Nigeria News (Standard)
CBN Orders Banks, Fintechs in Lagos and Abuja to Disclose Real Owners Under New Anti-Crime Rules
Central Bank directive aims to strengthen anti-money laundering efforts as hidden ownership structures face increased scrutiny
Central Bank directive aims to strengthen anti-money laundering efforts as hidden ownership structures face increased scrutiny
The Central Bank of Nigeria (CBN) has directed all banks, fintech companies and payment service providers in major financial centres like Lagos and Abuja to disclose the identities of their ultimate beneficial owners. The move, announced on Wednesday, forms part of a renewed drive to tackle money laundering, terrorism financing and other financial crimes across the country’s financial system.
According to new regulatory guidelines released by the apex bank, all financial institutions under CBN supervision must identify, verify and maintain updated records of the real individuals who ultimately own or control their businesses. The CBN stated that these requirements are designed to prevent corporate structures from being misused for illicit activities such as corruption, tax evasion and fraud.
The CBN explained that institutions must go beyond company registration documents to determine those who exercise significant control or benefit substantially from a business, even when ownership is obscured through multiple layers or nominee arrangements. “Financial institutions are required to take reasonable steps to determine the natural persons who ultimately own or control a company and ensure that such information remains accurate and up-to-date,” the bank said in its official statement.
Olayemi Cardoso, Governor of CBN, noted that the guidelines are consistent with global standards on transparency and anti-money laundering, adding that hidden ownership arrangements have become a growing concern internationally. According to Cardoso, such structures often enable the concealment of crime proceeds and make it difficult for authorities to trace transactions linked to fraud or terrorism financing.
The directive applies not only to commercial banks but also payment service providers, fintech firms and other regulated entities operating in Nigeria. The CBN emphasised that these measures will help regulators identify true beneficiaries during investigations into suspicious transactions, thereby improving accountability within the sector. Institutions are expected to review their ownership records promptly and ensure full compliance with the updated disclosure rules.
This latest action is part of broader efforts by Nigerian authorities to align local financial regulations with recommendations from international anti-money laundering bodies. By implementing these changes, government hopes to bolster confidence in Nigeria’s financial sector while making it harder for criminals to exploit complex ownership arrangements.
Nigeria News (Standard)
Abia Governor Otti Mourns Nollywood Actor Alex Ekubo, Calls Loss a Blow to State
Governor describes Ekubo’s death as a major setback for Abia’s creative sector, hailing his legacy in Nigerian film industry
Governor describes Ekubo’s death as a major setback for Abia’s creative sector, hailing his legacy in Nigerian film industry
Governor Alex Otti of Abia State has described the passing of Nollywood actor Alex Ekubo as a huge loss to both the state and Nigeria’s creative industry. The Governor made this known on Friday, 19 June, in Umuahia while reacting to news of the actor’s death.
According to Governor Otti, Ekubo, who hailed from Abia, represented not only his state but the entire South-East in Nigeria’s burgeoning film sector. The Governor stated that Ekubo’s contributions had placed Abia on the map for talent and excellence in the entertainment world. He said, “The death of Alex Ekubo is a huge blow to Abia State and the entire Nollywood family.”
Ekubo was widely recognised for his roles in several high-profile Nollywood films and had become a household name across the country. His rise to stardom was seen as an inspiration to many young Nigerians aspiring to careers in acting and filmmaking. The Governor noted that Ekubo’s achievements reflected positively on Abia and served as encouragement for youths in the state.
Governor Otti extended condolences to Ekubo’s immediate family, colleagues in Nollywood, and all who mourn his passing. He urged young creatives not to be discouraged but rather draw strength from Ekubo’s legacy of hard work and dedication. As at press time, stakeholders in Nigeria’s entertainment industry have also expressed shock at the news, describing it as an irreplaceable loss.
The state government is expected to participate fully in funeral arrangements when announced by the family. Governor Otti reiterated his administration’s commitment to supporting talent development across all sectors in Abia.
Nigeria News (Standard)
Federal Government Engages Banks to Boost Revenue Collection via Digital Platform
Finance ministry seeks banking sector collaboration for improved tax compliance and transparency in federal remittances
Finance ministry seeks banking sector collaboration for improved tax compliance and transparency in federal remittances
The Federal Government has called on commercial banks across Nigeria to support its efforts at strengthening revenue collection through a digital platform, as part of ongoing reforms to enhance fiscal transparency. The move was disclosed in Abuja on Friday, June 19, by officials from the Ministry of Finance, who stressed the need for effective collaboration with the banking sector.
According to the ministry, integrating banks into the digital revenue collection system will help reduce leakages and promote real-time tracking of payments made by individuals and businesses into government accounts. The initiative is expected to address longstanding concerns around accountability in federal revenue mobilisation and ensure that more funds are available for public services.
Revenue collection has remained a critical challenge for successive administrations in Nigeria, with experts blaming inefficient processes and cash-based transactions for significant losses to the national purse. The push for a fully digital system is part of broader economic reforms aimed at improving non-oil revenue amid fluctuating crude oil prices and persistent budget deficits.
A finance ministry spokesperson said the new digital approach would “bring greater efficiency and transparency” to how government funds are collected. The official urged banks to leverage their existing infrastructure to support seamless adoption of electronic channels. Bank representatives present at the meeting welcomed the proposal but highlighted the need for further engagement on technical requirements and security measures.
With this renewed focus on technology-driven revenue collection, government aims to improve tax compliance rates and curb underreporting by businesses. The finance ministry is expected to roll out pilot programmes in select states before expanding nationwide, while ongoing discussions with stakeholders will continue over coming months.
Nigeria News (Standard)
Ex-NAPTIP DG Condemns Assault on 10-Year-Old Boy in Anambra, Demands Swift Justice
Former agency head calls for urgent investigation as child abuse case sparks outrage in South-East state
Former agency head calls for urgent investigation as child abuse case sparks outrage in South-East state
A former Director-General of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has condemned the reported assault of a 10-year-old boy in Anambra State, urging authorities to ensure prompt justice for the victim. The incident, which took place in one of the state’s communities, has drawn widespread concern from child rights advocates and local residents.
According to information released on Friday, the ex-NAPTIP chief expressed deep worry over the alleged attack, describing it as a violation of Nigeria’s Child Rights Act. The details surrounding the assault remain unclear, but calls have intensified for police and social welfare officials in Anambra to investigate the matter without delay and bring any perpetrators to book.
The case highlights persistent challenges facing children in some parts of Nigeria, where reports of abuse and neglect continue despite existing legal protections. Stakeholders have repeatedly warned that such incidents undermine efforts to guarantee child safety across South-East states and beyond.
In a statement, the former NAPTIP Director-General stressed that all children are entitled to protection under Nigerian law and called on relevant agencies to act swiftly. “Justice must not only be done but seen to be done in cases like this,” the ex-agency head stated. Child protection groups echoed this sentiment, urging government at both state and federal levels to prioritise enforcement of child rights legislation.
As at press time, it was not clear if arrests had been made in connection with the assault. Authorities are expected to provide updates as investigations progress. The situation continues to generate discussion among community leaders and advocacy organisations focused on safeguarding children’s welfare.
Abia Governor Otti Mourns Nollywood Actor Alex Ekubo, Calls Loss a Blow to State
Federal Government Engages Banks to Boost Revenue Collection via Digital Platform
Ex-NAPTIP DG Condemns Assault on 10-Year-Old Boy in Anambra, Demands Swift Justice
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