News
CBN to Sack Bank Chiefs over Unpublished Accounts

Chief executives and chairmen of banks who fail to publish their institutions’ accounts 12 months after the end of the financial year will be removed from office, according to a new Central Bank of Nigeria (CBN) directive,
The order was contained in the CBN’s Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2014/2015 released at the weekend.
The regulator will continue to hold the Board chairman and CEO of a defaulting bank directly responsible for any breach and impose appropriate sanctions, which may also include barring the CEO or his/her nominee from participation in the Bankers’ Committee and disclosing the reason for such suspension.
In accordance with Bank and Other Financial Institutions Act -BOFIA (2004)–banks are required, subject to the written approval of the CBN, to publish not later than four months after the end of each financial year, their audited financial statements (balance sheet, and profit and loss account) in a national daily newspaper.
The CBN said to facilitate the implementation of consolidated supervision, all banks, discount houses and their subsidiaries shall continue to adopt December 31, as their accounting year end.
The CBN also said other sanctions may include suspension of the foreign exchange dealership licence of the bank and its name being sent to the Nigerian Stock Exchange, where such offender is a public quoted company.
The CBN said it would continue to adopt the risk-based supervision (RBS) approach in the supervision of institutions under its regulatory purview.
“The objective of the RBS approach is to provide an effective process to assess the safety and soundness of banks and other financial institutions. This is achieved by evaluating their risk profile, financial condition, risk management practices and compliance with applicable laws and regulations,” it said.
It enjoined banks to pursue profitability in their business models through efficient operations, adding that they should charge competitive rather than excessive rates of interest in the course of their transactions.
The lenders are also to disclose their prime and maximum lending rates as fixed spreads over the Monetary Policy Rate.
The CBN said it would sustain the use of macro-prudential regulation, and top-down quarterly solvency and liquidity banking industry stress testing, in assessing the health of banks. Similarly, banks would continue to conduct and submit to the CBN their quarterly bottom-up solvency stress testing report.
News
REA, NBS Partner to Deliver Comprehensive Energy Data for Nigeria

The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.

Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.
The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.
Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.
The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.
Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.
Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.
News
SiBAN New Executive Council to Champion Vision for Nigeria’s Digital Economy

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), the nation’s foremost self-regulatory body for the blockchain industry, has completed its election cycle, heralding the beginning of a new executive council dedicated to scaling Nigeria’s digital economy.

The highly anticipated elections concluded recently with the emergence of a new leadership team poised to champion industry standards, foster innovation, and drive widespread adoption of blockchain technology across the country.
The newly elected executives, who will officially assume their roles in January 2026, represent a blend of legal, financial, and technical expertise critical for navigating the evolving regulatory landscape.
Leading the charge is Mela Claude-Ake, a lawyer, who has been elected the President of SiBAN to succeed the outgoing President, Obinna Iwuno, whose tenure was marked by significant achievements, including facilitating crucial reforms and forging strategic partnerships with regulators and other critical stakeholders in the digital asset industry. Mr. Iwuno will formally hand over the reins to the new council in January 2026.
Other elected to the executive council are Chimene Chinah – Vice President 1, in charge of Blockchain education and adoption; Oroke Cornelius – Vice President 2, in charge of membership, strategic partnerships, and funding; and Ayo Shonibare – Vice President 3, in charge of policy, regulation, and ethics.
Others are Ugochukwu Peters – Vice President 4 in charge of digital asset operations and capital markets, Mbene Vivian – Chief strategy officer in charge of projects and incubation, Olufunmilayo Tugbobo as Financial Secretary/Chief Financial Officer, and Chiemeka David Ohajionu as Chief Communications Officer.
The newly elected council’s structure reflects SiBAN’s commitment to addressing key pillars of the blockchain ecosystem: from grassroots education and fostering innovation through projects, to establishing robust regulatory frameworks.
In his acceptance speech, Mela Claude-Ake emphasized the vital role SiBAN plays in shaping the future of finance and technology in Nigeria.
“The trust placed in this new council is not one we take lightly. We inherit a great foundation built by the outgoing team. Our mission now is to accelerate. We stand at a critical juncture where the potential of blockchain to revolutionize every sector, from finance and governance to supply chain, is undeniable. This new council will focus relentlessly on advancing smart, collaborative regulation, democratizing blockchain education, and protecting the interests of all stakeholders to ensure that Nigeria remains a leader in the African digital economy space,” he assured.
He added that he is humbled by the opportunity to be the face of one of Nigeria’s youngest and most promising sectors — blockchain tech.
“As a tech enthusiast I am excited at the possibilities. The ecosystem needs careful nurturing by the government. My administration will be focused on building new bridges for the blockchain sector internationally and domestically, establishing trust with the public and unifying the sector. I enjoin all blockchain stakeholders in Nigeria, connected to Nigeria or of nigerian heritage to join hands together with my administration in building the industry of our dreams.”
The industry now looks forward to the handover ceremony in January 2026 and the initiatives the new SiBAN leadership will unveil to solidify the association’s role as a catalyst for innovation and a respected partner to the Nigerian government.
News
APC National Chairman Appoints Mr. Abimbola Tooki as Special Adviser on Media

The National Chairman of the All Progressives Congress (APC) has approved the appointment of Mr. Abimbola Tooki as Special Adviser on Media and Communication Strategy.

Mr. Abimbola Tooki
The appointment reflects the Chairman’s confidence in Mr. Tooki’s vast experience, professional pedigree, and proven capacity to deploy strategic communication in strengthening party cohesion, public engagement, and effective message delivery at both national and international levels.
Mr. Tooki is a celebrated journalist, columnist, and media strategist with deep expertise in governance reporting, crisis communication, information management, and team leadership.
He is widely regarded for his ability to bring institutions closer to the people through the effective use of conventional and digital media platforms.
His career demonstrates a consistent track record of innovation, results-oriented leadership, and excellence in managing internal and external communications.
A versatile Information and Communications Technology (ICT) editor for many years, Mr. Tooki managed and developed influential ICT and business sections in leading newspapers, contributing significantly to public understanding of technology and economic issues.
He also pioneered major newsroom initiatives, including the establishment of specialised ICT publications, and is respected for his sharp analytical skills and solution-driven approach in fast-paced environments.
His professional journey spans several reputable media organisations, culminating in his role as Editor of BusinessWorld Newspaper, where he oversees editorial direction, production, administration, and corporate management.
He previously rose through the ranks at Financial Standard, earning rapid promotions due to exceptional performance, intellectual depth, and dedication to duty.
Mr. Tooki is also a familiar face and respected voice in broadcast media, serving over the years as a guest analyst on platforms such as Channels Television and other national stations, where he analyses major headlines, public policy, and issues of national importance.
Academically, he holds an MBA from Obafemi Awolowo University, a Postgraduate Diploma in Journalism from the Nigerian Institute of Journalism, and a Bachelor’s degree in Language Arts from the University of Ilorin.
In his new role, Mr. Tooki is expected to provide strategic direction for the Chairman’s media engagement, strengthen the APC’s communication architecture, manage reputation and messaging, and enhance the party’s interface with stakeholders, the press, and the Nigerian public.
The APC congratulates Mr. Abimbola Tooki on his appointment and wishes him success as he brings his wealth of experience, energy, and professionalism to bear in support of the Chairman and the party at large
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