MPBL: Rizal routs Manila; Basilan, Bataan post wins

The Rizal XentroMall Golden Coolers warmed up with each quarter and dumped Manila Batang Quiapo, 115-86, on Tuesday to boost their playoff bid in the SportsPlus MPBL (Maharlika Pilipinas Basketball League) 2026 Season at the Orion Sports Complex in Bataan.

With 13 players – headed by Joel Lee Yu – scoring, the Golden Coolers moved beyond reach, 105-76, before cruising to their 11th win against six losses in the round-robin elimination phase of the two-division, 27-team tournament.

The shifty Yu, a former Far Eastern University Tamaraws star, posted 18 points, four rebounds and two assists to earn Best Player honors over JP Sarao, who had 17 points, 10 rebounds and three assists.

Yu also drilled in a triple with 6:35 left to push Rizal ahead, 99-73, and join the MPBL 1,000-point club in his seventh season.

MPBL Commissioner Emmer Oreta awarded Yu with the ball he used to score the important points.

Other Golden Coolers who turned hot were Alwyn Alday with 15 points and four rebounds; Laurenz Victoria with 11 points, seven assists, three rebounds and two steals; and Jake Gaspay and Lervin Flores with nine points and nine rebounds.

Marco Balagtas matched Sarao’s 10 rebounds as Rizal dominated the paint and poured in 76 points against 30 for Manila, which fell to 2-16.

Manila fell to 2-16 despite John Ashley Faa’s 21 points, eight rebounds and six assists; and Joe Gomez De Liano’s 15 points, seven rebounds, two assists and two steals.

Bataan trounces Paranaque

The Bataan Risers overwhelmed the Paranaque Patriots, 139-88, in the nightcap to raise their card to 7-11.

All but one of the Risers fielded scored, as Bataan bombarded Paranaque with 20 triples – seven by Alfred Flores and five by Chito Jaime – and remained in playoff contention in the North Division.

Flores exploded for 26 points, 23 in the fourth quarter, while Jaime contributed 21 points, 16 in the second quarter, 11 rebounds and two assists to clinch Best Player honors.

“Every game is important for us,” said Jaime, “We try to correct our mistakes during practice and apply these in the game.”

Joshua Gallano also shone for Bataan with 17 points and seven rebounds; Yves Sazon with 17 points and two assists; Joey Barcuma, with 16 points – 12 in the fourth quarter – nine assists and three rebounds; and Jake Gaspay and Lervin Flores, both with nine points and nine rebounds.

Also-ran Paranaque, which knocked in 18 triples, tumbled to 2-19 despite Jomar Santos’ 23 points, Marlon Monte’s 22, Ryusei Koga’s 18 and Dan Sara 11.

Basilan thwarts Sarangani

Basilan Steel groped for its fiery form and settled for a 93-86 victory over Sarangani 10ACT in the second game.

Mark Montuano and Jan Jamon found their mark after the break as Basilan pulled away, 80-63, en route to its ninth win in 19 starts.

Gab Cometa, however, was chosen the best player with a triple-double of 10 points, 13 rebounds and 11 assists on top of two steals in a 26-minute, two-second stint.

The 6-foot-2 Montuano, acquired from the Mindoro Tamaraws, poured in 10 points in the fourth quarter to finish with 18 points, six rebounds and two assists, followed by Jamon with 16 points and two rebounds; and Ralph Robin with 15 points, five rebounds, four assists and two steals.

The Steel employed a trapping defense opening the third quarter and bundled eight points – four each by Robin and Cometa – to secure permanent control, 48-41.

Sarangani, which skidded to 3-16, drew 18 points, seven rebounds, two assists and two steals from Leland Estacio; 12 points – 10 in the fourth quarter – 12 rebounds and six assists from Andrei Duremdes; 12 points from Carl Bryan Lacap; and 11 points from Alex Desoyo.

The tournament visits the Malolos Convention Center on Wednesday, with games pitting Negros against Pasay at 4 p.m.; Meycauayan against Pasig at 6 p.m.; and Bulacan against Quezon Province at 8 p.m.

Cebu Pacific, Vietnam Airlines sign wet lease deal

Cebu Pacific (PSE: CEB) has entered into an agreement to provide wet lease services to Vietnam Airlines, the flag carrier of Vietnam.

The agreement covers the deployment of one Airbus A320neo aircraft powered by Pratt and Whitney engines which Vietnam Airlines will utilize for its flight operations between July 15 and Sept. 7, 2026.

The aircraft will be based in Ho Chi Minh City and will be operated by Cebu Pacific pilots and cabin crew. The operation will cover domestic routes from Ho Chi Minh City to Cam Ranh, Phu Quoc, Vinh, Da Nang, and vice versa.

‘Vietnam and the broader Southeast Asian market continue to see strong growth in air travel, creating opportunities for airlines to collaborate more closely in meeting demand. As Cebu Pacific’s fleet continues to expand, we are well positioned to deploy our capacity where it is needed most, including through strategic wet lease partnerships during periods of lower demand in the Philippines,’ said Cebu Pacific Chief Financial Officer Mark Cezar.

‘This collaboration with Vietnam Airlines enables Cebu Pacific to broaden its role beyond passenger operations by providing operational support to airlines across the region. It also creates new opportunities to diversify our revenue streams while expanding our presence in one of the world’s fastest-growing aviation markets,’ he added.

This agreement further demonstrates Cebu Pacific’s strong capability to enter wet lease arrangements with other airlines, both as a lessor and a lessee. In 2023, Cebu Pacific signed a damp lease agreement with Bulgaria Air for two A320ceo aircraft to meet the growing travel demand in the Philippines amid the post-pandemic travel recovery.

Cebu Pacific also successfully provided wet lease services to Saudi Arabian low-cost carrier flyadeal, which utilized two A320 aircraft to strengthen the Middle Eastern airline’s fleet during its peak summer flying season in 2025.

Sona 2026: NCRPO says to enforce ‘maximum tolerance’ for protesters

The National Capital Region Police Office (NCRPO) maintained that it would enforce ‘maximum tolerance’ for protesters who will stage rallies during President Ferdinand Marcos Jr.’s fifth State of the Nation Address (Sona) this coming Monday, July 27.

In a statement on Wednesday, the NCRPO said it was deploying 21,261 personnel for security measures during the president’s address, including 11,196 civil disturbance management personnel in anticipation of protest actions.

‘All deployed personnel have undergone rigorous operational briefings explicitly emphasizing maximum tolerance, absolute respect for human rights, and the inviolable constitutional right of citizens to peaceful assembly and free expression,’ the NCRPO said.

‘Security operations will strictly adhere to the rule of law and Police Operational Procedures, balancing public safety with the total safeguarding of democratic freedoms,’ it added.

The regional police previously said it was monitoring at least four groups planning to mount rallies during the Sona.

Bayan’s request

In a statement last Saturday night, the group Bagong Alyansang Makabayan (Bayan) accused the NCRPO of blocking their request to stage a protest in front of the Saint Peter’s Parish along Commonwealth Avenue, some two kilometers away from the Batasang Pambansa where the Sona will be held.

‘Bayan and other anti-corruption advocates have already attended two meetings initiated by the QC (Quezon City) government regarding our letter about our plans for the Sona protest,’ the group said.

‘[But,] no agreement has been finalized due to the refusal of the National Capital Region Police Office to allow rallies in front of Saint Peter’s Parish,’ it added. ‘The NCRPO stance is restrictive, unreasonable, and unjust.’

In a statement later on Saturday night, the NCRPO denied blocking Bayan’s request to stage a rally.

‘It is clear that NCRPO has no legal authority to grant or deny applications for permits to conduct rallies. Thus, there is no basis in saying that NCRPO is blocking the scheduled protests,’ it explained.

‘[The] NCRPO respects the constitutional rights to freedom of expression and to peaceful assembly. The presence of the police during rallies, protests and demonstrations is solely to ensure peace and security of the rallyists and the public,’ it added.

Sona 2026: What lies ahead for Marcos in his final 2 years

President Ferdinand Marcos Jr. will deliver his State of the Nation Address (Sona) on Monday, July 27, outlining his administration’s priorities for the final two years of his term, which ends in 2028.

The address comes amid impeachment proceedings against Sara Duterte, calls to prosecute those responsible for corruption in flood control projects and preparations for the next presidential election.

Marcos is expected to report on his administration’s accomplishments and lay out how it intends to govern during the remainder of his presidency.

Based on the latest Social Weather Stations survey, Marcos’ trust rating fell to a record low of 34 percent from 35 percent in March as the flood control controversy persisted nearly a year after he exposed a corruption scheme involving public funds intended for projects meant to protect millions of people.

‘Mahiya naman kayo’ (‘Shame on you’), Marcos said, vowing that the government would file charges in the coming months against those responsible for siphoning off billions in public funds intended for flood mitigation projects.

Palace press officer Claire Castro said this year’s Sona would be kept simple in line with the government’s austerity measures in response to the socioeconomic consequences of the Middle East crisis.

On the content of Marcos’ second-to-last annual report to the nation, Castro said the president had been coordinating with heads of government offices to discuss their accomplishments, key programs and major initiatives.

Last year, the president’s speech lasted 1 hour and 11 minutes and covered a wide range of issues, from lifting millions of Filipinos out of poverty to fighting corruption in government.

‘Ibubuhos natin ang lahat-lahat’ (‘We will give it our all’), Marcos said, stressing the need to do more so that Filipinos could have better and more comfortable lives.

‘Let us not deviate from our attention and from how we are leading to development because we can see it already. This is what we should work together on. This is what we should focus on,’ he said in Filipino.

Marcos began his presidency in 2022 after winning the election with 31.63 million votes, at a time when the Philippines was still reeling from challenges brought about by ‘some factors of our own making’ and others ‘that are beyond our control.’

A year later, he declared, ‘Dumating na po ang Bagong Pilipinas’ (‘The new Philippines is now here’), saying that the ‘state of the nation is sound, and is improving.’

He also said the government had ‘highly competent and dedicated workers.’

In his third Sona in 2024, however, Marcos acknowledged a difficult reality: Although the Philippines had been considered one of Asia’s best-performing economies, ‘it is nothing to a Filipino,’ especially those making do with what little they had.

Under Section 23, Article VII of the 1987 Constitution, the president addresses Congress at the Batasang Pambansa in Quezon City at the opening of its regular session each year.

This year’s Sona comes with less than two years remaining before the 2028 presidential election and more than a year before the filing of certificates of candidacy.

Last year, Marcos did not address every issue that Filipinos identified in the latest Pulse Asia survey as among the country’s most urgent concerns.

One was a wage increase, which the 19th Congress failed to legislate before the Sona.

How Nigeria’s Gen Z innovators use Google AI to hack personal style, disrupt fashion entrepreneurship

When Super Eagles goalkeeper Maduka Okoye sat front row at the Jean Paul Gaultier Haute Couture show in Paris next to Cardi B, Nigerian timelines exploded. Beyond the glamour, couture week is fundamentally about self-definition, deciding who you want to be and presenting it boldly to the world. You do not need an invitation to Paris to do that, and young Nigerian fashion innovators and creative entrepreneurs already know it. From alté creators bending every rule to vintage curators turning market rails into runway looks, fashion innovation in Nigeria has never depended on a massive budget. Instead, it relies on resourcefulness, deep research, and bold creative vision, with artificial intelligence now serving as a primary driver powering this next wave of creative entrepreneurship.

Today’s young innovators are turning everyday visual inspiration directly into actionable business ideas using image-driven AI tools. Camera rolls have transformed into dynamic digital mood boards where a screenshot of a bespoke jacket seen at a rave or a frame from an Ayra Starr video becomes a launching pad for new designs. By leveraging visual recognition tools like Google Lens, young creators can instantly identify obscure textiles, break down complex garment silhouettes, and source raw materials from local suppliers down to lookalikes at accessible price points. Rather than typing vague descriptions into search bars, fashion startups use visual discovery to research market trends, map design lineages, and bridge the gap between inspiration and product development.

Speed and accessibility have become critical competitive advantages for Gen Z entrepreneurs operating in fast-moving digital spaces. Interactive search features like Circle to Search allow designers and curators to analyse garments instantly while watching music videos, TikToks, or live runway streams without disrupting their workflow. A simple gesture on a screen instantly uncovers details about footwear, stitching patterns, or fabric origins before a trend even hits the mainstream. This rapid access to information enables young fashion entrepreneurs to spot emerging aesthetics early, source inventory faster, and create highly responsive collections that speak directly to their audiences in real time.

Beyond visual research, generative AI tools are helping young creators define niche brand identities and uncover untapped markets. Creative entrepreneurs are using conversational AI models to input their unique design blends-such as pairing oversized vintage shirts and beaded accessories with traditional Ankara prints and streetwear silhouettes-to pinpoint exact aesthetic names, historical roots, and market lanes. Discovering that a unique design ethos sits between quiet luxury, alté, and heritage craftsmanship gives young founders a clear narrative framework. This clarity allows them to target specific consumer tribes, articulate their brand story to international buyers, and position their labels purposefully in the global fashion economy.

Generative AI imaging is also revolutionising product prototyping and visual marketing for young designers operating on lean budgets. Before committing capital to expensive fabric runs or high-cost photoshoots, entrepreneurs use tools like Google’s generative media features to preview design concepts, altered silhouettes, or daring colourways directly on virtual models. Prompting an AI tool to visualise short honey-blonde twists, bold heritage tailored cuts, or custom headwear on precise skin tones allows designers to test aesthetic viability in seconds. This digital prototyping reduces inventory waste, minimises capital risk, and gives independent brands the ability to showcase lookbooks and gauge customer interest before a single stitch is sewn.

Knowledge gaps that once posed barriers to entry in fashion production are being dismantled by AI-powered search overviews. Up-and-coming designers and curators can quickly master technical industry knowledge-from understanding the subtle textural differences between Aso-oke and Akwete to learning proper care techniques for thrifted textiles or understanding complex tailoring terminology like single-breasted construction. Having instant access to expert-level answers equips young entrepreneurs with the technical confidence required to collaborate effectively with textile weavers, lead workshops, and negotiate with experienced tailors.

At the same time, this tech-driven fashion wave emphasises sustainable practices by encouraging entrepreneurs and consumers to maximise existing resources. Fashion innovators are teaching their audiences to shop their own wardrobes first, bringing forgotten garments back into rotation and creating new outfit combinations through digital styling tools. When a classic piece needs a refresh, AI guides creators on how to restyle or upcycle it rather than purchasing new inventory. This balance between digital innovation, physical craftsmanship, and local tailoring relationships demonstrates that while AI provides the analytical horsepower, true style innovation remains rooted in local resourcefulness, authentic personal expression, and unshakeable creative confidence.

Ondo women endorse Tinubu, target one million votes

WOMEN across Ondo State have endorsed President Bola Ahmed Tinubu for a second term in office, saying his administration’s economic reforms, infrastructure development and social intervention programmes have earned him another mandate in the 2027 presidential election.

Women drawn from the 18 local government areas of the state converged on Akure, the state capital, declared that President Tinubu has performed creditably enough to merit a second term in office and pledged to mobilise more than one million votes for Tinubu and Vice President Kashim Shettima in next year’s general election.

Speaking at the endorsement programme, the Director of Women for Grassroots Movement for Tinubu (GMT) in the state, Mrs. Olamide Falana, said the movement had embarked on extensive grassroots mobilisation across the state because every election is local.

She said women remained the backbone of electioneering campaigns and had resolved to canvass support for the APC presidential ticket in every community across Ondo State.

According to her, ‘Women in Ondo State are happy with the successes recorded by President Tinubu. We want those achievements to continue and we are committed to working tirelessly to deliver massive votes for him in 2027.’

Falana disclosed that the organisation had mobilised women across the state’s 203 wards and established campaign structures in more than 1,500 polling units.

‘Our reach extends to the grassroots. We will ensure that every door is knocked on, every creek is reached and every market is visited until we secure overwhelming support for Mr. President,’ she said.

Also speaking, the Director-General of GMT in Ondo State, Saka Yusuf Ogunleye, said the endorsement was both an appreciation of President Tinubu’s performance over the past two years and a declaration of support for his re-election.

‘For us, one good turn deserves another. We believe President Tinubu should continue in office because of what he has achieved so far,’ he said.

Why I didn’t congratulate Badejo-Okusanya on NBA poll victory, by Akangbe

A presidential candidate in the just-concluded Nigerian Bar Association (NBA) election, Lateef Akangbe (SAN), has explained why he is yet to congratulate the declared winner, Mazi Afam Osigwe’s successor, Oyinkansola Badejo-Okusanya, insisting that the election was fundamentally flawed and lacked legitimacy.

Speaking on the outcome of the election, Akangbe described the poll as the ‘worst ever’ conducted by the NBA, alleging that widespread technical failures disenfranchised thousands of eligible voters and undermined the credibility of the process.

He said his position was not directed at the winner personally, but at what he described as a defective electoral system that required urgent reforms.

Said he: ‘We’re not talking about personalities. We’re talking about the system. She is my friend and remains my friend, but the process that produced the result was not credible.’

Akangbe recalled that concerns had been raised before the election over the choice of the electronic voting service provider, which he described as a sole proprietorship with no proven record of conducting elections of such magnitude.

He said he and other stakeholders proposed that internationally-recognised firms be engaged to manage and independently-audit the election, but the Electoral Committee of the NBA (ECNBA) rejected the recommendation.

Akangbe said the election, originally scheduled to begin at midnight, did not start until about 7:35am, following technical glitches, while members experienced difficulties accessing the voting portal throughout the 24-hour exercise.

He alleged that many lawyers, including himself, the other presidential candidate and even the eventual winner, were unable to cast their votes because of problems ranging from multiple voting links to delays in receiving one-time passwords (OTPs).

Akangbe noted that the low turnout recorded during the election was not the result of voter apathy, but widespread disenfranchisement.

He said although NBA had over 82,000 eligible voters, only about 25,000 eventually voted.

‘It was not a case of low turnout. People wanted to vote, but they couldn’t. Members stayed awake all night trying to vote without success,’ he said.

The Senior Advocate noted that the number of lawyers allegedly prevented from voting was significant enough to have altered the outcome of the election.

He said the winner secured about 12,000 votes, while he polled over 7,000 votes and another contestant received more than 5,000 votes, adding that the disenfranchised voters could have changed the final result.

Akangbe said if he had emerged victorious under similar circumstances, he would have called for a fresh election to secure legitimacy.

‘I would be calling for a rerun because I would want legitimacy over my presidency,’ he added.

He also criticised the winner for allegedly failing to acknowledge shortcomings in the electoral process, expressing concern that such an approach could hinder efforts to reform the NBA’s election system.

He said accepting the outcome without admitting the flaws sent the wrong signal to members, who were unable to exercise their voting rights.

Akangbe dismissed suggestions that external political forces influenced the election, insisting that NBA’s problems were internal.

‘I don’t think the Nigerian state is involved. Our problem starts within the Bar and that’s what we need to fix,’ he said.

He was also critical of NBA President, Mazi Osigwe, accusing him of ignoring proposals aimed at improving the credibility of the election despite consultations involving the Attorney-General of the Federation, in his capacity as Chairman of the General Council of the Bar, and the Chairman of the Body of Benchers.

Akangbe said proposals such as adopting the National Identification Number (NIN) for voter verification and postponing the election by one week to address technical concerns were not implemented.

He, however, stressed that he bore no personal grudge against Badejo-Okusanya, revealing that he had attempted to call her after the election, but she did not answer.

‘I’ve given her the benefit of the doubt that she has been busy. Beyond that, I have no personal issues with her. She is my friend,’ he said.

Akangbe insisted that his primary concern remains electoral reforms within the NBA, saying the association must rebuild confidence in its voting process to preserve its moral authority to advocate credible elections in the country.

Experts: stable interest rate to consolidate economic gains

Central Bank of Nigeria (CBN) decision to retain the benchmark interest rate and other parameters at its yesterday’s monetary policy review would further strengthen Nigeria’s macroeconomic stability and growth, Finance and economy experts have said.

They said the apex bank acted in favour of stability and balanced consideration for fiscal objectives, a decision they noted, showed courage and maturity in unfolding monetary phase.

The Nation hinted on possible retention of all policy parameters in a report published yesterday on its Business page.

At the close of its two-day meeting in Abuja, the bank announced the retention of interest rate at 26.5 per cent.

Yesterday’s was the 306th meeting of the Monetary Policy Committee (MPC).

It also left the Standing Facilities Corridor unchanged at +50 and -450 basis points around the MPR. Cash Reserve Ratio (CRR) was retained at 45 per cent for Deposit Money Banks, 16 per cent for merchant banks and 75 per cent for non-Treasury Single Account (TSA) public sector deposits. Liquidity Ratio was held at 30.0 per cent.

Managing Director, HighCap Securities, Mr David Adonri, said the decision underlined the country’s macroeconomic stability.

He said: ‘The country’s macroeconomic condition is stable. Inflation is practically at a standstill although there are threats of spike due to rising domestic cost of energy and insecurity. Retention of monetary aggregates is wise especially when policy target to drive inflation rate to single digit has not materialized.’

Adonri said the retention would also anchor stability in the financial system.

He however noted that while the economy is apparently responding positively to demand management policies, there is need for enhanced and well-calculated supply side measures to further facilitate growth.

Experts at FSDH Group said the decision of the apex bank was a positive signal to the economy as it sought to sustain the moderation in inflation, stabilise the foreign exchange market and consolidate recent macroeconomic gains.

According to them, maintaining the current policy rate would help anchor inflation expectations, preserve positive real returns, support exchange rate stability and allow earlier policy actions to continue transmitting through the economy.

At Skyview Capital, analysts stated that the CBN’s policy stance reflected broad view on sustainability, while simultaneously being considerate of possible macroeconomic developments.

CBN Governor and MPC Chairman Olayemi Cardoso told reporters after the two-day meeting that the committee decided to leave all key monetary policy parameters unchanged after carefully reviewing developments in both the domestic and global economy.

According to him, the committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk.

He noted that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

Cardoso said while Nigeria’s economy has continued to show resilience following recent structural reforms, worsening geopolitical situation in the Middle East poses fresh risks to global energy prices and could increase inflationary pressures at home.

He, however, pointed out that despite these concerns, the CBN has continued to make progress in reducing inflation, with the country recording 11 consecutive months of disinflation.

He noted that before the recent global shocks, the apex bank had expected inflation to remain on course towards its desired level by early 2027, creating a pathway to single-digit inflation.

The CBN boss said: ‘We recorded 11 consecutive months of disinflation and, from every indication, we expected that by early 2027 we would be where we wanted to be in terms of inflation, with a path towards single-digit inflation.’

Cardoso explained that unforeseen global developments, especially rising energy prices linked to international conflicts, have slowed that progress.

‘Unfortunately, we have experienced external shocks that were not anticipated and have lasted much longer than anyone expected. At this stage, nobody knows exactly how long they will persist,’ Cardoso said.

He said the slight moderation in inflation shows that the CBN’s policy measures are beginning to produce results.

Cardoso said structural challenges within the Nigerian economy continue to contribute to inflationary pressure, making closer cooperation between fiscal and monetary authorities increasingly important.

He said: ‘We intend to deepen that collaboration. We understand our responsibilities, and we will do what is necessary to contain inflation. As for our single-digit inflation target, we remain committed to it.’

Speaking on developments in the foreign exchange market, Cardoso said the CBN remains committed to maintaining a transparent, liquid and willing-buyer, willing-seller foreign exchange market where prices are determined by market forces.

Responding to questions on the International Monetary Fund (IMF)’s assessment that the naira may be undervalued, he declined to endorse any specific exchange rate estimate, insisting that market fundamentals should determine the value of the currency.

‘Our position remains the same. We will continue to ensure that Nigeria has a foreign exchange market that is transparent, liquid and based on a willing-buyer, willing-seller framework. Where the exchange rate eventually settles depends on market fundamentals,’ Cardoso said.

He identified oil export earnings, foreign direct investment, domestic productivity and import substitution as some of the major factors influencing the exchange rate.

The apex bank said that confidence in the foreign exchange market has continued to improve, with daily trading volumes now exceeding one billion dollars on some trading days.

‘From the central bank’s perspective, we are satisfied that we now have a functional, transparent and open market. On some days, market turnover exceeds $1 billion, reflecting growing confidence,’ Cardoso said.

He added that Nigeria requires a competitive exchange rate capable of supporting economic growth and attracting investment.

Explaining the significance of the newly introduced Nigerian Overnight Financing Rate (NOFR), Cardoso described it as Nigeria’s official overnight risk-free benchmark interest rate.

According to him, unlike the previous system that relied largely on estimates submitted by banks, NOFR is based on actual market transactions, making the benchmark more transparent and reliable.

He said the reform aligns Nigeria with international best practices already adopted by countries such as the United Kingdom and the United States (U.S.) and will strengthen the relationship between the Monetary Policy Rate and short-term interest rates.

‘As we continue transitioning towards an inflation-targeting framework, NOFR will become an important component of monetary policy implementation,’ Cardoso said.

On concerns over declining bank lending following the withdrawal of COVID-19 regulatory forbearance, Cardoso described the reduction in credit as a temporary adjustment rather than a permanent development.

He explained that the special regulatory relief introduced during the pandemic had achieved its objective and could no longer remain in place indefinitely.

According to him, banks are adjusting their loan portfolios as part of the transition to stronger balance sheets, while lending is expected to improve gradually as recapitalisation progresses.

He said: ‘The banking system remains safe and sound. What we are seeing is a transition to a healthier and more sustainable credit environment.’

He also addressed recent regulatory actions against microfinance banks, explaining that the revocation of some licences followed serious compliance and supervisory failures.

Cardoso said the action has strengthened regulatory discipline across the industry and stressed that protecting depositors’ funds remains the apex bank’s overriding responsibility.

‘Our overriding priority is protecting depositors’ funds. That remains our bottom line. The severity of any regulatory breach determines the action we take,’ Cardoso said.

With regard to concerns over the scarcity of N100 and N200 notes, Cardoso said the denominations remain legal tender and have not been withdrawn from circulation.

He explained that the reduced availability of lower-value notes is mainly the result of declining demand as more Nigerians embrace digital payment channels.

According to him, increasing financial inclusion, the wider use of electronic payment platforms and the reduced purchasing power of lower-value notes have all contributed to the lower demand.

He said: ‘As more people adopt digital payment channels, the demand for coins and lower-denomination notes naturally declines. If there is less demand for them, there is less need to print and circulate them in large quantities.’

He highlighted that the CBN’s Payments System Vision aims to expand financial inclusion significantly over the next two years and expects digital payments to become even more widespread.

According to him, many Nigerians now use naira payment cards while travelling abroad, including during religious pilgrimages, as Nigeria is following the same path as many advanced economies where digital payments are steadily replacing cash transactions.

‘We are not suggesting that this transition will happen overnight, but it is the direction in which payment systems are evolving,’ Cardoso said.

Managing Director, AIICO Capital, Dr Femi Ademola, said the apex bank’s decision appeared to prioritise inflation targeting and foreign exchange (forex) stability, given the sticky inflation and global uncertainties, especially oil shocks due to the US-Iran war.

‘The impacts on the financial market and the economy are mixed. While the decision ensures yields on government securities remain highly attractive and draw investors away from riskier assets and into fixed-income instruments, holders of existing instruments are recording losses on their positions which may prevent them from taking new positions.

‘No doubt retaining the MPR at 26.5 per cent is a strategic move to defend the local currency by keeping returns on naira-denominated assets strong; however, high interest rates usually push investors to move away from the equities market to fixed-income, thus potentially suppressing broader stock market rallies.

‘The MPC decision in likely to keep commercial lending rates high, which directly impact lending to the private sector and thus limiting business expansion, driving up operational costs, and hindering job creation.

‘The tighter liquidity controls is also creating disincentives to banks to lend when they can easily invest in high yield government securities while selecting only a few obligors to lend to. Finally, while keeping rates high is intended to moderate inflation, research has shown that the effect of interest rate on inflation may be less than 40 per cent, because, much of Nigeria’s inflation is structural and supply-driven,’ Ademola said.

Managing Director, GTI Capital, Mr Kehinde Hassan said the retention of monetary parameters was a deliberate and telling signal about how the apex bank currently weighs the trade-offs between inflation, growth, and financial-market stability.

‘The stance clearly indicates that the bank is prioritizing inflation control and financial-system stability over stimulating economic expansion. Maintaining the MPR at this elevated level keeps monetary conditions tight, reflecting the CBN’s view that inflationary pressures remain too strong to justify easing.

‘From a market perspective, fixed-income yields on government securities will remain elevated, sustaining strong demand for T-bills and bonds among both domestic and foreign investors seeking attractive real returns. In this environment, banks are likely to continue favouring risk-free government instruments over private-sector lending.

‘Equity markets, on the other hand, may face continued pressure. High interest rates typically weigh on sectors with significant borrowing needs, including banking, manufacturing, and real estate. Nonetheless, defensive sectors such as consumer staples and telecommunications may remain relatively resilient.

‘In the forex market, holding rates supports naira stability by keeping yields attractive to foreign portfolio investors, though structural constraints mean forex liquidity challenges may persist,’ Hassan said.

He concluded that the decision was broadly consistent with CBN’s focus on restoring macroeconomic credibility and anchoring inflation expectations.

NNPCL’s N7.1trn energy security spending faces scrutiny

There have been questions over the expenditure of N7.13 trillion by the Nigerian National Petroleum Company Limited (NNPCL) on energy security in 2024.

The figure was contained in the NNPCL’s 2024 audit report which was released in November 2025.

Although the company did not specifically explain what the money was meant for, experts said it could be for fuel subsidy payment or protection of gas pipelines.

Amid the controversy, the NNPCL has kept mum. Its Chief Corporate Communications Officer, Andy Odeh, did not respond to phone calls and a message sent to his mobile telephone line yesterday by Daily Trust.

The NNPCL’s audit report, which termed the funds as Under Recovery/Energy Security Expense, stated, ‘In line with Section 64(M) of the Petroleum Industry Act (PIA) 2021, the cost incurred by NNPC Limited (Group) as the energy supplier of last resort for energy security reasons, and all associated cost shall be on the account of the Federation.’

The report also said the government instructed that NNPCL could not sell its Premium Motor Spirit (PMS) above a certain regulated price, but the cost of importing this PMS is usually much higher than this regulated price.

‘The under recovery is essentially the difference between the actual landing cost of the product and the regulated price. This balance is used to reduce the cost of sales of the Group. The corresponding entry is either used to reduce the liability due to the Federation or used as a receivable from the Federation.’

It added that PMS cost under recovery is recognised where there is reasonable assurance that it will be received and all attached conditions has been complied with.

‘When it relates to an expense item, they are deducted in reporting the related expense in cost of sales.’

Thus, it said the money the federal government is owing it due to its interventions in energy stability during the year amounted to N17.512 trillion.

It listed the debt as ‘energy security cost’ which amounted to N8.67 trillion and ‘other receivables from federation’ at N8.840 trillion.

It explained that the security cost during the year (2024) was made up of energy security expense of N7.1 trillion and N4.8 trillion for 2023.

‘The energy security expense arises when there is differential between the exchange rates (the Modulation factor) used to freeze the Premium Motor Spirit (PMS) Ex-coastal Price and the prevailing exchange rate at the point of import settlement. The amount is receivable to the Group as they are defrayed and charged against amounts due to the Federation in line with the provision of Section 64(m) of the Petroleum Industry Act of 2021,’ it explained.

The report also disclosed that other receivables relate to advance payment to the federation and the security costs incurred in protecting the oil and gas assets.

According to the report, this is under the framework of approval between the Government of Nigeria and the Group to incur security costs and charge same to the Federation.

ADC demands accountability

The African Democratic Congress (ADC) has called on President Bola Ahmed Tinubu, the NNPCL and the National Assembly to publicly account for trillions of naira reportedly spent on energy security, questioning what Nigeria has gained from the expenditure.

The opposition party made the demand in a statement issued on Monday by its National Publicity Secretary, Bolaji Abdullahi, while reacting to figures contained in the recently audited financial accounts of NNPCL for the 2024 financial year.

According to Abdullahi, the audited accounts showed that N7.13 trillion was recorded under ‘Energy Security’ in 2024, a figure he claimed rose to about N17.5 trillion when other fuel-related costs and receivables reflected in the accounts are included.

According to him, the scale of the expenditure raises serious questions that deserve immediate public explanation.

‘Only a few years ago, Nigerians debated a pipeline surveillance contract worth about N48 billion. Today, the audited accounts record N7.13 trillion under ‘Energy Security’ for 2024. When other fuel-related costs and receivables reflected in the accounts are taken into consideration, the amount rises to about N17.5 trillion,’ Abdullahi said.

He said while safeguarding Nigeria’s oil and gas infrastructure remains a legitimate national priority, spending under the guise of security should not be shielded from public scrutiny.

‘The bigger the bill, the stronger the obligation to explain it,’ he added.

The party also referenced public reports identifying Tantita Security Services Nigeria Ltd, a company linked to former Niger Delta militant leader, Government Ekpemupolo, popularly known as Tompolo, as a major beneficiary of pipeline surveillance contracts.

It alleged that Tompolo had recently emerged as a prominent supporter of President Tinubu’s re-election campaign, arguing that the development makes transparency over the contracts even more necessary.

According to the ADC, Nigerians deserve to know whether public funds allocated for pipeline protection are being used strictly for national security purposes or whether they have become intertwined with political activities.

The party, therefore, demanded details of all energy security and pipeline surveillance contracts awarded since Tinubu assumed office in May 2023.

‘In this regard, Nigerians are entitled to know how much has been spent on pipeline surveillance and energy security since President Bola Tinubu came into office in May 2023, who received the contracts, how much was paid, what results were achieved, and whether any independent value-for-money assessment was carried out,’ Abdullahi stated.

Abdullahi said the questions had become even more urgent at a time many Nigerians are struggling with rising food prices, transport costs, electricity tariffs and unemployment.

‘The ADC consequently urged President Tinubu, the management and board of NNPC Ltd., as well as the relevant committees of the National Assembly, to immediately publish the full details of the energy security expenditure.

‘The question is no longer how much was spent. The question is what Nigeria has to show for it,’ the statement concluded.

You can’t build prosperity on deception – Atiku

Also, a former vice president and presidential candidate of the ADC, Atiku Abubakar, has criticised the economic reform of President Tinubu.

He alleged that ‘the bankruptcy of the administration’s so-called reforms was more than the fuel subsidy deception’.

He said Nigerians were told in 2023 that the subsidy was gone and were compelled to endure unprecedented hardship-skyrocketing fuel prices, crushing transportation costs, runaway inflation and a collapsing standard of living-in the name of economic reform.

‘Yet NNPC Limited’s own audited 2024 financial statements reveal that a staggering N7.13 trillion was still expended on what it describes as ‘Energy Security Expenses,’ a category the company itself identifies as petrol subsidy, otherwise known as under-recovery.

‘This means Nigerians were never told the whole truth. The subsidy was not eliminated; it was merely repackaged, renamed and quietly charged to the Federation. A government that conceals N7.13 trillion behind a convenient euphemism while demanding sacrifice from millions of struggling citizens cannot claim the moral authority to preach reform, prudence or fiscal discipline.

‘Nigerians deserve to know who authorised this expenditure, who benefited from it, and why the administration chose to market deception as economic reform.’

According to Atiku, the pattern demonstrates that the problem is no longer one of isolated errors but a systemic breakdown in budget discipline.

In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the two independent reports had stripped away the propaganda surrounding the administration’s economic reforms and revealed what he described as a painful truth: that Nigeria is not failing because of a lack of resources, but because of a profound failure of leadership.

‘For more than three years, Nigerians have been subjected to relentless hardship. They were told that fuel subsidy removal, exchange rate unification, higher taxes and rising tariffs were bitter pills that would eventually restore economic stability. Yet today, the same government cannot explain how more than N210 billion found its way into duplicated and overlapping budget provisions.

‘When a government asks its people to sacrifice, it must first demonstrate discipline. Instead, what Nigerians have seen is a budget riddled with duplication, questionable insertions, overlapping projects and expenditures that offend both common sense and fiscal responsibility.’

‘N17.5trn NNPCL debt is fuel subsidy in disguise’

Commenting on the matter, a former chairman of the Organized Private Sector of Nigeria (OPSN) and 22nd president of the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), Dele Kelvin Oye, alleged that the N17.5 trillion debt is a disguised fuel subsidy.

He said Nigeria is currently operating the most expensive subsidy programme in its history despite the government’s claimed removal of the subsidy.

Oye, in a statement, said the huge liability, accumulated through what NNPC describes as ‘energy security expenses,’ ‘under-recovery’ and other receivables, represents a continuation of the subsidy regime under a different name.

He said the government’s 2023 announcement of fuel subsidy removal did not eliminate the financial burden but merely transformed it into an accounting arrangement that has placed additional pressure on public finances.

He said: ‘Nigeria is currently executing the most expensive subsidy program in its history, yet almost no one is calling it by its true name. A N17.5 trillion liability has been accumulated in the shadows, hidden behind accounting terminologies designed to obscure rather than illuminate.

‘This is not energy security; it is fiscal capture, the systematic transfer of public wealth through mechanisms that evade democratic oversight. The Petroleum Industry Act was designed to dismantle such opaque structures, not to be weaponized to legitimize them.

‘Three years after the declaration that ‘subsidy is gone,’ the burden has never been heavier. It has merely been rebranded. And that, tragically, is the most expensive word game in Nigerian history.’

According to him, NNPC’s 2024 financial statements showed that the Federation’s obligations to the company had risen to about N17.5 trillion, comprising energy security expenses, under-recovery claims and other receivables, noting that the development raises concerns over transparency, accountability and the sustainability of Nigeria’s petroleum policy.

‘The subsidy did not vanish; it metamorphosed. Today, the Federation owes NNPC a staggering N17.5 trillion, an exposure nearly double the N9.36 trillion recorded in 2023. The anatomy of this colossal liability is as stark as it is revealing: N7.13 trillion categorized as ‘Energy Security Expense’, N8.67 trillion labeled as ‘Under-Recovery’ and N8.84 trillion grouped under ‘Other Receivables from the Federation’.

He called for a comprehensive forensic audit of all energy security expenses and related claims, arguing that Nigerians deserve clarity on the financial obligations being accumulated in their name.

Prof. Dayo Ayoade, an energy law expert at the University of Lagos, said: ‘Now, what do we mean by energy security? I think that is part of the problem, you need to tell us what exactly energy security includes; if it means ensuring fuel supply to the country, maintaining our petrol infrastructure, protecting our oil and gas assets or involve financing Naira for crude, is that part of the energy security? That’s part of it.

‘So, these are the things that we need to look at. Then, on the other hand, if energy security is them paying for all sorts of government policy costs that cannot be itemized, or implicit subsidies, then that could become more difficult to justify. Then the other issue as a lawyer I would ask is that, did the NNPC board authorize all these payments by themselves? Because this could now become problematic, because if they are spending the money and approving the money, that means there are no checks and balances. In other words, we are back to subsidies without subsidies. That’s a particularly difficult governance issue for the Nigerian government to look into.’

‘So, we have to be very careful so that we don’t use energy security in quotes to defeat the explanation that is required about the commercial basis of this expenditure. NNPCL controls those costs, and the governance protocols that were implemented to safeguard public money because the public has a right to know as to whether the monies we are talking about are capital expenditures or operating expenditures. If it was capital expenditures, what are the projects involved, what is the benefit to the country of those projects, both commercial and in addition to energy security.’

On his part, a renowned professor of petroleum economics, Wumi Iledare, said the concerns raised over the energy security in NNPCL’s 2024 audited financial statements deserve objective attention.

He, however, said it is important to distinguish between corporate governance and public finance, stating that the NNPCL is a limited liability company governed by its Board of Directors.

‘The reported expenditure is a corporate expense, and the Board has the fiduciary responsibility to ensure it is justified, properly disclosed, and consistent with the company’s strategic objectives. The tax authorities also have the statutory mandate to examine the legitimacy and tax treatment of such expenditures where necessary.’

‘Nevertheless, N7.1 trillion is a significant amount, especially in the post-fuel subsidy era. It therefore deserves a clear professional explanation. Energy security is not limited to protecting oil and gas assets; it includes ensuring the availability, accessibility, affordability, and adaptability of energy supplies. Achieving these objectives often requires substantial investments in infrastructure protection, surveillance, technology, emergency response, and supply chain resilience.’

According to him, the key issue is not whether the NNPCL spent money on energy security, but whether the expenditure was appropriately classified, transparently disclosed, economically justified and delivered measurable value.

UNSG’s envoy meets on Wednesday in Brussels with EU representative for Cyprus

UNSG’s Personal Envoy Maria Angela Holguin will be meeting on Wednesday in Brussels the Executive Vice-President of the Commission for Cohesion Policies and Reforms, Raffaele Fitto, who recently took on the additional role of EU Special Representative for the Cyprus problem. The meeting is set for 14:00 local time.

Holguin will be also travelling to Ankara on Friday for a meeting with the Turkish FM, Hakan Fidan, ahead of the UNSG Antonio Guterres’ visit to the island on July 27-29 and his contacts with the two leaders.

Yesterday, the EU High Representative for Foreign Affairs and Security Policy, Kaja Kallas, had a telephone conversation with Holguin. She posted on social media that the EU remains firmly committed to supporting the United Nations-led efforts towards a comprehensive settlement of the Cyprus issue. She also said she had ‘a good call’ with Holguín ahead of her visit to Brussels.

Cyprus has been divided since the 1974 illegal Turkish invasion. Numerous UN-backed peace talks to reunite the island under a federal roof, have not yet yielded results.