Author: Abigail David

  • CBN retains 27.50% interest rate again

    CBN retains 27.50% interest rate again

    The Central Bank of Nigeria (CBN) has once again retained the Monetary Policy Rate (MPR) at 27.50%, marking the second consecutive time the rate has been held steady in 2025. The decision was announced by CBN Governor Olayemi Cardoso during a press briefing in Abuja on Tuesday, following the 300th meeting of the bank’s Monetary Policy Committee (MPC).

    This pause follows a series of six rate hikes in 2024, as the apex bank intensified efforts to combat inflation and stabilize the economy.

    Cardoso said the committee was unanimous in its decision to maintain the current rate, noting that the pause would allow members to better assess short-term economic developments. Other key monetary parameters were also left unchanged: the asymmetric corridor around the MPR at +500/-100 basis points, the Cash Reserve Ratio for Deposit Money Banks at 50.00%, for Merchant Banks at 16.00%, and the Liquidity Ratio at 30.00%.

    The decision was influenced by improvements in macroeconomic indicators. Data from the National Bureau of Statistics showed headline inflation dropped to 23.71% in April 2025 from 24.23% in March. Month-on-month inflation also declined sharply to 1.86% from 3.9%. Food inflation eased to 21.26%, while core inflation dropped to 23.39% from 24.43%.

    Cardoso expressed cautious optimism, citing government efforts to boost food supply and address insecurity in agricultural areas. However, the MPC raised concerns over persistent inflationary pressures stemming from high electricity costs, strong foreign exchange demand, and structural economic challenges.

    The committee welcomed ongoing government reforms aimed at increasing domestic production and reducing forex dependency. It also encouraged continued CBN efforts to strengthen investor confidence in the foreign exchange market.

    Nigeria’s external reserves rose by 2.85% to $38.90 billion as of May 16, 2025, up from $37.82 billion at the end of March, providing 7.6 months of import cover. The CBN governor also noted a narrowing gap between official and parallel market forex rates and called on fiscal authorities to ramp up foreign exchange earnings, particularly from oil and non-oil exports.

    In terms of growth, Nigeria’s real GDP rose to 3.84% in Q4 2024, up from 3.46% in the previous quarter, driven largely by services and growth in both oil and non-oil sectors.

    However, Cardoso flagged the recent decline in global crude oil prices—caused by increased output from non-OPEC countries and uncertainties surrounding U.S. trade policy—as a potential threat to government revenue and budget execution.

    The MPC also praised the relative stability in the banking sector and emphasized the need for continued strong regulatory oversight amid ongoing recapitalisation efforts.

    “The Committee reaffirmed its commitment to policies aimed at anchoring inflation expectations and easing exchange rate pressures,” Cardoso concluded.

    The next MPC meeting is scheduled for July 21–22, 2025.

  • Stray Bullet Kills WASSCE Candidate in Ibadan

    Stray Bullet Kills WASSCE Candidate in Ibadan

    A tragic incident occurred in Ibadan, the Oyo State capital, on Tuesday, as a stray bullet allegedly killed a student on his way to sit for the ongoing West African Senior School Certificate Examination (WASSCE) organized by the West African Examinations Council (WAEC).

    The incident took place along the Gbagi Market Road in the Egbeda Local Government Area. According to eyewitness reports, a police officer opened fire while pursuing a suspect, and a stray bullet struck the student, who was on a motorcycle with his father and twin brother en route to the examination centre.

    “He was riding with his father and twin brother when the bullet hit him. He was rushed to a nearby hospital but was pronounced dead on arrival,” said a witness identified as Ajani.

    Another source confirmed the victim was heading to the exam centre when the tragedy occurred.

    Following the incident, angry youths carried the student’s body to the Oyo State Secretariat in Agodi, Ibadan, demanding justice and calling on Governor Seyi Makinde to take swift action.

    The body of the deceased has been deposited at the Adeoyo Hospital mortuary.

    As of the time of this report, the police or state authorities have yet to issue an official statement regarding the incident.

  • 2025 UTME Controversy: South East Lawmakers Demand JAMB Boss Oloyede’s Resignation, Exam Cancellation

    2025 UTME Controversy: South East Lawmakers Demand JAMB Boss Oloyede’s Resignation, Exam Cancellation

    The South East Caucus in the House of Representatives has called for the resignation of the Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Ishaq Oloyede, following widespread technical failures during the 2025 Unified Tertiary Matriculation Examination (UTME).

    In a strongly worded statement issued Monday, the caucus, led by Hon. Igariwey Enwo, condemned what it described as a “catastrophic institutional failure” after nearly 380,000 candidates were directed to retake the exam due to technical glitches. The lawmakers stressed that all five states in the South East were among the worst affected.

    “On May 14, 2025, Prof. Oloyede admitted that about 379,997 candidates would have to retake the UTME due to score distortions caused by technical issues. As representatives of the South East, we are alarmed by the scale of this failure and its disproportionate impact on our region,” the statement read.

    The caucus criticized JAMB’s handling of the situation, describing it as chaotic and insensitive. They cited inadequate communication, rushed rescheduling, and clashes with ongoing WAEC examinations as major concerns. Many students reportedly received less than 48 hours’ notice to resit the exam, with some rescheduled sessions conflicting with their WAEC papers.

    “These failures have caused needless trauma for students and their families. JAMB’s response has been inadequate and reactive, not proactive or student-centered,” the lawmakers said.

    They called for:

    • Immediate cancellation of the 2025 UTME;
    • A new examination date to be set after the conclusion of WAEC and NECO exams;
    • Suspension of officials responsible for JAMB’s digital and logistics operations;
    • And the resignation of Prof. Oloyede to allow for an independent investigation and restore credibility to the examination body.

    While acknowledging Oloyede’s openness in admitting the system malfunction, the lawmakers insisted that true accountability requires more than an apology.

    “The integrity of the UTME has been compromised, and the public’s trust in JAMB has been severely eroded. The only responsible course of action is for the Registrar to step down,” the statement added.

    Citing Section 18(1) of the Nigerian Constitution, which mandates the government to provide equal and adequate educational opportunities, the caucus argued that this constitutional right was effectively denied to thousands of affected candidates.

    The South East Caucus concluded by urging the federal government to treat the crisis as a national emergency and ensure that all Nigerian students, regardless of region, are given a fair and equitable chance in their academic pursuits.

  • Anti-Tinubu coalition: Peter Obi disagrees with Atiku’s camp over VP slot

    Anti-Tinubu coalition: Peter Obi disagrees with Atiku’s camp over VP slot

    Labour Party presidential candidate in the 2023 election, Peter Obi, has dismissed reports suggesting he has accepted to run as vice president to former Vice President Atiku Abubakar in the 2027 elections.

    Speaking to journalists in Abuja on Monday, Obi emphasized that any coalition discussions he’s involved in are not about political positions but about confronting Nigeria’s worsening social and economic conditions.

    “I’m in a coalition against hunger, poverty, and ill health — not for positions,” Obi said while donating N10 million each to an Anglican Church school and hospital project in Kubwa. “We should be talking about educating our children and improving healthcare, not power-sharing.”

    The former Anambra State governor expressed frustration over persistent corruption, which he said continues to deprive the country of resources needed for development. He advocated stronger support for faith-based institutions delivering basic education and healthcare, saying they are vital for national growth.

    Obidient Movement Denies VP Deal

    Reacting to media reports, the Obidient Movement, a support group for Obi, also denied any political pact with Atiku.

    In a statement issued by its Director of Strategic Communications, Nana Kazaure, the group described the publication as false and misleading.

    “There is no truth whatsoever to claims that Peter Obi has agreed to run as Atiku’s vice in a proposed coalition,” Kazaure said. “Our focus is not on power for its own sake, but on delivering real change for Nigerians.”

    Kazaure stressed that any updates about Obi’s political moves would come directly from him, urging Nigerians and the media to avoid speculative reporting.

    Atiku Camp: Coalition Talks Ongoing, Details Yet to Be Finalized

    Meanwhile, Atiku’s Media Adviser, Paul Ibe, confirmed that discussions are underway among key opposition figures — including Obi and Atiku — to form a united front ahead of 2027.

    “Substantial progress has been made,” Ibe said. “But specific details, including any power-sharing arrangements, are still being finalized. Everyone is working hard to build a viable coalition.”

    He added that the leaders are deliberately keeping details confidential until the process is complete.

    ADC Opens Doors for New Entrants

    The African Democratic Congress (ADC), which is being considered as a potential platform for the opposition coalition, is revising its internal rules to welcome new political players.

    Party chairman, Chief Ralph Okey Nwosu, announced that he will step down to allow new leadership and that the party will ease restrictions for newcomers seeking to contest elections.

    “Previously, members had to wait two years before contesting under our banner. That has changed,” he said, signaling the ADC’s readiness to serve as a unifying platform for the coalition.

    As talks continue behind closed doors, the opposition’s goal appears clear: forge a united alliance to challenge the ruling All Progressives Congress (APC) in 2027.

  • Borno: Boko Haram, ISWAP Kill 90 Farmers in Five Months in Renewed Attacks

    Borno: Boko Haram, ISWAP Kill 90 Farmers in Five Months in Renewed Attacks

    At least 90 farmers and fishermen have been killed in the past five months in two deadly attacks linked to Boko Haram and its splinter group, the Islamic State of West Africa Province (ISWAP), in the Lake Chad region of Borno State.

    According to local and security sources, the attacks occurred between January and May 2025, with the most recent taking place on May 15 at Malam Karanti in Kukawa Local Government Area. ISWAP fighters reportedly stormed a bean field, killing over 50 farmers and abducting several others. Survivors said the assailants surrounded them, threatening to execute anyone who tried to flee. Most of the victims were said to have been slaughtered on the spot.

    Prior to the attack, the farmers had reportedly been operating under the protection of an ISWAP commander, Amir Akilu, after agreeing to pay levies. However, the absence of the commander created an opportunity for rival Boko Haram fighters to strike, accusing the farmers of espionage.

    In a similar attack on January 10, 2025, at least 40 farmers were killed at Dumba Island near Baga. The attackers accused them of collaborating with Nigerian troops despite previously granting them permission to farm.

    Corpses Inaccessible for Burial

    Five days after the Malam Karanti massacre, the bodies of the slain farmers remained unrecovered. A relative of two victims, identified as Baana, said attempts by a joint team of soldiers and civilian vigilantes to retrieve the corpses were unsuccessful due to insecurity in the area.

    Zulum Calls for Offensive on Terrorist Strongholds

    In response, Borno State Governor, Prof. Babagana Umara Zulum, called on the military to launch operations into the Lake Chad Islands, particularly the Tumbus, which he described as the breeding ground for insurgents. Speaking during an assessment visit by the Minister of Defence, Badaru Abubakar, and Chief of Defence Staff, Gen. Christopher Musa, Zulum lamented the military’s inaction over the past decade in these areas, warning that porous borders with Chad, Niger, and Cameroon were enabling the influx of foreign fighters.

    CDS Emphasizes Lake Chad Recharging

    The Chief of Defence Staff emphasized the importance of recharging Lake Chad to aid military operations. Gen. Musa explained that restoring water to the lake would remove barriers for naval access and help flush out terrorists. He also highlighted plans for acquiring advanced weaponry and adopting new strategies to end the insurgency.

    Farmers Caught Between Rival Terror Groups

    Security sources revealed that some farmers had struck agreements with one ISWAP faction, paying levies for access to farmland. However, another group, unaware of the arrangement, attacked them. In some cases, farmers who failed to meet insurgents’ demands were enslaved or forced to serve as couriers and logistics workers.

    Amnesty International Condemns Attack

    Amnesty International condemned the Malam Karanti killings in a statement on its official X handle, labeling the attack as a war crime and calling for thorough investigations. The organization criticized the government’s failure to protect rural communities and urged authorities to hold perpetrators accountable.

    The rights group noted a pattern of killings since 2020, with nearly 250 farmers murdered in similar incidents. Victims were often targeted for refusing to pay illegal levies or cooperating with rival factions. Amnesty warned that without decisive action, civilians in Borno and other conflict-prone regions would remain vulnerable.

    Background: Zabarmari and Continued Violence

    The recent violence echoes the 2020 Zabarmari massacre, where over 40 rice farmers were killed by Boko Haram in Jere LGA. That incident, described by the UN as one of the deadliest against civilians that year, remains a chilling reminder of the threats rural communities face in Nigeria’s northeast.

    As Boko Haram and ISWAP continue to compete for territory and influence, civilian casualties are mounting—underscoring the urgent need for coordinated, aggressive counterterrorism efforts.

  • Kano Censorship Board Suspends 22 Hausa Film Series Over Regulatory Breaches

    Kano Censorship Board Suspends 22 Hausa Film Series Over Regulatory Breaches

    The Kano State Censorship Board has suspended 22 popular Hausa film series for allegedly violating its regulatory guidelines, in a move aimed at enforcing compliance and maintaining professionalism within the Kannywood film industry.

    In a statement released by the board’s Information Officer, Abdullahi Sani Sulaiman, the Executive Secretary, Abba El-Mustapha, ordered the suspension following a management meeting and thorough consultations.

    Among the affected series are Labarina, Dadin Kowa, Manyan Mata, Garwashi, Jamilun Jidda, and Gidan Sarauta. Others include Dakin Amarya, Mashahuri, Wasiyya, Tawakkaltu, Mijina, Wani Zamani, Mallaka, Kudin Ruwa, Boka Ko Malam, Wayasan Gobe, Rana Dubu, Fatake, Shahadar Nabila, Tabarma, Kishiyata, and Rigar Aro.

    The board emphasized its legal mandate to censor all films prior to production, distribution, streaming, or broadcast, both within and outside Kano State. Producers and owners of the suspended series have been instructed to halt all online and television broadcasts and submit their content for censorship approval between May 19 and May 25, 2025, or face legal action.

    This development comes as the Kannywood industry increasingly shifts toward producing serialized content, largely distributed via YouTube and select TV stations, in response to evolving market dynamics and revenue challenges.

  • JUST IN: Actress Jumoke George’s trafficked daughter returns from Mali

    JUST IN: Actress Jumoke George’s trafficked daughter returns from Mali

    Adeola, the daughter of renowned Nollywood actress Jumoke George, has returned safely to Nigeria after being trafficked to Mali and held there for four years.

    The Chairperson of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, confirmed the development on Monday, announcing that Adeola was successfully received by the commission upon her return.

    Dabiri-Erewa praised actress Bola Adebayo for bringing the story to light and also acknowledged actor Niyi Johnson for his support in the efforts to rescue Adeola.

  • Edo Deputy Speaker Edeko Resigns, APC’s Atu Elected Successor

    Edo Deputy Speaker Edeko Resigns, APC’s Atu Elected Successor

    The Deputy Speaker of the Edo State House of Assembly, Hon. Maria Edeko, has officially stepped down from her position. Edeko, who represents Esan North-East II, announced her voluntary resignation on Monday, citing the need for justice, fairness, and equity, especially in light of her party—the Peoples Democratic Party (PDP)—now holding a minority status in the Assembly.

    In her farewell remarks, Edeko expressed gratitude to PDP leaders and members for entrusting her with the responsibility of representing her constituency.

    Her resignation drew heartfelt commendations from fellow lawmakers, who praised her commitment, integrity, and significant contributions to legislative work during her tenure.

    In recognition of her service, Majority Leader Jonathan Aigbokhan (APC, Esan West) moved a motion to grant Edeko all entitlements due to a Deputy Speaker. The motion, seconded by Minority Leader Charity Airobarueghian (PDP, Ovia North-East I), received unanimous support.

    Following Edeko’s resignation, Osamwonyi Atu, the APC lawmaker representing Orhionmwon East, was unanimously elected as the new Deputy Speaker.

  • DSS Nabs Key Suspect in ₦500m State House Land Fraud

    DSS Nabs Key Suspect in ₦500m State House Land Fraud

    The Department of State Services (DSS), Federal Capital Territory (FCT) Command, has arrested the main suspect behind a major land scam involving the illegal sale of a 3.55-hectare plot originally allocated to a co-operative society within the State House.

    Valued at over ₦500 million, the fraudulent scheme saw the land sold and resold multiple times in a series of suspicious transactions.

    Sources familiar with the investigation revealed that the arrested individual, reportedly well-connected in Abuja’s political and real estate sectors, was apprehended after weeks of surveillance and questioning by the DSS. The suspect remains in custody as the probe continues.

    The investigation was launched after the co-operative’s Executive Committee discovered in March 2025 that the property—intended for staff housing—had been illegally sold. The land was initially sold for ₦100 million, then resold for ₦150 million, followed by a ₦250 million transaction. A fourth attempted sale for ₦300 million triggered further scrutiny.

    Following a formal petition submitted on April 2, the DSS commenced a full-scale investigation on April 8 after a high-level briefing with the Director General.

    Several individuals linked to the transactions have been questioned, with some temporarily detained. Meanwhile, the DSS has ordered the fraudulent sellers to begin reimbursing unsuspecting buyers who had unknowingly purchased the land.

    A joint review by the DSS and the Abuja Geographic Information Systems (AGIS) found that only ₦45 million of the total sum had been used for legitimate processes such as acquiring a Right of Occupancy, paying ground rent, and initiating a Certificate of Occupancy.

    The co-operative’s leadership has vowed to pursue full recovery of the land and ensure that all parties involved face legal consequences, calling the case one of the most brazen examples of land fraud involving government staff property in recent memory.

  • Nigeria Urges Swift Implementation of SAATM to Cut Airfare Costs Across Africa

    Nigeria Urges Swift Implementation of SAATM to Cut Airfare Costs Across Africa

    The Nigerian federal government has emphasized the urgent need to implement the Single African Air Transport Market (SAATM), citing its potential to significantly lower airfares and boost connectivity across the continent.

    Speaking at the opening ceremony of the 18th Plenary Session of the Banjul Accord Group (BAG) in Abuja, Minister of Aviation and Aerospace Development, Festus Keyamo, urged African nations that have signed the SAATM agreement to accelerate its execution. He highlighted that improved air connectivity enhances global competitiveness for cities and regions and is essential for Africa’s growth.

    “Despite our strong political will and declarations, progress has been slow. Fragmentation still hinders regional integration,” Keyamo stated. He stressed that SAATM would ease passenger and cargo movement, reduce travel times, and offer competitive pricing, all of which demand collective commitment to tackle non-physical barriers such as high travel costs.

    Also addressing the gathering, Nigeria’s Director-General of Civil Aviation, Capt. Chris Najomo, said the session was an opportunity to assess achievements and recommit to tackling challenges like infrastructure deficits, personnel shortages, safety concerns, and the need for digital transformation in aviation.

    Najomo reiterated Nigeria’s leadership role in BAG and its dedication to advancing a safe, efficient, and environmentally responsible air transport system aligned with ICAO’s “No Country Left Behind” initiative.

    GCAA Director-General and BAG Secretariat head, Fansu Bojang, also stressed the need for further action to harness the region’s aviation potential.

    The Nigerian Senate Committee on Aviation, represented by Senator Augustine Akobundu, reaffirmed legislative support for BAG’s goals and a harmonized West African aviation framework.

    The three-day event, hosted by the Nigeria Civil Aviation Authority (NCAA), brought together aviation officials from BAG’s seven member states: Nigeria, Ghana, Liberia, Guinea, The Gambia, Cape Verde, and Sierra Leone.

    SAATM is a flagship initiative under the African Union’s Agenda 2063, aiming to unlock the continent’s full potential through seamless air connectivity.