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Central Bank of Nigeria (CBN) has dismissed reports suggesting that it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing such claims as inaccurate and misleading.

In a statement yesterday, the CBN clarified that the figure referenced in its first quarter 2025 Sectoral Utilisation of Foreign Exchange data did not represent direct CBN disbursements.

Instead, it reflected the total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

According to the bank’s spokesperson, Mrs. Hakama Sidi Ali, ‘Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN. Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.’

She explained that the figure of $1.259 billion merely represents aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in compliance with existing regulations.

‘The data cited in the report only captures legitimate market transactions and does not reflect any form of direct CBN intervention in the oil sector,’ she stated.

Sidi Ali noted that the willing buyer, willing seller system allows for transparency and fair price discovery in the foreign exchange market, reinforcing the CBN’s commitment to maintaining a market-based framework.

She further assured the public that the Central Bank remains committed to transparency and stability in Nigeria’s financial system.

‘The CBN continues to promote a transparent, market-based foreign exchange regime that supports efficient price discovery, economic stability, and confidence in the Nigerian financial system,’ she said.

The Bank therefore urged the media and the public to verify information before publication, especially when it concerns sensitive economic data, to avoid creating false impressions about government policies or the management of the nation’s foreign exchange market.

Oyo State governorship hopeful on the platform of All Progressives Congress (APC), Dr. Adewale Kareem (AKK), has announced plans to present copies of his new book, Our Realistic Tomorrow, to prominent traditional rulers in Oyo State by December.

The announcement follows the hosting of his Town Hall Meeting, Book Launch, and Fundraising in Doonside, Sydney, Australia – an event that drew Yoruba leaders, professionals, and community figures from New South Wales.

Kareem lauded Nigerian Association of New South Wales, Odua Group, Newcastle Muslim Brothers, and other community bodies for support. He said the gathering is a blend of cultural pride, intellectual dialogue, and shared vision.

According to him, the book, his roadmap for sustainable development and people-centred governance, will be presented to Olubadan, Alaafin of Oyo, Soun of Ogbomoso, and others ahead of Oyo State AKK Town Hall Meeting and Book Launch, in January.

‘Our mission is not only politics; it’s about purpose, vision, and unity,’ he said. ‘Our fathers will be first to get my book because their blessings and guidance are central to the progress of the state and realisation of our dream.’

Dr. Kareem also revealed that following the success of the Sydney event, similar engagements would be held in Western Australia, the United States, and Canada before June 2026, targeting members of the Oyo and Nigerian diaspora to further strengthen the movement.

The Doonside event, characterized by rich cultural displays and robust discourse, also served as a rallying point for supporters of the ‘Oyo 2027 Project,’ with participants pledging moral and financial commitment to the cause.

Dr. Kareem, widely respected for his humility and vision, reaffirmed that the slogan ‘Aseyori ni tiwa’ – meaning Success is Ours remains the driving spirit of his campaign for a more united, progressive, and prosperous Oyo State.

About Dr. Adewale Kolapo Kareem (AKK)

Dr. Adewale Kolapo Kareem is a scholar, community leader, and development advocate with a record of excellence in both public service and the private sector. A native of Oyo State, he is deeply committed to promoting education, innovation, and inclusive governance.

His book, Our Realistic Tomorrow, presents a comprehensive blueprint for Oyo State’s socio-economic transformation. As the APC’s 2027 gubernatorial aspirant, Dr. Kareem’s campaign is anchored on accountability, infrastructure renewal, job creation, and human capital development – guided by his conviction that ‘good governance must be felt, not just promised.’

Rivers United have received a major boost ahead of the CAF Champions League group stage as the Godswill Akpabio International Stadium in Uyo has been approved by the Confederation of African Football (CAF) for use as the only pitch with the facilities to host CAF games.

The approval comes after CAF’s latest round of stadium inspections aimed at ensuring facilities across Africa meet international standards for safety, broadcast quality, and infrastructure.

This development means Rivers United will host their home fixtures in Uyo after their traditional ground, the Adokie Amiesimaka Stadium in Port Harcourt, was declared unfit to stage CAF matches.

The Uyo arena-widely regarded as one of the finest in Africa-has consistently met CAF’s evolving requirements and has hosted several high-profile international and continental fixtures in recent years.

According to CAF’s updated list of approved venues, Morocco tops the continent with 12 approved stadiums, followed by South Africa (10), Algeria (7), Ivory Coast (6), and Egypt (5). Tunisia, despite its football pedigree, has only one approved venue, while several countries-including Sierra Leone, Sudan, and Zimbabwe-currently have none.

CAF officials are expected to continue inspections across the continent, with more venues to be added once they meet the confederation’s strict compliance standards.

The inclusion of the Godswill Akpabio Stadium highlights Akwa Ibom State’s consistent investment in world-class sports infrastructure and stands as a boost to Nigerian football’s continental image.

Bank of Industry (BoI) has identified limited access to finance and lack of technical capacity as the biggest challenges preventing Nigerian Micro, Small and Medium Enterprises (MSMEs) from adopting Environmental, Social and Governance (ESG) practices – a global standard increasingly shaping investment and sustainability trends.

This was revealed in the bank’s new report titled: ‘Environmental, Social and Governance (ESG) Adoption by Nigerian MSMEs’, launched yesterday in Lagos at the BoI’s inaugural ESG Conference which had: ‘Advancing ESG Adoption’ as theme.

According to the report, 78 per cent of MSMEs surveyed cited financial constraints as the major barrier to ESG adoption, while 65 per cent highlighted lack of technical expertise. Other challenges include limited policy-linked incentives (65 per cent), inadequate knowledge (45 per cent), and low customer demand (20 per cent).

The nationwide survey captured over 300 valid responses from MSMEs across the six geopolitical zones, covering key sectors such as agro-processing, ICT, manufacturing, creative industries, hospitality, healthcare, construction and financial services.

Speaking at the event, BoI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, said MSMEs remain critical to the economy, accounting for over 80 per cent of businesses, contributing nearly half of the GDP, and employing millions of people.

‘Many still face barriers in understanding what ESG means in practice and how to embed the principles in their daily operations. These barriers make enterprises more vulnerable, less competitive, and less future-ready,’ Olusi said.

He explained that BoI is working to bridge these gaps by equipping MSMEs with the tools and financing needed to operate sustainably and competitively in a changing global economy.

‘Our goal is to help MSMEs grow, compete and prosper sustainably and profitably. ESG principles will help us align our industrial ambitions with national and global climate goals, while enabling us to attract green capital, spur innovation and build industries that can compete globally,’ he added.

Olusi noted that the report aligns with Nigeria’s international commitments under the Paris Agreement, Nationally Determined Contributions (NDCs) and the Energy Transition Plan (ETP), particularly in achieving the country’s 47 per cent conditional emission reduction target by 2030.

He said that embracing ESG practices would enhance MSMEs’ access to finance, as global investors and development finance institutions (DFIs) increasingly prioritise sustainability-linked projects.

‘ESG adoption will improve access to finance, help businesses manage risks, reduce costs, attract talent, and comply with emerging global standards,’ Olusi said.

The report recommended targeted financing instruments, capacity-building programmes, and gender-focused ESG credit schemes to close adoption gaps. It also called for the development of ESG-compliant loan products, regional hubs for technical training, and blended finance models to expand access to sustainable capital.

Delivering the keynote, Director-General, National Council on Climate Change (NCCC), Dr. Tenioye Majekodunmi, said climate realities and changing investor expectations are reshaping global business environments.

‘The transition to a low-carbon future will profoundly affect how businesses compete, attract finance and build resilience. Global investors are redirecting trillions of dollars towards sustainable assets, while consumers now demand transparency and ethical sourcing,’ she said.

Majekodunmi stressed that for MSMEs in the country, adopting ESG principles is no longer optional but strategic.

‘Enterprises that adapt early by embedding ESG principles into their operations will become the preferred partners for global trade and finance,’ she noted, describing BOI’s ESG framework as ‘a blueprint for directing finance towards inclusive and responsible industrial growth.’

Deputy Country Director of Agence Française de Développement (AFD), Mahamadou Diarra, commended BoI’s leadership in promoting responsible and sustainable financing within Nigeria’s financial ecosystem.

‘BoI’s proactive steps will position it as a trusted partner for international financiers,’ Global development partners, including the World Bank and Asian Development Bank, are harmonising ESG frameworks and due diligence standards,’ Diarra said.

He reaffirmed AFD’s commitment to supporting the BoI in strengthening its ESG management systems and promoting climate-linked investments nationwide.

‘As a key development partner, AFD places great emphasis on ensuring that institutions it supports maintain the same level of environmental and social diligence required in its own operations,’ he added.

With the launch of the ESG report, stakeholders say BoI has positioned itself at the centre of the nation’s sustainable industrialisation drive. Those at the event agreed that integrating ESG principles into MSME operations will not only boost competitiveness but also ensure Nigerian businesses remain viable in an economy increasingly defined by sustainability, accountability, and global market alignment.

The Nigerian Export-Import Bank (NEXIM Bank) has identified the South-South region as the emerging strategic hub for export diversification.

It said the South-South has access to infrastructure like ports and proximity to export corridors.

Managing Director of NEXIM Bank, Abba Bello, stated this in Benin City at the opening session of a one-day NEXIM SME Export Finance Sensitization Forum.

Bello noted that the South-South offered offers immense potential for trade following successful agro-processing clusters in oil palm, cassava, cocoa, rubber, solid minerals projects and in the petro-chemical industries in Rivers State.

He said industrial hubs in the region were home to MSMEs along value chains that produced high-quality food products, chemicals, building materials and servicing oil companies.

The NEXIM bank boss said the industrial hubs provided products and services that would shape Nigeria’s non-oil export future.

Represented by Mr. Flaring Tianiyu, Bello noted that improved access to finance, robust infrastructure, and effective trade facilitation would help the South South region continue to be a strong contributor to Nigeria’s non-oil export growth.

He said the NEXIM Bank was working with partners such as GIZ, to address challenges faced by the over 41 million MSMEs in the country.

Bello explained that the EXCEL Programme was designed to identify, strengthen, and finance export-ready MSMEs across the country, by leveraging digital tools, providing targeted-training, and enhancing financial-inclusion strategies.

His words, ‘The EXCEL Programme enables small businesses to scale up their operations, improve quality standards, and trade seamlessly within regional and international markets.

‘This initiative falls within the NEXIM Bank’s mandate of promoting diversified, non-oil exports, through inclusive financing models that empower women, youth, and small businesses to participate effectively in trade.

‘In addition, through the Nigeria Export Academy (NEXA), a digital platform, the Bank is expanding export capacity, providing export advisory and enabling MSMEs to operate with greater transparency and efficiency. We are also onboarding SME clients onto the African Trade Gateway (ATG), a digital ecosystem powered by Afreximbank, which integrates risk management tools (MANSA) payment systems (PAPSS), trade documentation, and logistics support to facilitate seamless cross-border trade for SMEs within Africa’, Bello further explained.

GIZ Trade Advisor, Raymond Dangana, said major objective of the event was to sensitize participants on export financing.

The Senate has confirmed President Bola Tinubu’s nominees as the new Service Chiefs after an intensive closed-door screening that centred on Nigeria’s deepening security challenges.

At the end of the over two-hour session presided over by Senate President Godswill Akpabio, the Upper Chamber unanimously approved the appointments of Lieutenant General Olufemi Oluyede as Chief of Defence Staff; Major-General Waheedi Shaibu as Chief of Army Staff; Rear Admiral Idi Abbas as Chief of Naval Staff and Air Vice Marshal Kennedy Aneke as Chief of Air Staff.

The Service Chiefs, while answering questions from Senators before the executive session, promised sweeping reforms to modernise the Armed Forces, boost troop morale, promote local arms production, use of technology, and deepen cooperation among the Army, Navy, and Air Force.

General Oluyede said his leadership would drive a ‘technology-driven, self-reliant’ defence system that reduces dependence on foreign arms.

He said: ‘We cannot continue to rely on foreign suppliers for our weapons. It is economically unsustainable and strategically risky.

‘My focus will be to build a strong local military-industrial base that can produce what we need to defend the nation.’

He pledged to make intelligence-led, data-driven warfare the backbone of joint operations, while prioritising welfare, healthcare, housing, and education for soldiers’ families.

‘Morale is the backbone of fighting power,’ he said.

Oluyede also called for a comprehensive reform of the police to enable it to take charge of internal security, so as to free the military to focus on external defence.

‘The military alone cannot secure Nigeria. Security is everyone’s business,’ he added.

Senators praised the nominees’ strategic focus, with Borno North Senator Mohammed Tahir Monguno commending Oluyede’s experience in the insurgency war, while Senator Adamu Aliero (Kebbi Central) urged him to treat troop welfare as non-negotiable.

Rear Admiral Abbas, the new Chief of Naval Staff, promised to overhaul maritime operations, expand drone surveillance, and intensify the fight against piracy and oil theft.

He also said that there was no need for setting up the proposed Coast Guards, as the Navy is already performing their expected role.

‘The Navy’s constitutional roles already cover what a Coast Guard would do.

‘What we need is better funding and modern surveillance systems,’ he said.

He said the Navy had deployed drones to monitor remote creeks and set up a Special Operations Command in Makurdi to boost patrols on the Benue-Lokoja waterways.

Abbas also said there is need for victim-centred reintegration of repentant militants, saying: ‘Deradicalisation must include justice and healing.’

Aneke, the new Chief of Air Staff, vowed to transform the Air Force into a ‘combat-ready, disciplined, and intelligent’ service anchored on drone technology and rapid-response capability.

‘Modern warfare is technology-driven. Unmanned aerial systems perform many missions better and safer than manned aircraft. We will invest in them,’ he said.

Aneke assured senators that Nigeria’s $1.2 billion Super Tucano aircraft fleet remains operational and vital to ongoing counter-insurgency operations.

‘They are flying every night in the North-East and North-West. Each missile costs about $100,000, the price of peace,’ he said.

He promised to prioritise pilot training, aircraft maintenance, and personnel welfare, while seeking legislative support for defence technology funding.

Together, the new Service Chiefs outlined a unified vision, one built on synergy, innovation, and welfare, to secure Nigeria’s land, sea, and airspace.

General Oluyede vowed to drive joint operations with Rear Admiral Abbas to safeguard maritime assets, and Air Vice Marshal Aneke to ensure air dominance.

All three reaffirmed loyalty to President Tinubu’s defence reform agenda and promised to deliver tangible results in the fight against terrorism, banditry, and oil theft.

‘We are here to serve. Every naira invested in the military must translate into peace, safety, and pride for Nigerians,’ Aneke said.

With their confirmation, the Service Chiefs now form the core of Tinubu’s new security architecture, tasked with restoring stability to the North-East, ending banditry in the North-West, and defending Nigeria’s territorial integrity across all fronts.

The Chairman and Chief Executive of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Mohamed Buba Marwa (rtd), has said the agency recorded 45,853 arrests of drug traffickers and users, secured 9,263 convictions, and seized over 8.5 million kilograms of assorted illicit drugs in the past 30 months.

He added that 26,613 drug users were counselled and rehabilitated in the agency’s treatment facilities nationwide.

Marwa said that the agency’s unwavering commitment to President Bola Tinubu’s Renewed Hope agenda has yielded remarkable results in the ongoing war against drug abuse and trafficking.

He said said this on Wednesday, when he presented commendation letters and awards to 220 personnel for outstanding performance in the discharge of their duties while 15 senior officers were decorated with their new ranks.

Marwa further revealed that the agency carried out 9,848 sensitisation activities under its flagship War Against Drug Abuse (WADA) campaign, reaching schools, workplaces, markets, motor parks, worship centres, and communities across Nigeria.

‘These figures are not just numbers; they reflect the growing impact of our renewed intelligence-driven operations and the collective national resolve to make Nigeria a drug-free nation,’ Marwa stated.

He reaffirmed the NDLEA’s resolve to sustain the momentum, noting that the agency’s efforts are aligned with the Tinubu administration’s drive for a more secure, productive, and healthy society.

‘The fight against drugs is a fight for the soul of our nation,’ he said. ‘Our commitment remains total, and our results so far show that Nigeria is winning this battle, one community at a time.’

He commended operatives of the NDLEA for raising the momentum of the fight against substance abuse and illicit drug trafficking across the country in the past two and a half years of the administration of President Bola Ahmed Tinubu.

Segilola Resources Operating Limited (SROL), a subsidiary of Thor Explorations and operator of Nigeria’s first commercial gold project, Segilola Gold Mine in Osun State, has participated as a Gold Sponsor at 2025 Nigeria Mining Week in Abuja.

During the week, SROL hosted its Second Annual Stakeholder Reception at Transcorp Hilton, Abuja.

The event convened over 100 industry’s top voices, policymakers, regulators, financiers, legal experts, and development partners. Also present were Faruk Yabo, permanent secretary of Federal Ministry of Solid Minerals Development; Prof. Innocent Bariko, director general of National Environmental Standards and Regulations Enforcement Agency; Simon Nkom, director general of Mining Cadastre Office; and Prof. Olusegun Ige, director general of Nigerian Geological Survey Agency (NGSA).

They were joined by senior representatives from Babalakin and Co., ENR Advisory, VUKA Group, Africa Finance Corporation, Bank of Industry, and other key institutions shaping Nigeria’s mining.

The reception served as a strategic forum to align visions across sectors, foster transparency, and reaffirm SROL’s commitment to responsible mining as a driver of economic and social development in Nigeria.

Segun Lawson, chief executive of Segilola, lauded stakeholders who supported its journey, saying ‘it took courage to build what we have. It takes courage to do things differently, to build mines not just for profit, but for people, planet, and posterity.

”At Segilola, we chose a path grounded in responsibility and driven by innovation, committing to a sustainable future for Nigerian mining.’

Guests engaged with the tangible results of SROL’s livelihood restoration programs, community-led initiatives designed to build resilient and diversified local economies. These efforts exemplify the company’s inclusive development model and its enduring commitment to sustainable growth.

Throughout the Nigeria Mining Week, SROL played a leading role in shaping discussions around the future of the industry.

As a Gold Sponsor, the company contributed to high-impact conversations through keynote addresses, panel discussions, and thought leadership sessions focused on regulatory evolution, sustainable finance, and sector-wide transformation.

SROL’s exhibition booth served as a hub of engagement for stakeholders eager to connect with the team behind Nigeria’s pioneering gold mine.

As Nigeria’s mining renaissance gathers momentum, Segilola Resources Operating Limited stands at its forefront-proving that responsible mining can drive lasting transformation. The Second Annual Stakeholder Reception was not merely a reflection of progress but a reaffirmation of SROL’s vision for a future where communities, industry, and sustainability thrive together.

Tragedy struck along the Otedola Bridge, inward Berger-Ojodu corridor of Lagos, on Wednesday, following a violent collision between two heavy-duty trucks, leaving one driver critically injured.

The incident, which occurred involved a 14-tyre Scania truck loaded with tonnes of wheat and a 6-tyre Iveco mini-truck carrying cartons of Gala sausage rolls.

LASTMA said both drivers were locked in a reckless struggle for the Right of Way (ROW) before the fatal impact occurred.

Operatives of the Lagos State Traffic Management Authority (LASTMA), led by the Director of the Incident Management and Enforcement Unit, Mr. Akeem Adeoshun, swiftly arrived at the scene to conduct rescue operations.

According to Adeoshun, the driver of the 14-tyre Scania truck sustained severe injuries to legs and head.

‘Our foremost duty in any rescue mission is the preservation of human life,’ he said, confirming that the victim was carefully extricated from the mangled vehicle with assistance from officials of the Federal Road Safety Corps (FRSC) and the Nigeria Police Force before being rushed to a nearby hospital for urgent treatment.

He added that the magnitude of the crash necessitated the temporary closure of the expressway from Otedola Bridge inward Berger to allow for safe recovery operations. Rescue personnel and heavy-duty machinery were deployed to transload the truck’s contents and clear the wreckage. Normal traffic flow was restored after the successful evacuation.

The General Manager of LASTMA, Mr. Olalekan Bakare-Oki, condemned the crash, describing it as ‘an avoidable tragedy that should never have transpired.’

He lamented the increasing recklessness among truck drivers who engage in dangerous manoeuvres and unlawful competition for the Right of Way, noting that such indiscipline continues to endanger lives and disrupt order on Lagos roads.

A Federal High Court in Abuja has issued an order for the final forfeiture of $49, 700. 00 said to have been recovered from a former Resident Electoral Commissioner (REC), Independent National Electoral Commission (INEC) for Sokoto State in the 2023 general elections, Dr Nura Ali.

Justice Emeka Nwite issued the order in a ruling on Wednesday after a lawyer from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Osuobeni Akponimisingha, moved a motion on notice he filed.

Akponimisingha said following an earlier interim forfeiture order granted by the court, the ICPC made a newspaper publication for interested person(s) to show cause why the recovered funds should not be finally forfeited to the Federal Government, as directed by the court.

He said no person indicated interest after publication and that no body came to court on Wednesday to contest the ownerahip of the funds

The lawyer then prayed the court to issue an order forfeiting the sum of $49, 700.00 to the Federal Government since no one came forward to claim same.

Justice Nwite had, on December 30, 2024 issued an order of temporary forfeiture of the seized funds, while ruling on amotion ex-parte marked: FHC/ABJ/CS/1846/2024, filed by the ICPC.

The ICPC in a court filing, claimed that the victim of the alleged crime was the Federal Government of Nigeria and innocent taxpayers which include judges of courts across the country.

It said the money was recovered during a search operation by operatives of the DSS at the residence of Ali.

The ICPC added: ‘The alleged moveable property of $49,700.00 was bribe money received by Dr Nura Ali when he was the Independent National Electoral Commission’s Resident Electoral Commissioner for Sokoto State.

‘The alleged moveable property is not the legitimate earning of Dr Ali as independent National Electoral Commission’s Resident Electoral Commissioner.

‘The alleged moveable property is suspected to be proceed of crime,’ it said.

The ICPC argued that INEC is not in the practice of paying its staff with United States dollar as salaries or allowances.

It said the essence of the application was not to compulsorily acquire the alleged moveable property from the alleged owner, but to preserve the property from dissipation.