Business
AGF warns that Nigeria may reject delayed World Bank loans
Nigeria’s Accountant General of the Federation, Shamseldeen Ogunjimi, has warned that the country may decline future World Bank loan arrangements if delays in approvals and disbursements continue.
Mr Ogunjimi stated this in Abuja during a meeting with a World Bank delegation led by Treed Lane, according to a statement issued on Friday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.
The accountant general expressed concern over what he described as lengthy bureaucratic processes surrounding development financing, stressing that delayed approvals could affect project implementation and fiscal planning.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he said.
He noted that Nigeria expects faster processing of funding requests because the facilities are repayable loans rather than grants.
According to him, prolonged delays in accessing approved funds could undermine the effectiveness of projects tied to the financing arrangements.
Mr Ogunjimi urged the World Bank to accelerate approval and disbursement procedures to support the country’s development priorities.
Audit reports, financial reforms
The accountant-general said his office had begun addressing concerns earlier raised by the World Bank regarding public financial management and audit reporting.
He disclosed that the 2023 Audit Report would be submitted to the Office of the Auditor-General for the Federation within two weeks, while work on the 2024 and 2025 reports is ongoing.
Mr Ogunjimi added that the government is taking steps to modernise the Government Integrated Financial Management Information System (GIFMIS) by replacing obsolete infrastructure with updated technology.
According to him, the reforms are aimed at strengthening transparency, accountability and efficiency in Nigeria’s public finance system.
World Bank response
Speaking during the visit, Mrs Lane congratulated Mr Ogunjimi on his recent appointment as African Chairman of the Association of Accountants-General.
She also encouraged the Office of the Accountant-General to sustain ongoing digitalisation reforms and ensure the timely submission of financial statements to the Auditor-General.
The development comes amid growing scrutiny of Nigeria’s rising debt exposure to the World Bank and concerns over delays in loan disbursements.
READ ALSO: World Bank reviews livestock support projects in Kwara, Oyo
The World Bank explained that its loans are not released in lump sums but are tied to specific milestones and implementation conditions, depending on the financing structure of each project.
The global lender also noted that disbursement timelines vary across projects and are linked to agreed performance benchmarks between Nigeria and the bank.
FCMB Group Plc has appointed the former Chief Executive Officer at Lafarge Africa Plc, Adepeju Adebajo, as an Independent Non-Executive Director on its board.
The group disclosed the appointment in a statement posted on NGX and signed by its secretary, Olufunmilayo Adedibu, on Friday, stating that her appointment will strengthen the board and support the transformation goals across the group.
“FCMB Group Plc (the Company) wishes to notify Nigerian Exchange Limited (NGX) and the general public that the Central Bank of Nigeria has approved the appointment of Mrs. Adepeju Adebajo as an Independent Non-Executive Director on the Board of FCMB Group Plc.
“Mrs Adebajo’s appointment is intended to strengthen the Board and support its transformation goals across the Group,” the statement read.
Profile
Mrs Adebajo holds a Master’s and a Bachelor’s Degree in Chemical Engineering from Imperial College London and an MBA from Harvard Business School.
She chairs the board of the Lagos State Employment Trust Fund and is a Transformation Lead at Etex Group (Nigerite and Emenite Limited).
Mrs Adebajo brings over 30 years of experience across industry, renewable energy, agriculture, finance, and consulting.
READ ALSO: FCMB achieves N500 billion recapitalisation target as capital raise ends
According to the group, the new non-executive director has worked with teams and clients in Sub-Saharan Africa and Europe, helping them grow and multiply impact.
Throughout her career, Mrs Adebajo has led teams through change and growth. She was previously the Chief Executive Officer (CEO) of Cement at Lafarge Africa Plc, the CEO of Mouka Limited, the CEO of Lumos Nigeria, the CEO of UTC Nigeria Plc, and an Assistant General Manager at United Bank for Africa Plc.
In 2025, Mrs Adebajo founded Climate Governance Initiative Nigeria, affiliated with the World Economic Forum, and serves on the World Economic Forum Council on Climate and Nature Governance (2025-2027).
The Nigerian Civil Aviation Authority (NCAA) has said it will officially launch a digital drone regulation portal during the 6th Africa International Drone Technology Conference and Exhibition (DroneTecX 2026) scheduled to hold in Lagos next week.
In a statement issued on Saturday, the NCAA said the Drone (RPAS/UAS) Portal would be unveiled during the conference billed for 12–16 May at the NIGAV Expo Centre, Murtala Muhammed International Airport, Lagos.
The agency described the portal as part of efforts to strengthen drone regulation and improve oversight of unmanned aircraft operations in Nigeria.
According to the NCAA, the platform is expected to streamline regulatory processes involving drones, also known as Unmanned Aircraft Systems (UAS) or Remotely Piloted Aircraft Systems (RPAS).
The authority said the portal would handle processes such as drone registration, operator certification, incident reporting, ownership transfers and compliance management.
It added that the system is intended to make regulatory engagement easier for individuals, small businesses and commercial drone operators.
“This strategic launch represents a major milestone in Nigeria’s efforts to streamline Drone/Unmanned Aircraft Systems (UAS)/Remotely Piloted Aircraft System (RPAS) regulation, promote safe drone operations, and accelerate the growth of the drone industry,” the NCAA said.
The agency also noted that the platform would consolidate application and approval processes into a single digital system, allowing operators to upload documentation, submit safety case files and track applications in real time.
According to the NCAA, the portal is designed to align with the Nigeria Civil Aviation Regulations governing drone operations.
Background
Drones are aircraft operated without a pilot onboard and are either remotely controlled or programmed to fly autonomously using onboard navigation systems and software.
Their use has expanded globally in recent years across sectors including agriculture, aerial photography, mapping, surveillance, infrastructure inspection, emergency response and logistics.
READ ALSO: NCAA DG speaks on flight delays, cancellations amid passenger complaints
In Nigeria, the growing use of drones has prompted increased regulatory attention from aviation authorities over concerns related to airspace safety, security and operational compliance. Under existing civil aviation regulations, operators are required to obtain approvals and certifications for certain categories of drone operations, particularly commercial activities and flights within controlled airspace.
The authority encouraged prospective users, operators and other stakeholders in the drone sector to familiarise themselves with the platform ahead of its formal rollout.
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