Nelson Ugwuagbo

The Central Bank of Nigeria (CBN) has raised the monetary policy rate to 27.50 per cent from 27.25 per cent.

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 27.50% from the previous 27.25%.

The decision was announced by CBN Governor, Yemi Cardoso, during the final Monetary Policy Committee (MPC) meeting of the year held at the bank’s headquarters in Abuja on Tuesday.

The MPR serves as the benchmark interest rate, influencing lending rates in the country

More to follow…

The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.

The Chief Corporate Communications Officer of the company, Femi Soneye, broke the news on X platform on Tuesday, 26th of November, 2024.

Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.

Details later…

At least 30 people have been reported dead following attacks by suspected armed herdsmen on communities in Katsina-Ala and Logo Local Government Areas (LGAs) of Benue State over two days.

The attacks, which also left many injured and several others unaccounted for, began on Sunday morning in the Azege settlement of Tombo Council Ward, Logo LGA. Chief Joseph Anawa, a community leader in Logo LGA, stated that over 300 heavily armed men believed to be militia invaded the area at around 7 a.m. Sunday. “The attackers appeared to be hired from outside Nigeria, as they looked different from the herdsmen we have around,” Anawa said. “They stormed the community with sophisticated weapons, overwhelming local security operatives.

It was only after a military jet intervened that the attackers were repelled.” Anawa confirmed that over 20 bodies had been recovered as of Monday, with a search for more victims ongoing.

On Monday morning, armed herdsmen also attacked Adabo village and Tse Gwebe settlement in Utange Council Ward, Shitile, Katsina-Ala LGA. Eyewitnesses reported that the assailants killed over 10 people and destroyed properties.

Security operatives and the military reportedly managed to repel the attackers after significant damage had been done. The Chairman of Katsina-Ala LGA, Justine Shaku, confirmed the attacks, describing the security situation as dire. “Many heavily armed men stormed Adabo village and Tse Gwebe, killing residents, looting properties, and destroying valuables,” Shaku said.

The Chairman of Logo LGA, Clement Kev, corroborated the reports of attacks in Tombo Council Ward, claiming the assailants came from Nasarawa State. “They killed 17 people and injured over 30 in my area.

The governor has mobilized more security to the affected locations, and peace has been restored,” Kev stated. The attacks highlight the ongoing security challenges in Benue State, which has frequently been targeted by armed herdsmen. Authorities have vowed to intensify efforts to protect lives and property in the region.

The Edo State Government has alleged that almost 500 official vehicles from the previous administration remain unaccounted for, significantly higher than the initial figure of 200 announced earlier.

Fred Itua, Chief Press Secretary to Governor Monday Okpebholo, disclosed the updated figure during an appearance on Channels Television’s Lunchtime Politics on Monday. The development follows a recovery effort initiated by Okpebholo shortly after assuming office.

“So far, the committee set up to recover vehicles has, as of this morning, recovered about 10 vehicles,” Itua said. “The chairman of the committee informed me that the initial figure of 200 was understated, and almost 500 vehicles are still missing.”

Itua added that 21 of the missing vehicles had been traced to the residence of a senior appointee from the administration of former Governor Godwin Obaseki. He further noted that another 15 vehicles were discovered at the home of another high-ranking official from the same administration.

The recovery committee, led by Kelly Okungbowa, has vowed to retrieve these vehicles and other state assets held in private hands in the coming days.

Itua lamented that some officials in the current administration lack vehicles, claiming that Governor Okpebholo inherited no assets from the Obaseki government.

Okpebholo recently launched a committee to probe Obaseki’s administration, citing his commitment to “probity, accountability, and transparency in governance.”

However, Obaseki has dismissed the probe as a distraction, accusing his successor of incompetence. His media aide, Crusoe Osagie, criticized the initiative as a “smokescreen” to mask Okpebholo’s lack of preparation for leadership.

“We know what their plans are with these diversionary probes,” Osagie said. “It is just a smokescreen to mask the governor-elect’s incompetence and unpreparedness for office, having come into power through a stolen mandate.”

Osagie urged Okpebholo to focus on governance and improving the lives of Edo State residents rather than engaging in what he called “meaningless probes.”

The Nigerian Air Force (NAF), under the Air Component of Operation Hadin Kai, has destroyed a terrorists’ food depot and neutralized several insurgents in an airstrike on their enclave at Jubillaram, in the Tumbuns area of the Lake Chad Basin.

This was disclosed in a statement on Monday by Air Commodore Olusola Akinboyewa, Director of Public Relations and Information for the NAF, in Abuja.

Akinboyewa revealed that the operation, conducted on November 23, targeted a strategic site identified through detailed intelligence gathering as a critical food storage facility and a hideout for terrorist commanders and fighters.

According to him, intelligence linked the terrorists at the location to recent attacks, including a November 16 assault on troops in Kareto.

In response, NAF fighter jets carried out precision airstrikes, destroying storage facilities and neutralizing insurgents in the area. “Mop-up operations using cannons ensured the complete elimination of fleeing hostile elements,” Akinboyewa stated.

He highlighted that extensive Intelligence, Surveillance, and Reconnaissance (ISR) missions over several days confirmed the presence of terrorist structures concealed under dense vegetation, enabling the success of the operation.

“The destruction of the terrorist enclave, including food storage facilities, has severely disrupted their logistical operations, while the neutralisation of a significant number of fighters has diminished their capacity to launch future attacks,” he added.

Akinboyewa emphasized the NAF’s commitment to defending Nigeria and its citizens, both through independent operations and in collaboration with ground forces. He reiterated the Force’s resolve to sustain rigorous operations until all threats to Nigeria’s peace and prosperity are eliminated.

Matthew Kukah, the Catholic Bishop of Sokoto Diocese, has expressed that nearly all Nigerian presidents assumed office without adequate preparation for leadership.

Speaking in Abuja on Sunday during the fourth Amaka Ndoma-Egba memorial lecture titled “Leaders of Tomorrow: Creating Lasting Change in a Complex World,” Kukah highlighted the challenges of governance in Nigeria and the recurring lack of readiness among its leaders.

The Bishop specifically referenced President Bola Tinubu, noting that despite claiming to have prepared for leadership, he appears to be struggling to steer the country.

“If we look at Nigeria’s leadership journey, you will find that almost every leader who came to power did so by accident,” Kukah said.

He outlined a sequence of Nigerian presidents to illustrate his point:

President Tinubu succeeded Muhammadu Buhari, who he described as “disengaged from governance.”

Buhari followed Goodluck Jonathan, a leader who, according to Kukah, never envisioned becoming president but was propelled into office by circumstances.

Jonathan took over from Umaru Musa Yar’Adua, who reportedly planned to return to teaching after serving as governor.

Yar’Adua succeeded Olusegun Obasanjo, who was released from prison unexpectedly to lead the country.

Before Obasanjo, Sani Abacha, who aimed to rule indefinitely, was stopped only by “nature’s intervention.”

Abacha followed Ernest Shonekan, a business executive unexpectedly drafted into leadership.

Kukah emphasized that the recurring issue among these leaders is a lack of preparation and adequate knowledge to govern effectively. “The cycle is evident, and the missing link in all of this is knowledge and preparation,” he concluded.

The Independent National Electoral Commission (INEC) has dismissed allegations made by governors of the Peoples Democratic Party (PDP) concerning the conduct of the 2024 Edo State governorship election.

The PDP governors, during a two-day meeting held in Jos, Plateau State, alleged that electoral irregularities hindered their candidate, Asue Ighodalo, from securing victory. They also accused INEC of manipulating results in the recent Ondo State election to favor the All Progressives Congress (APC).

In a statement, the governors described the alleged actions as “institutional sabotage of the will of the people” and urged the judiciary and lawmakers to strengthen electoral laws to prevent such occurrences.

Responding, Rotimi Oyekanmi, Chief Press Secretary to the INEC Chairman, called the allegations “unfortunate and inappropriate,” asserting that the Commission, as a law-abiding institution, does not comment on matters before the courts.

Oyekanmi criticized the governors for engaging in what he termed a “media trial” and advised them to substantiate their claims through legal proceedings. He noted that the PDP has already filed a petition at the tribunal to challenge the Edo election results, where they are expected to present their evidence.

On the Ondo State election, Oyekanmi defended INEC’s conduct, describing it as one of the Commission’s best-organized polls. He called on political parties to embrace sportsmanship, stating, “It is not healthy to accept the outcome of an election only when you win.”

A Nigerian woman has accused Access Bank of withholding over ₦500 million allegedly belonging to her late brother, Awal Edet. The case, which began since 2019 has shed light on the corruption in access bank and the Nigerian banking sector in general.

Awal Edet, who passed away on April 17, 2019, did not leave a will before his death. Before his passing, he reportedly disclosed details of his properties and bank accounts to his sister. To claim the assets, she obtained a Letter of Administration from the Abuja High Court.

On the court’s advice, she sought verification of the bank accounts linked to Edet’s Bank Verification Number (BVN) through the Central Bank of Nigeria (CBN). The CBN’s response revealed four accounts:

₦10 million in GTBank,
₦2.9 million in Diamond Bank (now part of Access Bank),
₦3 million in Keystone Bank, and
Over ₦500 million in a Diamond-Access Bank CBN-linked account.
Recovery of Funds
The woman successfully retrieved funds from GTBank and Keystone Bank upon providing the necessary documentation. However, issues arose with the accounts linked to Access Bank:

Diamond Bank Account (₦2.9 million):
Initially, Access Bank denied the existence of this account. After several visits and a confrontation with the branch manager, the bank admitted to the account and released the ₦2.9 million in cash.

Diamond-Access Bank CBN-Linked Account (₦500 million):
When she attempted to claim the ₦500 million, Access Bank initially denied the existence of the account. Upon presenting her brother’s BVN, the bank acknowledged the account but claimed it held only ₦1.35.

Frustrated by the discrepancies, the woman engaged a lawyer to demand a complete account statement and supporting documents, including details of all transactions from the account’s inception on June 10, 2016.

The bank provided a partial statement but allegedly omitted all transactions between 2016 and 2020. Despite multiple petitions and court interventions from 2019 to 2024, Access Bank reportedly continued to delay the process, raising suspicions of internal malpractice.

The woman believes that senior officials within Access Bank may have diverted the funds and are attempting to cover up the activities.

VeryDarkMan, a public advocate supporting the case, has called on Nigerians to pressure Access Bank into addressing the matter transparently. He urged the public to withdraw their funds from the bank as a form of protest, stating, “The future of Nigerian families depends on ensuring accountability in our banking institutions. We cannot allow such practices to continue unchecked.”

The National Identity Management Commission (NIMC) has announced that Nigerians will be required to pay for the new multipurpose national identity cards due to limited government revenue.

Peter Iwegbu, NIMC head of card management services, disclosed this on Thursday during a two-day press conference in Lagos.

According to Iwegbu, the decision aims to ensure that only those who genuinely need the card receive it, thereby avoiding the inefficiencies of previous free distribution efforts. He noted that over two million identity cards produced in earlier attempts remain uncollected.

“Before we stopped due to funding, we produced more than two million cards, but a lot of them are still in our office. People were not able to pick them up because they didn’t need it,” Iwegbu explained.

He attributed the decision to low collection rates and the government’s inability to fund the production of ID cards amid revenue constraints.

“The government’s limited revenue is a major factor in the decision to make Nigerians pay for the new ID card,” he added.

To simplify access, Iwegbu said NIMC is collaborating with banks nationwide to enable citizens to request and obtain the cards at their nearest bank branch.