News
New refineries: NNPCL may cut crude supply to Dangote plant
This reduction is expected to take place as part of adjustments under the government’s naira-for-crude initiative following the coming onstream of the Warri and Port Harcourt refineries.
Both refineries currently operate at a combined capacity of about 135,000 barrels per day. The plants, managed by the Nigerian National Petroleum Company Limited, commenced operations recently after years of neglect by successive governments, preferring fuel imports.
It was gathered that the planned reduction of crude to the Dangote refinery was also predicated on the necessity to ensure a sufficient supply of crude to all refineries.
This is aimed at boosting competition in the downstream sector, with the government facilitating this through the naira-for-crude initiative. Before the initiative, the government used to allocate about 445,000 barrels per day of crude to domestic refineries operated by NNPCL.
Impeccable sources knowledgeable about the development disclosed the planned slash in crude supply to the Dangote refinery during a chat with our correspondent on Wednesday.
One of the sources who did not want to be mentioned because he was not permitted to speak with the press, confirmed to The PUNCH that, “It is clear that crude allocation to Dangote refinery and other local refineries will be reduced because all our refineries are coming back. Old Port Harcourt is working. New Port Harcourt is almost done. Warri just joined last week. “
Last year, the Federal Executive Council adopted a proposal by President Bola Tinubu to sell crude to the Dangote refinery and other
upcoming refineries in the local currency.
FEC approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot.
Similarly, other refineries with lower capacity were scheduled to receive allocations.
Findings showed that the $20bn Lekki-based plant was allocated about 300,000 barrels per day out of the 450,000bpd approved by the government.
The agreement was designed to last six months in the first instance, pending further review by the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency.
However, this agreement will undergo slight adjustments following the commencement of refining operations at the 210,000PortHarcourt refinery and the 125,000 Warri refinery.
The source stressed that the only solution to the impending crude supply cut was for oil production to improve.
The official added, “Warri is now onstream, too, and Kaduna is coming. So the current share of those 450,000 barrels will now be shared between all of them. Remember also that the BUA refinery is coming.
“So, it is very likely that the 300,000 barrels the Dangote refinery is getting currently will be reduced. The formula for how it would be shared is still sketchy, but it is almost certain that it would be reduced. NNPCL won’t deprive itself of crude oil.
“At least, if Port Harcourt will get 50,000 barrels. Other refineries’ share will be reduced to 250,000. New Port Harcourt will come. Warri, too, is still there. So the only solution to this thing is to increase production, which the government is working hard on.”
The government had redirected crude allocation of 445,000 barrels formerly disbursed to the Warri, Kaduna, and Port Harcourt refineries following their shutdown to the Dangote refinery.
The official also stated that the government has stopped selling its crude on credit to local refineries for improved revenue collection.
“Another issue now is that the government will no longer sell its crude on a credit basis. You would have to pay before you can pick up crude products. The refiners are not happy about it, but revenue to the government is also important.”
The Dangote refinery may fall back on crude oil import, which is subject to international pricing.
Commenting on the latest development, the Crude Oil Refinery Owners Association of Nigeria stated that the initiative was an intervention designed to address the foreign exchange market volatility and drive down the retail price of petrol, which has been achieved.
The CORAN Publicity Secretary, Eche Idoko, in an interview, however, argued that the coming onstream of the Warri and Port Harcourt refineries is not expected to cut down allocation to local refineries.
He said, “The naira for the crude agreement was purely an intervention at the time to boost local production and then provide some cushion from the volatility of the foreign exchange market. It wasn’t so much about the crude but the FX.
“While I don’t know the mind of the government and regulators if one would infer from the solution to address the volatility, the coming onstream of the Warri and Port Harcourt refinery is to make sure the price of petrol remains affordable for Nigerians. You would agree with me that against all norms, the petrol price has dropped in the last month. We still expect that the price will drop further.
“If we go by this analogy, I don’t think it would change the announcement by the government concerning the naira for crude. However, the agreement signed for this deal stated that it was for refineries producing PMS, which only Dangote and Port Harcourt are currently doing. The one in Warri is not producing because it’s undergoing rehabilitation.”
Idoko pointed out that “this also indicates that there is a serious need for the upstream segment to ramp up production and produce more crude.”
Meanwhile, the national oil company may encounter new challenges in meeting local crude demands, with fresh indications that the oil firm is seeking an additional $2bn to stabilise its finances and invest in new oil infrastructure to boost crude oil production.
A report by Africa Intelligence recently stated the NNPC should announce in the next few days that it has finalised the new syndicated crude oil-backed loan.
Christened Project Leopard, the operation, it said, will enable the company to raise $2bn in total in exchange for crude oil.
This will push the volume of loans for crude to $8bn within four years. The country is still repaying these loans.
These deals have continued despite complaints from domestic refineries that the national oil firm is not meeting its quota.
The country’s average daily production stood at 1.8m barrels per day as of November 2024.
Last year, the Vice President of the Dangote Group, Edwin Devakumar, accused NNPCL of failing to meet its crude oil supply obligations under the naira-for-crude agreement.
Devakumar explained that the national oil company had committed to supplying the refinery with a minimum of 385,000 bpd under the crude-for-naira deal.
“We need 650,000 barrels per day, and NNPC Ltd agreed to supply a minimum of 385,000 bpd, but they are not even delivering that,” Devakumar stated.
The CORAN official also lamented the same issue, stating, “We trust that the government will listen to us for the naira for crude and address the issue of the non-availability of crude to local refineries. CORAN, as a body representing local refineries, is willing to work with the government in any way to increase the quota. Private refineries should also be allowed to own marginal fields.” 123m barrels crude
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission has revealed that Port Harcourt Refinery, Dangote Refinery, Warri Refinery, and other functional refineries will receive 123,480,500 barrels of crude oil between January and June 2025, which is the total crude requirement of refiners during the period.The regulator estimated daily crude oil requirements for local refiners at 770,500 barrels per day and a monthly requirement of 23,812,000 barrels per month.
The NUPRC said this in the Domestic Crude Oil Requirement and Crude Oil Production Forecast for the First Half of 2025 obtained by our correspondent on Wednesday.
To meet the requirement, the NUPRC said it targets crude oil output to hit over two million barrels per day.
The production target is hinged on Project 1 Million Barrels, which was launched in October 2024.
The NUPRC is empowered by the PIA to ensure domestic crude supply to local refineries based on the ‘willing buyer, willing seller’ model.
The regulator said the move is under Section 109 of the Petroleum Industry Act, 2021 and it is aimed at effective capacity utilisation of the nation’s domestic refineries by ensuring a consistent supply of crude oil.
The NUPRC said, “The forecasted daily crude requirement for Refineries which is 770,500 Bpd), is about 37 per cent of the forecasted first half 2025 average daily production of 2,066,940 Bpd.”
The forecast is for nine active refineries, according to the NUPRC.
A breakdown showed that the Dangote Refinery and Petrochemicals require 99,550,000 barrels from January to June 2025. The refinery’s daily requirement is 550,000mbpd while the monthly requirement is 17.05 million barrels. The facility, however, has an optimal capacity of 650,000bpd.
The Warri Refinery has the second highest requirement, estimated at 13,5875,000 barrels in the first half, while the daily and monthly requirements are 75,000bpd and 2.325 million barrels, respectively.
The Kaduna Refinery and Petrochemical Company Ltd has an estimated requirement of 3,960,000 barrels. The refinery’s daily requirement is 66,000bpd and 1,980,000 barrels.
Port Harcourt Refinery Company Ltd (Old) has a daily requirement of 60,000 barrels per day, a monthly requirement of 1,860,000 barrels and a half-year requirement of 2,868,000 barrels.
Port Harcourt-based Aradel Refinery is estimated to consume 1,267,000 barrels in the first half of 2025 while the daily need of the refinery is 11,000bpd and 215,000 barrels monthly.
OPAC Refineries in Delta State has a crude requirement of 5,000bpd, 150,000 barrels per month and 900,000 barrels in the first half.
Imo State-based Waltersmith Refinery and Petrochemical Company Ltd have a half-year requirement of 814,500 barrels, a monthly and daily requirement of 139,000 barrels, and 4,500 barrels per day.
Edo State-based Dupot Midstream Company Ltd has a half-year, monthly and daily requirement of 360,000 barrels, 62,000 barrels and 2000bpd, respectively.
Edo Refinery and Petrochemical Company Ltd has a half-year requirement of 186,000 barrels, a monthly requirement of 31,000 barrels and a daily requirement of 1,000.
NUPRC said, “It is leveraging the capacity of upstream operators to meet the target daily production of 2,500,000 bpd in the short term.
“This strategic initiative aligns with Nigeria’s commitment to bolstering its domestic refining capacity and ensuring the sustainability of its oil industry.
“The first half of 2025 is expected to witness increased synergy between local refineries and producing companies, setting the stage for a more robust and self-reliant petroleum landscape in Nigeria.”
PUNCH
A senior consultant physician in Kano State has died after collapsing barely 15 minutes after arriving at a private hospital where he was scheduled to attend to patients.
The tragic incident occurred on Saturday at Arewa Surgery Hospital, Hotoro, Kano, where the doctor, identified simply as Dr. Ibrahim, had reportedly agreed to replace another consultant who was unavailable for an evening clinic, according to Daily Trust.
The account was shared by Suleiman Harbo, an aide to the Jigawa State Governor, who said he witnessed the incident while accompanying his elderly mother to the hospital for a medical appointment.
Harbo said he arrived at the hospital around 5 p.m. with his mother, only to be informed that the consultant originally scheduled to see patients would not be available. Hospital staff then advised the waiting patients to see Dr. Ibrahim instead.
According to him, about six patients, most of them over 80 years old, waited for the physician’s arrival. Concerned about the delay, Harbo contacted the hospital reception, which reached the doctor by telephone.
Dr. Ibrahim reportedly informed the receptionist that he would come after observing the Maghrib prayer.
Shortly after arriving at the hospital, the physician allegedly became dizzy immediately after stepping out of his vehicle and collapsed.
He was rushed to the hospital’s emergency unit, where fellow consultants made frantic efforts to revive him. However, he was pronounced dead about 15 minutes later.
“The painful irony was this: all the patients waiting to see him were above 80 years of age, while about five senior consultant doctors fought to save him, yet all of them broke down in tears,” Harbo wrote.
He said his mother was initially unaware of what had happened and asked whether the doctor had arrived. Before he could respond, another patient informed her that the physician they had all been waiting to see had died.
According to Harbo, his mother responded by offering prayers for the deceased, saying: “Innalillahi wa inna ilaihi raji’un. So that was the doctor they rushed inside? May Allah have mercy on him. Let us just go home. I am already healed.”
Harbo also disclosed that those who were with Dr. Ibrahim during his final moments said his last audible words were, “La ilaha illallah,” the Islamic declaration of faith.
The cause of the doctor’s sudden collapse has not yet been disclosed.
The United States has withdrawn most of its military personnel deployed to Nigeria for a joint counterterrorism mission in the Lake Chad Basin, while maintaining intelligence-sharing and other security cooperation with Nigerian authorities.
The Commander of the US Air Forces in Africa, General Dagvin R.M. Anderson, announced the development during a virtual press briefing on the outcome of the African Chiefs of Defence Conference 2026.
Anderson said the partnership between Washington and Abuja remains strong, particularly in intelligence operations targeting the Islamic State (ISIS/Daesh).
According to him, the specific mission that required the deployment of US troops has been successfully completed, leading to the withdrawal of most of the personnel. He, however, stressed that the United States would continue providing intelligence support at the request of the Nigerian government.
“And so that operation in the Lake Chad Basin of Nigeria not only helped the countries in that immediate region; it also helps countries globally as it disrupts the ISIS network,” Anderson said.
“And so we have withdrawn much of our forces that were there specifically for that operation, but we are continuing the partnership that Nigeria has asked for to support intelligence sharing and provide the understanding necessary to prosecute these difficult tasks.”
The US Air Force commander described Nigeria as a key regional partner with a capable military, noting that cooperation between both countries has yielded significant gains in the fight against ISIS.
He credited intelligence collaboration between the two nations with enabling the operation that eliminated Abu-Bilal Al-Minuki, the second-highest-ranking leader of ISIS, who was responsible for much of the group’s global operations, media activities and recruitment.
“I think the partnership we’ve shown recently with Nigeria demonstrates what can be achieved. Nigeria is a capable country with a strong economy, a large, educated population and a professional military,” Anderson said.
“There are things we have learned over years of counterterrorism operations that we were able to integrate with Nigeria’s efforts. By combining intelligence sharing with unique US capabilities, we were able to support a cooperative operation that eliminated the number two leader of ISIS.”
According to Anderson, the operation highlights the effectiveness of intelligence collaboration rather than prolonged foreign troop deployments.
“As we move forward, this is the model we want to pursue—bringing unique US capabilities that enable our partners to be more effective in confronting terrorist threats,” he added.
The US commander also called for stronger intelligence cooperation among African countries to combat terrorism, drug trafficking and other transnational crimes.
He cited a recent multinational operation that intercepted a record 31-ton shipment of cocaine originating from South America and transiting through the West African coastline. According to him, intelligence sharing among partner nations made the seizure possible.
“I coordinated through our interagency partners in the United States, through AFRICOM, and informed regional partners. Eventually, it was a Spanish naval vessel that intercepted the ship carrying 31 tons of cocaine—the largest drug seizure at sea on record,” Anderson said.
He stressed that sustained collaboration among African governments, international partners and the private sector would be essential to addressing security challenges, promoting economic growth and attracting investment across the continent.
The United States deployed about 200 military personnel to Nigeria in February 2026 to support intelligence, surveillance and counterterrorism operations in the Lake Chad Basin as both countries expanded cooperation against ISIS and other extremist groups operating in the region.
The deployment followed US President Donald Trump’s redesignation of Nigeria as a Country of Particular Concern and his pledge to strengthen American support for Nigeria’s counterterrorism efforts.
On December 25, 2025, US forces carried out airstrikes on two terrorist camps in the Bauni Forest in Tangaza Local Government Area of Sokoto State.
The security partnership recorded a major breakthrough in May 2026 when a joint US-Nigerian operation killed Abu-Bilal Al-Minuki, the second-in-command of ISIS, during a raid on his hideout in Borno State.
News
Every Naira stolen robs Enugu of development’ — Gov. Mbah charges Public Officers on Accountability
Mbah gave the charge on Thursday when he declared open a two-day training programme, Compliance with Anti-Corruption Policies and Financial Regulations Frameworks, organised by his administration for the state’s political appointees and civil servants.
The governor, who was represented by the Secretary to the State Government, Prof. Chidiebere Onyia, spoke on the theme, “Enhancing Governance through Compliance: Navigating Anti-Corruption Policies, Financial Regulations and Emerging Taxation Frameworks.”
He described corruption as one of the greatest obstacles to development because resources are diverted through fraudulent practices, thus directly reducing government’s capability to provide essential social services.
“Therefore, Enugu State, under our leadership, set out three governance principles that would serve as a guide for our governance thinking and delivery strategy —Transparency, Traceability and Accountability. These three pillars have informed a lot of our procurement and systems-thinking model, our e-governance initiatives and our financial management across the state.
“This is because every naira lost to corruption, financial irregularities and non-compliance means fewer resources for smart schools, primary healthcare centres, roads and other critical infrastructure. Our governance is built on transparency, traceability and accountability, and compliance begins with knowledge,” Mbah said.
He urged public servants to stay abreast of emerging taxation and regulatory frameworks, stressing that ignorance of the law would no longer be an excuse for non-compliance. He also tasked participants to cascade the knowledge acquired to their colleagues in their various Ministries, Departments and Agencies (MDAs) and assured that government would continue to monitor compliance across the public service.
Speaking at the event, the consultant, Justin Kuatsea, noted that corruption had become deeply entrenched and could only be overcome through collective action and exemplary leadership.
Kuatsea, a certified management trainer and retired Deputy Director, Independent Corrupt Practices and Other Related Offences Commission (ICPC), maintained that the anti-corruption fight must begin with individuals in their homes, workplaces and communities, while political leaders must lead by example by demonstrating integrity and accountability.
Kuatsea identified employment irregularities, recruitment abuses, concealment of official files, irregular promotions, contract inflation, payments for unexecuted contracts and other financial misconduct as common corruption indicators in the public service.
“That was why I said that the fight against corruption must start with individuals, but political leaders must lead by example,” he said.
Also speaking, the Managing Director/Chief Executive Officer of Xavine Consulting Limited, Catherine Kadiri, said the training was designed to ensure that civil servants fully understand anti-corruption policies, financial regulatory frameworks and emerging taxation laws.
Kadiri said the programme would significantly tackle ignorance of ethical and operational standards in the public service, noting that participants would gain practical knowledge applicable to their respective roles.
She disclosed that 16 resource persons, including experts from the ICPC and Nigeria’s financial regulatory sector, were engaged to facilitate the sessions and expose participants to global best practices in governance and compliance.
According to her, the programme underscored the Mbah administration’s understanding that it could not build its envisioned $30 billion economy without a solid, committed, ethical, accountable, and highly responsible public service.
“There should be no excuse for non-compliance. This programme is designed to ensure public officers understand the dos and don’ts of governance, financial regulations and anti-corruption frameworks.
“We are also adding integrity to the core pillars so participants leave with the right values to drive good governance,” Kadiri concluded.
Former President Olusegun Obasanjo on Wednesday warned that many of the factors that triggered Nigeria’s three-year civil war in 1967 are still with the country, stressing that every effort must be made to prevent a recurrence of such a conflict, which resulted in huge losses of lives and property.
Obasanjo made the remark while receiving a book, research materials, videos and interviews of eyewitnesses documenting the Asaba Massacre and related events, compiled by the Chairman of the Asaba Memorial Trust and the Asaba Image Branding and Project Committee, Chief Chuck Nduka-Eze, at the Olusegun Obasanjo Presidential Library, Abeokuta.
He described the prospect of another civil war as unthinkable, insisting that the country had already fought “one civil war too many.”
He said, “What went wrong in the past is essential to preventing a repeat. We must do everything humanly possible to prevent its recurrence.”
He called on Nigerians to collectively adopt a “never again” resolve against civil war.
“Some of the things that led to the Civil War are still with us. How long will this remain so?
“I was with a colleague when Gen Yakubu Gowon said that we would not survive a second civil war as a country.
I believe we have fought one civil war too many already.
“To say that we will have a second civil war, God forbid.
We must understand what happened, condemn what should not have happened, and do everything humanly possible to prevent its recurrence.
“And then, for us to be able to say, ‘never again,’ what are we going to do to make that possible?
“Thank you very much for making people know about it, for people to learn from it, and for people to take a vow that it should never happen again. I will do everything possible to ensure that there is never again a civil war in this country,” he said.
The former President hailed Nduka-Eze for the effort to preserve history, saying the importance of documenting the past lies in helping the nation understand its history, learn from it and ensure such tragedies never happen again.
He added that at the Olusegun Obasanjo Presidential Library, part of its value is to preserve the past, capture the present and inspire the future, while emphasising that understanding the events surrounding the civil war, including the Asaba massacre, remains critical for national healing.
“We pride ourselves that we preserve the past, we capture the present, and we inspire the future,” he said.
The former president, who acknowledged his role as a soldier during the civil war, said he could not provide detailed accounts of the Asaba incident, noting that operations in that area were under the command of the late former Head of State, Gen Murtala Mohammed.
Obasanjo recalled that towards the end of the war, he was given key responsibilities to ensure that no further massacres occurred, stressing that abuses by soldiers were not condoned.
He also noted that former Head of State, Gen Gowon, had publicly acknowledged and apologised for the excesses of the war, stating that, at the highest level, actions such as the Asaba massacre were neither ordered nor condoned.
The former president, who commended Nduka-Eze for the work, promised to study the transcripts and audiovisual materials.
“At OOPL, we pride ourselves that we preserve the past, we capture the present, and we inspire the future. We capture the past, and this is the past; we want to capture it; we want to know about it.
“I must confess, and you know that I was involved in the civil war. When people talk about the Asaba Massacre, I always confess that I cannot give details of it,” he said.
Obasanjo also narrated how he prevented a soldier from raping a woman in Asaba, saying such an act would have attracted vicarious liability on his part as a commander.
Obasanjo maintained that documenting and teaching the history of the civil war and the Asaba Massacre were vital for national unity, adding that he would do everything within his power to ensure Nigeria never experiences another civil war.
Providing insight into the work on the Asaba Massacre, Nduka-Eze described it as a substantial and carefully cross-referenced body of evidence, including eyewitness testimonies, recorded interviews, archival materials, audio-visual documentation and established historical scholarship.
He said that across independent sources, a clear and consistent account emerges of events following the entry of federal troops into Asaba, then a civilian population centre in the Mid-West Region.
“The evidence establishes a recurring pattern. Civilians were assembled in public places under conditions of fear and uncertainty. During these assemblies, residents were required to proclaim allegiance to the Nigerian state, including being instructed to declare ‘One Nigeria’ and otherwise demonstrate loyalty.
“In a setting where identity and suspicion had become dangerously intertwined, these acts were understood by those present as affirmations of belonging and safety. Men were then separated from women and children. Thereafter, unarmed male civilians were killed in a manner consistently described across multiple independent accounts.
“Compliance with these demands did not secure protection. The sequence, repeated across testimonies, reflects a tragic contradiction in which individuals who openly affirmed their identity and loyalty as Nigerians were nonetheless killed in the most undignified manner by the same Nigerian state to which they had pledged allegiance.
“This sequence is corroborated by testimonies, documentary materials and scholarly works, and remains materially unchallenged. While precise casualty figures cannot be definitively fixed, the convergence of credible evidence points to a substantial loss of civilian life, more than a thousand men, and a profound rupture in the fabric of the Asaba community,” he said.
Nduka-Eze added that deep-seated ethnic suspicion, unresolved grievances arising from Nigeria’s first military coup and the failure to enforce accountability were among the factors that culminated in the Asaba Massacre and the 1967 civil war.
According to him, ethnic mistrust did not begin with the war but had already become entrenched before independence.
He noted that many of the issues that led to the civil war remained unresolved, with ethnic groups still relating to one another with suspicion.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country for failing to comply with key regulatory requirements, in one of the regulator’s most sweeping enforcement actions in recent years.The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation took effect from July 1, 2026.According to the CBN, the action was approved by its Governor, Olayemi Cardoso, in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020, as part of efforts to safeguard the financial system, protect depositors and ensure strict compliance with regulatory standards.
The CBN said the affected institutions failed to meet one or more of the conditions required to retain their operating licences.
“According to the revocation order, the action became necessary because of one or more of the following circumstances: insufficient assets to meet liabilities, closure of operations without the approval of the CBN, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” the statement said.
It added: “The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.”
The affected microfinance banks are:
Minji-Se Churchill MFB (Rivers)
Merchant MFB (Abia)
Janmaa MFB (Kwara)
Busu MFB (Niger)
Gold MFB (Lagos)
Zain MFB (formerly Dawakin Tofa MFB) (Kano)
Bompai MFB (Kano)
Ajwa MFB (Kano)
Now Now Digital MFB (Kano)
Crystabel Microfinance Bank (Bayelsa)
Chanelle MFB (Lagos)
Abia SME MFB (Abia)
Kamba MFB (Kebbi)
Iwade MFB (Ogun)
Winview MFB (Abuja)
Zuru MFB (Kebbi)
Minjibir MFB (Kano)
Shanono MFB (Kano)
Sumaila MFB (Kano)
Rimin Gado MFB (Kano)
Mwaghavul MFB (Plateau)
Sycamore MFB (Kano)
TOFA MFB (Kano)
Safegate MFB (Lagos)
Creekline MFB (Delta)
Bestar MFB (Oyo)
Livingspring MFB (Cross River)
Apple MFB (Ogun)
Stanford MFB (Uyo, Akwa Ibom)
Frontline MFB (Anambra)
Zafec MFB (Kaduna)
Supreme MFB (Lagos)
Bejin-Doko MFB (Niger)
Kanopoly MFB (Kano)
Bellbank MFB (formerly Tsanyawa MFB) (Kano)
Yeneng MFB (Plateau)
Creditville MFB (Lagos)
MBAG MFB (Lagos)
Straight Sahara MFB (Benue)
Our Pass MFB (Ondo)
VERDANT MFB (Lagos)
Basawa MFB (Kaduna)
Casha MFB (Abuja)
Esteem MFB (Kano)
Enterpreneur MFB (Lagos)
Avantus MFB (Osun)
The CBN reiterated its commitment to promoting a safe, sound and resilient financial system, stressing that it would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s banking sector.
The latest enforcement action follows the banking recapitalisation programme introduced by the apex bank in March 2024, which gave financial institutions until March 31, 2026, to meet new minimum capital requirements.
Earlier this year, the CBN disclosed that 30 banks had successfully met the new capital threshold, while institutions that failed to comply continued to face regulatory sanctions.
With the revocation now in effect, the 46 affected institutions have lost their legal authority to operate as licensed microfinance banks in Nigeria.
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