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Ahead of the August 15, 2026 Osun governorship election, the ruling Accord Party and the Osun State Police Command have traded accusations over the neutrality of security operatives.

In a statement by the party’s chairman Pastor Victor Akande accused the police of shielding alleged APC-backed thugs while harassing and arbitrarily arresting members of rival groups, particularly transport union members.

Akande alleged that the Command had abandoned its constitutional duty of impartiality, failing to arrest individuals linked to violent attacks in several communities despite widespread allegations. He named suspects-Asiri Eniba, Ojuyobo and D-Law-as operating freely, claiming ‘security personnel failed to act decisively during reported shootings but suspects had been seen moving around under police protection.’

The party further alleged that police officers were targeting non-aligned transport union members through arbitrary arrests and intimidation, while those allegedly responsible for violent attacks were left untouched.

Akande urged Inspector-General of Police Tunji Disu to order an impartial investigation into all individuals linked to recent violence in the state and ensure that anyone found culpable was prosecuted regardless of political affiliation.

Police Public Relations Officer DSP Abiodun Ojelabi dismissed the allegations as false and misleading, insisting the Command remained committed to professionalism, impartiality and the rule of law.

He said the police had never provided protection for any individual, political party or criminal group, stressing that operations were intelligence-driven and based strictly on credible evidence.

‘Arrests were not carried out based on media reports, political statements or social media allegations, but on evidence capable of sustaining prosecution in court,’ Ojelabi said, adding that several suspects linked to breaches of public peace had already been arrested, investigated and charged where sufficient evidence existed.

The police also rejected claims of selective arrests of transport union members, insisting that every suspect taken into custody was arrested based on reasonable suspicion of criminal activity.

‘Some of the arrested suspects had confessed to plans to procure arms and ammunition to perpetrate further violence,’ Ojelabi noted, adding that political affiliation or union membership neither guaranteed arrest nor immunity from investigation.

He urged political parties, community leaders and residents to avoid inflammatory statements capable of heightening political tension ahead of the election, assuring the public that the Command would remain focused on protecting lives and property.

The five Southeast governors have resolved to work for the re-election of President Bola Tinubu’s re-election next year, Imo State Governor Hope Uzodimma said yesterday.

Uzodimma, who chairs the South East Governors’ Forum (SEGF), spoke at a meeting with the Imo State Council of Elders and Council of Traditional Rulers at the New EXCO Chambers, Government House, Owerri.

He cited infrastructure projects initiated in the zone by the administration, saying the governors’ decision was based on ‘verifiable facts’ of the administration’s record in the Southeast.

Uzodimma cautioned against attempts by some politicians to use the region as a platform for anti-government sentiment, nothing that President Tinubu signed the South East Development Commission Act into Law in July 2024 and inaugurated its board in February 2025.

He described it as the first of such commission for the zone, adding gosh the Port Harcourt-Aba rail line was also inaugurated in May 2024 and handed over to the Nigerian Railway Corporation (NRC) in November 2024.

The governor also announced a $3 billion allocation, which he said the President approved for the wider Eastern Rail Corridor project linking Port Harcourt to Maiduguri through the South East.

On roads, the governor pointed to ongoing work on Phases 2A and 2B of the Second Niger Bridge access roads, flagged off in March 2025, and two newly approved roads linking Anambra, Imo and Abia states to the North Central region and the Enugu-Port Harcourt Expressway.

He said the zone also benefited from nationwide policies including the student loan scheme, higher federal allocations to states, and cuts in vehicle import duty.

Uzodimma said the South East governors, including some outside the All Progressives Congress (APC), had publicly acknowledged the administration’s record, and predicted the zone would back Tinubu at the polls in 2027.

Turning to Imo State affairs, Uzodimma urged the Elders Council and Council of Traditional Rulers to support the implementation of the Imo Charter of Equity, which provides for power rotation among the state’s three zones.

He said the bill establishing the Elders Council originated from his administration and asked the council to grant him a mandate on a successor, taking into account rotation and the candidate’s readiness to sustain his administration’s achievements.

The governor said his administration inherited a divided Imo State and had worked to restore order through inclusive governance, and called on political leaders to reject divisive politics ahead of the 2027 elections.

He also disclosed plans to reshuffle his cabinet and reaffirmed his administration’s commitment to youth empowerment.

The traditional ruler of Isiama Autonomous Community in Isiala Mbano, Eze Oliver Ohanweh, urged Uzodimma to prioritise development in Okigwe zone, including completion of a proposed university, before the end of his tenure.

Elders’ Council member Chief George Egu commended the governor for improvements in infrastructure and healthcare in the state.

Other speakers, including the Chairman of the Imo State Council of Elders, Eze Cletus Ilomuanya, and the Chairman of the Council of Traditional Rulers, Eze Emmanuel Okeke, expressed support for the governor’s leadership and the Charter of Equity process.

The Deputy Governor, Chinyere Ekomaru; the Secretary to the State Government, Cosmas Iwu; and the Chief of Staff, Nnamdi Anyaehie, attended the meeting alongside members of the state executive council.

Africa’s push towards a borderless economy is exposing critical weaknesses in the continent’s financial infrastructure, with payment systems, banking networks, and regulatory frameworks struggling to keep pace with rising cross-border trade, travel and digital commerce.

Benjamin Dada, fintech expert and founder of Condia, said growing demand for cross-border transactions is placing unprecedented pressure on Africa’s fragmented payment ecosystem just as regional integration accelerates under the African Continental Free Trade Area (AfCFTA).

Dada, a former Nigeria country manager at South African payments company Stitch and former business product manager at Moniepoint, where he helped build the firm’s cross-border product, MonieWorld, said the industry needs greater collaboration to address longstanding structural barriers.

To help drive that conversation, Condia will host The Borderless Experience, a one-day conference scheduled for August 21, 2026, at the Landmark Event Centre in Lagos.

The event, with Africhange as headline sponsor, is expected to bring together about 500 senior executives from banks, fintech firms, regulators, airlines, travel companies, merchants, investors and policymakers to examine what Africa must do to build a truly connected economy.

According to Dada, while AfCFTA has created fresh momentum for regional trade and investment, fragmented financial infrastructure, inconsistent regulations and inefficient settlement systems continue to slow business expansion across the continent.

‘Our goal is to bring together the people building the systems behind Africa’s connected economy-including banks, fintechs, regulators, travel companies, merchants, policymakers and infrastructure providers-to have practical conversations about what is required to move the industry forward,’ Dada said.

The conference comes at a time when cross-border payments are emerging as one of the fastest-growing segments of Africa’s fintech industry. Dada estimates the continent’s cross-border payments market at about $329 billion, expanding at roughly 12 percent annually, driven by the rapid growth of digital commerce, mobile money adoption and regional trade.

He noted that many Nigerian fintech companies that initially focused on domestic payments are now expanding into international money transfers as businesses and consumers increasingly transact beyond national borders.

‘Every major fintech now wants to become a cross-border fintech. That creates opportunities, but it also raises new questions about regulation, competition, liquidity management and financial infrastructure,’ he said.

Dada also argued that much of the public conversation around cross-border payments still relies on outdated assumptions.

‘For years, everyone quoted that sending money into Africa costs around eight percent. The industry has changed significantly, and we need more accurate conversations based on today’s realities,’ he said.

Beyond payments, the conference will examine the wider infrastructure supporting Africa’s connected economy, including trade, travel, logistics and commerce.

Participants will discuss how merchants are expanding across borders, how airlines and hospitality businesses are serving regional travellers, and why logistics remains one of the biggest obstacles to intra-African trade.

Drawing on conversations with logistics operators, Dada said moving goods between African countries often remains more expensive than shipping them from Europe.

‘It can cost more to move goods from Kenya to Nigeria than from the United Kingdom to Nigeria. Those are the kinds of structural issues we want to address,’ he said.

The programme is organised around six thematic tracks covering the changing African consumer, payments and financial infrastructure, banking, commerce and travel, policy and regulation, and cross-industry collaboration.

Speakers will include payment infrastructure providers, banking executives, policymakers, compliance specialists, cybersecurity experts, merchants, airlines, hotel operators, investors and technology founders.

Among the issues expected to dominate discussions are stablecoins, artificial intelligence, correspondent banking, foreign exchange volatility, payment settlement, regulatory harmonisation and the future of Africa’s digital payment architecture.

For Dada, however, payments are only part of the bigger picture.

‘What actually moves across borders are people, goods and services. Payments are simply the infrastructure that enables those movements,’ he said.

With bank recapitalization completed, the financial institutions must now focus on support for the productive sector, Central Bank of Nigeria said yesterday.

The apex bank governor, Mr. Olayemi Cardoso, said: ‘With recapitalisation now completed, our focus has shifted towards ensuring that stronger capital translates into improved governance, enhanced risk management and support for productive economic activities.’

Cardoso spoke when he briefed the Senate Committee on Banking, Insurance and Other Financial Institutions on the activities of the CBN since the beginning of the year.

His last meeting with the Senate panel was December 25.

Speaking during the open time before the meeting went into closed session, Cardoso highlighted the launch of the Payments System Vision 2028, improvements in Nigeria’s sovereign credit ratings by Fitch, Moody’s and SandP, stronger fiscal-monetary policy coordination and other reforms aimed at sustaining financial system stability.

He expressed confidence that inflation would continue to moderate in the second half of the year, while the apex bank would intensify post-recapitalisation supervision, deepen foreign exchange reforms, strengthen digital payment systems and reinforce the resilience of the financial sector.

Cardoso added that the CBN had set a target of increasing monthly diaspora remittances through official channels to $1 billion before the end of the year.

He said this is part of the efforts to strengthen foreign exchange inflows and consolidate macro-economic stability.

The Senate committee subjected the bank’s management to extensive questioning on inflation, bank recapitalisation, foreign exchange reforms, consumer protection, the CBN’s audited accounts and the handling of the Federal Government’s Ways and Means advances.

Cardoso, who led the CBN delegation, said recent monetary and financial sector reforms had strengthened investor confidence, stabilised the foreign exchange market and positioned the economy for sustainable growth despite persistent global economic challenges.

He said the first half of 2026 witnessed consolidation of the macro-economic gains achieved in 2025 through sustained monetary reforms and closer coordination between monetary and fiscal authorities.

According to him, despite heightened global uncertainties arising from geo-political conflicts, trade fragmentation and supply chain disruptions, Nigeria’s economy had remained resilient, supported by improving business conditions and stronger private sector confidence.

He said inflation had resumed its downward trend after the temporary spike caused by the Middle East crisis, easing marginally from 15.93 per cent in May to 15.91 per cent in June.

‘This outcome demonstrates the effectiveness of our monetary policy stance in containing second-round inflationary pressures and anchoring inflation expectations. We remain fully committed to restoring price stability and achieving single-digit inflation over the medium term,’ Cardoso said.

The CBN governor said reforms introduced in the foreign exchange market had enhanced transparency, improved investor confidence and curtailed speculative activities.

He listed the launch of the fourth edition of the Foreign Exchange Manual, implementation of the Nigeria Foreign Exchange Code and deployment of the Electronic Foreign Exchange Matching System as major reforms driving stability in the market.

Cardoso disclosed that the average exchange rate appreciated to N1,375.40 to the dollar in the first half of 2026, while diaspora remittances through official channels rose from about $200 million to over $600 million monthly.

‘Our target is to increase diaspora remittances to $1 billion monthly before the end of the year,’ he said.

Cardoso added that Nigeria’s external reserves had climbed to $52.73 billion as of July 9, 2026, reflecting improved foreign exchange inflows and stronger external buffers.

He described the CBN bank recapitalisation as one of the most successful in the country’s banking history.

He said banks raised N4.65 trillion in fresh capital, with 72.55 per cent contributed by domestic investors and 27.45 per cent by foreign investors.

According to him, 33 banks had met the revised capital requirements, while discussions were ongoing, with the few institutions yet to comply to protect depositors and preserve financial system stability.

The engagement was chaired by Senator Mukhail Adetokunbo Abiru (Lagos East).

Abiru acknowledged improvements in key macro-economic indicators since the committee’s last meeting with the CBN.

He noted that inflation had moderated to 15.06 per cent in February 2026, prompting the Monetary Policy Committee (MPC) to lower the Monetary Policy Rate (MPR) from 27 per cent to 26.5 per cent. However, inflation later rose to 15.93 per cent in May, following geo-political tensions in the Middle East.

While commending the CBN for restoring stability to the foreign exchange market and successfully implementing the banking sector recapitalisation programme, the committee chairman said the banking reform would only achieve its objective if banks increased lending to productive sectors of the economy.

Abiru identified agriculture, manufacturing, infrastructure, technology and small and medium enterprises (SMEs) as critical sectors expected to benefit from stronger bank capitalisation.

The committee also expressed concern over reports that private sector credit remained below expectations despite the substantial capital raised by commercial banks.

Lawmakers further sought clarification on the CBN’s 2025 audited financial statements, particularly the sharp rise in Open Market Operations (OMO), whose outstanding balance increased from about N24.3 trillion in 2024 to N48.7 trillion in 2025.

They also demanded explanations on rising liquidity management costs, operating expenses, monetary stability expenditures and the decision to offset the Federal Government’s Ways and Means advances against the bank’s operating surplus instead of remitting cash.

The Central Bank of Nigeria (CBN) has issued fresh operational guidelines for the purchase of foreign exchange by Bureau De Change (BDC) operators through authorised dealer banks in the Nigerian Foreign Exchange Market (NFEM).

The move is part of the apex bank’s efforts to improve liquidity, strengthen transparency and tighten regulatory oversight of the country’s foreign exchange market.

The new guidance contained in circular to ‘All Authorised Dealer Banks and Bureau De Change introduces a digital platform that will enable the CBN to monitor foreign exchange transactions involving BDC operators in real time.

The apex bank said the system is designed to improve transparency, ensure compliance with existing foreign exchange rules and make it easier to track transactions across the market.

Under the guidelines, licensed BDC operators are allowed to buy foreign exchange from any authorised dealer bank at the prevailing market exchange rate, subject to compliance with all regulatory requirements.

Each BDC can purchase up to 150,000 dollars weekly through the official market.

The CBN directed authorised dealer banks to carry out full Know Your Customer (KYC) checks and proper due diligence before selling foreign exchange to any BDC. It also instructed BDCs to submit timely and accurate electronic reports of all transactions through the designated digital platform.

The apex bank said foreign exchange purchased under the arrangement must be used strictly for eligible retail transactions and must not be diverted to unauthorised activities. It warned that round-tripping, anonymous transactions and dealings through third parties are prohibited.

According to the guidance, BDC operators are not permitted to hold foreign exchange positions from funds purchased in the market. Any unused foreign exchange must be returned to the market within 24 hours, while all settlements are to be routed through accounts maintained with licensed financial institutions.

The CBN also placed limits on cash transactions, stating that only up to 25 per cent of each foreign exchange sale may be paid in cash, while the remaining 75 per cent must be settled electronically. The measure is intended to improve transaction traceability and reduce the risk of abuse within the foreign exchange market.

The regulator warned that any authorised dealer bank or BDC operator that fails to comply with the guidelines will face appropriate regulatory sanctions in line with existing laws and foreign exchange regulations.

The bank said the measures form part of ongoing reforms aimed at building a more transparent, efficient and stable foreign exchange market. It noted that wider access to official foreign exchange for licensed BDC operators, supported by stronger monitoring and reporting requirements, is expected to improve liquidity in the retail segment of the market while boosting confidence in Nigeria’s foreign exchange system.

The governorship candidate of the Zenith Labour Party (ZLP), Olufemi Adesuyi, in the forthcoming Osun State governorship election, has said his campaign is targeting over 800,000 incorruptible voters who abstained from the governorship election to secure victory.

Adesuyi, while speaking with The Nation yesterday, said ZLP was not relying on taking votes from other political parties but was instead focused on mobilising eligible voters who had stayed away from previous elections because they were unwilling to participate in what he described as a corrupt political system.

According to him, Osun has more than two million registered voters, yet fewer than 800,000 participated in the last governorship election, leaving a large number of eligible voters whose participation could determine the outcome of the forthcoming poll.

‘We believe there are over 800,000 loyal and honest citizens who stayed at home because they did not want to be part of the corrupt system. Our responsibility is to reach them, explain our programmes, encourage them to collect their Permanent Voter Cards (PVCs) and come out to vote,’ he said.