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Senate, CIBN Seek to End Malpractices in the Banking Sector

The Senate committee on Banking, Insurance and other Financial Institutions, chaired by Senator Adetokunbo Abiru and the Chartered Institute of Bankers of Nigeria (CIBN) have vowed to sanitize the banking sector and bring to book erring banks and their employees involved in any form misconduct.
The collaboration was cemented at the Senate during an interactive session between members of the committee and CIBN.
The umbrella professional body for bankers in Nigeria led by its President/Chairman of Council, Dr. Ken Opara met with the banking Committee to seek assistance of the Lawmakers in the passage of the proposed CIBN Act Bill and other key issues and initiatives affecting the banking and finance industry.
Senator Abiru emphasized the need to rid the banking industry of corruption and sharp practices which are inimical to the progress of the nation.
He said; “As lawmakers, we shall continue to ensure that the banking industry is properly regulated by enacting modern laws required to engender confidence in the industry as well as perform effective oversight over the regulators such as the CBN and the NDIC.
“We hope to partner with relevant professional bodies, especially the CIBN. I am happy to note that the process of amending the CBN Act of 2007 will be concluded soon.”
We shall equally fast-track the passage of other Bills meant to strengthen the financial services industry in Nigeria.
Abiru who is also a member of the institute assured of the Senate’s resolve to support the CIBN to solve the Nation’s inflationary and other prevailing economic crisis.
He said; “Your coming at a time the National Assembly is debating amendments to the CBN Act as well as other related issues to help the government and the CBN navigate the current economic challenges posed by rising inflation and persistent naira depreciation.
Harping on the need to pass the CIBN Act, First Vice President CIBN Prof. Deji Olanrewaju stressed that many corrupt bankers evade prosecution under the guise that they are not members of the CIBN.
Deji explained that by the time CIBN Act bill is passed bankers involved in malpractices will be brought to book under the CIBN Tribunal which he said has a competent jurisdiction like a Federal High Court.
He explained; “The tribunal according to the provisions of the act law 207 has power and competent jurisdiction like a high court which means that any judgment passed by the tribunal is like a judgment passed by the high court, so they have to go to court of appeal but lo and behold, majority of those that we ought to bring to book escaped on the pretext that they are not our members.
“They work in the bank and deal with money but they said they are not members and as a lawyer we know the importance of the jurisdiction. These people are working in the bank but their activities are affecting us globally, so we must do something tangible that will make us sanitise the system.
Without the amendment to that law there is nothing we can do. We also reach out to agencies like EFCC and ICPC that are working against malpractices.
In an earlier address, the President of the CIBN added that if the CIBN Act is amended, everyone working in the banking sector will be held accountable for misconduct or financial crimes.
He said; “In the current amendment, we want to capture everyone working in the banking industry in Nigeria for the purpose of upholding ethics and professionalism CBN, NDIC, and banks are to send reports of allegations of misconduct to the Institute.
Dr Ken also revealed the plans of the institute to expand its name and coverage. “The expansion of the Institute’s name to include ‘Finance” to conform to the Institute’s coverage and best practice: “Chartered Institute of Banking and Financial Services”. -Section 1 to cover institutions under the regulation of CBN, especially non-conventional banks.
“And to also include persons carrying out non-conventional banking. This will enable the Institute to foster ethics, maintain professional standards and build capacity in the ever- evolving novel/modern banking practice, e.g. FinTechs will have an enabling environment to provide financial services through the use of digital and modern technology.
Senator Orji Uzor Kalu bemoaned the level of malpractices committed in the banking sector. The former Governor supported the passage of the CIBN bill.
“I wish you asked us to start the amendment ourselves. Because the banking industry needs sanitisation , they defraud unsuspecting people by juggling of money from one account to the other by bankers which they do with the computer system or any other means and want to encourage the CIBN to continue to play its role. The Government needs you at this crucial economic moment, Kalu said.
In his contribution Senator Osita Izunso advised that the amendment of the CIBN bill should also take into consideration the Federal Government’s Investment and Securities Tribunal to further boost its legitimacy so as to avoid constitutional bottle necks.
Izunaso advised; “I’m talking about the composition of the membership. It is you, the CIBN themselves that constitute the membership and that will still have a problem of legitimacy.
“I want us to look at it from the perspective of the Investment and securities Tribunal, that is constituted by the Government, it’s not by you yourselves, so ICT is set up by Government but it is in the act that the Government should constitute it.
“What we should have in this amendment is that it should be in the act, but that the Government should constitute it , when that happens there can even be budgetary provisions for it. That will give it plenty of legitimacy.
Izunaso also urged the CIBN to also grant membership to non-workers of the Banking sector who usually have dealings with banks.
“If I’m a customer and I have been defrauded by a banker, it’s not fair when you consider only the banker, you should consider every other person who is into banking, “Izunaso added.
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Igniteher BootCamp: A Pathway to Women Empowerment and Economic Growth

The IgniteHer Bootcamp, a flagship initiative by the National Information Technology Development Agency (NITDA) in collaboration with the Japan International Cooperation Agency (JICA), concluded successfully on Friday, March 7, 2025.
Over the course of five impactful days, the program empowered 90 female entrepreneurs with essential knowledge, skills, and networks to build and scale successful businesses. Through expert-led sessions and hands-on learning, participants gained practical insights into business development, financial management, and digital transformation.
The IgniteHer Bootcamp was specifically designed to foster digital literacy, market opportunities, and the use of technology while addressing systemic barriers limiting women’s participation in entrepreneurship.
It aimed to bridge the gender gap in business and technology, equip women with critical business knowledge in financial management, business planning, and sustainability, provide access to mentorship opportunities and industry experts to support business growth. Each day of the bootcamp delivered high-impact value, ensuring participants left with actionable strategies to strengthen their entrepreneurial journey.
The first day focused on understanding gender disparity in business. Participants explored systemic barriers limiting women in entrepreneurship, including funding gaps and societal biases, while gaining strategies to overcome these challenges.
The second day delved into the fundamentals of a business plan, break-even business analysis, and the Lean Business Model Canvas, along with a practical session on setting SMART goals, enabling participants to develop structured business plans.
On the third day, the focus was on digital literacy, the use of cloud storage, online communication, internet safety, and human resource and financial management. In addition, there were practical sessions on the use of digital tools for content creation, bookkeeping, and business management.
The fourth day explored digital transformation and business growth, where entrepreneurs learned how to leverage technology and artificial intelligence to scale their businesses, covering digital branding, digital marketing, and essential digital tools for operational efficiency.
The final day featured a panel discussion with industry experts—a business hub manager, an entrepreneur, and a venture capitalist—moderated by an ecosystem accelerator who shared insights on business growth, funding opportunities, and overcoming challenges in entrepreneurship.
The session concluded with an open discussion, allowing participants to reflect on their learning and plan their next steps. The bootcamp was highly interactive, with participants engaging in discussions, practical exercises, and real-world case studies.
Many participants shared their key learnings on LinkedIn and other platforms, demonstrating the program’s lasting impact.
One participant, Imaobong Edukere, shared her experience, stating: “The IgniteHer Bootcamp has been an incredibly transformative experience for me.
It’s my first time being in a strong network of like-minded women entrepreneurs and drinking from their knowledge… I now feel more prepared to implement what I’ve learned and make a lasting impact in society.
Thank you, NITDA and JICA, for this valuable growth, timely support, and once-in-a-lifetime opportunity—I have just been IGNITED!” Another participant, Hadiza Isah Mohammed, wrote: “Hello, good morning everyone. This is one of the most inspirational bootcamps I’ve ever attended. I was at the point of dropping my dreams because everything seemed not to work, but I’ve been ignited and ready to continue my journey. Kudos to the organizers.”
The initiative fostered a strong network of women entrepreneurs, promoting mentorship and long-term collaboration. The session ended with a vote of thanks from the Special Assistant to the Director General of NITDA, stressing the open opportunity for a tour to Japan for select businesses and startups who will have the opportunity to participate in a startup event in Japan scheduled for August 2025.
This event provides a unique opportunity to network and partner with Japanese companies. Participants have been provided a link to apply their learnings and submit a pitch deck or business plan on their respective and prospective companies. Indeed, NITDA is ready to handhold these businesses to make an impact in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda on economic growth.
With overwhelmingly positive feedback, the IgniteHer Bootcamp stands as a transformative program, driving progress in bridging the gender gap in business and empowering women to thrive in the digital economy.
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Intelsat, MaxIQ Space Expand STEM Learning to Educators in Multiple African Countries

Intelsat operator of one of the world’s largest integrated satellite and terrestrial networks and educational resource provider MaxIQ Space, are expanding efforts to deliver Intelsat’s Africa Space STEM (Science Technology Engineering and Math) Program to schools in four different countries across Africa.
The program, now in its fifth year, aims to increase to a total of 12 schools and expand to include in-person learning for students in Kenya, Nigeria, South Africa and Senegal.
Participants will receive in-person, in-community learning with subject matter experts on Space STEM curriculum mixed with innovative STEM kits, hands-on training, and exclusive resources to integrate space science, sustainability and IoT education into their classrooms.
The newly adapted 2025 program is focused on empowering schools and educators to build a lasting impact on African education systems, ensuring thousands of students gain the skills and inspiration needed to thrive in STEM careers. STEM skills build a future-ready workforce, advancing national development goals and boost technological capabilities.
“As a pioneer in satellite technology, Intelsat remains committed to maximizing its contribution by inspiring the next generation and connecting African students to real-world applications of space technology,” said Rhys Morgan, RVP of the EMEA region for Intelsat.
“With Africa emerging as a key frontier for space infrastructure, it is essential to equip future leaders with the knowledge and skills to drive this transformation. We are honored to play a role in preparing the young generation for this future,” said Judi Sandrock, program manager at MaxIQ Space.
Schools and teachers in the four participating countries are invited to apply now for this fully funded opportunity to bring real-world space education into their classrooms. The deadline for applying is March 31st, 2025.
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Konga Health Set to Revolutionize Skincare Awareness Among Students

Konga Health, Nigeria’s leading technology-enabled distributor of quality health and beauty products, is set to engage students across tertiary institutions in a series of skincare consultations, product sampling, and expert-led tutorials to promote skincare education and wellness.
This initiative, which kicks off in March 2025, aims to empower young adults with the knowledge and tools to make informed skincare choices while fostering a culture of self-care and confidence.
The campaign will commence with Lagos State University (LASU) on Thursday, March 13, 2025, followed by Yaba College of Technology (YABATECH) on Friday, March 14, 2025.
Other institutions slated to benefit from this initiative include the University of Lagos (UNILAG), Lagos State University Teaching Hospital (LASUTH), and Lagos University Teaching Hospital (LUTH). Specific dates for these institutions will be announced via Konga Health’s social media handles, ensuring students stay informed and prepared to participate.
At the heart of this initiative are panel discussions featuring renowned dermatologists and influential skincare advocates. These sessions will provide students with invaluable insights into skincare best practices, common misconceptions, and the science behind maintaining healthy skin. Attendees will also have the opportunity to engage directly with experts, ask questions, and receive personalized advice tailored to their unique skin types and concerns.
In addition to the educational component, Konga Health, a business that boasts an exclusive partnership with L’Oréal, the world’s largest cosmetics brand, will offer free product sampling, allowing students to experience high-quality skincare products firsthand.
This hands-on approach not only enhances learning but also helps participants identify products that work best for their skin. To further sweeten the deal, there will be exciting giveaways of beauty products, giving students the chance to take home premium skincare items.
According to an insider at Konga, this initiative is part of the company’s broader commitment to promoting health and wellness among Nigerians. By targeting students, Konga Health aims to instill lifelong skincare habits early, ensuring that young adults are equipped to prioritize their skin health as they navigate the challenges of academic life and beyond.
This innovative campaign underscores Konga’s dedication to leveraging its platform for impactful, community-driven initiatives. As the program rolls out across campuses, it promises to be a transformative experience for students, blending education, engagement, and empowerment in a way only Konga can deliver.
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