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FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

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Direct Cash Transfers

By Adedapo Adesanya

Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month.

The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State.

He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments.

The Finance Minister said, “The presidential panel on the social investment programmes have prepared to go to Mr President with an internal recommendation to restart the direct payments to the poorest and the most vulnerable. Everything is being done to ease the pain.

“We know that there have been about three million beneficiaries now, but given the way the rates have gone, there are probably another 12 million people, households that can benefit from that payment.”

The Minister noted that the expansion of the direct cash transfer aims to reach a wider population struggling with the economic situation and to put more money directly in the hands of those who need it most, allowing them to prioritise their needs and alleviate poverty.

The decision to inform the President of the panel’s decision before the final report is completed is to keep Mr Tinubu abreast of developments.

Mr Edun stated that technology will be used to ensure smooth and transparent payments, avoiding manual processes and delays.

He said, “The only thing delaying that is not waiting for the end of the report. It is something that the intervention is meant to happen immediately.

“We have technology experts, the commitment was to make sure that we use technology to ensure that we have a seamless payment, a seamless movement between the registered and the direct beneficiaries, without any manual processes in between. So it’s taking time to automate that process immediately that direct payment will resume”.

He also reiterated that recognising the significant impact of food prices on household budgets, the government is taking steps to increase food availability and drive down costs.

The Minister reiterated President Tinubu’s intervention to release 60,000 metric tonnes of food grains, saying, “The goal is to put food, to put feed into the mill, into the market, in an attempt to drive down the cost of food and make food available. Right now, that is the key priority in terms of the fiscal side, in terms of the government side.”

He also defended the plan of the direct cash transfer to the poorest and most vulnerable in society, arguing that “history has shown, evidence has shown that when you pay someone directly, you put money in their hand. It reduces poverty because they decide where the shoe is pinching most.

“So, it is a direct benefit, it has a direct effect on poverty. It alleviates, and there’s a commitment to immediately start that process. So, that is, as far as these interventions are concerned and the landscape which we as a team are facing, we commit to helping to bring down inflation,”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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CBN Warns Against Fictitious Persons Offering Contracts, Grants

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CBN IMTOs

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has again reacted to the activities of individuals and groups falsely claiming to represent or act on its behalf, warning Nigerians against falling for these schemes.

According to the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, in a statement, these persons continue to circulate fictitious offers of contracts, loans, grants, intervention funds, and other financial benefits allegedly issued or endorsed by the CBN.

“Despite the public advisory issued on November 18, 2024, through the Bank’s official channels and news outlets, these misleading schemes have persisted, targeting unsuspecting members of the public with false and deceptive narratives,” the statement said.

“The CBN wishes to reiterate that it has not authorised, licensed, or appointed any individual, group, or organisation to act as an agent or intermediary in offering contracts, financial grants, or intervention funds to the public. The CBN also does not endorse or support such claims in any form.

“Members of the public are advised that the Central Bank of Nigeria (CBN) does not award contracts or disburse funds through unsolicited communications such as emails, phone calls, SMS, WhatsApp, or any social media platform. It also does not request payment of fees in exchange for contracts, grants, or financial interventions, nor does it engage intermediaries or third parties to offer financial services or opportunities to the public.

“If you are approached by individuals or entities making such claims, we strongly advise that you do not engage with them. Instead, such incidents should be reported immediately to the relevant law enforcement agencies or the nearest CBN Branch.

“The Central Bank of Nigeria remains committed to safeguarding the financial interests of the Nigerian public and continues to work closely with security agencies to investigate and address fraudulent activities,” the statement said.

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NIMASA Clarifies Use of Technology in Concession of Operations

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NIMASA

By Adedapo Adesanya

Nigerian Maritime Administration and Safety Agency (NIMASA) has said that its resolve to embrace technology as a means of enhancing capacity to deliver on its regulatory mandate more effectively and generate additional revenue for the government is being misinterpreted in some quarters as concession of its operations.

NIMASA, in a statement, said a pivotal innovation in this regard is the Maritime Enhanced Monitoring System (MEMS).

“This system brings digital traceability to the core of Nigeria’s maritime operations. MEMS provides real-time visibility into vessel movements, operational logs, and regulatory interactions. Through automated alerts, smart invoicing, and centralized data integration, NIMASA can now detect, document, and respond to maritime activities with greater precision and efficiency—eliminating unnecessary bottlenecks while strengthening compliance,” it stated.

It listed additional recipients targeted as waste reception services, a routine operation for both domestic and international vessels have traditionally lacked proper tracking, resulting in unmonitored activities and significant revenue losses.

“With MEMS, each waste offload can be logged, time-stamped, and automatically billed, converting previously missed opportunities into a consistent revenue stream while ensuring environmental standards are met,” the statement said.

“Marine pollution control, another critical area of NIMASA’s mandate, has similarly been constrained by limited digital tools. In the absence of satellite tracking and automated reporting, pollution events often go unnoticed or are reported too late to mitigate their impact. With the integration of modern surveillance systems, digital logbooks, and real-time alerts, NIMASA can now respond swiftly to such incidents, recover environmental damages, and hold polluters accountable—both legally and financially.

“It is important to emphasize that past revenue shortfalls experienced by the Agency mainly stemmed from outdated manual processes, fragmented data systems, and insufficient digital enforcement mechanisms which allowed some external elements to capitalize on the loopholes for personal gains .

“The current reforms being implemented by NIMASA are focused squarely on overcoming these limitations. By investing in digital infrastructure and streamlining monitoring systems, the Agency is positioning itself to fulfill its statutory obligations with transparency, efficiency, and accountability,” it added.

NIMASA therefore called for the support of its transformation journey as it aligns with the broader national objectives of the Ministry of Marine and Blue Economy under the Renewed Hope Agenda of President Bola Tinubu.

“The Agency remains committed to strengthening Nigeria’s maritime governance, ensuring environmental safety, and optimizing revenue for the nation,” the statement said.

“It is worthy of note that the Deep Blue Project of the Agency which now enjoys global recognition also witnessed such resistance at the initial stage,” it stated.

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Innovate Africa to Tackle Wickedest Problems on World Product Day 2025

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World Product Day 2025

By Adedapo Adesanya

Innovate Africa, the product-led fund backing bold early-stage innovators, has announced it will host the Lagos edition of World Product Day 2025 on Wednesday, May 21, 2025,  at The Strong Tower Hall in Lagos to tackle the world’s “wickedest” problems.

The one-day conference marks the culmination of a continent-wide transformative sprint, moving from grassroots problem identification to prototype-ready solutions that address Africa’s most complex and urgent challenges.

According to a statement shared with Business Post, World Product is a global initiative by Mind the Product, celebrated in over 100 cities worldwide. Curated by Innovate Africa, the Lagos gathering offers a high-impact, single-day conference that connects product builders, engineers, founders, and enterprise teams through thought leadership discussions, practical learning, and talent engagement.

Themed Bold Builders Wanted, the initiative began in March with an open Ideathon, which crowdsourced real-world challenges from across the continent. Innovate Africa distilled the hundreds of entries into  12 “wicked problems” spanning healthcare, climate resilience, digital infrastructure, consumer protection, and public services.

In April, the fund assembled multidisciplinary teams and product owners, who through structured sprints pushed each idea to prototype stage. The top 5 teams will pitch their solutions live in Lagos for a $2,000 grand prize and a comprehensive post-event support package designed to help transform early-stage ideas into scalable ventures. In addition, finalist teams could receive incubation support, or mentoring.

Set to bring together up to 250 curated participants, including mid- to senior-level professionals, founders, hiring managers, and ecosystem leaders, confirmed speakers include Mr Mustapha Otaru, Chief Product Officer at Sterling Bank; Mr Andrew Obuoforibo, Head of Product at 54 Collective; and Mr Isma’il Shomala, Chief Product Officer at Go Money.

In addition to the hackathon finale, the event highlights will include: Product Career Fair, a curated matchmaking between top-tier product and engineering talent and leading African tech employers; Hands-On Product Workshops, a facilitated training on customer discovery, product strategy, and experimentation; and Fireside Chats & Panels, an intimate discussions with product executives, including a spotlight session with top tech companies in Africa, including Moniepoint.

Kristin H. Wilson, Managing Partner of Innovate Africa Fund, said “Too many of Africa’s wicked problems are still meeting surface solutions –  shiny tech, borrowed models from markets such as the US, and large funding rounds – before the problem has been clearly defined.

“If we really want to solve these challenges, we need to start by listening, get clear on what’s broken and then roll up our sleeves with  builders who lead with empathy,  context, and a bias for execution. That’s really what World Product Day Lagos is about – a day to move lived experience into tested prototypes and to line up capital, expertise and networks that can carry the strongest ideas to product-market fit.”

Product builders, engineers, founders, and enterprise teams are invited to register at https://lu.ma/jnjimijz to attend World Product Day Lagos 2025 and be part of a movement turning bold ideas into breakthrough products.

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