E-Financial
NDIC to Strengthen Capacity in Procurement Processes
Mr Bello Hassan, managing director/chief executive, Nigeria Deposit Insurance Corporation (NDIC), has said the corporation will continue to build capacity in procurement processes.
Hassan spoke at a two-day capacity building workshop for management staff of the corporation in Lagos at the weekend.
He said, “In furtherance to remain a learning and growth institution to keep abreast with the development in the procurement processes such as the recently published upward review of approval threshold and its implications on procurement, the NDIC found it necessary to hold this retreat.
‘This would further engage the BPP (Bureau of Public Procurement) in a deeper conversation on the NDIC challenges in the procurement processes. The aim of this management retreat is to ensure that participants acquaint themselves with salient provisions of the Public Procurement Act, 2007 and to have a greater understanding of the procurement processes.”
Hassan said the corporation had maintained a cordial and progressive engagement with BPP over the years in different capacities which had empowered the NDIC to discharge its mandate more efficiently and effectively to satisfy its stakeholders’ expectations.
According to him, on a yearly basis, the employees of NDIC attend various BPP capacity building programmes offered at ABU Zaria and FUT, Owerri, and the corporation has a total number of 10 certified staff in the procurement department as of December, 2021.
Mamman Ahmadu, director-general, BPP, who was represented by Ishaq Yahaya, director, Compliance, Certification and Monitoring, said the Public Procurement Act was enacted in 2007 and efforts were in progress to review and address some of the challenges in the Act.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.
A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.
The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.
At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.
This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.
As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.
Tomato ‘Ebola’ May Disrupt Nigeria’s Agric Value Chain- Rewane
SEC Launches Capital Market Technology Survey
IMF Confirms Nigeria’s Full Repayment of $3.4bn COVID-19 Loan
NOTAP, REVASS Ink Agreement to Strengthen Tech Compliance
NEPC, NBS Sign MoU on Data Capturing
E-Business3 days agoFirm Finds Leaked Netflix, Roblox and Discord Accounts Registered on Corporate emails
Telecom3 days agoSophos Warns of the Risk of Data Theft as Chinese Cars Flood France
Telecom2 days agoPAFON 2.0: Tizel Cybersecurity Calls for Vigilance over Surge in AI-Powered Fraud
Telecom3 days agoHow Emerging Technologies Are Reshaping Trade – NITDA DG
General News3 days agoAfreximbank to Fund African Energy Bank with $19bn
News3 days agoExperts Urge Adoption of Digital Tools to Strengthen Nigeria’s Compliance Culture
E-Business2 days agoGov. Mbah Tasks Youths to Embrace Technology as Enugu Tech Festival Opens
News2 days agoPower Ministry, NAEC Partner to Unlock Nuclear Energy Potential