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Onyema Tasked CloD Nigeria on Shaping the Governance Landscape

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Oscar N. Onyema OON, the Group Chief Executive Officer, Nigerian Exchange Group Plc, has said that the Chartered Institute of Directors, Nigeria (CIoD) can play a crucial role in promoting and shaping the governance and leadership in the country.

Onyema stated this while delivering a keynote address at the Investiture of Alhaji Tijjani Borodo as the 18th President and Chairman, Governing Council, CIoD Nigeria, in Lagos recently.

He noted that the institute which was founded 40 years ago, stands out as the premier corporate governance and leadership development body due to the huge impact it has had on the leadership of many organizations in Nigeria.

Onyema noted that the recently enacted Chartered Institute of Directors, Nigeria (Establishment) Act, 2023, provides a legal framework that strengthens the institute’s authority and expands its responsibilities. This, he said, brings both challenges and opportunities for the organization.

According to him, with the new legal powers and the increased focus on transparency and governance, the CIoD Nigeria can play a pivotal role in driving improvements in board composition, disclosure, and evaluation practices among its charter holders and this will enhance corporate performance and reputation.

He said that the growing importance of Environmental, Social, and Governance (ESG) issues provides an opportunity for the institute to guide its charter holders in addressing these concerns. Onyema said, “As sustainability standards become more prevalent, the CIoD Nigeria can help companies adapt and meet disclosure requirements. With its established reputation, the institute can advocate for policies and practices that foster growth and innovation, aligning with broader national and global governance trends”.

Speaking on the challenges the institute might face, the NGX Group CEO, pointed out that as per the new Act, the CIoD Nigeria is required to establish branches in each state capital, relocate its headquarters to Abuja, and manage zonal offices in multiple locations. He said that expansion poses logistical and operational challenges, including staffing, infrastructure, and financial resources.

He added that while the Act mentions potential sources of funding like subscriptions, penalties, and donations, ensuring sustainable funding to support the institute’s growth and operations will be a significant challenge as developing a robust financial strategy is essential.

Congratulating the institute on its 40th anniversary and Borodo on his investiture and swearing in as the 18th President and Chairman of the Governing Council of the Institute, Onyema urged the newly elected President to ensure his strategic agenda will be built review, reform and reinvigoration.

 


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FG May Forfeits $4m from World Bank Loan over Audit Flop

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Federal government may lose $4 million from a World Bank loan after failing to get a pass mark on key audit standards in its revenue-generating agencies, such as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.

FG May Forfeits $4m from World Bank Loan over Audit Flop

This is according to a World Bank restructuring paper dated June 2025.

The amount, which is the equivalent of around N6.2 billion with an exchange rate of N1,568 per dollar, could have helped to address one of Nigeria’s infrastructural deficits.

The fund formed part of the $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association.

Accordingly, the revenue assurance audit covering the FIRS and Customs for the 2018 to 2021 financial years was assessed as not achieved because the reports submitted did not meet international auditing standards.

“Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018–2021, with an allocation of $4m.

“These Intermediate Results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards.”

Also, the unsuccessful audit was one of ten performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. Consequently, the Federal Ministry of Finance formally requested the cancellation of $10.4 million in project funds.

“The FMF has requested cancellation of $0.9m of unused funds for technical assistance and $9.5m, which is the amount allocated to 10 performance-based conditions, which will not be achieved by the close of the project on June 30, 2025,” the document read.

Further analysis shows that $4.5 million was tied to the uncompleted Revenue Assurance and Billing System, while $1 million was allocated to the development of a National Budget Portal.

According to the document, the Budget Office of the Federation, which was responsible for the portal, did not submit any evidence of achievement. In addition, $0.9 million in technical assistance funding was left uncommitted and has also been cancelled.


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CDCFIB Warns against Recruitment Racketeers

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Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has warned job seekers to be wary of fraudsters circulating inappropriate recruitment information.

CDCFIB Warns against Recruitment Racketeers

The warning came against the backdrop of social media publications that President Bola Tinubu has ordered massive recruitments into some government agencies.

The agencies listed in the report were the Nigeria Immigration Service (NIS); the Nigeria Security and Civil Defence Corps (NSCDC); the Nigeria Correctional Service (NCoS) and the Federal Fire Service (FFS)..

The agencies are all under the Ministry of Interior, headed by Dr Olubunmi Tunji-Ojo.

However, while responding to the reports, the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) cautioned Nigerians against falling into the traps of job racketeers.

The Board acknowledged a Presidential approval for the recruitment of personnel in the four (4) Paramilitary Services under its purview, but insisted that due process would be followed on the matter.

Major Gen. Abdulmalik Jibrin (rtd), board secretary, said in a statement that “there are series of processes which leads to the actual recruitment exercise.”

“The Board wishes to reiterate that for all its recruitment processes, appropriate notifications would be done via adverts in the national dailies and it would be carried out in a fair and transparent process devoid of payment of any fee.

“To this effect, members of the public should be weary of the activities of recruitment racketeers who may want to take advantage of unsuspecting job seekers to rob them of their hard-earned resources”, Gen Jibrin said.


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Concerned Nigerians Ask EFCC  to Release Abiodun, CBEX Promoter

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Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme, who voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC) in April following a ruling by Justice Emeka Nwite of the Federal High Court in Abuja, is still languishing in the custody of the anti-corruption agency.

Concerned Nigerians Ask EFCC  to Release Abiodun, CBEX Promoter

Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme,

Concerned Nigerians who have been following the matter have urged the EFCC to release him unconditionally since he honoured their invitation without being arrested.

The court had approved the EFCC’s request to arrest and detain six individuals connected to the scheme, including Abiodun.

Alongside Abiodun, five other individuals—Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—were declared wanted by the EFCC for their involvement in the alleged fraudulent investment scheme, which was valued at over $1 billion.

Fadila Yusuf, EFCC’s legal counsel, had submitted evidence that led to their public declaration as wanted individuals.

After the announcement, Abiodun, who was shocked by the declaration, alongside his legal team, presented himself to the EFCC headquarters in Abuja, expressing his willingness to cooperate with the investigation.

Babatunde Busari, his legal counsel, explained that Abiodun’s decision to submit voluntarily was made in order to clear his name and address the media narratives circulating about the case.

Despite the return of investor funds and CBEX’s assurance that withdrawals would be allowed by June 25, Abiodun has been in detention for over a month, triggering speculation about the EFCC’s high-handedness and rights abuse.

His legal team is now advocating for his release on administrative bail, emphasizing that the ongoing detention is unwarranted under the circumstances since he submitted himself for investigation.

According to one of the family sources, “Keeping him in a cell for over one month would send a negative signal to other Nigerians who would be declared wanted by the EFCC in the future. It would discourage Nigerians who have clear cases from surrendering themselves voluntarily to security agencies if, at the end of the day, they don’t receive mutual respect for surrendering themselves.”

He added that CBEX is not a Ponzi scheme.

Reacting to the agitation by concerned Nigerians, Dele Oyewole , EFCC spokesman hinted that the agency obtained a remand order to keep him beyond 48 hours.

According to him, “Anybody that we are holding beyond 48 hours, be rest assured that we have a lawful remand order from the magistrate court to hold him beyond 48 hours.

“We are a law-abiding commission. Concerning that suspect, we are holding him on the basis of that remand order.”

 

 


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