The Central Bank of Nigeria (CBN) has extended the enforcement deadline for its mandatory PoS geo-fencing policy to August 1, 2026. Originally introduced in August 2025, this initiative requires all PoS terminals to be geo-tagged to enhance transaction monitoring and combat fraud. In a recent circular signed by Rakiya Yusur, Director of the Payments System Supervision Department, the CBN also announced an increase in the allowable geo-fence radius from 10 metres to 70 metres to provide operators with more flexibility. Financial institutions—including banks, mobile money operators, and super agents—must submit proof of compliance by July 31, 2026, and resolve any outstanding technical issues with the National Central Switch before the new enforcement date.....KINDLY READ THE FULL STORY HERE▶

In a bid to support smoother implementation, the CBN has pushed back the enforcement of its PoS terminal geo-fencing regulations to August 1, 2026. The policy, which aligns Nigeria’s payment systems with ISO 20022 standards, aims to secure digital payments by restricting terminals to registered locations. Significant updates to the framework include expanding the terminal radius from 10 metres to 70 metres. The regulator noted that this extension follows stakeholder consultations and is intended to give financial institutions adequate time to complete necessary technical upgrades. Affected entities are mandated to provide evidence of compliance by the end of July 2026.

Option 3: Short and Direct

The Central Bank of Nigeria has granted financial institutions more time to comply with its PoS geo-fencing requirements, setting the new enforcement date for August 1, 2026. The updated policy now permits a 70-metre radius for terminals, a significant increase from the previous 10-metre limit. Aimed at reducing fraud and improving oversight, the measure requires all relevant financial institutions to ensure their terminals are properly geo-tagged. Proof of compliance must be submitted to the CBN by July 31, 2026, alongside the resolution of any pending operational challenges.

President Bola Tinubu recently defended his administration’s decision to remove the fuel subsidy, asserting that the move was essential to rescue Nigeria from imminent bankruptcy and stabilize the economy. During a meeting with state governors to mark the Eid-el-Kabir festival and his administration’s third anniversary, the President acknowledged the initial hardships caused by the reforms but highlighted that the country is now seeing positive results. He noted that improvements in agriculture, infrastructure, and fiscal policies are helping to rebuild investor confidence. Furthermore, he commended the state governors for their support and patience throughout the reform process, expressing optimism that Nigeria is on a firm path toward food sovereignty and sustained economic growth.....KINDLY READ THE FULL STORY HERE▶

During a gathering with state governors to commemorate the Eid-el-Kabir festival and his third year in office, President Bola Tinubu stated that removing the fuel subsidy prevented Nigeria from collapsing financially. Addressing the governors, the President admitted that the policy caused significant public difficulty but insisted it was a necessary sacrifice for economic recovery. He pointed to growth in the agricultural sector, ongoing infrastructure development, and improved macroeconomic indicators as evidence that the reforms are working. Tinubu expressed his gratitude to the governors and the Nigerian public for their perseverance, assuring citizens that his administration remains focused on job creation and reducing economic hardship.

Option 3: Short and Impactful

President Bola Tinubu has credited the removal of the fuel subsidy with saving Nigeria from bankruptcy and setting the nation on a recovery trajectory. In a meeting with state governors held during the Eid-el-Kabir celebrations, the President reflected on the last three years of reforms, noting that while the transition was painful, the economy is now growing, and sectors like agriculture and infrastructure are improving. He praised the governors for their cooperation in maintaining stability and urged continued patience, promising that his administration’s policies will continue to foster food security and long-term economic prosperity.

The Chief Judge of the Federal High Court has officially reassigned the legal battle concerning the leadership of the African Democratic Congress (ADC) to Justice Peter Lifu.....KINDLY READ THE FULL STORY HERE▶

• Judicial Reassignment: The suit, previously presided over by Justice Emeka Nwite, was transferred following the National Judicial Council’s recommendation of Justice Nwite for elevation to the Court of Appeal.

• The Core Dispute: Filed by former Deputy National Chairman Nafiu Bala, the lawsuit (marked FHC/ABJ/CS/1819/2025) challenges the legitimacy of the interim National Working Committee led by David Mark and Rauf Aregbesola.

• Plaintiff’s Argument: Bala contends that the current leadership’s emergence violates both the Electoral Act and the ADC constitution.

• Defendants Involved: The defendants in this suit include the ADC, David Mark, Rauf Aregbesola, the Independent National Electoral Commission (INEC), and former National Chairman Ralph Nwosu.

• Supreme Court Involvement: This reassignment follows a Supreme Court ruling on April 30 that set aside a Court of Appeal order to maintain the status quo, effectively directing the Federal High Court to conduct an accelerated hearing.

• Contention Over Transfer: During a May 8 hearing, the plaintiff’s counsel requested a transfer of the case, a move strongly opposed by the defense who characterized it as “forum shopping” intended to delay proceedings.