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CBN Raises Treasury Bill Rate On High Demand

By
James Orji
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Yemi Cardoso - CBN Governor

The Central Bank of Nigeria has raised the stop rate on its benchmark 364-day Treasury Bill to 17.59 per cent, even as investors flooded the latest auction with a staggering N4.4 trillion in bids.

 

The development highlights the apex bank’s continued preference for tight monetary conditions, despite strong investor appetite for government securities.

 

Investors submitted a combined N4.4 trillion for the three Treasury Bill tenors offered, against a total offer of N700 billion, during the auction held two days ago.

 

The strongest demand was recorded on the 364-day bill, which attracted N4.19 trillion in subscriptions for the N500 billion on offer.

 

Rather than lower the yield in response to the heavy demand, the CBN increased the stop rate on the one-year instrument by 24 basis points, from 17.35 per cent at the previous auction to 17.59 per cent.

 

The move marked a reversal from the July 29 auction, when the apex bank had reduced the stop rate on the 364-day bill by 31 basis points, despite subscriptions reaching almost seven times the amount offered.

 

At Wednesday’s auction, the CBN ultimately allotted N1.26 trillion worth of the 364-day Treasury Bill—well above the N500 billion initially advertised.

 

The shorter-dated instruments, however, recorded significantly lower demand.

The 182-day Treasury Bill attracted N63.97 billion in subscriptions against N100 billion offered, with N47.48 billion allotted. Its stop rate was retained at 16.50 per cent.

 

Similarly, the 91-day bill received N162.21 billion in bids for N100 billion on offer, while N148.57 billion was eventually allotted. The stop rate remained unchanged at 16.30 per cent.

 

The auction therefore produced a striking divergence across the three maturities. While rates on the 91-day and 182-day instruments remained unchanged, the CBN increased the yield on the benchmark one-year bill.

 

The huge demand for the 364-day, according to analysts, is an indication  that investors remain keen to lock in relatively attractive yields on government securities amid elevated interest rates.

 

The CBN’s decision to raise the clearing rate despite the substantial oversubscription, however, shows that investor demand is only one of several factors influencing the pricing of government borrowing.

 

The move also has wider implications for the fixed-income market. Higher Treasury Bill yields can influence the pricing of other short-term financial instruments and potentially affect the cost of funds across the economy.

After $18bn Spent Tinubu Says Moribund Refineries Will Be Repaired

By
James Orji
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Port Harcourt Refinery

President Bola Ahmed Tinubu has declared that the government-owned refineries will be repaired and brought back into operation, saying the government is also working to ensure that they become profitable when they eventually resume production.
The President spoke on Thursday when the leadership of the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, paid him a visit at the Presidential Villa, Abuja, the nation’s capital.
There are four government-owned refineries in the country, located in Port Harcourt, Kaduna and Warri. The facilities have become moribund after many years of abandonment, mismanagement and corruption in the oil and gas sector.
Not a few Nigerians, including former President Olusegun Obasanjo and Africa’s richest man, Aliko Dangote, have given up hope that the refineries can return to operation after billions of dollars were spent on their rehabilitation and turnaround maintenance.
Over the past two decades, successive Nigerian administrations have spent an estimated $18 billion on the rehabilitation of the four refineries, according to checks, without anything tangible to show for the expenditure.
Speaking on Thursday, President Tinubu said the refineries would be fixed and brought back into operation when the economy could afford it, adding that successive administrations had done their best to revive the facilities without success.
Tinubu said: “The refineries that you mentioned are going to come back to work.
“I’m not a man who will go there, come back and say everything is fine because I’ve accepted the assets and liabilities of my predecessors.
“No matter what has happened in the years past, it’s my responsibility now as the President to fix it, make it work for the largest common value of our population. I take responsibility for that, and I’m going to do it.”

Gumi: Sharia Justifies Kano’s Mass Weddings

By
James Orji
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Muslim Mass Weddings

Amid the ongoing controversy trailing the recent government-sponsored marriages by the Kano State Government for over 1,500 couples, controversial Islamic cleric, Sheikh Ahmad Gumi, says the action of the state government is backed by Sharia law.

The Islamic leader made the remark on Thursday in a post he shared on his verified Facebook page, saying the state government had shown that it was a responsible government. He noted that such interventions were required in a state operating under Sharia jurisprudence, particularly where people who wanted to marry could not afford the cost of the ceremony.

His remarks comes on the heels of the public outrage that has greeted the state government action, as some critics insist that it’s a waste of public fund to organize weddings for individuals, most of who have no jobs to survive and take care of the family after the ceremony has been carried out.

Those in this school of thought insist that this is responsible for the many social and family problems in the region, particularly the increasing number of almajiris or street urchins-children who roam the streets because their parents cannot take care of them- in northern Nigeria.

But Gumi According said states are required to intervene and fund marriage ceremonies in a society where prostitution, fornication, adultery and promiscuity were proscribed by Islamic religious laws.
“In a Shariah law-driven state, where prostitution, fornication, adultery, and promiscuity are prohibited by both divine and state laws, using public funds to facilitate the marriage of women who are in excess of the available pool of eligible men, or of any young person in dire need of marriage, is a legitimate and responsible component of good governance,” he said.
Checks reveal that government-sponsored weddings are common in northern Nigeria, where 12 state governments have adopted the Sharia legal code.
Kano State, which has indicated that its plan is to fund 3,000 public weddings for intending couples by the end of the programme, is not the only state government to have sponsored mass weddings for couples this year.
In February this year, Kebbi State sponsored 300 couples, promising to expand the programme to cover an additional 300 couples.
Also, in April, Zamfara State sponsored 100 couples from the state’s 14 local government areas in a mass wedding, where the beneficiaries were awarded money and household materials to start their families.
Meanwhile, checks indicated that Kano State has conducted much larger mass weddings, having earlier used public funds to marry over 1,520 couples in 2026.

Edo Fathers Impregnating Their Daughters-Govt

By
James Orji
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Governor Monday Okpebholo

The Edo State Government has revealed that 50 per cent of the over 70 cases of incestuous defilement recorded between January and July 2026 in the state were perpetrated by the fathers against their daughters.

The revelation was made on Thursday by the state Commissioner of Commissioner for Women Affairs and Social Development, Eugenia Abdallah, who lamented that the female victims were minors between the ages of two and 10.

She spoke during the bi-monthly press conference organised by the state Ministry of Information and Strategy, saying it was discovered that one of victims was impregnated by her father. The girl in question, she noted was barely 14 years old.

According to her, “Mostly, 50 per cent are abused by their own fathers, with the victims ranging from two to 10 years. For instance, there is a little girl currently in our custody who was impregnated by her father. She is just 14 years old and is eight months pregnant as we speak. The case was reported to us by a neighbour.

“When we asked her about her father, she told us that she had lost her father and pleaded with us not to have him arrested. Meanwhile, she is the only person who can tell us where her father is,” she lamented.

The Commissioner, however, assured that the state government was committed to ensuring that vulnerable citizens were not merely identified but protected.

“Survivors are not merely heard but supported; women are not merely trained but provided opportunities for economic advancement; and social protection programmes increasingly produce measurable outcomes,” Abdallah said.

Abductors Of Billionaire Ezeokafor Demands N1.5 Billion As Ransom

By
Akinwale Kasali
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Sir Joseph Ezeokafor

By Akinwale Kasali

 

The abductors of Anambra State-born billionaire, Chief Joseph Ezeokafor have increased their demands from ₦700 million to ₦1.5 billion as ransom for him to regain freedom.

 

Ezeokafor is the Chairman of Jezco Group and the father of socialite and businessman, Jowizaza.

 

This development has further heightened fear over Ezeokafor’s safety and also brought more attention to the increasing insecurity that now puts everybody at risk.

 

Ezeokafor was abducted in the early hours of Tuesday, 5 August 2026, from a Catholic Prayer Ground in Ifite, Awka, Anambra State, where he had gone, unaccompanied by his security personnel.

 

The prayer trip, which his family describes as a monthly practice, is suspected to have been studied by his abductors.

 

His abduction was made public by lawyer, Chukwudi Iwuchukwu, who shared details of the incident in a Facebook post on Sunday.

 

According to Iwuchukwu, Ezeokafor reportedly went to the prayer ground alone without his security aides or the police officers attached to him, something he had allegedly done several times in the past.

 

He said the businessman was in the middle of prayers when gunmen allegedly struck and took him to an unknown destination.

 

The incident has reportedly left many people in his hometown of Ekwulobia in shock, with residents anxiously hoping for his safe return.

 

Iwuchukwu also said the situation was so serious that the community decided to postpone its annual New Yam Festival, a celebration that is said to have never been delayed before.

 

Meanwhile, as of August 13, 2026,  neither the Anambra State Government nor the State Police Command has made a statement on the kidnapping.

Ondo Phases Out Estimated Billing, Backs Compulsory Metering

By
Ayodele Oni
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Lucky Aiyedatiwa

By Ayodele Oni

 

The Governor of Ondo State Governor, Lucky Aiyedatiwa, has assented to the Ondo State Electric Power Sector (Amendment) Law, 2026, strengthening the legal and institutional framework for electricity generation, transmission and distribution across the State.

 

Thid was contained in a statement by the Chief Press Secretaty to tbe governor, Ebenezer Adeniyan.

 

According to the statement, the new law, which was passed by the Ondo State House of Assembly, amends the Ondo State Electric Power Sector Law, 2020, and brings the State’s electricity framework in line with the constitutional and statutory developments in Nigeria’s electricity sector, particularly the Electricity Act, 2023.

 

“A major highlight of the amended law is the establishment of the State Electricity Regulatory Commission (SERC) as an independent regulatory body responsible for overseeing electricity activities and standards across Ondo State.

 

“The Commission will regulate tariffs, open access, franchises, third-party investments, mini-grids, renewable energy development and other aspects of the State’s electricity market. It will also issue licences and permits for electricity generation, transmission and distribution facilities.

 

“The law further provides for the establishment of the State Independent System Operator (SISO) and State Market Operator (SMO) to facilitate the effective operation and development of the State electricity market.

 

“Another significant provision is the requirement for compulsory metering in both grid-connected and off-grid areas.

 

“Electricity sellers are required to provide appropriate metering devices, while consumers will have direct service and payment relationships with their respective electricity providers.

 

“The amended law also provides strong protection for electricity infrastructure financed by communities, associations and private individuals.

 

“Transformers, distribution lines and other facilities connected to the public distribution network will enjoy legal protection against arbitrary interference.

 

“It creates the offence of “Electricity Infrastructure Expansion Sabotage” for anyone who deliberately prevents certified electricity infrastructure from being connected to the grid.

 

“A first conviction attracts a ₦2 million fine, in addition to ₦25,000 for every day the refusal continues after written notice from the regulatory authority.

 

“The law also establishes the Equipment Standards and Competence Certification Agency (ESCCA), which will be responsible for inspecting, testing and certifying electrical equipment and installations, as well as licensing and accrediting electrical installers, technicians, contractors and operators.

 

“In addition, the legislation strengthens the role of the Ondo State Power Company as the commercial arm of the State in the power sector.

 

“The company is empowered to undertake investments in electricity generation, transmission and distribution, including mini-grids, independent distribution networks, renewable energy, future energy technologies and small hydro projects.

 

“The new framework is expected to provide greater confidence and certainty for investors, with provisions enabling the State Government to grant specified exclusivity rights to investors for the development of electricity generation, transmission, distribution and related fuel-supply infrastructure.

 

“The law also designates electricity investments made by the State Government, its agencies, communities, individuals and other recognised stakeholders as ‘State Protected Investments,’ thereby placing an obligation on the State and its agents to protect such investments.”

Adeleke Remains Candidate Of Accord Party – Osun Chairman, Dismisses Endorsement Of APC’s Oyebamiji

By
Ayodele Oni
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Governor Ademola Adeleke of Osun State
Governor Ademola Adeleke of Osun State

By Ayodele Oni

 

Osun state chapter of Accord Party has clarified that one Chris Imomulen that purportedly endorsed the candidature of the All Progressives Congress (APC) for Saturday’s election is an impostor.

 

This was contained in a statement signed by Pastor Victor Akande, State Chairman,

Osun State chapter of Accord Party.

 

Imomulen had attended the grand finale of the APC rally in Osogbo where he declared that Ademola Adeleke is not recognized as a candidate and that Accord Party endorsed Oyebamiji as its candidate.

 

It dismissed as fraudulent and an act of desperation by the APC the purported endorsement of its candidate, Oyebamiji by one impersonator, Chris Imomulen purportedly pretending to be the National Chairman of Accord Party.

 

“Members of the Accord as a political Party in Osun state and the public at large were highly embarrassed by the fraudulent charade involving top opposition leaders and we urge the general public to disregard and dismiss the endorsement as Governor Ademola Adekeke remains the official candidate of the Accord for the Saturday polls.

 

“This move by the APC goes a long way to show how desperate and fraudulent the party and its national leadership are.

 

“In the same manner, it is an indication of the fact the APC knows of its deep unpopularity, hence its descending so low to the level of impersonating the duly recognized National Chairman of Accord Party, Barrister Maxwell Mgbudem who is officially listed and recognized by the Independent National Electoral Commission (INEC).

 

“It would be recalled that the APC had, on several occasions and fora tried to cause division between the Accord Party leadership by raising and sponsoring a parallel National Chairman of their own at the expense of the duly known and recognized chairman of the party, Barrister Maxwell Mgbudem

 

“The public should take note that the Accord Party and its National Working Committee still recognizes Senator Ademola Adekeke as its only  candidate for the Osun Governorship election.

 

“It is therefore shameful that the APC because of its impending defeat and daredevil wish to attain power by all means could go the route of impersonating the National Chairman of another party at their mega rally in Osogbo which was beamed live on national television.

 

“We are calling on democrats all over the nation and in particular Osun people not to be deceived by the fraudulent antics of AMBO, Osun APC and their Campaign Council.

 

“Ademola Adeleke is, and still remains, the man of the people as ACCORD party has not endorsed any other candidate other than him.

Yahaya Jingir Is A Misguided Preacher, Has No Knowledge Of Islam

By
The Source
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Emir Of Gwandu - Al-Mustapha Haruna Jokolo

By Alhaji Almustapha H. Jokolo (19th Emir of Gwandu)

 

“I’m disgusted by the Leaders who attended that gathering and didn’t call Yahaya Jingir to order when he was making those irresponsible, provocative and insensitive statements about Christians”

 

Yahaya Jingir is just a misguided preacher who has no useful knowledge of Islam. I expect his brethren in IZALA SECT will respond and put him in shame for his hypocrisy. Apart from our Holy Prophet, Muhammad SAW sending his Disciples to The Christian King of Habasha ( Ethiopia ), Najash, where they sought asylum from the Pagan Arab Quraish who persecuted them and even followed them to Habasha to kill them but were given sanctuary by the Christian King Najash, the Holy Prophet SAW had audience with Sixty Yemeni Christians in

Medina. When it was time for the Christians to say their prayers, before concluding their discussions with the Holy Prophet SAW, they wanted to go to a Church in Medina.

 

The Holy Prophet SAW offered them his Mosque in Medina where they conducted their Christian Service.

 

After they concluded their discussions, they signed an Agreement with the Holy Prophet SAW. Parts of the Agreement were :

  1. No destruction of Churches
  2. ⁠No destruction of Crosses
  3. ⁠No looting of their Properties
  4. ⁠No molestation of their Women
  5. ⁠No interference with their Religion
  6. ⁠etc
Sheikh Sani Yahaya Jingir
Sheikh Sani Yahaya Jingir

Nobody knows about the Religion of Islam like our Holy Prophet SAW. If anyone violates any part of this Agreement that person is acting on his own and in disregard and disobedience to the Holy Prophet SAW.

 

In Nigeria we also agreed to live together with the Christians and people of other Faiths amicably. We are allowed to marry Christians and Jews  (only ) and even allow them to practice their own religion while married to us because they are “ People of the Scriptures ( Ahlul Kitab )”. We’re also authorized to eat their food which the Name of Almighty Allah is mentioned when slaughtering the animals; of course except Pork and Alcohol.

 

I’m disgusted by the Leaders who attended that gathering who didn’t call Yahaya Jingir to order when he was making those irresponsible, provocative and insensitive statements about Christians.

 

He ought to have been arrested for inciting violence which could lead to losses of lives and destruction of properties. He is not above the Law.

 

The DSS should immediately take steps to arrest and interrogate him for the sake of the Security of Nigeria.

The Sultan of Sokoto should direct the Supreme Council of Islamic Affairs in Nigeria and the Jamaatu Nasril Islam to issue Statements dissociating Islam and Muslims from Yahaya Jingir’s Outbursts and recommend his arrest, interrogation and prosecution immediately.

 

As for the President and the Vice President of Nigeria they should not celebrate this calamitous disaster occasioned by Yahaya Jingir pretending to be promoting their Political Agenda of 2027 Presidential Elections. They swore by the Holy Qur’an to do Justice to ALL Nigerians irrespective of Religious Beliefs or Ethnicity.

 

I wrote to the President sometime ago and advised him by quoting from the Book of Imam Abu Hamid Al Gazzali titled “ Council for Kings “. He should read that again.

 

May Almighty Allah SWT show us the Truth is Truth and help us understand and uphold it. May He SWT also show us Falsehood is Falsehood and help us understand and avoid it for the high rank of our Holy Prophet, Muhammad SAW, Amin.

Almighty Allah SWT knows best. Peace.

 

Alhaji Almustapha H. Jokolo, 19th Emir of Gwandu

Archbishop Akubueze, Buried As Commendation Flow

By
Ayodele Oni
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0
Augustine Akubueze
Most Rev. Augustine Akubueze.

By Ayodele Oni

 

Encomium and commendations poured in for the late Archbishop of Benin, Augustine Obiora Akubueze, who was committed to mother earth on Thursday in Benin City, Edo state.

 

The presidential candidate of the National Democratic Congress (NDC) for the 2027 general election, Mr. Peter Obi, who was among dignataries urged Nigerians to emulate the virtues of the late Archbishop of Benin, Augustine Obiora Akubueze, whi he described as a man who dedicated his life to sacrifice and service,

 

Obi who spoke with journalists at St. Paul’s Catholic Church in Benin , where the funeral Mass for the late Archbishop was held, described Archbishop Akubueze’s life and ministry as exceptional, highlighting his unwavering commitment to humanity and the Catholic Church.

 

His words: “Archbishop Akubueze lived an exceptional life. He lived his life for others. His life was sacrificial. Nigerians should learn from him. May the God who called him grant his soul eternal rest.”

 

Speaking, the Chairman of the Catholic Bishops’ Conference of Nigeria (CBCN), Archbishop Matthew Man-Oso Ndagoso of the Archdiocese of Kaduna, said the late Archbishop Akubueze was an epitome of humility, commitment, and generosity, virtues which, he said, enabled the late cleric to succeed in the ministry.

 

Archbishop Man-Oso Ndagoso said Akubueze, who was a former President of the CBCN, continued to be a source of inspiration until his demise.

 

“It is with a profound sense of loss, yet with hope of the resurrection, that the Catholic Bishops’ Conference of Nigeria received the news of the death of Most Reverend Augustine Obiora Akubueze, who was a man of extraordinary virtue humble yet fearless, gentle yet unwavering in his commitment to truth and justice.

 

“Above all, he was a man of deep interior life, sustained by constant prayer and reflection. His spiritual depth was the wellspring from which he drew strength to labour tirelessly for the flock entrusted to his care.

 

“He was grounded in his intimate communion with the Lord. He was a man of humble and gentle mien. We will not forget in a hurry how he steered the ship of the Catholic Bishops’ Conference of Nigeria as its President.

 

“His tenure was marked by deep commitment to unity, and his wise counsel has continued to shape the life of the Conference till date.

 

“His heart was genuinely and unreservedly given to those he served.

 

“He was also known for his gift of patiently listening to the problems of both clergy and laity. At the same time, his generosity was unmatched, and he will be remembered as a man who proclaimed the Gospel of generosity.”

 

On his part, Edo State Governor, Senator Monday Okpebholo, thanked God for the life of the late Archbishop Akubueze, adding that the late cleric carried out his calling with dedication.

 

He said: “We thank God for the gift of his life, his priestly ministry, and his service to the Church and to God’s people. He carried out his calling with dedication, faith, courage, and love for the people entrusted to his care.

 

“Though we mourn his passing, we also give thanks for the legacy he leaves behind, the lives he touched, the people he encouraged, and the work he did for the growth of the Church.

 

“As we commit his soul into the hands of our merciful God, may the Lord grant him eternal rest and welcome him into His heavenly kingdom.”

 

Meanwhile, Pope Leo XIV, in a condolence message conveyed through the Vatican Secretary of State, Cardinal Pietro Parolin, recalled the late Archbishop Akubueze’s years of dedicated episcopal service and his commitment to the Catholic Church, particularly during his tenure as President of the Catholic Bishops’ Conference of Nigeria.

 

The Pope also commended Archbishop Akubueze’s pastoral initiatives and described his ministry as one worthy of recognition.

 

Most Rev. Augustine Obiora Akubueze, the Archbishop of Benin City, died on Thursday, July 9, 2026, at the age of 69. His death was announced by the Catholic Secretariat of Nigeria the same day.

 

He was due to retire at age 70, making his death about a month before his expected retirement.

Police Recover Newborn Baby Stolen At Gboko Hospital Minutes After Birth

By
Suleiman Anyalewechi
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0
Newborn Baby Stolen At Gboko

By Suleiman Anyalewechi

 

The Benue State Police Command has announced the recovery of a newborn baby stolen shortly after delivery in Gboko, Benue State.

 

The new born was stolen, just minutes after delivery at the Divisional Hospital in Gboko Local Council of Benue State in the early hours of Tuesday, August 11, 2026.

 

According to reports,a woman who posed as a staff nurse at the health facility had approached the mother shortly after birth insisting that the new-born needed to be taken back to the Labour Room for an undisclosed medical examination.

 

However, the suspicious grandmother of the child decided to follow the acclaimed nurse ,but was asked to stay back, as her presence will not be needed during the medical examination.

 

The hospital authorities were to deny any knowledge of the said nurse and her mission minutes after she had  fled with the baby, a development which  unsettled both medical personnel and others.

 

However, in a statement on Thursday, August 13 ,2026, Peter Aondongu, the spokesperson for the Benue State Police Command, said the baby has been recovered and reunited with the mother at the ” A” Police Division in Gboko.

 

This is as he disclosed that several suspects, including some child traffickers, have been apprehended in connection with the unfortunate incident.

 

According to him, while some of the suspects are being held in Gboko, others are being detained at the State Police Command in Makurdi ,the State capital.

 

He, however, did not disclose the exact number of those so far arrested.

 

The rescue of the new-born, he stated, was sequel to intelligence-driven operations conducted by operatives on Wednesday night in the Adekaa area of Gboko town.

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