Power always creates an illusion that those who wield it can dismiss the rule of law and do anything they like and get away with it. History is, however, full of examples that show that it is often impossible to get away with injustice or that the consequences for the power wielder could be very serious. From the day of his swearing in, President Bola Tinubu has been clear that the main purpose of his first term in office is to use it to obtain a second term. His method has been clear to all keen observers of Nigerian politics:…
Author: Editor
In Part One, we established why the CBN’s new Baseline Standards for Automated AML Solutions rank among the world’s best. Here, we examine the risks those Standards create and the hard governance work that genuine compliance requires. A regulatory framework is only as valuable as the quality of its implementation. The CBN has been explicit on this point from the opening pages of its new Baseline Standards – they are designed to ensure “demonstrable effectiveness and not merely feature-based compliance or vendor-driven implementation”. That phrase is both an aspiration and a warning. It tells institutions precisely what the CBN will be…
Flutterwave has obtained approval from the Central Bank of Nigeria (CBN) to operate banking services in the country, marking a major milestone in the fintech company’s evolution and service expansion. The approval comes at a time of heightened regulatory scrutiny of fintech firms and virtual asset operators in Nigeria. Recently, the CBN launched a pilot programme targeting Virtual Asset Service Providers (VASPs), including Flutterwave and Paystack, as part of efforts to strengthen oversight in the sector. Flutterwave disclosed the development in a post on its official X (formerly Twitter) handle on Thursday, noting that the banking licence represents a transition…
The African Democratic Congress (ADC) has rejected the Independent National Electoral Commission (INEC)’s interpretation of a recent Court of Appeal ruling, accusing the electoral body of acting under pressure from a government it claims is unsettled by growing opposition momentum. In a statement signed by its National Publicity Secretary, Bolaji Abdullahi, the party described INEC’s position as contradictory and inconsistent with the facts. It is alleged that the commission has effectively taken sides against Nigerians, warning that such actions could undermine democratic processes. The ADC said it is reviewing its options and will announce its next steps, urging members and…
The Central Bank of Nigeria (CBN) cut stop rates on longer-dated Treasury bills at its 25 March auction, even as investors poured in about N2.7 trillion in subscriptions for one-year instruments. The move leveraged a liquidity surplus estimated at over N8 trillion in the financial system, enabling the government to reduce borrowing costs without dampening investor appetite. Stop rates on the 182-day and 364-day bills fell by 20 basis points to 16.42 percent and 16.43 percent, respectively, while the 91-day bill held steady at 15.95 percent—signalling easing yield pressures despite strong demand for longer tenors. The CBN offered N400 billion…
The Central Bank of Nigeria (CBN) has announced the successful conclusion of its banking sector recapitalisation programme, with Nigerian banks raising a total of ₦4.65 trillion in fresh capital over 24 months. In a press statement issued on April 1, the apex bank said the exercise, which commenced in March 2024, has significantly strengthened the resilience of the financial system and enhanced banks’ capacity to support economic growth. According to the CBN, the programme attracted strong participation from both domestic and international investors, with 72.55 per cent of the capital sourced locally and 27.45 per cent from foreign markets—an indication…
The war involving Iran has moved from a geopolitical story to a supply chain shock—and fast. At the centre of it all is the Strait of Hormuz. In normal times, roughly a quarter of global seaborne oil flows through that narrow channel. Today, it’s partially blocked, militarised, and unpredictable. That matters more than most people realise, especially in Africa. This is not just an oil story. Yes, oil is the headline. The International Energy Agency is already calling this the largest disruption in oil market history, with up to 30% of global oil flows affected. Prices are responding accordingly. Analysts…
Nigeria’s Minister of Power, Adebayo Adelabu, has resigned from his position. In a resignation letter addressed to President Bola Ahmed Tinubu, Adelabu said his decision was driven by his ambition to contest the Oyo State governorship. “I write with profound gratitude to Your Excellency to formally tender my resignation from my position as the Honourable Minister of Power, Federal Republic of Nigeria. I sincerely thank you for the confidence reposed in me and the opportunity to serve our great nation under your administration. “It has been a privilege contributing to efforts aimed at strengthening Nigeria’s power sector in line with…
The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion of a $4 billion senior syndicated term loan for the Dangote Petroleum Refinery & Petrochemicals, reinforcing its role in financing large-scale industrial projects across Africa. The five-year facility, arranged with Access Bank as co-mandated lead arranger, will refinance existing debt, optimise the refinery’s capital structure, and align financing with its current operational needs. With a refining capacity of 650,000 barrels per day, the Dangote facility remains Africa’s largest refining and petrochemical complex. The new financing is expected to strengthen its balance sheet while supporting ongoing expansion plans. President and Chairman of…
The Central Bank of Nigeria (CBN) has introduced a mandatory Cybersecurity Self-Assessment Tool (CSAT) for all regulated financial institutions, in a decisive move to strengthen the resilience of Nigeria’s banking sector against escalating cyber threats. In a statement issued by the apex bank, the initiative was anchored on its statutory mandate under the Banks and Other Financial Institutions Act 2020, reinforcing its oversight role in safeguarding financial system stability. The CSAT is designed as a supervisory instrument to evaluate the robustness of cybersecurity frameworks across banks and other financial entities. It focuses on critical areas such as risk management protocols,…