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The Central Bank of Nigeria has instructed commercial banks to restrict banking services for loan defaulters, especially large-ticket obligors, in a move aimed at strengthening financial discipline and protecting the banking system. CBN Directs Banks to Restrict Banking Services to All Loan Defaulters Nigeria’s banking sector is set for stricter enforcement of loan repayment obligations following a new directive from the Central Bank of Nigeria (CBN) instructing financial institutions across the country to impose restrictions on loan defaulters. The directive, which was issued through an official circular to commercial banks and other financial institutions, mandates banks to limit access to certain banking services for borrowers who fail to meet their loan repayment obligations. The move is part of a broader effort by the apex bank to strengthen financial discipline, reduce the growing risk of non-performing loans, and protect the stability of the banking system. According to the c...

By Elvis Onuigbo | March 11, 2026 | Banking Regulation The Central Bank of Nigeria has issued new guidelines requiring banks, fintechs and money transfer operators to deploy automated anti-money laundering systems to improve real-time detection of suspicious financial transactions. Nigeria’s financial institutions are set to implement stricter financial crime monitoring systems as the Central Bank of Nigeria (CBN) introduces new guidelines mandating the deployment of automated anti-money laundering solutions. Under the new directive, banks, mobile money operators, international money transfer operators, and other financial institutions will be required to adopt automated Anti-Money Laundering (AML) systems that can detect and report suspicious transactions in real time. The new baseline standards, released by the CBN, form part of broader efforts to strengthen Nigeria’s financial system against illicit financial activities. The framework is designed to su...

Nigeria’s Aviation Minister Festus Keyamo welcomes Zamfara Governor Dauda Lawal back to the APC, praising his resilience and remarkable political journey from defeat to victory. The Minister of Aviation and Aerospace Development, Festus Keyamo, has warmly welcomed the Governor of Zamfara State, Dauda Lawal, back to the All Progressives Congress (APC), describing his political journey as a powerful example of resilience, determination, and perseverance in Nigeria’s democratic landscape. Speaking during a recent political gathering, Keyamo praised Lawal’s remarkable journey from political setback to eventual triumph, noting that his story serves as inspiration to many aspiring leaders across the country. According to the minister, Lawal’s political path demonstrates that temporary defeat does not define a leader’s destiny but can instead become a stepping stone toward greater success. He explained that despite facing an initial setback within the APC, Lawal remained stea...

March 2026 | By Visblog Economics Correspondent Despite Dangote Refinery sourcing crude oil locally from NNPCL and refining it within Nigeria, petrol prices keep rising. We break down the six economic and structural reasons behind the paradox. Despite Dangote Refinery sourcing crude oil locally from NNPCL and refining it within Nigeria, petrol prices keep rising. We break down the six economic and structural reasons behind the paradox. For many Nigerians, the Dangote Refinery represented a turning point — the moment Africa's largest nation would finally stop exporting crude oil abroad, importing it back as refined fuel at ruinous foreign-exchange costs, and start keeping the value chain at home. President Bola Tinubu, Alhaji Aliko Dangote, and senior officials at the Nigerian National Petroleum Company Limited (NNPCL) all spoke, in various ways, about the relief the refinery would bring. And on paper, the logic is airtight. Nigeria sits atop some of the world...

The EFCC has handed over N279 million recovered from a disputed National Theatre contract to the Wole Soyinka Centre for Culture and Creative Arts in Lagos, pledging to monitor how the funds are used. The Economic and Financial Crimes Commission (EFCC) has handed over N279 million in recovered funds to the Wole Soyinka Centre for Culture and the Creative Arts in Lagos, reinforcing its commitment to recovering public funds lost to corruption. The official handover took place on Friday, March 6, 2026, at the EFCC Lagos Zonal Directorate 2 office in Ikoyi. Background of the Investigation According to the anti-graft agency, the case dates back to 2009, when a petition was filed by Kabir Yusuf, a former General Manager and Chief Executive Officer of the National Theatre. The petition alleged irregularities in a contract awarded through the Federal Ministry of Tourism, Culture and National Orientation for development work at the National Theatre complex. The contract, valued at N299.7 m...