdsmen-farmers clashes in the middle-belt region and flooding disasters are negative signals capable of limiting food harvest this year, adding that logistics and supply chain risks also loom on the back of the current escalations in the Middle East and the deadlocked ceasefire talks between Russia and Ukraine.

“Importing fuel and other products may become more expensive as oil prices have gone up due to unbaiting tensions and trade wars.

“These shocks pose significant risks to food availability and prices, which could drive food inflation — an essential component of the headline inflation index — in the third and fourth quarters of 2025,” she said.

The chamber, therefore, recommend a coordinated mix of fiscal and monetary policy actions, including sustaining the reforms in the oil and gas sector that have slowed down fuel price increases recorded earlier in the year.

It said: “The Naira for crude and the mandated crude supply to local refineries should be sustained.

“The CBN should maintain prudent monetary policy while improving credit access to productive sectors, especially agriculture and manufacturing, to stimulate supply-side responses to inflation. The stoppage of government ways and means provisions should be sustained no matter the pressure.

“There is an urgent need for the government to scale up support for dry season farming, irrigation infrastructure, and mechanisation to reduce Nigeria’s dependence on rain-fed agriculture.”

The LCCI also advised the government to remain focused on dealing with the challenges around food movement from the farms to the cities.

It said addressing inefficiencies in transporting goods—particularly food—from rural to urban markets could help to lower market prices and reduce post-harvest losses.

It added that, “government spending should prioritise critical sectors with high inflation pass-through, such as food, energy, and transport, while eliminating leakages and enhancing social safety nets for vulnerable households.

“While the easing inflation rate is a welcome development, Nigeria must not lose momentum in addressing the structural drivers of inflation.

“The LCCI urges the government to act decisively in tackling insecurity, investing in resilient agricultural infrastructure, and improving policy coordination to ensure the current progress becomes sustainable and inclusive.”

Furthermore, the NESG CEO, Aduloju, also tasked the Chartered Institute of Director Nigeria (CIoD) and board members of Nigerian enterprises to take charge of evolving a framework that would counter the risks of cybersecurity threats on businesses and government organisations.

He said this would enable them to track and determine the extent and context of cybersecurity risk exposures of their respective organisations and be in a position to drive decisions to counter them.

He gave this task yesterday, when he delivered a lecture with the theme: “Building Digital Resilience: Governance, Risks and Compliance” at the 2025 Biennial lecture in honour of the President of the CIoD, Mr. Tijjani M. Borodo.

He asserted that digital transformation was now global reality that every organisation must arm itself to appropriate its benefits and acquire the resilience to deal with its risks and threats.

Aduloju said: “Board must think about is a complete framework and the first thing is to transform your risk assessment to include cyber risk dimension.

“Also ensuring regular assessment to track cyber risk is important. This allows you to determine the extent, context and of course integrating cyber risks into your other risks and allows you to drive decisions based on what you have known as your risk.”

He added that organisations must establish and maintain core security fundamentals since it has been revealed that 95 per cent cyber-attack eminate from one or two unmanaged laptops that are not properly set up in terms of passwords and lack second authentication but could give access to an enterprise’s digital security system.

“Ensure that your software licences have not expired and that your security protocols are on. Have a system that creates semi-complex passwords for your organisation.

“All these little things make a huge difference on how people enter your system. Implement cyber cybersecurity audit as part of the internal audit and use it to ensure that corrective measures that cultivate a culture of resilience are in place,” he said.

Aduloju, pointed out that global cyber threats grew by 150 per cent in 2024 and that 53 per cent of them were targeted at government institutions, while their success rate was estimated at 58 per cent.

According to him, the scale of cyberattacks in the Nigerian banking industry grew by 1,300 per cent in the past two years.

He said: “Technological acceleration, therefore, means that while inequalities grow in our (Nigeria) capacity to use technology, those that know how to use it best will continue to implement greater risks and threats and in a connected world this will be a significant problem.

“The most significant impact of this is that the data we receive is now questionable because of the scale of misinformation and disinformation.

“There is a complete consensus that disinformation, misinformation and cyber threats are problem to both the private and public sectors’ actors.”

He advised organisation to drive digital resiliency efforts by eliminating “siloed thinking to ensure that the team can see across departments and business units to deploy technology solutions and identify any resilience gap.”

He also urged the CIoD Nigeria to lead in shaping governance model where cyber security and digital resilience capabilities should become part of the core competences of a chartered director “as we shape a future that is safe not just for our businesses but for our families, children and that our economy is better positioned to compete in the 4th industrial revolution.”

In his welcome address, Borodo acknowledged that the key fallout of the CIoD Nigeria’s Charter Act is the license to produce “charter directors.”

He said: “I am proud to say that we are the only organisation in the country today that is licensed to produce charter director and I look forward to seeing our first set of Charter Directors in the next few months.”

Borodo also spoke on the rebranding of the CIoD Nigeria, which commenced in the wake of the institute’s transition to a Chartered Institute and the Governing Council’s approval of the establishment of the Rebranding Committee in 2024.

“I am happy to note that today, we reach a crescendo of the rebranding efforts as we proudly unveiled the new logo of the CIoD Nigeria. This unveiling marked the beginning of a bold new era for CIoD Nigeria.

“Today, CIoD Nigeria stands redefined and reinvigorated, equipped to chart the future of professional directorship in Nigeria and beyond,” he said.

•Nigeria requires new digital economy resilience tools to address cybersecurity threats, says NESG •Tasks CIoD, board members on evolving, driving cyber-security risk management Dike Onwuamaeze The Lagos Chamber of Commerce

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June 17, 2025
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HEALING A FRACTURED STATE

Governor Uba Sani has shown rare commitment to unity, peace, and progress,argues ADAMSON MUHAMMED

In a strong show of commendation, former Nigerian ambassador to Spain and ex-chairman of the Alliance for Democracy (AD), Yusuf Mamman, has described Kaduna State under Governor Uba Sani as a model for peacebuilding and inclusive governance, particularly hailing the governor’s transformative impact in Southern Kaduna, a region historically plagued by ethno-religious tension and violence. Speaking through a public statement on Monday, Mamman, a respected journalist and founder of JKD 360 Television and Multimedia Services, stated that while Governor Sani has delivered impressive results in education, healthcare, and infrastructure, his most remarkable legacy is the restoration of peace and unity in one of Nigeria’s most volatile regions. “Governor Uba Sani inherited a fractured state—split along dangerous ethno-religious lines. Today, those divisions are fading. Kaduna is once again a united people,” Mamman declared. Southern Kaduna has long symbolized the deep-seated religious and ethnic fault lines that threaten Nigeria’s federal unity. Periodic violence, loss of lives, and destruction of property have kept the region on edge for decades, with successive administrations struggling to find a lasting solution. Under Governor Sani, however, the narrative is changing. Since taking office, he has prioritized dialogue, engagement, and balanced development, earning the trust of communities across both Christian and Muslim populations. His administration has supported peace-building initiatives, rebuilt trust between herder and farming communities, and established local platforms for conflict resolution, where traditional and faith leaders play an active role.

“There’s a new tone in Southern Kaduna. It’s not just about ending violence—it’s about healing,” Mamman remarked. “Governor Sani’s deliberate and sustained efforts have defused longstanding tensions.” A key factor in Sani’s peace strategy has been his policy of inclusion and fairness, especially in appointments, project allocation, and security presence. By treating every part of the state—north, central, and south—as equal stakeholders, the administration has sent a strong message: Kaduna belongs to everyone. From reactivating abandoned schools and health facilities in the region to implementing rural infrastructure projects that connect neglected communities, the administration has pursued a development-first peace agenda. According to Mamman, this balanced approach mirrors the golden years of the Second Republic under Balarabe Musa, when governance was ideologically driven and focused on public welfare. “Kaduna now mirrors the harmony we witnessed during Balarabe Musa’s administration. There’s a sense of collective purpose that was absent for years,” Mamman noted. The fruits of Governor Sani’s peace efforts are tangible, not just symbolic. In Southern Kaduna, inter-communal clashes have declined significantly. Local peace committees established under the Ministry of Internal Security have helped communities resolve disputes before they escalate. The governor has also consistently met with community leaders, youth groups, and faith-based organizations—reaffirming his commitment to grassroots peace architecture.

At the same time, the administration is delivering key developmental projects that create jobs and improve livelihoods: Upgraded Primary Healthcare Centres across Southern Kaduna to Level two, ensuring access to quality care in rural communities; construction of new schools and deployment of trained teachers to areas once deemed unsafe; Rehabilitation and construction of rural roads, improving mobility and access to markets. “This is not just peace for peace’s sake,” Mamman said. “It is peace with dignity, backed by tangible development.” Mamman praised Uba Sani’s leadership as a blueprint for other governors navigating similar ethno-religious complexities. “Inclusion is not a buzzword; it is a strategy,” he said. “Governor Sani has shown how investing in justice and development is the surest path to peace.” Observers note that the governor’s ability to bring together traditional rulers, religious leaders, and political stakeholders from across divides has had a stabilizing effect on Kaduna State’s broader security situation. Rather than applying top-down security crackdowns, Sani has empowered local solutions—an approach increasingly cited as best practice in conflict-prone regions. While focusing on peace, Governor Sani has not neglected fiscal discipline. Mamman highlighted the administration’s efficient use of limited resources, emphasizing that despite inheriting a significant debt burden, Sani has avoided borrowing and yet achieved remarkable infrastructure and social service gains.

Among the milestones include 62 new schools built state-wide; 25 roads commissioned, including those linking Southern Kaduna communities to economic hubs and healthcare and education access expanded, with visible impacts on local living standards. These efforts have not gone unnoticed. Across the state, communities once skeptical of the government’s intentions now speak of hope and renewed confidence. “Governor Sani is not just building infrastructure—he’s rebuilding trust,” Mamman reiterated. Political watchers believe the peace in Southern Kaduna has contributed to broader political stability in the state. Unlike previous administrations plagued by protests, polarization, or widespread skepticism, Sani’s leadership has thus far enjoyed support from across ethnic, religious, and political divides. Mamman urged residents, particularly those in historically marginalized communities—to continue backing the governor’s initiatives. “Leadership thrives when citizens support what’s right. Governor Sani has shown rare commitment to unity, peace, and progress. These are values we must protect,” he concluded. From Jema’a to Kauru, from Zangon Kataf to Sanga, the winds of peace blowing through Southern Kaduna are not accidental—they are the result of deliberate, sustained leadership. Governor Uba Sani’s approach to governance goes beyond political rhetoric. It is a strategic, people-first model where peace and progress are two sides of the same coin.

His ability to address the root causes of Southern Kaduna’s conflict—mistrust, underdevelopment, and marginalization—while empowering communities through inclusion and equity, has fundamentally changed the state’s trajectory. For a region long seen as Nigeria’s barometer for sectarian tensions, Southern Kaduna is fast becoming a beacon of what is possible when peace is prioritized and pursued with integrity. If Kaduna continues on this path, it will not only rewrite its own story but also offer hope to other divided regions across Nigeria. And at the heart of that transformation stands Governor Uba Sani—a leader proving that healing a fractured state begins with listening, inclusion, and the courage to govern differently.

Muhammed writes from Kaduna State

Governor Uba Sani has shown rare commitment to unity, peace, and progress,argues ADAMSON MUHAMMED In a strong show of commendation, former Nigerian ambassador to Spain and ex-chairman of the Alliance for Democracy

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HEALING A FRACTURED STATE

Governor Uba Sani has shown rare commitment to unity, peace, and progress,argues ADAMSON MUHAMMED

Muhammed writes from Kaduna State

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June 17, 2025
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HEALING A FRACTURED STATE

Governor Uba Sani has shown rare commitment to unity, peace, and progress,argues ADAMSON MUHAMMED

Muhammed writes from Kaduna State

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June 17, 2025
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PRESIDENT TINUBU, ICC, ET AL

The president will do well to be circumspect about national treasure named after him, writes

TUNDE OLUSUNLE

I’ve just watched a four-minute video clip of Alex Otti, the Abia State Governor, commissioning a humongous haul of 14 road projects in one day in Aba, the major commercial hub in the state. My interest was not in the ceremonial cutting of tapes and ribbons at every turn during the exercise. More than that, I was swayed by the bonding, the connectivity of Otti with regular folks, his kinsmen and women. As Otti walked the streets of the famous *Enyimba City,* his people, evidently overwhelmed by the good works of their leader, wanted to touch him, to hug him, to take photographs with him. Whenever his excited constituents tried to get close to him just to touch him, they were, expectedly restrained by the protective wall around Otti. On each such occasion, Otti overruled his aides, allowing such people reach and embrace him. There was this particular point in the video clip under review, where a woman trader wanted to gift Otti a pack of bottled water, most probably in her appreciation of Otti’s endeavours.

The security perimeter around Otti tried to kick the pack aside and block her from accessing the Governor. He read the situation, slowed down and even asked that she be allowed near him and indeed be photographed with him. He equally directed that her gift of water be thankfully received and taken to his car. The 14 roads which Otti opened up for public use on that occasion are part of a bigger plan for the rehabilitation and reconstruction of 55 roads across Abia State. Otti is an *Aba boy* like the cerebral doyen of the national parliament, Enyinnaya Abaribe, whose book titled *Made in Aba* released in 2021, underscores how deeply the lionised city impacted his makeup. Otti knows how much a good network of roads can make life better and business easier for his distinctively industrious people. A functional Aba will accelerate productivity in the city and mitigate unemployment in a commercial nexus which prides itself a rival to Onitsha and Nnewi both in Anambra State. Both towns are renowned for commerce and manufacturing.

Not one of the 14 roads which Governor Otti recently commissioned, nor any of the 44 others which are at various stages of completion, has been renamed after him. Some of them indeed still bear their colonial designations, a constant reminder of our history and antecedents. In Nigeria’s Federal Capital Territory, (FCT), there was pomp and pageantry, Wednesday June 10, 2025, as President Bola Tinubu “commissioned” the International Conference Centre, (ICC), built and activated by the administration of former military President Ibrahim Babangida, 34 years back, in 1991. Nigeria was bestowed, at very short notice, the hosting rights of the Summit of the Organisation of African Unity, (OAU), as it was then referred to. Abuja spontaneously became a massive construction site within the period under consideration.

As the ICC was being readied, so were accommodation facilities built across various districts in Abuja, to house delegates to the OAU Summit. Till date, several residential complexes, mostly blocks of flats across Abuja are known by the name *OAU Quarters,* even though many residents of the various mini- OAU housing estates barely know the etymology of their present abodes. Babangida “stepped aside” in August 1993. Ernest Shonekan; Sani Abacha; Abdulsalami Abubakar; Olusegun Obasanjo; Umaru Yar’Adua; Goodluck Jonathan and Muhammadu Buhari have all come after him as Head of Interim National Government, (ING); military Heads of State and civilian Presidents. None of them christened the ICC or any other national asset for that matter, after himself. A standard, stately edifice, the ICC has remained the *Numero Uno* events destination in Abuja over the years. It has serially hosted world class dignitaries and functions across time and space. As serving President of the United States, the charismatic Bill Clinton was hosted to a state banquet at ICC in 2000. In similar fashion, Queen Elizabeth II of England topped the bill at the 2003 Commonwealth Heads of Government Meeting, (CHOGM), hosted by President Olusegun Obasanjo. A record 51 out of 54 Heads of State of member countries of the Commonwealth attended the four-day event. Such is how treasured, how valued this national monument is.

That Tuesday June 10, 2025, an excitable Nyesom Wike, Tinubu’s Minister of FCTA, renamed the International Conference Centre, (ICC), the *Bola Ahmed Tinubu International Conference Centre.* The edifice which Babangida built from the preliminary stages of earthworks for *N240 million* in 1991, was whitewashed for re-inauguration at a whopping *N39 Billion, in 2024.* Typically, there was no competitive bidding. It was a direct award to a concern preferred by the FCT Minister. The ICC, by the way is the eighth monument, known to me, thus far christened after Tinubu within his first two years in office. Before it were the: *Tinubu International Airport, Minna, Niger State; Tinubu Polytechnic, Gwarinpa, Abuja and Tinubu National Assembly Library, Abuja. There are also the Tinubu Immigrations Technology Building, Airport Road, Abuja; the Tinubu Barracks, Asokoro, Abuja; the Tinubu Way, (formerly Southern Parkway), Abuja, and also the Bola Tinubu Centre for Islamic Affairs, Kaduna, built by the Department of State Services, (DSS).*

President Tinubu seems to be lapping up blandishment, magnification and laudation as they coalesce towards his eventual deification. This is a path potentially laden with veritable landmines. We are never bound to accept and adopt every souvenir or memorabilia thrust at us. We can always ask our doctors questions about medications prescribed for us. Let’s indulge Wike that he probably doesn’t know the history of ICC. President Tinubu does. He was Senator in 1992 and functioned alongside his colleagues, from the very same ICC, in Abuja, in the absence of a purpose-built parliamentary complex. I would, if I were Tinubu, have thanked Wike for his thoughtful gesture. I would have reminisced over Nigeria’s political evolution and reminded him that Babangida in his time, it was, who conceived and erected the mega-structure which sits regally at the bosom of Abuja today. I would have enlightened Wike that just a few months ago, Babangida stepped forward to take responsibility for the annulment of the *June 12, 1993* presidential election which produced Moshood Kashimawo Olawale Abiola, (MKO), as President.

I would have drawn Wike’s attention to the fact that Babangida will be 84 on Sunday August 17, 2025. It would not be out of place to honour him with the ribbons and flowers of the ICC which was indeed his baby. Like or loathe him, Babangida has several positives against his eight year regime, from August 27, 1985 to August 26, 1993. He ensured the physical, effective relocation of Nigeria’s seat of government from Lagos to Abuja, in 1991. This was 15 years after Abuja was so proclaimed by General Murtala Ramat Mohammed, in February 1976, just days before his assassination. He built the eyeful, sprawling State House, Abuja, a tourist monument in its own right. To enhance better governance and developmental coverage of the country, Babangida’s government created Akwa Ibom and Katsina States in 1987, taking the number of states in the country from 19 to 21. On the sixth anniversary of his administration August 27, 1991, Babangida established an additional nine states, including Abia, Adamawa, Anambra, Delta, Jigawa, Kebbi, Kogi, Osun and Yobe, which brought the number of states in Nigeria to 30.

Babangida established the Federal Road Safety Corps, (FRSC), to instil discipline on our highways and curb carnage, and built the ambitious *Third Mainland Bridge* in Lagos, to ease traffic in the water-constrained state. He continued Nigeria’s anti-apartheid campaign against White domination in South Africa, despite being a military leader. Under him, Nigeria had very strong foreign affairs profile in the eyes of the international community under his leadership. The Technical Aid Corps Scheme, (TACS), under which auspices Nigeria sent teachers and professionals to needy African and Caribbean countries, was initiated under Babangida. Nigeria intervened in troubled West African countries from possible dismemberment arising from civil strife, under Babangida’s watch. Nigeria initiated, led and substantially funded a multinational military peacekeeping corps under the auspices of the Economic Community of West African States, (ECOWAS), under him. We can go on.

Interactions between the State House and various states, ministries, departments and agencies, (MDAs) ahead of every programme to be attended by the President, must be painstaking, detailed and explicit. Pleasant “ambushes,” detours away from agreed runs of events, and surprises of any kind are totally intolerable. This is the way it was in our time between 1999 and 2007. You cannot come to a high profile public event, especially the types Wike loves to telecast real-time on the network services of various television stations, to embarrass the President with such proclamations, in the name of springing surprises. Except of course if President Tinubu himself is sucked into such ego-massaging and vainglorious labelling. Except if the President is indifferent to order and conformity, consisting with extant rules and regulations. Or indeed, the ultimate verdict of history.

President Tinubu will do well to be very circumspect about the manner he consents to every other national treasure or government facility being named or renamed after him. He needs to rein in his officials so they can guide him aright. They shouldn’t just be *follow follow* officials, to appropriate a phrase from the immutable lyrics of Fela Anikulapo-Kuti. They shouldn’t be content with just floating around as members of the President’s ring of “principal officers,” without adding desired value. Once it becomes the vogue that state governments and government departments catch the bug, it will become a ridiculously unending practice, inimical to the person and office of the President. For context, a famous rubbish dump on the *Aba- Port Harcourt* expressway was named after a former Governor of the state who craved adulation at every opportunity. At the rate things are unravelling courtrooms; prison blocks; rehabilitation centres for substance indulgents; psychiatric hospitals, and similar institutions may hereafter don *Tinubu-esque* appellations. Let’s hope President Tinubu wouldn’t wake up one day only to discover that he has become the *President of the Federal Republic of Bola Tinubu!*

Not even *Field Marshal Idi Amin Dada of Uganda* pulled off such a stunt.

Olusunle, PhD, Fellow of the Association of Nigerian Authors, (FANA), is an Adjunct Professor of Creative Writing at the University of Abuja

The president will do well to be circumspect about national treasure named after him, writes TUNDE OLUSUNLE I’ve just watched a four-minute video clip of Alex Otti, the Abia State