E-Financial
Senate Probes CBN’s N138Bn Intervention Funds
The Senate has accused the Central Bank of Nigeria (CBN) of awarding projects from its operating surplus, instead of paying such sums into the Consolidated Revenue Fund to be appropriated by the National Assembly.
The upper legislative house has therefore moved to investigate alleged extra-financial dealings in the Sanusi Lamido Sanusi-led apex bank, running into about N138billion.
Senator Ita Enang (PDP, Akwa Ibom) said that the CBN, has within the last three years committed about N50billion as intervention in tertiary institutions in the education sector alone, not considering intervention in the health sector, hospitality and tourism among others.
These projects, according to him, include projects above N1billion.
In the motion, Enang is praying the Senate to grant the following:
“Mandate the Senate Committees of Finance, Judiciary Human Rights and Legal Matters, to conduct a public hearing on the loss of revenue into the Consolidated Revenue Fund of the Federation through evasion of the Fiscal Responsibility Act, acting against and beyond the mandate given by law to the agencies, breach and evasion of public procurement laws and regulations, among others, and in general, for the purposes of determining:
“If and whether the funds spent by the agencies listed in the Fiscal Responsibility Act is the 20% of their operating surplus, and if it so be, where the 80% of their operating surplus were paid into and when.
“If the committal of funds by the Agencies are for projects and programmes within the core mandate or in any manner ancillary to the purpose for which they were each set up, etc.
“If and whether these Agencies are by the provisions of the Public procurement Act bound to submit their procurement to the Bureau of Public Procurement to consider, vet and issue a certificate of No Objection or otherwise before public procurements are consummated.
“By way of peer review, to compare the actions and expenditures of the Central Bank of Nigeria, Nigerian National Petroleum Corporation, Nigeria Ports Authority and other Agencies listed in the Fiscal Responsibility Act with such Treasury or Central Bank of other countries, National Oil Companies of other countries such as United States of America, United Kingdom, Germany, Canada, France, Australia and generally equivalent institutions of other countries and conclude if such institutions in those countries operate in the manner that Nigeria’s do.
“To determine if, and whether, the Fiscal Responsibility Commission as presently constituted should not be dissolved and appropriately reconstituted with responsive constituents.”
The senator further informed that the Senate noted that, “Whereas the 1999 Constitution of the Federal Republic of Nigeria (as amended) provides in Section 80 (1) as follows: All revenues or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation.
“Whereas the Fiscal Responsibility Act in Section 21 has provided that all government agencies and corporations as listed in the schedule to the Act cause to be prepared and submitted to the Minister their Schedule estimates of revenue and expenditure for the next three financial years who shall cause same to be compiled and submitted along with the Appropriation Bill to the National Assembly.
“Whereas the said Act provides in Section 22 (1) and (2) and 23 (1) as follows:
22. Operating surplus and general reserve fund
1) Notwithstanding the provisions of any written law governing the corporation, each corporation shall establish a general reserve fund and shall allocate thereto at the end of each financial year, one-fifth of its operating surplus for the year.
2) The balance of the operating surplus shall be paid into the Consolidated Revenue Fund of the Federal Government not later than one month following the statutory deadline for publishing each corporation’s accounts.
23. Classification of corporation operating surplus
1) The corporation’s surplus be classified as a Federal Treasury Revenue
“Whereas the Public Procurement Act in Section 3 (1) establishes an agency known as the Bureau of Public Procurement;Whereas the Public Procurement Act provides in Section 15 that the provisions of the Act shall apply to all procurement of goods, works, and services carried out by
1. The Federal Government of Nigeria and all procurement entities;
2. All entities outside the foregoing description which derive at least thirty-five percent of funds appropriated or proposed to be appropriated for any type of procurement described in this Act from the Federation share of Consolidated”
The motion is already listed and could be taken up when the Senate resumes.
The CBN governor had in the past rebuffed every entreaty by the National Assembly to have their budget vetted.
On several occasions Sanusi had cited the provisions of the Fiscal Responsibility Act and in most cases, insisted that it was only the board of the CBN that had the statutory powers to appropriate for him.
Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
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