Morning Recap: APC–INEC Senate List Showdown, Fake Agency Scandal Rocks Presidency, CBN Axes 46 Banks - 9 hours ago

Nigeria’s political and regulatory landscape is bracing for turbulence as the ruling All Progressives Congress and the Independent National Electoral Commission move toward a potential clash over the official list of senatorial candidates for the 2027 polls.

The APC has reportedly restored six serving senators and altered the outcomes of its National Assembly primaries in nine states, triggering concern within INEC. The commission has insisted it will only recognise candidates whose names align with results from primaries it monitored and uploaded, setting the stage for a legal and political test of party autonomy versus electoral oversight.

At the Presidency, questions over internal controls and due diligence have intensified following the prosecution of Prince Adeniyi Adeyemi, accused of running a bogus presidential agency. Prosecutors allege he forged a presidential appointment letter, created fictitious government bodies and operated dozens of bank accounts in their names, raising fears about how long the scheme went undetected and who may have enabled it.

In the financial sector, the Central Bank of Nigeria has revoked the licences of 46 microfinance banks after they failed to meet key regulatory benchmarks. The move, approved by CBN Governor Olayemi Cardoso, underscores the apex bank’s tougher stance on weak and inactive institutions amid concerns about depositor protection and systemic risk in the microfinance space.

Security institutions are also undergoing changes. The Police Service Commission has promoted 93 senior officers, elevating 13 Commissioners of Police to the rank of Assistant Inspector General. The promotions, based on written examinations and oral interviews, are aimed at strengthening command capacity as the force confronts rising insecurity and public trust deficits.

On the political front, former Vice President Atiku Abubakar has named Nollywood actor and politician Kenneth Okonkwo as his spokesperson. The appointment signals Atiku’s push to sharpen his media and grassroots messaging ahead of the next election cycle, leveraging Okonkwo’s visibility and recent high-profile interventions in national debates.

In Lagos, residents of Ayinke Street in Shogunle, Oshodi, are counting their losses after severe flooding swept through homes and businesses. Locals blame a collapsed Nigerian Air Force perimeter fence and blocked drainage channels for the deluge that damaged vehicles, destroyed property and paralysed commercial activity, renewing calls for coordinated urban planning and drainage maintenance.

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