Business
FG To Integrate Over 20% Unbanked Nigerians Into Banking System — Shettima
The Federal Government has announced plans to integrate over 20 per cent of unbanked Nigerians into the banking system, aiming to reduce financial exclusion to a minimum of five per cent.
Vice President Kashim Shettima disclosed this in Abuja on Thursday at the beginning of a two-day National Stakeholders’ Workshop on Economic and Financial Inclusion. Shettima highlighted that currently, over 20 per cent of Nigerians are financially excluded, and the government aims to significantly reduce this number.
The 14th Emir of Kano and former Governor of the Central Bank, Sanusi Lamido, pointed out at the event that financial exclusion contributes to security challenges such as banditry, as many rural dwellers lack access to efficient payment systems.
The workshop focuses on integrating the unbanked Nigerian population into the formal financial system. Participants include experts from various sectors, including the Central Bank Governor, Olayemi Cardoso, traditional rulers, and private sector players.
Ahead of the workshop, the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia, emphasized the Federal Government’s commitment to tackling poverty and insecurity through financial inclusion. Hadejia stated that economic and financial inclusion are vital components of President Tinubu’s agenda to integrate the underserved and unbanked into the formal financial system.
Hadejia further explained, “Economic and financial inclusion are essential components of President Tinubu’s agenda to assist in integrating the underserved and unbanked into the formal financial system. This will enable Nigerians to access a range of financial services at a reasonable cost.”
President Bola Tinubu has approved the launch of the first phase of the Consumer Credit Scheme (CCS) to empower Nigerians to improve their quality of life by accessing goods and services. His Special Adviser on Media and Publicity, Ajuri Ngelale, described the CCS as crucial for facilitating important purchases such as homes, vehicles, education, and healthcare, which are essential for Nigerians to pursue their aspirations.
Business
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
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