News
Apex Bank Ends Direct Funding Of Development Projects
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?”
News
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
News
Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
News
Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
Former Governor of Ekiti State, Ayodele Fayose, says the second coming to office of the Rivers State Governor, Siminalayi Fubara, after the elapsing of the state of emergency should have made him better.
Fayose’s remarks come as the Rivers State House of Assembly has initiated impeachment proceedings against Fubara as of January 8, 2026.
Speaking in an interview on ‘Politics Today’, a programme on Channels Television on Friday, Fayose said he was removed as governor and went to exile but became a better person upon his return.
Fayose said that President Bola Tinubu hates ingratitude just like any other person else does.
The former Ekiti governor also dismissed the claim that what is happening in Rivers state is politics taken too far.
According to him, the constitution provides rules of engagement for every politician, stressing that it is when one gets out of the rule that he begins to look for public sympathy.
“The coming back of Governor Fubara should have made him a better person .If you made a mistake the first time, the second time you are not supposed to go through that route.
“Politics is a power game. Nobody solves political game for you. With due respect, let me tell you. Fubara is the one enjoying the office of the governor of Rivers state. It’s not the FCT Minister, Nyesom Wike.
“Some people are saying it’s about Tinubu’s election. No! Because Tinubu’s election will come first, don’t forget that. Both Wike and Fubara will all work for Tinubu. Two weeks after, there will be an election for Rivers state,” he said.
-
News2 days agoPanic In Ibadan As Rising Kidnap, Robbery Threats Trigger Official Red Alert
-
Politics2 days agoRivers Crisis: Full List Of 8 Misconduct Allegations Against Governor Fubara
-
Breaking News2 days agoCorruption Battle: Dangote Drags Ex-NMDPRA Boss To EFCC After ICPC Withdrawal
-
News1 day agoImpeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
-
News1 day agoYour Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
-
News20 hours agoHow Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
