The witness, Okpoziakpo Eloho, a Commissioner of Police attached to the Force Headquarters’ Fraud Unit, testified as the 14th prosecution witness. Led in evidence by the Director of Public Prosecutions, Rotimi Oyedepo (SAN), he told the court that the funds were approved by Emefiele and fully disbursed.

According to Eloho, investigations carried out by his team showed that the stated purpose of the payment was merely a cover for fraud. He described the transaction as “pure theft” and alleged that the money was obtained under false pretences rather than being used for any legitimate election observer assignment.

The witness identified a presidential directive admitted as Exhibit PD5 and said investigators concluded that the document was used to facilitate the alleged fraud. He added that the investigative team recovered about $800,000 from the funds during the course of its investigation.

During cross-examination by defence counsel, Matthew Burka (SAN), Eloho acknowledged that, as CBN governor at the time, Emefiele had authority over the bank’s funds. He also confirmed that investigators reviewed several documentary exhibits tendered before the court.

He further testified that former Secretary to the Government of the Federation, Boss Mustapha, was interviewed during the investigation. According to the witness, Mustapha denied that a signature appearing on one of the documents presented as evidence belonged to him.

Eloho also claimed that the individual who collected the $6.23 million was identified as Jibril Abubakar. However, he told the court that investigations revealed the identity card used by the individual did not belong to a staff member of the Office of the Secretary to the Government of the Federation, contrary to what the document suggested.

Responding to questions on whether the funds were released in line with established procedures, the witness said due process was not followed. He explained that although the instruction originated from the CBN governor to the Director of Banking Services, the normal approval process should have passed through the deputy governor before execution.

Following the day’s proceedings, Justice Muazu adjourned the matter until July 3, 2026, for the continuation of trial.

The post Emefiele Trial: Witness Tells Court $6.23m Released for Foreign Election Observer Mission Was ‘Pure Theft’ appeared first on Business Today NG.

Adonri made the projection while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) Mid-Year 2026 Capital Market Review and Outlook held in Lagos.

According to him, the equities market is poised to gradually regain momentum as investors respond to improving corporate performance, stronger economic indicators and increasing confidence in the country’s reform agenda.

He, however, cautioned that high inflation, elevated interest rates, political activities ahead of the 2027 general elections, insecurity, simultaneous capital-raising exercises by companies and the ongoing conflict in the Gulf region remain key downside risks that could affect market performance in the months ahead.

Adonri explained that the recent correction on the Nigerian Exchange should not be viewed as a sign of weakening market fundamentals but rather as a normal phase of portfolio rebalancing by institutional investors following the strong rally triggered by ongoing economic reforms.

“The current market correction is a result of institutional investors repositioning their portfolios and not an indication of a breakdown in market fundamentals,” he said.

He expressed optimism that stronger corporate fundamentals and improved earnings prospects across listed companies would support a gradual recovery in the equities market during the second half of the year.

While projecting that the current high interest rate environment is likely to persist, Adonri said Exchange Traded Products (ETPs) are expected to realign with their underlying fundamentals as market conditions improve.

He also noted that the activation of the commercial papers and derivatives markets would deepen Nigeria’s capital market, broaden investment opportunities and enhance market liquidity.

Adonri identified the anticipated listing of Dangote Refinery on the Nigerian Exchange as one of the most significant developments expected in the coming months, describing it as a potential game changer capable of transforming the size, depth and attractiveness of Nigeria’s capital market.

Reviewing the country’s macroeconomic outlook, he said Nigeria’s ongoing economic reforms continue to receive positive recognition from international institutions.

According to him, the International Monetary Fund (IMF) has acknowledged that the reforms are producing improved macroeconomic outcomes, while leading global credit rating agencies have upgraded or affirmed Nigeria’s sovereign credit ratings.

He noted that S&P Global Ratings upgraded Nigeria’s sovereign credit rating to ‘B’ from ‘B-’ with a stable outlook in May 2026. Fitch Ratings also affirmed the country’s ‘B’ rating with a stable outlook, while Moody’s upgraded Nigeria’s rating to ‘B3’ from ‘Caa1’.

Adonri said the improved ratings reflect growing confidence in Nigeria’s economic management, supported by greater foreign exchange stability, rising external reserves and increased crude oil production.

He added that the World Bank and IMF project Nigeria’s economy to grow by 4.1 per cent in 2026, while the Central Bank of Nigeria (CBN) forecasts a stronger growth rate of 4.49 per cent.

According to him, higher crude oil production, expanding domestic refining capacity, improving foreign reserves and a relatively stable and appreciating naira are expected to support investor confidence and economic growth.

Despite the positive outlook, Adonri stressed that sustained macroeconomic stability and policy consistency remain essential to preserving investor confidence and ensuring long-term growth in the capital market.

He expressed confidence that once institutional investors complete their portfolio adjustments and economic reforms continue to gain traction, the Nigerian stock market will gradually return to a stronger growth trajectory in the second half of 2026.

The post Nigerian Stock Market to Rebound in H2 2026 Despite Economic, Political Risks – Expert appeared first on Business Today NG.

The apex bank said the action was taken in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the revocation was approved by its Governor, Mr. Olayemi Cardoso, following the affected banks’ failure to meet the regulatory requirements necessary for continued operation as licensed financial institutions.

The Bank explained that the decision was necessitated by one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without prior approval from the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving a licence, and failure to maintain the minimum capital requirement unimpaired by losses.

The CBN stated that the revocation forms part of its ongoing supervisory and regulatory measures aimed at safeguarding the stability of the financial sector, protecting depositors, and ensuring that all licensed financial institutions operate in compliance with existing laws and regulatory standards.

The apex bank reaffirmed its commitment to promoting a safe, sound, and resilient financial system, adding that it will continue to take appropriate regulatory and supervisory actions whenever necessary to maintain public confidence in Nigeria’s financial system.

The post CBN Revokes Licences of 46 Microfinance Banks appeared first on Business Today NG.

The Managing Director and Chief Executive Officer of the company, Nelson Akerele, disclosed this during a recent media briefing while addressing the firm’s capital positioning and compliance with the National Insurance Commission (NAICOM).

According to Akerele, Enterprise Life—which entered the Nigerian market approximately five years ago alongside peers like Heirs General and Heirs Life—has progressively built on its foundational capital structure to satisfy current regulatory thresholds.

“We started with ₦8 billion,” Akerele stated, recalling the company’s entry as one of the four entities licensed in that licensing wave. “What we have as a statutory deposit right now, as I speak, is ₦1 billion, which has been fully remitted to the designated account assigned to us.”

Beyond meeting the statutory deposit mandate, the Enterprise Life boss revealed that the company has fully satisfied its Minimum Capital Requirement (MCR).

He attributed this seamless compliance to a deliberate operational strategy that favors liquid assets over heavy fixed investments.

Unlike traditional players with massive capital tied up in real estate, Enterprise Life has maintained an agile, cash-ready balance sheet.

“We are not heavy in terms of buildings and all that; our assets are held in liquid form—in cash and cash equivalents,” Akerele emphasized. “We are an extremely liquid company.”

This cash-heavy asset strategy positions the insurer to promptly meet its obligations, match underwriting risks effectively, and settle policyholders’ claims without the delays often associated with liquidating physical property.

The announcement comes at a critical time when NAICOM continues to emphasize stricter solvency and liquidity management across the Nigerian insurance ecosystem to boost public confidence in the sector.

The post Enterprise Life Assurance Meets Full Regulatory Capital Requirements, Boosts Liquidity appeared first on Business Today NG.

At the official presentation, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that the updated guide will become operational on June 1, 2026, and will be issued at no cost to licensed dealers to ensure smooth adherence and effective rollout.

He explained that the revised framework is consistent with global standards and demonstrates the apex bank’s drive to upgrade Nigeria’s currency exchange operations for improved clarity, uniformity, and operational efficiency.

Cardoso stated: “The introduction of the 4th Edition of the CBN Foreign Exchange Manual reflects our shared determination to strengthen Nigeria’s economic foundations, deepen openness, and restore confidence in the foreign exchange system.”

He further noted that the refreshed guide is designed to support a more structured, rules-based, and efficient FX environment that promotes predictability and better market functioning.

The CBN governor called on stakeholders across both the public and private sectors to show discipline, cooperation, and professionalism in ensuring the successful adoption of the new framework.

He reaffirmed that the Central Bank will continue to provide direction, support, and clarification as the country transitions into a more structured phase of foreign exchange administration.

According to him, “Robust oversight systems anchored on consistency, fairness, and accountability are essential to sustaining trust and stability in the foreign exchange market.”

Market participants have commended the apex bank for its broad consultation process and detailed technical review involving financial institutions, corporate operators, and other stakeholders, which informed the development of the revised manual.

The post CBN Introduces Revised Foreign Exchange Guide for Improved Market Efficiency appeared first on Business Today NG.

The commitment was reiterated during the 2nd Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts (FRACE) and the Advisory Committees of Experts (ACE) of Non-Interest Financial Institutions (NIFIs), held on Thursday, May 7, 2026, at the CBN Auditorium in Abuja.

Speaking on behalf of the Deputy Governor, Financial System Stability, Mr. Philip Ikeazor, the Director of the Financial Policy and Regulation Department, Dr. Rita Ijeoma Sike, described the session as a strategic platform designed to deepen the credibility, resilience, and soundness of Nigeria’s non-interest financial services industry.

According to Mr. Ikeazor, the engagement builds on the achievements of the inaugural session and reflects the CBN’s continued resolve to maintain a sound, credible, and resilient non-interest financial system driven by robust governance, effective compliance, and prudent risk management practices.

He noted that Non-Interest Financial Institutions have become increasingly important in Nigeria’s financial system by offering ethical and Shariah-compliant alternatives to conventional banking. He added that the institutions are making significant contributions to financial inclusion, real sector financing, Micro, Small and Medium Enterprises (MSMEs) development, and shared economic prosperity.

However, the Deputy Governor cautioned that the sector’s rapid growth, increasing sophistication, and expanding interconnectedness also expose it to unique challenges. These include Shariah non-compliance risks, governance concerns, operational vulnerabilities, and emerging technological threats, all of which could undermine public confidence and the credibility of the industry if not effectively managed.

He explained that the establishment of FRACE and the mandatory constitution of ACEs across all NIFIs were aimed at institutionalising a harmonised and resilient governance framework for the sector. He stressed that continuous engagement between FRACE and ACEs remains critical in ensuring that regulatory expectations are properly understood and consistently implemented.

“The objectives of today’s session include fostering the institutionalisation and effective operation of a robust Shariah governance system within Non-Interest Financial Institutions, and providing a structured platform for dialogue, knowledge-sharing, and collaboration,” he stated.

In his remarks, the Deputy Chairman of FRACE, Prof. Bashir Aliyu Umar, said the interactive session was organised to strengthen governance within the sub-sector and encourage constructive engagement between FRACE and the ACEs of NIFIs. He commended the CBN for reviving the initiative, which was first introduced in 2014.

The session featured technical presentations on “Shariah Non-Compliance Risk in Non-Interest Banks and its Impact on the Non-Interest Financial Services Industry” and “Islamic Fintech and Financial Inclusion.” Participants also engaged in discussions on governance, innovation, risk mitigation, and capacity building in the non-interest finance sector.

The post Reaffirms Commitment to Stronger Shariah Governance in Non-Interest Finance Sector appeared first on Business Today NG.

Speaking during a stakeholder engagement organised in collaboration with the Nigerian Governors’ Forum (NGF), the Deputy Governor in charge of the Economic Policy Directorate, Dr. Muhammad Sani Abdullahi, said the success of Nigeria’s planned Inflation Targeting (IT) framework depends heavily on fiscal discipline at both federal and state levels.

He explained that inflation targeting is a transparent and forward-looking monetary policy system designed to keep prices stable, but stressed that the framework can only succeed if State Governments avoid excessive borrowing and spending that injects too much liquidity into the economy.

According to Abdullahi, state fiscal activities such as rising domestic debt, uncontrolled wage bills, heavy reliance on overdrafts, delayed salary payments, unplanned expenditures and weak debt management can all fuel inflationary pressures.

“In an inflation-targeting regime, persistent, unpredictable or expansionary fiscal behaviour at the subnational level can significantly undermine price stability,” he warned.

The Deputy Governor noted that one of the key conditions for successful inflation targeting is the absence of fiscal dominance, a situation where government borrowing forces the central bank to finance deficits by creating excess money supply.

He therefore urged State Governments to adopt more responsible fiscal practices by reducing dependence on short-term financing, aligning borrowing with debt sustainability limits, improving budget planning and strengthening internally generated revenue.

Abdullahi further identified four major responsibilities for states under the inflation-targeting system: maintaining fiscal discipline, ensuring responsible borrowing, improving cash and debt management coordination, and boosting revenue mobilisation.

He cautioned that excessive supplementary budgets, rising debt burdens and uncontrolled spending could trigger liquidity shocks capable of worsening inflation across the country.

Also speaking at the event, the Director of the CBN Monetary Policy Department, Dr. Victor Oboh, described inflation targeting as a “win-win framework” that would help households, businesses and governments by reducing uncertainty and strengthening confidence in economic policies.

Oboh said inflation control cannot be achieved through monetary policy alone, especially in a federal structure like Nigeria’s where state-level spending and borrowing decisions significantly affect liquidity and inflation trends.

Representatives from more than 20 states, including Commissioners of Finance, Economic Planning officials, Accountant Generals and State Statisticians, attended the engagement and pledged support for the CBN’s reform agenda and transition to inflation targeting.

The post CBN Warns Against Rising State Debt appeared first on Business Today NG.

In a statement, the CBN said the misleading messages are designed to spread false information about its leadership, licensing, and policy issues, while also attempting to trick unsuspecting individuals into clicking malicious links and compromising their personal accounts.

The bank stressed that its official website remains www.cbn.gov.ng and urged the public to rely only on verified sources for information.

It advised Nigerians to avoid clicking on suspicious links or sharing personal information on unverified platforms, and to always confirm the authenticity of any communication through the CBN’s official website and recognised media channels.

The apex bank also called on the public to report any suspected fraudulent websites, emails, or messages to law enforcement authorities.

Reaffirming its commitment to protecting the financial system, the CBN said it is continuously strengthening its cybersecurity frameworks in collaboration with relevant agencies to safeguard the public against digital fraud.

The post CBN Alerts Public to Fake Messages, Fraudulent Links appeared first on Business Today NG.

In a statement released on Friday, the apex bank said the NOFR will serve as a standardized reference rate for overnight lending, strengthening monetary policy transmission and supporting the development of the country’s money market.

According to the CBN, the new benchmark aligns Nigeria with global best practices in short-term interest rate frameworks. It is expected to enhance price discovery, ensure more consistent pricing of money market instruments, and promote greater transparency across the financial system.

The bank added that the introduction of NOFR would also bolster investor confidence, improve risk management practices, and create opportunities for financial innovation.

With the rollout, Nigeria joins other major economies that have adopted similar benchmarks, including the United States’ Secured Overnight Financing Rate (SOFR), the United Kingdom’s Sterling Overnight Index Average (SONIA), the Eurozone’s Euro Short-Term Rate (€STR), and Japan’s Tokyo Overnight Average Rate (TONA). It also aligns with regional benchmarks such as South Africa’s Johannesburg Interbank Average Rate (JIBAR).

The NOFR follows a stakeholder engagement session held on February 27, 2026, where market participants formally adopted the framework. With regulatory approvals secured, the benchmark is now operational.

The CBN will act as the benchmark administrator, with responsibility for governance, transparency, and the regular publication of the rate.

The initiative marks a significant step in ongoing efforts to modernize Nigeria’s financial markets and align them with international standards.

The post Breaking: CBN Launches Nigerian Overnight Financing Rate to Deepen Money Market appeared first on Business Today NG.

The exercise, which began in March 2024, was designed to strengthen the banking sector’s resilience, improve capital adequacy, and enhance the capacity of financial institutions to support economic growth amid domestic and global economic uncertainties.

The programme recorded strong participation from both domestic and international investors, with 72.55% of capital sourced locally and 27.45% from international markets, reflecting

sustained confidence in the Nigerian banking sector.

Governor Olayemi Cardoso commented: “The recapitalisation w has strengthened

the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well­positioned to support economic growth and withstand domestic and external shocks.

Capital Strengthening and Financial System Resilience.

The post Nigerian Banks Raise ₦4.65 Trillion as CBN Ends Recapitalisation Drive appeared first on Business Today NG.