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.

Source: https://www.pulse.ng/story/cbn-orders-banks-fintechs-to-reveal-their-real-owners-in-fresh-crackdown-on-financial-crime-2026061915105684671

Donation aims to improve surgical care at Federal Medical Centre Asaba, as hospital management commends pharmaceutical firm’s gesture

Fidson Healthcare PLC has donated a fully equipped theatre pharmacy to the Federal Medical Centre (FMC) in Asaba, Delta State, on Friday, 19 June 2026. The pharmaceutical company’s intervention is expected to enhance the hospital’s capacity for efficient drug dispensation and patient care during surgeries.

The handover ceremony took place at the FMC Asaba complex, where representatives of Fidson PLC officially presented the facility to hospital management. According to officials present at the event, the new pharmacy is designed to provide immediate access to essential drugs and medical supplies within the surgical theatre environment.

The donation comes as hospitals across Nigeria continue to grapple with shortages of critical medical infrastructure and supplies. The new theatre pharmacy is expected to address bottlenecks that have previously delayed surgeries due to unavailability of drugs within the operating suite. Hospital administrators noted that such interventions from private sector partners are vital for improving service delivery in federal health institutions.

Speaking at the occasion, representatives of FMC Asaba expressed gratitude for Fidson’s support. They said the facility would go a long way in boosting operational efficiency and patient outcomes during surgical procedures. “This gesture from Fidson PLC will significantly reduce turnaround time for surgeries and help save lives,” one official remarked.

The management of FMC Asaba said it looks forward to further collaborations with private organisations aimed at bridging healthcare gaps in Delta State and beyond. Stakeholders urged other corporate bodies to emulate Fidson’s example by supporting public health facilities with similar initiatives.

Source: https://www.premiumtimesng.com/news/more-news/888980-fidson-plc-donates-theatre-pharmacy-to-fmc-asaba.html

Federal government says initiative will boost university autonomy and research as sector faces funding shortfalls nationwide

The Minister of Education has praised the University of Benin (UNIBEN) in Edo State for launching a ₦100 billion sustainable funding initiative aimed at strengthening the institution’s financial base. The minister gave the commendation on Friday, describing the move as a significant step towards ensuring long-term stability and academic excellence at one of Nigeria’s foremost universities.

According to details released by UNIBEN management, the funding drive is designed to attract resources from alumni, private sector partners, and other stakeholders to address infrastructural needs and support research activities. The university said this approach is intended to reduce over-reliance on federal allocations, which have been shrinking due to competing national priorities and economic challenges.

Nigeria’s public universities have faced repeated disruptions caused by underfunding, often resulting in strikes and delayed academic calendars. Experts in the education sector say innovative funding models like UNIBEN’s could set an example for other institutions struggling with budgetary constraints. The government has repeatedly called for universities to seek alternative revenue sources as part of broader reforms.

The education minister noted that such efforts are key to achieving greater institutional autonomy and improved standards across Nigeria’s higher education landscape. “This initiative shows the commitment of UNIBEN leadership to finding homegrown solutions,” he said during an official visit. The university administration also urged its alumni network and corporate organisations to support the fund for lasting impact.

Stakeholders expect that if successful, UNIBEN’s ₦100 billion project could encourage similar drives at other federal and state universities. Government said it will continue working with institutions seeking creative pathways out of persistent funding shortfalls.

Source: https://www.premiumtimesng.com/news/more-news/888976-education-minister-hails-unibens-%e2%82%a6100-billion-sustainable-funding-initiative.html