Author: Opalim Lifted

The Central Bank of Nigeria (CBN) has issued new baseline standards requiring banks and other financial institutions to adopt automated anti-money laundering (AML) systems to strengthen the detection of suspicious transactions. The directive, contained in a circular dated March 10, 2026, applies to deposit money banks, mobile money operators, international money transfer operators, payment service providers and other regulated institutions in Nigeria. According to the regulator, the move is aimed at improving financial crime detection as the country’s financial services sector becomes increasingly digital. The circular titled “Issuance of Baseline Standards for Automated Anti-Money Laundering (AML) Solution for Financial Institutions…

The House of Representatives has amended the Electoral Act 2026 to criminalise dual membership of political parties. Under the new provision, individuals found guilty of belonging to more than one political party at the same time will face a fine of N10 million and a maximum prison term of two years. The lower legislative chamber passed the amendment during Wednesday’s plenary. The amendment introduces three new subsections to Section 77 of the Electoral Act 2026, which deals with political party membership. The amendment provides that any individual found to be registered as a member of more than one political party…

Authorities in Ghana have arrested 93 Nigerians in a major crackdown on alleged internet fraud and immigration violations in the capital, Accra. The operation was carried out by the Ghana Immigration Service (GIS) following an intelligence-led raid on a suspected cybercrime hub at Devtraco Estate. According to a statement issued by Anima Quainoo, the suspects include 91 men and two women. Officials said the raid also led to the rescue of 73 victims, who reportedly suffered severe abuse and torture while being held by the suspects. Authorities recovered a range of items believed to have supported the illegal operations, including…

Human rights activist and pro-democracy campaigner Omoyele Sowore has declared his intention to challenge President Bola Tinubu in the 2027 Nigerian presidential election, promising sweeping reforms in electricity and security if elected. Speaking in Abuja, Sowore said fixing Nigeria’s power sector would be a top priority of his administration, describing electricity as the foundation for economic transformation. The activist said reliable power supply would unlock industrial growth, reduce unemployment and help tackle the country’s worsening insecurity. “The whole idea of energy is what will bring about an industrial revolution in this country. If we get power right, we can tackle…

Nollywood filmmaker Kunle Afolayan has lamented about the harsh impact of rising diesel costs on his business operations in Lagos. In a video shared on his Instagram page on Tuesday, Afolayan revealed how the increasing price of diesel is making it increasingly difficult for businesses like his to stay afloat. The movie producer, who owns the KAP Film Village and Resort, disclosed that the facility currently gulps around N11 million in fuel expenses every four to five weeks. “I have been sad because I can’t cope with the N1,500 per litre of diesel. In one of the businesses that we…

Iran has insisted it is not seeking a ceasefire, even as fresh explosions shook Tehran and tensions intensified around the strategic Strait of Hormuz. The conflict, which erupted after the Donald Trump-backed US–Israeli strikes on February 28 that killed Iran’s supreme leader Ali Khamenei, has rapidly spread across the Middle East, rattling global energy markets. Iran warned on Tuesday that no crude oil would leave the Gulf if the bombardment continued, raising fears of a major disruption to global energy supplies. Iranian parliament speaker Bagher Ghalibaf said Tehran had no interest in halting the conflict. “Certainly we aren’t seeking a…

Former Vice President of Nigeria, Prof. Yemi Osinbajo, will lead a new multi-country initiative aimed at strengthening health financing systems and climate resilience across West Africa. The programme, led by Future Perspectives in partnership with the Africa Centre for Future Perspectives, seeks to generate evidence, increase public awareness and guide policy responses on the growing intersection between climate change and health financing in Africa. Under the initiative, Osinbajo will oversee a comprehensive multi-sector evaluation in five West African countries: Côte d’Ivoire, Ghana, Nigeria, Senegal and Sierra Leone. The effort aims to advance domestic financing solutions that strengthen African health systems…

Toptip Knowledge Exchange conversations platform, a not-for-profit organisation committed to fostering informed professional dialogue, hosted the February edition of its webinar series titled “Nigeria’s New Tax Regime: Implications, Controversies, and Strategic Responses.” The session attracted legal practitioners, business owners, policy enthusiasts and young professionals eager to understand the far-reaching implications of the country’s evolving tax system. Delivering the keynote presentation, Ms Omowonuola Alabi, a legal practitioner, offered a balanced and analytical perspective on the new tax regime. She described the reform as structurally ambitious, noting that it reflects elements commonly found in modern tax systems around the world. However, she…

Fuel costs in Egypt have surged sharply after the government announced price hikes of up to 30 percent, blaming mounting global energy pressures linked to the ongoing Middle East conflict. The Egyptian petroleum ministry confirmed on Tuesday that the increases affect gasoline, diesel and natural gas used in vehicles. Officials said the adjustments were necessary due to severe disruptions in global energy supply chains triggered by the regional war. According to the ministry, rising security risks and soaring maritime shipping and insurance costs have pushed petroleum product prices to levels not seen in years. Global oil markets have been highly…

FCMB Group Plc has completed the capital raise programme for its banking subsidiary, First City Monument Bank Limited, as Nigerian banks rush to meet new regulatory capital thresholds set by the Central Bank of Nigeria. The recapitalisation exercise follows the banking sector reform announced by the apex bank in March 2024, which requires banks to meet higher minimum capital requirements by March 31, 2026. In a statement dated March 8, the group’s chief executive, Ladi Balogun, confirmed that the capital raising programme had received regulatory approval. According to the company, approvals were obtained from the Central Bank of Nigeria, the…