The Central Bank of Nigeria (CBN) has officially revoked the operating licenses of 46 microfinance banks (MFBs), effective July 1, 2026. This decision, approved by CBN Governor Olayemi Cardoso, arises from non-compliance with regulatory standards. The revocation, which aims to safeguard depositors, was prompted by factors such as insufficient assets, dormant operations, and failure to satisfy minimum capital requirements. In a statement signed by Sidi-Ali Halama (Mrs), the Acting Director of the Corporate Communications Department of the apex bank, it was stated, “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,”   Numerous institutions, including NOW NOW Digital MFB, Sycamore MFB, among others, have been affected, with the complete list accessible on the CBN websit...

The UK government's recently introduced Immigration and Asylum Bill, presented by Home Secretary Shabana Mahmood on June 30, 2026, brings forth significant structural modifications. Home Secretary  emphasized that the policy aims to alleviate the financial strain on British taxpayers, asserting that receiving asylum support is both a "responsibility" and a right. Adults who are granted asylum and possess the means to do so are required to repay a flat-rate fee of approximately £10,000 to the Home Office.  This amount will be collected as a contribution towards their accommodation and living support expenses once they begin earning an income. Full repayment of this sum is mandatory before individuals can apply for permanent residency or settled status (Indefinite Leave to Remain). However, children are completely exempt from this requirement, and the rule will not be applied retroactively.  The Home Office has indicated that these regulations aim to reduce the annual asylu...