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CBN Closes 46 Microfinance Banks

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By Shehu Dogo, Senior Reporter 

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs), citing their failure to meet regulatory requirements for continued operation.

In a statement on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

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MTN To Subscribers: 25GB Anniversary Data Giveaway Fake

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MTN Nigeria has issued a warning to subscribers against fake 25GB anniversary giveaway offers circulating online, urging customers to use only its official platforms to access the promotion.

The telecommunications company issued the warning through its support account on X on Saturday, cautioning Nigerians against clicking suspicious links, sharing personal information or making payments on platforms claiming to offer the anniversary data bundle.

MTN said the official 25GB anniversary giveaway is available only through the MyMTN NG App and the MTN eShop.

In the post, the company said, “Please beware of fake MTN 25th Anniversary 25GB giveaway offers circulating online.

“The official MTN 25GB Anniversary Giveaway is available ONLY via the MyMTN NG App and MTN eShop.

“Do not click on links, share your personal information or make payments on any other platform claiming to offer the giveaway.

“Only trust official MTN channels.”

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Unknown Person Credited My Bank Account, Says Atiku

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Former Vice President of Nigeria and Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has raised an alarm over a suspicious credit into one of his private bank accounts domiciled with one of Nigeria’s leading commercial banks.

According to Atiku, “The transfer originated from a person totally unknown to His Excellency with the narration “Contribution Electioneering Campaign.” Neither His Excellency nor his campaign solicited, authorised or has any knowledge of the individual or entity behind the unauthorized payment.

Understandably, the circumstances surrounding the transfer are deeply troubling to His Excellency. The account is a strictly private one whose details are not in the public domain. This raises a fundamental question: How did unknown persons obtain the confidential banking details of a private citizen?

If the private banking information of a former Vice President and a leading presidential candidate can be accessed and deployed for reasons yet unknown then no Nigerian’s financial privacy is safe. Even more disturbing is the suspicion that such confidential information may have been obtained through persons with privileged access. If established, this would amount to a grave abuse of power capable of exposing the account holder to kidnappers, terrorists, bandits, fraudsters and other criminal elements.

We therefore put the Nigerian public – and the security agencies – on notice about this latest incident in a litany of suspicious activities leading up to next year’s general elections.

As political activities gather momentum, Nigerians should not be distracted by these tired tactics that smack of character assassination. Such desperate antics have failed before and will fail again. The Waziri Adamawa remains focused on offering Nigerians credible leadership and practical solutions to the nation’s challenges.

Signed:
Phrank Shaibu
Senior Special Assistant on Public Communication to Atiku Abubakar, Vice President of Nigeria (1999–2007) and Presidential Candidate of the African Democratic Congress (ADC).
7th August, 2026

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Corporate Affairs Commission To Deregister 100,000 Companies

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The Corporate Affairs Commission has commenced moves to strike off 100,000 companies from its register.

The firms are affected over their failure to file outstanding annual returns and other statutory documents.

The Commission disclosed this in a public notice signed by its management on Wednesday.

It said the exercise, tagged Batch 6, was being carried out pursuant to Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.

 

According to the notice, the affected companies can find their names on the Commission’s website.

The notice read, “This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and(4) of the Companies and Allied Matters Act, 2020.

“The list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission’s Website http://cac.gov.ng”

 

The Commission urged the companies to regularise their records within 90 days of the notice.

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