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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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Court Voids Judgment Recognising NDC as Political Party

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By Yusuf Danjuma Yunusa

A federal high court in Lokoja has set aside its earlier judgment which compelled the Independent National Electoral Commission (INEC) to register the Nigeria Democratic Congress (NDC) as a political party.

Isah Dashen, presiding judge, while delivering ruling in a suit marked FHC/LKJ/CS/49/2025, held that the December 10, 2025, judgment was reached without hearing all necessary parties, rendering the proceedings constitutionally defective.

According to NAN, the ruling followed an application by the Peace Movement Party (PMP), which argued that it had a legal interest in the case and should have been made a party before the court delivered judgment.

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Dashen agreed, holding that the applicant had established sufficient interest to be a party in the proceedings.

The judge said the omission rendered the entire process null and void.

He also held that material facts were not disclosed during the earlier proceedings, making it necessary to vacate the previous order.

Consequently, he ordered that the status quo be restored to what it was before the December 2025 judgment, pending the determination of the substantive suit.

The court also ordered that the substantive suit begin afresh, with INEC, the PMP and the NDC joined as parties.

On February 5, 2026, Joash Amupitan, INEC chairman, said “only two” out of the eight “qualified for final assessment and verification of due compliance with the constitution and the Electoral Act”.

Despite not being part of the pre-qualified associations, the NDC was also registered by INEC.

“The Federal High Court sitting in Lokoja, Kogi state, in suit No. FHC/LKJ/CS/49/2025 between Barr Takori Mohammed Sanni & Ors v. INEC ordered the commission to register Nigeria Democratic Congress (NDC) as a political party,” Amupitan said.

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Backlash Trails Oluremi Tinubu’s Suggestion on Akara, Kuli-Kuli Business

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By Yusuf Danjuma Yunusa

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First Lady, Senator Oluremi Tinubu, has sparked mixed reactions online following her remarks encouraging Nigerians to explore low-capital ventures such as akara frying, roasted corn sales, and kuli-kuli production as means of livelihood.

‎She made the comments during a press briefing with State House Correspondents after the second-quarter meeting of the Renewed Hope Initiative with wives of state governors, held at the Presidential Villa, Abuja, on Wednesday. A video of her statement surfaced online on Friday via News Channel 247.

‎In her address, the First Lady highlighted the initiative’s efforts to support vulnerable Nigerians through grants and empowerment programmes, stressing that beneficiaries were given financial assistance without repayment obligations.

‎According to her, the aim was to provide immediate relief and encourage self-reliance through simple business ideas that require minimal startup capital.

‎“We’re trying to give hope, and starting an akara business doesn’t take much money. Roasting corn or even kuli-kuli doesn’t require much either. We didn’t give loans; we gave grants,” she said, adding that she has continued to support Nigerians within available resources.

‎She further noted that the Renewed Hope Initiative has extended interventions into sectors such as healthcare, agriculture, education, and social welfare. She revealed that she personally contributed funds including ₦2 billion for tuberculosis control, ₦1 billion for breast cancer interventions, and ₦500 million for malnutrition support.

‎Tinubu also explained that the initiative had facilitated scholarships, ICT training, agricultural support, and other social investment programmes aimed at improving livelihoods across the country.

‎Reaffirming the government’s agenda, she urged Nigerians to remain hopeful despite prevailing economic difficulties, saying the Renewed Hope Initiative is designed to restore confidence and improve living conditions.

‎However, her remarks quickly triggered backlash on social media, with many Nigerians accusing her of being out of touch with the realities of economic hardship in the country.

‎Critics on X (formerly Twitter) described the comments as insensitive, arguing that they downplay the scale of unemployment and rising cost of living.

‎One user, @ADCVanguard_, said the statement reflects how disconnected the political class has become from ordinary citizens, while another, @ireteeh, compared the initiative with private-sector empowerment efforts that focus on tech and skill development.

‎Some users also expressed concern that promoting petty trading was not enough given current economic challenges, insisting that Nigerians need sustainable jobs and structural economic reforms.

‎However, others defended the First Lady, arguing that small-scale businesses like akara and roasted corn sales have historically sustained many families and remain profitable ventures when properly managed.

‎A user, @Akikanju1568901, described akara business as a viable source of income that has helped many families educate their children and build financial stability.

‎Another user, @PemiOladapo, emphasized that there is dignity in all forms of labour and encouraged Nigerians to embrace available opportunities and scale up gradually.

‎Conversely, some commenters clarified that the criticism was not directed at the businesses themselves, but rather at the timing of the message, given the current economic hardship facing citizens.

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UniAbuja Hosts 51st Inaugural Lecture on Climate-Resilient Plant Breeding

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Abuja, June 25, 2026.

Yakubu Gowon University (formerly the University of Abuja) on Thursday held its 51st Inaugural Lecture, where Professor Bashir Omolaran Bello, Professor of Agronomy (Plant Breeding and Genetics), underscored the importance of plant breeding in tackling climate change and ensuring global food security.

The lecture, titled “Plant Breeding for Climate Resilience and Food Security: From Genes to Sustainable Food System,” was held at the Faculty of Agriculture Lecture Theatre, Main Campus, Airport Road, Abuja.

The event commenced with an opening prayer, followed by the introduction of distinguished guests, including Dr. Nasri Mustafa, Mallam Abdullah, Alhaji Wahab Ademula, Alhaji Shitu Rasheed, and Alhaji Mustafa, alongside representatives of various organizations and members of the university community.

In his opening remarks, the Vice-Chancellor, Professor Hakeem Babatunde Fawehinmi, welcomed participants and expressed confidence in the success of the event. He reaffirmed the university’s commitment to research excellence and described the inaugural lecture series as an important platform for advancing scholarship and innovation.

Delivering the inaugural lecture, Professor Bello opened his presentation by examining the global challenges of climate change, global warming, climate resilience, and food security. He explained that climate-resilient crops “withstand, adapt, and recover from the effects of climate variability,” stressing that such crops are indispensable to sustainable agriculture in a changing climate.

Tracing the evolution of plant breeding, the professor outlined four major stages in its development: Early Domestication (10,000 BC–1865), Traditional Breeding (1865–1980), Molecular Breeding (1980–2015), and Genomics, Gene Editing and Digital Breeding (2015–2026). He explained that each phase has contributed significantly to improving crop productivity and resilience.

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Highlighting advances in biotechnology, Professor Bello discussed tissue culture as an effective technique for the production of disease-free and uniform plants. He further emphasized that “conservation is vital for long-term crop availability,” noting that preserving plant genetic resources remains essential to sustainable agriculture.

Speaking on the significance of crop improvement, he stated that “Plant breeding is vital for sustainable food development.” He observed that “plant breeding has progressed from conventional methods to genomic-assisted innovation, remaining central to agricultural transformation and global food security.”

The professor described research as the foundation of future agricultural development, declaring that “Research is a necessity.” He therefore advocated increased funding and grants to enable researchers to develop improved crop varieties capable of withstanding climate-related challenges.

Emphasizing the need for continuous scientific advancement, Professor Bello remarked that “The future depends on innovation,” adding that “the future of food security lies in continuous innovation and strategic collaboration in plant breeding.” He further urged governments, research institutions, and development partners to “ensure farmers have access to improved and climate-resilient seeds.”

Reflecting on his academic journey, Professor Bello highlighted his numerous research publications and contributions to crop improvement. Beyond maize, he disclosed that his research has focused on sweet potato, tomato, sugarcane, and several other economically important crops, demonstrating how modern plant breeding can improve productivity, strengthen climate resilience, and enhance farmers’ livelihoods.

At the conclusion of the lecture, Professor Bello expressed gratitude to Almighty Allah and acknowledged the support of his late parents, siblings, mentors, the Vice-Chancellor, Deputy Vice-Chancellor, principal officers, the Inaugural Lecture Committee, the Faculty of Agriculture, university administrative and technical staff, heads of departments, colleagues, students, his associates at the Federal University Gashua, research partners, and all contributors to his academic journey. He dedicated the lecture to everyone who contributed to his research.

Following a vote of thanks, the Vice-Chancellor presented Professor Bello with a commemorative plaque and certificate in recognition of his outstanding contributions to Agronomy and Plant Breeding. Professor Fawehinmi commended the inaugural lecturer for his scholarly achievements and expressed optimism that more professors from the university’s various faculties would continue to deliver impactful inaugural lectures.

The ceremony concluded with closing remarks and a closing prayer led by Professor Umar. Guests later gathered for group photographs, bringing the university’s 51st Inaugural Lecture to a successful close.

The lecture reinforced the importance of research, innovation, conservation, and strategic collaboration in building climate-resilient agricultural systems capable of guaranteeing sustainable food security for future generations.

By Igboka Annabel
Department of Development and Strategic Communication University of Abuja Nigeria.

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