Economy
Whistle Blowing: Banks Monitor Workers
By Dipo Olowookere
Nigerian banks have placed their workers under close watch following intense pressure by ‘big’ customers on majority shareholders and directors to monitor overzealous staff eager to take advantage of the whistle blowing initiative of the Federal Government.
Account Officers from different banks told our correspondent the development was to prevent them from squealing on classified accounts by perceived looters and corrupt government officials.
One of them, who confirmed the development off-record yesterday, said: “The close monitoring is very intense now as everyone now watches each other’s back.”
But a Senior Account Manager in one of the commercial banks in Lagos, who also pleaded not to be named because of the sensitive nature of the matter, said the development was not new.
He however admitted it has been increased lately.
According to him, “Monitoring of bank workers is not new but it may be true we are more closely monitored today than what obtained before the introduction of the whistle blowing initiative.
“That is understandable because there is the feeling amongst the top management that some overzealous workers, in a bid to take advantage of the initiative, may embarrass genuine prime customers.
“This may account for introduction of measures to ensure no staff abuses his or her office to the detriment of the bank.
“Besides this internal precaution, bank staff members and indeed banks are closely monitored by the Economic and Financial Crimes Commission (EFCC) and Central Bank of Nigeria(CBN) in a bid to recover looted funds,” he said.
Explaining how bankers are being monitored, the top banker said: “Today, bank workers are closely monitored in two ways; officially and unofficially.
“Officially, we are monitored by regulators like the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).
“There are also internal measures to ensure that bank members of staff do only what they are supposed to do.
“This may differ from bank to bank. The practice is real though I cannot say here that such measures were introduced because the so-called big customers are mounting pressure on directors.
“Perhaps, because the anti-corruption agencies know that bank workers occupy sensitive positions that may enable them to collude with public funds looters, they are today monitored more closely than politicians.”
Another top bank worker at the Corporate Headquarters of one of the commercial banks in Lagos Island, who also pleaded not to be named, gave our correspondent a more precise description of how government agencies and bank management monitor workers in banks.
“Recently, we were asked to fill Assets Declaration Forms. With this, they are able to monitor the progress rate of each staff.
“Of course you know that with BVN, everybody’s accounts can be traced easily. Even if a banker has ten accounts in different banks, it would be easy to trace them.
“In anticipation of false claims of sudden financial windfalls, they have also banned bank workers from betting. This means that no banker, found with suspicious huge sums of bank balance or assets he cannot ordinarily acquire with his income can claim to have become a billionaire overnight through betting.”
The banker also explains that the regulators have set out certain guidelines that will help monitor workers and the banks themselves.
“One of the policies currently employed to achieve this is the directive that all of us must regularly make Suspicious Transaction Report (STR).
“Another is the requirement to report to the Nigerian Financial Intelligence Unit (NFIU), the Nigerian arm of the global Financial Intelligence Units (FIUs) domiciled within the EFCC.
“These are part of the official monitoring procedures in practice today. It is perhaps the increasing demand to abide by these requirements that some workers are referring as undue monitoring,” he said.
Efforts to get the confirmation of the CBN could not yield result as the Acting Director of Communication of CBN, Mr Isaac Okoronkwo, neither picked his calls yesterday nor responded to our text message.
But Chief Iheanacho Uko, a former banker and Principal Partner of U & A Consulting Ltd, said there is nothing strange with banks monitoring the activities of their staff.
Quoting the “general guidelines on institutional policy of anti-money laundering/ combating,” he said there is nothing wrong with banks initiating internal measures to ensure their staff behave appropriately because “every financial institution is required to adopt policies stating its commitment to comply with AML/CFT obligations under the law and regulatory directives and to actively prevent any transaction that otherwise facilitates criminal activity or terrorism.”
“Every financial institution is requested to formulate and implement internal controls and other procedures that will deter criminals from using its facilities for money laundering and terrorist financing and to ensure that its obligations are always met.”
http://thenationonlineng.net/whistle-blowing-bank-workers-close-watch/
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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