By Yusuf Danjuma Yunusa

The African Democratic Congress (ADC) has sharply condemned reports that governors elected on the All Progressives Congress (APC) platform diverted funds from the Federation Account Allocation Committee (FAAC) to finance President Bola Tinubu’s re-election campaign.

In a statement issued Tuesday and signed by National Publicity Secretary Mallam Bolaji Abdullahi, the opposition party described the alleged action as “shameless, cruel, and criminal” — particularly as millions of Nigerians face deepening poverty, hunger, and hopelessness stemming from what the ADC called the ruling party’s “bad policies.”

The party said the report, which alleges that over N800 billion was raised through deductions from FAAC allocations for political purposes, confirms what Nigerians have long suspected.

“The same government that told Nigerians there is no money to reduce suffering somehow found a way to allegedly mobilise over N800 billion for politics,” the statement read. “The same government asking citizens to endure sacrifice is allegedly supervising one of the largest political funding operations in Nigeria’s democratic history. This is not leadership. This is exploitation.”

The ADC further argued that it is morally indefensible for state governments receiving record-breaking allocations to fail in improving citizens’ lives while allegedly diverting money to fund the President’s re-election ambitions.

“Under this APC government, states are receiving more money than at any other period in Nigeria’s history, yet Nigerians are poorer, hungrier, and more desperate than ever before,” the party said. “Roads are still collapsing. Hospitals are still empty. Schools are still underfunded. Workers are underpaid. Communities remain unsafe. The only thing growing is the political appetite of the ruling party.”

The ADC called for an immediate independent investigation into the allegations, including the reported use of FAAC deductions and any related accounts or structures allegedly linked to the operation.

“If these allegations are true, then this represents a dangerous abuse of public trust and a scandal of enormous national consequence,” the party concluded. “You cannot impoverish the people to fund your own re-election. Nigerians are not blind. Nigerians are not fools. And Nigerians will remember.”

By Yusuf Danjuma Yunusa

The Joint Admissions and Matriculation Board (JAMB) has fixed 150 as the minimum cut-off mark for admission into Nigerian universities for the 2026 academic session.

The decision was reached on Monday during the ongoing 2026 Policy Meeting on Admissions, held in Abuja. The annual policy meeting, which brings together key education stakeholders, was chaired by the Minister of Education, Tuniji Alausa.

In addition to university representatives, the gathering included heads of other tertiary institutions and regulatory bodies, all of whom deliberated on benchmarks to ensure a fair and standardized admission process for the upcoming academic year.

The 150 mark serves as the baseline for eligibility, though individual universities retain the right to set higher cut-off points based on their specific admission criteria and applicant pool.

Further resolutions from the policy meeting are expected to be released in the coming days.

By Yusuf Danjuma Yunusa

The Central Bank of Nigeria has warned non-interest financial institutions against governance and compliance risks capable of undermining public confidence and financial stability in the country’s growing Islamic finance sector.

The warning was contained in a statement issued by the apex bank on Monday following the 2nd Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts and the Advisory Committees of Experts of Non-Interest Financial Institutions held at the CBN Auditorium in Abuja.

Speaking through the Director of the Financial Policy and Regulation Department, Rita Sike, the Deputy Governor, Financial System Stability, Philip Ikeazor, said the rapid expansion of the industry had increased exposure to operational and regulatory vulnerabilities.

The statement read, “The Deputy Governor, however, observed that as the industry grows in size, sophistication, and interconnectedness, it faces unique risks, particularly non-compliance risk, governance challenges, operational vulnerabilities, and emerging technological risks.

“He warned that such risks, if not properly managed, could undermine public confidence, financial stability, and the overall credibility of the non-interest finance ecosystem.”

According to the CBN, the engagement was part of ongoing efforts to strengthen Shariah governance, improve regulatory clarity, and reinforce risk management standards within the non-interest financial services industry.

The apex bank noted that non-interest financial institutions continued to play an increasingly important role in Nigeria’s financial system by providing ethical and Shariah-compliant alternatives to conventional banking.

It stated that the institutions were also contributing to financial inclusion, real sector financing, micro, small and medium enterprises development, and shared prosperity.

The CBN further explained that the establishment of FRACE and the mandatory constitution of ACEs across all non-interest financial institutions were designed to institutionalise a harmonised governance framework for the sector.

According to the statement, sustained interaction between FRACE and ACEs remained critical to ensuring that regulatory expectations were properly understood and consistently implemented across the industry.

“The objectives of today’s session include fostering the institutionalisation and effective operation of a robust Shariah governance system within Non-Interest Financial Institutions, and providing a structured platform for dialogue, knowledge-sharing, and collaboration,” Ikeazor was quoted in the statement.

In his remarks, the Deputy Chairman of FRACE, Prof. Bashir Umar, said the interactive session was aimed at strengthening governance within the non-interest finance sub-sector and promoting constructive engagement between regulators and industry advisory committees.

He also commended the management of the CBN for reviving the session, which was first introduced in 2014.

Earlier in her welcome remarks, Sike reaffirmed the apex bank’s commitment to building a strong and well-governed non-interest financial services industry.

She noted that the growing diversity of products and delivery channels, particularly the emergence of Islamic fintech, had increased the need for stronger regulatory oversight and continuous engagement among industry stakeholders.

“The growing diversity of products, institutions, and delivery channels, particularly with the emergence of Islamic fintech, underscores the need for continuous dialogue, sound regulatory oversight, and robust advisory input from scholars and practitioners,” she said.

The session featured technical presentations on Shariah non-compliance risks in non-interest banks and the role of Islamic fintech in driving financial inclusion.

Participants at the event included members of FRACE, chairmen and members of various ACEs, managing directors of non-interest banks, senior CBN officials, and representatives of the Bank of Industry and the Securities and Exchange Commission.