Author: Ogochukwu Ndubuisi

CBN Requests Recapitalisation Plans From Banks Amid Regulatory Overhaul The Central Bank of Nigeria (CBN) has directed banks to submit a comprehensive Capital Restoration Plan (CRP) as part of its efforts to strengthen the banking sector and support the exit from the forbearance regime. In a circular signed by Dr. Olubukola Akinniyi, Director of Banking Supervision, and published on the CBN’s website, the apex bank outlined the requirements for the CRP. The CBN’s directive is aimed at ensuring that banks restore full regulatory compliance and maintain financial stability. The CRP should detail the management’s proposed strategies to achieve this goal,…

Sri Lanka to Connect all Secondary Schools to Internet by 2026 Sri Lankan Prime Minister Harini Amarasuriya on Wednesday, said that all secondary schools in the country will have internet access by the end of 2026. Amarasuriya told the parliament that the government recently launched an unlimited data package for schools, which costs just 5,000 rupees (17 U.S. dollars) per month. The government has also planned to provide smartboards and other computer equipment to about 1,500 schools. According to Amarasuriya, these schools would receive a total of 1,900 smartboards, and the cabinet has approved a proposal to distribute smartboards to…

UAE Imposes Stringent Visa Restrictions on Nigerian Travelers, Halts Transit Visa The United Arab Emirates (UAE) has introduced a new set of visa restrictions for Nigerian travelers, marking a significant shift in its immigration policy towards Nigerians. Less than a year after both countries resolved a long-running visa dispute, the UAE immigration authorities have revised entry requirements for Nigerian nationals, particularly targeting tourists and transit travelers. According to recent notifications sent to travel agents, Nigerians aged between 18 and 45 are no longer eligible to apply for tourist visas unless they are accompanied by a sponsor or meet specific requirements.…

Dangote Refinery Reduces Fuel Price Again, Ex-Depot Price now N820 Per Litre Dangote Refinery has again within a week interval reduced its ex-depot the price of Premium Motor Spirit (PMS), commonly known as petrol, from N840 per litre to N820 per litre, effective immediately. It would be recalled that the company last week reduced its ex-depot price fromN880 to N840 per litre. With assurance of steady supply of petroleum products, more independent marketers have joined the growing list of distributors retailing Dangote Refinery’s high-quality petroleum products across the country. Dangote Group’s spokesperson, Mr. Anthony Chiejina, confirmed the price adjustment in Lagos, stating: “PMS price has been…

FG Pegs University Admission Age at 16 The Federal Government has formally pegged the minimum age for admission into tertiary institutions at 16 years. The Minister of Education, Dr Tunji Alausa disclosed this in Abuja on Tuesday, at the 2025 policy meeting of the Joint Admissions and Matriculation Board (JAMB). ”This policy decision reflects a balance between cognitive maturity and academic preparedness. 16 years is non-negotiable,” he said. He noted that provisions existed for clearly documented and justified exceptions like gifted children with accelerated educational progress. He warned institutions against attempting to circumvent the rule by altering age records, stressing…

Trump Leaves Door Open to Further Delay Tariffs U.S. President Donald Trump said he may delay planned tariffs on several countries beyond the newly set deadline of August 1. Asked whether the new date was firm, Trump told reporters: “I would say firm, but not 100 per cent.” “If they call up and they say we’d like to do something a different way, we’re going to be open to that,” he added. Trump said letters sent to over a dozen countries including Japan, South Korea and South Africa outlining planned tariffs were final, but added: “If they call with a…

SEC Engages Judges on ISA, Speedy Justice Dispensation The Securities and Exchange Commission (SEC) and the National Judicial Institute (NJI) have engaged judges to better educate them on the provisions of the new Investment and Securities Act (ISA, 2025). Speaking at a two-day workshop, the Director-General of SEC, Dr Emomotimi Agama, said the workshop was part of the commission’s commitment toward ensuring that the provisions of the ISA 2025 were widely disseminated, discussed, and fully understood. Agama said the goal was to restore investors confidence, bring timely succour to aggrieved investors, and create a broad-based participation of Nigerians in wealth…

Reps Approves N774.77bn Maritime Admin’s Budget Proposal The House of Representatives Committee on Maritime Safety, Education and Administration has approved the 2025 budget proposal of N774.77 billion for the Nigerian Maritime Administration and Safety Agency (NIMASA). The committee led by Rep. Khadija Abba-Ibrahim approved the proposal at a budget defence session with the NIMASA management in Abuja. The adoption followed the presentation of a summary of the projected revenue and expenditure by the Director-General of NIMASA, Dr Dayo Mobereola. Represented by the Executive Director, Finance and Administration, Mr Chidi Offodile, the D-G disclosed that N774.66 billion was the targeted revenue…

De-dollarization Drive: China Increases Gold Reserves to 2,330 Tons China’s central bank has extended its gold-buying spree for an eighth consecutive month, adding 70,000 troy ounces of gold to its official reserves in June. This brings the total purchases since November to about 1.1 million troy ounces or roughly 34.2 metric tons. China’s gold reserves now stand at approximately 73.9 million ounces, valued at around $208.643 billion as of February 2025. The People’s Bank of China (PBOC) has been steadily increasing its gold holdings, with a total addition of 480,000 ounces (14.930 tons) in recent months. China’s foreign exchange reserves…

Trade Tensions Rise: Trump Imposes 10% Tariff on BRICS Anti-US Policies Supporters US President Donald Trump has threatened to impose an additional 10% tariff on countries that support BRICS’ policies perceived as anti-US. This move is part of his broader strategy to protect American industries and workers from what he sees as unfair trade practices. Trump’s proposal includes a baseline tariff of 10% on all US imports and a 60% tariff on goods from China. He aims to address trade imbalances and promote domestic manufacturing through these measures. Critics argue that such tariffs could lead to higher prices for consumers…