News

CBN Warns Non-interest Banks Against Governance, Compliance Risks

Published

4 months ago

May 11, 2026

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.

News

KANSIEC Chairman Advises Fruits Sellers Association to Modernize Business

Published

24 hours ago

September 12, 2026

Nigerian Tracker

The Fruits Sellers Association, Kano State Chapter, has been advised to develop a strategic plan within a specific timeframe to modernize its business operations.

The Chairman of the Kano State Independent Electoral Commission, KANSIEC, Professor Sani Lawal Malumfashi, gave the advice during a courtesy visit by members of the association to his office.

Professor Malumfashi stated that the fruit business anywhere in the world serves customers from all backgrounds, both rich and poor, due to the importance of fruits in food consumption.

He maintained that the association should seek recognition across the three tiers of government in order to benefit from government policies and programmes.

The KANSIEC Chairman added that the present administration under the Executive Governor, Alhaji Abba Kabir Yusuf, is transforming Kano into a modern metropolitan city with many parks. He said fruit sellers should secure designated spaces around the corners of flyovers across the city.

Earlier, the Chairman of the Fruits Sellers Association of Nigeria, Kano State Chapter, Alhaji Safiyanu Abdullahi, said they visited KANSIEC to seek guidance on how to conduct free, fair, and peaceful elections within the association.

Bashir Habib Yahya
Media Aide to the KANSIEC Chairman
Date: 11/09/2026

News

Breaking :Former PDP National Chairman Alhaji Bamanga Tukur Is Dead

Published

1 day ago

September 12, 2026

Nigerian Tracker

Former Chairman of the peoples Democratic party during Jonathan’s administration Alhaji Bamanga Tukur is dead .

A credible source in Yola the capital of Adamawa state informed Nigerian Tracker that Alhaji Bamanga Tukur passes on in Abuja.

The source said his body will later be conveyed to Yola the capital of Adamawa state for funeral at the palace of Lamidon Adamawa Alhaji Muhammad Barkindo .

Alhaji Dr. Bamanga Mahmud Tukur (CON) was a prominent Nigerian politician, businessman, administrator, and elder statesman who has had a towering impact on Nigeria’s socio-political and economic sectors for over six decades.

He was widely recognized for his roles as the former Governor of the old Gongola State, the former Minister of Industries, and the former National Chairman of the People’s Democratic Party (PDP).

Early Life and EducationDate of Birth: Born on 15 September 1935 in what is today Adamawa State, Nigeria.

Higher Education: He obtained a Master of Science (M.Sc.) degree from the University of Pittsburgh in the United States.

Honorary Recognition: He was awarded an honorary Doctorate Degree in Law (Honoris Causa) by Benue State University in Makurdi, Nigeria.

Traditional Titles: Reflecting his high regional and cultural status, he holds the distinguished traditional titles of Tafidan Adamawa and Wakilin Ganye in Adamawa State.

Career in Public Service & Governance
Nigerian Ports Authority (NPA):
Served as General Manager/Chief Executive from 1975 to 1982, managing port congestion and modernizing seaports.

Governor of Old Gongola State: Elected during the Second Republic in 1982, serving a brief term before the December 1983 military coup.

Minister for Industries: Served under General Sani Abacha’s military administration from 1993 to 1995.

Business and Continental Leadership Founder of BHI Holdings (Daddo Group),

Tukur expanded his economic influence across Africa:

Africa Business Roundtable (ABR): Founder, past president, and Life Patron.

NEPAD Business Group: Elected Chairman in March 2002.

International Maritime Stature: First African Vice President of the International Association of Ports and Harbours (IAPH)

PDP National Chairmanship (2012–2014)Elected PDP National Chairman in March 2012.

News

Nigeria’s Oil Output Hits 1.573m bpd as OPEC Production Rises–Report Says

Published

2 days ago

September 11, 2026

Nigerian Tracker

By Yusuf Danjuma Yunusa

Nigeria’s crude oil production, excluding condensate, rose by 35,000 barrels per day (bpd) to 1.573 million bpd in August 2026, from 1.537 million bpd in July, according to the latest data from the Organisation of Petroleum Exporting Countries (OPEC).

The increase, representing a 2.3 per cent month-on-month (MoM) growth, places Nigeria among OPEC members that recorded higher production during the month.

OPEC, in its latest monthly data based on direct communication from member countries, said Nigeria’s August output was its highest monthly production level in the data provided for 2026.

The August figure also exceeded Nigeria’s average production of 1.552 million bpd in the second quarter of 2026, indicating a gradual improvement in upstream output.

The development comes amid renewed efforts by the Federal Government and oil producers to boost production through improved security, fresh upstream investments, new projects and the rehabilitation of existing assets.

Across OPEC, crude oil production increased by 346,000 bpd to 24.081 million bpd in August, from 23.735 million bpd in July.

Iraq recorded the largest increase among OPEC members, with output surging by 664,000 bpd to 3.378 million bpd. Kuwait followed with a 49,000-bpd increase to 1.894 million bpd, while the United Arab Emirates added 54,000 bpd to reach 3.835 million bpd.

Venezuela also increased production by 23,000 bpd to 1.145 million bpd.

However, some major producers recorded declines. Saudi Arabia’s output fell by 75,000 bpd to 7.276 million bpd, while Algeria and Libya declined by 8,000 bpd and 9,000 bpd to 999,000 bpd and 1.355 million bpd respectively.

Iran recorded the largest decline, with production dropping by 399,000 bpd to 2.086 million bpd.

Beyond OPEC, total production by the broader OPEC+ group, comprising OPEC members and participating non-OPEC producers under the Declaration of Cooperation (DoC), rose by 297,000 bpd to 38.055 million bpd in August.

Within the non-OPEC DoC group, Kazakhstan increased production by 159,000 bpd to 1.807 million bpd, while Russia cut output by 160,000 bpd to 8.718 million bpd.

For Nigeria, the latest production increase could provide some relief to government revenue and foreign exchange earnings, given the continued importance of crude oil exports to the economy.

Nigeria has set a target of raising crude oil production towards three million bpd by 2030, making sustained increases essential to achieving the ambition.

However, the country still faces significant challenges, including ageing fields, infrastructure constraints, crude theft, funding difficulties and the need to attract new investment into the upstream sector.

The August performance therefore represents progress, but maintaining the upward trend will be crucial if Nigeria is to close the gap between current production and its ambitious 2030 target.