Connect with us

General

NDIC Seeks More Law Enforcement Involvement to Curb Financial Losses, Crimes

Published

on

Alpha Merchant Bank NDIC

By Adedapo Adesanya

The Nigeria Deposit Insurance Corporation (NDIC) has called for continued collaboration with law enforcement agencies to curb financial crimes, prevent loss of funds, and retain depositors’ confidence in the banking system.

The agency’s acting Managing Director, Mrs Emily Osuji, made this call at the 2025 capacity-building workshop for law enforcement agencies in Lagos themed Investigating and Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent Bank Failures on Monday.

Mrs Osuji stated that the NDIC had consistently held the workshop since 2012 to enable law enforcement stakeholders to sharpen their skills in the fight against financial malpractices in banks and other financial institutions.

According to her, the corporation, as a key participant in the financial safety-net, has over the years taken the fight against insider abuses and financial malpractices in banks very seriously.

Mrs Osuji emphasised that a safe and sound banking environment is an essential part of financial system stability and the bedrock for the economic development of every nation.

She explained the role of the NDIC, adding that the workshop also provided an opportunity for discussions to synergise efforts toward achieving the common goal of ensuring financial stability, noting that the theme was apt for ensuring collaboration against the menace of insider abuses and financial malpractices, which are major causes of bank failure capable of eroding public confidence in the banking system.

The NDIC chief noted that her organisation would continue to strive to enhance synergy in the area of law enforcement relating to the investigation and prosecution of financial malpractices.

She commended the progress recorded so far, saying, “Through your collaborative efforts, I am aware that 11 cases are currently being prosecuted at various courts, 25 investigations are ongoing with the FMIU, eight with the EFCC, and nine concluded investigations are with the Federal Ministry of Justice for advice and prosecution.

“This is an indication that we are on the right course,” she added, acknowledging the challenges of investigating and prosecuting financial malpractices and bank fraud cases and urged law enforcement officers not to relent but to adopt technology to stay ahead of criminals.

She noted that fraudsters and cybercriminals were constantly perfecting their skills, hence the need for such workshops to enable law enforcement officers to understand, accept, and adapt to the dynamic operating environment.

She praised the proactive efforts of the Regulatory/Supervisory Agencies to curb the activities of fraudsters to prevent loss of funds and maintain depositors’ confidence in the banking system.

On his part, the Director for Legal Department at NDIC, Mr Olusegun Kushimo, stated that the financial system must be strengthened and kept safe to achieve President Bola Tinubu’s vision of a trillion-dollar economy by 2030, saying the workshop was important to strategize, collaborate, and strengthen inter-agency relationships in the fight against financial fraud to keep the financial system safe.

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

Senate Passes State Police Bill

Published

on

Senate Petroleum Industry Bill

By Aduragbemi Omiyale

The bill seeking to establish state police in Nigeria was on Wednesday, June 24, 2026, passed by the Senate during a plenary presided over by the Senate President, Mr Godswill Akpabio.

The piece of legislation was passed today after more than two-thirds of the lawmakers in the red chamber of the National Assembly voted in support via a manual voting process involving the raising of hands.

Before the passage at the plenary, the chairman of the Senate Committee on the Review of the Constitution, Mr Barau Jibrin, presented the panel’s report to his colleagues.

According to him, the bill will transform policing in the country and boost security, as it allows the sub-nationals to create their own policing system.

The bill provides for the Federal Police Service to be headed by the Inspector-General of Police, while the State Police Service will be led by a Commissioner of Police, who will be appointed by the governor of the state, subject to confirmation by the state’s House of Assembly.

To prevent the misuse of state police against political opponents or critics, ensuring that any action taken against such individuals or groups complies with due process and existing laws, the bill prohibits the Commissioner of Police of a state from arresting, detaining, investigating, or deploying force against any critic of the state governor, except in accordance with the law.

After the clauses of the bill were considered at the Committee of the Whole, the bill was passed and will be transmitted to the President for assent into law.

Continue Reading

General

Daystar Power Expands Nestlé Solar Partnership Across West Africa

Published

on

Daystar Power

By Adedapo Adesanya

Daystar Power Group has expanded its renewable energy partnership with Nestlé in West Africa, commissioning solar power systems with a combined capacity of 6.884 megawatts across four manufacturing facilities in Côte d’Ivoire, Ghana, and Senegal.

According to a statement, the deployments bring the total installed capacity across Nestlé’s sites to 6,884 kWp, nearly 7 megawatts, making it one of the largest commercial and industrial solar partnerships in the region.

The four sites, two in Abidjan, one in Tema, and one in Dakar, are all fully operational, with each system designed around the specific grid and operational profile of its location.

“Nearly 7 megawatts across four Nestlé facilities is a number we are proud of, but what it represents matters more than the figure itself. It means that one of the world’s most demanding manufacturers has tested our model, trusted it, and come back. Our job now is to keep earning that, across every market where industry needs energy it can count on,” Mr Yischai Beinisch, CEO, Daystar Power Group said in a statement.

The partnership began with a single commissioning and expanded to span three countries and four facilities. In Côte d’Ivoire, Daystar Power has delivered 3,447 kWp across two Abidjan sites. In Ghana, a 2,547 kWp system powers Nestlé’s Tema factory. In Senegal, an 890 kWp installation operates at the Dakar facility.

The company said each system is sized and configured to deliver measurable environmental and social impact, including reduced greenhouse gas emissions and improved energy resilience. The design is tailored to the operational and grid conditions at each location, ensuring reliable, clean energy access while supporting local development and aligning with Nestlé’s publicly stated net-zero commitments.

Adding his input, Mr Samer Chedid, CEO, Nestlé Central and West Africa Region, said the investment reflects its commitment to building a business that not only grows but does so responsibly.

“By advancing solar energy projects in Ghana, Côte d’Ivoire, and Senegal, we are embedding sustainability into our growth, reinforcing our role as a force for good, creating long-term value for communities, and ensuring that our footprint actively contributes to a cleaner, more resilient future,” he said.

Continue Reading

General

Nigeria Adopts New Security Framework to Safeguard Oil Assets

Published

on

oil assets

By Adedapo Adesanya

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Ministry of Defence have agreed to deepen collaboration on the protection of critical oil and gas infrastructure through a new non-kinetic security framework designed to curb threats, strengthen community relations and sustain rising output.

The initiative comes as Nigeria recorded crude oil production of nearly 1.8 million barrels per day, one of the highest production levels in recent years, amid intensified efforts to combat crude oil theft, pipeline vandalism and other security challenges across the Niger Delta.

Speaking during a courtesy visit by a delegation from the Ministry of Defence to the Commission’s headquarters in Abuja, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said the country’s recent production gains were directly linked to coordinated interventions involving security agencies and industry stakeholders.

“Today, we are benefiting from those efforts. Last month, we recorded production of nearly 1.8 million barrels per day throughout the month,” Mrs Eyesan said.

She noted that sustained investments in security operations, technology deployment and human capacity development had significantly improved production stability and operational efficiency in the upstream petroleum sector.

According to her, maintaining and expanding the gains has become critical as Nigeria seeks to increase crude oil output, attract fresh investments and maximise revenue generation from the petroleum industry.

“As we look to the future, we desire to grow production and must have assurances that security threats can be effectively managed. We can only achieve this through stronger collaboration with security agencies and industry stakeholders,” she stated.

Mrs Eyesan stressed that safeguarding oil and gas assets remains central to Nigeria’s energy security strategy and economic growth objectives, noting that production assurance has become a key requirement for investors considering new upstream projects.

She disclosed that the Commission was exploring wider deployment of advanced technologies, including drone surveillance systems, to improve monitoring of the country’s vast oil and gas infrastructure network and detect threats before they escalate into operational disruptions.

The NUPRC boss further revealed that the Commission would work closely with operators to refine and implement a new security framework, while providing leadership in stakeholder engagement and governance structures needed to ensure long-term sustainability.

The Minister of Defence, Mr Christopher Gwabin Musa, said the Ministry was introducing a non-kinetic security intervention model aimed at addressing the underlying causes of insecurity in oil-producing communities.

Rather than relying solely on military operations, he explained that the strategy would focus on community engagement, youth empowerment and social inclusion programmes to build lasting peace around critical energy infrastructure.

“One of the best ways to engage youths in oil-producing areas is through sports-based interventions,” Mr Musa stated.

He explained that the initiative would utilise sports development programmes to channel youthful energy into productive activities, reduce vulnerability to criminal networks and strengthen community ownership of critical national assets.

The Defence Minister, who was represented by one of his aides, added that the intervention would also include structured programmes for persons living with disabilities, creating broader opportunities for participation and economic inclusion in host communities.

According to him, the initiative aligns with the Host Community Development provisions of the Petroleum Industry Act (PIA) and is expected to strengthen relationships between operators and host communities while promoting sustainable development.

Continue Reading

Trending