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Senate, CIBN Seek to End Malpractices in the Banking Sector

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The Senate committee on Banking, Insurance and other Financial Institutions, chaired by Senator Adetokunbo Abiru and the Chartered Institute of Bankers of Nigeria (CIBN) have vowed to sanitize the banking sector and bring to book erring banks and their employees involved in any form misconduct.

The collaboration was cemented at the Senate during an interactive session between members of the committee and CIBN.

The umbrella professional body for bankers in Nigeria led by its President/Chairman of Council, Dr. Ken Opara met with the banking Committee to seek assistance of the Lawmakers in the passage of the proposed CIBN Act Bill and other key issues and initiatives affecting the banking and finance industry.

Senator Abiru emphasized the need to rid the banking industry of corruption and sharp practices which are inimical to the progress of the nation.

He said; “As lawmakers, we shall continue to ensure that the banking industry is properly regulated by enacting modern laws required to engender confidence in the industry as well as perform effective oversight over the regulators such as the CBN and the NDIC.

“We hope to partner with relevant professional bodies, especially the CIBN. I am happy to note that the process of amending the CBN Act of 2007 will be concluded soon.”

We shall equally fast-track the passage of other Bills meant to strengthen the financial services industry in Nigeria.

Abiru who is also a member of the institute assured of the Senate’s resolve to support the CIBN to solve the Nation’s inflationary and other prevailing economic crisis.

He said; “Your coming at a time the National Assembly is debating amendments to the CBN Act as well as other related issues to help the government and the CBN navigate the current economic challenges posed by rising inflation and persistent naira depreciation.

Harping on the need to pass the CIBN Act, First Vice President CIBN Prof. Deji Olanrewaju stressed that many corrupt bankers evade prosecution under the guise that they are not members of the CIBN.

Deji explained that by the time CIBN Act bill is passed bankers involved in malpractices will be brought to book under the CIBN Tribunal which he said has a competent jurisdiction like a Federal High Court.

He explained; “The tribunal according to the provisions of the act law 207 has power and competent jurisdiction like a high court which means that any judgment passed by the tribunal is like a judgment passed by the high court, so they have to go to court of appeal but lo and behold, majority of those that we ought to bring to book escaped on the pretext that they are not our members.

“They work in the bank and deal with money but they said they are not members and as a lawyer we know the importance of the jurisdiction. These people are working in the bank but their activities are affecting us globally, so we must do something tangible that will make us sanitise the system.

Without the amendment to that law there is nothing we can do. We also reach out to agencies like EFCC and ICPC that are working against malpractices.

In an earlier address, the President of the CIBN added that if the CIBN Act is amended, everyone working in the banking sector will be held accountable for misconduct or financial crimes.

He said; “In the current amendment, we want to capture everyone working in the banking industry in Nigeria for the purpose of upholding ethics and professionalism CBN, NDIC, and banks are to send reports of allegations of misconduct to the Institute.

Dr Ken also revealed the plans of the institute to expand its name and coverage. “The expansion of the Institute’s name to include ‘Finance” to conform to the Institute’s coverage and best practice: “Chartered Institute of Banking and Financial Services”. -Section 1 to cover institutions under the regulation of CBN, especially non-conventional banks.

“And to also include persons carrying out non-conventional banking. This will enable the Institute to foster ethics, maintain professional standards and build capacity in the ever- evolving novel/modern banking practice, e.g. FinTechs will have an enabling environment to provide financial services through the use of digital and modern technology.

Senator Orji Uzor Kalu bemoaned the level of malpractices committed in the banking sector. The former Governor supported the passage of the CIBN bill.

“I wish you asked us to start the amendment ourselves. Because the banking industry needs sanitisation , they defraud unsuspecting people by juggling of money from one account to the other by bankers which they do with the computer system or any other means and want to encourage the CIBN to continue to play its role. The Government needs you at this crucial economic moment, Kalu said.

In his contribution Senator Osita Izunso advised that the amendment of the CIBN bill should also take into consideration the Federal Government’s Investment and Securities Tribunal to further boost its legitimacy so as to avoid constitutional bottle necks.

Izunaso advised; “I’m talking about the composition of the membership. It is you, the CIBN themselves that constitute the membership and that will still have a problem of legitimacy.

“I want us to look at it from the perspective of the Investment and securities Tribunal, that is constituted by the Government, it’s not by you yourselves, so ICT is set up by Government but it is in the act that the Government should constitute it.

“What we should have in this amendment is that it should be in the act, but that the Government should constitute it , when that happens there can even be budgetary provisions for it. That will give it plenty of legitimacy.

Izunaso also urged the CIBN to also grant membership to non-workers of the Banking sector who usually have dealings with banks.

“If I’m a customer and I have been defrauded by a banker, it’s not fair when you consider only the banker, you should consider every other person who is into banking, “Izunaso added.


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FG Approves First National Policy on Cosmetic Safety, Health

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Cosmetic products are widely used in Nigeria, but many consumers remain unaware of the chemicals they may contain.

FG Approves First National Policy on Cosmetic Safety, Health

Federal government has therefore approved the first national policy on cosmetics safety and health after nearly two decades of stalled attempts.

The policy was launched at the Sixty sixth National Council on Health in Calabar.

It establishes a clear system to regulate how cosmetic products are manufactured, imported, sold, used and disposed of.

The new policy supports major government priorities.

It aligns with the National Strategic Health Development Plan II, the National Chemical Safety Policy and the National Environmental Health Action Plan.

It also advances the Nigeria Health Sector Renewal Investment Initiative and strengthens the country’s commitments under the International Health Regulations and the Minamata

Convention on Mercury.

By improving regulation and surveillance, the policy strengthens health security, protects consumers and supports economic diversification.

It also responds to state level priorities, since implementation will take place across all thirty six states and the Federal Capital Territory.

Everyday products, real health risks

Cosmetics are part of daily life for millions of Nigerians, but many people do not know what is inside the products they use.

Amina Yusuf, a shop attendant in Tarauni local government area, Kano State, said she developed skin irritation after using a product sold as a “natural toning oil”.

“I thought it was safe because it was called organic,” Yusuf said. “But my skin became sensitive, and small cuts took longer to heal.”

A health worker later explained that the product likely contained harmful chemicals.

In Kura local government area, community members described how some traders repackage creams without labels. One resident said a neighbour developed rashes after using a mixture bought at a weekly market.

“People buy what they can afford,” she said.

“Most of us do not have access to formally regulated shops.”

In Sabon Gari market, Kano State, an expectant mother, Gloria Okafor, learned during an antenatal visit that a cream she used for stretch marks might contain heavy metals.

“I was careful with food and medicine during pregnancy,” Okafor said. “I never imagined body cream could be a risk.”

These experiences reflect wider challenges: limited consumer awareness, informal distribution systems and economic pressures that make unregulated products common.

The scale of the problem

Recent national and global assessments highlight both the scale and the safety concerns within Nigeria’s cosmetics sector.

Nigeria’s cosmetics industry has grown into a dynamic and increasingly sophisticated sector, with a market valuation exceeding US$ 7.8 billion¹.

Globally, the cosmetics market is valued at over US$ 429.2 billion², presenting both economic opportunity and regulatory challenges, particularly in low  and middle income countries (LMICs) such as Nigeria.

Since 2022, Nigeria has registered close to 9 000 cosmetic products that meet national regulatory requirements under the oversight of the National Agency for Food and Drug Administration and Control³, reflecting strengthened compliance efforts.

However, toxicological evidence remains concerning. Globally, over 100 known carcinogens and at least 15 endocrine disrupting chemicals have been identified in cosmetic formulations². In Nigeria, a study conducted in Anambra State found lead contamination in 62% of tested cosmetic products, with concentrations ranging from 0.10 to 42.12 mg/kg⁴ (exceeding the World Health Organization permissible limit of 10 mg/kg). Additional investigations in Ibadan and Lagos confirmed cadmium, lead and nickel levels above international safety limits in personal care products⁵⁻⁶.

These findings underscore the urgent need for strengthened surveillance, consumer awareness and enforcement to protect public health.

Why regulation matters

Studies in Nigeria have found high levels of lead, cadmium and other harmful substances in some cosmetic products.

These chemicals can cause kidney problems, skin damage and complications during pregnancy.

Market surveillance efforts in Kurmi market, Kano Municipal local government area, reveal widespread mislabelling and repackaging practices.

According to Audu Tanimu, National Agency for Food and Drug Administration and Control officer, “Some products are intentionally labelled to avoid suspicion, but laboratory testing shows restricted substances. Enforcement efforts are ongoing, yet informal supply chains continue to complicate traceability.”

Turn the vision to reality

After years of Nigeria’s vision to develop a cosmetic policy, World Health Organization (WHO) worked with the Federal Ministry of Health and Social Welfare, the National Agency for Food and Drug Administration and Control, the Nigeria Economic Summit Group, state governments, Resolve to Save Lives (RTSL), civil society and industry groups in 2025 to turn this into reality.

It provided technical guidance, reviewed evidence, supported meetings with partners and helped strengthen surveillance and reporting systems.

This support built on years of collaboration to improve chemical safety and International Health Regulations core capacities.

This work was supported by funding from the Foreign, Commonwealth and Development Office (FCDO) and RTSL.

What will change

The new policy introduces three main areas of action:

  • Regulatory oversight and governance — A unified national system will ensure all cosmetic products meet safety and quality standards and improve coordination across agencies.
  • Cosmetics vigilance and health intelligence — A national early warning system will help detect harmful products faster and support quicker public health responses.
  • Strengthening the cosmetics value chain — The policy supports safer manufacturing and responsible trade. It also aligns with African Continental Free Trade Area opportunities, helping local industries grow while protecting workers and consumers.

These changes are expected to reduce exposure to harmful chemicals, lower the number of cosmetic related health complications and improve consumer confidence.

A collective effort

Implementation will begin across all states and the Federal Capital Territory.

The Federal Ministry of Health and Social Welfare, the National Agency for Food and Drug Administration and Control, the Nigeria Economic Summit Group, state governments, civil society and private sector actors will lead the rollout. WHO and Resolve to Save Lives will continue supporting government efforts to strengthen surveillance, raise awareness and promote safer markets.

This milestone reflects the combined efforts of government, regulators, communities and partners working toward a shared goal: protecting Nigerians from harmful exposures and strengthening national health security.

A call to action

  • Political and financial commitment from government counterparts at all levels to prioritise implementation of the policy.
  • Consumers should choose labelled and registered cosmetic products to safeguard their health.
  • Industry actors should follow national safety standards.
  • Health workers play a critical role in identifying cosmetic related health effects early and responding appropriately.
  • Everyone should help raise awareness about the health effects of cosmetics and protect communities from preventable harm.

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Mobile Phones Used by Food Vendors Could Spread Infections- Experts

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Mobile phones used by food vendors may be a hidden source of harmful microorganisms that can contaminate food, a recent study has revealed.

Mobile Phones Used by Food Vendors Could Spread Infections- Experts

Published in the 2026 edition of the International Journal of Pathogen Research, the research analysed 20 phones from ready-to-eat food vendors, 10 smartphones and 10 button phones, collected between January and June 2025.

Laboratory tests detected a range of bacteria, including Bacillus, Staphylococcus, Klebsiella, Pseudomonas, Streptococcus, Escherichia, and Corynebact.

Bacillus and Staphylococcus were most common on button phones, each making up 25.6% of isolates, while Staphylococcus dominated smartphones at 37%.

Fungal organisms were also found, including Aspergillus, Candida, Mucor, and Rhizopus species.

Mucor was most prevalent on button phones, whereas Aspergillus and Rhizopus were more common on smartphones.

The study showed that button phones carried a higher microbial load than smartphones, and some of the microorganisms exhibited resistance to certain antibiotics, underscoring their public health significance.

Researchers said contamination is likely linked to frequent phone use after handling food or touching surfaces without proper hand hygiene.

They warned that mobile phones can act as fomites, objects that carry and transmit infectious agents, allowing microbes to transfer from hands to food.

The study urges food vendors to adopt safer practices, including regular handwashing, disinfecting phones, and avoiding mobile phone use while preparing or serving food.

Experts say the findings highlight the need for public awareness and hygiene education, noting that everyday devices like mobile phones may play a larger role in spreading infections than previously recognised, particularly in food service settings.


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Easybuy Sales Talent Program to Empower 10,000 Nigerians to Become Millionaires

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Easybuy, Africa’s leading smartphone and electronics financing provider and a pioneer in the continent’s Buy Now Pay Later (BNPL) sector, has announced plans to recruit up to 10,000 new business developers across Nigeria in a bold expansion move expected to accelerate job creation and deepen financial inclusion.

Operating through thousands of partner stores in Nigeria, Ghana, Ivory Coast, Senegal, and Tanzania, the company enables millions of customers to access mobile phones and home appliances through flexible ‘pay small small’ installment financing.

Set to run throughout 2026, the Easybuy Sales Talent Program is a revolving initiative designed to unlock income opportunities for thousands of talented Nigerians from sales professionals and young graduates to stay-at-home mothers, POS operators, and SIM registration agents. The program offers participants a structured monthly base pay alongside the potential to earn hundreds of thousands, and even a Million Naira in commissions, while working from the comfort of their mobile phones.

“This win-win partnership with Nigerians, on whose support we’ve come this far, reflects our continuous investment in people. Selected applicants of the Easybuy Sales Talent Program would be empowered with training and the opportunity to become financially independent,” said Jessica Ugwuoke, Chief Executive Officer, Newedge Finance Limited. “Like everything we do at Easybuy, this Sales Talent Program is driven by our vision of equal financial access for an easier life for everyone.”

The Easybuy Sales Talent Program is positioned as a strategic response to Nigeria’s unemployment challenge, targeting the country’s young, vibrant population.

According to the National Bureau of Statistics (NBS), youth unemployment stood at 6.5% among Nigerians aged 15–24 in Q2 2024, a figure analysts expect to remain a pressing concern into 2026. By creating structured earning pathways, Easybuy is aligning commercial expansion with measurable social impact, thereby setting a new benchmark for corporate social responsibility in emerging markets.

Beyond creating income opportunities for Nigerians, the Easybuy Sales Talent Program is structured to drive measurable economic impact, boosting household earnings, expanding consumer spending, and strengthening micro-entrepreneurship nationwide. As Nigeria’s unemployment rate is forecasted by Trading Economics to hover between 4.8% and 5.0% through 2027–2028, the initiative positions Easybuy not just as a market leader, but as a catalyst for sustainable economic growth.

Built on a powerful partnership with millions of its users, Easybuy has emerged as a leading BNPL provider in Africa. Since launching its Lagos operations in 2019, the company has helped drive rapid sector growth, with the BNPL market projected to expand from $1.42 billion in 2024 to more than $2.61 billion by 2030, according to the 2025 State of Enterprise Report. Backed by a nationwide network of over 2,000 sales agents and over 4500 partner stores, Easybuy is strategically positioned to accelerate market expansion and capture significant share in the years ahead.

As part of its sustained investment in human capital, Easybuy will equip participants with structured sales training, digital tools, and clear income pathways designed to accelerate financial independence. Anchored on the company’s vision of expanding equal access to finance across Africa, the Sales Talent Program reinforces Easybuy’s long-term growth strategy, building a pipeline of high-performing sales professionals while scaling inclusive economic opportunity nationwide via serving more underserved customers and communities.

Interested applicants can submit their CVs via the careers section of the Easybuy website, or create a TikTok video explaining why they are the ideal fit for the Program, using hashtags #EasybuySalesTalent and #MillionNairaChallenge, and upload the video link at https://easybuy.global/ng/careers/sales-talent-program.

Also, the creators of the weekly top 10 most-viewed videos will qualify for offer discussions. Easybuy welcomes applicants from diverse backgrounds and locations who are ready to build high-growth careers in sales.

 


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