By Yusuf Danjuma Yunusa

A former Minister of Science and Technology, Uche Nnaji, was on Wednesday arrested by operatives of the Department of State Services at the Akanu Ibiam International Airport, Enugu.

According to Punch Newspaper, security sources said Nnaji was apprehended in the early hours of Wednesday while attempting to board a private jet bound for Abuja.

Sources also added that the arrest was carried out by the DSS at the request of the Independent Corrupt Practices and Other Related Offences Commission, which is investigating the former minister over some allegations.

The sources disclosed that following his arrest, Nnaji was handed over to the ICPC for further investigation.

“The DSS acted on the request of the ICPC. He was arrested at the Enugu airport while preparing to board a private jet to Abuja and has since been handed over to the commission,” one of the sources said.

The sources further revealed that the anti-graft agency had previously invited the former minister on several occasions in connection with petitions alleging irregularities in the management of the Ministry of Science and Technology during his tenure.

“They had extended several invitations to him following petitions relating to the management of the ministry. When he failed to honour the invitations, the ICPC sought the assistance of the DSS to effect his arrest,” another source disclosed.

Nnaji resigned as Minister of Science and Technology in October last year under circumstances surrounding his academic qualifications that generated public attention.

By Yusuf Danjuma Yunusa

The Central Bank of Nigeria, CBN, has revoked the operating licences of 46 microfinance banks nationwide, effective July 1, 2026, citing failure to meet regulatory and prudential requirements.

The apex bank announced the action through an official press statement released on its Instagram channel and confirmed by acting Director of Corporate Communications, Hakama Sidi-Ali. The CBN said the revocation was approved by Governor Olayemi Cardoso under Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.

In the statement, the CBN listed five reasons for the closures: “insufficient assets, unauthorized closure, inactivity, failure to commence operations within twelve months, and inadequate capital.” It said the action was “necessary for safeguarding the financial system and protecting depositors” and reaffirmed the bank’s “ongoing commitment to a safe, sound, and resilient banking environment.”

A Hausa-language briefing shared by Ayau News also reported that the licences were cancelled “as a response to non-compliance with established banking standards, with the stated goal of strengthening the overall banking system and protecting depositors.”

The 46 closures are part of a broader regulatory cleanup that began in May 2023, when the CBN revoked licences of 179 microfinance banks and 4 primary mortgage banks. At the time, the CBN said the affected institutions were either “inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six months in contravention of the Banks & Other Financial Institution Act, BOFIA, 2020”.

Under the Purchase and Assumption, P&A, model, 89 new institutions were subsequently licensed to acquire the assets and liabilities of defunct banks and have since commenced operations under new names. 0964

The Nigeria Deposit Insurance Corporation, NDIC, said it has commenced the final phase of liquidating 89 defunct MFBs and PMBs whose licences were revoked in 2023. 0964

“As part of the process of concluding the liquidation in line with the provisions of our enabling Act and other applicable laws, the NDIC, in its capacity as liquidator, will approach various judicial divisions of the Federal High Court to obtain orders dissolving the defunct banks and releasing the Corporation as liquidator,” the NDIC stated. 0964

The NDIC said the P&A arrangement has “ensured uninterrupted access to banking services in the affected communities, as acquiring institutions have fully taken over the operations of the defunct banks”. Lagos accounts for the highest number of banks undergoing wind-down with 27, followed by Osun with 7 and Anambra with 6. 0964

The CBN stressed that depositors of the closed banks remain covered by NDIC insurance. The resolution framework is designed to “bring closure to the resolution process while ensuring depositors’ interests remain protected, and the financial system remains stable.”

The CBN said the full list of the 46 affected microfinance banks is available in the PDF linked in its official statement. post-795963149691756479817

Source: CBN

By Yusuf Danjuma Yunusa

The African Democratic Congress has uploaded the names and particulars of its presidential candidate, Atiku Abubakar, and his running mate, Rotimi Amaechi, to the Independent National Electoral Commission’s nomination portal ahead of the 2027 general election.

The development was announced on Tuesday night by the party’s National Publicity Secretary, Bolaji Abdullahi, in a post shared on his verified X handle.

He wrote, “We are pleased to announce that we have successfully uploaded the names and particulars of the African Democratic Congress presidential candidate, Atiku Abubakar (GCON), and our Vice Presidential Candidate, Rotimi Amaechi (CON), to the nomination portal of the @INECNigeria.

“This marks another important step in our preparations for the 2027 general election and our commitment to offer Nigerians a credible alternative built on competence, unity, and national renewal.”

The upload is one of the statutory requirements in the build-up to the presidential election, enabling political parties to formally submit the particulars of their candidates to the electoral commission within the stipulated timetable.

Atiku emerged as the ADC’s presidential candidate after defeating former Minister of Transportation, Amaechi, and economist Mohammed Hayatu-Deen at the party’s presidential primary in May. Amaechi subsequently accepted his nomination as Atiku’s running mate, completing the party’s presidential ticket.

The ADC has positioned itself as a major opposition platform for the 2027 election, with Atiku seeking another shot at the presidency after previously contesting under the Peoples Democratic Party in 2019 and 2023.