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Emefiele pledges better deal for Nigerian SMEs
The Governor, Central Bank of Nigeria, CBN, Godwin Emefiele, says the bank will increase its development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs) in the country.
Emefiele made the pledge while delivering the 51st Convocation Lecture of the University of Lagos, Akoka, on Monday in Lagos.
The lecture has “National Development and Knowledge Economy in the Digital Age: Leapfrogging SMEs in the 21st Century”, as its topic.
The CBN governor said that increased access to finance for start-ups and SMEs was highly essential for the nation’s economy to grow.
He advised that special consideration should be given to the strengthening of physical and ICT infrastructure, to enable SMEs perform more efficiently and become globally competitive.
“The potential of SMEs in enhancing economic growth is hampered by limited access to finance, inadequate infrastructure and poor digital penetration.
“I urge government and the private sector to provide more support in addressing the challenges of SMEs in the country.
“Specifically, as users of new technology, I advise that policies that would incentivise the adoption of innovations that will improve SMEs competitiveness and productivity should be made,” he said.
He urged relevant stakeholders to deepen reforms that would improve human capital development through skills enhancement and proper linkage of research to the SME sector.
Emefiele advised tertiary institutions in the country to tap into the educational trends that were significant drivers of productivity in advanced and emerging markets.
He said that doing so would help to reshape the existing curriculum, enhance the learning experience of students and foster innovation among the faculty and staff in Nigerian institutions.
The CBN Governor advocated enhanced collaboration between Universities and players in key sectors of the economy: agriculture, manufacturing and ICT.
According to him, this is necessary to enable implementation of sound ideas generated from the universities.
“They should collaborate in the training of relevant manpower to minimise mismatches between the skills required by firms and the educational qualifications of Nigerian graduates.”
Speaking on the role of CBN in the development of SMEs in Nigeria, Emefiele reiterated that the bank had rolled out massive developmental interventions in critical areas such as agriculture, manufacturing and SMEs.
He said that attention had been paid to advancing knowledge and innovation through various initiatives targeted at promoting youths’ entrepreneurship, research and development.
He urged the graduating students to take advantage of some of the bank’s initiative aimed at supporting SMEs.
The CBN initiatives include the SME Credit Guarantee Scheme (SMECGS); Micro, Small and Medium Enterprises Development Fund (MSMEDF); and Youth Entrepreneurship Development Programme (YEDP).
Others are: Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS); Creative Industry Financing Initiative (CIFI); Targeted Credit Facility (TCF) and the Nigeria Youth Investment Fund (NYIF).
Earlier, Prof. Oluwatoyin Ogundipe, Vice-Chancellor of the University of Lagos, said the institution was at the forefront of developing critical manpower required for building and developing the nation.
“For University of Lagos, national development is a key consideration in our academic activities, but we are at the forefront of developing critical manpower required for building and developing our nation.
“Our courses and research thematic areas are focused on preparing our students for nation building and solving societal challenges.
“It is within this context that the University established the entrepreneurship and Skill Development Centre under my former boss, Professor Rahmon Bello, for promoting entrepreneurship activities and orientation among the students and staff.
“This is embedded in the 35 years strategic plans of the University of Lagos which started during the tenure of my former boss, Late Professor Babatunde Sofoluwe.
“We seek to promote self-reliance entrepreneurship and exceptionary leadership skills and capacities in our students,”he said.
NAN reports that Dr Tunde Bakare, Founder of The Citadel Global Community Church, chaired the convocation ceremony.
NAN
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Responsible Gambling Betting Sites
As the on-line betting market continues to grow, it’s important for players to be aware of accountable gaming techniques. Accountable gambling wagering sites are systems that prioritize the wellness of their consumers and promote safe and liable betting behaviors.
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- Establishing down payment limitations
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- Advertising openness and fairness
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- Safeguarding players from the damages of problem wagering
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Final thought
Responsible gaming wagering websites play an important duty in advertising safe and responsible betting behaviors. By providing sources, tools, and assistance services, these platforms assist users manage their betting habits and reduce the threats associated with trouble betting.
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Inclusive Development Launches Policy Guide to Strengthen Civic Engagement in Nigeria
A youth-led organisation, Inclusive Development (INCLUDE), has unveiled the Change-Maker’s Public Policy Guide, a new resource aimed at empowering young Nigerians with the skills and knowledge needed to participate actively in governance, policymaking, and accountability processes.
The guide was launched in Abuja on Friday at the conclusion of a five-week intensive capacity-building programme designed to strengthen youth engagement in public policy development and civic participation.
Speaking during the unveiling, the Executive Director of Inclusive Development, Bukola Taiwo, said the initiative was created to address the gap between young people’s desire to influence governance and their understanding of how public policy systems operate.
According to her, many young Nigerians are eager to contribute to governance but often lack the practical knowledge required to engage effectively with policy structures and decision-making processes.
Taiwo explained that the programme trained 20 young participants in key areas of public policy, governance, and accountability. Of the participants, 17 successfully developed policy briefs addressing critical issues affecting their communities and the country.
She noted that the trainees collaboratively developed the Change-Maker’s Public Policy Guide as a practical resource to help young Nigerians navigate policy processes at both national and sub-national levels.
“The programme focused on amplifying the voices of young people in public policy discussions and equipping them with the skills needed to engage governance and accountability systems effectively,” she said.
She added that the guide was designed to help emerging changemakers understand how policies are formulated, identify opportunities for engagement across different levels of government, and contribute meaningfully to governance reforms.
The training programme covered several aspects of policy development and advocacy, including policy research, systems thinking, power mapping, problem analysis, and strategic storytelling.
Participants were introduced to analytical tools such as systems change frameworks, power mapping models, and problem analysis techniques to enhance their ability to identify policy challenges and propose evidence-based solutions. The programme also highlighted the role of storytelling in shaping public discourse and influencing policy outcomes.
The initiative was organised by Inclusive Development (INCLUDE) with support from the Nigeria Youth Futures Fund and the Amandla Institute for Leadership and Policy Advancement.
Taiwo reaffirmed the organisation’s commitment to empowering young people, particularly those from underserved and marginalised communities, to participate meaningfully in governance and development processes.
Inclusive Development (INCLUDE) is a youth-led organisation dedicated to promoting equity, peace, and justice through initiatives that empower underserved populations. The organisation operates at the intersection of governance, peacebuilding, and gender justice to advance sustainable development in Nigeria and across Africa.
Stakeholders at the event described the guide as a timely intervention capable of deepening youth participation in policymaking and fostering stronger connections between citizens and governance institutions.
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Storm at NSITF as ₦297bn Workers’ Fund Allegations Trail MD/CEO Oluwaseun Mayomi Faleye
Fresh allegations of large-scale financial irregularities, abuse of office, and governance breakdown have engulfed the Nigeria Social Insurance Trust Fund (NSITF), following a series of petitions by the Arewa Revival Project, a civic accountability and good-governance advocacy group, calling for urgent investigations into the activities of the Managing Director/Chief Executive Officer, Mr. Oluwaseun Mayomi Faleye.
The group has formally written to the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Office of the Auditor-General of the Federation, the Federal Ministry of Finance under the Whistleblower Policy, the Federal Ministry of Labour and Employment, the NSITF Management Board, as well as organised labour bodies, including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
At the centre of the controversy are allegations involving the management of approximately ₦297,019,145,288.60 in workers’ funds collected under the Employees’ Compensation Act (ECA) between January 2 and October 9, 2025.
Workers’ Funds, Not Government Revenue
The Employees’ Compensation Scheme is funded through compulsory employer contributions of one per cent of payroll, designed to provide compensation to Nigerian workers who suffer injury, disability, or death in the course of employment.
According to multiple senior NSITF officials cited in investigative reports, the funds administered by NSITF are not government revenue, but trust funds belonging exclusively to Nigerian workers.
“This is not government money. This is workers’ money, contributed mandatorily under the law,” one senior official was quoted as saying. “Every kobo is supposed to be protected by layers of checks and balances.”
₦243.2bn Allegedly Spent Without Board Approval
Documents reviewed by investigators indicate that out of the total inflow of ₦297,019,145,288.60, expenditures amounting to ₦243,203,518,621.17 were recorded within the same period.
Multiple sources allege that a significant portion of this expenditure was carried out without the approval of the NSITF Management Board, in violation of the NSITF Act and existing federal financial regulations.
Officials familiar with the records described the development as a “complete collapse of safeguards” meant to protect workers’ funds.
‘No Approval Limit’ Resolution Raises Alarm
Central to the allegations is an internal document dated March 4, 2025, reportedly extracted from the minutes of the 46th Executive Committee (EXCO) meeting of NSITF, chaired by Mr. Faleye.
According to the document, financial approval limits were set as follows:
- Other General Managers: ₦25,000
- General Manager (Finance): ₦50,000
- Other Executive Directors: ₦750,000
- Executive Director (Finance and Investment): ₦1,000,000
However, under the same resolution, the Managing Director/Chief Executive Officer allegedly approved “no limit” for his own spending authority.
Sources allege that this effectively granted Mr. Faleye unrestricted powers to approve payments of any amount without recourse to the Board or external oversight.
“He simply wrote and signed a document granting himself ‘No Approval Limit’,” a senior official disclosed. “There is absolutely no legal basis for this in the NSITF Act or federal financial regulations.”
Under existing federal thresholds, Managing Directors of government parastatals are reportedly capped at ₦30 million for works and ₦10 million for goods and services, subject to board oversight.
Over 100 Bank Accounts Linked to One BVN
Perhaps the most startling allegation involves the operation of over 100 bank accounts allegedly linked to a single Bank Verification Number (BVN) belonging to Mr. Faleye.
Documents reportedly show that the BVN, registered on June 10, 2015, with Guaranty Trust Bank, Ajose Adeogun Branch, is associated with numerous accounts, some of which allegedly received funds traceable to NSITF operations.
“The scale is staggering,” one insider said. “You don’t run over 100 accounts accidentally. This points to systematic structuring.”
$7.3m and Hundreds of Millions of Naira Traced
In a separate document obtained by investigators, alleged inflows of millions of dollars and hundreds of millions of naira were traced to accounts linked to Mr. Faleye and entities reportedly associated with him.
The transactions listed include:
- Faleye Oluwaseun Mayomisola, GTBank USD Account 0111206422 – $336,917.00
- Faleye Oluwaseun Mayomisola, GTBank USD Account 0004754113 – $6,743,421.00
- Faleye Oluwaseun Mayomisola, GTBank NGN Account 0004754096 – ₦291,182,605.00
- Fides & Fiducia Client Account, Access Bank NGN Account 0718896883 – ₦584,950,000.00
- Fides & Fiducia, Access Bank USD Account 0690403396 – $626,279.00
- Fides & Fiducia, Zenith Bank NGN Account 1013806407 – ₦93,757,500.00
- Pluschess Limited, Zenith Bank USD Account 071315271 – $20,000.00
- Faleye Oluwaseun Mayomisola, GTBank USD Account 3001101016 – $75,558.00
The total dollar inflow alone is estimated at over $7.3 million, excluding naira-denominated transactions.
“These are not small transfers,” a source familiar with the documents said. “The volume, frequency, and structuring suggest deliberate efforts to move and possibly conceal funds.”
₦5.53bn Commission Payments Questioned
Further allegations relate to commission payments totalling ₦5,533,517,486.90, allegedly approved and paid without the consent of the NSITF Management Board or the supervising Ministry.
The payments reportedly include:
- ₦1,379,186,010.00 – Assurance Services ST ADBA Ltd (09/10/2025)
- ₦865,000,000.00 – TAGG Global Resources Ltd (18/03/2025)
- ₦683,777,666.40 – Rate Seal Support & Project Ltd (17/09/2025)
- ₦659,303,810.50 – Rate Seal Support & Project Ltd (16/05/2025)
- ₦648,750,000.00 – Rate Gold Solution Nig Ltd (16/05/2025)
- ₦648,750,000.00 – Gold Solution Nig Ltd (01/08/2025)
- ₦648,750,000.00 – TAGG Global Resources Ltd (01/08/2025)
Sources allege that the commissions ranged between 15 per cent and 20 per cent, and were paid without lawful authority.
Board Absence and Governance Vacuum
Mr. Faleye was appointed Managing Director in July 2023, while the NSITF Management Board was reportedly not constituted until around January 2025, creating a governance gap of over one year.
“The Act expressly forbids Executive Management from spending funds without board approval,” a top official explained. “If there is no board, spending should not take place.”
Arewa Revival Project Condemns Alleged Acts
Reacting to the allegations, the Arewa Revival Project, under the leadership of Hon. Muttakka Ahmed Ibrahim, condemned the alleged acts, describing them as a grave betrayal of public trust if proven.
The group called on President Bola Ahmed Tinubu, as well as all relevant anti-corruption and regulatory authorities, to urgently investigate the allegations to protect workers’ funds and restore confidence in public institutions.
Responses from Officials
When contacted, Mr. Faleye reportedly stated that he was not aware of the allegations. However, when questioned about the dollar accounts and alleged inflows of over $7.3 million, he reportedly ended the call abruptly.
The Permanent Secretary of the Ministry of Labour, Mr. Salihu Usman, reportedly denied prior knowledge of the alleged transactions, while the Chairman of the NSITF Board, Mr. Shola Olofin, requested time to verify the claims.
Presumption of Innocence
All allegations remain unproven and subject to investigation. Analysts note that the unfolding developments represent a major test of Nigeria’s public finance accountability framework, particularly in institutions entrusted with workers’ welfare.
As investigations commence, millions of Nigerian workers await answers over the safety of funds meant to protect them in times of injury, disability, and loss.
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