Court Convicts 21 Companies Over Unlicensed Investment Operations

The Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies for operating financial investment businesses without valid licences from the Securities and Exchange Commission.

Justice Anyalewa Onoja-Alapa convicted and sentenced the companies following prosecution by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission.

The companies were each fined N30 million and ordered to pay an additional N200,000 for every day they committed the offence.

Full list of the 21 companies

The companies convicted by the court are:

1. Ngwuoke Daniels Technologies
2. Credio Banco Ltd
3. Digital Company Ltd
4. Co Request Capital Nigeria Ltd
5. Mega Drop Quality Stores Ltd
6. Norland Global Ltd
7. Oxford International
8. Creative Agriculture Cooperative
9. Qnet Nigeria Ltd
10. Qnet Professional Skill Academy Ltd
11. Mastermind Energy & Agro Nigeria Ltd
12. Atus West Africa Investment Company
13. Eatrich360 Farms
14. Matag Agro General Services
15. Viables X Agribusiness Ltd
16. Kwakol Markets Ltd
17. Light Shade International Ltd
18. Value Growth Ltd
19. B12 Synergy Nigeria Ltd
20. Phresh Farm Ltd
21. Omega Pro Global Resources.

Companies arraigned in September

According to the EFCC, the companies were arraigned by its Abuja Zonal Directorate on September 15 and 16, 2026, on separate one-count charges bordering on illegal operation.

The charges were brought under Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

The EFCC said the companies were accused of engaging in specialised financial business without valid licences from the Securities and Exchange Commission.

One of the charges, involving Mega Drop Quality Stores Limited, alleged that the company had engaged in the business of a financial institution without a valid licence, including advertising and operating a financial investment management business without a valid SEC licence.

A similar charge against Ngwuoke Daniels Technologies alleged that the company advertised and operated a financial investment management business without the required SEC licence.

Court proceedings

The representatives of the 21 companies were absent when the charges were read in court.

Following an application by prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies before proceedings commenced.

The EFCC said the prosecution relied on witnesses and documentary evidence contained in its proof of evidence to establish the cases against the companies.

The evidence presented included intelligence reports, statements from investigating officers, letters relating to investigation activities and responses obtained from the Corporate Affairs Commission and the Securities and Exchange Commission.

Following the presentation of the prosecution’s case, Justice Onoja-Alapa convicted the companies and imposed a N30 million fine on each.

The court also ordered each company to pay N200,000 for every day it had committed the offence.

EFCC links companies to investment fraud investigations

The EFCC said the prosecutions followed actionable intelligence linking the companies to investment fraud and the operation of investment businesses without the required licences.

According to the commission, investigators had invited promoters of the companies for questioning on December 22, 2022, and again on January 12, 2023.

The EFCC said the invitations were not honoured.

The commission further stated that the promoters continued to evade interrogation for about five years, eventually leading to the prosecution of the companies.

The convictions underscore the requirement for businesses operating investment-related schemes in Nigeria to obtain the necessary regulatory approvals and licences before offering such services to the public.

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country over their failure to meet key regulatory requirements for continued operation.

The apex bank announced the decision in a statement issued by its Acting Director of Corporate Communications, Sidi-Ali Hakama, stating that the revocation took effect from July 1, 2026.

According to the CBN, the action was approved by Governor Olayemi Cardoso in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The regulator explained that the affected institutions failed to satisfy critical conditions required of licensed financial institutions, prompting the withdrawal of their licences.

The CBN said the affected banks were found to have committed one or more regulatory infractions, including inadequate assets to meet liabilities, prolonged inactivity, closure of operations without regulatory approval, failure to commence business within 12 months of licence issuance, and inability to maintain the minimum capital requirement prescribed by law.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.

The apex bank reiterated its commitment to maintaining a safe, sound and resilient financial system through strict supervision and enforcement of regulatory standards.

“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions where necessary to maintain public confidence in the Nigerian financial system,” it added.

Among the affected institutions are Minji-Se Churchill Microfinance Bank (Rivers State), Merchant Microfinance Bank (Abia State), Gold Microfinance Bank (Lagos State), Crystabel Microfinance Bank (Bayelsa State), Creditville Microfinance Bank (Lagos State), OurPass Microfinance Bank (Ondo State), Entrepreneur Microfinance Bank (Lagos State) and Avantus Microfinance Bank (Osun State).

A significant number of the affected institutions are based in Kano State, including Zain Microfinance Bank, Bompai Microfinance Bank, Ajwa Microfinance Bank, NOW NOW Digital Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, Tofa Microfinance Bank, Kanopoly Microfinance Bank, Bellbank Microfinance Bank and Esteem Microfinance Bank.

Industry analysts say the move reflects the CBN’s determination to strengthen regulatory compliance, improve financial sector stability and eliminate weak institutions that pose risks to depositors and the broader banking ecosystem.

The development marks one of the largest single licence revocations in the microfinance banking sector in recent years as the regulator intensifies efforts to sanitise Nigeria’s financial services industry.

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The Nigerian Communications Commission and the Central Bank of Nigeria have jointly launched a new portal designed to track fraudulent and suspicious phone lines, in a move aimed at strengthening consumer protection and curbing electronic fraud.

The initiative, unveiled alongside the signing of a Memorandum of Understanding between both regulators, is expected to improve transparency and deepen collaboration between the telecommunications and financial sectors.

Speaking at the signing ceremony, the Executive Vice Chairman of NCC, Aminu Maida, described the agreement as a critical step toward enhancing regulatory coordination in Nigeria’s digital ecosystem.

He noted that the increasing reliance on mobile numbers for identity verification and financial transactions makes closer cooperation between regulators essential.

According to Maida, the Telecoms Identity Risk Management System portal will provide financial institutions with real-time access to the status of phone numbers used in transactions.

“The platform aggregates data on recycled or churned lines and flags numbers linked to suspicious activities. This enables banks to verify whether a line is active, swapped, disconnected, or reassigned,” he said.

He added that the system would significantly strengthen efforts to combat fraud, particularly those executed through mobile channels.

Beyond fraud detection, Maida highlighted the portal’s role in improving consumer protection, noting that issues such as failed airtime recharges and transaction disputes would now be resolved faster through coordinated regulatory actions.

On his part, the Governor of the Central Bank, Olayemi Cardoso, said the partnership would enhance cooperation in areas such as regulatory approvals, technical standards, and financial innovation.

He explained that the agreement aligns with the bank’s broader objective of building a secure, inclusive, and resilient financial system.

Cardoso also announced the establishment of joint committees focused on payment systems, consumer protection, and the operation of the new portal, to ensure continuous engagement and proactive responses to emerging risks.

The collaboration, according to both agencies, places consumer safety at the forefront while supporting innovation and boosting confidence in Nigeria’s digital financial services space.

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The Central Bank of Nigeria (CBN) has dismissed viral claims circulating on social media alleging the introduction of a new N5,000 banknote.

The apex bank confirmed that the image being shared online is fake and does not represent any official currency design or policy decision.

The clarification comes amid rising concerns over misinformation linked to Nigeria’s financial system and currency management.

Viral Image Sparks Nationwide Reactions

The false claim began spreading across multiple social media platforms, where users shared an image allegedly showing a newly designed N5,000 note.

The image further suggested that the note featured President Bola Tinubu, triggering widespread debate and confusion among users.

Many Nigerians reacted with skepticism, questioning whether the CBN had quietly introduced a higher denomination to address cash scarcity and inflation pressures.

The claims quickly gained traction before being flagged by the apex bank.

CBN Issues Official Rebuttal

In a statement posted on its official X (formerly Twitter) account, the CBN categorically denied the authenticity of the viral image.

The bank stated: “This content is fake. Let the public be guided.”

With that brief but firm response, the institution reaffirmed that no new currency note has been issued or approved.

The clarification aligns with the regulatory mandate of the CBN as the sole authority responsible for issuing legal tender in Nigeria.

Growing Challenge of Financial Misinformation

The incident highlights a broader challenge facing the Nigerian financial ecosystem, where digital misinformation spreads rapidly across social platforms.

False claims about currency redesigns, redenominations, or new denominations often generate public anxiety, particularly in an economy sensitive to cash availability and inflation trends.

In recent years, similar rumours have surfaced, including claims about proposed N5,000 and N10,000 banknotes. These were also previously debunked by the CBN.

Such misinformation often circulates without verification, leading to unnecessary panic and speculation among citizens and market participants.

CBN’s History of Currency Rumour Control

The current clarification is not the first time the CBN has had to address fake currency-related claims.

In previous instances, the bank has consistently warned the public against believing unofficial reports regarding changes to Nigeria’s legal tender.

The institution maintains that any policy decision involving currency redesign, introduction, or redenomination is formally communicated through verified channels.

These include official press releases, regulated media outlets, and announcements from the bank’s communication platforms.

Why Fake Currency Claims Gain Traction

Financial experts argue that false currency reports often spread quickly due to economic uncertainty and low public trust in unofficial online content.

In Nigeria’s case, persistent inflationary pressure and cash management reforms have made citizens more sensitive to perceived changes in currency policy.

Social media platforms further amplify such claims, allowing manipulated or AI-generated images to circulate widely before verification occurs.

This creates an environment where misinformation can influence public perception even without official confirmation.

Regulatory Reassurance to the Public

By debunking the viral claim, the CBN aims to reinforce confidence in Nigeria’s financial system and maintain stability in public expectations.

The bank has repeatedly assured citizens that the country’s currency framework remains unchanged and fully regulated.

It also continues to emphasize the importance of verifying financial information through official sources before sharing or acting on it.

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The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory violations and failure to meet required prudential standards.

In a regulatory notice released on Monday, the apex bank said the decision followed extensive supervisory reviews and enforcement actions aimed at stabilising Nigeria’s financial system.

According to the CBN, both mortgage banks failed to comply with critical provisions of the Banks and Other Financial Institutions Act (BOFIA), including capital adequacy requirements and corporate governance standards.

The apex bank stated that the revocation was necessary to protect depositors, maintain public confidence, and strengthen the integrity of the mortgage banking sub-sector.

“Withdrawing the licences of non-compliant institutions is part of our commitment to ensuring a sound and resilient financial system,” the CBN noted.

Following the revocation, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as liquidator and will commence the process of reimbursing insured depositors in line with existing regulations.

Industry analysts say the move underscores the CBN’s zero-tolerance stance on regulatory infractions and signals increased scrutiny of financial institutions operating in Nigeria.

The development has sparked concerns among stakeholders in the housing and mortgage sector, particularly as access to long-term housing finance remains a major challenge in the country.

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The Central Bank of Nigeria has lifted long-standing cash deposit limits and increased the weekly cash withdrawal allowance for individuals from N100,000 to N500,000, in a major policy shift aimed at easing cash management pressures and addressing growing security concerns.

The new directive, contained in a circular signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, applies to all banks and financial institutions nationwide. The policy takes effect on January 1, 2026.

According to the CBN, the review became necessary to reduce the high cost of handling cash, modernise existing regulations, and minimize money laundering risks linked to heavy cash transactions.

> “With time, the need to streamline and update these provisions to reflect present-day realities became necessary,” Dr. Sike stated.

Under the revised framework, the fee previously charged on excess cash deposits has been abolished. Corporate entities can now withdraw up to N5 million weekly, while individuals are limited to N500,000. Withdrawals above these limits will attract penalties of 3% for individuals and 5% for corporates, shared in a 40:60 ratio between the CBN and the operating bank.

The CBN also clarified that daily ATM withdrawals remain capped at N100,000, with a weekly ceiling of N500,000, forming part of the overall withdrawal limit across all channels, including POS.

The circular further directed banks to load all denominations in ATMs and maintain the N100,000 cap on third-party cheque encashment, which will count toward weekly withdrawal totals.

Some exemptions apply: federal, state, and local government revenue accounts, as well as accounts held by microfinance and primary mortgage banks. However, embassies, diplomatic missions, and donor agencies—previously exempt—are now subject to the new rules.

Banks are also mandated to submit monthly compliance reports to the Banking Supervision, OFI Supervision, and Payment Systems departments.

The revised policy comes amid ongoing reforms aimed at strengthening Nigeria’s payment system and reducing the economy’s reliance on physical cash.

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The Central Bank of Nigeria (CBN) and the Bank of Angola yesterday formalized a Memorandum of Understanding (MoU) aimed at deepening bilateral relations and enhancing capacity in central banking operations between the two institutions.

The signing ceremony, attended by senior officials and distinguished guests, featured the Governors of both central banks, Mr. Olayemi Cardoso of Nigeria and Mr. Manuel Tiago Diaz of Angola who officially endorsed the landmark agreement.

Speaking at the event, Governor Cardoso described the MoU as a product of long-standing dialogue, noting that its timing amid the ongoing forum was particularly fitting. “This forum brings together stakeholders from different countries with diverse interests, creating opportunities to meet, collaborate, and build relationships. What we have done today reflects the very spirit of the annual and spring meetings,” he said.

Governor Cardoso underscored the broader significance of the pact for Africa’s financial architecture, emphasizing that enhanced cooperation among central banks is vital for addressing shared challenges and fostering regional integration. “I am very pleased, and I believe this marks a significant milestone for both organizations and both countries,” he added.

In his remarks, CBN Deputy Governor for Economic Policy, Mohammed Abdullai, hailed the MoU as a critical development in advancing bilateral collaboration. He highlighted that the agreement will establish a formal bilateral forum for technical exchanges, facilitate cross-border supervision of authorized institutions, and provide a framework for licensing and resolution planning.

Abdullai further detailed the key areas of cooperation to include exchange control, financial markets, foreign reserves and currency management, research and monitoring, payment systems oversight, financial sector development, banking supervision, and regulation, as well as anti-money laundering (AML), combating the financing of terrorism (CFT), and market conduct supervision.

“Training of staff and sharing of experiences will also form a central part of the collaboration,” he added, underscoring the commitment to continuous capacity building and knowledge transfer between the two central banks.

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In a decisive step to strengthen Nigeria’s pension industry, the National Pension Commission (PenCom) has raised the minimum capital requirements for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to ₦20 billion and ₦25 billion respectively. Existing operators have until 31 December 2026 to meet the new thresholds, while the requirements take immediate effect for new licence applicants.

The announcement, made via a circular issued by the Commission this week, comes as part of its broader reform agenda, Pension Revolution 2.0, aimed at overhauling the regulatory and investment landscape of the pension sector. This is the first adjustment to PFA capital requirements since 2021, when the benchmark was increased from ₦1 billion to ₦5 billion. For PFCs, it marks the first revision since the ₦2 billion baseline was established in 2004.

Under the new framework, capital requirements for PFAs will now be tiered according to the size of their Assets Under Management (AUM). Category A PFAs, with AUM of ₦500 billion and above, must meet a minimum capital of ₦20 billion plus an additional 1% of their AUM. Category B, comprising PFAs with less than ₦500 billion in AUM, must raise capital to a flat ₦20 billion. Category C, for specialised institutions such as NPF Pensions Limited and the Nigerian University Pension Management Company Limited, carries higher fixed thresholds of ₦30 billion and ₦20 billion respectively.

PFCs, meanwhile, will now be required to maintain a Shareholders’ Fund unimpaired by losses of ₦25 billion, plus 0.1% of the Assets Under Custody (AuC). Both PFAs and PFCs must comply with these requirements by the 2026 deadline, with PenCom stating that audited financials will be reviewed biennially and any shortfall must be rectified within 90 days.

Explaining the rationale for the upward revision, A.M. Saleem, Director of the Surveillance Department at PenCom, said: “The review is to enhance the financial stability and operational resilience and improve service delivery and long-term viability of the PFAs and PFCs. The capital requirement was reviewed in line with global best practice, which ensures that capital is proportionate to the risk exposure of the Pension Fund Operator. The new model aligned the capital requirement with the Pension Asset Under Management and Assets Under Custody of the PFAs and PFCs, respectively.”

He further noted that since the last capital review, the industry has witnessed significant asset growth alongside growing macroeconomic pressures. “PFAs are therefore required to maintain adequate capital to sustain the achievements of the Contributory Pension Scheme after 21 years of existence, support ongoing pension reform initiatives aimed at positioning the Nigerian pension industry to respond to macroeconomic pressures, and deploy adequate resources to effectively fund operations, improve service delivery and ensure long-term sustainability.”

The capital increase is part of a broader regulatory pivot under Pension Revolution 2.0. In addition to the capital adjustments, PenCom has announced plans to introduce a minimum pension guarantee to ensure retirees maintain a dignified standard of living. The Commission has also expanded the scope of investable assets to include reverse repos, gold receipts, securities lending, private placements, commodity-backed instruments, agriculture funds, and derivatives, strictly for risk management. These changes, accompanied by new risk limits and ESG integration, reflect PenCom’s intent to diversify pension portfolios while reinforcing the long-term health and competitiveness of the sector.

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The Central Bank of Nigeria (CBN) has directed all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the current officeholder steps down.

In a circular signed by Rita I. Sike, Director of the Financial Policy and Regulation Department, the apex bank said the measure is part of efforts to guarantee smooth leadership transitions and minimise disruptions at the helm of major financial institutions.

The directive also requires banks to secure regulatory approval for a successor’s appointment no later than six months before the outgoing MD/CEO’s tenure ends.

“This requirement is aimed at minimising disruptions at the top management level, enabling appointees to adequately prepare for their new roles, and mitigating risks associated with abrupt leadership changes,” the circular stated.

The CBN cited Section 2.14 of its 2023 corporate governance guidelines, which obliges boards of commercial, merchant, non-interest, and payment service banks to approve succession plans for top executives, including MD/CEOs, executive directors, and senior management staff.

The apex bank emphasised that DSIBs play a critical role in maintaining financial system stability and urged strict compliance with the new succession planning rules.

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