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Interest Rate Shock And Oil Scandal: Senate Investigates CBN Governor And Oil Industry Chiefs

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Interest Rate Shock And Oil Scandal: Senate Investigates CBN Governor And Oil Industry ChiefsGovernor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and Minister of Petroleum Oil, Heineken Lokpobiri, appeared before a Senate Adhoc committee to address accusations of economic sabotage within Nigeria’s petroleum industry.....KINDLY READ THE FULL STORY HERE▶

Led by Senator Opeyemi Bamidele, the committee session took place on Wednesday. Bamidele emphasized that there would be no tolerance for evasiveness and stressed that everyone involved would be thoroughly scrutinized. The investigation aims to evaluate the compliance of NNPCL’s Direct Sale and Direct Purchase arrangements with the Petroleum Industry Act, ensuring transparency and accountability.

CBN Governor Promises Lower Interest Rates

Governor Cardoso reassured Nigerians and private sector investors that the current 30% interest rate, set by the Monetary Policy Committee (MPC) of the CBN, would soon decrease. Speaking at the Business CEO Forum in Lagos, Cardoso clarified that the MPC bases its decisions on data rather than emotions.

This announcement follows concerns from notable figures such as Aliko Dangote, Chairman of Dangote Group, and Peter Obi, former presidential candidate of the Labour Party. At the National Manufacturing Policy Summit organized by the Manufacturers Association of Nigeria (MAN), Dangote criticized the high interest rate for stifling job creation and economic growth. Obi added that the 30% rate would harm Micro, Small, and Medium Enterprises (MSMEs), making it difficult for private employers to secure affordable credit.

Cardoso explained that the increase in interest rates was a necessary response to the significant money supply influx, citing ₦27 trillion from Ways and Means and ₦10.5 trillion in interventions. He acknowledged the adverse consequences but maintained that these measures were essential for economic stability.

Clarification from the CBN Governor

Cardoso emphasized that interest rates are determined by the MPC, which consists of independent-minded individuals focused on data. The MPC’s primary goal is to control inflation, and their decisions are guided by data analysis.

“The MPC understands the need for economic growth and recognizes the necessity of reducing interest rates in the future. Recent hikes were crucial for stabilizing the naira-dollar exchange rate. With the right policies in place, I believe interest rates will decrease in the near future,” Cardoso concluded.

Conclusion

This appearance before the Senate and the subsequent reassurances from the CBN Governor highlight the ongoing efforts to address economic challenges in Nigeria. The commitment to transparency, accountability, and data-driven decisions reflects the administration’s dedication to overcoming these obstacles and fostering a stable economic environment.

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THE ₦400 MILLION TRAIL: Police Expose How PFIPC DG Adeyemi Blew Massive Funds!

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A comprehensive Nigeria Police Force (NPF) investigation report, finalized on July 24, 2026, has revealed that Prince Adeniyi Adeyemi, the alleged operator of the non-existent Presidential Foreign Intervention Promotion Council (PFIPC), misused approximately ₦400 million on personal expenses. Contrary to Adeyemi’s claims that this sum was a facilitation fee to secure a government appointment through Chief of Staff Femi Gbajabiamila, police found no evidence of such a transaction. Instead, forensic analysis confirmed forgery of appointment letters and other official documents, with financial records showing the funds were spent on luxury items, vehicles, and relatives. Further compounding his financial situation, Adeyemi allegedly secured an additional ₦100 million loan to maintain his high-end lifestyle.....KINDLY READ THE FULL STORY HERE▶

The investigation also uncovered severe lapses in due diligence across several government bodies, which allowed the fraudulent council to gain official recognition. Five senior public officials—including directors in the offices of the Accountant-General and Head of Service, and staff from the Budget Office and Ministry of Budget—have been identified as having facilitated Adeyemi’s access to government processes. The NPF has recommended the prosecution of these officials, subject to legal counsel, alongside the interrogation of 22 other individuals connected to the case. The findings have been forwarded to the Attorney-General of the Federation and other relevant security and government agencies.

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TEARS OF JOY: Kwara Governor Comes Face-To-Face With Miraculously Rescued Woro Kidnap Victims!.

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Governor Abdulrahman Abdulrazaq of Kwara State recently met in Ilorin with victims who were rescued after being abducted from Woro in the Kaiama Local Government Area.....KINDLY READ THE FULL STORY HERE▶

The rescued individuals, who are currently receiving medical care at the Nigerian Army Barracks in Sobi, regained their freedom following a rescue operation on Wednesday after spending six months in captivity. The freed group comprises 163 individuals out of the 176 initially taken from Kwara, alongside 145 persons from Niger State. Following their release, they spent Wednesday night at a military facility in Niger State before being safely transported to the Kwara State capital on Thursday night.

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CHARLY BOY’S DARK CONFESSION: “I Think I Killed My Mother’s Other Three Sons!”.

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Veteran Nigerian musician Charly Boy, has spoken on the unusual circumstances surrounding his birth, revealing that his mother later had three other sons who died.....KINDLY READ THE FULL STORY HERE▶

Charly Boy made the disclosure during an interview with News Central TV on Friday, while discussing his childhood, family history and personal experiences contained in his memoir.

News reports that the entertainer recalled that his birth was difficult for his mother, who reportedly carried the pregnancy for about 11 months before eventually giving birth to him.

According to Charly Boy, his mother was advised to undergo a Caesarean section but refused, choosing instead to have him through natural delivery.

He said the circumstances surrounding his birth became one of the stories that shaped how he later viewed his family history.

He further revealed that after his birth, his mother had three more boys.

However, none of the three children survived.

While reflecting on the deaths, Charly Boy described himself as having a connection to the unfortunate events, saying he believed he had killed the three boys.

The social commentator said: “My mother had three other boys after me, but I think that I killed all of them. I would say I am responsible for their deaths. My mother carried me for about 11 months before I was born. She refused to undergo a Caesarean section because she wanted to deliver me naturally.

“The circumstances surrounding my birth were difficult for my mother, and my childhood and family experiences played a major role in shaping who I became. There are many personal stories about my life that people do not know, and I documented some of these experiences in my memoir, 999. The memoir tells my story from my own perspective and covers different stages of my life.”

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