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CBN Expends $2bn to Clear Forex Backlog in Three Sectors

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By Tony Obiechina with Agency report

Central Bank of Nigeria (CBN), in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2billion across various sectors, including manufacturing, aviation, and petroleum.

The bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.

The CBN Acting Director, Corporate Communications Department, Mrs.

Hakama Sidi Ali who disclosed this in Abuja on Wednesday, explained that the bank had commissioned an independent forensic review by a reputable firm.

She also disclosed that payment of the forex backlog for qualified transactions had commenced.

Mrs Ali however, noted that the review revealed grave infractions, gross abuse and significant non-compliance with market regulations and appropriate sanctions would be enforced in collaboration with relevant agencies.

She emphasized the CBN’s resolve to sanitize the financial services sector and foster trust among all market participants as well as internal and external stakeholders in the Nigerian economy.

 Nevertheless, the Acting Director said the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.

In another development, the All-Share Index, one of the performance indices of the Nigerian Exchange Ltd. (NGX), on Wednesday crossed a 90,000 benchmark, appreciating by 2.37 percent.

Specifically, the All Share Index rose by 2,92.15 or 2.37 percent to close at 90,063.25 against 87,971.10 points on Tuesday.

Also, the market capitalisation which opened at N48.139 trillion rose by N1.145 trillion to close at N49.139 trillion.

The Year-To-Date (YTD) return rose to 20.45 per cent.

Consequently, a total of 1.30 billion shares valued at N16.38 billion were exchanged in 17,471 deals.

Market breadth closed positive, with 44 advancing equities outnumbering 35 declining ones.

However, Investor’s sustained buy interests in stocks of Dangote Cement, BUA Cement and Geregu kept the market in a positive terrain.

Transactions in the shares of Sterling Bank topped the activity chart, accounting 106.14 million shares valued at N800.25 million.

JapaulGold followed by selling  101.12 million shares worth N268.8 million.

Also, Transcorp transacted 90.47 million shares valued at N1.58 billion, while Jaiz Bank sold 83.12 billion shares valued at N321.17 million.

Unity Bank, which traded 73.41 million shares valued at N237.66 million.

On the gainer’s table, Guinness, Hony Flour, AIICO Insurance, Wema Bank and SUNU Assurances led in per cent terms of 10 each to close at N71.50, N4.84, N1.54, N11.66 and N1.76 per share, respectively.

Conversely, RTBRISCOE led the loser’s table in percentage terms of 10 to close at 81k per share.

Dangote Sugar followed by 9.95 per cent to close at N73.30, while NGX Group trailed by 9.84 per cent to close at N22.90 per share.

Also, Redstarex lost 9.47 per cent, to close at N4.11, while Sterling Bank shed 9.09 per cent to close at N6.90 per share.

However, analysis of the market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions up by 3.89 per cent.

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UN Hails Adesina’s Leadership in Africa’s Sustainable Development

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The United Nations (UN) Secretary-General António Guterres has praised African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, for his efforts in ensuring the economic transformation of Africa.The bank said in a statement yesterday, that Guterres relayed the message at the Bank’s 2025 Annual Meetings in Abidjan, Côte d’Ivoire.

First elected as president of the Bank Group in 2015, Adesina will conclude his decade-long tenure at the end of August.
Guterres lauded Adesina’s transformative impact, saying: “Your vision and dedication to just and sustainable development have changed countless lives across Africa.”The secretary-general also reiterated Adesina’s strategic leadership in implementing the ambitious High 5s development agenda of the bank.
The High 5s are; to light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa and improve the quality of life of Africans.“Under President Adesina’s stewardship, the AfDB achieved remarkable institutional expansion, tripling its capital base during his tenure.“This growth enabled the Bank to respond effectively to urgent crises, including the COVID-19 pandemic, while simultaneously advancing long-term sustainable solutions.“The Bank’s progress in critical areas, including clean energy development and climate-resilient agriculture sectors are vital to Africa’s sustainable future and climate adaptation efforts,” he said.The UN chief commended Adesina’s pioneering work on the IMF’s Special Drawing Rights (SDRs), which had opened new avenues in financing for development.He said: “This innovative approach addresses the pressing needs of countries facing multiple challenges, including debt burdens, climate-related shocks, and severely limited fiscal space.“Your advocacy was instrumental in securing their re-channeling through multilateral development banks, helping direct and use global resources where they are most needed,” he said.Guterres also praised Adesina’s contributions to advancing inclusive development and achieving meaningful progress on both the UN Sustainable Development Goals and the African Union’s Agenda 2063.While expressing the UN’s appreciation, Guterres said the AfDB President’s efforts had been instrumental in building a more fair and just financial system for all.“The United Nations thank you and look forward to building on your remarkable record in the years ahead,” he said.The Bank Group’s 2025 Annual Meetings had the theme “Making Africa’s Capital Work Better for Africa’s Development.”The meeting was attended by several heads of state and government including the host, President Alassane Ouattara, Ghana’s President John Mahama and Azali Assoumani of the Union of the Comoros.More than 6,000 delegates from various parts of the world also attended the event. (NAN)

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Serial Herdsmen Attacks Displace 18,000 Persons in Two Benue LGAs

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From Attah Ede, Makurdi

The Benue State Government yesterday revealed that over 18,000 persons and 54 households have been displaced as a result of attacks in Gwer-West local government area by suspected armed herders even as relief materials have been sent to Apa victims.The Permanent Secretary, Ministry of Humanitarian Affairs and Disaster Management Dr.

James Iorpuu disclosed this during the monthly distribution of food and non-food items to Internally Displaced Persons (IDPs).
Giving the breakdown of the displaced persons, Iorpuu, who is also the Executive Secretary, State Emergency Management (SEMA) said the profiling of IDPs at Calvin Foundation College Naka, indicates that 4,648 households were displaced, Women- 8,650, Men – 4,147, Children – 5,795, Pregnant Women – 325, Lactating Mothers – 637, Persons With Disability -1,315 and the Elderly-571.
He maintained that the distribution exercise is part of the Benue State Government’s untiring commitment in alleviating the suffering of the displaced persons who have been victims of repeated and unprovoked attacks by armed herdsmen.The Executive Secretary appreciated Governor Hyacinth Alia for his tireless dedication to the welfare of the people as well as his commitment and proactive efforts in addressing the security challenges confronting the state.He particularly commended President Bola Tinubu for taking decisive and proactive steps in addressing the security crisis in the state by deploying the Chief of Army Staff to Benue State.”This singular move demonstrates that the federal government is not only aware of our plight but is actively working to restore peace and security to our communities.”Today’s distribution of food and non-food items is not just a routine activity; it is a symbol of compassion, a message of hope, and a testament to the government’s resolve to ensure that no vulnerable person is left behind.”As we extend relief materials to the displaced persons today, I must use this medium to draw the attention of the public to a serious alert from the Nigerian Meteorological Agency, NiMet, which has listed Benue State as one of the high-risk areas likely to experience flooding in the coming months.”I urge all our citizens, especially those living in flood-prone communities, to begin early preparations and move to higher and safer grounds. The agency will continue to sensitize the public and put in place contingency plans, but it is important that individuals and families also take personal responsibility for their safety,” he said.Amongst the items distributed include; Rice-1325 hags, Beans-965 bags, Garri-475 bags, Indomies – 1225, Red oil – 105, 83 packs of maggi, 43 packs salts and 70 bags of sugar.

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No Reprieve for Abuja Rich Tax Defaulters as Wike Vows Sanctions

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By David Torough, Abuja

Minister of Federal Capital Territory (FCT), Nyesom Wike has said no reprieve yet for tax defaulters in Abuja, declaring readiness not to back off those refusing to pay necessary dues to the government, regardless of their status.He said he will touch rich tax defaulters, and heaven won’t fall.

Recall that on May 26, 2025, the Federal Capital Territory Administration (FCTA) task force sealed many premises, including the national headquarters of the Peoples Democratic Party in Wuse Zone 5, Abuja, over non-payment of ground rent.
The action sparked outrage within the PDP, with its acting National Chairman, Umar Damagum, labelling it an act of irresponsibility by the Federal Government.
Wike, who said those considered as the ‘untouchables’ in Abuja would not be spared as long as they choose to go against the law, spoke at the Obafemi Awolowo University, Ile-Ife, Osun State yesterday while delivering the 2025 Distinguished Personality Lecture of the institution on the topic: ‘Nigeria of our dreams’.The immediate past Rivers State Governor said leadership requires courage to take decisions that would engender development without fear.“Leadership is not about you liking someone; it is about you being courageous to make a decision that will help us to move forward.“I am not the first Minister of FCT, no poor man lives in Maitama, Asokoro, all are rich men. No poor man does business in the Central Business Area. They say they are untouchable, I say No!“I will touch you, if the right thing is not done. That is leadership; they didn’t appoint me as minister for a beauty contest. Mention one poor man who has a house in Maitama, all are rich men, they don’t want to pay tax, you will pay it. You will pay, if you don’t pay, I will touch you and heaven will not fall, but rather be at peace,” Wike said.Touching on how poor quality leadership has slowed down the progress of the country, Wike said Nigeria as at different times, ended up with leaders who were not prepared for leadership positions.He added, “Indeed, some of these leaders were ab initio, even reluctant to take on the mantle of leadership. Accordingly, Nigeria has substantially been infested with leaders without preparation, knowledge, courage, patriotism and character.“Little wonder our country has spent too much time groping in the dark and fiddling with common nuggets of development such as basic infrastructure, primary healthcare, efficient democratic and judicial systems, and a functional economy.”On the kind of leadership that Nigeria needs, the FCT Minister said, “A leader of our dreams must be one who is prepared to lead; one who has shown character and resilience in the face of challenges. He must be that person who believes in the infinite possibilities that the Nigerian nation exemplifies while taking solid, proactive, logical and well-informed decisions that would maximally actualise her potential.“This leader must have the courage and audacity to act, build, innovate and generally expand the frontiers of development with a hands-on approach that would emphasise excellence over mediocrity.“Perhaps, more importantly, the leader of our dreams must create a society of free and responsible citizens whose potentials flow freely and free enterprise thrives.”Emphasising the importance of quality leadership to the nation building, Wike referenced Yasar Jarrar, in his book, “The Sheikh CEO,” where he said the development of Dubai is fundamentally traceable to the great leadership provided by Mohammed Bin Rashid Al Maktoum, the present leader of Dubai and his forebears.He said through vision, resilience and discipline, they transformed Dubai, an otherwise desert patch, into one of the most enchanting hubs for trade, commerce and leisure.He subsequently declared that President Bola Tinubu has the qualities needed and has at different times demonstrated a stout commitment to the enthronement of democracy in the country.He said, “He (Tinubu) has shown great capacity for engendering development as captured in the unprecedented rapid and exponential development of Lagos state under his watch and even beyond.“On his first day, upon being sworn in as President, he demonstrated rare courage by removing the hydra-headed fuel subsidy that was impoverishing generations of Nigerians and binding them into avoidable and perennial debt.“Leaders before him all spoke about the evil of fuel subsidy, but none had the courage to dare the blackmail of removing it. Tinubu did and is fittingly grappling with the inevitable, unintended and sometimes orchestrated consequences of this removal.“Today, our states have far more resources to develop, the debts are no longer piling, and the price of petrol is gradually but steadily adjusting downwards in tandem with the forces of demand and supply and the strict implementation of regulatory conditionalities.”PDP Accuses Uzodinma of Crippling Imo EconomyThe People’s Democratic Party (PDP) in Imo State has blamed the APC-led government under Governor Hope Uzodimma for crippling the economy of the state.In a statement issued on Thursday in Owerri by the PDP Publicity Secretary Imo State, Lancelot Obiaku said that the recently released data on Value Added Tax (VAT) generated by the 36 tates of the federation and the FCT for the first quarter of 2025 has confirmed their consistent assertion that Governor Hope Uzodimma’s administration has stifled businesses and commercial activities, and made the State unattractive to investors.The party regretted that Imo, placed 35th out of the 36 states in Nigeria contributed the second lowest VAT revenue to the federation’s account with just N2.34 billion, only better than Taraba with N2.33 billion.The party, describing the state as the worst performer in Southern Nigeria, said that it is almost ten times the value of Anambra (N10.73 billion). Ebonyi with N7.43 billion performed more than three times better.They observed that VAT is a consumption tax levied on goods and services at each stage of production or distribution, and is paid by consumers but collected by businesses and remitted to the government through the Federal Inland Revenue Service (FIRS).According to PDP, VAT ratio reflects the economic activity and commercial strength of States and is directly proportional to the productivity level and health of an economy.PDP said that they are not in doubt that Imo’s dismal performance reflects the comatose state of its business environment and overall economy.The publicity secretary said that businesses are shutting down, while the state has failed to attract meaningful investments under Uzodinma.He said: “Today, however, at least 70% of hotels and entertainment businesses in the State have closed down.”The party blamed the present administration in the state for lack of a coherent economic blueprint to reverse this decline.He said: “How can Imo’s economy improve when the governor shows no genuine interest in developing the state by not living in the state even as a Governor. Uzodimma’s refusal to actually provide governance has contributed to the insecurity ravaging the state. “Imo PDP condemns the fact that the state governor has personally seized control over resources that should serve the people’s needs.“Governor Uzodinma has stifled the autonomy of ministries, agencies, parastatals, and even the local government system, concentrating their responsibilities to his office without transparency or accountability.”The party expressed regrets that even the Local Government Area (LGA) chairmen lack the resources to make any meaningful impact, as their allocations are controlled and misappropriatedIt added that if there are ongoing developmental projects and a formidable economic blueprint, businesses will thrive and the state will attract Foreign Direct Investments (FDI), leading to more payments of VAT.

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