General News
NHIS Accuses Banks, CEOs of Hiding N720Bn

Professor Usman Yusuf, executive secretary, National Health Insurance Scheme (NHIS), has indicted banks, former executive secretaries of NHIS, select management staff and interest groups in a fresh misappropriation scandal, in which N720 billion NHIS funds is alleged to be missing.
According to the NHIS executive eecretary/chief executive officer, there is no trace yet of the N720billion.
Yusuf opened the lid on the corrupt practices in NHIS in a power-point presentation to the agency’s Governing Council in response to a query by the board.
“In a memo to the Executive Secretary, the Chairman of the Governing Council of NHIS, Dr. Enyantu lfenne, asked him to “clear these concerns (trapped funds and Forensic Audit) and guide Council on the way forward.”[The memo was obtained and published by The Nation]
Professor Usman Yusuf
Yusuf’s words: “Over N720billion of NHIS funds were “invested” over 12 years. No approvals from Minister, Board or Office of the Accountant-General of the Federation(OAGF).
“There was no transparency. In the deals were the Chief Executive Officers, banks and other interest groups. Billions of Naira were lost to diversion and underpayment of interest.
“The Executive Secretaries and select management staff were all neck deep in this.”
The Executive Secretary gave insights into the rot he inherited in NHIS and the dispute over forensic audit of the finances/ investments of the agency.
He added: “When I resumed in August 1, 2016, I could not ascertain the state of the finances of the Scheme. My preliminary findings from the review of financial records were shocking to say the least.
“I was unable to ascertain how much of the Scheme’s funds was with commercial banks, for how long and at what rate of return.
“It was unclear to me how much of the Scheme’s money was still with commercial banks before TSA and how much was transferred to TSA.
“The audited accounts of the Scheme for years ended 31st December 2011 to 2016 were in arrears and had not been signed by the previous CEOs.
“In view of all these anomalies and to bring transparency in the finances of the Scheme on December 21st 2016, I engaged the services of professional accounting firm Messrs. Sofura Professional Services to carry out a forensic review of the Scheme’s accounting system and banking transactions.
“Their scope of work included reconciliation of all NHIS current and investment accounts held with commercial banks, reconciliation of NHIS TSA with the CBN.
“Upon their engagement, I called a meeting of NHIS Management made up of all heads of departments and introduced the firm and its partners and the work they have been engaged to do.
“After the meeting, the firm began its work reviewing documents and interacting with relevant staff. I was briefed regularly by the firm on the progress of the work.
“As part of the work, I wrote letters to commercial banks requesting and mandating them to give them all necessary cooperation relating to their engagement.
“Terms of their engagement were clearly spelt out in their letter of engagement; (I) An annual engagement fee of N2, 300,000.00 per annum for retainership and;
”Reimbursable expenses and fees for each specific service undertaken for the Scheme as may be agreed upon by both parties from time to time will be paid on submission of evidence for payment to the Scheme at the end of each assignment.
“I am pleased to report that this is the first time in the 13-year history of the NHIS that a forensic audit has been undertaken in the operation of the Scheme including a review of the records of the Finance & Accounts, Contribution Management, Audit and Procurement Departments.
“Following my resumption from suspension on February 6, 2018, I became aware of the engagement of Aruna Bawa & Co. by the office of the Attorney General of the Federation to carry out an audit and recovery of NHIS funds held by financial institutions, Companies and individuals into the Federal Government’s treasury.
“The information on the basis of which Aruna Bawa & Co. sought to recover NHIS funds is a product of work that I, as the CEO of NHIS, commissioned by engaging Messrs Sofura Professional Services.
“It is noteworthy that Bawa the principal partner of Aruna Bawa & Co. worked for Sofura professional Services on this assignment.
“In the course of the work, I knew Mr Aruna Bawa as a member of the Sofura team. NHIS has never had any contractual agreement with Mr Bawa or his firm.
“On March 5, 2018, I wrote a letter to the Attorney-General of the Federation (AGF) asking him to cancel the engagement of Aruna Bawa and his firm as it was based on misrepresentation and that NHIS has no contractual agreement with him.
“I visited the NHIS Council Chairman at her home after inauguration of the board and told her about the issue and that I had written a letter to the AGF asking him to cancel Mr Bawa’s engagement.
“The Chairman suggested I should see the AGF and personally brief him which I promptly did.
“I have been receiving letters from banks asking me to confirm if Bawa is representing the Scheme.
“I have written to the AGF asking him to write to him and all the institutions he had introduced him.
”Messrs Sofura Professional Services is the only legitimate firm that the Scheme has a valid contract with and have been working since engagement.
“In fact, I authorized them to meet with the CBN team yesterday to explain their work at the request of the CBN team which they gave me an update on.
”Apparently, Bawa has been going to the Chairman’s house with bags of documents telling her that I and Messrs Sofura Professional Partners have ulterior motives in our quest to recover NHIS funds, hence the Chairman’s “query”.
The NHIS Executive Secretary also explained why he attended the 71st World Health Assembly in Geneva, Switzerland from May 21 to 26.
He said the trip was not a jamboree as being insinuated in some quarters.
He said: “The World Health Assembly is an annual event by Ministers of Health from member nations.
“Nigeria’s delegation included the Minister of State for Health(HMSH) as the leader and heads of Agencies under the Federal Ministry of Health(FMoH).
“The theme of the Assembly this year was Universal Healthcare Coverage (UHC). As a signatory to the Commitment to UHC, Nigeria’s delegation was ably represented by the
NHIS which is the lead Agency in Nigeria’s drive to UHC.
“With the commitment of President Muhammadu Buhari’s government to fund the Basic Health Care Provision Fund (BHCPF) for the first time since the passing of the National Health Act, the NHIS will receive N275bn to cover vulnerable Nigerians across all geopolitical zones.
All our development partners are very excited for our government’s political will.
“The World Bank and Gates Foundation have already committed an initial $20m into the fund.
“NHIS delegation of only five was grossly inadequate considering the multiple presentations on UHC, Healthcare financing, Equity in Health care, Resource mobilization, aggregation of fragmented pools etc.”
General News
Moonshot Returns with a Defining Third Edition, Charting Africa’s Next Phase of Innovation

Moonshot, Africa’s flagship tech and innovation gathering, officially announces its third edition. Scheduled to take place from October 15 –16, 2025, at the Eko Convention Centre in Lagos, Nigeria, the future-shaping conference will convene over 4,000 participants and more than 120 speakers from over 15 countries, all focused on accelerating the trajectory of Africa’s tech-driven future.
This year’s theme, “Building Momentum: Africa’s Tech Ecosystem Positions Itself for Its Next Big Leap,” captures a critical moment for the continent’s tech landscape.
Following years of resilience through economic downturns and funding contractions, the ecosystem is maturing rapidly and sensibly redirecting focus toward sustainable, scalable growth. Moonshot 2025 will serve as a platform to consolidate these hard-won gains and align stakeholders around the next era of opportunity, across key tech verticals.
Headline sponsored by Sabi, a global trade and supply chain enabler, the agenda-setting conference has evolved into a continental platform for catalysing connections, unlocking capital, and amplifying bold ideas. Now in its third year, Moonshot serves as a dynamic hub, and a living museum, of Africa’s innovation journey, actively bridging past achievements with future ambitions.
Speaking about the event, Tomiwa Aladekomo, CEO of Big Cabal Media, said: “The last few years truly tested the resilience of Africa’s tech ecosystem, but they also undeniably sharpened it. The ups and downs in funding have given way to something far more intentional, with founders now building smarter and with clearer purpose.
Despite the challenges, African founders have persevered and thrived. Crucially, regulations have also matured, providing much-needed direction. What we’re witnessing now is genuine momentum, firmly grounded in strong fundamentals, propelled by clarity, and intensely focused on scale.
“Moonshot 2025 offers a vital space to reflect on our journey and to channel this momentum into meaningful progress for founders, investors, and the entire ecosystem”
This year’s edition will welcome a distinguished lineup of speakers, including Andrew Alli, Non-Executive Director, British International Investment (BII), Maxime Bayen, Operating Partner, Catalyst Fund, and Lexi Novitske, General Partner, Norrsken22, among others.
The event will also showcase its nine signature content tracks, now enhanced with refreshed programming designed to foster deeper, more impactful conversations. This include:
- FUEL: The Investor Conference: This track is significantly upgraded to improve deal-making and investment opportunities, with a stronger focus on attracting Limited Partners (LPs), Development Finance Institutions (DFIs), and first-time investors in Africa. It will feature structured deal rooms, curated pitch sessions, an investor’s guide to Africa, and dedicated spaces for peer exchange across the investor landscape.
- Startup Festival: Tailored for both early- and growth-stage founders, this festival will offer intensive workshops, operator-led sessions, and live startup showcases, including the TC Battlefield – it’s flagship pitch competition.
- Emerging Tech (AI): A dedicated space to explore the practical applications of artificial intelligence across various sectors on the continent, featuring product demos and insights from leading builders and researchers.
- Government & Policy Conference: This vital track will convene policymakers from across Africa to engage in discussions on crucial digital policy reforms and work towards tangible commitments to support innovation and scale across the continent.
Additional tracks, including Creative Economy, Climate Tech, Future of Commerce, Big Tech & Enterprise, and Entering Tech, will feature compelling conversations on critical topics such as financing infrastructure, workforce development, and fostering cross-sector collaboration.
Also speaking about the event, Anu Adedoyin, CEO and co-founder of Sabi said “This marks our third year as a proud partner of Moonshot, and the evolution of this conference mirrors the incredible growth and ambition of African tech.
“We believe in building robust foundations for digital commerce, and Moonshot is crucial for fostering the connections and clarity needed for founders to build smart, scalable solutions. We’re excited to see the tangible momentum this year’s event will generate for Africa’s next big leap.”
Proudly supported by platinum sponsors Flutterwave, Luno, Fincra, Raenest, Cardtonic, Roqqu, Opay, and Busha, the conference will build on the outcomes of previous editions, including a $120,000 ecosystem pledge at last year’s Tech Ecosystem Alliance roundtable.
Moonshot is powered by the leading tech publication in Africa, TechCabal, providing reporting, data and context that help investors and professionals globally understand where African tech is and where it is going.
General News
FirstBank Retains Top Spot as Nigeria’s Best Bank for ESG @2025 Euromoney Awards

FirstBank, the West African premier financial institution and financial inclusion services provider, has emerged as Nigeria’s Best Bank for Environmental, Social, and Governance (ESG) at the prestigious Euromoney Awards for Excellence 2025, held recently in London. This marks FirstBank’s second consecutive win in the ESG category, affirming its leadership in sustainable finance and responsible banking across Nigeria.
The Euromoney Awards for Excellence are regarded as one of the most coveted accolades in the global financial industry. The highly competitive selection process involves rigorous analysis and assessment, measuring performance against strategic and impact-oriented criteria.
The Bank earned the award through its deepened sustainability commitments embedded across its operations and community initiatives. In 2024, FirstBank screened 237 transactions worth over ₦3 trillion for sustainability risks, integrating ESG considerations into its credit framework.
Among its flagship sustainability initiatives, FirstBank commenced a tree planting campaign in partnership with Nigeria Conservation Foundation (NCF), planting over 30,000 trees in 16 locations across Nigeria. This was the first phase of its 50,000-tree initiative, projected to absorb approximately 720 tonnes of CO₂ by the end of 2025, contributing to climate resilience and supporting biodiversity preservation.
FirstBank has been proactive in gender inclusion through the Gender Market Strategy, disbursing over ₦43 billion FirstGem loans to women-led businesses in 2024. The Bank’s commitment to inclusive banking saw a significant increase in the worth of transactions facilitated by FirstMonie agents to over ₦9 trillion.
The Bank prioritises ESG/sustainability capacity building, evidenced by the training of over 9000 employees, and its webinars and workshops reaching over 2,000 SMEs and corporates. The bank’s investment in leadership for over 2,000 female employees through the FirstBank Women Network has demonstrated a dedicated structural commitment to cultivating a knowledgeable and diverse workforce catering to the dynamic ESG landscape.
Commenting on the award, the Chief Risk Officer of the Bank as well as the Chairman of the FirstBank Sustainability Committee, Patrick Akhidenor said, “We are honoured to receive this prestigious award for the second time in a row, which is a validation of our efforts to create a sustainable and inclusive future for all our stakeholders. Our approach to sustainability is hinged on three pillars: education, health and welfare; diversity and financial inclusion; responsible lending, procurement and climate initiatives”
He added: “We remain focused on driving impact through purposeful initiatives and inclusive growth, ensuring that our ESG efforts continue to create meaningful change in communities across Nigeria and beyond.”
The continued success in ESG and sustainability is driven by FirstBank’s vision to be Africa’s bank of first choice, leading with purpose, responsibility, and innovation.
General News
FG Collaborates with China to Digitalize Customs

Federal Government is increasing collaborations with China to digitalise Nigeria Customs Service operations. This past weekend, NCS strengthened its cooperation efforts through a high-level engagement with the General Administration of Customs of China (GACC).
The meeting, held in Beijing, China, brought together senior officers of the customs service and top officials from the GACC to explore bilateral knowledge exchange and capacity development in customs administration.
Abdullahi Maiwada, NCS Assistant Comptroller of Customs said that discussions were held with officials from the GACC International Cooperation Division, the Training and Education Centre and representatives of the Shanghai Customs College.
“The engagement focused on deepening cooperation in customs training methodologies, modernisation models and technology-driven solutions, especially as China plays a pivotal role in Nigeria’s international trade network,” said Maiwada.
He added that during the meeting, the Chinese customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches. In 2024, GACC conducted over 8 000 physical training sessions and developed 360 online courses.
Discussions also highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers, including 89 from Nigeria, having received training since 2023 across various areas, such as trade facilitation, anti-smuggling enforcement, food safety supervision and digital port operations.
The bilateral dialogue between the two customs agencies also heralded new areas of collaboration, including Nigeria’s participation in upcoming Customs Modernisation Courses and officer development training at the Shanghai Customs College.
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