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Feb 17, 2026
The Central Bank of Nigeria (CBN) has introduced stringent punitive measures against Deposit Money Banks (DMBs) and accredited cheque printers that incorporate unauthorized features into cheque books. Under the new regulatory framework, any institution found in violation of the prescribed Nigerian Cheque Standards (NCS) and Nigerian Cheque Printers Accreditation Scheme (NICPAS) will face a fine of ₦10 million.
The directive, communicated through a circular to all DMBs, mobile money operators, and other financial institutions, underscores the apex bank’s commitment to maintaining the integrity of the Nigerian Clearing System. The CBN stated that the measure is necessary to prevent the infiltration of the financial system with non-compliant payment instruments that could compromise security and automated processing.
According to the CBN, the ₦10 million penalty applies to both the financial institution that issues the non-compliant cheque and the accredited printer responsible for the production. The apex bank emphasized that all cheques must strictly adhere to the security features, dimensions, and Magnetic Ink Character Recognition (MICR) technical specifications outlined in the latest version of the NCS.
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Infinity Trust Mortgage Bank (ITMB) PLC has announced a final dividend proposal of 35 kobo per ordinary share for the 2025 financial year, alongside a significant 1-for-1 bonus share issue. The move, disclosed in a corporate filing on the Nigerian Exchange (NGX), reflects the bank’s commitment to distributing value while simultaneously strengthening its capital base.
The Board of Directors of Infinity Trust Mortgage Bank recommended the dividend following a review of the bank’s audited financial statements for the year ended December 31, 2025. This proposal is subject to the formal approval of shareholders at the upcoming Annual General Meeting (AGM) and the requisite regulatory clearances from the Central Bank of Nigeria (CBN).
The State House has recorded a 99% performance in its overhead budget for the 2025 fiscal year, representing near-total execution of its operational allocations. This was disclosed by the Permanent Secretary of the State House, Engr. Olusesan Adebiyi, during a 2026 budget defense session before the National Assembly.
In his presentation to the lawmakers, Adebiyi noted that the high level of budget implementation reflects the State House's commitment to maintaining administrative efficiency and ensuring the seamless operation of the Presidency. The overhead component of the budget typically covers daily operational costs, including utilities, maintenance of the Presidential Villa, travels, and office supplies.
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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) following allegations involving the disappearance, diversion, or mismanagement of approximately ₦3 trillion in public funds. The legal action, lodged at the Federal High Court, seeks to compel the apex bank to provide a detailed account of the funds and ensure their recovery to the national treasury.
