General News
CBN Proposes New Loan Provisioning Regimes
The Central Bank of Nigeria (CBN) has proposed new loan provisioning regimes and a framework for collateral adjustments for lost facilities in a bid to adjust to the current economic realities necessitating lending to the critical sectors of the economy.
The board of the CBN is expected to approve this proposal which will lead to a longer period of loan provisioning when it meets in the middle of this month in Abuja.
Banks – majority of which got their hands burnt through margin loans (loans that allows customers to buy shares on credit) in the stock market and are still making provisions for them – are very excited about this development, which, when effective, may reduce their level of provisioning.
A majority of the banks taken over by the banking watchdog last year played heavily in the stock market and the downstream sector of the oil industry, which was hit by the volatility in the international price of crude oil and the depreciation of the naira exchange rate.
The last time the current Prudential Guidelines, which is now going to be reviewed every five years, was issued was in 1990 and the review is considered long overdue.
The current Prudential Guidelines requires that all loans irrespective of whether they are short or long term are accorded the same loan loss provisioning standards.
Loans that are due but not paid after 90 days attract 25 per cent provisioning, 180 days 50 per cent, and 360 days 100 per cent.
But, according to a draft exposure on “Review of Prudential Guidelines” which classifies the various types of loans banks can give into 11 categories, a special provisioning regime using a time-based approach is in being proposed.
Under the proposed regime, Small and Medium Enterprises (SMEs) and Agric Financing (both short- term) will now attract provisioning of 25 per cent if such facilities fall between 90 days to one year; 50 per cent for one year to one and half years; 75 per cent for one and half years to two years and 100 per cent for facilities above two years.
But banks desirous of lending to SME and Agric Financing for long-term would have to make provisions of 50 per cent for facilities that fall between a year and two years; 75 per cent for two years to three years, and 100 per cent for facilities above three years.
For infrastructure project financing which are long-term projects (like roads, dams, petroleum extraction, power transmission and distribution etc), the CBN said the banks portfolio should not be more than 20 per cent of gross loan book including off balance sheet engagements. It said any excess over 20 per cent limit would be fully provided for.
Banks keen on engaging in project financing are to make provisions of 25 per cent if such facilities fall between two and three years; 50 per cent for three to four years; 75 per cent for four to five years and 100 per cent for facilities above five years.
Banks into object financing (e.g. ships, aircraft, satellites, railcars etc) would have to make provisions of 25 per cent for facilities that fall 180 days and two years; 50 per cent for two to three years; 75 per cent for three to four years and 100 per cent for facilities above four years.
For real estate financing (projects like office buildings to let, retail space, multifamily residential buildings, industrial or warehouse space or hotels), where the prospects for repayment and recovery on exposure depend primarily on the cash flows generated by the asset, banks have to provide 25 per cent if such facilities fall between 180 days and one year; 50 per cent for one to two years; 75 per cent for two to three years and 100 per cent for facilities above three years.
The banking watchdog also proposed collateral adjustments in loan provisioning. The CBN, however, said it can require that banks make additional provisions based on concentrations risks, industry knowledge on obligors and other subjective factors – details of which will be provided in the revised prudential guidelines.
General News
Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.
“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.
“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”
It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.
But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.
It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.
“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.
“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”
MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.
Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.
“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”
In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.
It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”
Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.
“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.
“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”
Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.
It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.
The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.
President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.
He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.
“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.
“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”
He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.
General News
World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.
Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.
Others said the country should reduce dependence on foreign loans and focus on improving local revenue.
The federal government has continued to defend its borrowing plans.
Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.
Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.
General News
Lagos Plans New Cybersecurity Centre

The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.
According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.
The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.
Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.
Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.
The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.
The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.
The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.
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