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By Gloria Ikibah

Plenary proceedings in the House of Representatives have been postponed once again as committees continue deliberations on the 2026 Budget Defence.

In an internal memorandum issued by the Office of the Clerk and dated Monday, 2nd March, 2026, the Acting Clerk, Ibrahim Sidi, informed all Honourable Members of the decision taken by the leadership of both chambers.

The memo, titled “Further Postponement of Plenary Session,” stated that the delay was necessary due to the ongoing scrutiny of budget proposals by Ministries, Departments and Agencies, which remains incomplete.

According to the communication, “In light of the ongoing 2026 Budget Defense by Ministries, Departments and Agencies which remains substantially incomplete, the Leadership of both Houses hereby directs a further postponement of plenary sitting to allow Committees conclude their budget defense accordingly.”

Plenary had earlier been scheduled to resume on Thursday, 5th March 2026. However, members have now been informed that proceedings will reconvene on Tuesday, 10th March 2026 at 11:00am.

Confirming the revised date, the memo stated: “Plenary, earlier scheduled to resume on Thursday, 5th March 2026, will now reconvene on Tuesday, 10th March 2026 at 11:00am.”

The leadership also encouraged lawmakers to make productive use of the additional time granted.

“The Leadership urges Hon. Members to utilize the intervening period to further refine and strengthen discourse on the ongoing Budget Defense and ensure timeous completion,” the statement read.hous

The postponement underscores the intensity of the ongoing budget scrutiny process, as committees work to conclude engagements with various government agencies before plenary debates resume.

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By Gloria Ikibah

Key players in Nigeria’s digital finance space have thrown their weight behind plans to establish a Nigerian Fintech Regulatory Commission (NFRC), a proposed body intended to license, supervise and regulate fintech firms, technologies and service providers nationwide.

Support for the initiative was voiced during a public hearing on the proposed legislation held in Abuja by the House of Representatives Joint Committee on Banking and Technology. The bill seeks to formally create the NFRC and outline its powers and responsibilities within the fast-growing sector.

Representing the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), its acting National Chairman, Obioha Oti, described the proposal as a positive and timely development. He said the association strongly supports the establishment of the commission, noting that it would enhance transparency, strengthen consumer protection and bolster financial stability across the ecosystem.

He acknowledged the regulatory contributions already made by the Central Bank of Nigeria and the Securities and Exchange Commission, both of which have overseen various aspects of fintech operations over the years. However, he stressed that as digital finance continues to expand and technologies evolve, the legal and regulatory architecture must keep pace.

Oti also urged lawmakers to ensure that AMMBAN members and registered point-of-sale agents are fully integrated into the new regulatory framework. He described them as a crucial link in advancing financial inclusion, particularly in rural and underserved communities.

The Chief Compliance Officer at Hydrogen Payment Services Company Limited, Mojisola Ologe, welcomed the National Assembly’s move to formally recognise fintech as a strategic sector of the Nigerian economy. She observed that such statutory recognition sends a strong signal to investors and innovators, reinforcing confidence in the country’s digital finance landscape.

Ologe pointed to the bill’s focus on consumer protection, market conduct and a structured compliance and enforcement regime as important building blocks. If properly aligned, she suggested, the framework could help position Nigeria as one of Africa’s most organised and credible digital finance jurisdictions.

However, she cautioned that the draft legislation may create regulatory overlap with existing authorities, particularly the Central Bank and the Securities and Exchange Commission. Many fintech operators, she noted, are already licensed and supervised under current financial laws. Without clearly defined boundaries and safeguards to prevent duplication, the industry could face dual licensing requirements, conflicting compliance obligations, higher regulatory costs and potential uncertainty for investors.

She further raised concerns about enforcement provisions in the bill, including strict penalties such as substantial fines, imprisonment and asset forfeiture for unlicensed activities. While acknowledging the need for deterrence, she warned that overly punitive measures in a developing sector could dampen innovation and discourage foreign investment at a critical stage of growth.

“We recommend an initial administrative compliance window, a cease-and-desist orders where systemic risk exists and criminal sanctions reserved for fraud, wilful misconduct, or persistent refusal to comply.

“Clauses 64–66 grant broad document production powers but lack clear data protection safeguards and judicial challenge mechanisms.

“We propose explicit alignment with the Nigeria Data Protection Act 2023, protection of legally privileged information and a defined window to challenge production orders before the Federal High Court.

“To enhance credibility and investor confidence, we recommend the establishment of a Fintech Regulatory Appeals Tribunal,” she said.

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China has called for an immediate ceasefire and renewed diplomatic efforts to halt the escalating conflict in the Middle East, which has now entered its third day.

Israel and the United States have launched strikes on Iran and Lebanon, with tensions spreading to neighbouring countries.

Speaking at a press briefing, Chinese Foreign Ministry spokesperson Mao Ning said: “The most urgent task is an immediate cessation of military operations and preventing a spread and spillover of conflict.”

She added that China supports “a resolution through dialogue and negotiation.”

Mao confirmed that one Chinese citizen was killed in Tehran during the attacks. Israel and the United States have been carrying out strikes in the Iranian capital in an operation that reportedly led to the death of Iran’s Supreme Leader.

She said “the foreign ministry has instructed the Chinese embassy in Iran to provide assistance to the individual involved and the family,” but did not share further details.

Mao also told reporters that China was not given prior notice of the US military action. She said Beijing, alongside Moscow, had called on the United Nations Security Council to hold an emergency meeting over the situation.

Last week, China warned its citizens against travelling to Iran due to the deteriorating security situation. As of Monday, more than 3,000 Chinese nationals had left Iran.