Headlines

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to retain the Monetary Policy Rate (MPR) at 27.5 percent.

CBN Governor Olayemi Cardoso made the announcement on Tuesday during a press briefing following the 300th MPC meeting held in Abuja.

“The committee unanimously agreed to retain the MPR at 27.5 percent,” Cardoso said.

Other key monetary parameters were also left unchanged. The Cash Reserve Ratio (CRR) remains at 45 percent for commercial banks and 16 percent for mortgage banks, while the Liquidity Ratio (LR) stays at 30 percent. The asymmetric corridor around the MPR was maintained at +500/-100 basis points.

Cardoso said the decision to hold rates steady was informed by recent data showing a slight easing in inflation. Nigeria’s headline inflation rate declined to 23.7 percent in April, according to figures released last week by the National Bureau of Statistics (NBS).

The MPC, he noted, will continue to monitor economic indicators and adjust policy tools as necessary to ensure macroeconomic stability.

Amid intensifying political realignments ahead of the 2027 general elections, former Labour Party presidential candidate Peter Obi is poised to formally declare his candidacy for president, this time as the leading contender rather than a running mate.

Multiple sources confirmed over the weekend that Obi, who ran in the 2023 polls under the Labour Party, is preparing to unveil his 2027 presidential ambition alongside the political platform he intends to contest under.

“Peter Obi will not run as anyone’s running mate. He led a three-day meeting with Atiku’s team, and they could not agree on the vice-presidential offer,” one source familiar with the negotiations said. “Within the week, he will present himself as a presidential contender and may unveil his party platform.”

The development comes as coalition talks between Obi’s camp and that of former Vice President Atiku Abubakar reportedly collapsed. Atiku is now said to be in advanced talks with the African Democratic Congress (ADC), exploring the possibility of contesting under its banner.

The ADC, currently led by Chief Ralph Okey Nwosu, is undergoing a leadership restructuring and absorbing former members of the defunct Congress for Progressive Change (CPC), according to party insiders. The party is expected to emerge as one of the major platforms in a projected three-horse race for the presidency.

Chief Nwosu confirmed that several high-profile politicians have approached the party but declined to comment specifically on Atiku’s plans, citing the party’s upcoming primary and national convention.

The evolving political landscape suggests both Obi and Atiku are repositioning themselves ahead of what promises to be a highly competitive 2027 contest.

A crash has occurred on Karu Bridge along the Nyanya-Keffi expressway in Abuja, less than 24 hours after a fatal accident was reported at the same location.

According to eyewitnesses, the incident involved a trailer and a vehicle transporting sachet water, commonly referred to as “pure water.”

Emergency responders arrived at the scene shortly after the crash, though the number of casualties has not yet been confirmed.

The repeated incidents have raised fresh concerns over road safety along the busy route, which links the Federal Capital Territory to Nasarawa State.

Details later….

The South East Caucus of the House of Representatives has called for the immediate resignation of the Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Ishaq Oloyede, citing what it described as a “catastrophic institutional failure” in the conduct of the 2025 Unified Tertiary Matriculation Examination (UTME).

In a statement issued on Monday, the caucus leader, Hon. Igariwey Enwo, criticised the examination body for technical glitches that reportedly affected nearly 380,000 candidates, many of whom have now been directed to retake the examination.

The lawmakers described JAMB’s response to the incident as “grossly inadequate,” citing poor communication, scheduling conflicts with ongoing WAEC examinations, and the short notice given to candidates for the rescheduled test.

They called for the immediate cancellation of the 2025 UTME and the fixing of a new date—preferably after the conclusion of WAEC and NECO exams—to avoid further disruption to students’ academic schedules.

The caucus also demanded the suspension of officials responsible for JAMB’s digital operations and logistics.

“Over the past week, we have exercised restraint, hoping that JAMB would provide effective remedial measures to address what is clearly a catastrophic institutional failure—one that has severely shaken public trust and the confidence of students and their families nationwide,” the statement read.

According to the lawmakers, all five South Eastern states were directly affected by what they referred to as “score distortions,” adding that the measures taken so far by JAMB had fallen short of expectations.

They criticised the Board’s “knee-jerk, fire-brigade approach,” noting that many students currently sitting for the WAEC examinations were given less than 48 hours’ notice to sit for the rescheduled UTME.

“This notice was grossly inadequate, resulting in low turnout. In some cases, the rescheduled UTME clashed directly with ongoing WAEC papers, compounding the distress and confusion for students and their families,” the statement added.

The caucus insisted that accountability must go beyond public apologies, stating that Prof. Oloyede’s resignation would pave the way for an independent review of the failure and help restore public confidence in JAMB.

The Deputy Speaker of the Edo State House of Assembly, Hon. Maria Oligbi-Edeko, has resigned from her position.

Oligbi-Edeko, who represents Esan North-East II, announced her resignation during plenary on Monday in Benin City, the state capital.

Her decision follows the recent shift in the Assembly’s political balance, after several members of the Peoples Democratic Party (PDP), including the Speaker, defected to the All Progressives Congress (APC), rendering the PDP a minority in the House.

Oligbi-Edeko was elected Deputy Speaker on June 16, 2023. Following her resignation, lawmakers unanimously elected Hon. Osamwonyi Atu, who represents Orhionmwon East under the APC, as the new Deputy Speaker.

During the session, Majority Leader Hon. Jonathan Aigbokhan moved a motion requesting that all entitlements due to the office of the Deputy Speaker be accorded to Oligbi-Edeko. The motion was seconded by Minority Leader Hon. Charity Airobarueghian and was unanimously adopted.

In her resignation letter, Oligbi-Edeko cited the need to uphold justice, fairness, and equity across all constituencies. She also expressed appreciation to PDP leaders and members for the opportunity to serve her constituency in the House.

Fellow lawmakers commended her commitment and dedication to public service.