Business
Federal Government approves payments for 1,240 contractors across ministries and agencies
The Federal Government has officially supported payments to more than 1,240 contractors across various ministries, departments, and agencies to resolve verified outstanding obligations.
The Ministry of Finance shared an update on Monday, revealing that, after a thorough verification and reconciliation process, it has validated the claims submitted by contractors.
According to a statement signed by Mary-Ann Duke, the senior special assistant on communication and press secretary to the minister of finance, contractors with verified claims of N100 million or less were prioritised in the latest disbursement round.
This move comes after months of growing concern over unpaid government contracts.
In January, frustrated contractors staged a protest at the ministry’s headquarters in Abuja, blocking access to the then Minister of State for Finance, Doris Uzoka-Anite, as they demanded prompt settlement of their outstanding debts. The protest has also drawn the legislature’s attention. Last July, the Senate constituted a committee to engage the finance ministry and other relevant agencies on the backlog of debts owed to contractors by the Nigerian Government.
The payments announced on Monday could bring swift relief to businesses, especially indigenous firms and small to medium-sized enterprises that have faced months of delayed payments from the government.
This initiative promises to offer immediate liquidity support nationwide, reaffirming the Federal Government’s dedication to fulfilling its financial commitments, the statement emphasised.
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Additionally, the ministry highlighted that these disbursements will enable affected contractors to return to project sites, pay their workers, and settle with suppliers.
In recent months, the government has verified and processed over N700 billion in owed obligations to local contractors, with about N436.6 billion settled in May alone.
Prioritising smaller contractors aims to extend these benefits across various sectors and regions, helping businesses stay operational and safeguarding jobs.
The ministry expressed optimism that these payments will restore confidence among contractors, suppliers, and other service providers working with the government.
Wema Bank Plc has suspended its operations on Telegram following a surge in scams involving fake accounts impersonating the bank and defrauding customers.
The bank disclosed this in an email to customers on Monday, urging them not to engage with any Telegram accounts impersonating Wema Bank.
This is coming amid Wema Bank’s effort to contain the increasing number of accounts impersonating the bank on social media in recent times.
On 7 June, Wema Bank temporarily blocked communication on its account X, citing the need to protect customers from fraudulent activities and account impersonation.
The lender urged customers to halt interactions with its ‘Wema’ and ‘Alat’ accounts on the platform until further notice.
On Monday, Wema Bank said its routine security checks revealed a spike in the rate of accounts impersonating the bank and trying to defraud its customers on Telegram.
The financial institution stated that its efforts to suspend its operations aim at protecting the interests of its customers, noting that its ALAT platform is not available on Telegram.
ALAT is the lender’s digital banking platform.
“Our routine checks and security sweeps have shown a spike in the rate of customers falling victim to scam accounts and fraudsters using fake Telegram accounts.
“As part of our ongoing efforts to proactively protect your interests, we want to remind you that Wema Bank and ALAT are NOT on Telegram,” the bank stated.
The move emphasises the growing cybersecurity threats facing Nigeria’s banking sector and other institutions in Nigeria.
Responding to the threat, the Central Bank of Nigeria (CBN) in March gave banks a three-week deadline to complete a mandatory cybersecurity self-assessment as part of efforts to strengthen the resilience of the country’s financial system.
CBN said the exercise is designed to improve risk-based supervision and strengthen regulatory oversight of cybersecurity risks across Nigeria’s financial ecosystem.
“We are not on Telegram. Please do not contact us on Telegram or engage with any Telegram account claiming to represent Wema Bank or ALAT. Please do not attempt to contact us on Telegram,” Wema Bank said, urging customers to contact the bank only through its verified Instagram account, official email address, and customer service phone lines.
Enterprise Life Assurance (Nigeria) Limited has announced that it has fully met the recapitalisation requirements set by regulators and will not pursue any merger or acquisition as part of its growth strategy.
Managing Director and Chief Executive Officer, Nelson Akerele, disclosed this recently in Lagos that the company’s paid-up share capital has risen to over N18.7 billion, surpassing the minimum capital requirement.
According to him, the company’s parent group in Ghana bridged the capital gap, while PricewaterhouseCoopers (PwC) has been appointed to carry out capital verification.
Akerele said the insurer intends to leverage its strengthened capital position to expand market opportunities, increase capacity and deepen customer partnerships as the industry moves into the post-recapitalisation era.
On Post-Recapitalisation Growth, he said the company is positioning itself for growth through digital innovation after successfully meeting recapitalisation requirements.
He noted that the company has operated as a digital-first insurer since its inception five years ago and plans to deepen technology adoption across its operations.
He noted that the insurer is partnering with insurtech firms and other technology-driven organisations to expand distribution channels and improve customer experience.
Akerele said the company’s digital strategy aligns with the regulator’s push for greater digitalisation in the insurance sector and will provide a competitive advantage in the evolving market.
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