E-Financial
ITF Commences Audit of Skills Acquisition Centres

The Industrial Training Fund said it had begun the audit of skills acquisition centres as part of measures aimed at ensuring that the right equipment are used in the training of artisans.
Dr Juliet Chukkas-Onaeko, director-general of the Fund, disclosed this yesterday in Abuja during a tour of the ITF skills acquisition centre.
She said the move would not only help to provide the required skills for the development of the country, but also ensure inclusive growth through job creation and poverty reduction.
She said the audit became imperative following the directive by the Federal Government to the ITF to reduce the level of unemployment in the country through the development of manpower skills of two million Nigerians annually.
She said the audit would help the Fund to know the current state of facilities at the institute with a view to meeting the manpower needs of the country following the implementation of the Nigerian Industrial Revolution Policy.
She said, “We are fully aware of the challenges ahead, we have carried out a full audit of our facilities and we have reviewed the equipment.
“Its not only going to be on this centre, we have four other centres all around Nigeria that we are reviewing in addition to our area offices.
“The unemployment rate right now is very high and we need to train more and that is why we set the target of training two million every year.
“But we can’t do that within our centres and we are reaching out to other people to use other training centres so that we can increase the number.”
She also hinted that the fund, in collaboration with the United Nations Industrial Development Organization would this month begin an assessment survey of the skill gaps in the country.
The outcome of the survey, which according to her would cover all the sectors of the economy would be ready by January next year.
She said, “The actual survey is about to begin and this would be robust and then a report will be ready in the first quarter of next year probably January.
“We are embarking on full scale survey of all the key sectors in Nigeria and we are liaising with organisations to feed us in the gaps that exist so that we can establish where we need to speed up the areas of skills. We are commenting the survey with UNIDO this August.”
The DG, however, lamented that the dearth of fund is currently hampering the ITF from achieving its mandate.
The ITF boss also called on all employers of labour that are liable under the ITF amended act 2011 to remit their training contribution at when due, adding that technical vocational skills training had become capital intensive.
She said, “We are working on expanding the training scope and the people and that requires funding.
“Right now, ITF is funded by internal generated revenue which we have to continue to drive to get more and more and we are reaching out to stakeholders to see how they can participate in contributing more.
“We also have huge liability right now and based on the report from the liability committee we have about N8.5bn outstanding payment to be made and that’s a lot compared to N10bn and hopefully we are going to increase this revenue and reach out and get more creative to get donor agencies to one in to our aid.”
Earlier, the Training Manager at the facility, Alh Ishaku Bello said that the sum of N270m would be needed to upgrade the Abuja skills centre alone.
He said while the centre is targeting to generate N170m in the 2014 fiscal year, it had been able to make the sum of N32m between January and August.
He urged the DG to increase the capacity of the training centre to enable the Fund meets its target of training two million artisans annually.
E-Financial
Reps Investigate 25 Insurance Firms for Financial Infractions

The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.
Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.
Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.
“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.
“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”
According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.
“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.
He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.
The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.
“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”
He criticized what he described as a strategy aimed at obstructing parliamentary oversight.
“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.
Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.
“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”
The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.
“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.
Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.
E-Financial
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push

The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.
This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.
During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.
At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.
Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.
Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.
“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.
“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.
AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.
It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.
It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).
Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.
“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.
E-Financial
Fidelity Bank to Empower 100 SMEs Across Nigeria with Digital Tools

As part of its unwavering commitment to digitally transform Nigeria’s small and medium-scale enterprises (SMEs), leading financial institution Fidelity Bank is set to empower entrepreneurs across the country with cutting-edge digital tools designed to streamline operations, boost productivity, and drive sustainable growth.
Through the Fidelity SME Empowerment Program (FSEP), the bank will equip 100 growth-ready entrepreneurs with a comprehensive digital toolkit that includes: a POS desktop system, access to ERPRev software, receipt printer & barcode scanner; inventory & management tools. business training and support; free fidelity pos with branding and onboarding assistance
Interested entrepreneurs can apply via: https://bit.ly/SMEEmpowermentprogram2025
Commenting on the initiative, Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, stated:
“Studies have shown the exponential growth SMEs can achieve through digitalisation. As Nigeria’s leading SME partner, we are walking the talk by providing free digital toolkits to our customers. This aligns with our mission to help individuals grow, businesses thrive, and economies prosper.”
Fidelity Bank’s dedication to SME development is reflected in its broader vision of fostering economic inclusivity and building a resilient business ecosystem nationwide.
As part of its World SME Day 2025 celebrations, the bank granted free access to its renowned SME Hub in Gbagada, Lagos, and hosted a special mentoring session for female entrepreneurs led by CEO Dr. Nneka Onyeali-Ikpe. These efforts complement its regular masterclasses and ongoing support for small businesses and creatives.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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