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NDIC Urges Nigerians to Report Suspicious Banks, Infractions
The Nigeria Deposit Insurance Corporation (NDIC) has advised Nigerians to seek clarification from the corporation on the status of suspicious financial institutions and report banking-related infractions to secure their funds.The Managing Director/Chief Executive, Thompson Sunday gave the advice on Tuesday at an event to mark NDIC special day at the ongoing Lagos International Trade Fair.
Sunday, who was represented by the Director of the Claims Resolution Department, Wale Sule, said one of the mandates of NDIC is banking supervision. He added that the corporation is available to handle any bank customer’s complaints unresolved by banks within two week.He explained that the mandate of NDIC is to guarantee depositors funds, supervise banks, resolve distressed insured institutions and liquidate failed banks.He also explained the collaborative role with the Central Bank of Nigeria (CBN) to maintain banking sector stability, enforce regulatory compliance and ensure effective oversight taking institutionsThe NDIC boss urged depositors to escalate unresolved complaints to NDIC through its official channels, social media handles, help lines, website, email, offices nationwide, among others.He also advised the public to watch out for the NDIC protection logo towards escaping gimmicks of wonder banks.“A Wonder Bank cannot have a logo that said it is protected by NDIC,” he said.He said if any bank is soliciting for funds, customers should walk into any NDIC offices to complain or verify their authenticity through all NDIC official help lines.He said the theme of the 2025 fair: “Connecting Business, Creating Value”aligned closely with the public policy objectives and mandate of NDIC.Sunday said that the fair provided a valuable platform to showcase the ingenuity of the nation’s entrepreneurs, capacity of manufacturers and the creativity of small, medium, and micro enterprises (SMEs).He added that the fair also highlighted the critical role of the organisation’s financial system as a vehicle that connects economic activities for sustainability and growthHe congratulated the Lagos Chamber of Commerce, Industry, Mines and Agriculture (LCCI) for its tireless efforts in organising the fair over the decades.“This platform has consistently promoted trade and investment, showcased innovation, informed the public about developments in the financial sector, and contributed significantly to economic growth,” .“For the past 36 years, the NDIC has served as a vital component of Nigeria’s financial safety-net, playing a pivotal role in promoting the stability of the banking system by providing a strong and consistent layer of protection for depositors’ funds,” he said.According to him, a stable banking system is an indispensable pillar that sustains business connectivity and enables value creation.“We have made significant progress in enhancing depositor protection, particularly through increased deposit insurance coverage.“Currently, the NDIC insures depositors of Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), and Non-Interest Banks (NIBs) up to N5,000,000 per depositor while for Payment Service Banks (PSBs), Microfinance Banks (MFBs), and Primary Mortgage Banks (PMBs), the coverage is N2,000,000.“With this expanded coverage, approximately 99 per cent of depositors are covered, demonstrating our unwavering commitment to deepening public confidence in the banking system,” he said.LCCI Deputy President, Leye Kupoluyi said Nigerian banks have become more important in Africa and enjoying global relevance because of the interventions of NDIC.He recalled a past era where families lost their loved ones to shock of financial losses to failed banks before government established the NDIC to introduce stability.“The highest growth in the financial sector is banking. Our biggest export to Africa today is our banking.“You can’t export something that is not strong. You can’t export something that is not reliable. You can’t export something that is not progressive.“Therefore, we have to give some of this credit to NDIC and some of the credit to Nigerians that are very vigilant,” he said. (NAN)COVER
Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.
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2027: NITDA Raises The Alarm Over AI-driven Election Manipulation
By Elijah Oguche, Abuja
The National Information Technology Development Agency (NITDA) has warned that artificial intelligence (AI)-powered misinformation, deepfake videos and sophisticated cyberattacks could be deployed to manipulate Nigerians ahead of the 2027 general elections.
The Director-General of NITDA, Kashifu Abdullahi, raised the alarm on Wednesday during a press briefing at the agency’s headquarters in Abuja on preparations for the International Cybersecurity Conference 2026.
He expressed concern over the growing use of AI to generate convincing but misleading political messages, warning that the trend could undermine public trust, distort information and threaten national cybersecurity.
Abdullahi said cybercriminals were increasingly exploiting human weaknesses through social engineering, rather than relying solely on attacks against computer systems.
“We are in an election period where people are using misinformation everywhere to manipulate. So that’s why we look at it. How can we defend our minds? Because today, as a hacker, it’s easier for me to hack humans than to hack systems,” he said.
According to him, advances in AI have made it easier to produce deceptive audio recordings, videos and online content capable of misleading the public and influencing political decisions.
He warned that Nigerians’ growing reliance on social media for news and information could expose them to coordinated disinformation campaigns, particularly during election periods.
“Imagine someone using AI-generated content, manipulating us, controlling what to see, what to believe, and so on,” he said.
The NITDA chief urged Nigerians to verify information before believing or sharing political messages online, stressing the need for caution in identifying AI-generated content designed to deceive the public.
“Many people today will generate content, will generate political messages using AI. And as we are in an election period, people need to be mindful of what they see, what they believe, and what they share online,” Abdullahi added.
Beyond election-related misinformation, he said AI was reshaping cybercrime by making attacks more sophisticated while also creating opportunities to improve digital security.
He explained that organisations were increasingly deploying AI agents to automate business operations, warning that such systems could become targets for cybercriminals if adequate safeguards were not in place.
“So imagine someone hijacking your AI agent. It’s like someone taking over control of your staff,” he said.
Abdullahi noted that although AI could improve the detection and prevention of cyber threats, criminals could also use the technology to develop more convincing scams and automate malicious activities.
He further stressed the need to address human error, which he identified as a major factor in cybersecurity breaches.
“More than 95 per cent of all cyber breaches are as a result of human error,” he said.
He called on individuals and organisations to strengthen digital literacy, review AI-generated materials before circulating them and ensure that human oversight remained part of their use of the technology.
On the forthcoming conference, Abdullahi disclosed that the event had been upgraded from the National Cybersecurity Conference to an international gathering following growing interest from participants across Africa and beyond.
He said the expansion reflected the cross-border nature of cyber threats and the need for stronger collaboration among governments, businesses and international security organisations.
The conference, themed “Cyber Resilience in the Age of AI: Defending Minds, Networks, and Nations,” will address emerging threats, including deepfakes, cognitive manipulation, cybercrime and attacks on critical infrastructure.
According to him, the event will feature 13 keynote addresses and 16 panel discussions, alongside a cybersecurity hackathon expected to attract about 1,946 participants from secondary schools, tertiary institutions, professional bodies and government agencies.
He identified the Office of the National Security Adviser and the Nigerian Communications Commission as principal partners in the conference.
Abdullahi said the gathering would promote collaboration, develop local cybersecurity expertise and strengthen Nigeria’s capacity to anticipate, detect and respond to emerging digital threats.
He also described cybersecurity as essential to the growth of Nigeria’s digital economy, warning that weak security systems could erode public confidence in electronic transactions.
According to him, fears of online fraud already discourage some Nigerians from embracing e-commerce, limiting the benefits of digital business and services.
He urged public and private organisations to invest in cybersecurity, improve their preparedness for security incidents and integrate protective measures into digital infrastructure from the outset.
The NITDA director-general further identified agriculture, financial services, education, healthcare and small businesses as sectors where responsible technology adoption could improve productivity and support economic growth.
He maintained that protecting digital systems and strengthening public trust would be crucial to ensuring that Nigeria benefits from AI-driven innovation without exposing citizens, businesses and critical infrastructure to avoidable risks.
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RMAFC Begins Review of Anambra N70bn Stabilization Fund Request
By Tony Obiechina, Abuja
A committee of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has received Anambra State’s request for N70 billion from the Stabilization Fund. The money would pay for priority projects and other investments in key sectors of the state’s economy.
The Indices and Disbursement Committee heard the state’s presentation at a technical session at the Commission’s headquarters in Abuja on Tuesday, 20th October 2026.
The request covers security, environmental management, infrastructure, healthcare, education, agriculture, solid minerals and tourism.The committee chairman, who is also the Commissioner representing Lagos State, Prof. Olusegun Adekunle Wright, praised the Anambra government for bringing its financial challenges before the committee. He explained that the Stabilization Fund is meant to help states in genuine need, but only within set rules.
In a statement issued on Wednesday by the Head of the Commission’s Information and Public Relations Unit, Hajia Umar Maryam Yusuf, Prof. Wright said the Fund is “an important fiscal intervention mechanism intended to provide assistance in deserving circumstances, subject to established guidelines, availability of resources and the appropriate approval processes.”
He made it clear that the session does not mean the money has been approved. The technical review, he said, “did not constitute automatic approval.” The request remains open to further checks and possible recommendations to the full Commission, known as the plenary.
Wright said the Commission’s rules require any state seeking money from the Fund to first make a formal presentation. Only after that can officials visit the state to inspect the proposed projects on the ground. The committee will check whether the state’s financial records can be trusted, whether the projects are workable and their costs reasonable, what is needed to carry them out, and what benefits ordinary people in the state will get.
Representing Anambra, the Secretary to the State Government, Chiamaka Nnake, described the state’s economy, its income, its spending pressures and its development plans.
She said Anambra has 21 local government areas and 179 communities. It has an estimated 8.9 million people, a gross domestic product of about $12.7 billion and a projected 2026 budget of ₦766 billion.
Nnake said the state has raised its internally generated revenue from about ₦2.2 billion to about ₦7.2 billion. She said its economy is driven by the commercial and industrial centres of Awka, Onitsha and Nnewi, as well as its oil-producing areas.
She named insecurity, erosion, flooding, inflation and the rising cost of public services as the main pressures on the state’s finances. Sit-at-home orders and restrictions on movement, she said, have disrupted business, reduced government income and made investors less confident.
On the erosion ravaging the state, she said Anambra has more than 1,000 erosion sites, with 146 communities affected to varying degrees. She estimated that about ₦170 billion would be needed to fix the most serious sites. That is more than twice the ₦70 billion being requested. She listed work already going on, including erosion control, flood management, road repairs, land reclamation, clearing of waterways and tree planting. The state has also restricted sand mining near vulnerable areas. She asked for more resources to protect communities and key infrastructure.
On security, Nnake said the state has passed a Homeland Security Law, set up a state security outfit and works with a joint task force. She said extra funds would buy patrol vehicles, surveillance and communication equipment, and pay for staff training and better coordination. This, she said, would protect lives and property, bring back investor confidence and revive economic activity.
On health, she said the state’s free antenatal care and delivery programme has supported more than 206,000 deliveries, including 642 Caesarean sections, at no cost to the women involved. In education, she said the state has recruited 8,415 teachers and introduced free education from nursery to Senior Secondary School Three.
She said these programmes have raised the demand for doctors and nurses, equipment, medicines, classrooms and learning materials. The state must therefore keep spending to maintain quality and reach more people.
Nnake described agriculture as a major chance for the state to earn from more than one source. She said it has given out more than 2.3 million coconut and oil-palm seedlings. She called for investment in processing, storage, irrigation, cold-chain facilities and market access, so that farmers produce more, lose less after harvest and create jobs.
She also pointed to the state’s minerals, which include kaolin, bentonite, lignite, silica sand, gypsum and laterite, along with oil-related opportunities. To attract investors, she said, the state needs geological surveys, processing plants and supporting infrastructure.
On tourism, she cited Agulu Lake and other natural and heritage sites. Better access roads, visitor facilities and supporting infrastructure, she said, would make the state a more attractive destination and bring jobs, investment and income.
Concluding, she repeated the request for ₦70 billion. The money, she said, would add to what the government is already spending, keep essential services running, protect livelihoods, improve investor confidence and help build a stronger economy that does not depend on one source of income.
In his closing remarks, the Commissioner representing Anambra State, Dr. Enefe Ekene, thanked the committee chairman for presiding. He also thanked fellow commissioners for their patience and sharp observations, and the committee secretariat for its guidance.
He said the observations made at the session would help the Anambra delegation improve its presentation before the planned visit to the state. He said he was hopeful the engagement would produce good results.
The committee said its decision would depend on the financial documents supplied, the feasibility of the projects, their costs, what is needed to carry them out and the expected benefits. It added that any recommendation would still be subject to further checks and the proper procedures.


