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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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Power Crisis: FG Gives Nigerians 48-Hour Deadline For Electricity Restoration.

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The Federal Government has blamed the recent electricity outages affecting Lagos, the Federal Capital Territory (FCT) and two other areas on scheduled maintenance at Egbin Power Station, gas supply challenges and the sabotage of critical transmission lines.....KINDLY READ THE FULL STORY HERE▶

Minister of Power, Joseph Tegbe, disclosed this in a statement shared on Facebook on Friday, explaining that the challenges had reduced electricity generation on the national grid, forcing operators to ration power supply in affected locations.

Tegbe said the first set of affected generating units was expected to resume operations within 48 to 72 hours, while other units would return to service gradually.

According to the minister, scheduled maintenance at Egbin Power Station, coupled with inadequate gas supply to some thermal power plants, had significantly reduced the volume of electricity available for distribution across the country.

He stated, “Planned maintenance at Egbin Power Station and constraints in gas supply to some thermal power stations have reduced the amount of electricity available on the national grid.”

The minister also identified the sabotage of major transmission infrastructure as another factor worsening the power situation, explaining that the damage had limited the ability of operators to redirect electricity through alternative transmission routes.

He specifically noted that the situation had affected electricity supply to some locations, particularly Lagos.

“Sabotage of key transmission lines has also restricted the use of alternative routes to supply some locations, especially Lagos,” Tegbe added.

The minister assured Nigerians that the Federal Government was working with relevant stakeholders in the electricity sector to address the challenges.

He said efforts were underway to improve gas deliveries to power generation companies and accelerate repairs to damaged transmission infrastructure.

Tegbe apologised to households and businesses affected by the outages, promising that the ministry would continue to provide updates as electricity supply gradually improves.

Meanwhile, on November 4, the minister directed the Transmission Company of Nigeria (TCN), the Nigerian Independent System Operator (NISO) and electricity distribution companies to urgently resolve operational challenges responsible for the decline in power generation.

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Our X Account Is Back! Nigerian Army Announces Resumption Of Social Media Updates.

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The Nigerian Army has announced the restoration of its official social media account on X, formerly known as Twitter, following the resolution of technical issues that disrupted its operations.....KINDLY READ THE FULL STORY HERE▶

The military disclosed on Sunday that it had resumed regular updates on the platform, allowing members of the public to access information about its activities and operations.

In a statement issued on Sunday, the Acting Director of Army Public Relations, Colonel Appolonia Anele, explained that the restoration followed efforts to address an incident of unauthorised access reported on August 29, 2026.

According to the Army, the account has now been secured, while full administrative control has been recovered, paving the way for the resumption of regular communication with the public.

The military added that updates on its operations, achievements, activities and institutional developments would once again be shared through the platform.

The statement noted that the successful recovery demonstrated the Nigerian Army’s commitment to protecting its digital communication channels, maintaining information integrity and ensuring that Nigerians receive credible information through secure platforms.

The Army also appreciated Nigerians, media organisations and other stakeholders for their patience, understanding and support throughout the period its X account remained inaccessible.

It acknowledged their cooperation in ensuring continued access to reliable information through its other official communication channels while efforts to restore the account were ongoing.

The military subsequently urged members of the public to reconnect with and follow its restored official X handle, @HQNigerianArmy, for timely and verified updates on its activities and developments.

It further reaffirmed its commitment to transparent communication, effective public engagement and strengthening the relationship of trust between the Nigerian military and citizens.

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Relief For Families As Abia CP Unveils Life Insurance Benefits For Fallen Officers.

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The Abia State Police Command has presented 21 cheques worth a total of ₦9,054,644.57 to families of officers who died in active service under the Nigeria Police Force’s Group Life Assurance and Family Welfare Scheme.....KINDLY READ THE FULL STORY HERE▶

The cheques were handed over to the beneficiaries on Friday at the Command Headquarters in Umuahia by the Commissioner of Police, Afolabi Wilfred.

Speaking during the presentation, Wilfred, who represented the Inspector-General of Police, Olatunji Disu, extended the police leadership’s condolences to the families over the loss of their loved ones.

He acknowledged that no amount of financial compensation or insurance could replace the deceased officers but stressed that the initiative reflected the Nigeria Police Force’s commitment to supporting families left behind by officers who died in the line of duty.

The Abia police commissioner explained that the financial assistance represented the institution’s recognition of the sacrifices made by the deceased officers in service to the country.

He encouraged the beneficiaries to regard the gesture as an acknowledgement of their loved ones’ dedication and sacrifices, assuring them that the police remained committed to their welfare.

Wilfred also prayed for God to grant the families the strength to overcome their grief and give the deceased officers eternal rest.

Responding on behalf of the beneficiaries, Ifeanyi Ezindu, a relative of late Inspector Ezindu Egege, expressed gratitude to the Federal Government and the Nigeria Police Force for the financial assistance.

He noted that although the money could never replace the love, care and companionship of their deceased family member, the gesture meant a lot to the family.

Similarly, Mrs Onyebuchi Gloria Gift, widow of late Inspector Onyebuchi Henry Emeka, became emotional while expressing appreciation for the support.

She explained that the financial benefit would provide significant assistance for her and her children as they continue to cope with the loss of her husband.

She also commended the Abia State Police Command for remembering the families of deceased officers and extending financial support to them during their difficult period.

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