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CBN revokes licences of 46 Microfinance Banks over failure to satisfy regulatory requirements
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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operation.
The decision takes effect from Wednesday, July 1, 2026, according to a statement issued by the Acting Director of the CBN’s Corporate Communications Department, Hakama Sidi-Ali. The apex bank said the action was taken in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and was approved by the CBN Governor, Olayemi Cardoso.
According to the CBN, the affected institutions lost their licences after failing to satisfy the conditions required to remain licensed financial institutions.
The bank explained that the revocation was based on one or more regulatory infractions, including insufficient assets to meet liabilities, shutting down operations without obtaining CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months after receiving a licence, and failure to maintain the minimum capital requirements without impairment from accumulated losses.
The CBN described the move as part of its ongoing efforts to strengthen the nation’s financial system and ensure that all licensed financial institutions operate in compliance with existing laws and prudential regulations.
“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.
The apex bank reiterated its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to take appropriate supervisory and regulatory measures where necessary to sustain public confidence in Nigeria’s banking sector.
News
EU Raises Alarm Over Fake Compensation Scheme, Warns Public Against Scam
By Gloria Ikibah
The European Union (EU) Delegation to Nigeria and ECOWAS has dismissed as fraudulent a document circulating online which claims that the EU and the World Bank are offering compensation to victims of alleged funds trapped in banks across West Africa.
In a statement issued on Tuesday in Abuja, the delegation described the document as a scam and urged members of the public to ignore it.
According to the EU, the fake document falsely claimed to have originated from the Secretary General of the Council of the European Union, Ms Thérèse Blanchet, and announced a non-existent EU-World Bank assisted recovery programme for people allegedly affected by fraudulent fund transfers in Africa.
The document also claimed that citizens from Europe and other countries whose legally transferred funds were trapped in banks and financial institutions across West Africa were eligible for compensation. It further alleged that the EU Ambassador to Nigeria and ECOWAS had been mandated to oversee the compensation process and encouraged potential beneficiaries to contact him.
Rejecting the claims, the delegation stated:
“This document in its entirety is a scam. The information and claims contained therein are false. The European Union is neither aware of any such bogus programme nor part of it.”
The delegation further disclosed that the contact details contained in the fraudulent document were fabricated by the perpetrators.
“The email addresses and phone number provided in the document as those of Ms Blanchet and Ambassador Mignot are fake, and obviously belong to the scammers.”
The EU urged members of the public to remain vigilant and avoid engaging with individuals behind the scheme.
“The Delegation of the European Union to Nigeria and ECOWAS urges members of the public to disregard the fake information. The Delegation’s website and social media platforms remain the Delegation’s official channels of communication to the public”, the statement read.
The delegation advised anyone seeking information on EU programmes or activities to rely only on its verified communication channels, warning that fraudsters increasingly exploit the names of international organisations to deceive unsuspecting members of the public.
News
Just in: NNPC increases fuel price within 48hours
The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of Premium Motor Spirit, PMS at its retail outlets for the second time in less than 48hours.
According to a market survey by DAILY POST showed that NNPCL raised its petrol price to N1,335 per litre on Wednesday from N1,270 per litre on Tuesday.
This means that the state-owned filling station increased its fuel price by N65 per litre.
The new price has been implemented at NNPCL filling stations in Wuse Zone 6 (Berger), Zone 4, and other outlets in Abuja and its environs.
Recall that on Tuesday, NNPCL increased its petrol pump price by N115 per litre to N1,270 per litre.
The latest increase comes amid continued petrol price volatility in the country’s downstream oil sector following Dangote Refinery’s resumption of the sale of refined petroleum products in U.S. dollars.
Daily Post
News
Reps Push National Drone Policy to Strengthen Defence Industry, Combat Insecurity
By Gloria Ikibah
The House of Representatives has called for the development of a National Drone Industrialisation Policy aimed at strengthening Nigeria’s indigenous defence manufacturing capacity and improving the country’s ability to respond to rising security threats.
The lawmakers also urged the Federal Government to provide targeted financial support to local drone manufacturers, including Beirech UAS, Terra Industries, Elites Group, Pro-force and the Air Force Institute of Technology (AFIT), through the Bank of Industry, the Defence Industries Corporation of Nigeria (DICON) and other financing platforms to help them expand production and meet military procurement standards.
The resolution was sequel to the adoption of a motion sponsored by Rep. Ademorin Kuye on Wednesday during plenary.
Nigeria has continued to battle terrorism, banditry, kidnapping, oil theft and other forms of violent crime, prompting increasing calls for the deployment of advanced technology to support military and security operations. Globally, unmanned aerial vehicles (UAVs), commonly known as drones, have become indispensable tools for intelligence gathering, surveillance, reconnaissance and precision operations. In recent years, security experts have also warned that non-state actors, including terrorist organisations, are increasingly deploying commercial drones during attacks, underscoring the need for Nigeria to strengthen its domestic production capacity.
Debating the motion, Rep. Kuye said the country’s worsening security situation had placed enormous pressure on the Armed Forces and other security agencies.
He noted that drones have become vital assets in modern military operations, adding that terrorist groups such as Boko Haram and the Islamic State West Africa Province (ISWAP) have already incorporated commercial drones into their operations against Nigerian troops.
The lawmaker, however, said Nigeria has made notable progress in indigenous drone development, pointing to the successful production of the Tsaigumi Unmanned Aerial Vehicle by the Air Force Institute of Technology in 2018 as evidence of the country’s growing technological capability.
He argued that Nigeria possesses the resources needed to become Africa’s leading drone technology hub if supported by deliberate government policies.
He said: “The House is concerned that Nigeria, with a pool of engineering talent, a growing technology entrepreneurship ecosystem, existing military-industrial partnerships and the largest economy in Africa, possesses the foundational conditions to become the hub for drone technology, provided there is structured government policy, capital and legislative support.”
Kuye expressed concern that despite the country’s potential, local drone manufacturing remains largely driven by private investors who face limited access to financing, inadequate government support and weak technology transfer arrangements.
Following the adoption of the motion, the House mandated its Committees on Defence; National Security and Intelligence; Science and Technology; and Industry and Commerce to develop a comprehensive National Drone Industrialisation Policy that would serve as a roadmap for transforming Nigeria’s drone manufacturing sector into a strategic, government-backed industry.
Lawmakers also directed the Committees on Defence and National Security and Intelligence to work with the military and relevant government agencies to negotiate technology transfer agreements with reputable international drone manufacturers. The proposed agreements are expected to facilitate the training of Nigerian engineers, encourage local production and gradually reduce the country’s dependence on imported drone components.
The House further tasked its Committees on Defence; Industry and Commerce to collaborate with relevant agencies in establishing specialised Defence Industrial Zones dedicated to drone manufacturing, research and maintenance. The zones are expected to benefit from fiscal incentives, improved infrastructure and supportive regulatory frameworks capable of attracting both local and foreign investors.
The house unanimously adopted the motion and mandated its Committees on Defence; National Security and Intelligence; Industry and Commerce; Air Force; and Science and Technology to review existing laws governing defence procurement, local content, aviation and investment incentives with a view to introducing amendments that would promote drone industrialisation, including tax incentives and stronger protection for intellectual property developed by Nigerian innovators.
The committees were given four weeks to submit their report for further legislative consideration.
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