House of Reps Summons CBN Governor Cardoso Over Alleged N16 Trillion Unremitted Funds

The House of Representatives has summoned Central Bank of Nigeria Governor Olayemi Cardoso over allegations that the apex bank failed to remit more than ₦16 trillion in operating surplus and revenue to the government. The decision followed a motion by Public Accounts Committee Chairman Bamidele Salam, citing findings from the 2022 Auditor-General’s report, which highlighted financial irregularities linked to the Remita revenue collection system from 2015–2016. Despite disagreements among lawmakers on how to proceed, the House mandated the Public Accounts Committee to continue the investigation. Rights group SERAP had earlier demanded accountability from the CBN over missing public funds flagged in the same report.


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Naira Falls to ₦1,454/$1 as Festive Dollar Demand Rises, CBN, Traders Reveal New Rates

Nigeria’s naira weakened further against the US dollar, closing the week at ₦1,454/$1 in the official market as holiday-related spending triggered a surge in forex demand. Parallel market traders in Lagos also reported declines, with the dollar trading between ₦1,469.5 and ₦1,490.
Data from the CBN showed a steady week-long depreciation despite a slight increase in Nigeria’s foreign reserves to $45.04 billion, raising hopes for possible market intervention. Analysts attribute the pressure to importers, traders, and festive shoppers rapidly accumulating dollars.
Despite the setback, experts say improved liquidity, rising reserves, and potential remittance inflows could help stabilize the naira as December progresses.

First Bank Sues Lawyer Mike Igini Over EFCC, CBN Petitions Alleging Unethical Banking Practices

First Bank of Nigeria has filed a lawsuit against human rights lawyer Mike Igini over petitions he submitted to the EFCC and CBN accusing the bank of fraud, forged transfer mandates, diverted funds, and unethical banking conduct affecting Broron Oil and Gas Ltd. Despite CBN’s findings ordering refunds, enforcement has stalled, prompting further petitions that reportedly displeased First Bank. The bank is now suing Igini personally, while EFCC investigates alleged financial irregularities.

CAC Orders Nationwide Clampdown on Unregistered PoS Operators, Sets January 1 Deadline

The Corporate Affairs Commission (CAC) has announced a nationwide crackdown on unregistered Point of Sale (PoS) operators, warning that all illegal operators will be shut down starting January 1, 2026. In a public notice, the Commission expressed concern over the rising number of unregistered PoS businesses violating CAMA 2020 and CBN Agent Banking Regulations, accusing some fintech companies of enabling these unlawful practices. CAC says unregulated PoS operations pose risks of fraud, financial losses, and threats to national security. Starting January 1, security agencies will enforce compliance, seize unregistered PoS terminals, and monitor enabling fintech companies. All operators have been urged to register immediately.

CAC Announces Nationwide Crackdown on Unregistered POS Operators Effective January 1, 2026

The Corporate Affairs Commission (CAC) has issued a stern public notice declaring that all Point of Sale (POS) operators in Nigeria must be duly registered with the commission or face immediate shutdown starting from 1st January 2026.

In a statement released today and signed by the Management of the CAC, the commission warned that unregistered POS terminals will be seized and operators shut down by security agencies across the country.

The statement reads: “The CAC has observed the rising number of PoS operators running without registration, violating CAMA 2020 and CBN Agent Banking Regulations.

“This reckless practice often enabled by some fintech companies puts Nigeria's financial system and citizens' investments at risk. This must stop.

“EFFECTIVE 1 JANUARY 2026:
No PoS operator will be allowed to operate without CAC registration.
Security agencies will enforce nationwide compliance.

“Unregistered PoS terminals will be seized or shut down by Security Officials.
Fintechs enabling illegal operations will be placed on watchlist and reported to the CBN.

“All operators are advised to regularize immediately. Compliance is mandatory.”

Ex-Army General Ali-Keffi Links Terror Suspects to Top Nigerian Officials, Alleges Cover-Up

Retired Maj. Gen. Ali-Keffi has revealed that a 2021 counter-terrorism probe identified several terror-financing suspects connected to powerful Nigerian figures, including former AGF Abubakar Malami, ex-COAS Tukur Buratai, ex-CBN Governor Godwin Emefiele, and others. He alleges that the operation was sabotaged, suspects were secretly released, and he was detained and forced into retirement for refusing to compromise the investigation.

CBN Raises Cash Withdrawal Limits, Scraps Deposit Caps in Major Policy Shift
The Central Bank of Nigeria (CBN) has announced a significant relaxation of its cash withdrawal and deposit regulations, effective January 1, 2026, in a move aimed at improving liquidity and easing the burden on businesses and individuals amid prevailing economic challenges.
In a circular signed by Dr. Rita I. Sike, Director of the Financial Policy and Regulation Department, the apex bank raised the weekly cash withdrawal limit for individuals from ₦100,000 to ₦500,000 across all channels, including ATMs, Point-of-Sale (POS) terminals, and over-the-counter transactions. Corporate entities will now enjoy a higher weekly limit of ₦5 million, up from the previous ₦500,000.
At the same time, all restrictions and processing fees on cash deposits have been completely removed, allowing unrestricted deposits without penalties.
Key Changes Effective January 1, 2026
Weekly cash withdrawal (Individuals)
₦100,000 (all channels)
₦500,000 (all channels)
Weekly cash withdrawal (Corporates)
₦500,000 (all channels)
₦5 million (all channels)
Daily ATM withdrawal
₦20,000 – ₦40,000 (bank-dependent)
Up to ₦100,000 (counts toward weekly limit)
Cash deposits
Caps applied; fees on excess
No limits, no fees
Third-party cheque withdrawals
₦100,000
Remains ₦100,000 (counts toward weekly limit)
Charges on excess withdrawals
Strict enforcement
3% (individuals), 5% (corporates); revenue shared 40% CBN, 60% banks
Special authorisations for large withdrawals
₦5m (individuals)/₦10m (corporates) monthly
Completely discontinued
ATM currency loading
Restricted denominations
All denominations permitted
The CBN stated that the revisions are intended to address current economic realities, including high inflation and liquidity constraints, while maintaining the broader goal of reducing cash dominance in the economy. The policy builds on the 2022-naira redesign and cash-limit framework, which was originally introduced to curb cash hoarding and money laundering.
Banks are now required to submit monthly reports to the CBN on all withdrawals above the new limits and on cash deposit patterns.

Yahoo Boys in trouble.

The Central Bank of Nigeria (CBN) has issued a strong directive to Nigerian banks, OPay, Palmpay, others on refunding fraud victims.

The new CBN guideline makes it mandatory for banks to speedily refund fraud victims within a specific timeline or risk huge fines.

The Naira opened the week stronger, gaining slightly against the US dollar in the official market on Monday.
CBN data shows the currency closed at ₦1,453.84 per $1, up from Friday’s ₦1,456.72 per $1, a ₦2.88 appreciation.

Why the CBN held interest rate at 27% - Paul Alaje, Senior Economist at SPM Professionals, breaks down Tuesday's MPC decision.

Socio-Economic Rights and Accountability Project, SERAP, has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria, CBN, “to promptly account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, as documented in the recently published 2022 annual report by the Auditor-General of the Federation.” SERAP said the grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.

Again, EFCC witness says no law breached in fund withdrawals by Kogi State.

The fourth prosecution witness of the Economic and Financial Crimes Commission EFCC in the alleged money laundering trial of the immediate past Governor of Kogi State, Yahaya Bello, has re-affirmed that fund withdrawals by the state government did not breach any banking law.

During cross-examination before Justice Emeka Nwite of the Federal High Court in Abuja on Monday, Mshelia Arhyel Bata, a compliance officer with Zenith Bank, also reiterated that the name of the former governor did not appear as beneficiary in the account presented as evidence.

The Defence Counsel, Joseph Daudu, SAN, had drawn the witness’ attention to certain withdrawals by one Umar Comfort Olufunke, which the prosecution did not mention.

The prosecution had concentrated on withdrawals by Abdulsalam Hudu, the Cashier of Kogi State Government House.

The withdrawals, in multiples of N10 million, were between December 2017 and April 2018, with beneficiaries being various hotels in Kogi State, according to the witness.

On cross-examination, the witness also confirmed withdrawals by one Alhassan Omakoji between November 2021 and December 2022, which did not exceed N10 million per withdrawal.

He said the withdrawals were in line with the limits set by the Central Bank of Nigeria CBN.

He admitted that he was not aware of any law that regulates how Kogi State Government spends its money or allocation.

“It’s Not Religious — Christians Killing Christians”: Gov. Soludo Dismisses Claims of Genocide in South-East Nigeria

Governor Charles Chukwuma Soludo of Anambra State has dismissed reports suggesting that Christians in Nigeria’s South-East are facing religious genocide, insisting that such claims are false and misleading.

Speaking during a live media chat on Channels Television, Soludo clarified that the ongoing violence in the region stems from social, political, and economic issues, not from religious persecution.

His remarks followed a recent statement by former U.S. President Donald Trump, who accused the Nigerian government of allowing mass killings of Christians and hinted at possible military intervention to “protect” them.

“There is a deeper conversation and introspection about what goes on in the country,” Soludo said.
“In eastern Nigeria, it is not religious. People are killing themselves — Christians killing Christians. The people in the bushes are Emmanuel, Peter, and John, all Christian names. It has nothing to do with religion.”

The former Central Bank of Nigeria (CBN) governor emphasized that the South-East is 95 percent Christian, and that both perpetrators and victims share the same faith.

“In this part of the country, we are 95 percent Christians, and those committing these acts bear Christian names. It’s far wider than Christians versus Muslims. Nigeria will overcome, and it will all end in dialogue,” he added.


Soludo concluded by urging the United States to ensure that its international actions align with global law and facts, rather than assumptions or political rhetoric.

World Bank to consider Nigeria’s $1bn loan request.

The world bank has set december 16 as a tentative date to review nigeria’s request for a $1bn development policy financing loan under the “nigeria actions for investment and jobs acceleration (p512892)” initiative. The loan aims to support economic reforms, create jobs, and boost private investment.

The $1bn facility includes a $500m ida credit and a $500m ibrd loan and will be implemented through the federal ministry of finance. It is structured around two main pillars: unlocking private sector growth and lowering the cost of doing business. Initiatives under the loan include expanding access to credit, supporting digital inclusion, improving capital markets, easing inflation, promoting export diversification, and strengthening agriculture.

The programme also supports the investment and securities act 2025, the national digital economy and e-governance bill 2025, credit enhancement facilities, and a CBN rulebook for microfinance and non-bank financial institutions. Efforts to simplify trade barriers, adopt afcfta concessions, and improve seed systems for key crops are expected to raise productivity, attract private investment, and enhance food security.

The loan forms part of a broader fy2026 package including finclude (msme financing), bridge (digital infrastructure), and agrow (agriculture value chain growth). The world bank, nigeria’s largest creditor, currently holds $19.39bn of the country’s $46.98bn external debt, highlighting its key role in supporting nigeria’s development.

Experts Urge CBN to Issue Higher Naira Denominations of N10,000 and N20,000.

An economic review has advised the Central Bank of Nigeria to issue higher-denomination naira notes such as N10,000 and N20,000 to restore the currency’s portability and ease the rising cost of cash transactions.

The report observed that the naira’s persistent depreciation has rendered the N1,000 note—Nigeria’s highest denomination—almost valueless in real purchasing terms. It noted that while a N1,000 note was worth about $7 in 2005, it now equals less than 60 cents, reflecting a 94% loss in value over two decades.

Analysts argued that higher-value notes would not worsen inflation, as price increases are driven by production and demand factors, not currency denomination. They explained that many countries issue higher-value bills to maintain convenience after major currency depreciation, not to trigger inflation.

The review highlighted that everyday transactions, especially in the informal sector, have become cumbersome as traders and rural dwellers must carry large amounts of cash for simple purchases. It also stressed that the cost of printing, moving, and securing existing lower-value notes has become excessively high for the apex bank.

Introducing N10,000 and N20,000 notes—or undertaking a currency re-denomination—was described as a practical step to enhance transaction efficiency, cut operational expenses, and align Nigeria’s currency system with global standards.

The analysts maintained that this proposal does not mean printing more money but simply modernizing the naira to match present economic realities and the steep decline in its purchasing power.

Former CBN governor & 16th Emir of Kano, Muhammadu Sanusi II has criticized the FG for continued borrowing despite removing fuel subsidy.

Speaking at the Oxford Global Think Tank Leadership Conference in Abuja, Sanusi said the subsidy removal had already increased revenue & questioned why the Bola Tinubu administration was still taking loans.

He praised the removal of fuel subsidy & exchange rate unification as “painful but necessary,” but warned that reckless spending could erase the gains. “If you stop paying subsidies but continue borrowing, it means you’ve filled one hole only to dig another,” he said.

Sanusi blamed the nation’s economic woes on years of poor fiscal management & populist policies. He urged the government to cut waste, asking, “Why do we need 48 ministers & long convoys?”

He also condemned the culture of praise-singing in governance, noting that sycophancy prevents leaders from hearing the truth. According to him, leaders must seek honest advisers rather than those who flatter them.

Court dismisses CBN, AGF objection in Osun local government funds suit.

Justice Emeka Nwite of the Federal High Court in Abuja has dismissed the objection raised by the Central Bank of Nigeria, CBN, and the Accountant-General of the Federation, AGF, against a suit challenging the Osun local government’s withheld funds.

The suit, filed by the Attorney-General, AG, of Osun State, Oluwole Jimi-Bada, SAN, seeks to stop the Federal Government from releasing withheld local government allocations to sacked officials elected during former Governor Adegboyega Oyetola’s tenure.

Justice Nwite, in a ruling, held that the Osun Attorney-General has locus standi (legal right) to institute the suit on behalf of the local government authorities.

In the ruling, the judge dismissed the request brought by the CBN and AGF praying for the dismissal of the case on the ground that the Osun Attorney-General lacked locus standi to sue on behalf of the local governments.

He held that the plaintiff, as the chief law officer of the state, had the duty and authority to act in the public interest, including protecting local government allocations.

The judge further held that the ongoing suit challenging local government allocations “does not constitute an abuse of court process.”

He observed that while parallel proceedings “may lead to unnecessary and duplicative objectives and judicial resources,” there was no evidence that the plaintiff had “misused, perverted, or abused the expression of justice.”

He emphasized that the plaintiff did not act in “a biased or deliberate manner in seeking the present action.”

"Nigeria’s Debt has Climbed to just ₦152.4 trillion" — DMO informs Nigerians.

Nigeria’s total public debt stock has surged to ₦152.40 trillion as of June 30, 2025, according to fresh data released by the Debt Management Office (DMO) on Saturday.

This marks an increase of ₦3.01 trillion from the ₦149.39 trillion recorded in March 2025 —a 2.01% rise within just three months. In dollar terms, the figure rose from $97.24 billion to $99.66 billion, reflecting a 2.49% uptick.

The DMO attributed the rise to increased borrowing both locally and internationally to fund fiscal gaps, despite ongoing revenue reforms and foreign exchange liberalisation.

A breakdown shows external debt grew from $45.98 billion in March to $46.98 billion (₦71.85tn) by June.
The World Bank remains Nigeria’s largest external creditor with $18.04 billion outstanding, representing 38% of total external obligations, mostly through the International Development Association.

Multilateral lenders collectively hold $23.19 billion (49.4%), including the African Development Bank, IMF, and Islamic Development Bank. Bilateral loans stood at $6.20 billion, led by China’s Exim Bank at $4.91 billion, followed by France, Japan, India, and Germany.

Commercial loans, primarily Eurobonds, amounted to $17.32 billion, representing 36.9% of external debt, while $268.9 million came from syndicated facilities and commercial bank loans. Analysts warn that Nigeria’s heavy Eurobond exposure increases its vulnerability to global market volatility.

On the domestic front, total debt climbed from ₦78.76 trillion in March to ₦80.55 trillion in June, an increase of ₦1.79 trillion or 2.27%. Federal Government bonds dominated with ₦60.65 trillion, representing 79.2% of local debt. This includes ₦36.52 trillion in naira bonds, ₦22.72 trillion in securitised Ways and Means advances from the CBN, and ₦1.40 trillion in dollar bonds.

Other instruments comprised Treasury bills (₦12.76tn), Sukuk bonds (₦1.29tn), savings bonds (₦91.53bn), green bonds (₦62.36bn), and promissory notes (₦1.73tn).

Emefiele: Court admits WhatsApp conversation in alleged $4.5bn fraud
An Ikeja Special Offences Court on Thursday admitted into evidence the WhatsApp conversation indicting the former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, of $4.5 billion fraud and abuse of office.

The News Agency of Nigeria (NAN) reports that Justice Rahman Oshodi overruled the objections of the defence and admitted the WhatsApp conversation presented by the Economic and Financial Crimes Commission (EFCC) into evidenc

CBN bars debtors, blacklisted BVNs from operating as PoS agents
The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.

The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.

The new rules mark a significant tightening of Nigeria’s agent banking framework, moving beyond transaction monitoring to focus on the integrity of the individuals who operate at the last mile of financial inclusion.