Tijjani Borodo, chairman, Chartered Institute of Directors (CIoD) Nigeria, has blamed bank failures on poor corporate governance, but commended the Nigeria Deposit Insurance Corporation (NDIC) for its notable achievements in bank liquidation and resolution.

The NDIC excellence in operational standards, consistent implementation of its mandate, and unwavering commitment to ethical leadership and sound corporate governance especially in banking supervision and depositor protection, have been critical factors in the Corporation’s success in promoting the stability of the banking sector and the nation’s financial system.

He made these remarks during a courtesy visit by the CIoD Governing Council to the Management of the NDIC at the Corporation’s Head Office in Abuja.

He stated that as the apex professional body for directors in Nigeria, the CIoD had instituted mechanisms and procedures to sanction erring directors found culpable of unethical conduct.

He reaffirmed the Institute’s strong commitment to promoting high standards of governance and leadership across all sectors, including the banking industry.

Borodo described the visit of the Governing Council of the CIoD opportunity to strengthen and sustain the partnership between the Institute and the NDIC, particularly in the area of capacity building through Board induction programmes, executive leadership development, and governance training tailored to the specific needs of directors in both the public and private sectors.

In response, Bello Hassan, NDIC managing director/CE, expressed appreciation to the CIoD leadership in promoting professionalism and corporate accountability.

He emphasised the NDIC’s commitment to depositor protection and financial system stability, stressing that corporate governance is central to the Corporation’s operational mandate and critical in strengthening the integrity and resilience of banks as well as instilling public confidence in the financial system.

Hassan further reiterated the Corporation’s readiness to sustain its partnership with the Institute in advancing a strong culture of corporate governance among the NDIC’s executive staff and across the broader financial industry.

Moniepoint Inc. has once again been recognized by the Financial Times as one of Africa’s fastest-growing companies, marking its third consecutive year on the prestigious list.

This ranking reinforces Moniepoint’s rapid expansion and its position as a leading financial institution dedicated to serving Africans globally.

Released on May 14, 2025, the ranking was compiled by Statista, which rigorously screened companies based on their revenue growth from 2020 to 2023.

Moniepoint stood out with a remarkable 2023 revenue of $264.51 million, outperforming competitors across diverse industries including technology, telecoms, financial services, and healthcare.

The fintech powerhouse processes over 1 billion transactions monthly, with a total payments volume exceeding $22 billion, serving ten million businesses and individuals across Nigeria. Its continuous success is reflected in its $110 million Series C funding round in October 2024, which attracted investment from Visa, a global digital payments leader.

Moniepoint’s expansion goes beyond Africa, with the recent launch of MonieWorld, a remittance and digital financial service tailored for the UK’s African diaspora, offering seamless money transfers to Nigeria.

CEO Tosin Eniolorunda expressed his excitement about the company’s achievements and future growth, emphasizing Moniepoint’s dedication to financial inclusion and innovation.

The company has also received multiple awards, including Financially Inclusive Fintech of the Year by the Central Bank of Nigeria and Best Bank for SMEs at BusinessDay’s BAFI Awards.

Since its first ranking in 2023, Moniepoint has rapidly scaled its services, providing millions with reliable financial solutions while enabling access to essential banking tools for businesses and individuals, including those in underserved areas.

With its continued recognition by the Financial Times, Moniepoint remains a trailblazer in Africa’s fintech sector, solidifying its reputation as a key player in driving financial empowerment and accessibility across the continent and beyond.

The World Bank has faulted the Federal Government’s conditional cash transfer programme, stating that the initiative failed to reach millions of Nigerians in need of urgent economic relief, as only 37 per cent of the targeted households had so far benefited from the scheme.

It said the scheme launched in 2023 after the abrupt removal of fuel subsidy and unification of the foreign exchange market by the current administration, only reached 5.6 million households out of the planned 15 million, two years after the launch.

The global lender disclosed this in its latest Nigeria Development Update report titled “Building Momentum for Inclusive Growth”, released in Abuja.

The World Bank had approved a loan of $800m for the programme.

According to the report, a combination of surging inflation and sluggish economic growth has pushed an additional 40 million Nigerians into poverty since 2019, raising the poverty headcount to 46 per cent of the population.

“Successive years of rising inflation and sluggish growth have increased poverty and hardship levels. Since 2018/19, an additional 40 million people fell into poverty, and nearly half of all Nigerians (46 per cent) are estimated to have been living in poverty in 2024.

“Labour incomes have not kept up with inflation, depleting the purchasing power of Nigerians. Poverty has deepened and broadened, especially among urban Nigerians,” the report stated.

In response to the deepening hardship, the Federal Government had launched a temporary cash transfer programme aimed at supporting 15 million vulnerable households.

But the World Bank said the roll-out has been slow and inadequate. It stressed that efforts to urgently provide support to the poorest and most economically at-risk households should be redoubled and expanded.

“Only 5.6 million households—around 37 per cent—have received at least one tranche of direct transfers. Further expansion of the programme remains dependent on biometrically verifying at least one adult member of the household with a foundational digital identity. Also, efforts to urgently provide support to the poorest and most economically at-risk households should be redoubled and expanded,” the bank noted.

It warned that unless urgent efforts are made to scale up support, millions of poor and economically insecure Nigerians risk being left behind amid rising living costs and eroding incomes.

The bank advised the Federal Government to urgently improve its social protection framework, accelerate cash transfer distribution, and reallocate a portion of its recent revenue gains to targeted social programmes.

The report added, “Alongside macroeconomic reforms and emergency cash support, stronger growth and a robust social protection framework are essential to promote productive livelihoods.

“Leveraging early dividends from macroeconomic reforms, Nigeria’s social protection system should be structurally strengthened, with a focus on providing the foundation for human capital investments, promoting economic inclusion, building resilience, and breaking the inter-generational cycle of poverty.

“This needs to be complemented by growth-oriented reforms and higher, more efficient investments in public services, especially in health, education, and infrastructure.

“With more than half of the population below the poverty line, poor and economically insecure households need assistance to regain economic agency and cope with shocks.”

It recommended the creation of up-to-date social registries with verified digital identities as the foundation for targeting pro-poor initiatives. Beyond emergency interventions, the Bank stressed the need for structural reforms and investments in public services to ensure long-term poverty reduction.

“Leveraging early dividends from macroeconomic reforms, Nigeria’s social protection system should be structurally strengthened with a focus on promoting economic inclusion, building resilience, and breaking the inter-generational cycle of poverty,” it said.

The report also called for increased and more efficient investments in critical sectors such as health, education, and infrastructure, to support inclusive and sustainable economic growth.