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CBN Faces Reps’ Probe, Slashes Interest Rate to 23 Per Cent

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By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) came under fresh legislative scrutiny on Tuesday as the House of Representatives moved to investigate its use of delegated legislative powers and alleged financial irregularities, even as Governor Olayemi Cardoso announced a major reset of the Monetary Policy Rate (MPR) to 23 per cent.

The House Committee on Delegated Legislation unanimously resolved to investigate regulations, rules, guidelines, circulars, directives and other subsidiary legislative instruments issued by the apex bank, including their legal basis and financial implications.

The probe followed a motion sponsored by the member representing Bosso/Paikoro Federal Constituency of Niger State, Hon. Baraje Yusuf Kure, who said delegated powers must be exercised within the limits of the 1999 Constitution, as amended, and relevant laws enacted by the National Assembly.

The committee is also to examine whether fees, charges, penalties, expenditures and other financial obligations arising from CBN subsidiary legislation were properly authorised by law.

Deputy Chairman of the committee, Hon. Dominic Okafor, linked the investigation to concerns over the transparency of the CBN’s audited financial statements for 2024 and 2025, referring to allegations contained in the work of the President’s special investigator, Jim Obazee.

Okafor said unresolved questions over the apex bank’s financial reporting could have implications for confidence in government fiscal data, monetary policy, the banking system, foreign investment and Nigeria’s international reputation.

Committee Chairman, Hon. Richard Olufemi Bamisile, consequently directed the CBN to submit its summary consolidated financial statements for the years ended December 31, 2024 and December 31, 2025, together with relevant Financial Reporting Council documents and approvals.

The committee also directed KPMG, the CBN’s auditor, to submit copies of the audited accounts for the two years, while Obazee was asked to provide all evidence and documents supporting the allegations.

All requested documents are to reach the committee by October 6, 2026.

The committee is expected to invite CBN Governor Olayemi Cardoso and other officials of the apex bank, as well as representatives of the Financial Reporting Council, KPMG, E&Y, ICAN, ANAN and economist Bismarck Rewane.

The legislative action came on the same day Cardoso defended the performance of his three-year administration at the CBN, saying the bank had successfully returned to its core mandate of maintaining monetary and financial stability.

Speaking in Abuja after the 307th meeting of the Monetary Policy Committee (MPC), Cardoso said the current management inherited a financial system characterised by declining confidence, currency depreciation, high inflation and a dysfunctional foreign exchange market.

He cited the unification of the foreign exchange market, reduction of excessive Ways and Means financing, rebuilding of external reserves and banking-sector recapitalisation among the major reforms undertaken since 2023.

“At that time, confidence had been lost in the bank and in the country,” Cardoso said, adding that the CBN’s task had been to restore stability and rebuild confidence in the naira and the wider economy.

Against that backdrop, the MPC announced a 350-basis-point reduction in the MPR, from 26.5 per cent to 23 per cent.

The committee also recalibrated the standing facilities corridor to +50/-300 basis points around the MPR, while retaining the Cash Reserve Requirement at 45 per cent for deposit money banks, 16 per cent for merchant banks and 75 per cent for non-Treasury Single Account public-sector deposits.

Cardoso, however, stressed that the rate adjustment should not be interpreted as a shift away from a restrictive monetary policy stance.

“We will stay on the course, which has been a restrictive one, for as long as we have to,” he said, describing the decision as an operational “reset and recalibration” designed to improve monetary policy transmission.

The governor said the gap between the MPR and prevailing interbank rates had weakened the effectiveness of the benchmark, while the adoption of a transaction-based overnight market benchmark had improved transparency in money-market operations.

He said improved economic fundamentals had created room for the adjustment, pointing to moderating inflation, stronger foreign-exchange reserves and improved external-sector conditions.

Nigeria’s gross external reserves stood at $55.25 billion as of September 18, 2026, while the balance-of-payments surplus rose to $3.51 billion in the second quarter from $2.38 billion in the first quarter.

The current-account surplus also increased to $7.54 billion from $4.49 billion.

Inflation continued to moderate, with headline inflation falling marginally to 15.39 per cent in August from 15.43 per cent in July. Food inflation declined to 19.57 per cent, while core inflation fell to 13.29 per cent.

The economy also recorded stronger growth in the second quarter, with real GDP expanding by 4.43 per cent, compared with 3.89 per cent in the first quarter.

Despite the improving indicators, the MPC identified geopolitical tensions and election-related spending as potential sources of renewed inflationary pressure.

Cardoso said the CBN had developed scenarios for managing liquidity during the approaching election cycle and would monitor currency in circulation, monetary aggregates, banking-system liquidity and foreign-exchange demand.

“We are ready,” he said, adding that the apex bank would deploy appropriate instruments to mop up excess liquidity when necessary.

The governor also said increased diaspora remittances had strengthened Nigeria’s external position, with monthly inflows rising from about $200 million when the reforms began to almost $1 billion by July.

He said the CBN’s broader reforms, including stronger oversight of international money-transfer operators and expanded access to Bank Verification Numbers for Nigerians abroad, had contributed to the improvement.

Cardoso further pointed to a newly signed fiscal-monetary coordination agreement between the CBN and the Federal Ministry of Finance as a mechanism for institutionalising coordination as Nigeria moves towards an inflation-targeting framework.

While the CBN presented the rate reset and improving macroeconomic indicators as evidence of progress in monetary policy management, the House investigation is set to subject the bank’s regulatory instruments and financial disclosures to legislative scrutiny.

The committee said it would, after reviewing the documents and hearing from relevant stakeholders, adopt its findings and recommendations and, where necessary, seek further directives from the House.

The MPC’s next meeting is scheduled for November 23 and 24, 2026.

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Bayelsa Deputy Gov Tasks Nigerians on Effective Service

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From Mike Tayese, Yenagoa

The Deputy Governor of Bayelsa State, Dr. Peter Akpe, has urged Nigerians to make selfless service their watchword, asserting that true reward comes only from God who elevates people into higher positions of leadership and responsibility.

Dr Akpe made the call at the grand finale of the Legacy, Impact and Future Award Dinner organised by the Special Evangelistic Association and Leadership Society (SEALS) in conjunction with the Zadok Foundation, held at the Best Western Plus Hotel, Yenagoa, on Tuesday.

Speaking as Special Guest of Honour and recipient of the Defender of the Christian Faith Award at the event, the Deputy Governor said no appreciable progress would be made in any organisation or society where more emphasis is placed on reward at the expense of good work.

Highlighting the relationship between effective service delivery, productivity and prosperity, the Deputy Governor said he had always put service first in all the positions he had held in life, stressing that through service, God promotes men by opening doors for reward and higher service.

Dr. Akpe, while making a biblical allusion to the inspiring story of Rebekah in Genesis chapter 24, where she provided water and fodder for the camels of Abraham’s servant, said she never knew that her act of kindness to a complete stranger was tied to her destiny.

He therefore reminded the political class and Christians holding various positions of responsibility in the house of God to avoid showmanship, adding that God is the One who truly rewards every man according to his service.

In his exhortation, Apostle David Zilly-Aggrey provided a scriptural insight and justification for the awards, citing the case of the Roman centurion, for whom the Jewish leaders approached the Lord Jesus and testified about his worthy contributions to the service of God, including building a synagogue.

Apostle Zilly-Aggrey, who is the Grand Patron of SEALS in Bayelsa State, said the awards were given to individuals and some Christian organisations in recognition of their distinguished services to the body of Christ.

According to the Founder of the Zadok Foundation and the Royal House of Grace International Church, the awards were in four major categories, including the Defenders of the Christian Faith Award, the Longest Serving Male and Female Ministers Awards, among others.

The Chairman of SEALS, Revd Vincent Dowell, said the Legacy, Impact and Future Awards Dinner was the crowning moment of a journey marked by vision, excellence and sacrifice.

Revd Dowell, who appreciated the Zadok Foundation for supporting the activities of SEALS over the years, noted that the goal of the ceremony was to inspire a culture of service in the body of Christ, as well as build a society where excellence and effective service are encouraged and rewarded.

The highpoint of the event was the presentation of the various awards by Apostle Zilly-Aggrey, including the Distinguished Defender of Christian Faith Award to Dr. Peter Akpe as the first Pastor to emerge as Deputy Governor in Bayelsa State.

Other recipients of the Defender of Christian Faith Award included Senator Konbowei Benson, the late Justice Kate Abiri, Pastor Julius Obegha Oworibo, Prof. Ongoebi Etebu, Engr Gesi Asamowei, Chief Robert Ayalla Enogha and Dr. Rowland Akpolo.

The Longest Serving Gospel Minister Award went to 103-year-old Revd Samuel Arabina and Dr Irene Buseri, while a special award was given to Evangelist Bannerman Embiowei and Evang. Abraham Ikiouks, for their contributions to the promotion of Ijaw gospel music over the years.

The Christian Leaders Award went to all past CAN State Chairmen, Rev. Jacob Akpiri, Bishop Israel Ege, Reverend Father Joseph Opelema and the incumbent, Rev. Abili Samuel Abili.

Churches recognised for special awards include the Deeper Christian Life Ministry, Assemblies of God, the Living Faith Church, also known as Winners Chapel, and the Greater Evangelism World Crusade.

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CIPPON Urges FG to Protect Nigerian Printing Industry

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By David Torough, Abuja

The Chartered Institute of Professional Printers of Nigeria (CIPPON) has renewed its call on the Federal Government to introduce targeted incentives for the printing industry, enforce local content policies and establish the Office of the Printer General of the Federation (PGF), following an assessment visit to the state-of-the-art facilities of Marvelous Mike Press Limited in Abuja.

The call followed an inspection tour by the Industrial Development and Export Concessions (IDEC) Committee of CIPPON, led by the Institute’s President, Koko T.

Clement, alongside the Ex-Officio, Dr.
Samson Omoniyi Adesoye, and members of the Industry, Trade and Investment Committee, headed by Suleiman Usman Olowoniyi.

The visit formed part of CIPPON’s nationwide assessment of printing facilities to determine the industry’s investment capacity and identify operators eligible for available industrial development and export concessions.

At Marvelous Mike Press Limited, the delegation was received by the company’s Managing Director, Printer Michael Akinola, who conducted the team around the facility and showcased its extensive production infrastructure and advanced printing technologies.

The delegation expressed amazement at the scale of investment and technological sophistication deployed by a single Nigerian-owned printing company without significant government incentives.

The facilities inspected demonstrated the industry’s capacity to handle large-scale printing, packaging and security document production to international standards.

Speaking after the inspection, CIPPON President, Koko Clement, described the investment as a strong indication that Nigeria possesses the resources, technology and professional expertise required to meet its domestic printing needs and compete effectively in the international market.

He said the experience had strengthened the Institute’s resolve to intensify its engagement with the Federal Government, particularly on the need to ensure that educational books and other government-related printing jobs are undertaken within Nigeria.

“What we have witnessed at Marvelous Mike Press is beyond imagination. The scale of investment by a single Nigerian entrepreneur, without government incentives, demonstrates the enormous capacity and readiness of our printing industry. If government recognises and supports this capacity, there will be no justification for taking our educational book printing jobs outside the country,” Koko stated.

He expressed concern that despite its enormous economic potential, employment opportunities and contribution to national development, the printing industry has continued to receive inadequate attention in government incentive programmes, concessions and industrial interventions.

According to him, the facilities visited possess modern technologies capable of producing millions of copies of books, packaging materials and security documents while meeting internationally recognised quality standards.

Koko further disclosed that Nigerian printing companies are already undertaking substantial printing and packaging contracts for other African countries, demonstrating their competitiveness and readiness to serve wider regional markets.

“This is not just about printing. We have facilities in Nigeria handling high-volume printing and packaging assignments for other African countries with precision and quality comparable to the best in the world. Nigerian printers are not asking the government to create capacity for them.

“We already have the technology, expertise, manpower and investment. What we need is the right policy framework and political will to unlock this potential,” he said.

The CIPPON President explained that retaining printing contracts within Nigeria would generate far-reaching economic benefits beyond the printing companies themselves. Such a policy, he noted, would stimulate demand for locally produced paper, printing inks, finishing materials and packaging products, thereby strengthening several interconnected industries.

He maintained that the initiative would advance the local content objectives of President Bola Ahmed Tinubu’s Renewed Hope Agenda while reducing capital flight, conserving foreign exchange and expanding employment opportunities for Nigerian youths.

In a major policy recommendation, CIPPON urged President Bola Ahmed Tinubu to consider establishing the Office of the Printer General of the Federation (PGF) or the Printers Commission of Nigeria (PCN) to provide institutional leadership, coordination and effective regulation of the country’s printing industry.

The Institute believes that such an institution would provide a dedicated government framework for developing printing policies, promoting local production, protecting domestic printing jobs, coordinating industry stakeholders and strengthening the entire printing value chain.

“The establishment of the Printer General of the Federation will give the Federal Government a focused institutional structure for coordinating printing policies, enforcing local printing requirements, protecting employment and ensuring that printing contracts generated in Nigeria are retained for Nigerian printers. This is the missing link in building a productive and globally competitive printing economy,” Koko added.

CIPPON also called on the Federal Ministry of Education, the Universal Basic Education Commission (UBEC), Tertiary Education Trust Fund (TETFund) and all state governments to immediately strengthen the implementation of local content policies by ensuring that educational books at primary, secondary and tertiary levels are printed in Nigeria.

The Institute stressed that the country stands to save billions of naira in foreign exchange, create hundreds of thousands of employment opportunities, expand the operations of local paper mills, stimulate ink and packaging manufacturing, and accelerate economic growth if printing activities are domiciled within the country.

Koko therefore appealed to the Federal Government to recognise the printing industry as a strategic pillar of national industrialisation and give Nigerian printers the necessary policy support to maximise its potential.

“Printing in Nigeria is a huge economic opportunity. It can save billions of naira in foreign exchange, create jobs for our youths, revive our paper mills, strengthen manufacturing and grow the national economy. It is time for the government to believe in Nigerian printers and give them the opportunity to handle the country’s printing needs. Nigerian printing jobs must remain in Nigeria for Nigerians,” he declared.

Meanwhile, CIPPON disclosed that the IDEC assessment exercise would continue across other printing facilities nationwide as part of efforts to identify investments and operators that can benefit from the scheme.

The Institute consequently appealed to printing companies and individual practitioners who have invested in modern printing equipment and machinery to contact the CIPPON President to initiate the necessary IDEC assessment processes and procedures.

The Institute reaffirmed its commitment to promoting investment, strengthening professional standards, expanding local printing capacity and positioning Nigeria as a major printing and packaging hub in Africa.

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Mbah Declares Emergency on Nsukka-Adani Road

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From Sylvia Udegbunam Enugu

Enugu State Governor, Peter Mbah has declared an emergency on the Nsukka-Adani Road, describing it as a critical economic corridor and promising to commence work on it before the end of the month.

Mbah also said that with the rains receding, his administration would commence the construction of the Edem-Nrobo-Abbi-Nimbo Road in earnest.

This was even as he took a swipe at his opponents in the 2027 governorship race, accusing them of wasting precious time in Abuja shopping for shortcuts and ways to compromise the polls rather than face the people of Enugu to canvass programmes that would benefit the state.

He spoke at Adani and Ugbene Ajima during a campaign tour of Ogboli and Igbo-Ano Development Centres in Uzo Uwani Local Government Area of the state on Tuesday.

On the Nsukka-Adani Road, Mbah said, “We have committed to doing the Nsukka-Adani Road. But I think that that road is now a matter of utmost urgency. We cannot wait for another season. We are sending contractors immediately to that road. We are going to fix that road. So, before the end of this month, we are going to move contractors there,” he pledged.

The Governor, while thanking the people for voting for him in the 2023 governorship election, expressed happiness that the issue of insecurity in the area had been well addressed.

He said the Smart Schools initiative would introduce the children of Enugu State to contemporary skills and prepare them for the present and future global economy.

Meanwhile, Mbah recalled that his opponents were yet to present any manifesto because they had nothing to offer, adding that they only specialised in multiple certificate forgery.

The Governor also made a stopover at Our Lady Health of the Sick Maternity Hospital (Arụ Ike Ndi Ọya), Adani, where he cleared all the medical bills of patients, running into millions, and also promised to equip the facility to the standard of the state’s Type 2 Primary Healthcare Centre, in addition to providing ultrasound equipment.

In their speeches, Deputy Governor of Enugu State, Barr. Ifeanyi Ossai; Senator Ikeje Asogwa; Council Chairman of Uzo Uwani, Barr. Chijioke Ezegwu; Director General of the All Progressives Congress (APC), Enugu, Campaign Council, Chief Charlie Mbah; Nollywood star, Rachael Okonkwo (Nkoli Nwa Nsukka), among others, commended the Governor for the tremendous development recorded in the state under his leadership, promising to support the, APC from top to bottom.

They acknowledged that the development challenges he inherited could be solved in three years and a few months, noting that the important thing was that he was delivering on his campaign promises at great speed.

Other stalwarts present include Senator Chukwuka; Deputy DG of Enugu APC Campaign Council, Dr. Dan Shere; House of Representatives candidate for Igbo Etiti/Uzo Uwani Federal Constituency, Hon. Cornelius Onwubuya; Commissioner for Agriculture and Agro-Industrialisation, Dr. Patrick Ubru; Member representing Uzo Uwani State Constituency, Hon. Chukwuma Ekwueme.

Mbah, who was warmly received by the students of Santa Maria Nursery and Primary School, Adani, pledged to construct a classroom block and set up an innovation hub for the school.

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