News
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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News
Davido: I’m a Die-Hard Cristiano Ronaldo Fan, we Chat Regularly
Davido: I’m a Die-Hard Cristiano Ronaldo Fan, we Chat Regularly
Afrobeats star, David Adeleke, popularly known as Davido, has declared himself a dedicated Cristiano Ronaldo fan and claimed that he regularly communicates with the football legend.
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Davido disclosed this during a livestream with content creator and streamer, Carter Efe.
The ‘If’ singer said he supported Portugal to win the recently concluded 2026 FIFA World Cup because of his connections with players in the national team.
“Because I have a lot of friends in the Portuguese team. I want Portugal to win,” Davido said.
When Efe suggested it was because of Ronaldo, the singer replied, “I love Ronaldo, I’m a CR7 fan.”
Davido further claimed that he has ongoing conversations with the five-time Ballon d’Or winner, saying in Pidgin English that he talks to the “legend back to back.”

Cristiano Ronaldo, Davido
Efe reacted with visible excitement, repeatedly exclaiming:
“God, I don mad! I don mad! I don mad! I don mad!”
The clip has since circulated widely on social media.
Davido has previously expressed his interest in football and has been seen with several international football stars.
The authenticity of the apparent chat shown during the livestream could not be independently verified.
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News
President Tinubu Approves Pay Rise for 250,000 Armed Forces Personnel
President Tinubu Approves Pay Rise for 250,000 Armed Forces Personnel
President Bola Tinubu has approved salary increases of between 30 and 80 per cent for Nigeria’s armed forces personnel.
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The pay package that will benefit approximately 250,000 personnel and take effect from September 1, 2026, Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed in a statement signed Tuesday.
Onanuga said the graduated structure of the increase scales inversely with rank, with the highest percentage increases going to the most junior personnel.
Under the new arrangement, he said officers above the rank of colonel, Brigadier-Generals, Major-Generals, Lieutenant Generals and Generals, will receive a 30 per cent salary increase.
Personnel ranking from colonel down to warrant officer will receive a 50 per cent increase, while those from private to staff sergeant will receive an 80 per cent increase.
The pay package will raise the annual salary bill for the armed forces from N660 billion to N924 billion, an increase of N264 billion.
The President linked the pay rise directly to the sacrifices personnel continue to make in the fight against banditry, kidnapping and terrorism across parts of the country.
Tinubu said troop welfare and military modernisation would remain a standing priority of his administration.
“Our administration will continue to prioritise troop welfare and modernise the armed forces by providing the weapons and technological tools needed to discharge their duties,” he said.
Tinubu tied the salary increase to his broader philosophy on national security saying, “Our administration believes that no nation can achieve greatness without security. We therefore remain resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians,” he said.

President Tinubu
“I urge our servicemen to take our gesture as a sign of our deep appreciation of the services they render to our fatherland.
“Together we shall prevail over the enemies intent on destroying the fabric of our nation,” the President said.
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News
Awori Renaissance Forum Urges ADC to Relist Lagos Reps Candidate
Awori Renaissance Forum Urges ADC to Relist Lagos Reps Candidate
The Awori Renaissance Forum has urged the leadership of the African Democratic Congress to relist Mr. Olalekan Anjolaiya as the party’s candidate for Alimosho Federal Constituency, saying the move would address the alleged marginalisation of the indigenous Awori people.
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The call was contained in a statement issued on Tuesday by the Coordinator of the Forum, Mr Muraina Ajala.
Ajala said the forum was making the appeal following reports that Anjolaiya, who was initially presented as the party’s candidate, had been disqualified over alleged multiple party registration.
He argued that replacing him with a non-indigene would amount to “a miscarriage of justice” when qualified Awori sons and daughters were available to represent the constituency in the National Assembly.
According to him, relisting Anjolaiya would give the indigenous Awori-speaking people of Alimosho the opportunity to produce a representative and end what he described as years of political marginalisation.
“We are using this opportunity to call on the leadership of the ADC to right the wrong being meted to our son and standard bearer, Hon. Olalekan Anjolaiya, who is the only hope of the indigenous Awori people of Alimosho.
“Our appeal is to the national leadership of the party, particularly the National Secretary, Ogbeni Rauf Aregbesola, whom we believe has the power to do the needful in this instance.
The forum alleged that Awori-speaking people had consistently been sidelined in the choice of candidates for the constituency despite having qualified sons and daughters capable of representing the area.
It also described Anjolaiya as “a son of the soil,” noting that his contributions to community development had earned him the traditional title of Bobakeye of Igandoland.
“The affected member is known to us and he has contributed so much to the development of Aworiland, particularly his native Igandoland. This has prompted the traditional ruler of Igando, Oba Lasisi Gbadamosi, to recently bestow on him the title of Bobakeye of Igandoland,” the statement said.

ADC
The group further argued that allowing a non-indigene to emerge as the constituency’s representative would amount to “double jeopardy” for the Awori people.
“We are even more concerned that the only time we have been represented by one of us is now by our incumbent representative, Hon. Ganiyu Adele Ayuba, who has been denied a return ticket by the ruling All Progressives Congress. We don’t want our son, Olalekan Anjolaiya, to suffer the same fate, and this is why we are making the clarion call,” Ajala added.
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