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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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INEC Extends Submission of Nominated Candidates Deadline for 2027 Elections by Three Days

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has granted a three-day extension to political parties for the submission of candidate names for the 2027 presidential and National Assembly elections.

The deadline, initially set to expire at midnight on Saturday, July 11, 2026, has been moved to Tuesday, July 14, 2026. The commission announced the adjustment in a statement issued on Sunday by its National Commissioner and Chairman of the Information and Voter Education Committee, Mohammed Kudu Haruna.

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According to INEC, the extension was necessitated by a formal appeal from the Inter-Party Advisory Council (IPAC), which cited difficulties encountered by several parties in uploading the required names and personal particulars of their aspirants within the original timeframe.

In the statement, INEC emphasized that the decision underscores its dedication to an inclusive electoral process while remaining strictly within the bounds of the law. The commission reaffirmed that the adjustment is a responsive measure to the operational challenges raised by the political parties.

INEC has consequently urged all political parties to make the most of this additional window to finalize their submissions.

“The Commission enjoins political parties to take advantage of this window of opportunity and ensure that all necessary details are uploaded before the expiration of the new deadline,” Haruna added.

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ICPC to Arraign ex-Minister Uche Nnaji over Forged Credentials

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By Yusuf Danjuma Yunusa

Former Minister of Science and Technology, Uche Nnaji, is scheduled to be arraigned on Monday before the Abuja Division of the Federal High Court over allegations of certificate forgery that led to his resignation in 2025.

According to Peoples Gazette, the Independent Corrupt Practices Commission was compelled to open an investigation on Mr Nnaji after evidence of forged credentials surfaced, further reinforced by a follow-up petition by the HEDA Resource Centre, an anti-corruption group.

Reports had in 2023 that Mr Nnaji’s discharge certificate from the National Youth Service Corps was a dupe and that his so-called bachelor’s degree certificate was so poorly done that any curious observer could spot its inconsistencies without extra effort.

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Despite resigning over alleged certificate forgery, Mr Nnaji picked up the 2027 PDP Enugu governorship nomination form earlier this year and emerged the winner.

He was arrested at the Nnamdi Azikiwe International Airport in Abuja on July 1, having shirked previous invitations to visit the ICPC office for questioning.

Sources acquainted with the matter said the anti-graft commission has built a “water-tight” case against Mr Nnaji and filed criminal charges against him before Justice Abdulmalik Joyce.

The Gazette learnt that it will be nearly impossible for Mr Nnaji to wriggle his way out of these evidence-backed charges, which border on corruption, including the submission of forged credentials to the National Assembly during his ministerial screening, and so on.

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Remi Tinubu Urges Davido, Burna Boy, Asake, to Help Tackle the Economy, Says Govt Alone Can’t Fix It

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By Yusuf Danjuma Yunusa

The First Lady Senator Oluremi Tinubu has said that although luxury is good, Burna Boy, Davido, Asake and other wealthy Nigerians should help the less-privileged.

She said “the burden on the government is huge”, so the rich should help.

Also, Mrs Tinubu reiterated her call for Nigerians to consider small businesses such as akara.

She made the calls in Lokoja, Kogi State, on Saturday, where she launched the national community food bank.

“Nigeria is a great country. We have a lot of wealthy people. But our priorities are different. And I think it’s high time we started helping those who need help in the country.

“I want to appeal to our young ones in the entertainment industry.

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“I’ve mentioned it before, and I will use Akon, a music icon who does a lot of great charity work.

“The Burna Boys of this world, Asake, all of them, Davido. We want to see you with one foundation or the other, helping the poor with your money.

“Good cars are good; a Maybach is good. Rolls-Royce is good, but still you can still help. The burden on the government is huge.

“You can still help.

“There are pepper sellers. There are vegetable sellers. There are okra sellers, melon sellers, akara, kulikuli. Akara is delicious; I can tell you that,” she added.

The first lady also urged Nigerians not to look down on legitimate means of eking out a living.

“And I read an article about a young graduate who said he didn’t get a job. And he said he sells akara because he couldn’t get a job, and he’s in Abuja.

“We approached him, but I didn’t put my name to it. We equipped him more. He now has 12 workers under him, and he’s doing very, very well.

“So our people should never despise jobs,” she said.

Speaking on empowerment programmes in Kogi, Tinubu announced the donation of ₦100,000 to empower another 2,000 petty traders in the state.

She also commended the beneficiaries for their efforts.

“Today in that same spirit, the Renewed Hope Initiative has donated ₦100 million to the First Lady of Kogi State and RHI coordinator to empower another 2,000 petty traders in Kogi State with the sum of ₦50,000 each to recapitalise their existing businesses.

“And I’m glad that the women who are beneficiaries, they got the idea because I saw them bringing their tray of different food items, very small items, to welcome me today.

“And I think the message is quite received, no matter how people want to turn it around,” Mrs. Tinubu added.

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