The Central Bank of Nigeria (CBN) has intensified its supervisory focus on terrorism financing, making it a current priority in its efforts to prevent the country’s financial system from being exploited by illicit actors.

The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi-Ali.

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Under the heightened supervisory focus, the CBN said it would pay particular attention to terrorism-financing risk management, transaction monitoring, the implementation of targeted financial sanctions and the reporting of suspicious transactions linked to terrorism financing.

The bank said it would continue to deploy a risk-based supervisory approach, including on-site and off-site engagements, to strengthen anti-money laundering, counter-financing of terrorism and counter-proliferation financing (AML/CFT/CPF) controls across the financial sector.

According to the CBN, the measures will be implemented in accordance with existing legal and regulatory requirements.

The apex bank said the move also supports Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing and broader efforts to strengthen financial integrity and protect the financial system.

“Further supervisory engagement will be undertaken as appropriate,” the CBN added.

The bank said the initiative underscores its ongoing commitment to safeguarding the Nigerian financial system against illicit activities while supporting efforts to strengthen financial integrity at both domestic and international levels.

The latest development places greater emphasis on the responsibility of financial institutions to maintain effective controls for identifying, monitoring and reporting transactions that may pose terrorism-financing risks.

The CBN’s approach will involve continued supervisory engagement with institutions across the financial sector, with the regulator assessing their compliance through both on-site and off-site activities.

The move forms part of broader efforts to ensure that Nigeria’s financial system remains protected from illicit financial activities and continues to meet domestic regulatory requirements as well as international expectations on financial integrity.

The Federal Government and the National Youth Service Corps have intensified efforts to tackle certificate racketeering and strengthen the verification of academic qualifications through digital integration.

The Minister of Education, Dr Tunji Alausa, disclosed this on Tuesday in Abuja when the NYSC Director-General, Brig Gen Olakunle Nafiu, led a delegation to the ministry.

Alausa said the initiative was part of the Federal Government’s ongoing digital transformation of the education sector under President Bola Tinubu’s Renewed Hope Agenda.

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According to him, the reforms are designed to close loopholes in the management of academic records, combat certificate fraud and ensure that genuine graduates are not denied opportunities because of verification challenges.

The minister said the Nigerian Education Repository Data Bank was already collecting and verifying university certificates, tracking learners across the education system and supporting tertiary institutions through help-desk officers.

He added that the Nigerian Education Data Infrastructure would link records across different stages of a learner’s educational journey.

Alausa also revealed that discussions were ongoing with the NYSC on an application programming interface that would allow faster verification and seamless exchange of relevant data between the two institutions.

He said the system would help address issues affecting qualified graduates, including discrepancies in names, challenges involving graduates of part-time National Diploma programmes and the admission of National Certificate in Education holders into Higher National Diploma programmes.

The minister said the government would collaborate with the National Board for Technical Education, Joint Admissions and Matriculation Board, National Identity Management Commission and other stakeholders to develop lasting solutions.

Among the proposed measures is the introduction of a national Learner Identification Number and a uniform framework for recording and sequencing names across government education and identity databases.

Alausa said this would ensure that accurate identity records were established from the beginning of a learner’s educational journey, thereby reducing discrepancies that could create problems for graduates later.

The move comes amid increased government efforts to authenticate academic credentials used for employment and NYSC mobilisation.

On his part, the NYSC Director-General, Nafiu, commended the ministry’s digital reforms and pledged the Corps’ continued support.

He said NYSC had pursued digitalisation since 2014 and developed systems to provide reliable information on Corps members and their deployment.

Nafiu added that the Corps had complied with the Federal Executive Council’s directive on collaboration with the Nigerian Education Repository Data Bank and was ready to deepen its partnership with the ministry.

He further noted that the introduction of QR codes had “virtually eliminated document cloning” within the NYSC.

Nigeria spent N952.15bn on imported Premium Motor Spirit, popularly known as petrol, in the second quarter of 2026, representing a staggering 989.4 per cent increase from the N87.40bn recorded in the first quarter.

The latest figures contained in the National Bureau of Statistics’ foreign trade report showed that petrol accounted for 6.60 per cent of Nigeria’s total imports of N14.42tn during the quarter, making it the country’s largest imported commodity.

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Despite the sharp quarterly increase, the value of petrol imports declined significantly year-on-year, falling from N2.83tn in the second quarter of 2025 to N952.15bn in Q2 2026, representing a 66.4 per cent reduction.

The surge in petrol imports came amid an ongoing dispute between the Dangote Petroleum Refinery and fuel importers and marketers over the continued importation of petrol despite rising domestic production.

The Dangote refinery had reportedly considered stopping petrol sales to major marketers that continue to import the product, citing concerns over the quality of imported petrol and the possibility of imported fuel being blended with its products.

Dangote also raised concerns over the lack of sufficient independent laboratory and quality-control infrastructure to verify the quality of imported petrol.

The refinery said imported petrol accounted for about 43 per cent of fuel supplied into the Nigerian market in July, adding that the issuance of import licences made it difficult to accurately plan production and inventory.

It said excess stock could eventually be exported if the situation continued.

However, fuel importers and marketers rejected the position, describing the move as an attempt to restrict imports. They challenged Dangote to provide evidence that imported petrol failed to meet Nigeria’s required quality standards.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that average daily petrol imports fell from 11.23 million litres in Q1 to 9.23 million litres in Q2, representing a 17.8 per cent decline.

However, imports increased sharply in June, reaching 18.1 million litres per day compared with 3.7 million litres per day in April.

At the same time, domestic petrol supply increased, with domestic refineries supplying 38.23 million litres per day in Q2, up from 34.57 million litres per day in Q1, representing a 10.6 per cent increase.

Consequently, the share of domestic refineries in Nigeria’s petrol supply rose from 75.5 per cent in Q1 to 80.5 per cent in Q2, while the import share dropped from 24.5 per cent to 19.5 per cent.

Industry data also indicated that imported petrol was more expensive than Dangote’s locally refined product.

According to the Major Energy Marketers Association of Nigeria, Dangote’s gantry price stood at N1,265 per litre, compared with an import-parity price of N1,310.64 per litre under the approved pricing benchmark.

This meant imported petrol was about N45.64 per litre more expensive.

The Independent Petroleum Marketers Association of Nigeria subsequently called on the Federal Government to halt petrol imports, arguing that import licences were resulting in higher prices and undermining domestic refineries.

Meanwhile, Nigeria exported N546.02bn worth of petrol in Q2 2026, up 20.67 per cent from N452.48bn in Q1.

Of the Q2 petrol exports, N416.78bn went to African markets, while N376.46bn was exported to West African countries.

Despite the increase in exports, Nigeria remained a net importer of petrol by value during the quarter, importing N952.15bn worth of the product against exports valued at N546.02bn—a difference of N406.12bn.

The higher import bill was also linked partly to international market conditions, as the period coincided with disruptions to global oil supplies and rising international fuel prices.