Ondo State Commissioner for Energy and Mineral Resources, Razak Obe, has asserted that Minister of Interior Olubunmi Tunji-Ojo is the driving force behind the ongoing turmoil within the All Progressives Congress (APC) in the state. Obe made these statements during an appearance on Arise TV on Tuesday.....KINDLY READ THE FULL STORY HERE▶

• Primary Election Fallout: The ruling party became embroiled in internal conflict following the outcome of the National Assembly primaries.

• Legal Challenge: Aspirants loyal to State Governor Lucky Aiyedatiwa who missed out on party tickets filed lawsuits last week to contest the election results and the list of candidates submitted to the Independent National Electoral Commission (INEC) by the APC National Working Committee (NWC).

Allegations Against the Minister of Interior

During his television interview, Obe claimed that Tunji-Ojo is aligned with the opposing political faction and has close ties with the party’s National Chairman, positioning himself against the governor.

Obe stated:

“There is a clear political divide within the Ondo APC. While divisions are normal in politics, we expect balance. Without euphemism, the Minister of Interior is behind the crisis in the Ondo APC. He is on the opposing side, not on the side of the governor. All other stakeholders are aligned with him.”

The Central Bank of Nigeria (CBN) has kept the Monetary Policy Rate (MPR) unchanged at 26.5 percent, a decision announced on Tuesday by CBN Governor Olayemi Cardoso following the 305th Monetary Policy Committee (MPC) meeting in Abuja. This marks the second time the apex bank has maintained the benchmark rate at this level.....KINDLY READ THE FULL STORY HERE▶

• Unchanged Policy Rates: Alongside keeping the MPR at 26.5 percent, the MPC left all other major parameters steady.

• Asymmetric Corridor: Maintained at +500/-100 basis points around the MPR.

• Cash Reserve Ratios (CRR): Kept at 45 percent for Deposit Money Banks and 16 percent for Merchant Banks.

• Liquidity Ratio: Retained at 30 percent.

Economic Assessment & Global Risks

Governor Cardoso noted that while Nigeria’s headline inflation experienced a marginal decrease in June 2026, the committee opted for a cautious monetary stance due to heightened global uncertainties—specifically the renewed military hostilities in the Middle East. The MPC warned that these regional conflicts could drive up global energy costs and spark imported inflation via higher transportation and fuel expenses.

Despite external risks, the committee highlighted the Nigerian economy’s resilience against shocks, attributing it to ongoing fiscal and monetary reforms. The decision allows the CBN to observe incoming data prior to making future adjustments while acknowledging improved coordination between fiscal and monetary authorities.

The Senate has passed the National Insurance Regulatory Commission (Repeal and Enactment) Bill, 2026, which formally seeks to rename the National Insurance Commission (NAICOM) to the Insurance Regulatory Commission (IRC). The legislation also aims to reinforce the regulator’s independence, broaden its supervisory powers, and safeguard its officials from legal claims tied to the lawful performance of their duties.....KINDLY READ THE FULL STORY HERE▶

• Legislative Process: The bill was passed following the consideration of a report presented by Senator Adetokunbo Abiru, Chairman of the Committee on Banking, Insurance and Other Financial Institutions, after a clause-by-clause review. The transition to the IRC remains subject to the completion of the legislative process and presidential assent.

• Updating Outdated Laws: Lawmakers noted that the previous enabling framework, established under a 1997 decree, had become obsolete and failed to align with current global best practices or modern developments in the insurance sector.

• Expanded Regulatory Powers: The updated framework empowers the commission to issue guidelines and directives, collaborate with both domestic and international bodies, and intervene in financially distressed insurance institutions to ensure orderly resolutions and protect policyholders.

• Governance and Protection: The bill establishes stricter qualification and expertise criteria for governing board members—requiring backgrounds in insurance, finance, law, risk management, or corporate governance—while providing legal protection for the commission and its staff during the proper execution of their duties.