Economy
CBN Admits Printing Money to Boost Allocations to States

By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has disclosed that one of its functions under the law is printing money to support the government whenever there is a crisis.
The Governor of the CBN, Mr Godwin Emefiele, while speaking on Thursday in Tunga, Awe Local Government Area of Nasarawa State, said one of its key mandates is to print currency.
Mr Emefiele was reacting to questions posed to him on the revelation by the Governor of Edo State, Mr Godwin Obaseki, that the federal government printed N60 billion last month to shore the shortfall in revenue generated in February 2021 shared to the three tiers of government by the Federal Accounts Allocation Committee (FAAC).
Mr Obaseki had warned that the country was in a serious fiscal crisis and the monetary rascality must be put an end to by the federal government.
But Mr Emefiele rebuffed his name-sake, saying that printing money is a key mandate of the central bank anywhere in the world, adding that the bank must always act to support the government at times of financial difficulties.
“If you understand the concept of printing of money. The concept of printing of money, it’s about lending money; that’s our job – to print. It’s about lending money and so, there’s no need to put the controversy about the printing of money as if we are going into the factory printing the naira and start distributing on the streets,” he was quoted as saying by ThisDay.
“For us to see some people playing some games, overheating his polity talking about the printing of money, I think it is unfortunate and totally inappropriate. I would like to advise that this should stop. We should all work for the growth of our country and not play politics.
“It is very inappropriate for people to just give some colouration to the word printing of money as if it is a foreign word coming from the sky.
“In 2015/2016, we were in a similar [fiscal] situation, but it is far worse today. We provided a budget support facility to all the states of the country and that loan remains unpaid till now.
“We are going to insist on the states paying the loan back since they are effectively accusing us of giving them loans.
“Most countries of the world today are confronted by not just the health crisis from the COVID pandemic but also economic crisis.
“I keep saying this: it would be irresponsible of the central bank of Nigeria or any central bank to stand idle and refuse to support its government at this time. Whatever we do in Nigeria is being done in any clime.
“Nigeria is unfortunately in a very bad situation and we cannot pretend about it in the sense that we are facing problems about productivity output which is gross domestic product (GDP).
“We are working very hard to see how we can get our heads above water. We are also concerned with issues of inflation.”
Obaseki’s Claims
Mr Obaseki on Monday, April 7, 2021, said the country was facing a serious financial crisis and called on the federal government to act quickly.
“When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share,” he said.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, dismissed the claim, insisting the FAAC allocation was revenue from different agencies of the government.
Mr Obaseki then took to Twitter on Thursday to say the government was “playing the ostrich” and urged the government to take urgent steps to end the current “monetary rascality”.
He wrote, “While we do not want to join issues with the Federal Ministry of Finance, we believe it is our duty to offer useful advice for the benefit of our country.
“The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, should rally Nigerians to stem the obvious fiscal slide facing our country.
“Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.
“We believe it is imperative to approach the Nigerian project with all sense of responsibility and commitment and not play to the gallery because ultimately, time shall be the judge of us all.”
Economy
Oba Otudeko’s Barbican Capital Sells Off N195.7bn First HoldCo Shares

By Dipo Olowookere
Barbican Capital Limited, a financial services firm established by Honeywell Group, owned by a Nigerian businessman, Mr Oba Otudeko, has sold off its stake in First Holding Company (First HoldCo), formerly FBN Holdings, the parent company of First Bank of Nigeria Limited.
According to information from its website, “Barbican Capital holds a 15.1 per cent stake in Africa’s premier financial services holding company.”
In a notice to the Nigerian Exchange (NGX) Limited on Friday, First HoldCo disclosed that on Wednesday, July 16, 2025, Barbican Capital sold a total of 6,314,116,229 units of its shares at a unit price of N31.00, amounting to about N195.7 billion.
It was reported that the shares were sold to another billionaire businessman, Mr Femi Otedola, but fresh information suggests that they were acquired by the federal government through a trustee.
Mr Otedola and Mr Otudeko had been at loggerheads over the control of the financial institution, which led to a bitter boardroom crisis.
With the latest development, Mr Otudeko has exited the field for his rival, who controls about 15 per cent stake in First HoldCo.
With a long tradition of investing in financial services across Africa, Barbican Capital has played a significant role in the sector through various companies.
It once invested in Ecobank Transnational Incorpotated but still has stakes in pensions and investment banking companies.
On his part, with his background as a banker and one of the earliest qualified “professional bankers” in Nigeria, Mr Otudeko got into First HoldCo in 1994 after seeing value in the firm and its potential for transformation and growth.
That initial investment during the government’s privatisation drive of the early 90s started a journey that saw him grow the investment and subsequently join the board of the banking subsidiary in 1997, before becoming the board chairman in 2010. Two years later, he was the chairman of First HoldCo board and left the position 2021.
Economy
Over 70% of Nigerian Cooperatives Still Use Manual Collections Methods

Millions of Nigerians who depend on cooperative societies for credit and savings are at growing risk of financial setbacks, as manual dues collection methods remain the norm across the country. A 2024 study from Nnamdi Azikiwe University (source) revealed that over 70% of cooperatives still rely on handwritten ledgers and informal cash contributions—leaving them exposed to defaults, disputes, and operational breakdowns. Even outright theft is not uncommon.
Cooperatives are vital financial safety nets for millions of Nigerians, especially in underbanked communities. But as default rates rise and reconciliation periods become chaotic, a growing number of cooperatives are reevaluating how they operate—and turning to technology for help.
“We use notebooks and WhatsApp to track payments,” says Iyabo Adebayo, treasurer of a 70-member women’s cooperative in Ibadan. “If someone misses their payment, it takes me days to follow up. Sometimes I just give up.”
This challenge isn’t isolated. The same 2024 study documented how manual tracking of dues and loans in staff cooperatives significantly reduced liquidity and increased the rate of defaults. During peak periods like June—when many cooperatives conduct financial audits—the consequences of poor tracking become more severe.
Recognising this pattern, a growing number of cooperatives are now implementing mandate-based systems like PaywithAccount, a direct debit payment tool developed by OnePipe. The platform enables members to authorise automated deductions for recurring dues, removing friction, improving predictability, and reducing administrative overhead.
“The moment we switched to a structured mandate system, collections became smoother,” says Emeka Chukwu, who oversees a transport workers’ cooperative in Enugu. “It gives us peace of mind. No more excuses.”
Speaking on the trend, Ope Adeoye, CEO of OnePipe, said this trend portends a deeper systemic issue. “When treasurers spend more time chasing payments than managing funds, the model begins to collapse. It’s encouraging to see more cooperatives adopting direct debit tools like PaywithAccount. The increase in uptake reflects a real need—people want structure they can trust, especially in these tough economic times.”
Industry experts believe such solutions could help stabilize grassroots finance. “When dues are predictable, planning becomes possible,” says Temi Adedeji, a digital finance consultant. “It means more loans issued, better savings discipline, and less stress for treasurers.”
As Nigeria’s cooperatives approach their mid-year audits and dividend planning cycles, the need for more resilient, automated collection systems is becoming harder to ignore.
Economy
Stanbic IBTC Ignites Investment Spark with InvestBeta Season 2

Following the success of its debut season, Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, announces the return of the InvestBeta Game Show, with registration officially open.
The second season of the InvestBeta show builds on the first edition, aimed at equipping young Nigerians with real-world financial skills in a fun, relatable, and competitive format. The show’s first season, which aired in 2024, captured the attention of Gen-Z viewers across the country, blending entertainment with investment education in a way that had never been done before. With positive feedback, it proved that young Nigerians are ready to learn how to grow their money, and all they need is the right platform.
The new season reflects the Group’s broader youth-focused mission through Beyond Dreams, its dynamic community created for Nigerians aged 18–30. The community aims to help young people turn their aspirations into reality through secure, timely and smart investment choices. Since its inception, Beyond Dreams has grown to a network of over 90,000 young members, generated 2,100+ new investment accounts, and continues to position the Group as a trusted partner in the financial futures of Nigeria’s youth.
Busola Jejelowo, Chief Executive, Stanbic IBTC Asset Management noted InvestBeta reflects our deep commitment to financial education. She said, “We understand that today’s young people want more than just advice but practical, hands-on experience. This is why the InvestBeta game show is here to change how young Nigerians see money and what they can do with it.”
Entries are now open to eligible young Nigerians who want to be part of Season 2. Registration is free via the official link: https://bit.ly/StanbicIBTCInvestBeta. Successful applicants will be selected to compete in a series of challenges designed to test their knowledge, strategy, and creativity around real-life financial scenarios.
And for those who missed the first season, full episodes are available to watch on Stanbic IBTC’s official YouTube channel. From quick financial questions to investment tips, Season 1 offered real lessons with real impact, and Season 2 is gearing up to raise the bar.
To stay in the loop, follow @beyonddreamsng across all social media platforms and be part of the countdown to the second season of Nigeria’s most engaging youth-focused investment competition.
If you are 18 to 26, curious about how money works, and ready to build your future, this is your sign.
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