The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to comply with regulatory requirements for continued operation. The apex bank, in a statement signed by the Acting Director of the CBN’s Corporate Communications Department, Mrs Hakama Sidi-Ali, on Wednesday, explained that the revocation takes effect from July 1, 2026, following the approval of the CBN Governor, Olayemi Cardoso. According to the CBN, the action was taken in line with the powers conferred on it under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA),…
Author: Abdallah el-Kurebe
As climate variability intensifies and production costs continue to rise, agricultural experts have urged farmers to place greater emphasis on soil health, describing it as one of the most valuable assets for improving productivity, resilience and long-term profitability. In a statement, Omnia Nutriology® said soil has evolved beyond being merely the medium in which crops grow, becoming a strategic production asset that influences nutrient efficiency, water utilisation, crop resilience and overall farm performance. The company’s Biologicals Lead, Venessa Moodley, said the traditional perception of soil as a passive component of farming systems was changing as producers faced increasing pressure to…
The Lagos State Government has appealed to residents to remain calm following persistent heavy rainfall and flash floods that have affected several parts of the state over the past two weeks, while announcing immediate measures to improve drainage infrastructure. Governor Babajide Sanwo-Olu has approved the immediate dredging and maintenance of 28 additional primary drainage channels as part of efforts to strengthen flood control across the state. The Commissioner for the Environment and Water Resources, Tokunbo Wahab, said the recent downpours constituted an extreme weather event that produced an unusually high volume of rainfall within a short period, overwhelming drainage systems…
The Nigerian Meteorological Agency (NiMet) has issued a flash flood warning for Lagos and several coastal states, urging residents to take precautionary measures as widespread rainfall is expected across southern Nigeria on Tuesday. According to the agency’s latest weather outlook, persistent rainfall could trigger flash flooding in low-lying and coastal communities, particularly in Lagos and other states along the southern coastline. Flash floof projected states NiMet forecast light to moderate rainfall and thunderstorms in many parts of the southern region throughout the day, with states including Ogun, Ondo, Delta, Bayelsa, Rivers, Akwa Ibom and Cross River identified as areas likely…
The International Service for the Acquisition of Agri-biotech Applications (ISAAA) AfriCenter has launched a continental digital platform aimed at improving access to credible biotechnology and biosafety information across Africa. The newly unveiled platform, known as the Biotech Africa Database, is designed to provide country-specific information on biotechnology crop approval decisions and key regulatory requirements governing the import, export and transit of biotech products. According to ISAAA AfriCenter, the portal will serve as a one-stop repository for accurate and up-to-date information on biosafety regulations, approval decisions and regulatory processes across the continent. The platform, developed in collaboration with various partners, is…
Zimbabwe cleared its IMF obligations in 2016 but is still locked out of new IMF loans due to unsustainable debt and arrears to other creditors. The IMF itself classifies Zimbabwe as being in external debt distress.
State-sponsored mass wedding programmes in Northern Nigeria, though often designed as social welfare interventions, could place enormous pressure on the already overstretched health and education systems, a development expert, Dr. Balarabe Shehu Kakale, has stressed. Kakale, in an opinion article published in TheStories, warned that recent mass wedding initiatives by the Zamfara and Kano state governments may generate between 6,000 and 10,000 additional maternal, child health and schooling cases within six years, thereby increasing the burden on critical social infrastructure. The Zamfara State Government recently sponsored the marriage of hundreds of low-income couples, including widows and orphans, while the Kano…
Nigeria’s external reserves have climbed to $51.04 billion, marking the highest level in approximately 17 years and signaling a major milestone in the country’s economic recovery trajectory. Key facts MetricDetailReserve Amount$51,035,544,733.65 Date RecordedJune 18, 2026 Previous High$51.07 billion (January 20, 2009) June Gain+2.5% ($49.80B → $51.04B) May Gain+$1.22 billion What drove the Increase The reserve buildup reflects stronger foreign exchange inflows and improved liquidity conditions in Nigeria’s external sector. The trajectory shows consistent momentum: June 1: $49.80 billion June 5: Crossed $50 billion mark ($50.12B) June 15: $50.81 billion June 18: $51.04 billion This follows a $1.01 billion gain in the first half of June alone, extending May’s positive momentum. CBN…
Experts at the 5th African Symposium on Big Data, Analytics and Machine Intelligence (held alongside the 22nd TYAN International Thematic Workshop) at the Federal University of Technology Akure (FUTA) have called for accelerated use of artificial intelligence (AI), satellite imagery and other digital tools to build safer cities and deliver sustainable solutions to pressing social challenges. The symposium, held from June 15–20, 2026, under the theme “AI for Smart and Sustainable Solutions Across Sciences and Societies,” gathered academics and practitioners from Nigeria, Turkey, Tanzania, Egypt, Singapore, the United States, the United Kingdom, Australia, the Democratic Republic of Congo and Tunisia.…
The National Economic Council (NEC) has approved N83.2 billion for interventions aimed at reducing the impact of anticipated flooding and other climate-related emergencies across Nigeria as the country prepares for the peak of the rainy season. The approval was granted at the 158th NEC meeting held at the Presidential Villa in Abuja and chaired by Vice President Kashim Shettima. The intervention fund will be deployed through the Anticipatory Action Task Force (AATF) to strengthen disaster preparedness and response efforts nationwide. The decision followed a presentation by the Minister of State for Budget and Economic Planning, Abubakar Atiku Bagudu, who highlighted…