Business and Economy
Concerned Northern Elders Reject NEF Position on FIRS, Back Tinubu’s Reforms
By Aliyu Musa
The Concerned Northern Elders Forum (NEF) has disowned and sharply criticised recent statements credited to the Northern Elders Forum over the activities of the Federal Inland Revenue Service (FIRS), describing the position as a misrepresentation of the true aspirations of the North.
In a press statement issued on Tuesday and signed by Dr Nasir Manguno, the group said it was compelled to address Nigerians in the interest of truth, responsibility and historical accountability, warning that silence in the face of what it described as calculated distortion would amount to complicity.
The elders stated that the so-called position of the NEF against the FIRS, its Executive Chairman and the economic reform agenda of President Bola Ahmed Tinubu neither reflects the collective conscience of Northern elders nor aligns with the progressive expectations of the region.
According to the group, the NEF has lost its moral authority and has gradually transformed from a forum of wisdom into what it described as a platform for political grievances and sponsored opposition narratives. The elders insisted that leadership and elder statesmanship must be rooted in integrity, foresight and national interest, not nostalgia for failed systems or entitlement to privilege.
The statement praised the performance of the current Executive Chairman of the FIRS, noting that under his leadership, the agency has recorded consistent over-performance of revenue targets, strengthened non-oil revenue mobilisation and deployed technology and data-driven strategies to block historic leakages. It added that the renewed emphasis on fairness and accountability has ensured that influence no longer guarantees exemption from taxation.
The Concerned Northern Elders stressed that these achievements are verifiable and represent what Nigeria can accomplish when competence replaces complacency, arguing that opposition to such reforms is driven by those unsettled by efficiency and transparency.
On the economic reforms of President Bola Tinubu, the group said the administration inherited an economy weakened by subsidy dependency, secrecy and selective compliance. It commended the President for choosing courage over convenience by pursuing reforms it described as difficult but necessary for national recovery.
The elders maintained that revenue reform is not punitive but central to nation-building, insisting that no country develops by shielding elites from responsibility or placing the burden of governance solely on the poor.
The group also expressed full support for the Memorandum of Understanding entered into by the FIRS leadership to strengthen inter-agency collaboration, harmonise data systems and eliminate duplication. It argued that any policy framework that promotes transparency, strengthens institutions and enhances revenue efficiency is in the best interest of the North and Nigeria at large.
Addressing what it termed the politics of sabotage, the elders said the renewed criticism of FIRS coincided with political recalibration by opposition interests seeking to weaponise the North against reform. They warned that the region would not allow itself to be used for partisan objectives.
The statement emphasised that the true priorities of the North include job creation, infrastructure development, education and accountability, rather than recycled rhetoric and inherited excuses. According to the elders, these aspirations require strong institutions, fair taxation and fearless leadership.
The group concluded by reaffirming its support for the Executive Chairman of the FIRS, President Tinubu’s economic reform agenda and public servants committed to national interest over elite comfort, stressing that history favours reformers and not obstructionists.
“The North is not against reform. The North is against failure, and it will not be dragged backward by voices sponsored to fear progress,” the statement said.
By Seyi Balogun, Lagos
Wife of billionaire Mike Otedola, has revealed how she tried her hands ten other business ideas before finally settling one: laundry services.
The businesswoman Nana Otedola has revealed that she struggled through several ventures before hitting her successful laundry business.
Speaking on the How Far podcast hosted by her daughter Temi Otedola and son-in-law Mr Eazi, Nana said she experimented with about 10 different business ideas before finding her footing.
She recalled attempting to work as an administrative staff member, but said her husband was against it. Did buying and selling, but it didn’t work out.
“I tried like 10 other things. I tried to work as an admin staff member in an office, although your dad kicked against it. I tried to buy and sell. I was trying other things while doing the dry-cleaning business.
“I remember a consultant known as Brian said to me, ‘Do you think this will work?’ Your dad also asked me, ‘Do you think this will work?’ Lagos needs a good dry-cleaning and laundry service,” she said.
Despite initial doubts from both Femi Otedola and the consultant, Nana said she stayed committed and the business eventually thrived.
Lagos, like any city, has a huge demand for reliable laundry services today.
By Nick Ibe
Bassey Otu, Cross River State governor, has pledged to bring Tinapa Business and Leisure Resort back to life before the end of 2026.
The promise was made while fielding questions from newsmen in Calabar last Thursday. He revealed that his administration had engaged in lengthy negotiations to recover and reposition the business resort that the state recently recovered from Asset Management Corporation of Nigeria (AMCON).
Otu explained the imperative to focus on reviving Tinapa due to the state’s financial realities and the need to protect existing public investments. In his words:
“The state has invested more than 400 million US dollars in Tinapa over the years, making it impossible for his administration to abandon the facility.
“Leaving it unattended would have led to further deterioration of the infrastructure and a waste of the huge public investment already committed to the project.
“I am confident that before the end of the year, Cross River residents would begin to witness a transformed Tinapa.”
He revealed that rehabilitation works were already ongoing at the retail emporiums and other commercial facilities within Tinapa complex.
Otu added that government has restored the power generation segment to guarantee stable electricity for businesses operating there.
He further announced that an anchor tenant has already committed to operating in Tinapa, a move he believed would attract more investors and increase commercial activities.
He also disclosed plans to construct a jetty to improve access to the resort and create more opportunities for local businesses.
He noted that Cross River remained one of the states receiving the lowest federal allocations and that many inherited projects were initiated based on revenue projections that never materialised.
He explained that his government’s priority was to complete and revive abandoned investments before embarking on new mega-projects.
According to him, once those projects become fully operational and begin generating value, the state will be better positioned to pursue initiatives such as the gas project.
Otu also highlighted progress made in completing abandoned government infrastructure across the state. He cited the completion of buildings now occupied by the Local Government Service Commission, noting that several ministries and agencies were gradually relocating into modern office facilities.
“The administration’s goal is to provide a better working environment for civil servants, improve morale within the public service and strengthen service delivery.
“We will also ensure that government operates more efficiently for the benefit of Cross River residents.”
Tinapa was taken over by Asset Management Corporation of Nigeria in 2011 when the state had difficulties in meeting loan repayment agreements.
However, in 2025, Cross River negotiated and repossessed it.
By Felix Umande
The Central Bank of Nigeria has revoked the operating licenses of 46 Microfinance Banks with effect from July 1, 2026, citing breaches of prudential and operational requirements.
The action, announced in a press statement signed by the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali, on Tuesday, was approved by CBN Governor, Mr. Olayemi Cardoso, under Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.
According to the revocation order, the affected banks failed to meet one or more regulatory conditions, including: insufficient assets to meet liabilities; closure of operations without CBN approval; inactivity and cessation of financial intermediation; failure to commence operations within 12 months of licence approval; and failure to maintain minimum capital funds unimpaired by losses.
The institutions span Tier 1, Tier 2 and State microfinance banks across 19 states, including Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
Among the lenders affected are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW Digital Microfinance Bank.
Several Kano-based banks were also on the list, namely Bompai, Minjibir, Shanono, Sumaila, Rimin Gado, Sycamore, TOFA, Kanopoly and Esteem Microfinance Banks. The affected banks are expected to be delisted from the CBN’s register of licensed microfinance banks with immediate effect.
The CBN said the revocation is part of broader efforts “to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.”
“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement added.
The move comes as the Nigeria Deposit Insurance Corporation, NDIC, reaffirmed that more than 281 million depositors in the country’s banking system are covered against bank failure.
NDIC Managing Director and Chief Executive Officer, Thompson Sunday, disclosed this during the Federal Ministry of Finance’s second quarter 2026 Citizens and Stakeholders’ Engagement Session in Abuja.
According to Sunday, the corporation now provides deposit insurance coverage across 914 licensed financial institutions. Following the upward review of deposit insurance limits in May 2024, over 98 per cent of depositors are fully insured for their entire balances.
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