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CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Breaches

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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.”

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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

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Singapore to Give Families Nearly ₦94m for Every Child Born as Birth Rate Record Drops

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By Yusuf Danjuma Yunusa

Singapore has announced a new financial support package that will provide each eligible Singaporean child with nearly S$70,000 (about ₦94 million) in government benefits from birth until age 17.

Prime Minister Lawrence Wong announced the S$62,000 SG Child Support Package during his National Day Rally speech on August 23, saying the government wants to make a fundamental change in how families are supported rather than simply making small adjustments to existing schemes.

The package includes a S$10,000 cash Baby Gift, S$32,000 in Child Credits, a S$5,000 Child Development Account (CDA) grant, up to S$5,000 in government CDA co-matching and a S$10,000 top-up to the child’s Post-Secondary Education Account.

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When combined with existing benefits, including a S$5,000 MediSave Grant for Newborns and annual Edusave contributions, total government support will reach about S$70,000 per child. This is higher than the current S$27,500 to S$56,500 parents receive, depending on the child’s birth order.

Wong said the government would simplify the system because many parents find the existing schemes difficult to understand. He said every child would receive the same level of support, with assistance provided not only at birth but throughout the years as children grow.

The S$10,000 Baby Gift will be paid in two instalments during the first year after birth, while the S$32,000 Child Credits will provide S$2,000 annually from age one until the child turns 16. The government will also give a further S$10,000 top-up to the child’s education account when the child turns 17.

The new package is expected to benefit more than 610,000 children across 380,000 households. The measures are part of Singapore’s wider efforts to encourage more people to have children amid a declining birth rate.

Wong said the government was putting significant resources into the plans because supporting families and Singaporeans through every stage of life remains a national priority.

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Imam Jingir Sells Out, Deploys Muslim-Muslim Chants Minutes After ₦600 Million APC Windfall

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By Yusuf Danjuma Yunusa

Plateau-based Islamic cleric, Yahaya Jingir, intensified his support for the All Progressives Congress (APC) Muslim-Muslim ticket after receiving donations of N600 million from Ibrahim Masari, special adviser to President Bola Tinubu, and Governor of Yobe State, Mai Mala Buni.

A viral video of Mr Masari, an ally and SA on political affairs to Mr Tinubu, announcing the donation of ₦600 million by him and Mr Buni to Mr Jingir-led religious university project emerged on the internet on Monday.

“I, too, have given ₦300 million, and my brother, the Governor of Yobe State, has also given ₦300 million, bringing the total to ₦600 million. Give us the account details so we can transfer the money right now,” Mr Masari said.

In response to Mr Masari’s donation at the event, the cleric doubled down on campaign for a Muslim-Muslim ticket.

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“So, we are very grateful, and may Allah reward you. Let me stop here,” Mr Jingir said, asking the crowd, “is the name of the university the private purse of Alhaji Sani Yahaya Jingir?”

“I want education to be established so that both Muslims and Christians can be successful,” he added.

Chanting “Muslim-Muslim” in support of the same-faith ticket to close his remarks, Mr Jingir said, “May Allah bring peace to Nigeria and peace to the Muslim world. And for those who are saying we are cheating in the name of Islam, may Allah open their eyes and guide them to Islam.”

Though the cleric claimed the donations were not to him but for a university project, it has sparked reactions on social media.

“If you are following Yahaya Jingir to shout Muslim-Muslim ticket look at this video! N600 million,” Imran Wakili, an X user said. “And you still think removal of subsidy is for you and me!”

Another X user, @MBMoralpolice said, “The man is after his bank balances to say so seems fair but when one is announcing a 300M Naira donation to your purse somehow and you are eager to take the microphone away ahead of further donations announcement, I better ask?! How Much Are You Really Worth.”

@Aliyyyou said, “Religious leaders have really got it wrong in this country. No respect, dignity or honor. Just power, money and fake faith. No difference from the politicians.”

About two weeks ago, Mr Jingir had announced support for Mr Tinubu’s same faith ticket as Nigerians head for presidential election in 2027, sparking backlash.

“I am one of those who raise the flag of Islam. I am calling on people to come and let us do Muslim-Muslim again,” Mr Jingir said.

Charging Muslims to vote for Mr Tinubu’s re-election based on the same-faith ticket to prove that Muslims outnumber Christians in Nigeria, Mr Jingir said, “So, here I am calling on you; please, everyone should get their votes ready. Let us show the world that those unbelievers who claim they outnumber us in Nigeria are lying.”

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It’s a Lie: Nigeria Is Not Africa’s Wealthiest but One of Its Poorest — Donald Duke

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The presidential candidate of the People’s Redemption Party (PRP), Donald Duke, has described as “a lie” the notion that Nigeria is the wealthiest country in Africa.

The former Governor of Cross River State said Nigeria is, rather, one of the poorest countries on the continent and should not be regarded as Africa’s largest economy based solely on its overall GDP.

In an interview with selected journalists in Lagos, Duke said Nigeria is a poor country when its per capita income is taken into consideration.

According to him, even countries that Nigeria considers smaller have higher per capita incomes, adding that the country is “living a lie.”

“It is embarrassing that a country that was considered one of the wealthiest in Africa still thinks today that it is the largest economy in Africa. That is not true.

“We are living a lie. It is a nice sound bite, though, to say that Nigeria is the largest economy in Africa. No. Nigeria is just one of the poorest when you take per capita income into consideration, and that is what you should measure, not just growth.

“If all we were producing in Nigeria was kulikuli, as we have been advised to do, we would still be a large economy in terms of GDP. But individually, what is our capital base? It is very poor.

“Most of these countries that we laugh at have a higher income per capita than we do.

“So, it all comes down to productivity. The idle mind is the playground of the devil. That was true yesterday, it is true today, and it will be true tomorrow,” Duke said.

On security, Duke said he does not like the phrase “Islamic terrorists” because he does not believe the terrorists are driven by Islam.

He noted that the security challenges facing Nigeria, particularly in the northern part of the country, were aggravated by the collapse of Libya, which led to an influx of arms through Nigeria’s land borders.

He, therefore, suggested that Nigeria needs short-, medium- and long-term approaches to address the rising insecurity holding the country back.

“Right now, you have got to deal with the security problems as they exist today — kidnapping, banditry, terrorism and all that.

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“But even beyond that, those things are consequences of other things. They are consequences of a very poor economy and, of course, the failure to properly manage our borders.

“With the collapse of Libya, a lot of arms have been moving south. We call them Islamic terrorists. I don’t like that phrase because I don’t think they are driven by Islam.

“The Islam I know is different. They just use that connotation to describe them. Rather, I think these are destructive elements. You can see that when they go into communities, they collect taxes and do other things. It is all geared towards collecting or building a resource base for themselves.”

For the medium- and long-term approaches, Duke suggested that the Nigerian government should focus on making citizens more productive.

He noted that as long as people are not productive, they will find their own means of survival.

He advised the government to focus on local production to improve productivity and to deploy modern technology in securing the country’s borders.

On reviving the economy of Northern Nigeria, the PRP presidential hopeful said that, if elected President, he would ensure that mining activities in the region are properly structured.

According to him, the structure should promote inclusive participation in the mining industry, ensuring that local and state governments become stakeholders in the sector.

“The rush to produce oil is not synonymous with wealth. You must have commercial quantities and all that. I sometimes think it is overplayed. The oil in the Chad Basin is not available in such commercial quantities. I think the real wealth of the North, beyond agriculture, is in the mineral deposits there.

“There must be a structured way of mining. Today, it is artisanal, and the broader community, the border communities, society and the nation itself do not adequately benefit from those resources.

“Take, for instance, the gold in Zamfara. It probably has — I don’t know — perhaps as much gold as all of Ghana does. Ghana was once called the Gold Coast, so that tells you how much gold there could be in Zamfara. But mining has also attracted banditry because Nigeria is largely an unpoliced state.

“So, I would make each state an economic entity. I think it would encourage states and their governments to focus on the minerals they have.

“If I were in charge, alongside the states, we would carry out an evaluation. I know some of this has already been done. We would evaluate what is available in each state and go further to determine the proven reserves.

“So, for instance, if you are looking for columbite or any other mineral and you know columbite exists in a particular place, let us go further and determine the proven reserves of columbite, lithium or whatever mineral we want to develop.

“Once you have developed it to that level, you make it more attractive for investors to come in. This should be a joint venture between the state and federal governments because the revenues from those resources will be shared by both levels of government.

“But nobody is going to invest if there is no security. We saw what happened in the South, in the Niger Delta region, when security broke down, which was also a function of increasing poverty in those areas.

“The investors there — the oil companies and international companies — moved out, and they now prefer producing oil from the deep sea, which is considered safer,” he said.

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