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Inside The CBN Shake-Up: New Faces Take Charge Of Economic Policy And Operations.
Effective June 1, 2026, the Central Bank of Nigeria (CBN) has implemented a strategic reshuffling of its Deputy Governors. The updated appointments, as confirmed by the bank’s official portal, are as follows:....KINDLY READ THE FULL STORY HERE▶
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Dr. Muhammad Sani Abdullahi: Transitioning from Economic Policy to the Corporate Services Division.
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Mr. Philip Chukwuemeka Ikeazor: Moving to head the Economic Policy directorate.
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Ms. Emem Nnana Usoro: Shifting from Corporate Services to oversee Operations.
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Mr. Lamido Abubakar Yuguda: Moving from Operations to lead Financial System Stability.
Update on PoS Geo-Fencing Enforcement
The Central Bank has officially postponed the enforcement deadline for its mandatory Point of Sale (PoS) terminal geo-fencing policy.
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New Deadline: Enforcement is now scheduled to begin on August 1, 2026.
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Purpose: This extension provides payment service providers additional time to ensure full compliance.
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Background: First announced in August 2025, the policy mandates that all PoS terminals be geo-tagged. This initiative is designed to bolster the monitoring of electronic transactions, curb fraudulent activities, and transition Nigeria’s payment ecosystem to the international ISO 20022 messaging standard.
Affected Stakeholders: The directive applies to all financial institutions, including Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Super Agents, and switching companies, all of which are required to complete the necessary terminal updates.
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“Mambilla Corruption Trial Intensifies: EFCC Unveils Fifth Witness In $6 Billion Case”.
The Economic and Financial Crimes Commission (EFCC) has introduced its fifth witness in the trial of former Minister of Power, Olu Agunloye, regarding the $6 billion Mambilla Power Project. Agunloye is appearing before Justice Jude Onwuegbuzie at the Federal Capital Territory High Court in Abuja to face a seven-count charge related to alleged contract fraud and official corruption. During the proceedings on June 1, 2026, the prosecution called Iliya John Iyakwari, an Assistant Director of Legal in the Federal Ministry of Justice currently serving as an Assistant Legal Adviser in the Ministry of Power. Iyakwari testified that he certified an extract of the Federal Executive Council (FEC) meeting minutes from May 21, 2003, at the request of the EFCC. He detailed the administrative process of fulfilling the agency’s request, confirming that he verified the documents—marked as Exhibits EFCC 3J and 3K—before sending them to the commission. The court has adjourned the case until June 8, 2026, for the cross-examination of the witness.....KINDLY READ THE FULL STORY HERE▶
As the trial of former Power Minister Olu Agunloye continues, the EFCC has presented its fifth prosecution witness to testify regarding the $6 billion Mambilla Power Project contract. The trial, overseen by Justice Jude Onwuegbuzie in Abuja, focuses on allegations of fraudulent contract awards to Sunrise Power Transmission Company Limited. On Monday, June 1, 2026, witness Iliya John Iyakwari, an Assistant Legal Adviser in the Ministry of Power, explained how he processed the EFCC’s 2023 request for an extract of 2003 FEC meeting minutes. Iyakwari confirmed the authenticity of the certified documents provided to the anti-graft agency. Following this testimony, the judge postponed the trial to June 8, 2026, to allow for the cross-examination of Iyakwari.
Option 3: Concise Summary
The $6 billion Mambilla Power Project trial involving former Minister Olu Agunloye saw the EFCC present its fifth witness, Iliya John Iyakwari, on June 1, 2026. Iyakwari, an Assistant Legal Adviser in the Ministry of Power, provided testimony regarding the certification of FEC meeting minutes requested by the EFCC as part of the evidence for the seven-count corruption case. After identifying the relevant exhibits in court, the witness testimony concluded for the day, and Justice Jude Onwuegbuzie adjourned the trial until June 8, 2026, for cross-examination.
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“Atiku Hits Back: Former VP Demands Proof Amidst Babachir Lawal’s Rigging Claims”.
Atiku Abubakar, the presidential candidate for the African Democratic Congress (ADC), has formally responded to claims made by Babachir Lawal, the former Secretary to the Government of the Federation. Upon resigning from the party, Lawal alleged that Atiku exerted undue influence over the ADC’s national presidential primary election, questioning the integrity and fairness of the process. In a rebuttal issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku dismissed these accusations as baseless. The statement emphasized that the primary results accurately represented the will of party members nationwide and accused Lawal of damaging the party’s reputation without providing any supporting evidence, documents, or credible witnesses.....KINDLY READ THE FULL STORY HERE▶
Former Vice President Atiku Abubakar has fired back at ex-SGF Babachir Lawal following accusations of rigging in the ADC presidential primaries. Lawal, who recently resigned from the party, claimed that Atiku manipulated the selection process to secure a favorable outcome. Responding on Atiku’s behalf, Phrank Shaibu rejected the claims as mere speculation. The former Vice President’s camp challenged Lawal to provide tangible proof, noting that the primary election took place across thousands of wards with a clear, decisive result. They further asserted that Lawal’s failure to produce documents or witnesses highlights the unsubstantiated nature of his sensational allegations.
Atiku Abubakar has refuted allegations of electoral manipulation leveled against him by former SGF Babachir Lawal regarding the ADC presidential primaries. Following Lawal’s resignation and public criticism of the party’s primary process, Atiku’s spokesperson, Phrank Shaibu, condemned the remarks as damaging and evidence-free. The campaign reiterated that the primary outcome was legitimate, reflecting the collective decision of party members across the country, and dismissed Lawal’s claims as an attempt to spread misinformation without supporting facts.
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“Defection Alert: Kano Lawmaker Rejects NDC, Reclaims APC Membership”.
Muhammad Ahmad Tomas, the Kano State House of Assembly member for Makoda Constituency, has officially defected from the Nigeria Democratic Congress (NDC) to return to the All Progressives Congress (APC). The announcement was made this past Monday at the Abuja residence of Deputy Senate President Barau Jibrin, where Tomas was joined by Makoda LGA Chairman Isa Currency and Dambatta LGA Chairman Jamilu Abubakar Dambatta. Senator Barau welcomed the return, framing it as a significant political development for Kano State as the 2027 election cycle approaches. He noted that the move signals confidence in the APC’s governance strategy and will bolster the party’s strength in the Kano North Senatorial District. Furthermore, Senator Barau guaranteed that Tomas would receive equal standing within the party and urged all APC members to maintain unity as they look toward future elections.....KINDLY READ THE FULL STORY HERE▶
In a significant political shift, Muhammad Ahmad Tomas has abandoned the Nigeria Democratic Congress (NDC) to rejoin the All Progressives Congress (APC). Representing the Makoda State Constituency, the lawmaker confirmed his return during a meeting with Deputy Senate President Barau Jibrin in Abuja, accompanied by the chairmen of Makoda and Dambatta LGAs. Senator Barau hailed the defection as a timely boost for the party’s prospects ahead of the 2027 general elections. According to the Deputy Senate President, the return reinforces the party’s influence in Kano North and proves that leadership at the grassroots remains aligned with the APC’s vision. He assured Tomas of equal access to party opportunities and emphasized the necessity of a united front for the party’s continued success in the region.
Kano State lawmaker Muhammad Ahmad Tomas has officially left the NDC to rejoin the APC. His return was announced Monday at the home of Deputy Senate President Barau Jibrin in Abuja, with local government chairmen Isa Currency and Jamilu Abubakar Dambatta in attendance. Senator Barau welcomed the decision, stating it strengthens the APC’s structure in Kano North and reflects growing momentum for the party ahead of the 2027 elections. He pledged full support for the returning lawmaker and called for continued party cohesion across the state.
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