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NDIC Partners South Korea to Strengthen Financial Sector

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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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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MTN’s CEO Ralph Mupita Joins Global Commission Shaping AI for Good

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Ralph Mupita MTN CEO

By Adedapo Adesanya

The chief executive of MTN Group, Mr Ralph Mupita, has been named as a commissioner on the AI for Good Global Commission, an initiative of the United Nations’ International Telecommunication Union that looks to expand digital access and accelerate the economic impact of responsible AI.

The MTN CEO was named alongside several leaders from government and business as a commissioner of the AI for Good Global Commission.

“It’s an honour to be one of the founding commissioners of the AI for Good Global Commission,” said Mr Mupita.

“At MTN Group, we believe that the developments in AI have the potential to advance health, education, food security and industrial productivity,” he added, noting that AI must be safe, ethical and globally inclusive, and that these perspectives align fully with the work of this global commission.

The commission is made up of over 40 founding members, including leaders from government, business and international organisations.

Other commissioners include Nvidia CEO, Mr Jensen Huang, Microsoft President, Mr Brad Smith and Mr Andy Jassy, their counterpart at Amazon.

The organisation builds on the Broadband Commission for Sustainable Development, which helped shape global priorities for extending digital inclusion and economic development.

The first meeting of the commission, which is co-chaired by Rwandan President Paul Kagame and Salesforce CEO Marc Benioff, will take place in Geneva, Switzerland.

MTN said that strategic priorities are to ‘leverage AI for growth’, targeting R30 billion in value-creation opportunities in the next three to five years.

Mr Mupita joined the board of Dangote Fertiliser in January as the firm prepares to expand and list on the Nigerian Exchange (NGX) Limited.

The South African also spearheaded the listing of MTN Nigeria on the Nigerian bourse in 2019, making it the second most valued company on the Nigerian stock market after BUA Foods Limited.

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Nigeria Customs Targets N11.07tn Revenue for 2026

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Nigeria customs wale adeniyi

By Adedapo Adesanya

The Nigeria Customs Service (NCS) has proposed a revenue target of N11.07 trillion for the 2026 fiscal year, saying it will rely on deeper automation, intelligence-driven enforcement and enhanced trade facilitation to meet the ambitious goal.

The Comptroller-General of Customs, Mr Adewale Adeniyi, disclosed this on Monday while presenting the agency’s 2026 budget proposal before the House of Representatives Committee on Customs and Excise.

According to him, the projected revenue comprises N5.54 trillion from federation accounts, N1.49 trillion from non-federation accounts, N2.27 trillion from import Value Added Tax (VAT), and N1.26 trillion from the four per cent Free-on-Board (FOB) Cost of Collection.

Mr Adeniyi said the agency would deepen automation through the Unified Customs Information System, popularly known as B’Odogwu, strengthen post-clearance audits, expand intelligence-led enforcement and improve trade facilitation to achieve the target.

“The Unified Customs Management System is now up and running very well. We believe it provides the platform for robust revenue collection,” he said.

He added that reforms implemented in collaboration with the International Monetary Fund (IMF) and the World Customs Organisation (WCO) had significantly strengthened post-clearance audit operations.

“Through that, we are able to carry out real-time system audits and continue to recover revenue on a daily basis,” he said.

The customs boss also said the Authorised Economic Operator Programme and the Advance Ruling Programme were now fully operational and expected to improve compliance while facilitating legitimate trade.

Mr Adeniyi, however, acknowledged that recently approved tariff reductions on imported vehicles could moderate revenue growth, even though new excise measures expected under the 2026 fiscal policy may boost collections.

He confirmed that import duty on used vehicles had been reduced from 15 per cent to five per cent, while duty on brand-new vehicles was cut from 20 per cent to 10 per cent.

Responding to lawmakers’ concerns over the likely impact of the policy, Adeniyi said it was too early to assess its effectiveness because implementation only began on May 1, 2026.

“This is a new policy. It takes an average of about 90 days before we begin to see its full effects,” he said.

He stressed that while the Nigeria Customs Service provides technical advice on trade trends and revenue implications, fiscal policy decisions remain the responsibility of the Federal Ministry of Finance.

On expenditure, the Service proposed N421.70 billion for personnel costs, N307.77 billion for overheads and N565.93 billion for capital projects in the 2026 budget.

Mr Adeniyi said the Customs currently has 15,969 personnel, with 3,927 new recruits expected to join before the end of the year. He noted that capital spending would prioritise completion of ongoing projects, acquisition of operational equipment, expansion of ICT infrastructure and execution of existing contractual obligations.

The Customs chief also defended the agency’s 2025 performance, disclosing that it generated N7.28 trillion between January and December 2025, exceeding its annual revenue target of N6.58 trillion by 10.24 per cent, despite government-approved tax waivers and fiscal incentives.

He noted that about N34.54 trillion worth of imports benefited from duty exemptions and waivers during the year, reducing potential revenue collections.

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Fubara Lauds Army’s Anti-Oil Theft Operations

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sim fubara caretaker chairmen

By Adedapo Adesanya

The Governor of Rivers State, Mr Siminalayi Fubara, has commended the Nigerian Army for intensifying its fight against pipeline vandalism and illegal oil bunkering, saying the security operations are yielding positive results by boosting crude oil production and improving national revenue.

Mr Fubara made the remarks while receiving the Chief of Army Staff, Lieutenant General Waidi Shaibu, who paid him a courtesy visit at the Government House, Port Harcourt, ahead of the 163rd Nigerian Army Day Celebration scheduled to hold in Rivers State.

The Army Chief was accompanied by the General Officer Commanding 6 Division, Major General Emmanuel Emekah, and other senior military officers.

Speaking during the visit, Mr Fubara said the military’s sustained operations against oil theft and pipeline sabotage have significantly reduced disruptions to oil production.

“In the face of everything, I can conveniently say that there are a lot of positive things that our state has recorded in terms of security,” the governor said.

He noted that the Army’s efforts in curbing pipeline vandalism and illegal bunkering had translated into increased crude oil production and higher revenue for the country.

According to him, the operations of the 6 Division Nigerian Army have also strengthened the security of lives and property across Rivers State.

Governor Fubara congratulated Mr Shaibu on his appointment as Chief of Army Staff and expressed confidence that his tenure would deliver even greater improvements in national security.

“I’m commending you because within the short period that you’ve been appointed, I can conveniently say that there are a lot of positive things that our state has recorded in terms of security. I wish that your tenure will record a lot more positive improvements for the Nigerian Army,” he said.

The governor also welcomed the decision to host this year’s Nigerian Army Day celebration in Rivers State, describing it as a vote of confidence in the state’s security situation.

“We are really happy that, in the face of everything, you chose Rivers State for this very wonderful celebration. This is significant for us. It speaks to two things: that Rivers State is peaceful and Rivers State is worth securing.”

Mr Fubara pledged continued support for the Nigerian Army, assuring the military of the state’s cooperation in ensuring the success of its operations.

“You’re doing this work and every one of us is enjoying the positive effects. We owe you our support. We are not going to rest on our oars in ensuring that we do whatever we need to do to make you succeed,” he added.

Earlier, the Chief of Army Staff said he was in Rivers State to participate in activities marking the 163rd Anniversary of the Nigerian Army and thanked the state government for its support.

“I want to specifically thank you for the support you have rendered us, especially the infrastructure, the stadium that you have put at our disposal for hosting the event and other things that you have done at the Divisional Headquarters as part of your own contributions to ensure the success of the celebration,” Mr Shaibu said.

The Army Chief explained that the anniversary would feature a week-long programme of activities, including civil-military engagements aimed at strengthening relationships between the Army and host communities.

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