News
Cardoso Suspends All CBN Intervention Programmes
Cardoso has suspended all CBN Intervention Programmes.
The recently appointed Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has expressed his commitment to addressing the apex bank’s outstanding foreign exchange obligations as a top priority in the immediate future, JomogNews reports.
He made this statement on Tuesday during the Senate members’ screening session.
Cardoso pledges to bolster transparency, address corporate governance issues, and guarantee the autonomy and integrity of the bank, instilling confidence.
“We need to promptly find a way to take care of that. It would be naive for us to expect that we’ll be making too much progress if we’re not able to handle that side of the foreign exchange market,” he said.
Furthermore, the newly installed CBN governor has expressed his plan to ensure price stability, shift towards evidence-based monetary policies, and put an end to the unconventional monetary measures introduced by his predecessor, all to boost the value of the naira.
As the nation contends with a decline in economic indices and the Nigerian Naira’s alarming proximity to the 1,000/$ mark on the parallel market, Cardoso’s confirmation assumes significant importance.
According to Cardoso, the immediate plan to stabilize the naira will be for the apex bank to settle existing financial obligations and make “transparent rules.”
Explaining how to tackle what he referred to as an ‘operational challenge,’ he stated:
“Right now, we have a situation where we are aware that there are unsettled obligations by the CBN. Whether it is $4bn, $5bn, or $7bn, I don’t know but the immediate priority will be to verify the authenticity and extent of what is owed.
“Number two, apart from the operational issue, there is one that is system related that involves ensuring that we come up with open rules, and transparent that any of the players in that area understands. We can’t expect foreign investors and portfolio investors to come; we can’t expect them if there is no open, transparent system that everyone understands.
“In setting up those guidelines one will carry the relevant stakeholders along and the comment was made earlier that one should be ready to engage everybody and hear views. Those two things, though they may seem simple, will go a long way to easing up the restrictions we are having on people (investors) that want to come in.”
Folashodun Shonubi, who served as the Acting CBN Governor until recently, made a significant announcement on September 6, 2023. He stated that negotiations between the apex bank and commercial banks regarding dollar debts had been successfully concluded. Shonubi assured that all outstanding forex exchange backlogs would be fully addressed within the coming one to two weeks.
Cardoso on Inflation Rate
Speaking further, the newly confirmed CBN governor has articulated a clear strategy to address the country’s ongoing issue of inflation.
In his statement, he emphasized the importance of implementing policies that are grounded in “empirical evidence“ and “data-driven analysis.”
He said,
“When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim. We will significantly rebound the infrastructural demand concerning ensuring that our data-gathering capacity is enhanced so we can make decisions based on proper data.
Nigeria’s inflation surged to 25.80 percent in August 2023, 1.72 percentage points higher than the 24.08 percent recorded in the previous month.
Cardoso emphasized that credible research indicates that over the last decade to fifteen years, a significant 50 percent of inflation has been attributed to the increase in money supply and deficit financing.
“This is a big problem at least it certainly has been over some time and it’s something we have to face frontally,” he noted.
Cardoso added that avoiding deficit financing would tackle money supply issues.
Suspension of Intervention Programmes
In the screening process, Cardoso made it clear that the central bank’s independence and credibility should be reinstated through a renewed focus on its core mandate and the promotion of a culture that prioritizes compliance, stating that the CBN will not be used to finance the fiscal deficit of the federal government.
“Much has been made of past CBN forays into development financing such that the lines between monetary policy and fiscal intervention have become blurred.
“In refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth”, he said.
As of October of the prior year, around N9 trillion had been allocated as intervention funds by the central bank.
The bank had said that about N3.7tn had been repaid by beneficiaries while over N5tn was not yet due for recovery.
On unhealthy bank charges, the banker said that the team would review the situation and come up with the required position.
News
Couple Kidnapped, One Shot In Ondo Estate Attack
Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.
During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.
The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.
Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.
According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.
During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.
A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.
While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.
In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.
“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.
“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”
News
Brake Failure Leaves One Dead, Four Rescued At Abule-Egba
One person died and four others were rescued following a road accident at Ekoro Junction, Abule-Egba, on Friday evening, according to a statement from the Lagos State Traffic Management Authority.
The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, made this known in a statement issued on the agency’s X handle on Saturday.
According to the agency, the crash occurred at about 7:30 p.m. when an empty MACK tanker suffered a sudden brake failure, lost control and rammed into a Toyota Corolla before crashing into a roadside shop.
LASTMA said the tanker, with registration number EKY 900 XY, collided with a Toyota Corolla marked AAA 823 AY.
The impact caused extensive structural damage to the shop and triggered panic among traders and pedestrians in the area.
“The magnitude of the collision led to the immediate confirmation of one fatality at the scene, while four other trapped persons were extricated from the wreckage through coordinated emergency rescue efforts,” the agency stated.
The authority said it immediately activated its Rescue and Recovery Protocol, deploying specialised operatives to manage the situation.
“Personnel implemented strategic traffic diversion, vehicular evacuation procedures and crowd management in synergy with other emergency responders to forestall secondary incidents and guarantee unobstructed access for rescue operations,” LASTMA added.
It stated that emergency teams carried out rescue operations and provided medical attention to the injured victims.
According to the agency, a heavy-duty tow truck was later deployed to evacuate the damaged tanker and clear debris from the road to restore normal traffic flow.
The agency disclosed that the tanker driver fled the scene shortly after the crash and security operatives have since launched efforts to apprehend the driver and initiate legal proceedings.
“Security personnel from the Nigeria Police Force, Ekoro Division, responded expeditiously, maintaining public order, securing the accident perimeter and assisting in investigative processes aimed at establishing the precise sequence of events that culminated in the mechanical failure and subsequent collision.
“The incident precipitated considerable traffic congestion extending across adjoining routes toward Abule-Egba, necessitating robust traffic management interventions by LASTMA officials who remained on ground directing vehicular movement and implementing diversion strategies to alleviate the backlog,” it said.
According to the agency, its General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased and urged transport operators, particularly drivers of articulated vehicles, to prioritise routine vehicle maintenance.
“Preventable mechanical deficiencies remain a significant contributory factor in severe road traffic crashes,” Bakare-Oki said.
He also advised motorists to exercise vigilance, obey traffic regulations and maintain responsible driving practices, especially within densely populated commercial corridors.
Bakare-Oki assured the public that security agencies would conduct a thorough investigation to determine the immediate and remote causes of the incident and ensure that anyone found culpable would be prosecuted in accordance with extant laws.
The agency said other emergency responders at the scene included the Lagos State Emergency Management Agency, the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service, the State Environmental Health Monitoring Unit and officers of the Nigeria Police Force, collaborated to coordinate rescue, medical response and environmental safety measures.
News
Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case
The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.
Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.
NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.
The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.
The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)
In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.
The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.
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