Hello and welcome! In today’s trending news stories;
1. The Central Bank of Nigeria (CBN) has introduced strict new rules to improve banks’ financial strength. These include a temporary ban on paying dividends and bonuses and making foreign investments for banks under regulatory support. The policy mainly affects banks like FirstHoldco, Zenith, UBA, FCMB, and Access Bank, with FirstHoldco’s exposure to such support estimated at $887 million.
These changes aim to ensure banks fully provide for risky loans and improve their actual cash profits. The CBN ended the special support it gave banks during the COVID-19 crisis and refused to extend the deadline, stressing that banks should not reward shareholders or directors while still under such support.
Analysts say the new rules will push banks to clean up their finances. Some companies with large unpaid loans, such as Aiteo, Neconde, 9mobile, and Dangote, have increased pressure on banks like FirstHoldco. As a result, banking stocks dropped sharply, with the NGX Banking Index falling by 4%. Investors reacted negatively, as many rely on bank dividends. Experts believe the impact may be temporary, but expect dividend payments to remain suspended until at least 2028.
2. Following the June 13 massacre in Yelewata, Benue State, where about 200 people were killed, the military and police launched a joint manhunt for the attackers. Defence Chief Gen. Musa and IGP Egbetokun visited the area, citing insider help and weak borders as key issues. Both pledged new strategies and stronger security efforts.
President Tinubu rescheduled his Kaduna trip to visit Benue on June 18, meeting local leaders to push for peace. Governor Alia blamed external forces for the violence and confirmed that federal support has helped reduce attacks. More troops have been deployed to the state.
3. The Economic and Financial Crimes Commission (EFCC) has arraigned former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, before a Federal Capital Territory High Court in Abuja on eight counts involving criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be linked to ₦7.8 billion in crime proceeds. Among the charges, Emefiele is accused of controlling property in Abuja, allegedly illegally acquired, and holding over ₦2.9 billion in a company account believed to have been unlawfully obtained.
He pleaded not guilty to all charges. While the prosecution pushed for immediate remand and a fast-tracked trial, the court granted him bail with strict conditions: Two sureties with landed properties in upscale Abuja districts worth at least ₦2 billion each, and submission of travel documents. Bail must be perfected by June 18, 2025, or he will be remanded. The trial is scheduled to begin on July 11, 2025.
4. Petroleum retail outlet owners under PETROAN have raised concerns over Dangote Refinery’s growing control in Nigeria’s downstream sector. They fear its move into distribution, including 4,000 CNG-powered tankers, could threaten thousands of independent station operators and truck owners, leading to job losses.
They warned that Dangote’s pricing strategy could push out competitors and create a monopoly, which may eventually raise fuel prices. PETROAN urged regulators to enforce strong oversight and introduce price controls to ensure fair competition. They also called for support for local modular refineries, stressing their importance for job creation and economic stability. PETROAN dismissed Dangote’s claims about substandard imported products as an attempt to weaken competition and urged regulators to protect both consumers and workers.
5. Israel and Iran have continued exchanging missile and drone attacks for a fifth day, with explosions reported in Tehran and air raid sirens sounding in Tel Aviv. Israel claims to have killed Iran’s wartime chief of staff, Ali Shadmani, while Iran prepares what it calls its most serious missile strike yet. Over 220 people have been killed in Iran, and more than 20 in Israel. In Gaza, Israeli strikes have killed over 55,000 people, including dozens waiting for food aid.
6. U.S. President Donald Trump warned Iranians to evacuate Tehran and insisted Iran must not obtain nuclear weapons. He denied claims by French President Emmanuel Macron that he left the G7 summit early to work on a ceasefire. G7 leaders reaffirmed their support for Israel and blamed Iran for regional instability. Despite continued missile fire, no significant new damage or casualties were reported overnight.
7. During a recent performance at the Meltdown Festival in London, Nigerian singer Tiwa Savage paused her show after spotting her former English teacher in the audience. She stepped off the stage to warmly greet him, exciting the crowd. The moment, captured in a viral video, comes shortly after her ex-husband, Tee Billz, publicly criticized her for not spending enough time with their son and accused her manager of overbooking her schedule.
