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BREAKING: NASS Proposes 21-Year Imprisonment For Breach Of CBN Act

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JomogNews Nigeria reports that the Nigerian Senate has introduced a bill to amend the Central Bank of Nigeria (CBN) Act of 2007, proposing a 21-year imprisonment penalty for breaches of the CBN Act limit on ways and means advances.

This proposed legislation, spearheaded by Senator Mukhail Adetokunbo Abiru ( Lagos East), aims to significantly increase the penalties for naira abuse and enhance the CBN’s ability to fulfil its primary objectives.

The bill, which is entitled ‘A Bill for an Act to Amend the Central Bank of Nigeria Act No. 7 of 2007’, with a copy of the amendments seen by NewsOnline Nigeria, overhauls Section 38 of the Principal Act by introducing stringent measures to regulate temporary advances granted by the CBN to the Federal Government.

According to the amendment bill, any individual or group found guilty of violating the provisions of Section 38 will be required to refund the amount exceeding the set limits and will face imprisonment for a minimum period of 21 years without the option of a fine.

It read: “Any person or group of persons who breaches or is involved in the breach of the provision of this section 38 shall be guilty of an offence and be liable to refund such amount that exceeds the limits set in this section and shall also be liable to imprisonment for a minimum period of 21 years with no option of fine.”

This amendment comes at a time when a former CBN governor, Godwin Emefiele, whose tenure is known for breaching the CBN Act limit, is battling several court cases from the Economic and Financial Crimes Commission (EFCC).

The Senate is also probing the N10tn expended on the Anchor Borrowers Scheme, the $2.4bn forex transaction out of the $7bn obligation made for that purpose as well as other intervention programmes.

Limits on advances

The amendment bill states that the total amount of advances should not exceed 10% of the Federal Government’s actual revenue from the previous three years, excluding proceeds from asset sales.

This is a 100% increase from the 5% of the previous year’s revenue in the CBN Act of 2007. It is also lower than the 15% earlier proposed by the Ninth Senate.

Also, the amendment expanded the period from just the previous year to the previous three years, giving the Federal Government more borrowing space from the CBN.

Interest rates

The amendment bill specifies that temporary advances to cover budget revenue deficiencies should be granted at interest rates determined by the CBN in collaboration with the Coordinating Committee for Monetary and Fiscal Policies.

The interest rate must not be lower than the average Monetary Policy Rate (MPR) of the preceding 12 months.

The bill read: “Notwithstanding the provisions of section 34 (d) of this Act, the Bank may grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue at such rates of interest as the Bank may determine; provided such rate shall be determined with the Coordinating Committee for Monetary and Fiscal Policies and shall not in any case be below the average MPR for the preceding 12 months.

The total amount of such advances outstanding shall not at any time exceed ten percent of the previous year’s actual revenue of the Federal Government in the preceding three years excluding proceeds from assets sale.”

Repayment terms

The amendment bill states that advances must be repaid within 12 months from the date they are granted. If not repaid within this period, the interest rate increases by 10%.

Furthermore, no further advances can be made until outstanding amounts are fully repaid. Importantly, repayments cannot take the form of promissory notes or any securities underwritten by the bank.

The document read: “All Advances made pursuant to this section shall be repaid –

“(a) as soon as possible and shall in any event be repayable at the end of twelve months after the advance date and if such advances remain unpaid at the end of the year the interest rate payable shall increase by ten percent, the power of the Bank to grant such further advances in any subsequent year shall not be exercisable, unless the outstanding advances have been repaid and any such outstanding amount shall be held against the proceed of the sale of government asset; and

“(b) in such form as the Bank may determine; provided that no repayment shall take the form of a promissory note or such other promise to pay at a future date or securitisation by way of issuance of treasury bills, bonds, certificates or other forms of security which is required to be underwritten by the Bank.”

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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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