The Central Bank of Nigeria (CBN) has issued two major directives aimed at strengthening governance and transparency in the banking sector, ordering directors with non-performing loans to step down immediately while also requiring financial institutions to publish details of dormant accounts and unclaimed balances. In a circular dated February 17 and signed by Acting Director of Banking Supervision Adetona Adedeji, the CBN mandated that bank directors with non-performing insider-related loans must immediately vacate their positions. Banks are also required to recover outstanding debts by enforcing collateral recovery and taking possession of affected directors' shareholdings. "Directors with non-performing insider-related facilities are…

Edwin Clark, a former Federal Commissioner for Information and prominent South-South leader, passed away on Monday night at the age of 97. His death was announced by his family, who confirmed that the chairman of the Pan Niger Delta Forum (PANDEF) died peacefully. President Bola Tinubu shared his grief on Tuesday, describing Clark as a "passionate advocate for resource control, economic, and environmental justice in the Niger Delta." Tinubu highlighted Clark's extensive service to Nigeria, noting his roles as a councillor, state, and federal cabinet member, and his significant influence on the national political scene for nearly six decades. Former…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a significant reduction in oil theft across the country, with daily losses now at approximately 5,000 barrels per day (bpd). This improvement has contributed to a steady increase in oil production, which now stands at 1.7 million bpd. NUPRC Chief Executive Gbenga Komolafe shared these developments in Abuja on Saturday, according to a statement released by Olaide Shonola, Head of Public Affairs and Corporate Communications at NUPRC. "Through kinetic and non-kinetic interventions, oil theft has significantly reduced to 5,000 bpd, leading to a steady production increase to 1.7 million bpd," Komolafe…

Nigerians have called on the Federal Government to conduct fresh tests to confirm the quality of petrol sold in filling stations across the country. This came amid allegations from a viral video that the petrol from the Nigerian National Petroleum Company Limited doesn’t last long in fuel tanks. This is even as the Petroleum Products Retail Outlet Owners Association of Nigeria said the fuel from the NNPC is of the quality standard. On Saturday, the NNPC denied claims that it sells substandard petrol with a high burn rate. In a statement by its spokesperson, Olufemi Soneye, the NNPC said it…