Tight monetary policy reduced inflation by 10 points – CBN

CBN-VUILDING-700×375Nigeria’s sustained monetary tightening has played a central role in slowing inflation, with research estimates showing that the Central Bank of Nigeria’s policy stance accounted for as much as 10 percentage points of the decline in headline inflation, the Governor of the Central Bank of Nigeria and Chairman of the Monetary Policy Committee, Olayemi Cardoso, has said.

This was stated in his personal statement released by the apex bank on its website on Wednesday. Cardoso, in his personal statement at the Monetary Policy Committee meeting held in November 2025, described the outcome as strong counterfactual evidence of the effectiveness of monetary policy despite significant domestic and global headwinds.

He said the findings reinforced the need for bold and consistent actions to preserve price stability.

In the statement, Cardoso said, “Research estimates indicate that our tight policy stance has accounted for up to 10 percentage points of the decline in headline inflation, providing encouraging counterfactual evidence on the effectiveness of monetary policy in the current environment and a reminder of the need to consistently take bold actions.”

Data show that headline inflation declined to 16.05 per cent in October 2025 from 18.02 per cent in September and is now 8.43 percentage points lower than the 24.48 per cent recorded in January 2025.

The CBN governor noted that the disinflation has been broad-based, cutting across headline, food, and core inflation, with momentum strengthening in recent months. According to him, the slowdown reflects reduced foreign exchange volatility, lower food prices, and better-anchored inflation expectations, supported by a relatively stronger naira.

He added that the exchange rate has become significantly less volatile and has shown signs of market-driven appreciation, while foreign reserves have continued to strengthen following reforms that improved capital inflows and triggered structural shifts in Nigeria’s balance of payments.

Beyond inflation, Cardoso said macroeconomic conditions have improved, with rising investor confidence, stronger external buffers, and positive business and household sentiment supporting long-term investment in critical sectors of the economy.

However, he warned that risks to the outlook remain elevated, citing global uncertainties, geopolitical tensions, and Nigeria’s recent designation by the United States as a Country of Particular Concern. He noted that although the designation is rooted in security issues, it could have economic spillover effects.

He also identified the 2026 political cycle as a key domestic risk, given the historical link between pre-election fiscal expansion and inflationary pressures, exchange rate depreciation, and external sector stress.

The CBN governor said fiscal reforms, though necessary, often take time to deliver results and may introduce new challenges in the interim, stressing that monetary policy must remain alert and proactive to prevent any reversal in the disinflationary trend.

Cardoso said deliberations at the November meeting supported maintaining a tight monetary stance, identifying excess system liquidity as a major threat to price stability. He argued that holding policy rates steady would reinforce stability and signal confidence that the current stance is delivering the desired results.

He added that improved anchoring of overnight market rates within the standing facilities corridor shows stronger policy transmission to the wholesale market, providing room for operational adjustments to better manage liquidity conditions.

Based on this assessment, Cardoso supported retaining the Monetary Policy Rate at 27 per cent, adjusting the standing facilities corridor to +50/-450 basis points, maintaining a 45 per cent cash reserve ratio for commercial banks and a 75 per cent CRR on non-TSA public sector deposits, while keeping the liquidity ratio unchanged at 30 per cent.

BOI names Mubarak as investment subsidiary MD

Olayinka MubarakThe Bank of Industry has announced the appointment of Olayinka Mubarak as the Managing Director of BOI Investment & Trust Company Limited, its wholly owned subsidiary.

According to the bank in a statement on Thursday, Mubarak brings over 25 years of experience in banking and financial services, spanning development finance, treasury management, public sector, commercial and retail banking, corporate and private banking, as well as investment banking.

The bank added that she has attended numerous local and international training programmes, equipping her with global perspectives and best practices in financial services, leadership, and governance.

Prior to her appointment, Mubarak held various senior leadership roles at the Bank of Industry, where she was part of the team that drove significant impact across key sectors of the economy.

In 2017, she was appointed by the Federal Government to the Board of the Solid Minerals Development Fund, a role that further underscored her experience in governance and public sector oversight.

As Managing Director, Mubarak will provide strategic leadership for BOI-ITC, overseeing its core business areas of trusteeship, custodial services, financial planning, and advisory services.

The bank noted that her leadership will focus on strong governance, operational excellence, and sustainable value creation at the subsidiary.

Shell’s $5bn Bonga S’West project gets presidential support

President Bola Tinubu has approved targeted incentives to unlock Shell’s long-delayed $5bn Bonga South-West deep-offshore oil project. He also directed his Special Adviser on Energy, Olu Verheijen, to facilitate the gazetting of the incentives in line with Nigeria’s existing legal and fiscal frameworks.

Tinubu gave the approval on Wednesday while receiving a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, at the State House, Abuja, on Thursday.

The President’s Special Adviser on Media and Public Communication, Sunday Dare, announced the approval in a statement on Thursday titled: ‘President Tinubu approves targeted incentives to unlock jobs, FX inflows from Shell’s Bonga Southwest Project and other deep offshore projects.’

The Bonga Southwest project, located approximately 120 kilometres offshore Nigeria in water depths exceeding 1,000 metres, has been stalled for over a decade due to fiscal disagreements between the Federal Government and Shell Nigeria Exploration and Production Company and its joint venture partners.

The project, estimated to cost over $5bn, is expected to produce about 150,000 barrels of oil per day at peak capacity and holds significant potential for gas production, experts say.

Previous administrations struggled to reach an agreement with Shell on the fiscal terms for the project, with the oil giant seeking incentives to make the capital-intensive deep-water development commercially viable amid declining global oil prices and Nigeria’s challenging investment climate.

Announcing the breakthrough, Tinubu said the approved incentives are “disciplined, targeted, and globally competitive,” designed to attract new capital without undermining government revenues.

He stated, “These incentives are not blanket concessions. They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition. My expectation is clear: Bonga Southwest must reach a Final Investment Decision within the first term of this administration.”

Tinubu directed his Special Adviser on Energy, Olu Verheijen, to facilitate the gazetting of the incentives in line with Nigeria’s existing legal and fiscal frameworks, including the Petroleum Industry Act 2021.

The President emphasised the strategic importance of the project to Nigeria’s economy, noting its potential to create thousands of direct and indirect jobs, generate significant foreign exchange inflows, and deliver sustained government revenues over its lifespan.

He added that the project would deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services. Tinubu reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed, noting that these reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.

He revealed that Shell and its partners have invested nearly $7bn in Nigeria in the past 13 months, particularly in the Bonga North and HI projects, describing this as evidence that the country’s economic and energy-sector reforms are yielding results.

Responding, Shell CEO Wael Sawan said Nigeria’s investment climate has improved remarkably under the Tinubu administration, adding that the company is increasingly confident in Nigeria as a destination for long-term investment.

The Bonga field, operated by Shell, commenced production in 2005 and was Nigeria’s first deep-water development.

Lagos tops APC nationwide e-registration as lawmaker raises exclusion allegations

Lagos State has taken the lead in the All Progressives Congress, APC, nationwide e-registration exercise, emerging as the state with the highest number of digitally registered members among the 36 states and the Federal Capital Territory.

The e-registration programme, which commenced in December 2025 and is scheduled to conclude on January 31, 2026, was introduced to create a comprehensive digital database of party members across the country.

DAILY PIST reports that Lagos began its registration process on January 5, 2026, and within a short period displaced Delta State, which had topped the chart for nearly three months.

In just 15 days, the state recorded remarkable figures, putting it on course to meet its ambition of enrolling millions of members into the party.

Lagos State Coordinator of the exercise, Comrade Prince Ayodele Adewale, attributed the achievement to meticulous planning, strong collaboration with local government officials and ward-level party structures, as well as the effective deployment of technology to track and manage registrations in real time.

He expressed gratitude to Governor Babajide Olusola Sanwo-Olu, Deputy Governor Dr. Obafemi Hamzat, and members of the Lagos State House of Assembly for their support throughout the process.

Adewale also commended the state APC Chairman, Pastor Cornelius Ojelabi, members of the state executive council, and the Governance Advisory Council, GAC, led by Alhaji Oluyole Olusi, for their strategic leadership and efforts in mobilising party members across the state.

Meanwhile, a member of the House of Representatives representing Kaura-Namoda/Birnin Magaji Federal Constituency in Zamfara State, Hon. Sani Jaji, has raised concerns over alleged attempts to undermine the APC ahead of the 2027 general elections through the ongoing e-membership registration exercise.

Speaking with journalists in Bauna after meeting with the party’s National Chairman, Prof. Nentawe Yilwatda, the lawmaker alleged that certain individuals were deliberately excluded from the registration process.

According to him, some members affiliated with the Jajiyya movement in the state were denied the opportunity to register.

“I met with the National Chairman today because when the e-registration started, I was out of the country on Lesser Hajj. While I was away, my people contacted me and complained that there was a problem,” Jaji said.

“They prevented the State Organising Secretary from fully participating in the process, and some members of the Jajiyya movement were denied registration. Up to this moment, I have not been registered, despite being a sitting member of the House of Representatives and having served as Director of Contact and Mobilisation during the 2023 presidential campaign. That made it clear to me that something was wrong.”

The lawmaker explained that his visit to the party secretariat was prompted by fears that similar internal issues had previously weakened political parties.

He recalled that comparable developments contributed to the decline of the Peoples Democratic Party, PDP, in 2015.

“They undermined the party’s structure in the state, and that was one of the reasons the party collapsed, among other factors.

“We needed to bring this to the attention of the National Chairman so that urgent steps can be taken to stop actions that are unhealthy for the party,” he said.

He stressed the need for transparency and inclusiveness in the registration process to safeguard the unity and strength of the APC ahead of future elections.

2027: INEC must give notice 360 days before elections – Nwankwo

The Executive Director of Policy and Legal Advocacy Centre, Clement Nwankwo, has said that the Independent National Electoral Commission, INEC, must give notice of at least 360 days before elections.

Nwankwo said this on Wednesday while fielding questions in an interview on Arise Television’s ‘Prime Time’ monitored by DAILY POST.

He said that the National Assembly cannot continue to delay the passage of the Electoral Bill, adding that time is running out, and it needs to be prioritised.

“We need time for preparation for the election. We need certain things in the electoral laws and legal framework both the international instruments, including ECOWAS protocols, Nigerian constitution and in fact the Electoral Act stipulates the need for certainty in electoral law.

“When you look at the constitution and the Electoral Act, it’s quite clear saying that you must give notice of election 360 days before the elections. And those 360 days are still in the current 2022 Electoral Act, so it’s not a problem.

“But there are announcements and pronouncements and stipulations you need to put out in terms of that notice being issued and I must say that the National Assembly has been fantastic.

“The Senate and the House of Representatives are going through the process of deliberations, reviews conversation and actually do have a document,” he said.

Court orders Bauchi finance commissioner to report to DSS weekly

DSS logoThe Federal High Court in Abuja on Wednesday ordered Bauchi State Commissioner for Finance, Yakubu Adamu, and three others to report weekly to the Department of State Services until the end of their ongoing terror financing trial.

Justice Mohammed Umar gave the order as part of the conditions attached to the N100m bail he granted the defendants on Wednesday.

While ruling on their bail applications, the judge held that the defendants placed sufficient materials before the court to warrant the exercise of its discretion in their favour judicially and judiciously.

He ordered each defendant to produce two sureties who must be a permanent secretary and a director in the civil service

Family Questions Lagos-Based Transport Company Over Missing Father’s Whereabouts|

Justice Umar further directed the defendants to deposit their passports with the court registry.

The judge adjourned the matter until February 26 for the commencement of the trial.

The Economic and Financial Crimes Commission is procuting the defendants on 10 counts, bordering on terrorism financing and money laundering.

Standing trial alongside Adamu are Balarabe Ilelah, Aminu Bose and Kabiru Mohammed, described as senior civil servants in Bauchi State.

The defendants were initially denied bail by Justice Emeka Nwite in December, when he sat as a vacation judge.

Justice Nwite ruled that the charges against them were too weighty for them to be released on bail.

However, following the reassignment of the case, the defendants were re-arraigned before Justice Umar on January 16 and pleaded not guilty to the charges.

Their bail application was subsequently argued and adjourned to January 21  for ruling.

In urging the court to grant bail, defence counsel, Chief Chris Uche (SAN), told the court that new and additional facts had emerged since the earlier refusal of bail by a sister court.

Uche argued that Bello Bodejo, President of Miyetti Allah Kautal Hore, named in nine of the 10 counts, had never been convicted for any terrorism-related offence by any court.

He said although Bodejo was charged by the Federal Government in a separate matter, the charge was later withdrawn and dismissed by the court on May 29, 2024.

The lawyer also contended that there was no proscription order in the Federal Government’s Official Gazette designating Bodejo or his organisation as a terrorist entity, relying on Section 48(1) of the Terrorism (Prevention and Prohibition) Act, 2022.

According to him, the absence of such designation undermined the prosecution’s case and justified the grant of bail.

He further cited provisions of the Administration of Criminal Justice Act, 2015, urging the court to exercise its discretion in favour of the defendants.

Adamu, a former branch manager of Polaris Bank Plc in Bauchi State, and the other defendants were first arraigned on December 31, 2025, before Justice Nwite.

On January 5, 2026, Justice Nwite refused their bail application, holding that the offences charged posed a threat to national security and public safety.

He ordered their remand at the Kuje Correctional Centre and fixed January 13 for trial.

However, the case file was returned to the Chief Judge for reassignment after the end of the court’s vacation.

The charge, marked FHC/ABJ/CR/705/2025, was filed on December 30, 2025 by EFCC counsel, Samuel Chime.

In one of the counts, the defendants and two others said to be at large, were accused of conspiring between January and May 2024 to provide $2.3m in cash for the benefit of Bello Bodejo and persons associated with him.

The funds were alleged to have been approved by the Bauchi State Government and used, in whole or in part, to finance a terrorist group, an offence said to be contrary to Section 26(1) and punishable under Section 21(2)(a) of the Terrorism (Prevention and Prohibition) Act, 2022.

Lagos Computer Village fire: Affected traders appeal to Sanwo-Olu for financial support

Traders affected by the fire outbreak that razed a commercial storey building at Computer Village in Ikeja Local Government Area of Lagos State have appealed to Governor Babajide Sanwo-Olu for financial assistance to cushion the impact of their losses.

DAILY POST reports that goods valued at several millions of naira were destroyed in the inferno, which occurred in the early hours of Tuesday at Somoye Street, Ikeja.

The affected building housed dealers in computers and accessories, a major hub of commercial activity in the area.

The fire, which broke out shortly after midnight, completely gutted the upper floor of the building.

Preliminary reports attributed the incident to an electrical surge following the restoration of power supply. No loss of life was recorded.

When DAILY POST visited the scene on Wednesday, scavengers were seen picking through the debris in search of salvageable items, as affected shop owners stood by in distress.

Victims of the incident said they had lost virtually all their investments, including cash, laptops, and other high-value electronic devices.

They also called for improved fire safety infrastructure in densely populated commercial centres such as Computer Village.

One of the affected traders, Chucks, who said he had just restocked his shop a day before the fire, described the incident as devastating.

“I’m one of the shop owners and I’m badly affected. I just brought in new goods on Monday, and by Monday night into Tuesday morning, everything was gone.

“When I got to the scene, we couldn’t access the upper floor. Also, the firefighting equipment was not adequate. The water pressure was low, so they couldn’t pump water upstairs from ground level and had to climb ladders to reach the fire,” he said.

Appealing directly to the governor, he added, “We are begging Governor Sanwo-Olu to assist us with compensation. This is not the first time such an incident is happening. We are taxpayers and we meet our obligations.

“We also want the state to better equip its fire service. We are calling on members of the public to support us in any way possible to help us recover from this disaster, which was not caused by us.”

According to Chucks, none of the traders operating on the affected floors was able to save any item.

“There are about 12 traders upstairs and one downstairs, and none of us recovered even a pin. For me alone, my loss is about N130 million. I deal in laptops, which are expensive items, not to mention other personal gadgets. It’s a massive loss, and we don’t even know where to begin,” he said.

Another trader, Ebere Chimosor, said he lost goods worth over N10 million and also appealed for government intervention.

“I’m one of the shop owners in the burnt building. This has nothing to do with tribe. I’m from the eastern part of the country and I do my business here peacefully.

“All we are asking is for the local and state governments to come to our aid. When the fire broke out around 1 a.m., the fire service tried their best, and they helped reduce the damage. Otherwise, the situation could have been far worse,” he said.

The Chairman of Ikeja Local Government Area, Akeem Dauda, later visited the site to assess the extent of the damage and sympathise with the affected traders.

He the victims of the council’s support and urged business owners to strictly observe safety measures, particularly with electrical installations, to prevent future occurrences.

Why Canadian PM, Carney is 21st century Churchill – Shehu Sani

Former Kaduna Central Senator and civil rights advocate, Shehu Sani, has described Canada’s Prime Minister, Mark Carney, as a distinguished global statesman and a moral leader of the Western world.

Sani likened Carney to “the Churchill of the 21st century,” stressing that he consistently upholds and defends democratic values, human rights, respect for national sovereignty, and international law in his public engagements across the world.

In a post on X, the civil rights advocate noted that the Canadian leader’s positions are clear and unambiguous whenever he speaks on global issues.

He said history would ultimately document not only the words spoken at this critical moment, but also the silences, compromises, and acts of cowardice displayed by others on the global stage.

Sani wrote: “Canada’s Prime Minister Mark Carney has distinguished himself as a global statesman and a moral leader of the Western World.

“Wherever he goes and whenever he speaks, he unambiguously defends the values and principles of democracy, human rights, respect for sovereignty of nations and international law.

“He is the Churchill of the 21st century. History will keep records of all the words,all the silence and all the capitulations and cowardice of this moment.”

NiMet predicts 3-day dust haze, thunderstorms from Thursday ‎ ‎

The Nigerian Meteorological Agency (NiMet) has predicted dust haze and thunderstorms from Thursday to Saturday across the country.

NiMet’s weather outlook, released on Wednesday in Abuja, forecasted slight dust haze on Thursday over parts of Kebbi, Zamfara, Sokoto, Yelwa, Katsina, Kano, Bauchi, and Gombe States in the northern region.

It also anticipated Borno, Yobe, Kaduna, and Taraba States to experience sunny and hazy skies throughout the forecast period.

“For the central region, sunny and hazy skies are expected throughout the forecast period, while slight dust haze is anticipated over parts of Nasarawa and Plateau States,” the agency said.

“For the southern region, sunny skies with a few patches of clouds are expected, with prospects of morning thunderstorms accompanied by light rain over Akwa Ibom, Cross River, and Bayelsa States.

“Later in the day, thunderstorms with light rain are expected over parts of Bayelsa, Lagos, Cross River, Ogun, Ondo, Abia, Imo, Rivers, Delta, and Akwa Ibom States,” it added.

According to NiMet, sunny and hazy skies are expected over the northern region throughout the forecast period on Friday, while the North Central region will also experience sunny and hazy conditions.

The agency forecasted sunny skies with a few patches of clouds over the southern region, with chances of afternoon or evening thunderstorms accompanied by light rain over parts of Bayelsa, Cross River, Imo, Abia, Rivers, Delta, and Akwa Ibom States.

NiMet predicted sunny and hazy skies over the northern region throughout the forecast period on Saturday and similar conditions over the North Central region.

For the southern region, sunny skies with a few patches of clouds are anticipated, with chances of afternoon or evening thunderstorms accompanied by light rain over parts of Bayelsa, Rivers, Lagos, Cross River, and Akwa Ibom States.

“Dust particles are in suspension; the public should take necessary precautions. People with asthma or other respiratory conditions should be cautious of the current weather conditions.

“Drivers should exercise caution in the rain. Airline operators are advised to obtain airport-specific weather reports (flight documentation) from NiMet for effective planning.

“Residents are encouraged to stay informed through weather updates from NiMet or visit our website at www.nimet.gov.ng,” the agency said.

Nigerians spent N1.58tn on petrol during Yuletide — Report

FUEL PUMPNigerians spent an estimated N1.58tn on petrol in December 2025, based on official fuel consumption data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

According to the NMDPRA December fact sheet, average daily petrol consumption stood at 63.7 million litres per day throughout the month. With 31 days in December, nationwide petrol use totalled 1.97 billion litres.

Petrol consumption in the month remained consistently high, perhaps driven largely by increased travel, festive movements and higher commercial activities associated with the Yuletide.

Using the total volume of petrol consumed in the month and applying the average pump price of about N800 per litre that prevailed across major cities, total consumer spending on petrol for December is estimated at about N1.58tn, which is 1.97 billion multiplied by N800.

It could be recalled that the Dangote refinery enforced a price reduction in December, crashing petrol prices from around N900 to N739 per litre. However, it was observed that, unlike MRS in Lagos and some parts of Ogun, many filling stations sold petrol above N800 during the Yuletide, especially in the north.

Our correspondent reports that the calculation relies on two official and market-based indicators: the daily consumption figure provided by the regulator and the average retail price motorists paid at filling stations following the deregulation of the petrol market. While pump prices varied slightly by location, N800 per litre broadly reflects the national average during the period.

December typically records higher fuel usage compared to other months due to holiday travel, end-of-year logistics, and increased need for electricity by businesses relying on petrol-powered generators. These seasonal factors explain the elevated spending level recorded during the month.

It was observed that the December 2025 figure of 63.7 million litres per day was the highest since October 2024.

Year-on-year, daily petrol consumption stood at 52.3 million litres per day in December 2024.

The NMDPRA data showed that daily premium motor spirit consumption surged in October 2025, hitting 56.9 million litres, but it dropped in November to 52.9 million and soared again to its highest in December 2025.

According to the regulator, the consumption data as reported is based on volumes trucked into the domestic market by the Dangote refinery and importers.

Nigeria imported approximately 1.31 billion litres of petrol in December 2025, according to NMDPRA. During the same period, the Dangote refinery supplied 992 million litres, showing a notable contribution from domestic refining compared to November.

In the month under review, total petrol supply was 74.2 million litres per day: imports accounted for 42.2 million litres per day, while Dangote supplied 32 million litres per day. This indicated that about 10 million litres per day were not trucked out during the month.

“Domestic supply is volumes received into coastal depots plus volumes trucked out from domestic refineries. PMS supply in December 2025 increased due to significant improvement in supply from DPRP (19.5 ML/day to 32 ML/day).”

The N1.58tn estimate underscores the significant cost burden of petrol on Nigerian households and businesses, even as domestic supply from the Dangote refinery and imports helped stabilise availability.

It also highlights how fuel expenditure continues to absorb a large share of consumer spending in a fully deregulated downstream market.