By Felix Umande

The Central Bank of Nigeria has revoked the operating licenses of 46 Microfinance Banks with effect from July 1, 2026, citing breaches of prudential and operational requirements.

The action, announced in a press statement signed by the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali, on Tuesday, was approved by CBN Governor, Mr. Olayemi Cardoso, under Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.

According to the revocation order, the affected banks failed to meet one or more regulatory conditions, including: insufficient assets to meet liabilities; closure of operations without CBN approval; inactivity and cessation of financial intermediation; failure to commence operations within 12 months of licence approval; and failure to maintain minimum capital funds unimpaired by losses.

The institutions span Tier 1, Tier 2 and State microfinance banks across 19 states, including Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.

Among the lenders affected are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW Digital Microfinance Bank.

Several Kano-based banks were also on the list, namely Bompai, Minjibir, Shanono, Sumaila, Rimin Gado, Sycamore, TOFA, Kanopoly and Esteem Microfinance Banks. The affected banks are expected to be delisted from the CBN’s register of licensed microfinance banks with immediate effect.

The CBN said the revocation is part of broader efforts “to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.”

“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement added.

The move comes as the Nigeria Deposit Insurance Corporation, NDIC, reaffirmed that more than 281 million depositors in the country’s banking system are covered against bank failure.

NDIC Managing Director and Chief Executive Officer, Thompson Sunday, disclosed this during the Federal Ministry of Finance’s second quarter 2026 Citizens and Stakeholders’ Engagement Session in Abuja.

According to Sunday, the corporation now provides deposit insurance coverage across 914 licensed financial institutions. Following the upward review of deposit insurance limits in May 2024, over 98 per cent of depositors are fully insured for their entire balances.

By Son Tertsea, Abuja

The Bola Tinubu Government has drawn down $1.5bn from a $5bn financing facility arranged with First Abu Dhabi Bank, United Arab Emirates’ largest lender. This is despite concerns from local and global financial institutions over the increasing use of complex derivative financing by African countries.

On Friday, the latest drawdown was reported by Bloomberg as the first tranche of a $5bn Total Return Swap facility approved by the National Assembly on March 31, 2026, and is expected to augment the 2026 budget, finance infrastructure projects, and meet existing debt obligations.

The Bloomberg report quoted sources versed with the transaction, that pledged not to be identified because they were not authorised to speak publicly about it.

“Nigeria has accessed the first tranche of a $5bn derivatives deal with the United Arab Emirates’ largest lender, pressing ahead with a transaction that has been scrutinised for being opaque.

“The West African nation drew about $1.5bn in the last couple of weeks from a total return swap transaction with First Abu Dhabi Bank PJSC, according to people familiar with the transaction, who asked not to be identified because they were not authorised to speak to the media.”

The transaction comes at a time when Nigeria is facing higher borrowing costs in international capital markets, forcing the government to seek alternative financing arrangements to shore up its fiscal position and improve access to foreign exchange liquidity.

Under the arrangement, Nigeria is required to pledge Federal Government securities worth about 133 per cent of any amount drawn under the facility. The implication is, for the $5bn facility, the government would have to post approximately $6.65bn worth of naira-denominated bonds as collateral.

In return, the Abu Dhabi-based lender provides dollar liquidity to the Nigerian government. The Federal Government will pay a floating interest rate benchmark plus about four percentage points, while the lender receives the returns generated by the underlying government securities.

The transaction effectively allows Nigeria to unlock immediate dollar funding without issuing new Eurobonds or taking traditional external loans at prevailing market rates, which have become increasingly expensive for frontier economies.

However, the financing arrangement has attracted criticism from international financial institutions and market analysts over transparency concerns and potential hidden liabilities.

In its June 2026 assessment of African sovereign debt markets, the International Monetary Fund, IMF, cautioned that derivative financing structures such as total return swaps are often opaque and difficult for investors and creditors to monitor.

The IMF noted that such arrangements are “hard to track, hard to value in real time, and can obscure the true extent of a country’s financial obligations.”

Relatedly, Fitch Ratings, 3 days ago, had advised against Nigeria’s $5bn financing arrangement with First Abu Dhabi Bank arguing it could increase sovereign debt risks that reduce transparency in public debt reporting.

By Son Tertsea, Abuja

Elon Musk, who, on June 12, 2026 was shot into world’s first trillionaire status, has been taken out of it, by the falling stocks of SpaceX and Tesla, his tech groups.

They pushed the mogul back down to billionaire ranks by the time markets closed on Wednesday, June 24.

Plunging shares in Tesla and SpaceX dragged the tech magnate down to net worth of $970.2bn.

Musk reached trillionaire status on 12 June after SpaceX’s historic initial public offering (IPO). The rocket, satellite and AI company’s debut on the stock market made Musk the first person with a net worth of more than $1tn. His fortune continued to hover around that gigantic figure in the weeks following the initial public offering (IPO).

A global stock selloff this week led to sharp declines for major tech stocks and dealt a blow to Musk’s wealth, however, as investor concerns that the Federal Reserve will potentially raise interest rates and looming fears of an AI bubble rattled the market.

Companies with values heavily tied to AI boom, such as Google’s parent, Alphabet, and chip makers like Samsung, were hit quite hard.

The SpaceX IPO, the largest in history, immediately plummeted Musk’s wealth while also tying it to the company’s stock price. SpaceX raised $75bn from its record-breaking IPO and its stocks increased by 19%, from its initial price of $135 per share, within 24 hours of going public. On Wednesday, SpaceX’s stocks were listed at $154.35.

Musk’s wealth is tied up in stock and equity, and is not cash he can quickly spend. Still, his fortune is unprecedented, not just for its size but its speed of growth.

Market fluctuations foretell Musk could regain his trillionaire status in the near future if either Tesla or SpaceX shares rebound.

Although not a trillionaire now, Musk is easily still the world’s richest person. Wealthiest billionaire next is the Google co-founder Larry Page, whose net worth is about $284bn, according to Forbes.

Musk made more money than Page’s entire fortune this year alone, increasing his net worth by $338bn since January.