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Apex Bank Ends Direct Funding Of Development Projects

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Central Bank of Nigeria (CBN) will no longer be directly involved in development finance interventions.

A document obtained by The Nation stated that the decision is to enable the apex bank to focus more on “advisory roles that support economic growth.”

The document details plans by CBN Governor, Dr. Yemi Cardoso to reposition the apex bank.

The document contains the “preliminary assessment of the challenges facing the CBN.”

In it, Cardoso stated that “much has been made of past CBN forays into development financing, such that the lines between monetary policy and fiscal interventions have blurred.”

He clarified that “in refocusing the CBN to its core mandate, there is a need to pull it (CBN) back from direct development finance interventions into more limited advisory roles that support economic growth.”.

A source, who is privy to the document, said that “in the past, the CBN had been involved in providing funding for various developmental projects”, such as Anchor Borrowers Programme, among others.

“There is a growing recognition of the need to refocus the CBN to its core mandate and limit its involvement in direct development finance interventions,” he added.

He said: “Instead of directly funding projects, the CBN can provide guidance and expertise to help facilitate economic growth.

“This advisory role can include providing recommendations on policy measures, regulations, and strategies that support economic development.

“By limiting its direct intervention in development financing, the CBN can avoid potential conflicts between its role in monetary policy and its involvement in fiscal matters. This separation will allow the CBN to focus on its primary mandate of maintaining price stability, promoting financial stability, and ensuring the soundness of the banking system.”

The official added that “shifting towards an advisory role would allow the CBN to leverage its expertise and provide valuable insights to policy-makers and other stakeholders.

“The CBN can use its knowledge of the financial sector and its understanding of the broader economy to support decision-making processes that lead to sustainable economic growth,” he added.

In the document, Cardoso highlighted the advisory roles of the CBN to include:

•acting as a catalyst in the propagation of specialised institutions and financial products that support emerging sectors of the economy;

•facilitate new regulatory frameworks to unlock dormant capital in land and property holdings;

•accelerating access to consumer credit;

•expanding financial inclusion to the masses; and

•de-risking instrumentation to increase private sector investment in housing, textiles and clothing, food supply chain, healthcare, and educational supplies.

According to Cardoso: “These verticals have huge demand patterns, with the potential for high local inputs and value retention, and can be the basis for rapid industrialisation”.

The CBN, he said, would exercise “convening power to bring key multilateral and international stakeholder participation in government and private sector initiatives”.

Before listing other things he intends to do, Cardoso identified some of the challenges currently confronting the CBN.

According to him, “In assessing challenges currently facing the CBN, preliminary questions are being raised on addressing them.

The challenges are:

•Failure in corporate governance in CBN;

“How will issues of governance be addressed? Diminished institutional autonomy: How can public and financial systems’ stakeholder confidence be restored in the autonomy and integrity of CBN?

•Need to refocus CBN back to core functions:

“What needs to be in place to revert to evidence-based monetary policies? Discontinuation of unorthodox Monetary policies and Foreign Currency management?

•Unorthodox use of Ways and Means spending;

“ What controls can CBN develop to enforce statutory limits in the use of Ways and Means of financing public sector deficit?

•Backlog of FX demand;

“ How much of the backlog is real versus speculative/ hoarding? Are there creative financing options for clearing the short to medium-term backlog?

•Lack of clarity in fiscal and monetary relationships;

Where are the delineations, and what should be the limits in CBN’s fiscal side interventions? Inflation and price stability: What are the causes, and what is CBN’s proposed response to address inflation and price stability issues?

•Access to FX market and FX price discovery;

“What mechanisms exist to address FX rate unification under a willing buyer and willing seller arrangement? What should be the role of the Central Bank in the FX market? Is there a need for interest rate realignment to money supply, inflation, and market realities?

•Current Financial System Stability;

“What is the current state of the financial system? Are CBN surveillance frameworks being updated proactively to track the expanding use of electronic payment systems by Fintech and Telcos?”

 

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

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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.

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

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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.

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

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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.

 

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