Nigeria News (Standard)
CBN Governor Cardoso Moves to Tighten Rules on Banks’ Dealings with Affiliates Nationwide
Draft guidelines aim to safeguard depositors and strengthen oversight as CBN targets intra-group transactions in financial sector
Draft guidelines aim to safeguard depositors and strengthen oversight as CBN targets intra-group transactions in financial sector
The Central Bank of Nigeria (CBN) has released new draft guidelines seeking stricter regulation of business dealings between banks, financial institutions and their affiliated companies across the country. The announcement was made in Abuja on Wednesday, as part of efforts to protect depositors’ funds and reinforce consumer protection measures within Nigeria’s financial system.
The proposed framework, titled ‘Guidelines on Ring-Fencing Operations of Closely Linked Entities in the Nigerian Financial System’, sets out operational boundaries for entities under the same corporate group. According to a circular signed by Dr Rita Sike, Director of the Financial Policy and Regulation Department at CBN, these measures are intended to prevent commingling of activities across different licence categories and enhance regulatory clarity.
The CBN said the initiative is necessary at this time due to increasing complexity in group structures within Nigeria’s banking sector, which could pose risks to financial stability if not properly managed. The apex bank noted that clear separation between banks and their affiliates would help address concerns about governance, related-party transactions and possible conflicts of interest that may undermine depositor confidence.
In the circular, Dr Sike stated: “The draft guidelines prescribe requirements relating to governance arrangements, intra-group transactions and exposures, as well as disclosure standards for regulated institutions.” She added that these rules will improve oversight functions and align Nigeria’s financial sector with international best practices. There was no immediate reaction from commercial banks or industry associations as at press time.
The CBN has invited stakeholders to review the draft document and submit feedback before final adoption. Once implemented, the framework is expected to reduce systemic risks associated with conglomerate structures in banking, while ensuring that consumer interests remain protected.
Nigeria News (Standard)
Boko Haram Strikes Chibok’s Kautikari Community, Burns Down Two Schools in Borno State
Fresh assault forces residents to flee as destruction of schools renews fears over children’s safety in North-East
Fresh assault forces residents to flee as destruction of schools renews fears over children’s safety in North-East
Suspected Boko Haram and ISWAP insurgents attacked Kautikari community in Chibok Local Government Area, Borno State, on Friday evening, setting both the primary and secondary school buildings ablaze. The assault left hundreds of residents fleeing into nearby bushes and neighbouring communities to escape the violence, with the attackers targeting public infrastructure before withdrawing from the area.
Local sources reported that the gunmen stormed Kautikari after nightfall, focusing their attack on educational facilities. While no fatalities were immediately confirmed, the destruction of both schools has disrupted learning for children already affected by years of insecurity in the North-East. Residents described scenes of panic as families abandoned homes and livelihoods, adding that this incident marks another round of violence in a community repeatedly targeted by insurgent groups.
The attack comes just over a decade after the infamous abduction of 276 schoolgirls from Chibok by Boko Haram in 2014, which drew international attention to Nigeria’s security challenges. Despite ongoing military operations and government assurances, communities across Borno continue to face threats to education and safety. Reports indicate that Kautikari has suffered multiple attacks in recent months, forcing some families to relocate permanently out of fear.
Security agencies are yet to issue an official statement regarding Friday’s incident. However, parents and local leaders have called on both state and federal authorities to strengthen protection for schools across Borno State. “The repeated targeting of our schools is endangering the future of our children,” one community elder said during a telephone interview. Education stakeholders warn that continued attacks could undermine efforts to rebuild trust in public institutions and keep displaced pupils out of classrooms for even longer.
As assessment teams begin evaluating the extent of damage in Kautikari, humanitarian agencies say urgent intervention is needed to provide temporary learning spaces and psychosocial support for affected children. The latest assault underscores the persistent challenge posed by armed groups in the North-East despite military gains claimed by government forces. Authorities have pledged to intensify patrols around vulnerable communities while promising swift reconstruction of destroyed infrastructure.
Nigeria News (Standard)
Boko Haram Insurgents Attack Borno School, Kill One and Burn Classrooms in Chibok LGA
Police confirm security operatives repelled further violence as incident renews fears in community linked to 2014 abductions
Police confirm security operatives repelled further violence as incident renews fears in community linked to 2014 abductions
Suspected Boko Haram insurgents launched an attack on Kautikari village in Chibok Local Government Area of Borno State on Saturday evening, killing one person and setting fire to part of a secondary school. The incident was confirmed by local authorities and the Borno State Police Command on Sunday.
According to Malah Kyari, Education Secretary for Chibok LGA, the attackers specifically targeted the junior secondary section of Government Day Secondary School. “I can confirm that the insurgents attacked the Kautikari community yesterday, killed one person, and set ablaze one block containing five classrooms and an office at Kautikari JSS,” Kyari stated.
Kautikari is a community that previously gained international attention during the mass abduction of over 200 schoolgirls by Boko Haram in 2014. The latest attack has revived concerns about the safety of educational institutions and residents in the area, which remains vulnerable despite years of counter-insurgency efforts by government forces.
Police Public Relations Officer for Borno State Command, ASP Nahum Daso, confirmed the incident and said security personnel responded promptly to limit further damage. “They attacked Kautikari village, where they burnt two classrooms at Government Day Secondary School and killed one person, a man,” Daso said. He added that security operatives faced resistance from the assailants but were able to repel them before more harm could be done.
Authorities say investigations are ongoing while patrols have been intensified in Chibok LGA to prevent further attacks. The state government has urged residents to remain vigilant and report any suspicious activity. Meanwhile, education officials are assessing damages with a view to restoring learning facilities for affected students.
Source: https://guardian.ng/news/nigeria/metro/boko-haram-attacks-borno-school-kills-one-burns-classrooms/
Nigeria News (Standard)
Anambra Government Arrests Pastor Over Alleged Conversion of 75 Women as Wives in Onitsha
State hands Harrison Charles to police after viral video sparked probe into alleged wife-swapping, vows crackdown on fraudulent ministries
State hands Harrison Charles to police after viral video sparked probe into alleged wife-swapping, vows crackdown on fraudulent ministries
The Anambra State Government has confirmed the arrest of Pastor Harrison Charles, founder of Day Spring Assembly in Awada, Onitsha, following allegations that he converted 75 women—including married congregants—into his wives and encouraged wife-swapping among church members. The arrest was effected by operatives of the state’s security outfit, Agunechemba, after a viral video surfaced online detailing accusations against the cleric.
According to Dr Ejimofor Opara, Special Adviser to the Governor on Media, Charles was apprehended on Thursday and has been handed over to the police for further investigation. The state government said the move is part of a wider campaign against individuals accused of running fraudulent religious organisations within Anambra State.
The allegations against Pastor Charles have generated significant public concern in Onitsha and beyond, particularly given recent debates around unregulated religious practices in Nigeria’s South-East. Many of the alleged victims are said to be members of his church, with claims that they were pressured into unconventional marital arrangements under spiritual pretexts.
“Pastor Harrison Charles, owner of Day Spring Assembly in Awada, Onitsha, was arrested by operatives of Agunechemba following a viral video containing several allegations against him,” Dr Opara stated in a press briefing. “He is currently being investigated by the police, in collaboration with the Anambra State Government.”
Authorities have urged residents to report similar cases involving religious institutions or leaders engaging in practices deemed harmful or illegal. As at Friday morning, police investigations are ongoing and no formal charges have been filed yet. The state government has reiterated its commitment to regulating religious activities and protecting vulnerable citizens from exploitation.
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