News
BREAKING: NASS Proposes 21-Year Imprisonment For Breach Of CBN Act
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.”
News
Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
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.
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