CBN Announces New Interest Rate

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July 22, 2025

The Central Bank of Nigeria, CBN, has retained the Monetary Policy Rate, MPR or benchmark interest at 27.50 percent.

This is the second time the apex bank has retained the interest rate in the country at this rate this year following a similar decision in May.

The CBN governor Olayemi Cardoso, made the announcement on Tuesday during the 301st Monetary Policy Committee, MPC, meeting in Abuja, the nation’s capital.

The MPC chaired by the CBN Governor is responsible for formulating monetary and credit policy to achieve price stability and support the Federal Government’s economic policy.

According to Cardoso, the committee decided to retain the MPR at 27.50 percent in line with the current economic realities in the country.

Also, the asymmetric corridor around the MPR was retained at +500/-100 basis points; the Cash Reserve Ratio, CRR at 50 percent for Deposit Money Banks and 16 percent for Merchant Banks; while the Liquidity Ratio, LR, remains unchanged at 30 percent

Recall that the CBN had during its May 2025 meeting retained the benchmark interest rate at 27.50 against expectations by key stakeholders in the economic sector.

Natasha Blocked By Police, NASS Security From Entering Senate

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Tosin Olatokunbo

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July 22, 2025

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The attempt by the Senator representing Kogi state, Natasha Akpoti-Uduaghan to resume sitting at the Nigerian Senate was on Tuesday blocked by the joint efforts of the men of the Nigerian Police Force, NPF and other security personnel at National Assembly.

The magazine reports that the suspended senator had arrived the NASS complex in Abuja, the nation’s capital in company of some human rights activist, including Aisha Yesufu, Mama P and others to enforce the court order which nullified her suspension by the Godswill Akpabio-led Senate.]

Natasha was suspended for six months in March this year by the senators after altercation between her and Akpabio over sitting positions in the Red Chamber.

A recent court order by the Justice Binta Murtala Nyako reinstating her has been interpreted differently by the two parties.

Speaking to journalists after she was prevented from entering the Senate by security agencies, Natasha said she was surprised that she was not allowed to resume her work as a senator having notified the Senate of her decision earlier.

She slammed Akpabio and the management of the Senate for violating the law they were meant to uphold, wondering why she was blocked from the Chamber when the court judgment has been appealed by Senator Akpabio.

As a dully elected senator she stressed that she was being prevented from representing her people in the National Assembly.

She said, ”It’s about me, a duly elected senator walking into the chambers to resume my constitutional duties.

“I had duly notified the Senate through two letters that I would be resuming functions today, July 22nd, 2025.”

The senator raised two major concerns: the heavy police presence and the Senate’s alleged defiance of a court order.

“The number of armed policemen we met outside, all well-kitted with guns, charging at an unarmed female senator, was shocking.

“We have people here, attractive Nigerians, who witnessed this.

“The second thing is the fact that the Senate, under its leadership, has decided to become lawbreakers by denying my entrance into the chambers to resume my duties,” she said.

Akpoti-Uduaghan also addressed what she called a deliberate attempt to misrepresent the court’s ruling in the media.

She said, ”There’s been some conversations in the media by their own team trying to twist a narrative that the judge did not order my reinstatement, and I’d like to clarify that.

“If you look at Section 318 of the 1999 Nigerian Constitution, it’s very clear that decisions of a court come in five ways: a judicial decree, a sentence, an order, a conviction, and a recommendation.”

“Mine tilted towards a recommendation, which some interpret as voluntary, meaning the Senate has the right to comply or not.

“But I’d like to clarify that again.

“If you go further to Section 287, Subsection 3 of the 1999 Constitution, it clearly specifies that decisions, any of these five decisions of any court, are binding on every authority.

“So, what that means in simple terms: whether Justice Binta Nyako or the Federal High Court made an order, a sentence, a judicial decree, or a recommendation, however they want to interpret the literal words, it is still a decision of a court, and it is still binding on the National Assembly.”

2027: “Raw” Deal Awaits Those Planning To Get “Obi Out”- Obidient Chieftain

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Tosin Olatokunbo

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July 22, 2025

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Dr Ezeh Emmanuel Ezeh, the South east leader of the Obedient Movement says any diabolical plan by opponents to “get Obi out’ of the 2027 election will be resisted. He said there’s are pointers that some desperate politicians in the country are planning to get rid of the 2023 Presidential candidate of the Labour party, LP, before the election.

According to Eze, the July 19 Day of Obedient , used by the obedient group to mark the 64^th birthday of Obi was largely successful, noting that the event pointed to the fact that Nigerians are now ready to take over their country from bad leaders.

He explained that no threats can stop Obi from achieving his aim of ruling the country in 2027, urging Nigerians to take “notice’ of the plot to stop the ongoing campaign to achieve the aim of making Obi the nation’s next leader.

He urged the African Democratic Congress, ADC, to ensure that Obi picks its presidential ticket for the 2027 presidential election, to ensure the repeat of the 2015 election when the All Progressives Congress, APC, defeated the President Goodluck Jonathan, the incumbent at the time.

He said countries such as Ghana and Senegal had already taught Nigerians how to take their country back from selfish politicians who have no good intention for the country.

Eze: “In 2027, Nigerians will elect their leaders. We have seen what happened in Senegal and recently in Ghana. Courts do not decide who leads or represents the people. If there is any tie, a rerun should be conducted. Nobody will be going to Court to decide elections.

“We have seen the desperation on the other side. What the Edo State governor, Senator Monday Okpebholo, said about Obi is a revelation. Plans to shrink the campaign stage are currently being worked out. Nigerians should be taking notice.

“If mad men took over the asylum, Nigerians should be prepared to get equally mad to retrieve what is truly theirs by right and fact. Benue State governor, Hyacinth Alia, was the first to let the cat out of the bag. If anybody thinks that getting Obi out will guarantee the perpetuation of structure of criminality, a raw awakening awaits him.”

Eze’s remark comes on the heels of the recent alleged threat issued by the Governor of Edo state,Monday Okpebholo to the effect that the former governor of Anambra state should stay away from the state.

Okpebholo’s threat that Obi should take permission from him before he comes to the state, has received trenchant criticisms from not a few well meaning Nigerians, who said the governor’s remark is against his fundamental human rights as provide by the Constitution.

Recall also that the Governor of Benue state, Hyacinth Alia had months ago issued a similar threat, regarded by not a few to stop Obi from achieving his presidential ambition.

Ondo Police Command Arrests Wanted Cultist

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Ayodele Oni

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July 22, 2025

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By Ayodele Oni

The Ondo State Police Command has arrested a suspected cultist who allegedly shot at football enthusiasts, indiscriminately during a live football match in Ondo community.

No death was recorded during the incident, but it resulted in multiple injuries.

The command revealed that the suspect has been linked to various cult related activities in Ondo town and has been evading Police arrest.

State Police Command spokesman, Ayanlade Olusola, in a statement on Tuesday stated that “the command wishes to inform the general public of the arrest of a suspected cultist believed to be involved in a series of violent cult-related attacks in Ondo town, including the recent brutal assault on innocent civilians at a public viewing centre.

“The suspect, whose identity is being temporarily withheld pending the conclusion of investigations, was apprehended at his hideout, following sustained intelligence gathering and a well-coordinated tactical operation by operatives of the Command.

“Preliminary findings indicate that the suspect played a key role in an earlier attack which led to the killing of members of a rival cult group in Ondo town earlier this year.

“Disturbingly, he has also been linked to the violent incident that occurred at Template Bar and Club, Ondo, on 13th July, 2025 at about 2245hrs, during the live broadcast of the FIFA Club World Cup final match between Chelsea and PSG. During the attack, suspected cultists opened fire indiscriminately on unsuspecting football enthusiasts, resulting in multiple injuries.

“This reckless act not only endangered the lives of peace-loving residents but also posed a direct threat to public peace and safety—the very values the Command remains steadfast in preserving.

“The suspect is currently in custody and cooperating with investigators. Intensive efforts are underway to track, identify, and apprehend other fleeing members of the gang.”

The statement also revealed that between June and July, the Command has arrested a total of 30 male suspected cultists, all of whom have since been charged to court.

“In continuation of its zero-tolerance approach to cultism, the Command recorded significant success during this year’s 7/7 cult anniversary period, a date historically associated with violent clashes among rival groups.

“Due to proactive policing, intelligence-led operations, and the strategic deployment of personnel across identified flashpoints, no cult-related violence was recorded during the period.”

Plans To Achieve $1trn Economy On Course- Oduwole

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Tosin Olatokunbo

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July 22, 2025

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The Minister of Minister of Industry, Trade and Investment Dr Jumoke Oduwole, says everything will be done by the federal government to achieve its target of $1 trillion economy for the country by 2030 in line with President bola Ahmed Tinubu’s bold economy target.

President Tinubu had after coming to office in 2023 promised to raise the nation’s economy from it’s less than $300 billion current size.

Analysts insist that the target may be a herculean task considering the nation’s economic reality.

According to the latest figure released on Monday by the national Bureau of Statistics, NBS, Nigeria’s Gross Domestic Products, GDP now stands at $243 billion.

The figures was released by the statistician General of the Federation/ Chief Executive of the NBS after the much-awaited rebasing of the economy.

According to Oduwole, all economic activities will be ramp up to achieve the $1 trillion economy promised by the president.

She said there are signs that the economy is picking up in major areas, adding that her ministry would work with private sectors, development partners, and regional institutions to design and implement practice solutions that deliver quick results.

The minister who spoke in Abuja on Monday at a Domestic Investment Summit with the theme “Operationalisating Nigeria First Policy’’ said the federal government is focusing on raising the production level, by diversifying the economy through targeted reforms.

Oduwole: “The Nigeria First Policy is how we will actualise that vision by turning ambition into productivity and productivity into competitiveness.

“We are already taking actions, which include non-oil exports rose 24.75 per cent in first quarter in 2025, reaching 1.79 billion dollars.

“New textile parks, auto plants, and food hubs are springing up in our Special Economic Zones.

“These facilities are producing locally for our domestic market, saving billions in foreign exchange, creating jobs on a large scale, and positioning Nigeria as the manufacturing hub for ECOWAS and Africa,’’ she said.

The minister said that the president also directed the ministry to convene the summit as a focus group session with large domestic investors that power the Nigerian economy.

She said that the effort was to co-curate strategies, policies and reforms, with clear targets and specific requests of what was needed.

She added that the commitment would help to actualise the 8-point Renewed Hope Agenda, the Nigeria First Policy and achieve the one trillion economy by 2030.

According to her, at the start of the year, the ministry laid out a clear strategy with bold 2025 targets, which include six billion dollars in foreign direct and portfolio investment,

“Also, 6.5 billion dollars in non-oil exports, and a 20 per cent increase in trade value, and 200,000 export-led jobs.

“Through targeted investment road shows and strategic engagements, we have unlocked over 50 billion dollars in commitments.

“This will help to strengthen investors confidence, and reposition Nigeria as a credible, forward-looking investment destination,’’ Oduwole said.

Nigeria’s Economy Falls To 4th Position In Africa, With $243bn GDP

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Tosin Olatokunbo

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July 22, 2025

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After months of anticipation the National Bureau of Statistics, NBS, has re-based Nigeria’s Gross Domestic Product, GDP, putting it at N372 trillion or $243 billion as of 2024.

The rebasing year, the NBS said, has now changed form 2010 to 2019.

The implication is that Nigeria is now the fourth largest economy in Africa, behind South Africa, $410.34 billion, Egypt $347.34 billion, and Algeria $268.89 billion.

The Statistician General of the Federation, Adeyemi Adeniran made this known in Abuja, the nation’s capital while addressing journalists, warning against politicising the figures released by NBS.

He explained that the rebasing of the economy was necessary to ascertain the nation’s actual GDP because of the changes, from time to time, in production and consumption patterns of citizens, companies and government.

According to him, economy rebasing is a global exercise which is not limited to Nigeria alone, adding that it’s supposed to be done every five years, depending on the resources available to the government.

He explained that it’s very necessary for the government to know the actual size of the economy from time to time, to enable it plan for its citizens.

“This is why statistical offices worldwide undertake the process of rebasing. This is not a Nigerian affair; it is a global practice, conventionally done every five years, of course, depending on resource availability and the technical capacity of the statistical office,” he said.

“It is also essential to state that the conduct of this exercise is not instituted or directed by the government to fulfil any set target or objectives.

“This is merely a routine activity, as I mentioned earlier, one that NBS undertakes in fulfilment of our mandate and as a responsible producer and manager of official statistics in Nigeria.”

He said, “The process of conducting this rebasing exercise, just like any other, requires a massive amount of granular data, and I am proud to say that this one is by far the most comprehensive of any rebasing exercise conducted by the bureau.

“For those who can recall, when presenting the results of the 2014 rebasing exercise, with a base year of 2010, the bureau mentioned that two major activities were missing: the Business Sample Census and the Agriculture Sample Census.

“Under this round, however, not only have both censuses been conducted, but other notable data collection activities have also been carried out. This includes the Nigerian Living Standards Survey, which provided data on Households operating non-farming enterprises.

“Other data collection activities include the National Agricultural Sample Survey, the Annual Business Establishment Survey, the Revised Nigerian Labour Force Survey, and a range of administratively sourced data from Ministries, Departments, and Agencies of the government,” Adeniran stated.

Major facts from the figures released by NBS

GDP Size: The rebased nominal GDP for 2019 now stands at N205.09 trillion, rising to N372.82 trillion by 2024—a 41.7 percent increase compared to the previous estimates.

Sectoral Contributions: Crop production led the economy with a 17.58 percent share, closely followed by trade (17.42 percent), real estate (10.78 percent), telecommunications (6.78 percent), and crude petroleum and natural gas (5.85 percent). Notably, real estate overtook crude oil in ranking due to improved coverage of informal activities.

Broad Sector Classification: The services sector remained the largest contributor at 53.09 percent, followed by agriculture (25.83 percent) and industry (21.08 percent).

Growth Trends: Real GDP growth improved from -6.96 percent in 2020 (pandemic year) to 3.38 percent in 2024, with stronger performances in 2022 and 2023.

Shariah Police Destroys Millions Of Naira Worth Alcoholic Drinks In Jigawa

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Suleiman Anyalewechi

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July 21, 2025

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By Suleiman Anyalewechi

The Jigawa State Shariah Police, the Hisbah Board, on Monday, July 21, 2025, announced the confiscation and destruction of Millions of Naira worth of alcoholic drinks in the Kazaure Emirate of the State.

The Source reports that most predominantly Islamic States in the Northern region, frown at the public sale and consumption of alcoholic products within their territories.

The State Commander of the Hisbah Board, Malam Ibrahim Dahiru, who disclosed this in Dutse, the State capital, informed that the operation which was supervised by the Chairman of the Shariah security outfit in Kazaure Local Council, Mansir Dabuwa, involved the destruction and burning of alcoholic drinks valued at over N 5.8 million.

According to him, the destroyed alcoholic products were mostly those seized from retail business outlets and joints in the affected Local Government Area.

He emphasized that the sales and consumption of alcoholic drinks are strictly prohibited across the State.

This is as he reaffirmed the Board’s unwavering commitment towards enforcing all the extant laws against public sales and consumption of alcoholic drinks.

The Hisbah Commander also expressed the determination of the Shariah security outfit in fighting and rooting out all immoral acts , including the consumption of alcohol.

However, while suing for the support and understanding of residents in the Board’s efforts at effectively discharging its duties, he cautioned the people against engaging in immoral acts and other societal vices.

Babangida Denies Rejecting Appointment As Chairman, BOA, Says Signature, forged

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Ayodele Oni

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July 21, 2025

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By Ayodele Oni

Mohammed Babangida, son of former Military President Ibrahim Badamasi Babangida (IBB), has clarified that his signature was forged on the letter which purportedly announced his rejection of appointment as chairman, Bank of Agriculture, (BOA).

He dissociated himself from reports circulating on social media claiming he rejected his recent appointment as Chairman of the Bank of Agriculture, (BOA) by President Bola Ahmed Tinubu.

The Federal Government had announced his appointment last week alongside seven others. The presidency had earlier issued statement to deny the rejection.

However, on Monday, social media was flooded with a letter allegedly written by Babangida to President Tinubu, thanking him for the offer, but purportedly turning it down due to personal and professional reasons.

Reacting swiftly through the Ibrahim Babangida Media Office in Minna, Babangida described the letter as fake and politically motivated.

Mahmud Abdullahi, spokesperson for the Media Office, said Babangida immediately dismissed the letter as a fabrication by mischief makers when it was brought to his attention.

“It is a concocted letter from disgruntled elements. I am ready to serve as the chairman of the Bank of Agriculture,” Babangida was quoted as saying.

Abdullahi further explained that a closer examination of the letter revealed discrepancies, including a forged signature and an incorrect phone number on the letterhead.

“There is no truth in that letter. The members of the public should disregard it,” he concluded

N1.5 Billion Diversion: Governor Nwifuru To Punish SSG

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Suleiman Anyalewechi

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July 21, 2025

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By Suleiman Anyalewechi

The Ebonyi State Governor, Francis Nwifuru, on Sunday, July 20, 2025, vowed to visit the full weight of the law on the Secretary to the State Government, SSG, Prof Grace Umezuruike, should she be found wanting in an alleged diversion of state’s funds.

This is just as he affirmed his readiness to further reshuffle the cabinet, should the need arises.

The Source reports that some Concerned Ebonyians led by one Nwoba Chika ,a social critic, had recently forwarded a formal petition to the Economic and Financial Crimes Commission, EFFC , accusing the SSG of diverting the sum of N 1.5 billion meant for the purchase of rice and other essential items for some categories of citizens during the 2024 Christmas celebration.

According to the petitioners, the SSG, rather than utilizing the funds for the Christmas palliatives, diverted the money into a private account.

Already, the EFCC is said to have secured a temporary order at a Federal High Court in Uyo Akwa Ibom State, for the said funds to be forfeited.

However, while reacting to the development on Sunday, Governor Nwifuru assured that the State Government will take appropriate actions once the final court judgment is out.

At a Church Service in Abakaliki, the State capital, the Governor informed he is monitoring the situation, particularly the Court process, and will not hesitate to wield the big stick.

“I received the news of a publication which was already before the Federal High Court Uyo about our Secretary to the State Government.

She is presumed innocent until investigation proves otherwise. I am a lawyer, and I know it is imperative to establish the facts before judgment to avoid setting wrong precedents”,

Governor Nwifuru stated .

The Governor, who recently effected some changes within his cabinet said he was dissatisfied and disappointed with the performances of some of the appointees .

He expressed regret that some of them failed woefully to deliver on the administration’s mandate.

“We are worried that the vision statement as contained in our people’s charter of needs has not been satisfactorily realized which accounted for the minor reshuffle we did.

Our mission and vision are explicit, and that was why the people voted for us. However, we are still assessing them (appointees) and we shall do the needful if the need arises, Governor Nwifuru stated.

Katsina Gov. Discharged from Hospital, Under Observation, Reveals How He Survived Accident

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Adesina Soyooye

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July 21, 2025

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By Adesina Soyooye

Katsina State Governor, Dr Dikko Radda, whose vehicle was involved in a head-on collusion with a Golf car on Sunday, has thanked Allah for surviving what could have been worse than it turned out to be.

Discharged from the hospital where he and two others were rushed to after the incident, Governor Dikko said he was now home and under observation to make sure everything is okay with him.

The Governor’s vehicle was involved in a head-on collision with a Golf car, Sunday evening on the Daura-Katsina road.

At the time of the accident, the Governor, who was together with his Chief of Staff, Alhaji Abdulkadir Mamman-Nasir, and one other, was rushed, along with his company, to the Federal Medical Center, Daura, and later taken to the Federal Teaching Hospital, Katsina where they were finally treated.

Mr Ibrahim Kaula-Mohammed, the Governor’s Chief Press Secretary, in a statement on Monday said that Radda expresses his gratitude to the people of the State for their concerns and fervent prayers.

He said that the Governor, in a short live video, said he was at his residence after undergoing preliminary observations.

The statement reads:

“Bismillahir Rahmanir Rahim. Dear brothers and sisters of Katsina State and beyond, we are deeply grateful for all your prayers and concerns.

“By the will of Allah, we were tested with a car accident—but Alhamdulillah, we came out safe and unharmed.”

The Governor who said he was in good health assured that being under observation “ is just to make sure that everything is fine, and by His Grace, I am doing well.

“I’m pleased to confirm that I remain in good health and high spirits.

“Once again, thank you for your heartfelt prayers.”

In an earlier statement on Sunday, Kaula-Mohammed had informed:

“We are pleased to confirm that the governor is in good health and stable condition, with no serious injuries sustained.

“Radda remains in high spirits and expresses his gratitude to Almighty Allah for His protection, as well as Katsina citizens and well-wishers for their prayers and concerns.”

Recall that Governor Radda wept openly during the funeral of late President, Muhammadu Buhari, who was not only from his State, but with whom he had a very close family relationship with.