The Asset Management Corporation of Nigeria (AMCON) says it has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN) since it began operations in 2010. Managing Director Mr. Gbenga Alade disclosed this during a media parley in Lagos on Wednesday, describing the repayments as “a significant national achievement.” He explained that AMCON initially paid N1.7 trillion to acquire toxic bank assets but has since repaid N3.6 trillion, while still owing about N3 trillion. Alade said AMCON stabilised distressed banks by removing their toxic assets and injecting fresh funds, noting that the intervention aligned with global corporate insolvency and…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) has released draft guidelines that would compel banks and other financial institutions to reimburse customers who fall victim to Authorised Push Payment (APP) fraud within 48 hours after investigations are concluded. Published on November 26, 2025, the draft framework represents one of the most robust consumer-protection measures yet from the apex bank, following a surge in social-engineering scams and payment-manipulation schemes across Nigeria’s financial system. Under the proposal, financial institutions must complete investigations into reported APP fraud within 14 working days. Once a customer is confirmed eligible, reimbursement must be issued within 48 hours.…
President Bola Ahmed Tinubu has nominated former Chief of Defence Staff, General Christopher Gwabin Musa (rtd), as Nigeria’s new Minister of Defence, barely 24 hours after the resignation of Mohammed Badaru Abubakar. The President formally communicated the nomination to Senate President Godswill Akpabio on Tuesday, according to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga. General Musa, 58, is expected to succeed Badaru, who stepped down on Monday citing health reasons. A career infantry officer, Musa served as Chief of Defence Staff from 2023 until October 2025. He is a recipient of the prestigious Colin…
Nigeria’s Minister of Defence, Mohammed Badaru Abubakar, has resigned from office, bringing an abrupt end to his two-year tenure in President Bola Tinubu’s cabinet. In a letter dated December 1 and addressed to President Tinubu, Badaru said he was stepping down on health grounds. The President accepted the resignation and expressed appreciation for his service, according to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga. The Presidency is expected to forward the name of a replacement to the Senate later this week. Badaru, 63, previously served two terms as governor of Jigawa State between 2015…
Police in Afghanistan destroyed 10 tons of expired and substandard medicine in Kandahar province. The local media Tolo news reported on Monday that the expired and low-quality medicine, which had been collected from Spin Boldak district of this province, was publicly burned to protect public health and ensure the safety of the local people. According to a statement, the destroyed medicine was found to be unfit for use, posing potential health risks to individuals who might have unknowingly consumed it. The provincial health office emphasized that no individual or business would be permitted to sell expired medicines or food products,…
The MATAN Food Bank Professionals Association of Nigeria (MATAN) has launched the Automated MATAN Food Security Initiative to tackle hunger and strengthen food security across the country. The national flag-off ceremony, held on Wednesday at the National Institute of Sport, National Stadium Lagos, brought together agricultural and community stakeholders and farmers from all 36 states and the Federal Capital Territory. The event unveiled the framework for transforming food access and distribution nationwide. Speaking at the event, Mr. Olakunle Johnson, MATAN Group National President and Board of Trustees Chairman, described the initiative as a “spiritual project” aimed at strengthening food systems…
The Naira opened the week on a mild downward trend on Monday, trading at N1,448.43 to the US Dollar at the official foreign exchange market. Data from the Central Bank of Nigeria (CBN) showed that the currency lost N1.69, representing a 0.1% decline from Friday, November 28, when it closed at N1,446.74. Analysts described the slight drop as a routine market adjustment and noted that the Naira remains relatively stable compared to the volatility experienced in previous months. The currency’s improved stability has attracted commendation from investors, who say ongoing FX market reforms have strengthened confidence and enhanced predictability. CBN…
Dangote Petroleum Refinery has announced plans to supply one billion five hundred million litres of Premium Motor Spirit (PMS) monthly to the Nigerian market in December 2025 and January 2026, a move aimed at ensuring uninterrupted nationwide fuel availability through the festive season and into the New Year. President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed the plans at the weekend, noting that the refinery will make available 50 million litres of PMS daily beginning December 1. “In line with our commitment to national wellbeing, and consistent with our track record of ensuring a holiday season free…
The Economic and Financial Crimes Commission (EFCC) has seized the international passport of former Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, SAN. A credible EFCC source said on Sunday that the seizure was part of an ongoing investigation into the whereabouts of an alleged $490 million Abacha loot reportedly secured through a Mutual Legal Assistance (MLAT) request. The source said Malami had been barred from leaving Nigeria for one month. According to the source, one of the conditions for his release on Saturday was that he must report daily to the EFCC headquarters in Abuja…
The scheduled empowerment and operational support from business mogul and grassroots benefactor Nigerian of South West extractions, Engr. Michael Abayomi Adeyanju, have been successfully kick-started on Saturday November 29, 2025. Under the aegis of the Imole Progressive Network (IPN), of which he is Director General, in conjunction with Tex-Mex Royal Farms Limited, Engr. Michael Abayomi Adeyanju on Saturday held the agricultural empowerment programme with professional training for farmers, all of these along side youth empowerment through free distribution of specified items in the Ondo North Senatorial District. The items distributed included Hybrid Maize Seeds, Hybrid Cassava Seeds, Cutlasses, Herbicides, Pump…