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CBN says Nigeria’s financial system remains stable, funds safe
CBN says Nigeria’s financial system remains stable, funds safe
The Central Bank of Nigeria, CBN yesterday assured the public of its commitment to the stability of the financial system and safety of depositors’ funds.
Meanwhile, the Chartered Institute of Banking of Nigeria, CIBN and Body of Banks Chief Executive Officers, have expressed concern over the persistent social media criticisms targeted at Nigerian banks, stressing that such attacks not only undermines the hard-earned reputation of these institutions but also seeks to unfairly manipulate targeted banks.
Expressing the position of the CBN in a statement titled, “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds, Director, Corporate Communication Department, Hakama Sidi Ali said: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system. The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure. “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system.
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Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient. In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.
The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector. Furthermore, the CBN has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located.
This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”
CBN says Nigeria’s financial system remains stable, funds safe
News
MPAC Hails Supreme Court Verdict Affirming Muslim Students’ Right to Worship at RSU
MPAC Hails Supreme Court Verdict Affirming Muslim Students’ Right to Worship at RSU
Lagos, February 12, 2026 — The Muslim Public Affairs Centre (MPAC), Nigeria, has welcomed the Supreme Court judgment affirming the constitutional right of Muslim students at Rivers State University (RSU) to worship freely on campus, describing the ruling as a landmark victory for justice and religious freedom.
In a statement issued on Wednesday, MPAC said the apex court’s decision, which dismissed RSU’s appeal, goes beyond a legal triumph for the affected students and represents “a victory for the Constitution, conscience, and justice.”
“For over a decade, Muslim students at Rivers State University were denied a right that should never have been contested — the right to pray,” the organisation said. “Rather than resort to disorder, the students chose the path of law, patience, and principled resistance.”
MPAC commended the students for pursuing redress through constitutional means and praised the judiciary at all levels for upholding fundamental rights guaranteed under Nigerian law. The group said the judgment sends a clear message that no institution or authority can override citizens’ constitutional freedoms.
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The organisation called on RSU authorities to comply fully and immediately with the Supreme Court ruling. It warned that any delay or refusal to implement the judgment would amount to contempt for the rule of law and an affront to constitutional order.
MPAC further urged the university to end what it described as “persecution, exclusion, and hostility” toward Muslim students, attributing such actions to institutional bias and Islamophobic attitudes.
“A university must be a sanctuary of knowledge, not a theatre of discrimination,” the statement read.
Beyond Rivers State, MPAC said the ruling carries wider implications for Muslim minority communities in the South-East and South-South regions, where it claimed some students and workers continue to face restrictions on their religious practices. The group expressed hope that the judgment would usher in a new era of respect for religious rights across the country.
“Religious freedom is not a concession or a favour. It is a constitutional right,” MPAC stated, adding that Nigeria cannot build unity or democracy while permitting discrimination based on faith.
The statement was signed by Disu Kamor, Executive Chairman of MPAC, who reaffirmed the organisation’s commitment to defending constitutional values and protecting the dignity of all Nigerians regardless of religion.
MPAC Hails Supreme Court Verdict Affirming Muslim Students’ Right to Worship at RSU
News
Nigerian Man Appeals for Repatriation After Alleged Forced Enlistment in Russian Military
Nigerian Man Appeals for Repatriation After Alleged Forced Enlistment in Russian Military
A Nigerian citizen, Abubakar Adamu, has appealed to the Federal Government of Nigeria for urgent repatriation after alleging that he was deceived into joining the Russian military following a trip to Moscow for what he believed was a civilian job opportunity.
According to his legal representatives, Adamu travelled to Russia on a tourist visa issued by the Russian Embassy in Abuja, after being promised employment as a civilian security guard. However, upon arrival in Moscow, his international passport and travel documents were allegedly confiscated, and he was reportedly compelled to sign enlistment documents written entirely in Russian without the assistance of an interpreter.
His lawyers stated that he later discovered the documents had effectively enrolled him into the Russian Armed Forces, despite having no intention of joining the military. In a formal petition submitted to Nigerian authorities, the legal team invoked the legal doctrine of Non Est Factum, arguing that Adamu did not understand the nature or implications of the contract he signed.
They further alleged fundamental misrepresentation, claiming he was misled into military service under false pretences. The petition also raised concerns about possible violations of international law, including forced conscription, coercion, and deprivation of personal liberty.
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Adamu is reportedly being held at a Russian military camp and has refused deployment to combat zones in Ukraine, where Russia has been engaged in ongoing military operations since 2022. His lawyers have demanded that Russian authorities immediately halt any deployment process, return his seized documents, and facilitate his safe return to Nigeria.
The case comes amid growing international reports that African nationals are being recruited into the Russian military under questionable circumstances. A previous investigative report by CNN revealed that citizens from Nigeria, Ghana, Kenya, Uganda, South Africa, and other African countries were allegedly lured with promises of high salaries, signing bonuses, and pathways to Russian citizenship.
According to the investigation, many recruits were reportedly given minimal training and deployed to combat zones in Ukraine, with allegations of coercion, racial abuse, and inhumane treatment emerging from multiple testimonies.
Last year, Ukraine’s Foreign Minister, Andrii Sybiha, disclosed that more than 1,400 citizens from 36 African countries were fighting for Russia in Ukraine, with some reportedly captured as prisoners of war. Similarly, Kenya’s Ministry of Foreign and Diaspora Affairs confirmed that over 200 Kenyan nationals might have been drawn into the conflict through deceptive online recruitment schemes.
The precise number of Nigerians involved or killed in the conflict remains unclear, and Russian authorities have not officially confirmed casualties among foreign recruits.
Responding to earlier allegations, Russian Ambassador to Nigeria, Andrey Podyelyshev, denied that the recruitment of Nigerians into the war effort was state-sponsored. He stated at a press conference in Abuja that there is no official government programme to recruit Nigerians to fight in Ukraine, adding that any illegal actors involved would be operating independently of the Russian state.
As of the time of filing this report, Nigeria’s Ministry of Foreign Affairs has yet to issue a formal statement on Adamu’s case. However, civil society organisations and family members are urging swift diplomatic engagement to secure the release and repatriation of Nigerians allegedly trapped in the Russia–Ukraine conflict.
Adamu’s case has reignited concerns about the vulnerability of African job seekers to international recruitment scams, particularly in regions affected by armed conflict.
Nigerian Man Appeals for Repatriation After Alleged Forced Enlistment in Russian Military
News
US Congress Seeks Cooperation With Nigeria to Stop Chinese Mining Funding Militias
US Congress Seeks Cooperation With Nigeria to Stop Chinese Mining Funding Militias
A new United States congressional bill has proposed measures to counter the alleged illegal Chinese mining operations in Nigeria and their role in financing Fulani militias, raising concerns over security, religious freedom, and regional stability. The legislation, titled the Nigeria Religious Freedom and Accountability Act of 2026, was introduced on Tuesday, February 10, 2026, by five Republican lawmakers: Riley Moore, Chris Smith, Brian Mast, Mario Diaz-Balart, and Bill Huizenga.
The bill directs the U.S. Secretary of State to work with the Nigerian government to address what lawmakers describe as the “hostile foreign exploitation of Chinese illegal mining operations” and their alleged payments of “protection money” to Fulani militias. It further recommends providing technical support, including disarmament programs and counter-terrorism cooperation, to reduce violence from armed groups in northern and northwest Nigeria.
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Clauses 10 and 11 of the proposed legislation specifically call for:
- Technical assistance to the Nigerian government to reduce and eliminate militia violence, targeting groups that could be designated as Foreign Terrorist Organizations (FTOs).
- Cooperation with Nigerian authorities to counter illegal mining activities that allegedly destabilize communities by funding armed Fulani militias.
The legislation also urges collaboration with international partners such as France, Hungary, and the United Kingdom to promote religious freedom, peace, and accountability in Nigeria. The Secretary of State is tasked with evaluating whether certain Fulani-ethnic militias meet the criteria to be listed as FTOs, a designation that could trigger sanctions, visa restrictions, and asset freezes.
Lawmakers cited a 2023 report by The Times, which alleged that some Chinese nationals operating in Nigeria’s mining sector provided financial support to militant networks in states such as Zamfara, often using bribery or informal transactions to access mineral reserves. The report warned that such activities could indirectly fuel militia violence and insecurity in Nigeria’s northwest region.
The bill is part of a broader U.S. focus on religious freedom, communal violence, and national security in Nigeria. It also includes provisions for annual reporting to Congress on U.S. efforts to curb foreign involvement in funding militias and promote accountability for extremist activities.
While supporters argue that the bill strengthens U.S.–Nigeria cooperation to promote peace, security, and accountability, critics caution that allegations of militia funding by Chinese mining operators must be carefully investigated and verified to avoid misrepresentation or diplomatic tension.
US Congress Seeks Cooperation With Nigeria to Stop Chinese Mining Funding Militias
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