General
NDIC Partners South Korea to Strengthen Financial Sector
By Modupe Gbadeyanka
A Memorandum of Understanding (MOU) has been signed between the Nigeria Deposit Insurance Corporation (NDIC) and its South Korean counterpart, the Korea Deposit Insurance Corporation (KDIC) for the benefit of financial institutions in both countries.
A statement issued by the NDIC disclosed that the deal was sealed at an elaborate ceremony within the premises of the KDIC in Seoul, South Korea on Wednesday, August 7, 2019.
The partnership between both African and Asian agencies, which are key members of the International Association of Deposit Insurers (IADI), centres on a wide range of issues intended to facilitate the robust implementation of the Deposit Insurance System in their respective jurisdictions.
Mr WI Seongbak, Chairman and President signed on behalf of the KDIC while Mr Umaru Ibrahim, the Managing Director/Chief Executive (MD/CE) of the NDIC signed on behalf of the corporation, with Chairman of the Board of the NDIC Mrs Josephine Ibironke Sokefun, and some of her colleagues who were on a study tour to the KDIC, in attendance.
Under the terms of the MOU, both parties noted the increasing globalization and complexity of large financial institutions and the unique challenges they portend for regulatory authorities and committed themselves to the promotion of communication, enhancement of existing levels of cooperation; provision of support, mutual understanding, and collaboration on areas related to the development of the deposit insurance systems in the two jurisdictions.
The MOU also provided for effective international working relationship between both agencies along with the enhancement of their roles in financial regulatory initiatives and policy deliberations. There will also be periodic exchange of staff between both institutions and bilateral meetings on regular basis towards enhancing mutual understanding that promotes the development of the Deposit Insurance System (DIS) in both Nigeria and South Korea.
Reflecting on the visit, the NDIC MD/CE described the study tour and MOU signing as a deeply rewarding experiencing given the insight gained by both deposit insurers from the various technical sessions held during the visit.
After the signing of the MOU, the NDIC delegation led by the Board Chairman and MD/CEO was hosted to knowledge and experience sharing sessions by their KDIC counterparts. The delegation interacted with faculty members of the KDIC Global Academy. The NDIC team also visited the Financial Services Commission (FSC) where it was hosted by the 1st Deputy Governor and the Financial Supervisory Services (FSS) where a technical knowledge sharing session was also held with their Management team.
The sessions covered topics such as supervisory early warning system, risk based premium assessment system, public awareness strategies and consumer protection. Other areas covered included deposit pay out processes, failure resolution, Korean Financial Industry Oversight Framework amongst others.
The delegation was later hosted by the Nigerian Ambassador to the Republic of Korea, H.E. Amin Muhammad Dalhatu at the Nigerian Embassy building in Seoul.
General
NIMASA Rallies Stakeholders’ to Develop National Action Plan
By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) has pledged its commitment to provide the regulatory leadership, technical coordination, and stakeholder engagement required to successfully develop and implement a robust National Action Plan on maritime decarbonization in Nigeria.
The Director General of the agency, Mr Dayo Mobereola, made this known during the National Stakeholders’ workshop on the development of a National Maritime Decarbonization Action Plan, further describing the workshop as a critical step in actualising the Federal Government’s blue economy and climate objectives.
Represented by the Executive Director, Operations, Mr Fatai Taiye Adeyemi, the NIMASA DG underscored the significance of the IMO GreenVoyage2050 Project, a technical cooperation initiative /designed to support developing countries in implementing the IMO GHG Strategy.
According to him, the National Action Plan being developed will reflect national realities, leverage existing capacities, address identified gaps, and align with broader economic and environmental priorities of the federal government.
Mr Mobereola stressed that “this transition is not merely about compliance with international obligations, it is about safeguarding our marine environment, protecting public health, strengthening the blue economy, and ensuring that our maritime industry remains competitive and future-ready”, the DG said.
Also speaking at the event was the Technical Manager of the IMO GreenVoyage2050 Project, Ms Astrid Dispert, who highlighted that the overarching objective of the initiative is to advance a coherent and globally aligned regulatory framework to accelerate maritime decarbonization.
She also emphasised that NIMASA plays a pivotal role in driving the project at the national level.
The IMO GreenVoyage2050 Project provides technical expertise and institutional support to assist countries in developing and implementing National Action Plans that promote sustainable shipping practices, encourage investment in clean technologies, and strengthen capacity for long-term emissions reduction.
Through this collaboration, the federal government is advancing deliberate steps towards maritime decarbonization, reinforcing its commitment to global climate goals and ensuring a cleaner, greener, and more sustainable future for the sector.
General
BPP Mandates Digital Submission for MDAs From March 1
By Adedapo Adesanya
The Bureau of Public Procurement (BPP) has directed all Ministries, Departments and Agencies (MDAs) to comply with its digital submission process effective March 1.
The directive was contained in a circular signed by the Director-General of the Bureau, Mr Adebowale Adedokun, noting that the move was part of the bureau’s commitment to digital transformation and paperless governance.
It explained that the transition followed an earlier circular of Aug. 4, 2025, which introduced electronic submission procedures.
According to the bureau, it has successfully moved from physical filings to a dedicated e-mail service for document submissions and is now advancing to a more robust and integrated system.
The circular announced the inauguration of the BPP Digital Submission Portal, a web-based platform designed to enable MDAs submit procurement-related documents directly to the Bureau.
It stated that the automated platform would streamline the submission process, enhance transparency and ensure accelerated tracking of procurement-related documents and petitions.
“With effect from March 1, all MDAs will be required to use the portal to submit requests for ‘No Objection’ Certificates, approvals for ‘No Objection’ for special procurements, clarifications and status updates on submissions,” the bureau said.
It added that the portal would be hosted on the Bureau’s official website and would become fully operational from the effective date.
The bureau warned that physical submissions or manual hand-deliveries would no longer be prioritised and would eventually be rejected following the full transition to the digital platform.
It urged accounting officers to brief their procurement departments and ICT units on the development to ensure seamless processing of procurement activities from March 1.
It further advised MDAs to contact the Bureau via its official email for information on the onboarding process and integration into the portal.
The bureau emphasised that full compliance by all MDAs was required to ensure a smooth transition and avoid delays in the implementation of the 2026 fiscal year procurement processes.
General
Senate Seeks Removal of CAC Boss Hussaini Magaji
By Adedapo Adesanya
The Senate has asked President Bola Tinubu to remove the Registrar General of the Corporate Affairs Commission (CAC), Mr Hussaini Ishaq Magaji, from office.
The Senate Committee on Finance, while passing a resolution in Abuja on Thursday, accused Mr Magaji, a Senior Advocate of Nigeria (SAN), of failing to honour the Senate’s invitations to account for the finances of his agency.
“He refused on so many occasions to honour our invitation to appear before this committee.
“We have issues with the reconciliation of the revenue of CAC.
“Each time we invite him, he gives us excuses,” the Chairman of the committee, Mr Sani Musa, said as the committee passed the resolution.
CAC was part of a group of agencies that the House of Representatives Public Accounts Committee (PAC) recommended zero allocation for the year 2026, for allegedly failing to account for public funds appropriated to them.
The committee, at an investigative hearing held two weeks ago, accused CAC and some other ministries, departments and agencies (MDAs) of shunning invitations to respond to audit queries contained in the Auditor-General for the Federation’s annual reports for 2020, 2021 and 2022.
The PAC chairman, Mr Bamidele Salam, stated that the National Assembly should not continue to appropriate public funds to institutions that disregard accountability mechanisms, saying this will create fiscal discipline and strengthen transparency across federal institutions and conform with extant financial regulations and the oversight powers of the parliament.
“Public funds are held in trust for the Nigerian people. Any agency that fails to account for previous allocations, refuses to submit audited accounts, or ignores legislative summons cannot, in good conscience, expect fresh budgetary provisions. Accountability is not optional; it is a constitutional obligation,” he said.
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