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Nigeria Will Appeal $9bn Debt Judgment- Emefiele

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CBN Governor, Godwin Emefiele
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‘Buhari’s directive on food import part of CBN policies since 2016’

By Mathew Dadiya, Abuja

The governor of the Central Bank of Nigeria, Godwin Emefiele Monday, said that the country would appeal the recent judgment of the United Kingdom, Business & Property Courts (the Commercial Court) which awarded a cumulative sum of $9bn against Nigeria and in favour of a foreign firm, Process & Industrial Developments Limited.

 

The central bank governor, disclosed this while speaking to State House correspondents at the sidelines of a  presidential retreat for ministers – designate, at the Presidential Villa, Abuja.

Emefiele also assured investors across the globe not to entertain any fear over the matter adding that Nigeria has sufficient and strong grounds on the basis of which it could file a stay of execution and appeal.

He maintained that the federal government would aggressively follow through to ensure that the execution of that judgement was stayed and that the appeal succeeds at every level both within Nigeria and abroad. 

“It is important for me to use this opportunity to assure our friends, local and foreign investors who called to expressed solidarity with us, not to express concern but to say that there is no need for anybody to worry, ” he said.

The apex bank boss explained that  there were certain anomalies in the process leading to the award of the contract which was being looked into by the Economic and Financial Crimes Commission(EFCC).

”I am not scared at all and I think it is also important that this question has come up. Since the news about the judgement broke out late on Friday, we have been discussing with our counsel, and they have advised that there are sufficient and strong grounds on the basis of which we could file a stay of execution and also an appeal against that judgement. 

“We know that the implication of that judgement has some impact on monetary policy and that is why the CBN is going to step forward and very strongly too to ensure that we defend the country and defend the reserves of the Federal Republic of Nigeria. 

The CBN governor also clarified that  President Muhammadu  Buhari’s recent  directive on food importation was already on the bank’s management forex policies since 2016.

He explained: ”Mr. President’s comment on the issuing of forex to people who import food items into the country, is in the logic of CBN’s management foreign exchange policies that we started since 2016.

“If you recall, we started with about 41 items (food and non-food items), because we believe that those items can be produced in the country.

“As we stand today, there are about 43 items on that list and I will say substantially most of them are food items. We are basically saying, if we have a food item that can be produced in the country, why should we waste scare foreign exchange importing those items into the country, when those can be produced in the country.

He  also described the  attempt to misrepresent the comments of the President as very unfair and unfortunate. 

According to him,the move  by the president is  to strengthen the position of CBN, “to say that he believes in what the CBN has been doing since 2016 and there is need for us to reinforce that going forward.”

“I will say that to be honest, we would aggressively go more into the list of items that are being imported into the country, items that can be produced in Nigeria. 

“I will like to stress that we would ensure  that more of these items will get on the list of items that are going to be restricted from accessing foreign exchange in Nigerian banking industry not just from the CBN source.

” Because, I have heard some comments that maybe it’s about the CBN’s source, it is not the CBN’s source, we are saying you will not be able to access foreign exchange from the Nigerian banking industry because it is important for us to produce these items in Nigeria and we will follow through on them. 

The CBN governor maintained that there would not be an amendment to the forex restriction policy for some items.

“There will never be an amendment because the issue is this, why should we be exporting jobs to other countries? Today we are complaining that there is a high rate of unemployment, leading to some extent the level of insecurity in the country, why should we allow people to import food that can be produced in the country?”

He emphasised that Nigeria needs to improve wealth in her rural communities, insisting, “we will not change course, we will even be more aggressive on this programme.”

On whether the President’s directive  will affect the  Africa Free Trade Continental Area Agreement Emefiele explained that it would not affect the content of the AfCFTA. 

He said, ”in any case the AfCFTA is an agreement that is ongoing, the terms of engagement are still being discussed and negotiated.

” The important thing is that Nigeria needs to stand as the largest economy in Africa and the largest populated country in Africa, we need to stand and dictate the terms under which we want to be in it and this is what we are staying.  

The CBN governor said it’s wrong and inappropriate that an item that could be produced in Nigeria should be imported into Nigeria.

 At this time, Emefiele said “we need to create jobs for our country, for the youths. 

“We yearn for growth and the only way we can really accelerate growth in Nigeria between now and next four years is to see to it that items that can be produced in Nigeria are indeed produced in Nigeria rather than being imported into the country.”

Economy

Imo records over $1m from non-oil exports in 2025 – NEPC

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The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.

The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.

50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.

Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.

He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.

According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.

“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.

“We also trained about 600 exporters and small and medium-scale enterprises,” he said.

Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.

One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.

Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.

Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)

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Economy

NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions

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By David Torough, Abuja

In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.

The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.

According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.

“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,”  a statement by Head of Public Affairs of NCC, Nnen Ukoha said.

Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.

The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.

  Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said   the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.

“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .

Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.

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Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

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By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

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