Connect with us

News

New CBN Gov, Cardoso Vows To Shoot GDP To $1trn In 8 Years

Published

on

The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso has disclosed plans to shore up the country’s Gross Domestic Product, GDP, to $1 trillion in eight years.

Cardoso spoke while answering questions from senators during his screening and confirmation as the governor of the apex bank.

Those confirmed as deputy governors are: Emem Usoro, Philip Ikeazor, Muhammad Abdullahi-Dattijo, and Bala Bello

He assured that the ratified board will adopt a number of strategies including short term and medium terms goals to repair the economy.

According to him, to achieve stability in Nigeria’s exchange rate, measures must be put in place towards ensuring a healthy balance of payment and diversification of the economy.

“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 with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data,” he said.

According to him, the immediate thing to look out for if confirmed as CBN Governor is to address operational issues which are the unsettled obligations of the CBN.

He opined that Nigeria will not make progress if it is not able to handle that side of foreign exchange rate, saying they would do everything possible to ensure that they work closely on the fiscal side and ensure the issue of deficit financing does not become a problem.

He further pointed out the need for a strategy known to players, adding that these immediate steps will ease restrictions in the country’s business environment.

Cardoso added that removal of oil subsidy, tightening up tax payment, among others, are part of measures to stabilize the economy.

“There’s the need to significantly revamp data gathering capacity of the CBN to help in evidence-based decision making by the regulatory house.

“We have to ramp up production of food, that is the aspect the fiscal side will handle and we’ll work very closely with the fiscal side on this, and on energy to make sure that happens quickly.

“The way money has gone in Nigeria on its own has an effect on inflation. And we have seen studies that suggest that money supply has impacted on inflation in the country.

“We also have to work very closely with the fiscal side to ensure that we work on deficit financing,” the former Commissioner for Lagos State Ministry of Economic Planning and Budget said.

The new CBN team equally pledged to ensure a collaborative working relationship with the fiscal policy regulators so as to ensure that things don’t get heated up in the polity.

According to him, there will be a change of mindset in the CBN to promote compliance, maintaining that the apex bank under him will work with the Senate for consultations and adherence to the CBN Act.

Cardoso further underscored the need to do things right, insisting that the bank will not be hijacked by anybody.

“We will not knowingly or unknowingly disobey the law. We are going to endure a culture of compliance in the bank. We are not going to tolerate people not complying. That tone would be fully set from the top,” Cardoso added.

He pledged to bring the best, most qualified advisers, and that the new CBN bank will promote a culture of openness to get the best results.

Also responding to questions from lawmakers, Philip Ikeazu, a Deputy Director, said the new CBN board will “strengthen corporate governance and ensure proper drive of economic policy to maintain price stability and promote a healthy forex.”

He called on the upper chamber to support the apex bank to drive export of locally manufactured goods, and promote corporate governance.

This is just as he commended the federal government for blocking leakages in the economy, and for stopping the fuel subsidy regime.

The CBN team also affirmed that the regulatory body has “strayed significantly over the years”, and that it was committed to returning back on track, and ensuring open and transparent communication with Nigerians.

They assured restoring the dignity of the Central Bank, just as they expressed hope to double economic growth over a 10 year period, as well as expanding the capacity of the economy to produce more “Dangotes and Otedolas.”

During the exercise, the lawmakers bemoaned the woes bedeviling the country’s economy, as they expressed fears at the involvement of the regulatory bank in sectors outside the mandate of the Central Bank Act.

The Senate President, Godswill Akpabio, while addressing the Committee of the Whole, frowned at the involvement of the CBN in construction of classrooms, among others.

He emphasized the need for an apex bank that is focused on providing sound policy and monetary directions for the economy.

Akpabio also regretted that the bank under the former board lost its focus and veered into politics “with money that belongs to Nigerians.”

“No where in the world is a currency changed within one week. But the CBN changed the Naira in 11 days just to sabotage the elections, and because some politicians told him that you can contest for election after all you have money with you,” the Senate President added.

Advertisement

News

Foiled Coup: Indicted Officers Fully Aware Of Potential Death Penalty – Gen. Musa

Published

on

By

Defence Minister Christopher Musa says that officers involved in a foiled coup plot were aware of the potential consequences, including the possibility of the death penalty.

Musa also reportedly assured that the government would support the families of the arrested officers and that the accused would receive a fair trial.

Musa said this when he appeared on TRT World, a Turkish broadcaster, stating that the accused persons would receive a fair trial, with access to legal counsel of their choice.

According to him, families of the alleged coup plotters would be looked after by the government.

“They must have made up their minds when they decided to do this and must have considered their families.

“But even at that, the government is ensuring that their families are treated fairly.

“Their family members are not left alone. The government is making sure that their wives and children are looked after.

“The perpetrators already know the repercussion of their action, and I’m sure they are ready to face the wrath,” he said.

JomogNews recalls that the 16 implicated officers, including a Brigadier-General and Colonel, were arrested in October 2025 by the defence headquarters, DHQ.

The DHQ, on January 26, finally confirmed that there was a plot to oust President Bola Tinubu.

According to the military, the plot uncovered in late September 2025 through joint intelligence from the army, Department of State Services, DSS, and Defence Intelligence Agency, DIA, allegedly involved plans to assassinate Tinubu, Vice-President Kashim Shettima, and other top government figures, as well as arrest senior military leaders.

Continue Reading

News

Ignore Fake February 2 Sit-at-Home Order, IPOB Lawyer Tells South-East Residents

Published

on

By

A human rights lawyer and lead counsel for the Indigenous People of Biafra, Sir Ifeanyi Ejiofor, has urged South-East residents to completely ignore what he described as a “fraudulent” sit-at-home order allegedly scheduled for Monday, February 2, 2026, by a faction of the group.

Recall that the pro-Biafran group, through its spokesman Emma Powerful, had directed a sit-at-home on February 2 across the region in solidarity with traders at the Onitsha Main Market.

Powerful said the total shutdown in Biafraland is a direct, peaceful, and unified response to the actions of Anambra State Governor, Prof. Chukwuma Soludo, who ordered the closure of the Onitsha Main Market for one week.

But in a counter statement released on Saturday, Ejiofor said the source behind the directive, operating under the guise of “Emma Powerful,” has been compromised and is acting against the collective interest of Ndi-Igbo.

He insisted that IPOB has formally and decisively distanced itself from the false sit-at-home order and directed Ndi-Igbo to go about their lawful activities without fear.

The statement read in part: “Once again, the well-worn theatre of misinformation has opened its curtains, this time with a particularly lazy script and an insultingly predictable cast.

“Late yesterday, a report was widely circulated alleging that a total lockdown of Ala-Igbo had been ordered under the guise of a sit-at-home directive purportedly issued by ‘Emma Powerful,’ slated for Monday, February 2, 2026.

“Let it be stated clearly, unequivocally, and without ambiguity: this directive is fake, a phantom, a calculated falsehood.

“Upon careful inquiry and diligent verification, especially considering the delicate and hard-won calm presently returning to our homeland, it became glaringly obvious that the so-called ‘Emma Powerful’ platform has been fatally compromised.

“It has been hijacked by vested interests whose business model thrives on fear, disruption, extortion, and the cynical exploitation of vulnerable communities.

“The peaceful global movement of the IPOB has formally and decisively disowned this fabricated publication, categorically distancing itself from the false sit-at-home order and directing Ndi-Igbo to go about their lawful and normal activities without fear.

“Going forward, the message from IPOB is unmistakable: any publication attributed to ‘Emma Powerful’ should be treated with extreme suspicion, if not outright contempt.

“Frankly, one cannot but express astonishment, bordering on disbelief, that at such a critical juncture, when relative peace is cautiously resurfacing in Ala-Igbo, anyone would recklessly circulate information capable of reopening wounds and inviting criminal infiltration.

“History has taught us, at unbearable cost, what happens when fake directives fall into the hands of violent opportunists masquerading as enforcers.

“It is therefore no longer sufficient to merely advise our people to ‘ignore’ publications from this source. The time has come for greater clarity and firmness. The platform known as ‘Emma Powerful,’ in its current corrupted state, has positioned itself as an adversary to Ala-Igbo’s peace, progress, and collective well-being.”

According to Ejiofor, the peaceful global movement must go further by publicly and definitively explaining why this source has become unreliable, compromised, and hostile to the collective interest of Ndi-Igbo. Silence, ambiguity, or polite distancing, he said, only leaves room for further abuse.

“A masquerade that dances with fire should not be mistaken for a messenger of truth,” the statement concluded.

Continue Reading

News

Joint Task Force Crushes Terrorist Cells In North East, Heavy Weaponry Seized

Published

on

By

In recent operations across the North East, troops of the Joint Task Force Operation HADIN KAI (OPHK) have neutralized scores of terrorists and recovered a significant cache of arms and ammunition.

Lieutenant Colonel Sani Uba, Media Information Officer, Headquarters Joint Task Force (North East) in a statement said intelligence has confirmed the killing of JULAIBIB, a top ISWAP commander operating within the Gujba axis of the Timbuktu Triangle, during an encounter around Kimba, Damboa LGA of Borno State, on 30 January 2026.

According to the statement, the elimination of the terrorist leader has thrown ISWAP elements in the area into disarray, with several fighters reportedly neutralised during the operation.

In a related operation, troops of OPHK, working in collaboration with the Civilian Joint Task Force, neutralised 3 terrorists during a well-coordinated ambush between Ngazalgana and Lamusheri communities in Borno State.

It said the operation followed credible intelligence on insurgent movements in the area, as troops laid an ambush along the identified route and engaged the terrorists with effective firepower, resulting in the neutralisation of 3 insurgents, while others fled with gunshot injuries.

The statement said troops recovered two AK-47, adding that the operation forms part of sustained efforts to deny terrorists freedom of movement and degrade their operational capabilities across the Theatre.

It said troops also recorded multiple successes in Adamawa State, adding that on 29 January, 2026, troops responded swiftly to a distress call from Barama community, Mubi North LGA, foiling an armed robbery attempt. Two armed robbery suspects attempting to attack a student of the Federal Polytechnic, Mubi, were arrested. One suspect sustained a gunshot wound to the thigh while attempting to confront the troops and was evacuated to the Federal Medical Centre, Mubi, for treatment.

The suspects were subsequently handed over to the Nigeria Police for further investigation. Items recovered include 3 cutlasses, 2 laptops, 4 mobile phones, and one power bank.

 

Continue Reading

Trending