Business
Nigeria Economy Lacks Direction, Stability Under President Buhari- Nigeria Economy Society
Nigeria’s debt fast becoming unsustainable, may reach N34tn, LCCI warns
• Economic advisory council parades the best 11 economists – Presidency
The Nigerian Economic Society on Tuesday berated the regime of the President, Major General Muhammadu Buhari (retd.), over its handling of the economy, which it said was directionless and unstable.
The President of the NES, Prof Sarah Anyanwu, who stated this when she led members of the society on a visit to the Senate Minority Caucus, lamented that Buhari’s regime excluded economists from its economic management team.
According to her, because of the exclusion of economists from the team, the economy is nose-diving.
She noted that members of the NES were in the past included in the economic management team for the required professional advice and guidance on whatever economic policy the Federal Government adopted.
She said, “The practice assisted past governments in making sound economic policies required by circumstances or situations on ground.
“However, the exclusion of economists from the National Economic Management Team under the present administration has glaringly shown in the adverse effects on the economy, which those who can read the indices and indicators correctly, can see is nose-diving .
“Our exclusion from the NEMT is seriously making the nation’s economy to be unstable and somewhat directionless.”
Apart from being excluded from the NEMT, the NES president lamented that the various ministries, departments and agencies were not patronising members of the society for required expertise and capacity training of their staff.
She, however, urged the National Assembly to expedite actions on consideration and prompt passage of the bill which NES forwarded to both chambers early in the year.
The Senate Minority Leader, Enyinnaya Abaribe, in his response, said he was not surprised by the parlous state of the nation’s economy since those managing it had little or no knowledge on how to make it vibrant.
Abaribe said, “We are not surprised that the economy went into recession and moving towards that direction again, since as disclosed here, required knowledge from the experts is not being sought by the government”
He, however, assured the NES members that their bill, already before both chambers of the National Assembly, would be considered.
Presidential economic advisory council parades the best 11 economists – Presidency
But the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, in an interview with one of our correspondents, said contrary to what the group wanted Nigerians to believe, the Presidential Economic Advisory Council consisted of the best 11 economists in the country.
Shehu said the group, probably in its assessment, was mistakenly referring to the former economic management team which had since been dissolved and replaced with the Economic Advisory Council chaired by Prof Doyin Salami.
The presidential spokesman said as far as the economy was concerned, Salami, a 1989 doctoral degree graduate in Economics from Queen Mary College, University of London, needed no introduction.
He added that another member of the advisory council, Prof Chukwuma Soludo, is not only a former Governor of the Central Bank of Nigeria, but also a former Economic Adviser to the President.
According to Shehu, another member of the team is the Chief Economic Adviser to former President Olusegun Obasanjo while another one is an economist with the International Monetary Fund.
Speaking further, the presidential aide said another member of the team, Shehu Yahaya, was the Chairman of the Development Bank of Nigeria, while another member, Bismack Rewane, wad a globallly respected economist.
He added that the team’s secretary was brought in from the Islamic Development Bank.
Shehu said, “Members of the council include Prof Doyin Salami, who is the chairman, Dr Mohammed Sagagi, who is the vice-chairman; Prof Ode Ojowu; Dr Shehu Yahaya and Dr Iyabo Masha.
“Others are former Governor of the Central Bank of Nigeria Prof Chukwuma Soludo; Chief Executive Officer of Financial Derivatives, Dr Bismack Rewane; and Dr. Mohammed Adaya Salisu.
“You can see from the above that this government has the best team and members are working day and night with the President.
“They are not making noise on television because they are working with the President.
“You said the group claimed that the economy is nosediving. Is there any economy, from the United States to the United Kingdom, that did not nosedive during this COVID-19 pandemic?
“I make bold to say that this team has the best 11 economists as its members.”
But backing the NES, a former President of the group, Prof Akin Iwayemi, in a telephone interview with one of our correspondents, noted that in the past, there was an economic management team, adding that the president of the NES was a member of the team.
He said the team, which included some governors, ministers, the central bank and private sector players, engaged in “robust discussions on economic affairs.
“Then there was stronger rapport with the economists. If you exclude them, the nation will suffer. We need to have all hands on deck to deal with the challenges we are facing now. We need both the executive and the legislature to understand that economists are partners in progress.”
Nigeria in dire need of leaders with requisite capacities – YIGA Africa
Also, Director of Programes, YIAGA Africa, Cynthia Mbamalu, in an interview with The PUNCH, said, “Quality leadership in any field or issue is best delivered when there are capacities and competencies especially on important issues like Nigeria’s economy.
“Professional bodies serve as a hub of experts from respective professions. While that does not guarantee capacity to lead in that field or on that subject matter, it is also important for the government to recognise the value they bring and ensure some level of inclusion.”
She said Nigeria was in dire need of leaders or decision-makers who had the requisite capacities and competencies “to perform required the arduous task of reviving our economy. “
But Director of Centre for Democracy and Development, Idayat Hassan, in a chat with The PUNCH, disagreed with NES.
She stated, “The (government economic) team comprises the creme de la creme of Nigeria. Most of them are even avowed critics of the administration. It takes gut for Buhari to have selected such erudite experts.
“The question we should ask is if they are really performing the task they have been appointed, while inclusion is welcome and asking for a seat at the table is a welcome development.”
Source: PUNCH
Business
Union Bank’s Union Cares Initiative Celebrates Academic Excellence at Pacelli School for the Visually Impaired Graduation
Union Bank of Nigeria proudly participated in the graduation ceremony of the Pacelli School for the Visually and Partially Sighted on 23 July 2025, honouring the resilience and academic achievements of visually impaired students.
The event, held on the school premises, highlighted the importance of inclusivity and determination in education.
As a 108-year-old institution committed to social responsibility, Union Bank’s involvement reflects its enduring support for Persons With Disabilities (PWD) and its dedication to fostering equitable access to education.
The Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, expressed her admiration for the graduating students:
“Union Bank proudly stands as a champion of inclusiveness and equitable representation. Through our UnionCares corporate social responsibility initiative, we are committed to supporting vulnerable and underrepresented communities.
We celebrate the incredible achievements of these students and reaffirm our dedication to empowering them to reach their full potential.”
UnionCares is Union Bank’s CSR Arm focused on creating sustainable social impact in key areas, including:
• Support for Vulnerable Groups: Empowering persons with disabilities and other marginalised communities through inclusive initiatives.
• Education and Skill Development: Facilitating access to education and practical skills that promote self-reliance and opportunity.
• Community Well-Being: Enhancing the overall quality of life of communities through health, education, and social welfare projects.
Union Bank remains honoured to collaborate with institutions dedicated to uplifting less-recognised members of society. The Bank remains dedicated to championing initiatives that inspire positive change, and foster a more inclusive, enlightened community across Nigeria.
Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI).
His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.
Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.”
He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.
“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”
Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.
He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.
“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”
Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.
“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”
In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.
Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor. “As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”
Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”
As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM).
Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.
L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.
One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades.
This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity.
With over 8,000 employees, this significant investment in human capital reflects Zenith Bank’s belief that its workforce is its most valuable asset. The salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery. Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.
Dr. Umeoji emphasized the importance of maintaining a motivated workforce, stating that the bank’s dedication to its employees will translate into superior service experiences for customers. She highlighted the organization’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.
Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.
By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.
As a major player in Nigeria’s financial landscape, under its managing director/chief executive officer, Adaora Umeoji, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.
At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.
Zenith Bank’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.
Zenith Bank’s growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.
As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.
In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.
The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.
It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS
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