News
Why Central Bank Must Bring Down Inflation – Sanusi
Strategic steps must be taken by the Central Bank of Nigeria (CBN) to drive down inflation and halt further erosion of wealth, a former governor of the apex bank has said.
Dr. Muhammad Sanusi advised the incumbent CBN Governor, Dr. Olayemi Cardoso, to initiate policies that will rein in inflation, which he noted had severely impacted the economy.
Sanusi, the 14th Emir of Kano, spoke when he led members of the Impact Investing Community on a courtesy visit to Cardoso at the CBN headquarters in Abuja.
The inflation rate has maintained a long streak of consecutive increases over the months.
By September, it stood at 26.72 per cent after seven consecutive increases – the highest in over a decade.
According to Sanusi, CBN’s activities have a massive impact on lives.
He added that many people often “do not know the impact of a central bank’s works until a central bank fails.”
He acknowledged the importance of long-term planning by the CBN in achieving its goals.
Sanusi emphasised the need for fiscal authorities to focus on agriculture and education, especially for the girl-child.
Expressing delight at his visit to Cardoso, Sanusi pledged continued support by the Impact Investing Community to the CBN.
Cardoso reiterated that under his watch, the bank will focus mainly on the core mandate of price stability.
He restated his team’s determination to change the narrative about the apex bank and make it more efficient.
Cardoso said: “At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”
He noted that the Impact Investing Community represents an excellent future for Nigeria.
He believes in its potential to transform the country’s economy by tapping into the investment opportunities available.
Commending the quality of leadership at Impact Investing Community and its effort to create awareness as well as build partnerships, the CBN governor said the bank would collaborate with it on frameworks that will encourage investments to drive economic growth.
Chairman of the Impact Investing Community, Mrs. Ibukun Awosika, said they were at the CBN to register their willingness to support what the bank and the Federal Government were doing in changing the local investment climate by redirecting resources to areas where they will make the most positive impact.
According to her, over $200 trillion was available globally for investments, $1 trillion of it for impact investing.
She added that Impact Investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners.
Stressing the importance of social investment, she sought the support of the CBN to enable the body to achieve its goal.
CBN Deputy Governor in charge of Corporate Services, Dr. Bala Bello, underscored the importance of investments, noting that global capital was moving towards social investment.
He noted that collaboration and effective communication were vital to successfully navigating the prevailing challenges.
Impact investing refers to investments made into companies, organisations, and funds to generate a measurable, beneficial social or environmental impact alongside a financial return.
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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