NEWS
FG to Set up Financial Report Review Committee
The Federal Government says it will set up a technical working group to properly review the annual dues structure for Public Interest Entities (PIEs).
Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, said this on Wednesday in Abuja, at a stakeholders` engagement on the Financial Reports Council of Nigeria (FRCN) Levy.
According to Oduwole, the review will be carried out under the Financial Reporting Council Act (FRC) (Amendment) 2023.
The minister was responding to the Manufacturers Association of Nigeria (MAN), Nigeria Employers’ Consultative Association (NECA), the Organised Private Sector (OPS), and others’ request that the implementation of the annual levy be suspended.
According to them, the implementation of the levy will affect businesses and the economy of the country, as people will lose their jobs, thereby causing more hardship.
Oduwole, however, explained that the decision was a direct response to the concerns raised by the organised private sector and other key stakeholders.
The minister said that the review and the set-up of the technical working group should happen within the next 60 days with tangible ideas.
`Between the next 60 days, we are going to set up a technical working group comprised of FRCN and organised private sector representatives.
“Because we are a listening government. President Bola Tinubu had been briefed and wanted the private sector to be comfortable.
“We want the economy to thrive. So this is what we are going to do. We want to ensure we come up with the best fit for Nigeria.
`What is clear is that they cannot pay what they used to pay. But they may not pay what they have been asked to pay,” she stressed.
Oduwole, however, reassured the stakeholders that the ministry remained committed to working closely with them to enhance business competitiveness and align with Nigeria’s broader economic transformation agenda.
“I want to thank the Nigerian private sector for their belief in the administration of President Bola Tinubu.
“I want to also thank them for believing in the reforms that have been implemented since May 2023. The ministry and the FRCN are committed to implementing the eight-point agenda.
“I want to thank all the participants and to assure Nigerians that we will get back to them in a similar transparent manner,’’ she said.
Dr Rabiu Olowo, Chief Executive Officer, FRCN, said that the 2023 amendment, according to records, was brought to reduce the size of the board to address some issues of conflict of interest.
Olowo, who opposed the proposal for the suspension, said that the amendment was brought to highly defined PIEs.
He argued that the amendment had helped to define, claim, and define public interest entities to avoid ambiguities.
`It has helped to protect typical private entities from failure and to make the council more effective in discharging its mandates and to expand the enforcing powers of the council.
“The FRCN, in spirit, should be an independent regulator, robust and fair, in order to deliver on its mandate,’’ Olowo said.
Report says that FRCN was established by Act, No. 6, 2011, under the supervision of the Federal Ministry of Industry, Trade and Investment.
The FRCN is responsible for, among other things, developing and publishing accounting and financial reporting standards and other related matters in Nigeria.
The law, which amended the FRCN Act 2011, was signed into law on May 3, 2023.
It aims to enhance transparency and accountability in financial reporting and strengthen corporate governance in Nigeria.
Section 33 (1)(c) of the FRCN Act 2023 stipulates that quoted companies/PIES are to pay annual dues based on 0.002 per cent of their market capitalisation or N25 million. (NAN)
NEWS
OPay Partners CBN to Advance Youth Financial Literacy at Global Money Week 2026
L-R: Nelson Amuwa, Head, Consumer Education and Evaluation Division, CBN; Akano Joy Ruth, State Manager Apps & Card, OPay; Eric Alana, Area Manager Apps & Card, OPay; Dr. Aisha Isa-Olatinwo, Director, Consumer Protection and Financial Inclusion, CBN; Paul Iwunwa, Senior Marketing Manager, OPay; Ani Amarachukwu Favour, Business Development Manager, OPay; and Chidozie Chijioke, Head, Complaints Management Division 2, CBN, at the Global Money Week 2026 held in Abuja.
OPay, a leading fintech company in Nigeria, partnered with the Central Bank of Nigeria (CBN) at the Global Money Week 2026 Financial Literacy Fair and Exhibition held on Tuesday, 28th April 2026 at CBN’s headquarters in Abuja. The event, themed “Smart Money Talks,” brought together students from secondary schools across the Federal Capital Territory, including Doveland International School, Living Fountain International School, Government Day Secondary School, Wuse, and Government Science School, Maitama, among others, to promote financial awareness and responsible money management among young Nigerians.
Global Money Week is a worldwide awareness initiative designed to equip young people with the knowledge and skills needed to make sound financial decisions.
The initiative ensures long-term economic stability by preparing the next generation for an increasingly digital and interconnected financial ecosystem.Speaking at the event, Dr. Aisha Isa-Olatinwo, Director of Consumer Protection and Financial Inclusion, CBN, highlighted financial literacy as a cornerstone of national development. She noted that in today’s rapidly evolving financial landscape, financial literacy is no longer optional but essential for individuals, families, and the broader economy.
Also reinforcing this message, Nelson Amuwa, Head of Consumer Education and Evaluation Division, CBN, stated that the initiative is part of a broader effort to equip young people with the confidence to make informed financial decisions. He emphasised that encouraging open conversations about money is key to building a secure financial future.
Commenting on OPay’s participation, Chukwudinma Okafor, Chief Compliance Officer, OPay, said:
“Our partnership with the Central Bank of Nigeria on Global Money Week reaffirms our strong alignment with regulatory priorities around consumer protection, financial literacy, and responsible financial services usage. At OPay, compliance goes beyond regulation; it is about building trust and ensuring that individuals, especially young people, are equipped with the right knowledge to engage safely and confidently in the financial system. Initiatives like this play a vital role in advancing financial inclusion and supporting the sustainable development of Nigeria’s digital economy.”
Paul Iwunwa, Senior Marketing Manager, OPay, also reaffirmed the company’s commitment to advancing financial inclusion through early education initiatives. He noted that OPay sees financial literacy as the foundation of true financial inclusion and by engaging students at this critical stage, OPay is not only helping to shape better money habits but also contributing to a more financially responsible and economically resilient future for Nigeria.
The Financial Literacy Fair and Exhibition featured engaging sessions that provided students with hands-on experience in money management and savings. Participants also had the opportunity to engage directly with OPay’s interactive booth, gaining exposure to innovative financial products tailored to support their financial journey.
OPay’s participation at the fair reinforces its commitment to supporting initiatives that advance financial inclusion, deepen consumer education, and promote responsible usage of digital financial services.
About OPay
OPay was established in 2018 as a leading fintech company in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfer, bill payment, card service, airtime and data purchase, and merchant payments, among others. Renowned for its fast and reliable network and strong security features that protect customer’s funds, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.
NEWS
Rainstorm Kills Two, Renders Hundreds Homeless in Niger Community
From Dan Amasingha, Minna
Nearly a year after a devastating flood displaced residents of Mokwa in Niger State, the community has been struck again by disaster as a violent rainstorm destroyed homes and property between Sunday night and Monday morning.
The storm, which was accompanied by heavy rainfall, reportedly claimed the lives of two persons, while a woman and her five children sustained injuries and are currently receiving treatment at a hospital.
Eyewitnesses said the incident left hundreds of residents’ homeless, many of whom were yet to recover from the impact of last year’s flood.
Several trees were uprooted, while vehicles and other valuables were damaged in the storm.
Residents attributed the severity of the disaster to widespread deforestation and unchecked land degradation in the area.
The Chairman of Mokwa Local Government Area, Alhaji Jibrin Abdullahi Muregi, confirmed the incident in a telephone interview, describing the situation as “colossal” and calling for urgent intervention from the Niger State Government and relevant agencies.
Also confirming the development, the Public Relations Officer of the Niger State Emergency Management Agency (NSEMA), Dr. Abdullahi Hussaini, said officials of the agency had been deployed to the affected community for on-the-spot assessment.
“Our men have been on ground since yesterday carrying out assessments,” Hussaini said, adding that while there were reports of two fatalities, the agency would only confirm the figure after a comprehensive evaluation.
He further disclosed that the Director-General of the agency and other top officials departed Minna early Tuesday to join field operatives in Mokwa as part of ongoing response efforts.
The latest incident has heightened concerns over environmental management and disaster preparedness in vulnerable communities across the state.
Foreign News
Sudan Accuses Ethiopia, UAE of Orchestrating Drone Attacks on Airport
Sudan has accused neighbouring Ethiopia and the United Arab Emirates (UAE) of orchestrating drone strikes on its main airport, describing the assault as “Direct aggression”.
The international airport, located in the capital, was hit on Monday, along with military installations in the Greater Khartoum area.
Recent drone strikes have shattered a period of relative calm in Khartoum, which came after the paramilitary Rapid Support Forces (RSF) was pushed out by the Sudanese military last year.
Ethiopia has said accusations that it was involved in the airport attack are “Baseless”.
The UAE has not yet commented, but has previously denied involvement in the Sudanese conflict.Sudan has recalled its ambassador to Ethiopia for “Consultations” over the attack, Foreign Minister Mohieddin Salem said.
No-one was wounded in the attack, Sudan’s information minister told the Reuters news agency.
Sudan’s army said it had “conclusive evidence” that the drones were launched from Bahir Dar airport in Ethiopia.
Sudanese military officials first accused the RSF of air attacks launched from inside Ethiopian territory in March.
They said they had tracked a drone, identified as Emirati property, entering Sudanese airspace from Ethiopia and eventually shot it down.
A Sudanese army spokesman alleged that they have now connected another drone, launched from the same airport, to Monday’s attack.
The UAE has in the past forcefully rejected claims that it provides military support to the RSF.
The latest attacks came a week after the first direct international commercial flight in three years landed at the airport.
The authorities were forced to announce a 72-hour suspension of operations at the airport following the attacks.
The airport has been a major battleground in the war between the regular army and the RSF, which began in 2023.
In February, Reuters reported that Ethiopia was hosting a camp to train RSF fighters and had upgraded the nearby Asosa airport for drone operations.
It said the move was backed by Ethiopia’s close ally, the United Arab Emirates.
On Monday, witnesses confirmed that they heard blasts and saw smoke rising from an area near the airport.
The attack is reported to have also caused minor damage to an administrative building.
The information ministry said the airport would return to operations after routine safety procedures.
Sudan’s foreign minister alleged that the drones had taken off from Ethiopia, despite Ethiopia being a “brotherly state” to Sudan. He said the UAE and Ethiopia had chosen the “wrong path” and would regret it.
Ethiopia’s foreign ministry said on Tuesday that Sudan and Ethiopia “share a historic and enduring bond of friendship” and had “refrained from publicising the grave violations of Ethiopia’s territorial integrity and national security committed by some belligerents in the Sudanese civil war”.
The ministry called for dialogue between the warring parties in Sudan.
Since the war in Sudan started, more than 150,000 people have died. Twelve million have fled their homes in what the UN has called the world’s largest humanitarian crisis.
The three-year civil war has also led to a famine and claims of a genocide in the western Darfur region.

