The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across Nigeria over regulatory breaches, in a major move aimed at strengthening financial sector stability.   According to a statement issued on Wednesday by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, the revocation took effect from July 1, 2026, following approval by CBN Governor Olayemi Cardoso. Punch reported that the action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020. The CBN said the affected institutions failed to meet key regulatory requirements needed to continue operations as licensed financial institutions. Infractions identified included insufficient assets to cover liabilities, closure of operations without regulatory approval, prolonged inactivity, failure to commence business within 12 months of licensing, and failure to maintain the required minimum capital. The affected lenders include Tier 1, Tier 2 and state microfinance banks operating in Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra. Among the affected banks are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW NOW Digital Microfinance Bank. Several Kano-based institutions were also affected, including Bompai Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, TOFA Microfinance Bank, Kanopoly Microfinance Bank and Esteem Microfinance Bank. The regulator said the move forms part of its broader efforts to protect depositors and ensure compliance with banking regulations. The CBN reaffirmed its commitment to maintaining a safe, sound and resilient financial system, adding that supervisory and regulatory actions would continue where necessary to preserve public confidence. The development comes as the Nigeria Deposit Insurance Corporation recently disclosed that more than 281 million depositors across Nigeria’s banking system remain protected against bank failures. NDIC Managing Director Thompson Sunday said the corporation currently provides deposit insurance coverage across 914 licensed financial institutions, with over 98 per cent of depositors fully insured following the upward review of insurance limits in May 2024.

Oyo State Governor Seyi Makinde has relieved the Commissioner for Women Affairs and Social Inclusion, Toyin Balogun, of her appointment as part of a minor cabinet reshuffle.   According to The Guardian Nigeria, Makinde redeployed Alhaja Faosat Joke Sanni to head the Ministry of Women Affairs and Social Inclusion with immediate effect. Sanni replaces Balogun, whom the governor thanked for her service and wished success in her future endeavours. Sanni previously served as Commissioner for Women Affairs and Social Inclusion between 2019 and 2023 before being moved to the Ministry of Special Duties. She was later redeployed to the Ministry of Trade, Industry, Investment and Cooperative prior to her latest appointment. The reshuffle follows other recent appointments by the governor. On Tuesday, Makinde forwarded the name of Dr. Olabode Taiwo Ladipo, the Permanent Secretary for General Administration, to the Oyo State House of Assembly for confirmation as a commissioner. The governor also appointed Arc. Ifeoluwa Akande as Chairman of the Samuel Ladoke Akintola Airport Upgrade Committee, Honourable Isola Abiodun Adekunle as Executive Adviser on Intra-Party Affairs, and Hon. Oladejo Emmanuel Oladokun as a Part-Time Member of the Local Government Service Commission. A statement signed by the Chief of Staff to the Governor, Otunba Segun Ogunwuyi, said the appointments and redeployment took effect from July 1, 2026. Makinde congratulated the newly appointed officials and urged them to carry out their responsibilities with dedication, loyalty and commitment.

Nigerian sprinter Godson Brume has been sentenced to 27 months in prison in the United States for unlawful possession of a firearm while on a non-immigrant visa.   According to TheCable, citing the US Department of Justice, Brume will also face deportation after completing his prison term. The 23-year-old athlete had pleaded guilty in December 2025 before Judge Shelly Dick during proceedings at a federal court. US law prohibits immigrants on temporary visas from possessing firearms except under limited circumstances. Brume, who was in the US on an F-1 student visa, admitted to possessing and discharging a Glock 43X 9mm pistol during an altercation with his ex-girlfriend at his apartment in Baton Rouge on February 7, 2025. The sprinter moved to the US in 2022 on an athletics scholarship to study and train at Louisiana State University. Brume is the younger brother of Ese Brume, one of Nigeria’s most decorated long jump athletes. Before his legal troubles, he represented Nigeria at the 2024 African Athletics Championships in Cameroon, where he won silver in the men’s 4x100m relay. Brume is also regarded as Nigeria’s fourth-fastest 100m sprinter, with a personal best of 9.90 seconds.

Dangote Industries and Congo’s national oil company, Société Nationale des Pétroles du Congo (SNPC), have opened talks on a strategic partnership aimed at improving refined petroleum product supply and strengthening energy cooperation across Africa.   According to Channels Television, discussions focused on refining, petroleum product supply, energy security, industrial development and knowledge sharing. The talks followed a visit by an SNPC delegation to the Dangote Petroleum Refinery & Petrochemicals in Lekki, Lagos, where SNPC Managing Director Maixent Raoul Ominga described the refinery as a major industrial asset for Africa. Ominga said the Republic of the Congo is keen to build long-term cooperation with Dangote to strengthen the supply of refined petroleum products while creating value for both organisations. “We have visited this remarkable refinery, which represents a major industrial achievement for Africa. The Republic of the Congo has refining capacity, and we are keen to explore strategic cooperation,” he said. He also praised Dangote Group’s investments in Congo, particularly in the cement sector, saying they have boosted industrial capacity and improved access to construction materials. President and Chief Executive of Dangote Industries, Aliko Dangote, reaffirmed the company’s commitment to Africa’s industrial growth through regional partnerships and investment. “We are for Africa, not just Nigeria. Tell us what you need, and we will see how we can work together,” Dangote said. Dangote noted that the refinery is helping to improve fuel quality standards in Africa by producing petroleum products that meet international specifications while reducing dependence on imported refined products. During the meeting, Group Vice President for Oil and Gas at Dangote Industries, Devakumar Edwin, revealed plans to expand the group’s total refining capacity to 2.1 million barrels per day. The expansion includes 1.4 million barrels per day in Nigeria and a planned 700,000 barrels per day refining complex in Kenya to serve East African markets. Edwin also disclosed that Dangote plans to invest an additional $46 billion between 2026 and 2028 across its refining, cement and fertiliser businesses to accelerate industrialisation across Africa. The engagement highlights growing efforts by both organisations to deepen African energy cooperation, strengthen regional value chains and improve self-sufficiency in refined petroleum products.