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Cardoso Takes Nigeria’s Financial Reforms to Singapore, Signs MoU With GFTN on Innovation

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En route to the IMF–World Bank Annual Meetings in Bangkok, the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has undertaken a series of high-level engagements in Singapore tostrengthen Nigeria’s financial connectivity with Asia through institutional cooperation, financial-market development, and innovation.

The engagements included discussions with the Monetary Authority of Singapore (MAS), the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and the Nigeria–Asia Financial Connectivity Dialogue, convened by the CBN in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.

Together, the engagements reflect the CBN’s emphasis on translating Nigeria’s financial-sector reforms into stronger international partnerships, deeper markets and practical channels for investment, trade and financial innovation.

In discussions with MAS, the CBN delegation exchanged perspectives on financial-sector development, regulation, market connectivity and innovation, identifying areas of mutual interest for continued engagement and potential collaboration.

The discussions provided an opportunity to draw on both financial systems‘ experiences and explore how stronger institutional relationships could support financial-market development and emerging technologies.

In a further step towards practical cooperation, the CBN and GFTN signed an MoU establishing a framework for collaboration on financial innovation.

The agreement provides a basis for connecting relevant institutions and innovation ecosystems, exploring areas of mutual interest and identifying practical opportunities for cooperation between Nigeria and Singapore.

At the Nigeria–Asia Financial Connectivity Dialogue, hosted at J.P. Morgan’s Singapore offices and anchored by Mr Dapo Olagunji, Managing Director of J.P. Morgan West Africa, Governor Cardoso outlined Nigeria’s ambition to build deeper, more liquid and internationally connected financial markets, positioning the reforms undertaken in recent years as the foundation for a new phase of market development.

He emphasised that reforms to Nigeria’s foreign-exchange market were aimed at removing distortions, restoring transparency and strengthening confidence in the rules governing market participation.

“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” he said.

The Governor highlighted the importance of credible monetary policy, stronger governance, improved market functioning and predictable rules in creating the conditions for sustained domestic and international investment.

He noted that stabilisation was not an end in itself, but a foundation for broader participation by long-term institutional capital, stronger market infrastructure and more effective connections with international financial markets.

The Dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.

The event featured a panel moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa, with Temi Popoola, Group Managing Director/CEO of NGX Group; Zeal Akaraiwe, Group Managing Director/CEO of FMDQ Group; Aderinola Shonekan, Director of Trade and Exchange at the CBN; and Olumayokun Ajibade, Special Adviser to the Governor on Financial Markets and Economic Policy.

The discussion explored Nigeria’s reform trajectory, from capital formation and foreign-exchange market confidence to the development of deeper, more liquid markets and the infrastructure needed to support sustained international participation.

Cardoso emphasised that Nigeria’s engagement with Asia is intended to extend beyond attracting investment flows to building durable relationships between financial institutions, markets, businesses and people.

He identified opportunities for stronger links between Nigerian and Asian banks and market institutions, more efficient payments and settlement channels, and greater participation by Nigerians living and working across the region.

The Governor also highlighted the growing role of financial technology and artificial intelligence in improving financial services, strengthening risk management, supporting inclusion and enhancing regulatory capabilities.

The Singapore engagements form part of a broader programme of institutional and market engagement across Asia, including further meetings in Beijing.

The post Cardoso Takes Nigeria’s Financial Reforms to Singapore, Signs MoU With GFTN on Innovation appeared first on Business Today NG.

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Communications Ministry made ₦345.5 million duplicate payment for Abuja ICT Park project

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I commend a distinguished Leader Boss and Head of the Supreme Audit Institution of Nigeria SAI e1791.jpeg

The Auditor-General of the Federation flagged an alleged ₦345.5 million duplicate payment by the Federal Ministry of Communications, Innovation, and Digital Economy to a contractor handling the Abuja ICT Park project.

The finding was contained in the Auditor-General’s Annual Report on Non-Compliance and Internal Control Weaknesses in Ministries, Departments and Agencies of the Federal Government for the year ended 31 December 2024.

The special audit of the communication ministry covered the period from 1 January to 31 December 2021 and raised 14 issues concerning the planning, funding, procurement and implementation of the ICT Park project.

At the time the project was being implemented, Isa Ali Pantami, who was appointed by former President Muhammadu Buhari, served as Minister of Communications and Digital Economy from 2019 to 2023. He was succeeded by Bosun Tijani, who was appointed by President Bola Tinubu.

₦345.5 million duplicate payment

In Issue 13 of the findings, titled “Loss of Fund Due to Duplicated Payments to Contractor,” the Auditor-General said the ministry processed and approved two separate payments of ₦345,499,262.74 each as the third tranche of the 15 per cent mobilisation advance to the contractor.

The payment was intended to establish the Information and Communication Technology (ICT) Park, Abuja.

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The Permanent Secretary approved the first payment on 19 January 2022 through payment voucher No. FMCDE/CAP/606/2021 dated 24 January 2022.

The same accounting officer approved the second payment on 17 January 2023 through payment voucher No. FMCDE/CAP/149/2022 dated 8 February 2023.

The report said the two paid vouchers had identical contract references, amounts, and narrative descriptions, which it said indicated duplicate payment.

It added that no record showed the first payment had been reversed, adjusted, or treated as an accounting error.

“There was also no journal entry, refund, or internal memo linking the 2023 approval to any prior transactions. These omissions demonstrate a failure of supervisory review, record reconciliation, and payment verification within the Ministry,” the findings stated.

The Finance and Accounts Department also failed to justify the repeated authorisation or the lack of reconciliation between the Cash Book and Vote Book, according to the report.

The findings said the contractor, while claiming it received only one payment in 2023, submitted a bank statement that excluded the critical period between 2 January 2022 and 8 February 2023, preventing independent verification of its claim.

The audit said the payments posed risks of fund diversion and loss of public funds, attributing this to weaknesses in the ministry’s internal control system.

The audit said the ministry’s management did not respond to the alleged duplicate payment under the contract.

The Auditor-General recommended that ₦345.499 million be recovered and remitted to the Treasury, and that evidence of remittance be forwarded to the Public Accounts Committee of the National Assembly.

₦447.67m from undisclosed funding sources

In Issue 11, the auditors questioned ₦447.67 million in payments to the ICT Park contractor, which they said could not be traced to the Government Integrated Financial Management Information System (GIFMIS).

The amount comprised ₦102,166,730 and ₦345,499,262.74 paid to the contractor, vide paid vouchers, Ref. No. FMCDE/CAP/061/2021 and FCMDE/606/2022 on 11 June 2021 and 19 February 2022, respectively.

According to the report, the payments appeared in the cash book. The contractor acknowledged them in the progress report and bank statement, but they did not appear in GIFMIS records, indicating they were processed off the system.

The audit said officials in the ministry’s Finance and Accounts Department could not explain the existence or authorisation of the alternative funding sources.

The report said the ministry also failed to provide documentation showing lawful appropriation, supplementary approval, or an external funding agreement for the payments.

The audit said the action posed a risk of misappropriation of funds and diversion of public property.

It said the ministry’s management did not respond to questions about the history of the payments in the GIFMIS records.

The Auditor-General recommended recovering and remitting ₦447.67 million to the Treasury, with sanctions under paragraphs 3106 and 3129 of the Financial Regulations (2009) if the ministry fails to comply.

₦396.65 million project funds used for unrelated items

In Issue 9, the findings showed that N396.65 million from the ICT Park project fund was used to pay for consultancy services, office consumables, furniture, and stationery printing.

The audit said approvals had been processed for consultancy services relating to the ICT Park. Still, payments were made to unrelated suppliers for consumables and office furniture that were not contained in the project’s Bill of Quantities.

The report said this reduced funds meant for the mobilisation and execution of the ICT Park project.

It also said the ministry failed to provide evidence of approval for the virement from the Minister of Finance, Budget and National Planning and the National Assembly.

It said the actions posed a risk of misappropriation of funds and undue delay in completion of the project, noting that the ministry failed to respond to the question on the use of the project funds for unrelated items.

The Auditor-General recommended recovering and remitting ₦396.655 million to the Treasury, with sanctions under paragraphs 3106 and 3129 of the Financial Regulations (2009) if the ministry fails to comply.

₦1.85bn paid without performance bond

In Issue 10, the auditors also found that N1.848 billion was paid to the contractor without securing a valid Performance Bond.

The report said the Bureau of Public Procurement had directed in December 2020 that a minimum 10 per cent Performance Bond be secured for major contracts before payment of mobilisation fees.

However, the ministry first released ₦1.348 billion in mobilisation payments between March 2021 and February 2023 without obtaining the required bond.

The report said that nearly three years after the contract award, the contractor submitted a commitment letter dated 29 December 2023, promising to furnish a Performance Bond upon receiving an additional N500 million. This amounts to ₦1.848 billion.

It said the actions exposed public funds to loss, noting that the ministry failed to respond to the question on the payment.

The Auditor-General recommended recovering and remitting ₦1.848 billion to the Treasury, and imposing sanctions under paragraphs 3106 and 3129 of the Financial Regulations (2009) if the ministry fails to comply.

₦500 million paid without interim performance certificate

In Issue 12, the Auditor-General said the ministry released an additional ₦500 million to the contractor on 29 December 2023 without an Interim Performance Certificate or verified progress report.

The report said the payment was made after the contractor received the 15 per cent mobilisation fee.

Instead of an Interim Performance Certificate, the ministry relied on a commitment letter from the contractor promising to provide project vehicles and undertake overseas technical trips upon receipt of the additional funds.

The audit said the actions posed a risk of diverting public funds and losing government funds. It said that the ministry failed to respond to the question on the payment.

The Auditor-General recommended recovering and remitting N500 million to the Treasury and imposing sanctions under paragraph 3106 of the Financial Regulations (2009) if the ministry fails to comply.

Premature foreign trips of ₦90 million

In Issue 8, the auditors questioned a ₦90 million provisional sum for foreign trips to inspect technical equipment for the ICT Park.

According to the findings, the sum of ₦90 million was included and described as “Allow a provisional sum of N90 million to cater for Client’s and Consultants’ representatives for foreign trips for the inspection of technical equipment to be deployed for the project,” in the priced Bill of Quantities (BOQ) for the contract for the ICT Park project, with a contract sum of ₦8.984 billion.

The report said the expenditure was being planned while the project was still at foundation level, before structural works, equipment procurement or installation had commenced.

It said no evidence was provided to justify the technical need, approved schedule, or cost-benefit assessment supporting the timing of the proposed trips.

The audit said the action demonstrated weak expenditure prioritisation and poor sequencing of project activities, noting that it posed a risk of undue delay in completion of the project and diversion of public funds.

Again, the ministry did not respond to questions about the premature foreign trip.

The Auditor-General recommended recovering and remitting the N90 million. It also recommended sanctions under paragraphs 3106 and 3115 of the Financial Regulations (2009) if the ministry fails to comply.

Denial of access to project documents

The audit also raised concerns about the ministry’s failure to give auditors access to project documents.

In Issue 14, the report said auditors were denied access to documents including needs assessment reports, bank mandates for ICT project payments, payment vouchers, due diligence reports on the contractor and the Environmental and Social Impact Assessment report.

READ ALSO: How Nigeria’s Population Commission mismanaged N245 billion on undelivered products, other controversial contracts – Auditor-General

The report said several requests for project-related documents made between March and June 2025 were not answered by the ministry.

It said the denial of access to procurement documents contravened the Constitution and risked concealing financial information, diverting government revenue, and the loss of public funds.

The Auditor-General asked the Permanent Secretary to justify the denial of access and produce all documents relating to the ICT Park project.

The report stated that the ministry did not respond to the issues raised in the audit and that the findings remained valid until the recommendations were implemented.

Other issues

Other issues included a ₦94.05 million cost overrun attributed to the failure to conduct feasibility studies and an Environmental Impact Assessment before the ICT Park project began.

The Auditor-General also flagged ₦19.47 million in costs linked to delayed site handover, while questioning the absence of resident technical supervision despite a ₦160 million provision for it.

The report further cited inadequate budgetary provisions that contributed to project delays and the ministry’s failure to conduct or document a needs assessment before procurement.


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Lasaco Assurance Gets Approval to Offer Agricultural Insurance, Eyes Higher Revenue

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BY NKECHI NAECHE-ESEZOBOR—Lasaco Assurance Plc has secured regulatory approval to underwrite agricultural risks, expanding its product portfolio and positioning the insurer for higher revenue as it taps opportunities in the agricultural value chain.

Under the approval the company  will offer Multi-Perils Crop Insurance, Plantation Insurance, Poultry Farm Insurance, Fishery Insurance, Livestock Insurance, Farm Property and Produce Insurance, and Cattle Insurance.

As part of its agricultural insurance offerings, it will provide a comprehensive range of products designed to support farmers and stakeholders across the sector.

Agriculture continues to be a vital driver of Nigeria’s economic development, sustaining livelihoods, contributing significantly to food production, and creating business opportunities nationwide.

The availability of tailored agric  products through reputable financial institutions plays a crucial role in meeting the risk management needs of farmers, agribusinesses, and other sector participants.

Mr Ademoye Shobo the Managing Director, expressed confidence that this approval will substantially boost the company’s revenue going forward.

He  emphasized that it presents a valuable opportunity for Lasaco Assurance to contribute meaningfully to the protection and growth of this niche market.

While Mr. Adedayo Adetokun, Head of Strategy, highlighted that this development aligns perfectly with the company’s long-term vision to deepen sectoral diversification and strengthen its competitive positioning.

He noted that leveraging strategic partnerships and innovative approaches will be key to maximizing the potential of the agricultural insurance portfolio.

With this authorization, Lasaco Assurance is well-positioned to advance its agricultural insurance business in full compliance with regulatory requirements.

The company anticipates forging stronger relationships with agricultural enterprises, distributors, farmers, and other stakeholders, thereby gaining deeper insights into market dynamics and identifying sustainable growth opportunities.

This milestone signals a new phase in Lasaco Assurance Plc’s business trajectory, enhancing its engagement within Nigeria’s agricultural market and setting the stage for continued expansion and value creation.

The post Lasaco Assurance Gets Approval to Offer Agricultural Insurance, Eyes Higher Revenue appeared first on Business Today NG.

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