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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.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
READ ALSO: NRS launches Rev360 to ease tax compliance
Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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