General
Standard Chartered Bank to Launch ‘Futuremakers’ in Nigeria Saturday
All is set for the unveiling of an annual fundraising event for a community investment program called ‘Futuremakers by Standard Chartered’ (Futuremakers).
The event is slated for Saturday, September 7, 2019 and Standard Chartered Bank Nigeria aims to support disadvantaged young people from low-income households, and not young people from middle-income or affluent households through the initiative.
On the launch day in Nigeria, the lender will hold an awareness walk and cycling event. It was gathered that the event also doubles as the bank’s Community Employee Volunteering Activity as part of its 20th Anniversary celebrations.
Futuremakers is the bank’s global initiative to tackle the issue of inequality and seeks to promote greater economic inclusion for young people in our communities.
The bank will achieve this by supporting disadvantaged young people from low-income households, particularly girls and young people with visual impairments, to take part in programmes focused on Education, Employability and Entrepreneurship.
Globally, Standard Chartered’s ambition is to raise $50 million (through fundraising and Bank- matching) between 2019 and 2023 to empower the next generation to learn, earn and grow. Futuremakers builds on the success of our existing community programmes such as Goal, designed to empower adolescent girls in rural communities through sports, vocational and life skills.
Speaking on the bank’s community investment activities in Nigeria, Lamin Manjang, CEO, Standard Chartered Bank Nigeria said, “Since we commenced operations in Nigeria, the bank has played a prominent role in supporting communities across the country.
“Under the Seeing is Believing project, over $1 million was raised between 2006 and 2018 to fund free corrective eye surgeries and treatments for approximately 40,000 beneficiaries across the country. 700,000 individuals Living with HIV/AIDs received support through various intervention programs and nearly 170,000 young women and girls have benefited from the Goal program.
“We are excited about the immense opportunities Futuremakers will also provide to young people in the country, helping them to become financially educated; employable and successful as entrepreneurs.
“As an international financial institution, with twenty years of experience in Nigeria, this is one of the many ways we continue to reinstate to our stakeholders and the community that our commitment to the development of the communities in Nigeria is resolute and that we are indeed truly Here for good,” Manjang said.
The implementation partners are the Youth Empowerment Foundation (YEF), who have successfully co-managed the Goal program in Nigeria since 2011 and WAVE Nigeria who help train youths to be employable and also assist with job placements.
The two-part event, consisting of cycling or an awareness walk, is set to become an annual event with participants being drawn from all walks of life including representatives of donor companies, clients, vendors, media, spouses, children, friends and relatives of staff.
By Modupe Gbadeyanka
President Bola Tinubu on Thursday directed the Economic and Financial Crimes Commission (EFCC) to vacate the court ordering the freezing of the bank account of the Osun Srate government.
In a statement today by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President said he’s “deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order” because of its timing, which is just a few days to the governorship election in the state next Saturday.
According to him, actions of an institution of State, especially at the Federal level, is always credited to me, as the President, even when I may not have had any prior knowledge of the action.
“Since assuming office, I have consistently maintained that anti-corruption and law enforcement agencies must be allowed to discharge their statutory responsibilities independently, professionally, without fear or favour, or political interference. I have therefore deliberately refrained from directing or interfering in the operational activities of the EFCC or any other investigative or prosecutorial agency because I firmly believe that strong democratic institutions, operating within the confines of the law, are indispensable to democratic good governance and the rule of law.
“As President, I am committed to allowing institutions of State to function and take any action they consider necessary in the interest of proper governance without the need for any prior approval. Indeed, that is why institutions are set up by law with clearly defined powers. While I am yet to be fully apprised of the facts which informed the action of EFCC in approaching the court to obtain the said order freezing the Osun State Government account, I am not in the slightest doubt that the timing of the action of EFCC is inauspicious, and therefore I feel compelled to intervene.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the federal government is being used to interfere with the election.
“Based on the foregoing premise, I am duty-bound to issue a directive on this issue in consonance with the overriding public interest in preserving public confidence and the integrity, credibility, and fairness of our democratic process.
“Accordingly, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard,” the statement stated.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
