Central Bank of Nigeria (CBN) has released an exposure draft proposing the establishment of a 30-member Mediation and Dispute Resolution Panel (MDRP) aimed at strengthening consumer protection and boosting confidence in Nigeria’s financial system.

Pic credit….aequitasjuris.com

According to a circular signed by Paul Oluikpe, acting director of the Development Finance Advisory Department of the CBN, the establishment of the MDRP, is in furtherance of efforts to strengthen the financial ecosystem, ensure compliance with extant legislation, and enhance the efficiency of financial intermediation.

The draft guidelines and modalities for the operation of the MDRP are in line with the Secured Transactions in Movable Assets (STMA) Act, 2017, which established a MDRP as the first recourse for mediation and settlement over any civil dispute which may arise between the creditor and the grantor in the course of implementing the Act.

The act also mandates the Governor of the Bank to issue guidelines that will set out the modalities and regulate the Panel’s functioning, among others. The circular further noted that the “MDRP is intended to provide a specialised, cost-effective platform for resolving disputes arising from creation, perfection and enforcement of security interests in movable assets.

“The key objective of the MDRP guidelines is to establish a clear and standardised procedure for managing STMA-related disputes, while ensuring transparency, fairness and efficiency to bolster confidence in the secured transactions in movable assets system.”

According to the draft guideline, the CBN will “appoint 30 persons from whom panels shall be constituted, with each panel comprising 3 members.

The members shall serve on a rotational basis for an initial term of four years.

“Upon satisfactory performance, determined through an evaluation by the CBN, members may be reappointed for an additional term of four years. The tenure of members shall not exceed two terms of four years each, which need not be consecutive.

“Members shall be professionals with a minimum of 10 years of relevant experience in any of law, banking, finance, mediation, arbitration, alternative dispute resolution, or financial regulation. Members shall be persons of proven integrity, professional competence and sound judgement.”

Corporate Affairs Commission (CAC) has raised  alarm over a cybersecurity incident involving unauthorised access to parts of its information systems, urging users to update their login credentials as a precaution.

In a public notice yesterday, CAC, informed stakeholders that the Commission is currently reviewing the breach and assessing its potential impact.

According to the Commission, response protocols have been activated, with containment measures already in place to safeguard affected systems.

The CAC stated that it is working closely with the National Information Technology Development Agency (NITDA) and other relevant government agencies and partners to determine the scope of the incident and prevent further compromise.

“Appropriate containment measures have been implemented, and additional safeguards are in place,” the Commission stated, while advising users to monitor activities on the CAC portal and remain cautious of unsolicited communications that may arise from the breach.

Reports online claim that as many as 25 million documents may have been exfiltrated from the Commission’s infrastructure.

The claims, attributed to a cybercrime-tracking account, have not been independently verified, and the CAC has not confirmed the figures or identified any perpetrators.

The development has raised fresh concerns over the security of Nigeria’s corporate registry, particularly given the Commission’s increasing reliance on digital systems.

In February 2026, the CAC disclosed that it processes up to 10,000 business registration requests daily, following the deployment of artificial intelligence across its service delivery platforms.

It also handles an average of 5,000 customer enquiries each day via emails and call centres.

Despite the breach, the Commission reaffirmed its commitment to maintaining the integrity and security of its systems, assuring stakeholders that updates will be provided as investigations progress.

Nigeria Centre for Disease Control and Prevention (NCDC) has warned of an imminent cholera outbreak in 10 states following forecasts of heavy rainfall and possible flooding across parts of the country.

The agency said flood predictions issued by the Federal Ministry of Environment and the Nigerian Meteorological Agency (NiMet) indicated that parts of Adamawa, Enugu, Kaduna, Kogi, Niger, Osun, Oyo, Plateau, Taraba and Kwara states may experience heavy rainfall and flooding between April 13 and 17, 2026.

In a public health advisory signed by Dr Jide Idris, director-general, the NCDC noted that the alert was coming at a critical time as Nigeria enters the seasonal period when cholera cases typically begin to rise.

The agency explained that recent national surveillance data already showed increasing cholera activity in multiple states, warning that flooding could rapidly worsen the situation through contamination of drinking water sources and disruption of sanitation systems.

According to the NCDC, flooding during this period may increase the risk of cholera and other diarrhoeal diseases, malaria and other mosquito-borne infections, as well as illnesses linked to contact with contaminated floodwater.

It also warned of possible injuries, including drowning and snakebites, as well as disruption of access to healthcare services in affected areas.

The agency stressed that the risks were preventable with early action, urging residents in at-risk communities to use only safe water for drinking and cooking by boiling, chlorinating or using bottled water.

It also advised regular handwashing with soap and clean water, avoiding contact with floodwater, and maintaining proper sanitation including safe disposal of waste and avoiding open defecation.

The NCDC further urged Nigerians to store and handle food safely to prevent contamination, sleep under insecticide-treated nets to reduce mosquito bites, and seek immediate medical attention if they experience diarrhoea, vomiting, fever or any symptoms of illness.

The agency said community leaders and local authorities must support sanitation activities and drainage clearance, promote hygiene practices and access to safe water, encourage early reporting of suspected illness, and ensure accurate public health information is widely shared.

On its part, the NCDC said it was working closely with State Ministries of Health and relevant partners to strengthen surveillance, enhance preparedness and support rapid response efforts in affected states.

It added that state governments were being supported to activate multisectoral response mechanisms, especially in water, sanitation and emergency management.

The agency maintained that early action, community vigilance and prompt care-seeking could prevent outbreaks and save lives.