Preheat oven to 400ºF. Prepare 12 muffin tins with paper liners or grease with cooking spray.
In a small bowl pour boiling water over ½ cup bran cereal. Mix in oil and set aside for 5 minutes.
In another bowl sift flour, baking soda, salt, cinnamon and nutmeg.
In a large bowl mix egg, sugar, buttermilk, mashed banana and remaining bran cereal. Add moist bran mixture. Stir in flour mixture. Stir in 3/4 cup nuts until fully incorporated.
Fill muffin cups to the top and sprinkle with remaining nuts. Bake for 15-20 minutes or until a toothpick inserted in centre comes out clean.
Remove from oven and drizzle tops with honey. Allow to cool.