A new survey by the Central Bank of Nigeria (CBN) has revealed growing optimism among Nigerians that inflationary pressures will moderate over the next six months, despite persistent concerns over rising living costs and elevated prices of essential goods and services. The findings, contained in the apex bank’s latest Inflation Expectations Survey, showed that while many households and businesses still anticipate prices to rise in the near term, a significant number expect the pace of inflation to slow over the medium term. The survey reflects improving confidence in the country’s economic outlook amid ongoing monetary and fiscal reforms. According to…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) has proposed tighter restrictions on loans, guarantees, asset transfers and other transactions between banks and their affiliated companies in a move to strengthen financial stability and protect depositors’ funds. The proposal, contained in the draft Guidelines on Ring-Fencing Operations of Closely Linked Entities, seeks to prevent financial troubles in one company within a group from spilling over to regulated banking institutions. Under the framework, transactions between banks and related entities—including fintech subsidiaries, microfinance banks and holding companies—must be conducted on arm’s-length terms, fully documented and disclosed to the regulator. The CBN stated that closely…
Artificial intelligence search engine Perplexity AI is sticking to its 2028 initial public offering (IPO) timeline, regardless of how rival AI companies Anthropic and OpenAI perform with investors, CNBC reported Tuesday. Perplexity CEO Aravind Srinivas confirmed the company’s IPO plan remains unchanged in a CNBC interview that aired on Tuesday, marking the clearest public commitment yet to a 2028 listing. The timeline was set independently of external market conditions and won’t shift based on how competitor AI firms fare with investors. Key points from Srinivas’ interview What he saidWhat it means”Agnostic of these two companies, we were planning for something…
Nigeria’s domestic borrowing plan has received a significant boost as the Federal Government increased its Nigerian Treasury Bills (NTB) issuance programme for the second quarter of 2026 to N4.8 trillion, up from the initial N3.95 trillion target. The revised issuance calendar released by the Debt Management Office (DMO) shows an additional N850 billion in planned Treasury Bills sales, representing a 21.52 per cent increase over the original programme. The adjustment comes against the backdrop of the Central Bank of Nigeria’s (CBN) aggressive liquidity management measures, particularly through large-scale Open Market Operations (OMO) aimed at mopping up excess cash from the…
The Civil Society Legislative Advocacy Centre (CISLAC), Nigeria’s chapter of Transparency International, has called for an immediate investigation into the alleged diversion and mismanagement of more than ₦36.9 billion from a Kogi State security account, raising concerns over accountability in the management of public funds earmarked for security operations. In a statement issued by CISLAC Executive Director, Auwal Ibrahim Musa, the organisation said recent financial intelligence findings pointed to possible large-scale diversion, misappropriation, and abuse of public resources linked to the management of the Kogi State Security Operation Account. According to CISLAC, the account reportedly received over ₦36.9 billion within…
Prominent Nigerians have warned that the country is facing a “dangerous crossroads” marked by rising insecurity, alleged electoral manipulation, and weakening democratic institutions, saying urgent reforms are needed to save the nation from further decline.
The Muslim Community of Oyo State has distanced itself from recent Sharia-related demands reportedly made by kidnappers, insisting that criminals and terrorists do not represent Islam or speak on behalf of Muslims. In a statement issued by its Chairman, Ishaq Kunle Sanni, and Secretary-General, Murisiku Abidemi Siyanbade, the community strongly condemned attempts by abductors to justify their criminal activities using religious rhetoric. The group stated that Islam strictly prohibits kidnapping, terrorism and the extortion of innocent citizens, stressing that such acts are contrary to the teachings of the faith. According to the statement, genuine Sharia promotes justice, peace and the…
The Central Bank of Nigeria (CBN) has highlighted significant progress in the country’s financial sector reforms, revealing that Nigerian banks raised more than ₦4.65 trillion through the recently concluded banking-sector recapitalisation programme. CBN Governor, Olayemi Cardoso, disclosed this on his X handle @olayemicardoso1 on Thursday, in a review of the apex bank’s activities for April and May, noting that the period was dedicated to consolidating ongoing reforms, strengthening institutions, and translating policy achievements into sustainable economic outcomes. According to him, following the successful completion of the banking recapitalisation exercise in March, attention shifted towards sustaining reform momentum and reinforcing the…
The Council of Fulani Chiefs in Southwest Nigeria has distanced itself from individuals currently under investigation over alleged kidnapping activities in Ogun State, insisting that the body does not support criminality in any form. In a statement signed by the Chairman of the Council and Sarkin Fulani of Lagos, Mohammed Bambado II, the council said it remained a law-abiding body representing Fulani traditional leaders across the Southwest. The council said it had taken note of recent media reports concerning the arrest and investigation of certain individuals linked to alleged kidnapping activities in Ogun State. It stated that the actions of…
The Chief Judge of the Federal High Court (FHC), Justice John Tsoho, has reassigned the suit filed by Nafiu-Bala Gombe, a former National Deputy Chairman of the African Democratic Congress (ADC), to another judge for adjudication. The case, which was previously before Justice Emeka Nwite, was on Friday reassigned to Justice Peter Lifu following Nwite’s recent elevation to the Court of Appeal. The National Judicial Council (NJC), at its 111th meeting held on May 13, recommended the appointment of 12 new justices of the Court of Appeal, including Justice Nwite, to President Bola Tinubu for approval. In the suit, Gombe…