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CBN Warns Non-interest Banks Against Governance, Compliance Risks

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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.

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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.

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FCT Police Enforce Tinted Glass Ban

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By Yusuf Danjuma Yunusa

The Federal Capital Territory Police Command has impounded more than 30 vehicles for operating with tinted glasses, obscured number plates, and improper registration as it commenced the enforcement of the ban on tinted vehicles across Abuja.

Addressing journalists at the command on Friday, the FCT Commissioner of Police, Ahmed Sanusi, said the operation was aimed at tackling the growing use of such vehicles by criminals involved in one-chance robberies, kidnappings, and other violent crimes within the territory.

According to him, the Inspector-General of Police, Olatunji Disu, has given the command the go-ahead to enforce the ban.

Sanusi said intelligence reports indicated that criminal elements deliberately use tinted vehicles and concealed number plates to hide their identities, evade detection, and frustrate law enforcement efforts.

He said: “The IG has given us the mandate to begin the enforcement of the ban on the use of tinted vehicles and other offences as earlier stated.

“Intelligence reports at the disposal of the command indicate that many criminal elements deliberately use such vehicles to conceal their identities, evade detection, and frustrate law enforcement efforts. This poses a serious threat to public safety.”

The police commissioner explained that the enforcement exercise followed a directive to begin strict implementation of regulations prohibiting the use of tinted glasses and other traffic-related violations that could aid criminal activities.

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Consequently, he said the command had launched a comprehensive operation targeting vehicles operating in violation of the regulations.

“This exercise is not intended in any way to inconvenience law-abiding citizens, but it is to deny criminals the cover they exploit to operate crimes against innocent citizens and the FCT residents at large,” Sanusi stated.

He disclosed that more than 30 vehicles had already been seized during the operation.

“As part of this ongoing enforcement, over 30 vehicles found to be operating with tinted glasses, covered or obscured number plates, and without proper registration have been impounded,” he said.

The commissioner warned that owners and operators of the impounded vehicles would be prosecuted in accordance with relevant laws.

“The owners and operators of these vehicles will be charged to court in accordance with the laws of the Federation and the FCT Road Transport Regulations Act, 2023,” he added.

Sanusi reaffirmed the command’s commitment to intelligence-led policing and proactive crime prevention, urging residents to support the enforcement exercise.

He also called on members of the public to remain vigilant and report suspicious persons, vehicles, or activities to the nearest police station or through the command’s emergency lines.

“We therefore seek the understanding, cooperation, and support of the public as we continue this enforcement exercise and enforce the ban on the use of such vehicles and the total ban on tinted glasses across the FCT,” he said.

The police boss maintained that the crackdown was part of broader efforts to improve security and deny criminals the means of operating undetected within the nation’s capital.

The enforcement of restrictions on tinted vehicles comes amid uncertainty over the status of the Nigeria Police Force’s tinted glass permit policy.

On January 1, 2026, the Force suspended nationwide enforcement of the policy following an interim court order restraining its implementation, according to a statement issued by the then Force Public Relations Officer, Benjamin Hundeyin.

The police had earlier announced on December 15, 2025, that enforcement of the policy would resume from January 2, 2026, as part of measures aimed at strengthening public safety and internal security.

However, it remains unclear whether the court order has since been vacated or whether the suspension remains in effect.

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Kwankwaso will destroy your presidential ambition – Primate Ayodele tells Peter Obi

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The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has warned the presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi, that his running mate, Rabiu Kwankwaso, will negatively affect his presidential ambition.

In a statement signed by his media aide, Osho Oluwatosin, Primate Ayodele claimed that Peter Obi is too desperate and is unable to see beyond what he wants.

The man of God explained that the former Anambra governor doesn’t listen to instructions and that Kwankwaso has sold him out already but he doesn’t know.

“Peter Obi doesn’t listen to divine instructions, and because of this, he has fallen into the wrong hands for his ambition.

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“Kwankwaso isn’t ready to fight for him; he will eventually sell him out, but he doesn’t know it yet. He has already muddled Obi’s presidential ambition,” he claimed.

The prophet stated that anything Kwankwaso was doing is for his personal interest and nothing more.

He explained that he doesn’t hate Obi or any politician, but he isn’t mature for the presidential position.

“Kwankwaso is doing everything for his personal interest and nothing more. I wish Obi’s eyes could be opened to what is happening around him, but he can’t see it. I don’t hate Peter Obi, I love him and his courage, but he is not yet mature for the position he is seeking.

“However, Kwankwaso’s plans will soon be exposed, but it will be too late for Peter Obi because he has gone very deep into it,” he added.

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Northern Youth Assembly Accuses Kwankwaso of Betraying Kwankwasiyya Ideals Over Obi Alliance

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The Northern Youth Assembly (Majalisar Matasan Arewa) has strongly criticized former Kano State governor and leader of the Kwankwasiyya Movement, Rabiu Musa Kwankwaso, over his reported alliance with Peter Obi and the Obidient Movement ahead of the 2027 general elections.

In a lengthy statement issued on Wednesday and signed by its Secretary General, Hafiz Garba, the group described the alliance as what it called the “ultimate betrayal” of the principles upon which the Kwankwasiyya Movement was built.

The organization argued that Kwankwaso’s political movement had, for more than two decades, cultivated an identity centered on northern development, education, economic empowerment, and the defense of northern cultural and political interests. According to the statement, these values formed the foundation of Kwankwaso’s appeal across northern Nigeria and distinguished the movement from conventional political structures.

The Assembly pointed to the movement’s scholarship initiatives, welfare programs, and emphasis on northern identity as evidence of what it described as Kwankwaso’s longstanding commitment to advancing the region’s interests.

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However, the group claimed that the reported alliance with Peter Obi and the Obidient Movement represented a direct contradiction of those ideals. It alleged that some supporters associated with the Obidient Movement had made disparaging remarks about prominent northern historical figures, including Sir Ahmadu Bello, the Sardauna of Sokoto; Nigeria’s first Prime Minister, Sir Abubakar Tafawa Balewa; and Islamic scholar Sheikh Usman Dan Fodio.

According to the statement, Kwankwaso has failed to publicly distance himself from or condemn such remarks. The Assembly argued that his silence on the issue raises questions about his commitment to the values and historical legacy he previously championed.

“The north has every right to demand answers,” the statement said, questioning how a leader who built his political identity around northern pride could align himself with a movement that, in its view, has shown insufficient respect for northern historical icons.

The organization further argued that the alliance demonstrates a shift from what it described as principled regional advocacy to political pragmatism aimed at securing electoral advantage in 2027. It accused Kwankwaso of prioritizing political ambition over the preservation of northern cultural and historical heritage.

The statement also expressed concern among some supporters of the Kwankwasiyya Movement who view the alliance as a departure from the movement’s original mission. According to the Assembly, many loyalists who embraced the movement’s symbolism and programs may now feel alienated by the new political arrangement.

Concluding its remarks, the Northern Youth Assembly described Kwankwaso as a major disappointment to northern political aspirations and argued that his actions undermine the legacy of leaders and institutions that have historically shaped the region’s identity.

Neither Kwankwaso nor representatives of the Obidient Movement had publicly responded to the Assembly’s statement at the time of publication.

Political analysts note that alliances and realignments are expected to intensify as preparations for the 2027 elections gather momentum, with major political actors seeking broader coalitions capable of competing on the national stage.This version follows a conventional news-reporting style by attributing all claims to the Northern Youth Assembly and maintaining a more neutral journalistic tone.

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