NEWS AGENCY OF NIGERIA
Sanwo-Olu engages Alaba Rago Market stakeholders on regeneration plan

Sanwo-Olu engages Alaba Rago Market stakeholders on regeneration plan

287 total views today

 

 

By Lydia Chigozie-Ngwakwe

 

The Lagos State Office of Urban Development has assured Alaba Rago Transnational Market stakeholders that its ongoing regeneration and redevelopment would be inclusive, transparent and beneficial, especially to the market’s original traders and occupants.

 

The assurance was given during a stakeholders’ engagement held at the palace of Oba Sulaimon Raji-Ashade, the Oniba of Iba, on Wednesday.

 

At the meeting, Gov. Babajide Sanwo-Olu said the Alaba Rago Market redevelopment was a priority for his administration.

 

Sanwo-Olu was represented by his Special Adviser on E-GIS and Urban Development, Dr Olajide Babatunde.

 

“Development has come to our doorstep – and this is sincere development.

 

“This is not about Mr Governor alone. He carries the mandate of the President, the Vice President, and most importantly, the people,” he said.

 

He emphasised that the project was not aimed at dispossessing people of their land, but rather at improving their livelihoods through organised urban growth.

 

“This regeneration is for the people. It is designed to benefit the original traders and residents, including the Hausa community, who have contributed immensely to the commercial growth of the area,” he said.

 

According to the governor, the project will be executed in six phases, with phase one expected to be completed before the end of 2024.

 

This phase, he said, comprised 10 blocks of 60 shops each.

 

Phase four, which includes a cattle ranch and trailer park, is also under construction, according to him.

 

He added that the redevelopment effort was a joint venture between the Lagos State Government and its development partners, and had the full support of the local communities.

 

“We have worked with the community, taken down distressed and improperly-planned structures, and we are rebuilding – for the people who were here before,” he said.

 

The Chairman of Iba Local Council Development Area (LCDA), Mr Yisa Jubril, thanked the governor and the royal father for their roles in actualising the long-awaited redevelopment.

 

“For years, people have been clamouring for Alaba Rago’s redevelopment. Today, we are seeing it become a reality,” he said.

 

Jubril urged the community members to inform others of the progress, and reiterated the administration’s commitment to ensuring that original traders would reclaim their spaces in the market.

 

The state Commissioner for Local Government, Chieftaincy Affairs and Rural Development, Mr Bolaji Robert, commended the royal father for good leadership, and praised the cooperation of the people of Iba and surrounding communities, including Okokomaiko and Sabo Oniba.

 

“Oba Raji-Ashade has brought remarkable transformation to the Iba Kingdom. His proactive approach to community development is exemplary,” Robert said.

 

 

 

In his remarks, Oba Sulaimon Raji-Ashade called on the residents and other stakeholders to support the government’s efforts, stressing the importance of inclusiveness and unity in achieving sustainable development.

 

“We are not tribalists in Lagos, we want to make sure everyone benefits – including our northern brothers. Let’s cooperate with the government; they are not here to scatter us,” he said.

 

The News Agency of Nigeria (NAN) reports that the meeting, attended by community leaders, market representatives, chiefs and traders, featured presentation of operational vehicles and urban development vests by the Office of E-GIS and Urban Development.

 

The stakeholders’ engagement marks a significant step in the Lagos State Government’s vision of “A Greater Lagos Rising,” with the Alaba Rago Transnational Market regeneration serving as a model for future market redevelopments across the state.

 

Alaba Rago Market is a popular food, livestock and scrap metal market in Iba, Ojo council area of Lagos State. (NAN)(www.nannews.ng)

 

Edited by Ijeoma Popoola

We’re working to recover proceeds of crime outside Africa – ICPC

We’re working to recover proceeds of crime outside Africa – ICPC

189 total views today

By Monday Ijeh

The Independent Corrupt Practices and Other Related Offences Commission (ICPC), says they have intensified moves to recover assets outside Africa that are perceived to be proceeds of crime.

Chairman of ICPC, Dr Musa Aliyu, said this in Abuja, at a one-day stakeholders engagement on the assessment of Nigeria’s asset recovery regime.

The event was organised by the Centre for Fiscal Transparency and Public Integrity (CFTPI), a Civil Society Organisation (CSO), and supported by Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

Aliyu said that asset recovery cannot be limited to our localities, as it had also become an international issue.

He called on the various anti-corruption agencies to synergise to fight the menace.

“No single agency can fight corruption alone, and once we are not working in synergy, we are giving corrupt people the opportunity to continue to bring problems to the country and the continent.

“The issue of asset recovery is key to the fight against corruption; the reason people engage in corruption is because they want to benefit from the proceeds of crime, so, if you deprive them of that, they become empty.

“In Africa, we are working to ensure that we come together to recover assets beyond the African continent.

“We know that Africa is a victim of illicit financial flow but the western world keeps blaming us, even when we are the victim. That is why we are strategising to work together.

“If there is any stolen asset outside the continent, it should be our collective decision to follow and recover it.

“We should work together to return assets belonging to Ghana or Gambia or any African country that were seen outside the continent,” he said.

According to Aliyu, one of the pillars of ICPC’s fight against stolen assets is recovery and the management of the proceeds of crime.

He, however, said that the commission would also begin to focus on prevention to ensure people do not even nurture the idea.

The Director-General of GIABA, Mr Edwin Harris Jr., said about 350,000 dollars have been disbursed this year to 12 civil society organisations across ECOWAS to implement programmes focusing on assets recovery and management in the region.

Harris who was represented by Dr Tim Melaye, GIABA Secretariat, said that awareness was key to discouraging people from acquiring illicit wealth.

“Our sincere expectation is that this will raise awareness, sensitise stakeholders, mobilise all partners to improve the recovery and management of illicit assets.

“Profit is the driver of financial crimes, and until we take profit out of crime, criminals will continue to increase.

“You will all agree with me that a lot of assets have been stolen from Africa, and these assets are all over the world.

“According to the President Thabo Mbeki’s report under the auspices of the United Nation’s Economic Commission for Africa (UNECA), over 50 billion US Dollars was annually stolen from Africa, that was then.

“The most current and realistic amount today is staggering between 88 billion dollars and 94 billion dollars.

“Where are these monies, how do we recover them, those recovered, how do we manage them, how do we ensure that the recovered loots are not relooted? So many questions begging for answer,” Harris said.

Earlier, Dr Umar Yakubu, Executive Director, CFTPI, said that the aim of the programme was to collectively assess the current state of Nigeria’s asset recovery regime, and to identify its strengths and weaknesses.

Yakubu said that the stakeholders engagement would also explore innovative and effective strategies for improvement.

“The issue of asset recovery is not merely a legal or financial matter; it lies at the very heart of our nation’s development and the trust we strive to build between the government and its citizens.

“Illicitly acquired assets, whether stashed away in foreign lands or concealed within our borders, represent resources that could have been invested in vital sectors such as education, healthcare, infrastructure, and social welfare.

“Their recovery is therefore not just about reclaiming stolen wealth, but about reclaiming opportunities for a better future for all Nigerians.

“Over the years, Nigeria has made commendable efforts in establishing a legal and institutional framework for asset recovery.

“However, the complexities involved in tracing, freezing, confiscating, and ultimately repatriating these assets are multifaceted and often fraught with challenges.

“These challenges range from intricate legal hurdles in different jurisdictions to the lack of comprehensive data and coordination among relevant agencies. This stakeholder engagement is conceived as a platform for frank and open dialogue,” Yakubu said.

He noted that a robust and efficient asset recovery regime was indispensable for deterring corruption, ensuring accountability for illicit enrichment, and ultimately fostering a culture of integrity within our public and private sectors.

Other agencies like the National Drug Law Enforcement Agency, Economic and Financial Crimes Commission, Nigerian Financial Intelligence Unit, CSOs among others participated in the event which ended with a panel session.

The News Agency of Nigeria (NAN) reports that Assets Recovery Database was unveiled by the organisers, CFTPI. (NAN) (www.nannews.ng)
IMC/EMAF
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Edited by Emmanuel Afonne

First Lady appointed Merck Foundation Ambassador

First Lady appointed Merck Foundation Ambassador

181 total views today

By Celine-Damilola Oyewole

The First Lady, Sen. Oluremi Tinubu, has been appointed as an ambassador for the Merck Foundation’s “Merck More Than a Mother” campaign in Nigeria.

The Chairman, Merck Foundation, Prof. Frank Strangenberg-Haverkanp, in the company of other team members, officially declared Mrs Tinubu as the ambassador during a visit to the State House on Wednesday.

He told the first lady to join hands with them to fulfil the vision of the organisation which he said focuses more on women empowerment.

“Nigeria is a very important country; the Merck Foundation was set up in 2012 when I was still a chairman of a commercial organisation.

“Due to my love for Africa, we set up the organisation in order to give back to the society, the idea with the main focus on women.

“It gives young girls the opportunity to have a better life, to overcome the stigma of not having children,” he stated.

Dr Rasha Kelej, the Chief Executive Officer of the organisation, earlier informed Mrs Tinubu that the group wants to establish a partnership with the First Lady through her NGO, Renewed Hope Initiative.

Kelej said part of the organisation’s vision is on women empowerment, medical outreach, education programme, specifically scholarship for girls.

She said the campaign of the organisation also included media training aimed at inspiring and educating young journalists on how to break the silence and be the voice of the voiceless.

“We emphasise on the importance of girls’ education, women empowerment, ending child marriage at all levels through the Merck Foundation.

Responding, Mrs Tinubu joyfully accepted the task with a promise to work with the group.

“I appreciate your impact in Africa and I will work for you, I feel honoured by your visit.

“I believe once you have an educated population, the country will grow in bounds,” she said. (NAN)(www.nannnews.ng)

Edited by Tayo Ikujuni

Youth inclusion key to Nigeria’s OGP progress – Minister

Youth inclusion key to Nigeria’s OGP progress – Minister

192 total views today

By Nana Musa

The Federal Government is committed to involving young people in shaping and driving national development, says the Minister of Youth Development, Mr Ayodele Olawande.

Olawande stated this during the global Open Government Partnership (OGP) working and learning visit to Nigeria, held in Abuja on Tuesday.

 

He stated that Nigeria would continue efforts to develop the fourth National Action Plan (NAP 4) under the OGP framework.

 

Olawande explained that the global OGP has launched a strategic plan for 2023–2028 to promote transparent, accountable, and inclusive governance worldwide.

 

“We are committed to ensuring youth voices and contributions are reflected in thematic focus areas and during implementation.

 

“We value the hard work of stakeholders, youth members, partners, and the OGP-Nigeria technical working group.

 

“I’m especially proud of OGP Local Kaduna, co-chaired by a young person, and the Nigeria Youth Investment Project, supporting the youth ministry,” he stated.

 

Olawande also commended global OGP, state, and non-state actors in Nigeria for their longstanding commitment to the OGP reform process.

 

Earlier, OGP Global’s Team Lead for Partnership for Democracy and Accountability, Maureen Kariuki, spoke about the significance of the OGP mission.

 

She stressed the importance of youth inclusion in policymaking and decision-making to bring about meaningful reform.

 

“We’re here to learn what Nigeria is doing and explore ways we can support ongoing efforts.

 

“Support is key, because the partnership thrives on mutual cooperation.

 

“Nigeria has many governments and reformers, as well as strong civil society partners contributing to real change.

 

“OGP members globally learn from one another based on their unique experiences and priorities,” Kariuki said.

 

She also praised the minister and OGP-Nigeria for their notable achievements and dedication to the OGP agenda.

 

OGP National Coordinator, Dr Gloria Ahmed, also lauded the minister and global OGP partners for their continued support and contributions to the initiative. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

Dangote funds women entrepreneurs in Benue

Dangote funds women entrepreneurs in Benue

469 total views today

In a bold boost for women entrepreneurship in Nigeria, Dangote Cement Plc has empowered businesswomen in host communities in Benue with cash grants, thus deepening business activities in the State.

 

The women empowerment programme came months after the Dangote Cement in Gboko increased bursary payments to students of host communities by more than 100 per cent.

 

Mr Wakeel Olayiwola, Group Head, Social Performance, Dangote Cement Plc, disclosed this at the ceremony on Wednesday in Gboko.

 

“Through this scheme, selected women entrepreneurs in host communities will receive ₦100,000 grants each to strengthen and expand their businesses.

 

“The financial support aims to boost local enterprise development at the grassroots level, empowering female business owners with capital to scale their operations.

 

‘’Each beneficiary will use the funds to address specific business needs, from purchasing inventory to upgrading equipment, creating tangible economic impact in their communities.”

 

Olayiwola said that the empowerment would boost ability to invest in their families’ education, health, and well-being as well as break the cycle of poverty and enable positive change in their communities.

 

He said the programme would also enable the women to generate more income to reduce over-reliance on their husbands.

 

He said the money is a grant and would not be paid back to the Dangote Cement.

 

Olayiwola said traditional leaders of Quarry, Tse-Kucha, Amua, Mbazembe, Mbatur and Pass Brothers host communities, as well as the Dangote Community Consultative Committee were involved in the selection of beneficiaries.

 

He said the company would monitor progress of the women entrepreneurs and evaluate how the money is being invested.

 

The News Agency of Nigeria (NAN) reports that the Dangote Cement Plc and six host communities signed a historic Community Development Agreement (CDA) in 2024.

 

The acting Plant Director, Munusamy Murugan, said the empowerment would be an annual event.

 

Murugan, who was represented by Tavershima Soom, said that other economic empowerment programmes lined up include farmers programme and youth skill acquisition programme.

 

In his remarks, Head of the Social Performance, Gboko Plant, Johnson Kor, said that the company would continue to support members of the communities, urging them to be good ambassadors of the Dangote Cement Plc.

 

Ruth Tser, a beneficiary, said she would invest the money in her cassava farming business, while commending the company for the support.

 

Similarly, Mrs Vishigh Msurshiona, pledged to use the money to grow her trade in commodities.(NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

UNIABUJA to offer youth development postgraduate degrees- VC

UNIABUJA to offer youth development postgraduate degrees- VC

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By Akpan Glory

The Acting Vice-Chancellor of the University of Abuja, Prof. Patricia Lar, has pledged the university’s readiness to commence Postgraduate Diploma (PGD), Masters, and Doctoral programmes in Youth Development Work.

Lar made this commitment during a high-level courtesy and advocacy visit by a delegation of the Federal Ministry of Youth Development (FMYD) and the Nigeria Youth Workers’ Association (NYWA) to the university on Wednesday.

She said this feat positions the institution as a pioneer in this vital sector.

The vice-chancellor reaffirmed the university’s commitment to hosting a national stakeholders’ workshop as a springboard for formalising Youth Work education in Nigeria.

Speaking for the advocacy team, Despan Kwardem, Director of Education and Training at the Federal Ministry of Youth Development, praised the Minister’s approval of both the proposed workshop and the wider push to professionalise youth development work in Nigeria.

He stated that this decisive action aligns with President Bola Tinubu’s Renewed Hope Agenda, which emphasises strengthening governance, enhancing transparency, and improving service delivery to Nigerian youth.

In his remarks, the President of the Nigeria Youth Workers’ Association (NYWA), Ben Duntoye, described the milestone as a transformative step towards equipping Youth Workers with globally relevant competencies and academic recognition.

He noted that it reinforces the nation’s commitment to inclusive development and sustainable youth empowerment.

“Driven by the need to build the capacity of Youth Workers, an agenda championed by the Commonwealth Youth Programme (CYP), the programme aims to standardise and enhance the quality of Youth Work practice in Nigeria”.

Duntoye further expressed special appreciation to Prof. Theresa Abok-Akpan, Director of the Centre for Gender Security Studies and Youth Advancement, whose invaluable support contributed to the success of the visit.

The News Agency of Nigeria reports that the Nigeria Youth Workers’ Association (NYWA) is the coordinating body for youth development practioners and professionals in Nigeria established in 2019.

It aims to improve the status and standard of youth work by connecting, strengthening networks, and advocating for the professionalisation of youth work ultimately advancing the live of young people to achieve their set goals. (NAN)

Edited by Tosin Kolade

Experts task organisations on strong ethics, whistleblowing policy

Experts task organisations on strong ethics, whistleblowing policy

245 total views today

 

 

 

 

 

 

By Adebola Adegoke

 

 

 

Ethics and compliance experts have called on corporate organisations to build strong ethical systems and establish robust whistleblowing frameworks to ensure long-term profitability and sustainability.

 

 

 

They made the call on Tuesday during a webinar organised by Kaizen Academy, with the theme: “Overcoming Ethical Dilemmas in Corporate Decision Making”.

 

Kaizen Academy is a consulting firm that provides corporate strategy, compliance and governance advisory services.

 

Ms Gbemi Yusuff, Associate Vice President, Ethics and Compliance, NMC Healthcare, said that ethical responsibility should not rest solely with leadership but must permeate all levels of the organisation.

 

 

 

Yusuff noted that ethical leadership, institutional accountability, and a culture that encouraged reporting of wrongdoing were crucial for organisations to thrive in today’s competitive and regulated business environment.

 

 

 

“Companies often proclaim integrity and accountability in their public declarations, but it is the lived experience within the organisation that truly defines the culture.

 

 

 

“Corporate culture is the invisible hand that guides decisions when no one is watching.

 

 

 

“Everyone who has any level of responsibility is a leader in some way and must act in alignment with the organisation’s ethical values.

 

 

 

“In moments of ethical tension, it is culture that determines whether people act rightly even without direct supervision.”

 

 

 

She called for ethics to be integrated into long-term corporate strategy, with clear and measurable key performance indicators to reward integrity alongside results.

 

 

 

“Ethics is not a burden or an obstacle, it is the foundation for sustainable profitability and trust,” she said.

 

 

 

Mr Ayobami Adisa, Director, Data Governance and Compliance at IHS Towers, emphasised the critical role of whistleblowing in detecting corporate misconduct early and preserving business health.

 

 

 

Adisa urged organisations to create a safe environment for reporting misconduct that include timely investigations, communicating outcomes, and conducting post-investigation anti-retaliation check-ins with whistleblowers.

 

 

 

He stressed that companies must not only put in place whistleblowing and non-retaliation policies but also implement them rigorously.

 

 

 

“Whistleblowing is a tested feedback mechanism. If taken seriously, it helps organisations detect wrongdoings before they become disastrous.

 

 

 

“Having a whistleblowing policy is like cuffing yourself as an organisation. It means you’ve made yourself vulnerable and committed to protecting the whistleblower,” he added.

 

 

 

He said global best practices had shown that companies face severe penalties for ignoring whistleblower protection.

 

 

 

According to the expert, a growing number of organisations now incentivise whistleblowing by compensating employees who report financial misconduct or other violations that save the company from loss.

 

 

 

“Some even reward whistleblowers with a fraction of the funds recovered. It’s a trend we’re beginning to see, and it’s working,” he said.

 

 

 

Also, Mr Akinpelu Akinola, Group Head, Ethics and Governance at the Chartered Institute of Bankers of Nigeria, noted that beyond policies, corporate governance play a vital role in preventing ethical failures.

 

 

 

According to him, building a transparent, accountable system not only upholds integrity but is also good for business.

 

 

 

He urged companies to anchor business decisions on their core values to avoid crossing unethical lines.

 

 

 

“Corporate governance is the framework of accountability. It is how organisations design systems to check power, ensure transparency, and allow ethical concerns to be addressed quickly and impartially.

 

 

 

“As a corporate leader, you must build transparent systems that compels every staff to do the right thing because ethical decisions drives profitable sustainability,” Akinola said. (NAN)

 

Edited by Folasade Adeniran

Economic inclusion: FG pledges to support NIPR

Economic inclusion: FG pledges to support NIPR

239 total views today

By Collins Yakubu-Hammer

The Minister of Information and National Orientation, Alhaji Mohammed Idris, has pledged the readiness of the Federal Government to support the Nigerian Institute of Public Relations (NIPR) in mobilising citizens for sustainable economic inclusion.

Idris stated this at the opening ceremony of the Nigeria Public Relations Week (NPRW 2025) and Annual General Meeting (AGM) in Uyo.

The event with the theme, “Harnessing Public Relations for Nigeria’s Economic Renaissance,” was organised by NIPR.

According to Idris, the role of NIPR is not only foundational but indispensable.

“I wish to commend your recent efforts in pushing for ethical reforms, media literacy and capacity development.

“We in government are ready to support your initiatives as we collectively mobilise Nigerians for sustainable economic inclusion and productivity.

“Our role as stewards of the national narrative is crucial to how Nigeria is perceived, how policies are understood, and how citizens are engaged in our collective pursuit of economic prosperity as Nigeria rises again,” Idris said.

He further said Nigeria had attracted over $50 billion in new foreign direct investment commitments, adding that, Diaspora remittances reached $21.9 billion, showing deep trust in the nation’s future.

He also noted that the country’s entertainment and creative industries, particularly Nollywood, contributed over ₦730 billion to GDP.

“These are not just statistics, they are stories waiting to be told effectively, professionally and patriotically.

“There is encouraging news from the Consumer Price Index (CPI) for April 2025 recently released by the National Bureau of Statistics.

“It indicated that the headline inflation rate for April stood at 23.71 per cent, representing a decrease of 0.52 per cent from the 24.23 per cent recorded in March 2025,” he said.

” Similarly, month-on-month, inflation dropped by a notable 2.04 per cent, from 3.90 per cent in March to 1.86 per cent in April.

“This could only have happened because Mr President’s deliberate policy interventions, gradually being made manifest, are well nurtured and paying off.

“As thought leaders and most viable of all our national assets, the NIPR must rise to this challenge.

“At the Ministry of Information and National Orientation, we have taken this challenge with a huge sense of responsibility, particularly in the conception of the National Strategic Communication Framework (NSCF),” Idris said.

He said through this blueprint, the ministry would ensure coherence across public sector messaging, align national campaigns with public sentiment and development goals and engage the Nigerian citizen in two-way communication.

He added that it would be part of the ministry’s mission to make public communication a tool for economic growth, social cohesion and national pride. (NAN)

Edited by Mufutau Ojo

Niger trains 6,000 youths on financial literacy 

Niger trains 6,000 youths on financial literacy 

226 total views today

By Rita Iliya

Niger government has commenced a financial literacy training programme for 6,000 young entrepreneurs across the 25 local governments in the state.

 

The News Agency of Nigeria (NAN) reports in Minna on Tuesday that the training was part of the government’s efforts to empower youths with skills and knowledge to enhance their businesses and productivity.

 

The training is being conducted by the Niger state government in partnerships with MasterCard Foundation and Enterprise Development Centre.

 

The online and offline training tagged: ‘Transforming Nigerian Youth Programme (TNY), was launched in March.

 

The programme is to train 10,000 youths, particularly young women, between the ages of 18 and 35.

 

Hajiya Hauwa Bako, Special Adviser to Niger Governor on Social Investment Programme, advised the beneficiaries to take the training seriously and make the most of the opportunity to better their lots.

 

“A door has been opened, and they should grab it and better their future,” she said.

 

She urged them to concentrate and be attentive, noting that there were many opportunities coming up with the training session.

 

According to her, human capital development is part of the vision of Gov. Mohammed Bago to build a new Niger, adding that the youths are the drivers of development.

 

Also speaking, Lady Helen Umaru, Permanent Secretary, Ministry for Micro-Small Enterprise, emphasised the importance of entrepreneurship in today’s world.

 

She advised the beneficiaries to take full advantage of the programme to empower themselves and better their livelihoods.

 

In her remarks, Mrs Mary Berje, Special Adviser to Niger Governor on Women and Affirmative Action, said the programme was aimed at empowering women to promote economic growth and development.

 

Berje expressed optimism that the programme would provide the youths with opportunities to improve their economic status.

 

Similarly, Malam Ahmed Gwada, Director General of the Small and Medium Enterprise and Micro Finance Agency, explained that the training focuses on women to improve their capabilities on business development.

 

Fatima Rufai and Aisha Bosso, who spoke on behalf of the beneficiaries, expressed gratitude to the state government for the opportunity, adding that the programme would improve their skill on how to start and manage a business. (NAN) (www.nannews.ng)

Edited by Joe Idika

Nigeria’s banking sector stable, CBN reassures Nigerians

Nigeria’s banking sector stable, CBN reassures Nigerians

181 total views today

By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN) has reassured the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound.

The CBN said this in a statement issued by its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali.

According to Sidi-Ali, the attention of the CBN has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution.

“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound.

“Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds,” she said.

She said that the apex bank would continue to monitor all financial institutions under its regulatory purview and maintain robust frameworks for early warning signals and risk-based supervision.

“These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.

“We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system,” Sidi-Ali said.

She said that the CBN remained dedicated to fostering a secure banking environment where depositors could be fully confident in the safety of their funds.

“It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” she said. (NAN)

Edited by Ese E. Eniola Williams

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