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Impactful: CBN Credits Monetary Policy Department For Key Economic Turnaround

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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has credited the apex bank’s Monetary Policy Department (MPD) with playing a pivotal role in shaping major policy milestones recorded over the years.

Cardoso, represented by the Deputy Governor in charge of Economic Policy, Dr. Mohammed Abdullahi spoke yesterday in Abuja at an event marking the MPD’s 20th Anniversary Colloquium, themed “Monetary Policy in Nigeria: Past, Present and Future.”

He noted that the department has consistently provided technical backbone to key CBN committees, including the Monetary Policy Committee (MPC) and the Monetary Policy Technical Committee, thereby strengthening policy coherence and decision-making.

“The department’s work has underpinned several landmark achievements, including the introduction of the Monetary Policy Rate (MPR), which replaced the minimum rediscount rate in 2006 and improved clarity and coordination of monetary policy,” he said.

Cardoso also highlighted the MPD’s role in adopting the Interest Rate Corridor framework, which established guidance around the MPR to better steer short-term interest rates and enhance liquidity management.

According to him, the department has equally advanced evidence-based policy analysis and improved the bank’s communication strategy, contributing to greater transparency in monetary operations.

He said Nigeria’s economy had undergone significant transformation over the past two years, driven by policy reforms that have helped restore confidence and set the stage for long-term macroeconomic stability.

“As a result, inflation has moderated to 16 per cent as of October, down from a peak of 34.6 per cent in November 2024 — the lowest in three years and the seventh consecutive month of disinflation. Core inflation is also easing, showing that tight monetary policy is taking effect,” he said.

Cardoso added that the naira had continued to stabilise as foreign exchange pressures eased.

Director of the MPD, Dr. Victor Oboh, described the department’s 20-year journey as one defined by intellectual discipline, strategic foresight and unwavering commitment to the CBN’s core mandate.

He thanked the CBN Governor for his guidance and support, noting that the department’s work had shaped Nigeria’s transition from direct controls to a more market-based monetary policy regime.

Oboh said the MPD’s resilience had been evident during global and domestic shocks, including the financial crisis, commodity price downturns and the COVID-19 pandemic.

Worrisome: Rising Unemployment, A Ticking Time Bomb -Philanthropist

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A philanthropist, Chief Bibopere Ajube, says the rising unemployment in the country will consume the nation if able individuals fail to support government.

Ajube said this at a youth summit to commemorate the 13th anniversary of the Gallery Security Services Ltd. (GSSL) on Wednesday in Agadagba-Obon, Ese-Odo Local Government Area of Ondo State.

Ajube, the founder of GSSL, said he had taken it upon himself to invest in humanity and society in order to bring positive impacts.

According to him, all well-to-do people should invest in their respective localities to address unemployment, which has been a major cause of social vices and criminalities.

“Our coming to this world is to impact our environment. Whatever God gives me is for my people, not only me and my family.

“That is why we are doing this, and we are not going to be tired. If we don’t find a solution to unemployment, the problem will consume us,” he said.

Ajube, a community leader, said the creation of GSSL was to address insecurity, especially in the coastal areas of the Niger Delta.

“The conventional security agencies are just to assist us. You know that it’s left for us in coastal areas to do the work. Let us all see security as a personal responsibility.

“That is the only way we can have peace in our communities. I will never leave you people alone. I am ready to serve you till I am old and die,” he said.
Earlier at a news conference, the General Manager of GSSL, Mr Anthony Onyeisue, said 1200 youths would be empowered during the summit.

Onyeisue said the society would be difficult to control if there was a chunk of unemployed youths.

‎”We believe here in GSSL also that one of the ways we can actually reduce crime across this country is to create valuable jobs for our youth population so that they can also contribute to the society,” he said.

According to him, the security outfit has secured lives and property in the coastal communities of the state and beyond.

“It has also contributed remarkably to the socio-economic well-being of the jurisdiction that it serves.

“GSSL has consistently exhibited amiable courage and professionalism in combating sea piracy, oil thefts, pipeline vandalism, and other criminal activities.

“The company’s highly trained, dedicated, and motivated personnel have continued to complement the efforts of government security agencies in providing security services to communities.

“GSSL, through its Corporate Social Responsibility (CSR), continues to rekindle the hope of individuals in need of healthcare by providing them access to free medical services.

“The free health services include surgical operations, comprehensive health investigations, and drug administration.

“Also, hundreds of households, men and women inclusively, have directly benefited from cash support and non-interest loan initiatives,reflecting the compassion, generosity, and leadership of its founder, Senior High Chief Bibopere Ajube,” he stated.

The summit was tagged “Strengthening Waterways Security and Community Safety by Tackling Illegal Bunkering, Sea Piracy, Kidnapping, Cultism and Drug Abuse”.

Lectures were given on bunkering, sea piracy, drug abuse, youth vulnerability, cultism, and youth violence.

Shocking: NDLEA Arrests Over 16,304 Persons, Seize 4.5m kg Drugs In 10 Months

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The National Drug Law Enforcement Agency (NDLEA) said it arrested over 16,304 drug suspects and seized 4.5 million kilograms of illicit substances between January and October.

The NDLEA Chairman, retired, Brig. Gen. Buba Marwa disclosed this at the 7th Security and Emergency Management Awards and Lecture (SAEMA) on Wednesday in Abuja.

Marwa said that, as an agency mandated to curb illicit drug problems, the NDLEA under his leadership had responded to the challenge by pursuing a two-pronged strategy.

According to him, the first aspect of the strategy is Supply Reduction, which entails closing down the supply pipelines of illicit drugs.

“We do this through intelligence-led operations, interdictions, and international collaborations.

“By these means, we have intercepted tons of narcotics, dismantled cartels, and prosecuted offenders.

“From our borders to our airports and seaports, our officers remain resolute and execute their job without fear or favour. “Gratifyingly, we are getting good results.

“In the first 10 months of this year alone, we have recorded over 16,304 arrests and have successfully prosecuted and secured the conviction of about 3,000 drug offenders with hundreds of cases ongoing in court.

“In the same vein, we have seized 4.5 million kilograms of illicit substances.

“We go the extra mile deep into the forests to locate cannabis plantations and destroy them.

“In these operations, we have destroyed 612.2864 hectares of cannabis farms within the same 10-month period,”he said.

Speaking further, Marwa said that the second aspect of the agency’s strategy was the Demand Reduction, which entailed ensuring a near-zero demand for illicit drugs by users.

The NDLEA boss said that the agency’s demand reduction activities were built around the recognition that enforcement alone was insufficient to effectively curb the instances of drug abuse.

He said that people must be made aware of the dangers of using these illicit substances, and persuaded not to experiment with them no matter the circumstance.

He added that those who were already users needed to be cured of their dependence and weaned off the substances.

“To this end, we launched a social advocacy campaign, the War Against Drug Abuse, which we often refer to as WADA.

“This comprehensive, grassroots-driven initiative is designed to awaken every citizen, family, and institution to their role in the collective effort to stamp out the ills of illicit drugs in our society,”he said.

Marwa said that through WADA, the agency had entered schools, markets, places of worship, traditional institutions and communities to spread the message that drug abuse was not a private vice but a national menace.

He said “in 2025 alone, we have criss-crossed this country and reached nooks and crannies with our public awareness campaign.

“We have conducted over 3,765 WADA activities comprising public lectures, sensitisation visits and other engagements.

“Till today, officers of our 36 state commands, 14 zonal commands and 10 strategic commands engage in weekly WADA activities,”

The NDLEA boss named the other part of the demand reduction strategy as treatment, rehabilitation, and reintegration of drug users.

He added that they were very important activities that must balance the agency’s offensive effort.

According to him, to simplify its importance, I usually reference the law of demand and supply. Where there is no demand, there will not be supply.

“If we wake up tomorrow and no one is demanding cocaine or cannabis, the market will dry up and the suppliers will be out of business.

“But that cannot happen unless you treat those who have become dependent on the substances and need their fix regularly,”he added.

According to Marwa, the agency runs 30 rehabilitation centres across the country, offering medical treatment, counselling, and reintegration support for those struggling with addiction.

He said that NDLEA was expanding these facilities and partnering with state governments, NGOs, and international allies to ensure that recovery was possible and accessible

He thanked the event organisers for choosing NDLEA to host the year 2025 ceremony.

They included the Image Merchants Promotion Limited,(IMPR), the Centre for Crisis Communication,(CCC) the Civil Society Legislative Advocacy Centre, (CISLAC) and the International Emergency Management Society(TIMES).

He also commended them for the honour they continued to bestow on institutions and individuals working tirelessly to safeguard Nigeria.

Your Agitations Have Been Addressed, Reps Tell Retired Police Officers

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The Nigerian House of Representatives Committees on Police Affairs and Pension have respectively assured protesting retired police officers that their demands and agitations have been addressed.

The Atlantic Bell reports that the retired police personnel had in the last six weeks staged protest at the National Assembly front gate over the non-remittance of their contributory pensions and gratuities.

Addressing a news conference in Abuja on Wednesday, the Chairman, House Committee on Police Affairs, Rep. Makki Yalleman, said that the demands of the retired police officers were encapsulated and addressed in a bill entitled HB979.

Yalleman, who expressed optimism that the provision of the bill would address the plethora of demands made by the police retirees, urged them to go home happily.

He described the 10th House of Representatives as a listening one, expressing the willingness of the lawmakers to alleviate the plights of all Nigerians.

“We have been interacting with the retired police officers, and we have looked into their complaints and packaged them in a bill,” he said.

Also speaking, the Chairman, House Committee on Pensions, Rep. Hussein Jalo, expressed the commitment of the House to addressing the agitations.

Jalo said that the committee had been working in synergy with the Inspector General of Police and Director General, Pensions Board to address the complaints.

He explained that the bill entitled “A Bill for An Act to Establish Nigeria Police Pension Board (HB979) had been moved to the Senate for harmonisation and onward forwarding to the President for assent.

Jalo said: “My plea to them is to leave the gate and go back to their homes.”

Insecurity: Tinubu Postpones S’Africa, Angola Trips Over Kebbi, Kwara Attacks

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President Bola Ahmed Tinubu has postponed his scheduled trip to Johannesburg, South Africa and Luanda, Angola, as he awaits further security briefings on the kidnapped Kebbi schoolgirls and the attack on Christ Apostolic Church worshippers in Eruku, Kwara State.

A statement signed and made available to The Atlantic Bell on Thursday by Mr Bayo Onanuga,
Special Adviser to the President
(Information and Strategy), stated that in response to the request by the governor of Kwara State, President Tinubu has ordered the deployment of more security men to Eruku and the entire Ekiti Local Government Area of the state, and directed the police to go after the bandits who attacked worshippers.

President Tinubu was scheduled to leave Abuja on Wednesday to attend the 20th G20 Summit of leaders in South Africa and thereafter proceed to Luanda to attend the 7th AU-EU Summit.

Disturbed by the security breaches in Kebbi State and Monday’s attack by bandits against worshippers at Christ Apostolic Church, Eruku, President Tinubu decided to suspend his departure.

He now awaits reports from Vice President Kashim Shettima, who paid a sympathy visit to Kebbi on his behalf, as well as reports from the police and the Department of State Services regarding the attack in Kwara.

President Tinubu reiterates his directive to the security agencies to do everything possible to rescue the 24 schoolgirls, abducted by the bandits and bring the girls back home, safe.

On Tuesday night, Tinubu had directed Vice President Kashim Shettima to visit Kebbi State on Wednesday over the abduction of 25 students of Government Girls Comprehensive Secondary School, Maga, Kebbi State, and the killing of the school’s Vice-Principal.

The President, who had been briefed by the military authorities “expressed sadness over the abduction of the schoolgirls, despite intelligence warnings of a possible strike by the bandits.

The Zuru Emirate in Kebbi State was thrown into panic in the early hours of Monday after armed bandits attacked Government Girls Comprehensive Senior Secondary School, Maga in Danko/Wasagu Local Government Area and killed the Vice Principal and abducted at least 25 students.

The vice principal, Hassan Makuku, who reportedly attempted to shield students from the attackers, was killed in the attack, the Kebbi State Police Command confirmed.

The police also confirmed that 25 students were abducted from the school.

While assuring the guardians of the kidnapped schoolgirls that the government will ensure their quick release, Tinubu also commiserated with the military over the incident.

Fubara’s Industrial Revival Plan Boosts SMEs As 3,000 Access Single-Digit Loans

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More than 3,000 small business operators in Rivers State have so far benefitted from the ₦4 billion single-digit loan scheme jointly funded by the Bank of Industry (BoI) and the Rivers State Government, the Commissioner for Commerce and Industry, Warisenibo Joe Johnson, has said.

Johnson, who spoke when the Rivers State chapter of the Nigerian Association of Small and Medium Enterprises (NASME) paid him a courtesy visit in his office on Wednesday, said the intervention—managed through the Rivers State Microfinance Agency—forms a key component of Governor Siminalayi Fubara’s development agenda.

He said the governor’s 37-page blueprint prioritises the re-industrialisation of the Trans-Amadi Industrial Layout, once home to major firms such as Michelin, Rivers Vegetable Oil Company (RIVOC) and Crocodile Machetes, but which suffered decline due to years of economic downturn.

 


According to him, the administration is working to restore the area’s industrial vibrancy, stimulate business growth, create jobs for young people, expand opportunities in technology and skills acquisition, and boost the state’s internally generated revenue.

Earlier, Rivers NASME chairman, Elder Dogda Sakpege, described the association—founded in 1996—as a consistent advocate for the development and sustainability of small and medium-scale enterprises nationwide.
“We want to partner with your ministry to improve the fortunes of small businesses in Rivers State,” he said.

Visitation Panel Report: UNIPORT Begins Implementation, Inaugurates Board of UIL

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The University of Port Harcourt has begun implementing key recommendations contained in the Presidential White Paper/Visitation Panel Report and recent decisions of the 17th Governing Council. As part of this process, the University has reconstituted the Board of Uniport Investments Limited (UIL) to strengthen governance, increase revenue, and enhance institutional growth.

The Board, inaugurated by the Vice Chancellor, Professor Owunari Georgewill, has Chief (Hon.) Mene Kadilo Kabari as Chairman. Other members include the Registrar, Dr. Gloria Chindah; the Bursar, Dr. Godspower Obah; the University Librarian, Prof. Helen Emasealu; Council Representative, Prof. Glory Amadi; and the Head of Legal Unit, Barr. Inko Tariah, who will serve as Company Secretary/Legal Adviser. The Managing Director, Prof. Micah Leyira—a seasoned Professor of Accounting—will be joined by representatives from Senate and Congregation.

The Presidential White Paper emphasized the need for financial autonomy for UIL, with the University retaining strategic interest in its ownership and administration. The UIL is expected to operate as a private-sector–driven revenue generator for the University and will oversee all business concerns of the institution.

The 17th Governing Council, led by Senator Mao Ohuabunwa, recently directed the University Management to ensure full compliance with the provisions of the White Paper and to revitalize Uniport Investments Limited.

While inaugurating the Board, the Vice Chancellor dissolved all previously existing task forces to avoid operational conflicts. He charged the new Board to embrace teamwork and deliver results that meet the expectations of both Management and the Governing Council. He also assured them of the Management’s full cooperation to ensure the success of UIL.

In his response, Mene Kadilo Kabari—a former CTC Chairman of Gokana LGA in Rivers State, and member of the Uniport Governing Council—thanked the Council and Management for the confidence reposed in them. He pledged to pursue reforms that will transform the operational efficiency and revenue contribution of the University’s business ventures under the UIL Board. He also expressed confidence in the Managing Director and the calibre of Board members, noting their readiness to hit the ground running following the inauguration.

Health Minister Lauds Nigeria’s Progress In Tobacco Control At COP11 Global Meet

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The Minister of State for Health and Social Welfare, Dr Iziaq Salako, has lauded Nigeria’s significant strides in tobacco control since 2012, noting a continued decline in adult tobacco use.
Salako made the remark at the ongoing 11th Session of the Conference of Parties (COP11) to the World Health Organisation, Framework Convention on Tobacco Control (WHO FCTC) in Geneva.
The minister’s remark was contained in a statement issued by
Mr Robert Egbe, Media and Communication Officer, Corporate Acountability and Public Participation Africa (CAPPA), in Port Harcourt, on Tuesday.
Salako attributed the progress to strengthened enforcement, updated national data, and bold regulatory actions.

He cited some of the key achievements including the completion of the second round of the Global Adult Tobacco Survey (GATS 2025), which shows a decline in daily tobacco use among adults.
He also mentioned a survey revealing that graphic health warnings had contributed to a rise in smokers considering quitting, from 26.7 per cent in 2012 to 43.3 per cent in 2025.

Salako said that the overall survey from 2012 to 2025, revealed that secondhand smoke significantly declined inside homes, government buildings, restaurants, public transportation, tertiary institutions, schools, and others.

The minister noted that Nigeria had advanced WHO FCTC Article 19, holding the tobacco industry accountable for actions undermining public health.
He cited a $110 million fine imposed on British American Tobacco Nigeria (BATN) by the Federal Competition and Consumer Protection Commission (FCCPC) for violating tobacco control laws.

Salako also highlighted new regulations from the National Film and Video Censors Board (NFVCB) prohibiting tobacco advertising, promotion, and sponsorship across media platforms, a step towards protecting young people.
He, however, acknowledged some challenges, including tobacco industry interference and the rise of new nicotine products.

He called for global collaboration and technical support to counter industry tactics.

The Acting Head of the WHO FCTC Secretariat, Mr Andrew Black, said that the ongoing 11th Session of the Conference of Parties to the WHO Framework Convention on Tobacco Control presented an opportunity for parties to consider several forward-looking measures.

According to him, COP11 provides an opportunity for parties to consider forward-looking tobacco control measures, environmental protection, liability, and measures to prevent and reduce tobacco consumption, nicotine addiction, and exposure to tobacco smoke.

Black described the conference the theme of the ;”20 years of change – uniting generations for a tobacco-free future,” as apt.
He noted that it would be followed by the fourth meeting of the Parties to the Protocol to Eliminate Illicit Trade in Tobacco Products from November 24-26

No Going Back On Use Of BVAS, IREV, Says INEC Chairman …Technology has ended era of voter impersonation

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The Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Ojo Amupitan, on Tuesday said that the deployment of the Bimodal Voter Accreditation System (BVAS) has effectively solved the protracted challenge of identity theft in Nigeria’s elections.

This is contained in a statement issued by the Chief Press Secretary to the INEC Chairman, Dayo Oketola, on Tuesday in Abuja.

The statement quoted Amupitan as making the declaration while speaking at the 2025 Digital Nigeria International Conference and Exhibitions in Abuja, organised by the National Information Technology Development Agency (NITDA).

Amupitan, who was represented by INEC National Commissioner, Mrs May Agbamuche-Mbu, stated that the era of multiple voting and identity fraud was over.

He said that the BVAS signposted a milestone in the nation’s democratic history, having become a ‘foolproof mechanism’ for verification.

“The BVAS device has become our frontline defence against identity fraud, ensuring that only the rightful, eligible voter can be accredited at the polling unit.

“With the biometric safeguards now in place, voter impersonation has been effectively eliminated from our electoral system,” Amupitan said.

Amupitan, who backed his assertion with BVAS data from the recently concluded Anambra Governorship election, noted that the 6,879 BVAS devices configured and deployed for the polls recorded a highly commendable performance.

The 2004 University of Iowa Fulbright visiting scholar added that over 99 per cent of polling unit results were uploaded to the INEC Result Viewing (IReV) portal on election day.

“These outcomes confirm that the deployment of BVAS and IReV is no longer experimental but an entrenched part of Nigeria’s electoral architecture.

“The figure announced at the polling units is the same figure visible to the public. Technology has safeguarded the vote,” he said.

The INEC boss reminded the audience that previous technologies, while innovative, lacked the ‘teeth’ of the law, leaving the commission vulnerable to technicalities in election tribunals.

He, however, said the situation shifted with the Electoral Act 2022.

He said that Section 47(2) of the Act is the watershed provision that has transformed digital devices from mere administrative guidelines into “statutorily protected pillars” of the electoral system.

“This legislative foundation ensures that our digital tools have both operational and legal legitimacy.

“It has strengthened public trust and enabled the Commission to innovate with confidence,” Amupitan explained.

He noted while voter impersonation and multiple voting had been largely tackled with BVAS, connectivity remained a logistical headache.

Amupitan acknowledged that while the Commission’s steady deployment of technology had boosted credibility, it was by no means a cure-all.

He pointed to the nation’s uneven telecommunications landscape as a stubborn obstacle.

“With 176,846 polling units tucked into swamps, perched on mountains, and hidden in far-flung communities, achieving real-time upload of Polling Unit results to the INEC Result Viewing Portal remains one of the toughest battles for transparency on Election Day.

“A tool like the BVAS is only as good as the network it runs on,” he said.

The chairman said that INEC will continue to engage the NCC and network providers to find ways of addressing the challenge, while actively exploring alternative technologies to bridge the gaps.

In spite of these technology challenge, Amupitan sent a strong signal to the political class that there was no U-turn in deploying technology for elections in the country.

He firmly rejected suggestions of returning to manual procedures, describing the old model of manual accreditation as “vulnerable to human interference.”

“The gains we have recorded are too significant to reverse,” the INEC Chairman insisted.

He outlined a future where the Commission would not only stick with the current tech but actively upgrade it to more seamless solutions.

The INEC chairman reiterated that ‘ghost voter’ practice common to Nigerian elections had become a thing of the past and the Commission had no intention of looking back.

“Our mission is simple. To ensure that every eligible voter is accurately verified, every vote is properly counted, and every result is transparently shared.

“Technology has helped us secure these foundations of democracy,” Amupitan added.

Reps Committee To Track, Revive Over 11,000 Neglected FG’s Landed Property Set Up

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Speaker of House of Representatives, Rep. Abbas Tajudeen, has inaugurated an ad hoc committee to identify, resuscitate and activate all abandoned Federal Government’s landed assets for the benefit of citizens.

Speaking at the inauguration of the House Ad-Hoc Committee on Abandoned Federal Government Landed Property in Nigeria on Tuesday, Tajudeen said that the committee was very important, as they were over 11,000 abandoned government assets across the country.

He said that the committee had the mandate to investigate the authenticity of all abandoned projects, review the defunct presidential committee report on abandoned assets and make far-reaching recommendations.

“I have no doubt in my mind that with the array of members and based on their training and integrity, there will be fairness and balance in your report.

“I urge you to do a thorough job, get relevant information to identify these landed property and make your recommendations,” he said.

Tajudeen urged all relevant agencies of government to support the committee by making available all necessary information required to do the job.

In his remarks, Chairman of the committee, Rep. Daniel Amos (LP-Kaduna), said that the mandate of the committee was not merely administrative but a solemn responsibility to the Nigerian people whose resources and heritage the assets represent.

Amos said that across the country, countless number of public properties and projects lie unutilised, under-valued or abandoned.

The lawmaker stated that assets were silent reminders of lost opportunities; opportunities for housing, revenue and national development.

“It is our duty, as representatives of the people, to reverse this trend and ensure that every public asset delivers real value to citizens,” he said.

According to him, the committee’s mandate include: identification and verification of all abandoned federal government landed properties and establishment of a centralised and reliable national database to ensure accurate documentation and institutional memory.

He said that the committee would also evaluate the financial, economic and developmental implications arsing from their abandonment and determine agencies that hold custodial or administrative responsibility for the assets.

Part of the mandate, he said, was to do an in-depth examination of the administrative, budgetary, regulatory and operational deficiencies that had impeded proper utilisation and formulation of clear and actionable strategies for the recovery, rehabilitation or productive deployment of all identified assets.

The lawmaker said that the committee was also tasked with the development of sustainable, forward-looking policy recommendations to address systemic weaknesses and prevent future occurrences.

“This committee pledges to discharge this mandate with the utmost diligence, transparency and fidelity to the public trust, ensuring that every aspect of the responsibility entrusted to us is executed with precision and integrity.

“We further commit to delivering outcomes that reflect the highest standards of legislative oversight, timely, evidence-driven and firmly anchored in the national interest.

“The work before us is not just technical, it is moral. Every abandoned property represents deferred development, lost revenue and a diminishing of public trust.

“By undertaking this assignment with diligence, fairness and integrity, we reaffirm the commitment of the House of Representatives to prudent management of national resources.

“This committee will operate with openness, professionalism and unwavering dedication to the people of Nigeria,” he said.

Amos sought for the cooperation of all stakeholders to ensure a credible and impactful process.

“Together, let us turn these dormant assets into engines of growth, sources of revenue and symbols of renewed national stewardship,” he said.