Connect with us


BIG STORY

Auditor General Queries NPA’s N44bn Unremitted Tax, N88bn Admin Spending

Published

on

The Office of the Auditor General of the Federation has issued more queries on the finances of the Nigerian Ports Authority, alleging various irregularities in the accounts of the agency for 2018.

The alleged infractions run into hundreds of billions, including the failure by the NPA to remit about N44.21bn in taxes to the Federal Inland Revenue Services and spending N88.23bn as administrative expenses during the year.

The Auditor General of the Federation, Adolphus Aghughu, issued various queries on the NPA’s consolidated and separate financial statements for 2018 in an audit report forwarded to the National Assembly which was dated May 24.

The House of Representatives Committee on Public Accounts has invited the Minister of Transportation, Rotimi Amaechi, and the management of NPA to appear before it on July 8 over the queries by the OAUGF based on the audit carried out by Messrs Muhtari Dangana & Co and SIAO (Chartered Accountants).

TheAuditor-General said the management of the NPA spent N409.17bn on property, plant, and equipment in 2018 without sufficient and appropriate audit evidence to confirm the completeness, existence, and valuation of the assets.

Out of the money, the NPA was said to have made ‘provision for depreciation charged in the accounts that would appear to be understated by N12.49bn’.

The report read, “It was observed during vetting that the provisions made against four classes of property, plant and equipment, namely roads and sidings, wharves, vessels, and buoys, did not correspond to the rates of depreciation reported in the financial statements.

“The depreciation rates that were charged on the assets were smaller than the rates arrived at during vetting.

“The understatement of depreciation by N12,486,991,000 resulted in the apparent overstatement of the Net Book value of the fixed assets and understatement of the surplus for the year by the same amount. An explanation would be appreciated.”

Furthermore, the Auditor-General said wharves were disposed of by the management of the NPA at the cost of N254.83bn without evidence of remittance to the Consolidated Revenue Fund, while demanding that the number of wharves disposed of, the cost and evidence of remittance be provided.

Also, the auditor-general said the authority reduced N126.63bn in the period under review to arrive at the trade receivable of N43.51bn.

Aghughu said, “This showed very weak debt recovery efforts on the part of the management of Nigerian Ports Authority.

“The minutes of the meeting where the group decided that these debts should be impaired should be provided. Detailed explanations should be given for the inability of the authority to recover its huge outstanding receivables. The detailed schedule of all the parties involved should be furnished.”

The NPA is also to explain how the N1.88bn meant for Staff Home Ownership Scheme was administered because the authority severed the relationship with Aso Savings and Loans Plc, the company that served as an agent for the creation of mortgages and the subsequent collections of repayments on the same mortgages.

The management, which had made an advance payment of N4.65bn, was asked to provide a schedule showing the names of the individual contractor, nature of the contract, contract sum, the amount of advance granted, age analysis of each of the advance and the unconditional performance guaranty supplied by the contractors should be furnished.

The auditor-general also asked the NPA to pay into the Consolidated Revenue Fund, the sum of N2.33bn being money collected from the disputed cargo tracking note by the NPA, which had been kept in a dedicated account until July 2017 when the Economic and Financial Crime Commission directed First City Monument Bank that had been the custodian of the fund, to transfer the fund to an EFCC account.

BIG STORY

New Secondary School Curriculum To Include Journalism, Programming Modules [SEE FULL LIST]

Published

on

Nigeria’s new secondary school curriculum will introduce modules on journalism, programming, artificial intelligence (AI), robotics, and fact-checking, according to details released on Wednesday.

Dada Olusegun, senior special adviser to the president on social media, shared excerpts of the yet-to-be-unveiled curriculum document via his verified social media handle.

The new curriculum, which applies to both junior and senior secondary schools, is part of government efforts to modernise education and align learning with global digital and professional trends.

Breakdown of the curriculum

According to the document, journalism will now be taught under English Language at the senior secondary level, while programming is spread across both junior and senior cadres.

Digital literacy has also been expanded to include artificial intelligence and robotics in senior classes.

For junior secondary school (JSS 1–3), subjects include:

  1. Mathematics & Measurement (covering algebra, geometry, statistics, and more)
  2. English Language (essay writing, grammar, comprehension, oral skills)
  3. Integrated Science (physics, chemistry, biology, earth science, lab safety)
  4. Digital Literacy & Coding (Word, Excel, PowerPoint, Python basics, Scratch, robotics kits)
  5. Social Studies (history, geography, civics, economy, entrepreneurship basics, global issues)
  6. Languages (mother tongue, French/Arabic)
  7. Creative Arts (drama, crafts, music, film basics)
  8. Physical & Health Education (fitness, nutrition, reproductive health, drug abuse awareness).

For senior secondary school (SS 1–3), highlights include:

  1. English & Communication (academic writing, journalism, fact-checking, public speaking)
  2. Technology & Innovation (Python, JavaScript, HTML/CSS, data science, AI & robotics, cybersecurity)
  3. Research & Project Work (final-year project, data collection, presentation & defence)
  4. Social Sciences (economics, government, history, philosophy, entrepreneurship).

Focus on digital and practical skills

The curriculum also introduces modules on digital entrepreneurship, cybersecurity, media production, and mental health awareness.

Officials say the new subjects are designed to equip students with both academic and practical skills needed to navigate the evolving global economy.

The Federal Ministry of Education is expected to formally launch the curriculum in the coming weeks.

Continue Reading

BIG STORY

Fidelity, Sterling, Other Tier-2 Banks Under Pressure As CBN’s 2026 Recapitalisation Deadline Looms — SBM Report

Published

on

Nigeria’s mid-tier lenders are under mounting pressure to scale up operations or face mergers as the Central Bank of Nigeria (CBN) enforces its 2026 recapitalisation programme, a new report has revealed.

The report, released by SBM Intelligence and titled “Capital, Competition, and Consolidation: How Nigeria’s Tier-2 banks are responding to the CBN’s 2026 recapitalisation order,” examined the financial health and capital-raising efforts of First City Monument Bank (FCMB), Fidelity Bank, Stanbic IBTC, Sterling Bank, and Wema Bank.

In March 2024, the CBN directed banks to increase their minimum capital base by 2026. Under the new rule, international banks must raise ₦500 billion, national banks ₦200 billion, and regional banks ₦50 billion. The apex bank said the measure will boost financial stability and prepare lenders to support the government’s ambition of building a $1 trillion economy.

Share price rally

The SBM report highlighted how some tier-2 banks have outperformed expectations in recent years. Fidelity Bank’s share price rose from ₦1.65 in 2020 to over ₦21.20 by mid-2025, representing more than 1,100 percent growth. Wema Bank also recorded a surge from ₦1.50 to nearly ₦15.00 over the same period.

FCMB and Sterling Bank posted steady gains, while Stanbic IBTC maintained resilience despite macroeconomic volatility.

Capital-raising strategies

To meet the recapitalisation target, FCMB has embarked on a three-phase plan to raise ₦400 billion through public offers, divestments in subsidiaries, and offshore placements. Fidelity Bank has already secured over ₦270 billion from an oversubscribed rights issue and public offer, with plans to complete the process ahead of schedule.

Sterling Financial Holdings is pursuing a mix of rights issues, private placements, and a $400 million public offering, while Wema Bank has combined a ₦150 billion rights issue with a ₦50 billion private placement after an earlier ₦40 billion issue in 2023.

Mergers expected

SBM predicted that consolidation in the banking sector will intensify as the 2026 deadline approaches, with mergers and alliances likely among mid-tier lenders.

“The financial performance of these banks in 2025 underscores their capacity to compete and thrive, even as Tier-1 institutions consolidate their dominance,” the report noted.

It added that the ability of tier-2 banks to adapt to regulatory demands, strengthen technology adoption, and implement bold capital strategies will determine their future in Nigeria’s evolving financial sector.

Continue Reading

BIG STORY

UBA, Mastercard Launch Prepaid Card To Promote Financial Inclusion

Published

on

Africa’s Global Bank, United Bank for Africa (UBA) Plc, in collaboration with Mastercard, Tuesday announced the launch of the Mastercard prepaid card to further accelerate financial inclusion and expand access to digital payment solutions across Africa.

The card, which does not require a traditional bank account, is designed to serve individuals who have historically lacked access to formal financial services, particularly young adults, gig workers, and low-income earners. It enables users to top up funds easily, transact both locally and internationally, and manage spending with flexibility and security.

With more than 28.9 million adults in Nigeria remaining unbanked, and digital-first tools increasingly demanded by youth and freelancers, the prepaid card directly addresses pressing gaps in the financial ecosystem.

Mastercard’s Country Manager, West Africa, Dr Folasade Femi-Lawal and Group Head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, during the the launch of the Mastercard Prepaid Card to further accelerate financial inclusion and expand access to digital payment solutions across Africa, held at the Bank’s headquarters in Lagos on Monday.

Group Head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, who noted this is a demonstration of the bank’s customer-first approach, stated that the bank is committed to ensuring that every Nigerian is banked and gets the best service.

“This collaboration with Mastercard is yet another demonstration of our customer-first approach. We are committed to providing practical solutions that meet the everyday needs of Nigerians, and this card will make payments simpler, safer, and accessible to all”

Mastercard’s Country Manager, West Africa, Dr Folasade Femi-Lawal, said: “At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions that serve both banked and unbanked Nigerians. Collaborating with UBA enables us to unlock endless possibilities by connecting individuals across all income levels, demographics, and social strata. Together, we are empowering Nigerians with the tools they need to confidently participate in the global economy and shape a more inclusive digital future.”

The prepaid card offers distinct benefits for different user groups. Cardholders can use it as a convenient budgeting tool; freelancers and gig workers gain a flexible expense solution; and the unbanked are empowered through a secure, reloadable allowance card. The product is globally accepted and supported by Mastercard’s trusted infrastructure, providing users with peace of mind and seamless digital payment experiences.

This collaboration aims to pave the way for a more inclusive and sustainable financial future in Africa, by striving to break down long-standing barriers, enable underserved communities, and advance economic growth.

United Bank for Africa (UBA) Plc is a leading pan-African financial institution, offering banking services to more than 45 million customers across 20 African countries, as well as in the United Kingdom, the United States, France, and the United Arab Emirates. With a strong focus on innovation, financial inclusion, and customer service, UBA provides retail, commercial, and institutional banking solutions, empowering individuals, businesses, and governments through cutting-edge digital platforms and inclusive financial products.

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com

Continue Reading


 


 

 

 

Join Us On Facebook

Most Popular