Nelson Ugwuagbo

The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has retained the country’s benchmark interest rate at 27.50% in its January meeting, maintaining the same rate set in November 2023 despite a decline in inflation.

CBN Governor Olayemi Cardoso announced the decision on Thursday in Abuja after the 299th MPC meeting. He stated that the pause in rate hikes was necessary following the recent drop in inflation, which fell to 24.48% in January after the Consumer Price Index (CPI) rebase.

“The members of the MPC unanimously agreed to retain the interest rate at 27.50%,” Cardoso said.

Other monetary policy parameters were also left unchanged, with the Cash Reserve Ratio (CRR) at 50%, the Liquidity Ratio (LR) at 30%, and the asymmetric corridor at +500/-100 basis points around the Monetary Policy Rate (MPR).

This marks the first pause in interest rate hikes since Cardoso assumed office in September 2023, aligning with calls from economists and financial experts for a policy pause. The Centre for the Promotion of Private Enterprise has been among the leading advocates for a halt in rate increases.

On Tuesday, the National Bureau of Statistics (NBS) reported a decline in Nigeria’s inflation rate, with headline inflation dropping to 24.48% in January from 34.80% in December, while food inflation fell to 26.08% from 39.93%.

The Senate has urged the National Judicial Council (NJC) to intervene in the alleged removal of the Chief Judge of Benue State, Justice Maurice Ikpambese, by the state assembly.

The resolution followed a motion sponsored by Senate Minority Leader Abba Moro and two other senators from Benue State, who argued that the circumstances and process of Ikpambese’s removal violated constitutional provisions.

Meanwhile, the Senate has passed a bill to amend the Federal Universities of Agriculture Act, aimed at facilitating the establishment of more such institutions to enhance agricultural activities and strengthen food security.

A mild drama unfolded at the commencement of plenary over the allocation of a new seat for Senator Natasha Akpoti-Uduaghan. The situation was contained after lawmakers intervened, as she initially refused to move to the designated chair.

According to Rule 6 of the Senate Standing Rules, the President of the Senate has the authority to allocate and reassign seats within the chamber.

The Osun State chapter of the All Progressives Congress (APC) has announced its withdrawal from the local government election scheduled for Saturday, February 22.

The decision was conveyed in a letter dated February 17, signed by the APC State Publicity Secretary, Alao Kamorudeen, and addressed to the Secretary of the State Independent Electoral Commission.

According to the letter, the party’s withdrawal follows the February 10 Court of Appeal judgment, which reinstated its previously elected chairmen and councillors.

“Recall that the judgment of the Federal High Court in suit No. FHF/OS/CS/94/2022 was meritoriously nullified on February 10 by the Court of Appeal in Akure, in appeal No. CA/AK/270/2022 between APC and three others v. People’s Democratic Party and others.

“By the judgment, the elected officers have resumed office as allowed by the Appeal Court. The implication of the Court of Appeal judgment is that the seats are no longer vacant,” the letter read.

The APC described the upcoming election as “unnecessary, superfluous, and unlawful” in light of the court ruling.

However, the ruling People’s Democratic Party (PDP) has maintained that the Court of Appeal judgment did not reinstate the sacked APC chairmen and councillors elected in 2022. The dispute led to violent clashes on Monday as both parties laid claim to local government secretariats across the state.

Police authorities confirmed that six people were killed and several others injured in the unrest.

Former military President Ibrahim Babangida received nearly ₦17 billion in donations from top Nigerian business figures during the public launch of his autobiography, A Journey in Service.

Leading the contributions was billionaire industrialist Aliko Dangote, who pledged ₦8 billion, structured as ₦2 billion per year over four years. Abdulsamad Rabiu followed with a ₦5 billion donation, while other prominent figures, including Folorunsho Alakija, also contributed undisclosed amounts.

The event, organized by the IBB Presidential Library Foundation, celebrated Babangida’s legacy and attracted key figures from Nigeria’s political and business sectors.

The autobiography is now available at major bookstores, including Roving Heights, with the paperback priced at ₦40,000 and the hardback at ₦50,000.

The Chief of Army Staff, Lieutenant General Olufemi Oluyede, has reaffirmed the Nigerian military’s commitment to eliminating wanted bandit leader Bello Turji.

Speaking on Thursday in Gusau, the Zamfara State capital, Oluyede stated that Turji remains on the run, but assured that the military is actively pursuing him.

“Bello Turji is on the run as we speak, and wherever he goes, we follow. Let him keep running—it is only a matter of time before he is eliminated,” he said while addressing journalists at the Headquarters of Operation Fasan Yamma.

The army chief highlighted recent successes in the fight against banditry, noting that several prominent bandit leaders, including Samaila, Boga, and Boderi, have been killed in recent months. He reiterated the troops’ determination to restore security in Zamfara and the wider North-West region.

“We are actively pursuing these criminals and remain committed to making the North-West safe,” he added.

Acknowledging the challenges faced by troops in the ongoing operations, Oluyede expressed confidence in their ability to overcome them. He also called on Nigerians to support the military by providing timely intelligence.

Earlier, Oluyede inspected the quarter guard under tight security before receiving an operational briefing from the Theatre Commander, Major General Oluyinka Soyele.

His visit, the first since his appointment on October 30, 2024, comes at a time when troops are intensifying efforts to combat banditry and other security threats in the region.

Operation Fasan Yamma remains a key part of the Nigerian Army’s strategy to restore peace and stability in the North-West, which has been plagued by rising incidents of banditry and kidnapping.

President Bola Ahmed Tinubu has approved the appointment of Dr. Saviour Enyiekere as Chairman of the National Assembly Service Commission (NASC) for a five-year term.

The announcement was made in a statement on Thursday by Tinubu’s media aide, Bayo Onanuga.

Until his appointment, Enyiekere, an environmental specialist, served as Deputy Chief of Staff to the Senate President.

The President also approved the appointment of two commission members from each of the six geopolitical zones. The appointees are as follows:

North West:

• Suleiman Othman Hunkuyi
• Hon. Yusuf A. Yusuf Tabuka

North East:

• Aminu Ibrahim Malle
• Alhaji Lawan Maina Mahmud

North Central:

• Mark Hanmation Tersoo
• Salihu Umar Agboola Balogun

South West:

• Hon. Taiwo Olukemi Oluga
• Hon. Afeez Ipeza-Balogun

South East:

• Hon. Dr. Nnanna Uzor Kalu
• Festus Ifesinachi Odii

South South:

• Patrick A. Giwa
• Mrs. Mary Ekpenyong

The management of Enugu State University of Science and Technology (ESUT) has indefinitely suspended three lecturers and a student over allegations of extortion, grade manipulation, and selling grades to students.

The affected lecturers are Dr. Ezugwu Samuel Ndubuisi (Department of Anatomy), Dr. Ugwuishi Emeka (Department of Physiology), and Dr. Nwafor Charles (Department of Physiology). Also suspended is ThankGod Chinonso Obi, a Medical Laboratory Science student accused of aiding and abetting the offenses.

The suspensions, effective from January 23, 2025, followed recommendations from the ESUT College of Medicine (ESUCOM) Disciplinary Committee, which were reviewed by the university’s Management Committee. The case has been referred to the Senior Staff Disciplinary Committee for further investigation.

According to reports, the lecturers allegedly conspired with Obi, who served as a class representative, to solicit money from students in exchange for grade alterations. Sources revealed that Obi would inform students they had failed or received poor grades, pressuring them to pay for adjustments.

The university has assured that a thorough investigation will be conducted to ensure accountability and maintain academic integrity.

Resident doctors at the University College Hospital (UCH), Ibadan, have suspended the indefinite strike they embarked on a day earlier.

The General Secretary of the UCH Association of Resident Doctors (ARD), Uthman Adedeji, confirmed the development in an interview with the News Agency of Nigeria (NAN) on Tuesday night.

The doctors had commenced the strike on Monday in protest over the prolonged power outage in parts of the hospital’s residential quarters. Although the Ibadan Electricity Distribution Company (IBEDC) restored electricity to UCH last Wednesday following over 100 days of blackout, some residential areas remained disconnected.

Following the full restoration of power to all affected quarters, the association resolved to suspend the industrial action.

“Arising from the Emergency General Meeting (EGM) we just ended this Tuesday night, we now state that the total and indefinite strike embarked upon at 4:01 p.m. on Monday has been suspended,” Adedeji announced.

He added that work would resume at 8 a.m. on Wednesday, with all members expected to return to their duty posts.