By Onyeanya Ebere Immaculata

Nigeria and Saudi Arabia have signed a five-year Memorandum of Understanding (MoU), to deepen defence and military cooperation, marking a significant boost to bilateral security ties.

The agreement, signed by Nigeria’s Minister of State for Defence, Dr. Mohammed Matawalle, and Saudi Arabia’s Dr. Khaleed Al-Biyari, covers military training, intelligence sharing, defence production and joint operations aimed at strengthening regional security.

Vice President Kashim Shettima, speaking during a visit by participants of the Executive Intelligence Management Course (EIMC), 18 to the Presidential Villa, reaffirmed President Bola Tinubu’s commitment to tackling Nigeria’s security challenges.

He said the administration is taking decisive steps to support security agencies and expand partnerships across Africa.

According to a statement from Ahmed Dan Wudil, media aide to the Minister of State for Defence, the pact represents a major step in Nigeria-Saudi relations and aligns both countries in tackling emerging threats.

Matawalle expressed confidence that the collaboration would help address security issues in affected regions.

Earlier, NISS Commandant Joseph Odama presented the EIMC 18 report titled “Non-state Actors in Security Management in Africa”, which called for better integration of local security initiatives into national and continental peace frameworks.

He noted that the 10-month programme produced 78 senior officers from Nigeria and five African countries, bringing the institute’s total graduates to 1,130.

By Adenike Lawal

The Central Bank of Nigeria (CBN), has scrapped restrictions on cash deposits and increased weekly withdrawal limits for individuals and businesses, effective January 1, 2026.

The new rules, issued in a circular titled “Revised Cash-Related Policies” and signed by Dr. Rita Sike, eliminate the cumulative cash deposit limit and the charges previously applied for exceeding it.

Under the revised policy, individuals may now withdraw up to ₦1.5 million weekly, while corporate bodies can access ₦5 million.

Withdrawals above these thresholds will attract excess withdrawal fees as approved by the CBN.

The apex bank also abolished the special monthly approval that allowed individuals and companies to withdraw ₦5 million and ₦10 million, respectively.

ATM withdrawal limits have been expanded to ₦100,000 daily and ₦500,000 weekly, which count toward the overall weekly withdrawal cap.

All denominations of the naira may now be loaded into ATMs.

Excess cash withdrawals will attract charges of 3% for individuals and 5% for companies, shared between the CBN and the servicing bank.

The CBN retained the ₦100,000 over-the-counter limit for third-party cheque encashment, which will also count toward weekly withdrawal totals.

Government revenue accounts and some financial institutions are exempt from specific provisions, but embassies, diplomatic missions, and donor agencies will no longer enjoy previous waivers.

According to the CBN, the reforms aim to curb cash-management costs, strengthen security, and reduce money-laundering risks as electronic payment usage continues to grow nationwide.

By Omoniyi David

Nigeria’s push toward sustainable finance received a major lift as FMDQ Group PLC, FC4S Lagos, FSD Africa and Chapel Hill Denham formalised a partnership with Kaltani International Ventures Limited to develop the country’s first corporate plastic- and carbon-linked financing instrument.

The agreement, signed on November 24 in Lagos under the Nigerian Green Bond Market Development Programme, aims to expand access to sustainable financing for Kaltani, a leading plastic-recycling company.

The initiative comes as Nigeria ranks among the world’s top 10 plastic-waste producers.

The financing product, developed by FC4S Lagos with support from FSD Africa and FMDQ is expected to strengthen circular-economy value chains and attract private capital for large-scale environmental projects.

FSD Africa’s Joy Kendi said the collaboration marks a bold step in unlocking Africa’s next generation of climate-finance solutions, noting that Phase I work, including carbon-credit assessments, has begun.

Kaltani CEO Obi Charles Nnanna described the partnership as a model for “turning waste into wealth, jobs and measurable climate impact,” adding that it proves climate finance can be both local and transformational.

FMDQ’s COO, Tumi Sekoni, said the initiative boosts Nigeria’s readiness for sustainability-linked instruments and aligns with the goals of the FMDQ Green Exchange.

The partnership is seen as a landmark move positioning Nigeria as a rising hub for climate-finance innovation in Africa.