E-Financial
AfDB, AIMS to Transform Industry-led Research in Africa
The African Development Bank and the African Institute of Mathematics and Sciences (AIMS) have initiated a landmark relationship aimed at building an industry-led research institution in the league of the Massachusetts Institute of Technology.
Former President of Nigeria, Olusegun Obasanjo, led a delegation of the High-Level Advisory Council of AIMS to a meeting with the African Development Bank in Abidjan, where a 10-year partnership proposal was made to build mathematical and scientific capacity in Africa, strengthen industry linkages, and create a competitive industrial and innovative space.
Obasanjo, the Patron of the High-Level Advisory Council for AIMS’ Next Einstein Initiative, with former Ghanaian President John Kufuor as Vice-Chair, described the visit as a huge opportunity for the Bank and AIMS to forge an extraordinary partnership to support African countries in the expansion of mathematical science education, training and research.
He commended Bank President Akinwumi Adesina for championing Africa’s development and assured that the proposed partnership is critical for the continent’s future.
“If we are going to make substantial progress in industrialization within the next decade, be truly visible in the rapidly unfolding fourth industrial revolution and rise effectively to the challenge of creating decent and sustainable jobs for our youths, the continent must produce well motivated and well trained young innovators.”
Adesina stressed the need for Africa to develop with pride and pledged the Bank’s commitment to build a partnership with AIMS that would allow the continent to compete with the rest of the world.
“We must recognize that the world is moving fast. Consequently, how can Africa position itself in a rapidly changing world so that it doesn’t become disadvantaged? We are a knowledge-driven Bank and think our partnership will help us build quantum knowledge for growth. We are excited about the focus on young people. We also like the regional integration dimension of the work that AIMS does.”
The Bank President promised to convene a meeting of donors to discuss AIMS’ funding request, but stressed the need for greater participation by the private sector, particularly key industries that benefit from the institution’s research and work in science, technology and innovation.
He described the involvement of industry-led research as the driving force of the Silicon Valley. He also made a case for venture capital and private equity funds to support research outputs from the continent.
Neil Turok, the Founder of AIMS, described the Bank as a leading institution in Africa and said the Institute is excited about the prospect of a partnership. “I was trained to believe in Africa. I can tell you AIMS is the most exciting and dynamic science and educational institution in the world. What has driven the institution are the young students from Africa.”
Turok said AIMS’ research and industry-led capacity development aligns with the Bank’s High 5s, including its regional integration targets. “What we are doing at AIMS is to transform Africa is by giving opportunities to the youth. AIMS is African-owned, African-run, African-operated, but it hosts the best scientists in the world to give African young scientists the stuff they need.”
He went on to say, “Our goal is to be the MIT for Africa. We know the impact MIT has on U.S. industry. We want to create the same for Africa, but we struggle with sustainable funding. We want to work with the African Development Bank to develop sustainable funding.”
The aim of the partnership program is to ensure that each of the 54 African countries has an additional 100-250 world-class specialists in mathematical sciences by 2020 to lead research and innovation in various fields. The total cost of the partnership program is projected at US $54.685 million.
AIMS is seeking bridging finance of $5 million to build mathematical capacity in Africa and called for the Bank’s support to establish the African Presidential Resource Center.
AIMS’ President, Thierry Zomahoun, explained, “Bridging finance is needed to build upon and sustain the momentum in AIMS’ ongoing expansion of mathematical sciences education, training, research and industry initiative on the continent.
“With the generous support of donors since 2003, AIMS has been able to mobilize and commit more than $60 million in support of fully funded scholarships for the brightest young African scholars to obtain master’s and PhD education and training in the mathematical sciences and to implement an industry initiative.”
Adesina commended Obasanjo for establishing the Nigerian Trust Fund, hosted by the African Development Bank in 1976, when he was the Nigerian Head of State.
“We want to ensure that Africa is not left behind in the 4th industrial revolution. That is why we, as a Bank, are very happy that you are leading the AIMS delegation to push for the strengthening of mathematical sciences.”
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
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