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Senate Confirms Cardoso as MPC Chairman, 11 Other Members

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By Eze Okechukwu, Abuja

Senate has confirmed Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN) as the Chairman of the Monetary Policy Committee (MPC) of the CBN together with 11 other members.

The Upper Chamber confirmed the 12 nominees after considering the report of the Committee on Banking, Insurance and Other Financial Institutions presented by Senator Abiru Adetokunbo, Chairman of the Committe during plenary yesterday.

The members of the MPC confirmed by the Senate were four Deputy Governors of the Central Bank of Nigeria;  Mohammed Sani Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor.

Other members confirmed by the Senate were: Lamido Yuguda; the Director General of the Securities and Exchange Commission (SEC), Jafiya Lydia Shehu; the Permanent Secretary of the Federal Ministry of Finance, Murtala Sabo Sagagi, Aloysius Uche Ordu, Aku Pauline Odinkemelu, Mustapha Akinwumi and Bamidele Amoo.

Recall that President Bola Tinubu had in a letter read on the floor of the Senate during plenary on Wednesday sought the confirmation of the nominees ahead of the MPC meeting next week.

The Senate President, Godswill Akpabio had referred the request to the Senate Committee on Banking, Insurance and other Financial Institutions for further legislative input and action.

Our correspondent reports that the MPC is the highest policy making committee of the apex bank, which is mandated to review economic and financial conditions of the economy, determine appropriate stance on policy in the short to medium term, review regularly the CBN monetary policy framework and adopt changes when necessary.

Senator Adetokunbo, chairman of the committee, while presenting the report assured that the chairman and members have the requisite knowledge and experience for the crucial task ahead of them.

He informed that the committe screened six of the 12 nominees on Wednesday, but did not screen the CBN Governor, Deputy Governors and the Permanent Secretary of the Ministry of Finance because they were recently screened by the Senate for their current positions.

He added that the committee required the curriculum vitae, security clearance and other necessary documents from the nominees and found them qualified for the various positions.

“All nominees are experienced in economics and financial services. Their appointment is accordance with provisions of the CBN Act 2007, and we did not receive any petition against them,” Adetokunbo said.

Contributing to the report, Deputy Senate President, Jibrin Barau assured that the committee can execute the task ahead of them.

In his remarks, Senator Osita Izunaso of Imo West pointed out that Nigerians were looking up to them to salvage the current economic crisis in the country.

The nominees who were grilled by the Senate on Wednesday assured Nigerians that they will work to address the foreign exchange crisis as well as food inflation as soon as possible.

Senate President Godswill Akpabio in his remarks congratulated those confirmed and urged them to use their wealth of experience in the financial sector to turn around monetary policy of the country, especially taking into consideration the current challenges facing the country.

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APC Offers Stable, Progressive Platform for Legislative Advancement – Sen. Banigo 

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By Eze Okechukwu, Abuja 

Senator Ipalibo Banigo ( Bayelsa West) has said the APC offers a more stable and progressive platform, with a view to the advancement of both legislative and developmental agenda for her constituency and the nation at large.

Senator Banigo who has since defected from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC) stated this yesterday while briefing newsmen in Abuja.

Banigo’s letter of defection was however read at plenary by the President of the Senate, Godswill Akpabio with the former Deputy Governor of River State explaining that her decision follows extensive consultations with his constituents, political associates, and critical stakeholders across Bayelsa West Senatorial District.

“Given the prevailing internal divisions, protracted leadership disputes, and ongoing litigations within the PDP, which have adversely affected cohesion, I formally write to inform you and my distinguished colleagues in the Senate of my decision to defect from the PDP and subsequently join the APC.

“I am convinced that the APC offers a more stable and progressive platform to advance the legislative and developmental agenda of my constituency and the nation at large”.

But while briefing journalists, Banigo added that “President Bola Tinubu deserves all our support and also to ensure that he has the opportunity to carry on and to complete some of these reforms and to take them forward.

“I want to work to support the First Lady, Sen. Oluremi Tinubu, because I’ve seen the support she has given to the President over the years, over his political journey.

“And her impact and work with women and youth all across the country. She moves up all over this nation, emboldening the women, encouraging the youth, and supporting those things that have a positive impact on the lives of our communities.

“So this, when I looked at all these things and thought through them, I was convinced that I’m making the right decision.”

The Senator further pointed out that looking at available indices, “we have had a lot of infrastructural projects completed. For instance, in my state, there was one major legacy project that had been in the pipeline for decades, I’ll put it, and it never seemed to have been completed.

“But in his tenure now, he has taken the bull by the horn and we have now got the Bonny Road which has been open since Christmas time.

“And I can tell you I drove down that road when I went to flag off the Bonny road on Dec. 20, and it’s just wonderful, and the Bonny people are so happy about it.

“It has made trade much easier. It has made transportation much simpler. The fear of sea pirates is no longer there, and it has made communication a lot better. So this is just one of many other projects”.

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Ondo Varsity Workers Embark on Seven-day Protest over Alleged Injustice

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The Joint Action Congress (JAC), Olusegun Agagu University of Science and Technology (OAUSTECH), Okitipupa in Ondo State, has commenced a 7-day peaceful protest over alleged injustice by the institution’s governing council.

The JAC includes the Senior Staff Association of Nigerian Universities (SSANU); Non-Academic Staff Union (NASU); and National Association of Academic Technologists (NAAT).

The protesters came in large numbers, singing solidarity songs at the institution’s main gate on Tuesday.

They also carried placards with various inscriptions such as: ‘Council led by Adesomoju is Illegal’, ‘Council, For Peace to Reign, Give to Ceaser what belongs to Ceaser’.

Other inscriptions were ‘Council Chairman must Go, Bye Bye Adesomoju’ and ‘Don’t Deny Our Members of their Promotions’, among others.

Bobola Bamigbola, the JAC Chairman, while addressing the protesters, said members would withdraw all services for the next seven working days.

According to him, the protest will stop when the management of the institution and the state government take decisive action on the matter.

“The Chairman of the governing council, Prof. Akinbo Adesomoju, was engaged in abuse of office and high-handedness, which is inimical to the development of the institution.

“Two of our members who passed their examination were summarily denied their promotion by the council chairman.

 “We also state equivocally that Adesomoju must step down as the council chairman for the infraction of the gazette establishing this institution.

“The gazette states that a council chairman must not exceed two terms, but Adesomoju is occupying the seat illegally in his third term.

 “We shall continue this protest for seven working days and withdraw our services until our demands are met.

 “If Adesomoju refuses to step down, the union will avail other actions within the ambit of the law and appropriate legal actions,” Bamigbola said.

Responding in a telephone interview, Adesomoju said he followed the laid-down rules and regulations for promotion at the institution.

 “I am not the council, I am just the chairman, and any decision taken on any issues in this institution cannot be said to be taken by me alone, but by the governing council at large.

“Well, the unions have the right to protest, but there are laid down rules and regulations for promotions, and unless the rules and regulations are met, the council will not accept anything short of that,” Adesomoju said.

Adesomoju was appointed the pro-chancellor and pioneer council chairman of the institution on March 6, 2008.

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FG, World Bank Inaugurate $500M Irrigation, Power Project

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The Federal Government, in partnership with the World Bank, has inaugurated the 500 million dollars Sustainable Power and Irrigation for Nigeria (SPIN) Project across the country.

The Minister of Water Resources and Sanitation, Prof. Joseph Utsev, on Tuesday said SPIN would strengthen dam safety, improve irrigation and hydropower, and support food security, economic growth, and environmental sustainability nationwide.

He added the project would boost Nigeria’s resilience to floods, droughts, and climate variability while promoting sustainable energy development and modern water management across rural and urban areas.

“SPIN aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises food security, economic resilience, and sustainable infrastructure development,” Utsev said, recalling the national emergency on food security declared by the President.

The minister explained SPIN had four components of institutional strengthening, irrigation modernisation, improved dam operations and safety, and project management to ensure effective coordination, monitoring, and accountability throughout implementation.

“A key feature is participatory irrigation management through strengthened Water Users Associations (WUAs), which will oversee operation, maintenance, and sustainability”.

Utsev commended compliant states and encouraged others to join to unlock SPIN’s benefits.

World Bank Country Director for Nigeria, Mathew Verghis, said economic reforms stabilised the economy, setting a new trajectory.

“The challenge is translating this start into growth, jobs, and opportunities for all Nigerians”.

Verghis noted SPIN built on the TRIMING irrigation project, reaching 1.7 million people and 14,000 hectares, leveraging private sector participation, including partnerships to scale irrigation and productivity.

World Bank Global Director for Water, Saroj Jha, highlighted SPIN’s priorities: maximising water storage, maintaining irrigation systems sustainably, and attracting private sector investments to improve efficiency and farmer incomes.

He said that many of Nigeria’s 400 dams were affected by siltation, and roughly a quarter of newly irrigated land was lost each year, adding that SPIN tackled those challenges through empowered WUAs.

“Public investment alone cannot meet food security needs. Private investment is crucial to improve water efficiency, farmer incomes, and productivity,” Jha said, urging stakeholders to recognise the economic value of water.

Jha reaffirmed the World Bank Group’s long-term commitment to supporting Nigeria in sustainable irrigation, water management, and climate-resilient agriculture for national development.

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