E-Financial
Pressure on Sanusi to Quit as CBN Governor
The office of the governor of the Central Bank of Nigeria (CBN) is embroiled in a web of claims and counter charges as the presidency has reportedly asked Mallam Sanusi Lamido Sanusi, the governor to resign over the leakage of his letter alleging non-remittance of $49.8 billion oil revenue to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).
Sanusi on his part has reportedly insisted he will leave office on June 2 this year and not before that date
Nigeria CommunicationsWeek cannot independently confirm the presidential directive but some sections of the media reported that President Goodluck Jonathan accused Sanusi of leaking the confidential letter to former President Olusegun Obasanjo.
The leaked letter formed a major flank of Obasanjo’s recent open letter to the president entitled, “Before It Is Too Late.”
According to reports, President during a heated telephone conversation with the CBN governor accused him of disloyalty and asked Sanusi whose terminal leave begins in March, to tender his resignation before the close of business last Tuesday.
Sanusi, however, denied leaking the letter and was reported as saying it could have been leaked from the Presidential Villa where he directed it or at the Federal Ministry of Finance where copies were available.
In addition, he reportedly told the president that since his job was a tenured one; he could only be removed by two-third of the Senate and not by the President.
Elsewhere, the apex bank Thursday confirmed that Mallam Sanusi Lamido Sanusi , governor of the apex ban will leave office on June 2 this year.
Mr. Ugo Okoroafor, CBN’s spokesman, said Sanusi held a “family meeting” with staff of the bank and told them that he was no longer proceeding on “terminal leave” but will serve out his tenure in office as CBN governor till June 2.
He spoke to journalists at the end of a press briefing on the execution of the Payments System Vision 2020 (PSV2020) Strategy, in Abuja.
Reports indicated that the CBN governor had agreed to proceed on “terminal leave” in March following the fiasco generated by the report of the allegedly missing $49.8 billion that was supposed to have accrued to the federation account.
However, Okoroafor, has dismissed the report, saying the “terminal leave” if it was ever in the offing was no longer feasible as Sanusi has resolved to leave office in June 2.
Earlier, the apex bank said that it has introduced a new payment system called Real-Time Gross settlement (RTGS) system as part of efforts to implement Payment System Vision (PSV) 2020 strategy.
Tunde Lemo, outgoing CBN’s deputy governor (Operations), made this known while briefing journalists on yesterday in Abuja.
Lemo, who is expected to proceed on retirement on January 11, said that CBN put live operations to the new system on December 16, 2013.
He said the new RTGS was integrated with Scrip less Security Settlement System (SSSS) and would replace the old payment system in use since seven years ago.
“The SSSS, on the other hand, is a new initiative to issue, manage and settle government and other money market securities processed as electronic records in a Central Securities Depository (CSD) system.”
He explained that the RTGS was an inter-bank payment infrastructure that was facilitating the real time settlement of electronic funds transfers on gross and irrevocable basis.
Lemo said that RTGS was built on swift standards to allow for safer, easier and faster inter connectivity with other payment system infrastructure both locally and internationally.
“It serves as the nucleus of the national payment system, as all payments finally settle in central bank money through settlement accounts maintained for designated financial institutions.”
On SSSS, he said it would facilitate the electronic management of the entire life cycle of securities transactions.
He said the system would manage the primary and secondary market securities and facilitate efficient open market operations.
Federal government is still open to crypto businesses operating in the country despite the ongoing lawsuit against Binance, crypto exchange and the high-profile detention of Tigran Gambaryan, Binance executive.
Mohammed Idris, minister of Information, said Friday, that the lawsuit was part of the government’s effort to strengthen regulations, not to target specific companies.
“This is part of the effort to strengthen our laws, not to cripple anybody. We are ensuring that no one comes and operates without regulation,” Idris told the outlet.
Nigeria filed an $81.5 billion lawsuit against Binance in February, claiming the exchange crashed Nigeria’s local currency, the naira, and said that Binance owed $2 billion in back taxes as the Nigerian government continues to grapple with sensible crypto policy.
“We are ensuring that no one comes and operates without regulation,” Idris said, noting that other crypto companies in Nigeria continue to operate without facing legal challenges.
“There are other companies operating in the crypto sector in Nigeria, you don’t see them [facing charges],” he added.
Idris also highlighted concerns over the potential misuse of cryptocurrency for illicit activities, including terrorism financing, money laundering, and tax evasion.
He pointed out that the issue of illicit financial flows is a global concern, stressing the importance of international cooperation to ensure that transactions in the crypto space align with financial regulations.
“It is not just Nigeria. Internationally it’s also important to address illicit financial flows. You can’t have a huge amount of transactions that do not meet the operations of financial dealers,” Idris said.
Flutterwave, Africa’s leading payments technology company, is now enabling digital tax collections for the Federal Inland Revenue Service (FIRS), making it one of the few fintechs supporting the government in modernizing tax payments.
L-R: Mr Gbenga Badejo; Mrs. Olufunmilayo Olaniyi, Senior Vice President, Business Development, Flutterwave; Dr. Zacch Adedeji, Chairman, FIRS; Mr. Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave and Mr Oluwabankole Falade, Chief Legal, Regulatory Affairs & Public Policy Officer.
This development allows the FIRS to leverage Flutterwave’s seamless and secure payment infrastructure to collect taxes, levies, and other payments from businesses and individuals across Nigeria.
Flutterwave’s payment technology simplifies tax payments for individuals, Small and Medium Enterprises (SMEs), and large corporations, ensuring a fast, transparent, and accessible tax payment experience.
By integrating with the FIRS, Flutterwave provides diverse digital payment options, real-time reporting and tracking, offline tax payment capabilities, and a secure payment system for Nigerians both at home and in the diaspora.
Olugbenga ‘GB’ Agboola, CEO of Flutterwave, stated: “At Flutterwave, we are committed to leveraging technology to drive efficiency and economic growth. By making tax payments easier and more transparent, we are helping to digitize government collections and support national development which is in line with our mission.”
This integration also brings key advantages, including real-time reporting and tracking of payments, diverse digital and mobile payment options, offline tax payment capabilities, enhanced transparency for both taxpayers and the FIRS, and providing Nigerians in the diaspora an avenue to seamlessly pay their taxes.
These advancements align with the commitment of the Federal Inland Revenue Service to modernize government collections and improving user experience.
Olufunmilayo Olaniyi, Senior Vice President, Business Development at Flutterwave, emphasized the company’s dedication to serving Nigerians: “Working with the public sector is pivotal to shaping the future of digital payments in Nigeria. This underscores our commitment to delivering solutions that serve Nigerians better, foster trust, and drive impactful innovation through strategic collaboration.”
With its proven track record across Africa, Flutterwave continues to play a key role in public sector digitization efforts in Nigeria.
In 2024, Flutterwave also partnered with the Economic and Financial Crimes Commission (EFCC) to establish a cybercrime research center, reinforcing its dedication to financial security and innovation.
As one of the primary fintechs facilitating government tax collections, Flutterwave remains at the forefront of financial technology solutions that enhance business operations and enable growth across Nigeria and beyond.
Bank of Industry (BOI) has launched a special intervention programme, Project Guaranteed Loans for Women (GLOW), valued at ₦10 billion to support female entrepreneurs across the country.
The initiative, launched in collaboration with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), seeks to bridge the financial inclusion gap for women-led businesses.
Dr. Olasupo Olusi, managing director, BoI, said at the launch in Lagos, yesterday, the Nigeria leads the world in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41 per cent of the country’s micro-businesses.
Olusi decried that access to finance remained a major challenge for women looking to scale their businesses.
He, however, noted that BOI was committed to supporting female entrepreneurs with strategic funding initiatives designed to drive economic growth and innovation.
According to him, the bank’s 2025-2027 strategy prioritises gender-focused financial inclusion, targeting critical financing gaps and exploring actionable solutions for female-led businesses.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges.
“Our goal today is to listen, simplify financing processes, and build a strong network that fosters sustainable growth,” Olusi stated.
He also reaffirmed BOI’s commitment to providing financial solutions for women-led businesses in partnership with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA).
Olusi revealed that the ₦10 billion GLOW Fund was established in collaboration with WCCIMA to enhance access to capital for female entrepreneurs.
Additionally, he outlined other BOI financial interventions, including: the BOI Impact Fund, $2 million investment in Aruwa Capital, a female-led investment firm and $50 million partial risk guarantee partnership with the African Guarantee Fund
Dr Weyinmi Eribo, director general, WCCIMA, emphasised the need for sector-specific financing tailored to women-led businesses.
She pointed out that while women-owned businesses were among the fastest-growing in Nigeria, the financial sector had yet to fully recognise them as a critical market segment.
Eribo noted that the financing gap for women-owned businesses exceeded $42 billion, describing this as a missed opportunity for national economic growth, job creation, and poverty reduction.
She warned that without intentional, tailored financing, women-led businesses would struggle to scale and compete effectively.
“Women entrepreneurs account for over 40 per cent of Nigeria’s small and medium-sized enterprises (SMEs), yet many remain excluded from mainstream financing due to systemic barriers,” she stated.
Eribo commended BOI for launching the GLOW Fund and acknowledged the contributions of the bank’s gender desk team.
She pledged that WCCIMA, in partnership with BOI, would ensure that these funding initiatives translated into measurable impacts for female entrepreneurs.
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