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CBN plans tough sanctions for banks

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By Francesca Hangeior

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has vowed to pursue an aggressive regulatory environment to reduce infractions in the country’s banking system.

He said this on Tuesday in Abuja at the Monetary Policy Committee meeting of the apex bank, the first since he assumed office in September 2023.

He also stated that an in-depth investigation was underway to determine the necessary actions against banks involved in infractions, stressing that the bank was in the process of formulating “stringent regulations” to cleanse and purify the country’s foreign exchange market.

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The governor, responding to questions on steps taken to promote trading on the foreign exchange market, also revealed that its foreign reserves increased to $34bn as of February 20, up by $2bn from the $32.23bn recorded at the end of January.

The naira has depreciated to an all-time low since the new administration floated the currency and unified the exchange rate windows.

The Nigerian currency weakened from over N700/$1 in May 2023 to over N1,500/$1 on Tuesday.

However, Cardoso said that the apex bank was moving to a “very aggressive regulatory environment”, adding that the CBN would do all within its powers to curb arbitrage aided by banks and BDCs.

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He said, “What we are doing at the moment is a collaboration between the central bank and the law enforcement agencies to ensure that we can understand better what is going on in the market and where infractions are taking place. They will be speedily dealt with.

“Now, I must say that we are moving as far as the central bank is concerned, we are moving to a very aggressive regulatory environment, where those policies have been coming out, as you can see, and tolerance for people not to abide by the regulations that are coming out and to comply is zero.

“People will have to abide by those regulations, and those that do not will face the consequences. I can assure you that a very thorough exercise is going on to identify what needs to be done on banks aiding infractions. And once we come out with the outcome of those, it is not something that we will keep to ourselves. We will advise you accordingly and we will do what we have to do.”

According to Cardoso, the apex bank would continue to make the market more liquid and to ensure that those who are genuine and want to abide by the rules and regulations that have been set by the central bank will be free to do so, adding that those who do not should be ready to face the consequences.

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Chief of Army Staff approves new commanders for major formations across federation

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The Chief of Army Staff, Lieutenant General Waidi Shaibu, has approved a strategic reshuffling of senior officers across command, training, and staff positions in the Nigerian Army.

The appointments were announced on Saturday, June 27, 2026, by Acting Director of Army Public Relations, Colonel Appolonia Anele, who said the move was to enhance operational effectiveness and strengthen national security.

New GOCs for 3 and 6 Divisions–

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Major General WM Dangana has been appointed General Officer Commanding 3 Division Nigerian Army and Commander Joint Task Force Operation Enduring Peace. He replaces Major General EF Oyinlola.

Major General EI Okoro takes over as General Officer Commanding 6 Division Nigerian Army and Land Component Commander Joint Task Force South-South Operation Delta Safe, replacing Major General EE Emeka.

–Key command and staff changes–

Other major postings include:

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– Major General JR Lar: Commander, Army Headquarters Garrison
– Brigadier General OM Oyekola: Acting Military Secretary (Army)
– Brigadier General IB Buhari: Commander, Headquarters 63 Brigade
– Brigadier General K Rabiu: Commander, Headquarters 31 Artillery Brigade
– Major General SA Emmanuel: Commander, Nigerian Army Space Command
– Major General O Adegbe: Director, Intelligence and Security, Defence Headquarters

Brigadier General I Waziri remains Chief of Staff in the Office of the COAS.

Training and institutional appointments—

To deepen force readiness, Major General KE Chigbu was appointed Deputy Commandant, National Defence College, while Major General SD Makolo becomes Commandant, Nigerian Army Armour School. Africans& Diaspora

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Major General SO Adejimi is now Commandant, Nigerian Army School of Supply and Transport. Major General FS Etim will serve as Chief of Training, TRADOC NA. Brigadier General U Ahmad takes over as Commandant, Depot Nigerian Army, Zaria.

Major General KO Ukandu and Major General AI Allison were named Managing Director/CEO of Post Housing Development Limited and Managing Director of Defence Properties Limited, respectively.

–“Justify the confidence”–

Anele said Shaibu urged the new appointees to demonstrate “exemplary leadership, professionalism, innovation and unwavering commitment” to the Army’s mandate of defending Nigeria’s sovereignty and supporting civil authority.

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“The Nigerian Army remains resolute in its transformation drive and commitment to building a highly professional, combat-ready and people-oriented force,” Anele stated.

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Lokoja Court order on NDC: Seriake Dickson vows party will challenge order

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Leader of the National Democratic Party, NDC Senator Henry Seriake Dickson has vowed that NDC will challenge court directive.

Dickson in a statement he e-signed stated that the order lacked legal merit and their team of legal experts have been kept on standby to rubbish the move.

He said : “This morning, I, like several other leaders, officials, candidates of the NDC, and members of the public, was jolted by the order issued by the Federal High Court sitting in Lokoja and presided over by Honourable Justice Isah Dashen.

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“All I can say is that the order lacks legal merit and is intended to affect the foundational credibility and efforts of our party. The order is illegal and will not stand. It is against multi-party democracy, anti-democratic in nature, and aimed at narrowing and stifling the democratic space.

” It will be resisted by all of us and by all lovers of democracy in Nigeria.

“We have assembled our team of lawyers, and they are taking appropriate steps to set the order aside and restore normalcy. I call on all members, supporters, and candidates of the NDC to remain calm and continue with their normal political activities.

“This is only the first test of our commitment and resilience, both of which are not in doubt. Even this shall pass, and the NDC and all our candidates shall cruise to victory.

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“We are not naive to expect that the tremendous progress we have achieved in the last five months would go without attack, but this particular development came from a very unlikely source.

“The application by an unregistered association, which is not a registered political party and has no exclusive right to any logo under the law, is shocking.

“Moreover, it was not a necessary party to the suit because it had no interest in the subject matter. It did not apply for registration in 2025, it was not one of the 171 associations that applied, nor was it among the 21 associations shortlisted for registration.

“So, we know where this is coming from. It is coming from those who are shocked by the progress the NDC has made within such a short period as a result of our hard work and commitment to deepening multi-party democracy.

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“We will not allow this to slow us down or break our spirit. The struggle must continue.

“We will use appropriate judicial channels to correct the judicial anomaly that occurred under the watch of Honourable Justice Dashen. He has clearly erred in law, and we will take steps to correct it.

“All our candidates, supporters, and teeming voters across the country and beyond should hold on firmly and keep the faith. This development shows that our efforts have not gone unnoticed.

“I would also like to refer to my favourite quote on struggles “First they ignore you, then they laugh at you, then they attack you, then you win.”

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“We are under attack, as I have repeatedly said we should prepare for challenges such as this. But thereafter, we shall win.

“Even with today’s development, thousands of Nigerians are joining us in solidarity. In fact, thousands of Nigerians across the country registered as NDC members today to show their solidarity, sympathy and support for our party. All things work together for good.

” Men may act with evil intentions, but if it is not the will of God, He turns it around for our good.

“I sincerely thank Nigerians for the confidence they continue to repose in the NDC. Your support, encouragement, and belief in our vision only strengthen our resolve to continue the struggle to deepen multi-party democracy in Nigeria.

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OpenAI restricts limited release of new model to US only

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OpenAI on Friday launched a US-only preview of its latest powerful AI model series to a limited group of partners at the request of the US government, the company said.

The release comes two weeks after the White House took Silicon Valley by surprise by ordering OpenAI’s rival Anthropic to ban all foreign nationals from accessing its Fable 5 and Mythos 5 models, citing national security concerns.

Anthropic swiftly shut down all access to those models, saying it could not reliably comply with the restriction on foreign nationals.

The latest models from leading AI companies, such as Anthropic’s Mythos series and now OpenAI’s GPT-5.6, have drawn major concerns over their reportedly unprecedented ability to identify software vulnerabilities — weaknesses in code that hackers can exploit.

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Under pressure over the novelty of their capabilities, Trump earlier this month signed an executive order setting up a voluntary federal review of national security risks in advanced AI models before their release.

The White House has communicated little about how it will enforce its executive order — in which companies are understood to be participating voluntarily — and what models would fall under its review rules.

The intervention was striking for a White House that has otherwise pushed to loosen AI oversight — even moving to block states from writing their own rules.

The strong action against Anthropic has drawn accusations of government overreach, and OpenAI said it was uncomfortable with the process it was required to follow for its new models.

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OpenAI said it briefed the US government on its new models’ capabilities ahead of the launch and, at the government’s request, is beginning with a limited preview for a select group of trusted partners whose identities have been shared with authorities.

The partners are US-based, but OpenAI said overseas employees at those companies or entities would also have access to the new models.

“We don’t believe this kind of government access process should become the long-term default,” OpenAI said in a blog post.

“It keeps the best tools from users, developers, enterprises, cyber defenders, and global partners who need them. We are taking this short-term step because we believe it is the strongest path to broader availability in the coming weeks.”

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When Anthropic was initially targeted, some believed the safety-focused company was being unfairly singled out by the Trump administration for political reasons.

In an earlier clash with the White House, Anthropic angered Trump’s team by refusing to allow its technology to be used for mass surveillance and autonomous weapons, leading the Pentagon to cancel its contracts with the company.

That feud is now being litigated in two separate lawsuits.

– Three new models –

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OpenAI’s GPT-5.6 series comprises three new models: Sol, the company’s new flagship; Terra, a mid-range model for everyday work; and Luna, a fast, low-cost option.

Once broadly available, Terra would be priced at half the cost of its predecessor GPT-5.5, the company said, as it seeks to lock in customers amid fierce competition from Anthropic and Google.

Both OpenAI and Anthropic have filed confidential IPO documents with US regulators and are targeting public listings at valuations approaching $1 trillion, raising the commercial stakes of the AI arms race between them.

AFP

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