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Cardoso Suspends All CBN Intervention Programmes

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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.

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Gumi Defends Dialogue As Sole Solution To Nigeria’s Insecurity

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Islamic cleric Sheikh Ahmad Gumi recently defended his past interactions with armed groups, stating he “took the bull by the horns” in 2021 as a necessary step to address Nigeria’s insecurity.

In a post shared on Facebook on Thursday, Gumi said decades of neglect of disadvantaged populations had created deep socio-economic inequalities, leaving many youths vulnerable to manipulation by external forces seeking to destabilise the country.

According to him, the widening gap between the rich and the poor has turned many young people into “ready-made foot soldiers” in cycles of violence that enable the exploitation of Nigeria’s resources.

He also criticised the political class for being largely unresponsive, while noting that the intellectual community is preoccupied with survival struggles.

Reflecting on his past efforts, Gumi said he “took the bull by the horns” in 2021 by attempting to reintegrate violent elements into society rather than allowing them to be further radicalised.

He wrote: “Nigeria for decades has ignored the underprivileged section of its society. There is a significant socio-economic discrepancy, and the society is stratified. This makes our teaming youth ready-made foot soldiers for any foreign interest trying to divide us and rule. To plunder our resources while we are involved in a vicious circle of violence.

”Unfortunately, the political class is unattentive while the intelligentsia is held hostage in the struggle for existence.

“In 2021, I took the bull by the horns in an attempt to bring some of these uncouth elements back to our fold rather than letting them be exploited by the devil.

“I still believe this is the only way out of our predicament. However, it needs the political will and determination to achieve.

“May Allah bring peace back to our nation.”

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Court Clears Senator Ireti Kingibe To Remain Active In ADC

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The Federal High Court in Abuja rejected an ex-parte application seeking to bar Senator Ireti Kingibe from participating in the activities of the African Democratic Congress (ADC).

Justice Peter Lifu declined the request from Wuse Ward leaders, ruling that such an order could not be granted without first hearing from the senator.

Instead, the judge ordered the ward leaders said to be loyal to the Minister of the FCT, Nyesom Wike, to put the senator on notice to appear in court to join issues with them on their grievances.

Justice Lifu in a ruling on Thursday held that discretion in such a request for prohibition from party activities and in political matters must be exercised judicially and judiciously.

The judge said justice would be met in the case of the plaintiffs only when the side of the defendant is heard on its merit, along with that of the plaintiffs.

Consequently, the judge ordered that Senator Ireti Kingibe should be served with all court processes by the plaintiffs to enable her become aware of the suit and to prepare her defense.

The judge fixed April 20, 2026, for the plaintiffs and the serving senator to appear before him for hearing of all applications in the matter.

Those who sued the senator in the suit marked FHC/ABJ/ CV/539/2026 are Okezuo Godfrey Anayo and Isaiah Ojonugwa Samuel, on behalf of themselves and ward members as plaintiffs. The senator is the sole defendant.

In their ex-parte application, Kingibe representing the FCT in the Senate was said to have been suspended on March 10, 2026 by her Wuse Ward executives following allegations of anti-party activities and disregard of your cnstitution of the ADC.

In the ex- parte application filed on their behalf by a Senior Advocate of Nigeria, SAN, Kolawole Olowookere, the aggrieved ADC members in Wuse Ward applied for an order of interim injunction restraining Kingibe from parading herself as a member of party, pending the hearing and determination of their motion on notice for interlocutory injunction.

They also asked the judge to restrain the senator from performing any function, attending meetings or performing activities reserved for ADC members or representing the party in any activities.

Besides, the Ward Executive Committee had asked that she be restrained from further interfering with the administration of the ward, ward register and other activities.

The suit was predicated on five grounds among which are that Mrs Kingibe was placed on suspension due to anti-party activities, gross misconduct and confiscation of the ward statutory records.

They argued that the suspension followed due process as enshrined in the ADC constitution and ratified by the two thirds majority of the EXCO members.

They averred that despite the communication of the suspension to Kingibe, she has continued to hold parallel meetings, issue press statements as an ADC member, and using her security details to intimidate the executive committee.

“Her actions constitute flagrant disregard to the internal mechanism of the party,” the plaintiffs stated.

Meanwhile, a lawyer, Abubakar Marshall who claimed to be representing the senator, announced that he had filed a preliminary objection against the suit. He added that it was served on M. S. Garba, who stood for the plaintiffs at Thursday’s proceedings.

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COAS Shaibu Hits Jos To Restore Peace, Public Confidence

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The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, visited Jos, Plateau State, on Thursday, April 2, 2026, to lead a high-powered security assessment following recent security breaches.

The visit was aimed at strengthening public confidence and reinforcing ongoing efforts to stabilize affected communities.

Colonel Appolonia Anele, acting Director, Army Public Relations, said in a statement that the visit forms part of ongoing efforts to restore calm and entrench lasting peace across the state.

According to the statement, upon arrival, the COAS was received by the Executive Governor of Plateau State, Caleb Mutfwang, in a clear demonstration of strong civil-military cooperation and a shared commitment to addressing emerging security challenges.

The statement said the COAS received a comprehensive operational briefing from the General Officer Commanding 3 Division and Commander, Joint Task Force Operation ENDURING PEACE, Major General Folusho Oyinlola, who highlighted ongoing operations and proactive measures being implemented in synergy with other security agencies to contain threats, protect lives and property, and stabilise affected communities.

“As part of his engagements, Lieutenant General Shaibu also interacted with community leaders and residents, reassuring them of the unwavering commitment of the Nigerian Army to safeguarding all law-abiding citizens.

He urged residents to remain calm, vigilant and supportive of security agencies by complying with the curfew and cooperating fully with ongoing operations and investigations, while going about their lawful activities.

The chairman of Jos North Local Government Area, Hon. Dachung Bagos, commended the COAS for the timely visit, noting that the presence of the nation’s top military leadership would boost public confidence and reinforce trust in ongoing security efforts.

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