BY CHIKA OKEKE, Abuja Governor of CBN, Olayemi Cardoso The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks effective July 1, 2026, over insufficient assets and other regulatory impediments. This followed the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. The apex bank revealed the decision in a statement issued on Wednesday and signed by the Ag. Director, Corporate Communications Department, Mrs Sidi-Ali, Hakama in Abuja. According to CBN, the revocation was approved by its Governor, Olayemi Cardoso, just as the revocation order became necessary due to closure of operations without the CBN approval, as well as inactivity and cessation of financial intermediation. Other issues listed for the revocation include failure to commence operations within...
The Nigeria Customs Service (NCS) has intercepted counterfeit medicines bearing fake National Agency for Food and Drug Administration and Control, NAFDAC, labels; illicit drugs and expired pharmaceutical products with a combined Duty Paid Value (DPV) of N53.39 billion at the Apapa Port in Lagos. The seizures, which involved nine separate consignments, were displayed on Wednesday during a ceremony at the Apapa Area Command. The Comptroller-General of Customs, Bashir Adewale Adeniyi described the operation as one of its most significant anti-smuggling successes in recent years. He said that the interceptions were made through intelligence-driven operations involving cargo scanning, detailed physical examinations and close collaboration with the National Drug Law Enforcement Agency, NDLEA. According to Adeniyi, the confiscated items included more than 6.7 tonnes of Cannabis Sativa, popularly known as Canadian Loud, concealed inside two 40-foot containers alongside imported veh...