Financial experts are calling on the Central Bank of Nigeria (CBN) to abolish the long-standing requirement for bank references in opening current accounts, describing the rule as outdated in an era dominated by digital verification systems. For decades, prospective current account holders in Nigeria have been required to present referees—usually existing current account holders—who attest to their credibility. The practice dates back to an analogue banking era built on handwritten forms, personal networks and limited identity-verification tools. Industry analysts argue that the system, rooted in the Banks and Other Financial Institutions Act, once served as a safeguard in a time…
Author: Abdoulaye Kay
The Director-General of the President Tinubu Ethical Political Ideology Movement (TEPIM), Dr. Bridget Torbua Igbauke, has called on Nigerians to shun violence and embrace peaceful coexistence. Speaking during a press conference on Friday in Abuja, Igbauke urged women at home and abroad to “speak peace into the ears of their husbands, uncles, brothers, and sons,” noting that violence affects women and children more than anyone else. She commended the Minister of Regional Development, Engr. Abubakar Momoh, for initiating peace and anti-social behaviour programmes across the six geopolitical zones, describing the initiatives as crucial to advancing President Tinubu’s Ethical Political Ideology…
A socio-cultural group, De Renaissance Patriots Foundation, has criticised the Lagos State Government over its decision to outsource the issuance of indigeneship certificates to Qista Technologies, a firm it described as “little-known” and “inactive.” The group said the move amounts to the “capture of Lagos State identity” and warned that it threatens long-standing cultural and constitutional processes for verifying lineage and community belonging. In a statement signed by its media officer, Lasisi Robert, the group said indigeneship certificates have historically been issued by local government authorities and traditional institutions, particularly the Oba of Lagos, noting that these are the lawful…
The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare-Sunday, has reaffirmed the corporation’s commitment to safeguarding depositors’ funds and strengthening financial system stability nationwide. Oludare-Sunday made the remarks on Wednesday during the NDIC Special Day at the ongoing 46th Kano International Trade Fair, organised by the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA). He described the fair—held under the theme “Empowering SMEs for Sustainable Development”—as an important platform for promoting entrepreneurship, financial literacy and innovation, adding that such engagements are essential for Nigeria’s economic growth. Represented by the Deputy Director, Procurement Management Services Department,…
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…
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…