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CBN Sets To Separate Banks From Fintech Units, Prevent Use Of Customer Funds For Subsidiaries
CBN Sets To Separate Banks From Fintech Units, Prevent Use Of Customer Funds For Subsidiaries
The Central Bank of Nigeria (CBN) has proposed new rules to separate banks from other financial entities, like financial technology (fintech) company, under their control, in a bid to make the subsidiaries operate independently.
CBN also plans to restrict the use of customer funds for their subsidiaries.
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The apex bank proposed the move in a circular dated June 10 and titled ‘Exposure of the draft guidelines on ring-fencing operations of closely linked entities in the nigerian financial system’.
In the circular, CBN said the proposed framework would establish clear operational and functional boundaries among related entities, while addressing “regulatory arbitrage arising from the commingling of activities across different licence categories”.
According to the financial regulator, the guidelines prescribe requirements covering governance, intra-group transactions, segregation of customer funds and data, operational independence, recovery and resolution planning, as well as consolidated supervision.
“The Guidelines is intended to strengthen consumer protection, enhance transparency and accountability, mitigate contagion risks among closely linked entities, and preserve financial stability while supporting innovation and fair competition within the financial services sector,” the circular reads.
The apex bank said the draft defines a closely linked entity as one that directly or indirectly controls, is controlled by, or is under common control with another entity through ownership, voting rights, common directors or senior management, shared systems or branding, or contractual dependence.
Under the proposed framework, the CBN said closely linked entities would be required to operate independently, maintain separate governance and risk management structures, and meet capital adequacy and liquidity standards individually, irrespective of group-level resources.
The apex bank also proposed tighter controls on intra-group transactions, saying no closely linked entity would be allowed to extend loans to or guarantee the obligations of another without its prior written approval.
CBN added that intra-group exposures must be conducted at arm’s length and reported to the regulator quarterly.
Also, the financial regulator said customers must give express consent before being onboarded onto products or services offered by related entities, adding that institutions would be required to disclose such arrangements in “clear, simple language” and provide customers with alternative options where available.
The draft guidelines also seek to prevent the commingling of customer funds with those of related entities.
CBN said customer funds must not be used for intra-group lending, proprietary trading, servicing group debts or covering the operational expenses of affiliated companies.

CBN
The apex bank akso proposed stricter data protection measures, stating that “customer data held by an entity shall be segregated and stored independently from data systems of closely linked entities to prevent unauthorized access or commingling”.
CBN further said promoters of closely linked entities would be required to establish a non-operating holding company, although shareholders unwilling to adopt the structure may opt to merge their businesses and surrender excess licences.
The financial regulator said the draft guidelines have been made available to stakeholders and the public for review and feedback, adding that comments should be submitted no later than July 9.
The proposal followed the draft on guidelines for financial holding companies (HoldCos), also dated June 10, which seeks tighter ownership rules, including a minimum 51 percent stake in subsidiaries.
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Eno Seeks Second Term, Promises Four More Years to Complete Development Projects
Eno Seeks Second Term, Promises Four More Years to Complete Development Projects
Eno Seeks Four More Years, Unveils ARISE 2.0 Manifesto as APC Inaugurates Campaign Council
Akwa Ibom State Governor, Pastor Umo Bassey Eno, has appealed to residents of the state to support his second-term ambition, declaring that he needs another four years to consolidate ongoing development projects and deliver more dividends of democracy.
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Eno made the appeal on Friday during the inauguration of the All Progressives Congress (APC) State Campaign Council and the unveiling of his 2027–2031 governorship manifesto, tagged ARISE Agenda 2.0, at ARISE Palm Resort, Uyo.
Addressing party leaders, supporters and other stakeholders at the event, the governor maintained that his administration had made significant progress in infrastructure, education, healthcare, housing and economic development but needed continuity to complete ongoing projects and implement its new development blueprint.
He identified Performance, Character, Consolidation and Continuity as the four major pillars of his campaign, urging the electorate to give him another mandate to sustain the achievements recorded during his first term.
Highlighting his administration’s achievements, Eno said the government had constructed over 1,500 kilometres of roads, 43 bridges and more than 1,048 housing units, while also introducing 50 Compressed Natural Gas (CNG) buses for public transportation.
He, however, acknowledged that several projects remained ongoing, stressing that a second term would enable his administration to complete them.
On rural infrastructure, the governor promised to construct 10 kilometres of roads in each of the state’s 31 local government areas under the 2027 budget, amounting to 310 kilometres.
He also pledged an additional 500 kilometres of rural roads across the state and 1,000 more ARISE Compassionate Homes for vulnerable citizens across the 369 wards.
As part of efforts to improve access to potable water, Eno announced plans to establish clean water facilities in every ward through the ARISE-GIFA Water of Life Project.
According to him, each facility will feature a 15,000-gallon water tank, an elevated tower and a solar-powered pumping system.
In Uyo, the governor unveiled plans for a new Government Reserved Area (GRA) comprising 1,000 housing units for middle-income earners.
He also promised to reclaim more than 1,500 hectares of land around the old Uyo Village Road dumpsite as part of the state’s urban renewal and development plans.
On education, Eno declared a State of Emergency in the sector, announcing plans to establish new model secondary schools in Eket and Ikot Ekpene.
He further disclosed that his administration would increase annual bursary payments for students of Law, Medicine and Engineering from ₦50,000 to ₦250,000, while students in other disciplines would receive ₦200,000 beginning from the 2027/2028 academic session.
The governor also disclosed that his administration had spent over ₦6.8 billion on examination fees for 1,079,396 students during its first term.
In the health sector, he promised to complete the Ibom Medical City, which will be anchored by a 350-bed hospital offering 27 medical specialties.
The facility, he said, would also include a diagnostic centre, blood bank and air ambulance services.
For youth development, Eno announced plans to establish Youth Development Centres targeting 31,000 young people annually, alongside a Creative Village equipped with film and television production studios and a Sports Academy in Eket.
On industrialisation and economic expansion, the governor reiterated his administration’s commitment to developing the proposed 14,517-hectare Ibom Industrial City and Deep Seaport.
He said the project was projected to generate over 300,000 direct and indirect employment opportunities by 2050, adding that presidential approval had been secured for its financing arrangements.
The governor also announced plans for an Oron Maritime Hub featuring a ferry terminal and cold-storage facilities, while the Itam Industrial Park would accommodate leather and garment manufacturing industries.
He further disclosed that the Aircraft Maintenance, Repair and Overhaul (MRO) facility would commence full commercial operations, with a cargo terminal expected to follow.
In his vision for Uyo, Eno unveiled plans for a modern City Centre featuring a two-level roundabout and a City Tower inspired by the Akwa Ibom State Coat of Arms, representing the state’s oil resources, cultural heritage and coastline.

Umo Eno
He also promised to complete major projects, including the Ibom Convention Arena, Ibom International Market in Ikot Ekpene and the Court of Appeal Complex in Uyo.
On security, the governor pledged to strengthen the state’s security architecture through the new Command and Control Centre, while also promising to complete the broadcasting complex of the New Ibom Broadcasting Corporation.
Eno linked his administration’s development ambitions to President Bola Ahmed Tinubu’s Renewed Hope Agenda, arguing that federal reforms had created additional financial opportunities for states to execute infrastructure and development projects.
The governor is seeking re-election alongside his deputy, Senator Akon Eyakenyi.
He urged APC supporters and residents of the state to mobilise for the February 6, 2027 governorship election, expressing confidence in the party’s prospects.
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Court Jails Two, Company for Illegal Mining, Forfeits 58.23 Tonnes of Lithium, Lead Ore in Kwara
Court Jails Two, Company for Illegal Mining, Forfeits 58.23 Tonnes of Lithium, Lead Ore in Kwara
Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin, has jailed two illegal miners and a company for offences bordering on unlawful possession of solid minerals, with a total of 58.23 tonnes of lithium and lead ore forfeited to the Federal Government.
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The convicts are Abdullahi Dauda, Great River Mining Company Limited and Mohammed Aminu, a truck driver who conveyed the minerals.
The judge jailed the convicts while deciding on two separate cases filed by the Economic and Financial Crimes Commission, EFCC against Dauda in one case and Great River Mining Company Limited and Aminu in the other.
The charge against Dauda reads:
‘That you, ABDULLAHI DAUDA, sometime in February, 2026 within the jurisdiction of this Honourable Court, without lawful authority, was found in possession of 18 tonnes of solid minerals conveyed in a truck with registration number: SKK-93-XB contrary to and punishable under Section 1 (8) (b) of the Miscellaneous Offences Act, CAP M17 Laws of the Federation of Nigeria 2004″
The charge against Great River Mining Ltd and Aminu reads

Court
“That you, Great River Mining Company Ltd and Mohammed Aminu sometimes in February, 2026 at Ilorin, Kwara State within the jurisdiction of this Honourable Court had in your possession of 40 23 tons of LEAD ORE a mineral of the Iron Ore family which mineral you knew or reasonably ought to have known forms part of the proceeds of an unlawful act, to wit: illegal mining and thereby committed an offence contrary to S. 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18 (3) of the same Act.”
The defendants, upon arraignment, pleaded guilty to their respective charges.
Following the guilty pleas, EFCC counsel, Innocent Mbachie and Mustapha Kaigama, prayed the court to convict the defendants accordingly.
In his judgment, Justice Awogboro sentenced Dauda to 12 months’ imprisonment, with an option of a ₦1 million fine. The court also ordered the owner of the truck used to convey the 18 tonnes of lithium to pay ₦5 million into the EFCC Recovery Account, while the mineral was forfeited to the Federal Government through the Commission.
In the same vein, the court sentenced Great River Mining Company Limited and Aminu to 12 months’ imprisonment each, with an option of a ₦1 million fine each. The owner of the truck conveying the 40.23 tonnes of lead ore was also ordered to pay ₦5 million into the EFCC Recovery Account, while the mineral was forfeited to the Federal Government through the EFCC.
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EFCC Arraigns BDC Operator for Alleged N446.5m Fraud in Awka
EFCC Arraigns BDC Operator for Alleged N446.5m Fraud in Awka
The Enugu Zonal Directorate of the Economic and Financial Crimes Commission, EFCC has arraigned one Chidiebere Christian Okeke, a Bureau De Change operator before Justice Evelyn Anyadike of the Federal High Court sitting in Awka, Anambra State.
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Okeke, alongside his two companies; Paderlambs Investment Limited and Ishiugbo Nigeria Limited were arraigned on a three-count charge bordering on forgery and obtaining by false pretence to the tune of N446, 579, 629. 00 (Four Hundred and Forty-six Million, Five Hundred and Seventy-nine Thousand, Six Hundred and Twenty-nine Naira).
Count one of the charge reads: “That you, Chidiebere Christian Okeke, Paderlambs Investment Limited sometime between October, 2023 and November, 2023 in Onitsha, Anambra State, within the jurisdiction of the Federal High Court of Nigeria, with intent to defraud, did obtain from Izuchukwu Okeke of Alphard Candy and Sons Limited, an aggregate sum of Four Hundred and Forty-six Million, Five Hundred and Seventy-nine Thousand, Six Hundred and Twenty-nine Naira (N446, 579, 629. 00) which sum was initially paid into the account of Nwadili David Chukwuka, trading under the name and style of Ifeabata Ventures and subsequently transferred into the bank accounts of Padrelambs Investment Limited and Ishiugbo Nigeria Limited respectively, which you claimed to have remitted the RMB equivalent of the said sum to Izuchukwu Okeke’s business partner in China, a representation you knew to be false and thereby committed an offence contrary to Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act”.
Count Three reads: “That you, Chidiebere Christian Okeke, sometime in 2023 in Onitsha, Anambra State, within the jurisdiction of the Federal High court of Nigeria, did make forged telex documents, purportedly emanating from JCI General Trading Pty Limited, 4169 Brisbane, Australia, knowing same to be false or with intent that the said documents might be used or acted upon as genuine, to the prejudice of Izuchukwu Okeke, the Managing Director of Alphard Candy and Sons Limited and you thereby committed an offence contrary to and punishable under Section 1 (2) (C) of the Miscellaneous Offence Act, Laws of the Federation of Nigeria (LFN) 2004”.
He pleaded “not guilty” to the charges preferred against him and in view of his plea, counsel to the EFCC, Assistant Commander of the EFCC, ACE II Michael Ikechukwu Ani prayed the court for a trial date and for the defendant to be remanded at the facility of the Nigerian Correctional Service, NCoS in Awka.
The matter was thereafter adjourned to November 19, 2026 for hearing of bail application while the defendant was remanded at the NCoS.

EFCC
The defendant was handed over to the Commission on October 30, 2024 by the Department of State Services with a petition by one Izuchukwu Okeke who claimed that between September 2023 and November the same year, he gave the said sum to one Nwadili David Chukwuka, another BDC operator to remit the Renminbi, RMB equivalent to his business partner in China.
According to the petitioner, Chukwuka informed him that the money was given to the defendant to transmit the same to his partner. When confronted, the defendant admitted receiving the money but instead of transmitting the same, he decided to refund the money by issuing a dud cheque.
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