BETALIFE NIGERIA TODAY

The Senate on Wednesday moved to tighten regulatory control over Nigeria’s fast-growing financial technology sector by consolidating legislative proposals that would strengthen the supervisory powers of the Central Bank of Nigeria (CBN). Lawmakers also signaled plans to introduce stricter measures to combat Ponzi scheme operations following a series of financial scams that have affected many Nigerians, including the reported N1.3 trillion allegedly lost to Crypto Bullion Exchange (CBEX) in April 2025. The initiatives received broad backing from stakeholders during a public hearing on the Banks and Other Financial Institutions Act (Amendment) Bill 2026, alongside a motion seeking an investigative hearing into Ponzi scheme activities in the country. The hearing was jointly organised by Senate committees on Banking, ICT & Cybercrime, Capital Market, and Anti-Corruption and Financial Crimes. Speaking at the session, Chairman of the Senate Committee on Banking, A...

The Central Bank of Nigeria (CBN) has strengthened Nigeria’s foreign reserves with the addition of responsibly sourced gold refined to **London Bullion Market Association (LBMA) Good Delivery standards, bringing the bank’s total gold holdings to about $3.5 billion. ‎ The gold, sourced locally within Nigeria, was aggregated through the Solid Minerals Development Fund (SMDF) under the National Gold Purchase Programme (NGPP). The programme works with local miners and follows responsible sourcing practices in line with guidelines of the Organisation for Economic Co-operation and Development (OECD) and the **World Gold Council. ‎ Speaking at a one-day workshop on Strategies to Maximise the Economic Benefits of Minerals in Nigeria, held on February 27, 2026, the CBN Governor, Olayemi Cardoso, revealed that the apex bank purchased the monetary-grade gold in naira, with pricing tied to LBMA benchmarks. ‎ According to him, the structure allows the CBN to build gold reserves...