Socio-Economic Rights and Accountability Project, SERAP, has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria, CBN, “to promptly account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, as documented in the recently published 2022 annual report by the Auditor-General of the Federation.” SERAP said the grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.

Again, EFCC witness says no law breached in fund withdrawals by Kogi State.

The fourth prosecution witness of the Economic and Financial Crimes Commission EFCC in the alleged money laundering trial of the immediate past Governor of Kogi State, Yahaya Bello, has re-affirmed that fund withdrawals by the state government did not breach any banking law.

During cross-examination before Justice Emeka Nwite of the Federal High Court in Abuja on Monday, Mshelia Arhyel Bata, a compliance officer with Zenith Bank, also reiterated that the name of the former governor did not appear as beneficiary in the account presented as evidence.

The Defence Counsel, Joseph Daudu, SAN, had drawn the witness’ attention to certain withdrawals by one Umar Comfort Olufunke, which the prosecution did not mention.

The prosecution had concentrated on withdrawals by Abdulsalam Hudu, the Cashier of Kogi State Government House.

The withdrawals, in multiples of N10 million, were between December 2017 and April 2018, with beneficiaries being various hotels in Kogi State, according to the witness.

On cross-examination, the witness also confirmed withdrawals by one Alhassan Omakoji between November 2021 and December 2022, which did not exceed N10 million per withdrawal.

He said the withdrawals were in line with the limits set by the Central Bank of Nigeria CBN.

He admitted that he was not aware of any law that regulates how Kogi State Government spends its money or allocation.

“It’s Not Religious — Christians Killing Christians”: Gov. Soludo Dismisses Claims of Genocide in South-East Nigeria

Governor Charles Chukwuma Soludo of Anambra State has dismissed reports suggesting that Christians in Nigeria’s South-East are facing religious genocide, insisting that such claims are false and misleading.

Speaking during a live media chat on Channels Television, Soludo clarified that the ongoing violence in the region stems from social, political, and economic issues, not from religious persecution.

His remarks followed a recent statement by former U.S. President Donald Trump, who accused the Nigerian government of allowing mass killings of Christians and hinted at possible military intervention to “protect” them.

“There is a deeper conversation and introspection about what goes on in the country,” Soludo said.
“In eastern Nigeria, it is not religious. People are killing themselves — Christians killing Christians. The people in the bushes are Emmanuel, Peter, and John, all Christian names. It has nothing to do with religion.”

The former Central Bank of Nigeria (CBN) governor emphasized that the South-East is 95 percent Christian, and that both perpetrators and victims share the same faith.

“In this part of the country, we are 95 percent Christians, and those committing these acts bear Christian names. It’s far wider than Christians versus Muslims. Nigeria will overcome, and it will all end in dialogue,” he added.


Soludo concluded by urging the United States to ensure that its international actions align with global law and facts, rather than assumptions or political rhetoric.

World Bank to consider Nigeria’s $1bn loan request.

The world bank has set december 16 as a tentative date to review nigeria’s request for a $1bn development policy financing loan under the “nigeria actions for investment and jobs acceleration (p512892)” initiative. The loan aims to support economic reforms, create jobs, and boost private investment.

The $1bn facility includes a $500m ida credit and a $500m ibrd loan and will be implemented through the federal ministry of finance. It is structured around two main pillars: unlocking private sector growth and lowering the cost of doing business. Initiatives under the loan include expanding access to credit, supporting digital inclusion, improving capital markets, easing inflation, promoting export diversification, and strengthening agriculture.

The programme also supports the investment and securities act 2025, the national digital economy and e-governance bill 2025, credit enhancement facilities, and a CBN rulebook for microfinance and non-bank financial institutions. Efforts to simplify trade barriers, adopt afcfta concessions, and improve seed systems for key crops are expected to raise productivity, attract private investment, and enhance food security.

The loan forms part of a broader fy2026 package including finclude (msme financing), bridge (digital infrastructure), and agrow (agriculture value chain growth). The world bank, nigeria’s largest creditor, currently holds $19.39bn of the country’s $46.98bn external debt, highlighting its key role in supporting nigeria’s development.

Experts Urge CBN to Issue Higher Naira Denominations of N10,000 and N20,000.

An economic review has advised the Central Bank of Nigeria to issue higher-denomination naira notes such as N10,000 and N20,000 to restore the currency’s portability and ease the rising cost of cash transactions.

The report observed that the naira’s persistent depreciation has rendered the N1,000 note—Nigeria’s highest denomination—almost valueless in real purchasing terms. It noted that while a N1,000 note was worth about $7 in 2005, it now equals less than 60 cents, reflecting a 94% loss in value over two decades.

Analysts argued that higher-value notes would not worsen inflation, as price increases are driven by production and demand factors, not currency denomination. They explained that many countries issue higher-value bills to maintain convenience after major currency depreciation, not to trigger inflation.

The review highlighted that everyday transactions, especially in the informal sector, have become cumbersome as traders and rural dwellers must carry large amounts of cash for simple purchases. It also stressed that the cost of printing, moving, and securing existing lower-value notes has become excessively high for the apex bank.

Introducing N10,000 and N20,000 notes—or undertaking a currency re-denomination—was described as a practical step to enhance transaction efficiency, cut operational expenses, and align Nigeria’s currency system with global standards.

The analysts maintained that this proposal does not mean printing more money but simply modernizing the naira to match present economic realities and the steep decline in its purchasing power.

Former CBN governor & 16th Emir of Kano, Muhammadu Sanusi II has criticized the FG for continued borrowing despite removing fuel subsidy.

Speaking at the Oxford Global Think Tank Leadership Conference in Abuja, Sanusi said the subsidy removal had already increased revenue & questioned why the Bola Tinubu administration was still taking loans.

He praised the removal of fuel subsidy & exchange rate unification as “painful but necessary,” but warned that reckless spending could erase the gains. “If you stop paying subsidies but continue borrowing, it means you’ve filled one hole only to dig another,” he said.

Sanusi blamed the nation’s economic woes on years of poor fiscal management & populist policies. He urged the government to cut waste, asking, “Why do we need 48 ministers & long convoys?”

He also condemned the culture of praise-singing in governance, noting that sycophancy prevents leaders from hearing the truth. According to him, leaders must seek honest advisers rather than those who flatter them.

Court dismisses CBN, AGF objection in Osun local government funds suit.

Justice Emeka Nwite of the Federal High Court in Abuja has dismissed the objection raised by the Central Bank of Nigeria, CBN, and the Accountant-General of the Federation, AGF, against a suit challenging the Osun local government’s withheld funds.

The suit, filed by the Attorney-General, AG, of Osun State, Oluwole Jimi-Bada, SAN, seeks to stop the Federal Government from releasing withheld local government allocations to sacked officials elected during former Governor Adegboyega Oyetola’s tenure.

Justice Nwite, in a ruling, held that the Osun Attorney-General has locus standi (legal right) to institute the suit on behalf of the local government authorities.

In the ruling, the judge dismissed the request brought by the CBN and AGF praying for the dismissal of the case on the ground that the Osun Attorney-General lacked locus standi to sue on behalf of the local governments.

He held that the plaintiff, as the chief law officer of the state, had the duty and authority to act in the public interest, including protecting local government allocations.

The judge further held that the ongoing suit challenging local government allocations “does not constitute an abuse of court process.”

He observed that while parallel proceedings “may lead to unnecessary and duplicative objectives and judicial resources,” there was no evidence that the plaintiff had “misused, perverted, or abused the expression of justice.”

He emphasized that the plaintiff did not act in “a biased or deliberate manner in seeking the present action.”

"Nigeria’s Debt has Climbed to just ₦152.4 trillion" — DMO informs Nigerians.

Nigeria’s total public debt stock has surged to ₦152.40 trillion as of June 30, 2025, according to fresh data released by the Debt Management Office (DMO) on Saturday.

This marks an increase of ₦3.01 trillion from the ₦149.39 trillion recorded in March 2025 —a 2.01% rise within just three months. In dollar terms, the figure rose from $97.24 billion to $99.66 billion, reflecting a 2.49% uptick.

The DMO attributed the rise to increased borrowing both locally and internationally to fund fiscal gaps, despite ongoing revenue reforms and foreign exchange liberalisation.

A breakdown shows external debt grew from $45.98 billion in March to $46.98 billion (₦71.85tn) by June.
The World Bank remains Nigeria’s largest external creditor with $18.04 billion outstanding, representing 38% of total external obligations, mostly through the International Development Association.

Multilateral lenders collectively hold $23.19 billion (49.4%), including the African Development Bank, IMF, and Islamic Development Bank. Bilateral loans stood at $6.20 billion, led by China’s Exim Bank at $4.91 billion, followed by France, Japan, India, and Germany.

Commercial loans, primarily Eurobonds, amounted to $17.32 billion, representing 36.9% of external debt, while $268.9 million came from syndicated facilities and commercial bank loans. Analysts warn that Nigeria’s heavy Eurobond exposure increases its vulnerability to global market volatility.

On the domestic front, total debt climbed from ₦78.76 trillion in March to ₦80.55 trillion in June, an increase of ₦1.79 trillion or 2.27%. Federal Government bonds dominated with ₦60.65 trillion, representing 79.2% of local debt. This includes ₦36.52 trillion in naira bonds, ₦22.72 trillion in securitised Ways and Means advances from the CBN, and ₦1.40 trillion in dollar bonds.

Other instruments comprised Treasury bills (₦12.76tn), Sukuk bonds (₦1.29tn), savings bonds (₦91.53bn), green bonds (₦62.36bn), and promissory notes (₦1.73tn).

Emefiele: Court admits WhatsApp conversation in alleged $4.5bn fraud
An Ikeja Special Offences Court on Thursday admitted into evidence the WhatsApp conversation indicting the former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, of $4.5 billion fraud and abuse of office.

The News Agency of Nigeria (NAN) reports that Justice Rahman Oshodi overruled the objections of the defence and admitted the WhatsApp conversation presented by the Economic and Financial Crimes Commission (EFCC) into evidenc

CBN bars debtors, blacklisted BVNs from operating as PoS agents
The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.

The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.

The new rules mark a significant tightening of Nigeria’s agent banking framework, moving beyond transaction monitoring to focus on the integrity of the individuals who operate at the last mile of financial inclusion.

"CBN Doesn’t Even Know Where Many Fintech Banks Operate From" — Lawmaker, Hon Olufemi Bamisile Alleges.

Chairman of the House of Representatives Ad-hoc Committee investigating the operations of fintech companies in Nigeria, Hon. Olufemi Bamisile, has raised serious concerns over the Central Bank of Nigeria’s (CBN) limited oversight and lack of vital information about major fintech operators in the country.

Speaking during a live television interview, Bamisile said the committee’s ongoing probe revealed troubling regulatory lapses, suggesting that the apex bank may not have full knowledge of where or how some fintech firms operate.

He noted that key players in the sector, including MoniePoint, OPay, and Kuda Bank, failed to honour invitations to appear before the National Assembly, with several official emails sent to them bouncing back.

“It’s alarming that the CBN doesn’t even know where these operators are located,” Bamisile said. “We found out that OPay, for instance, is owned by someone in China. This raises serious national security and economic concerns.”

The lawmaker also alleged possible collusion within the system, pointing out that many of these platforms appear to be run by local agents without transparent ownership structures.

Bamisile reaffirmed that the House committee will conclude its investigation within the stipulated timeframe and recommend stronger regulations to ensure accountability and protect Nigeria’s financial ecosystem.

Nigeria Has Pulled Back From Economic Collapse — Emir of Kano, Muhammad Sanusi II Hails the CBN Reforms.

Former Central Bank of Nigeria (CBN) Governor, Sanusi Muhammadu Sanusi, has praised the current leadership of the apex bank for what he described as a “remarkable turnaround” in Nigeria’s monetary and economic stability.

Speaking on recent economic developments, Sanusi said he had “nothing but positive words” for the CBN’s policies, noting that the institution had successfully stabilized the exchange rate and curbed the reckless monetary expansion that once threatened the economy.

“We came from a period of very high instability due to loose monetary policy and uncontrolled growth in money supply,” Sanusi stated. “In the last one year, the central bank has worked hard to mop up excess liquidity. Yes, interest rates are high, but the result is evident, we’ve stabilized the naira and pulled back from the brink of total economic collapse.”

The former governor highlighted key economic improvements, including declining inflation, which he noted had fallen to around 20 percent, and a steady rise in foreign reserves now exceeding $40 billion.

Sanusi also pointed out that Nigeria’s economy recorded growth of over 3 percent in the first quarter and more than 4 percent in the second quarter of the year, outpacing population growth for the first time in years.

He described these gains as evidence that the CBN’s policy tightening and reform efforts are beginning to yield tangible results, restoring investor confidence and setting the economy on a path toward long-term stability.

Nigeria’s 2 million banking agents must choose between Moniepoint, Opay, PalmPay by April 2026.

If you are one of Nigeria’s two million banking agents holding on to a Moniepoint, OPay, or PalmPay POS terminals, it might be time to return at least two. From April 1, 2026, Point of Sale agents must be exclusive to one principal, i.e., banks, mobile money operators, microfinance banks, and payment service banks, as part of the Central Bank of Nigeria’s (CBN) new agent banking rules.

The new guidelines, released on October 6, 2025, mark the most comprehensive regulatory overhaul since agent banking began in 2013. The rules were designed to “provide minimum standards for the regulation and operations of agent banking in Nigeria, enhance agent banking as a delivery channel for offering financial services to drive financial inclusion; and encourage responsible market conduct and improve service quality in the operations of Agent banking,” the CBN said in its circular.

Banking agents, better known as Point-of-sale (PoS) operators, who have long operated across multiple platforms to serve customers of different banks, will now be allowed to work with only one principal (a bank, microfinance institution, payment service bank, or mobile money operator) or one licenced super agent.

Banks, fintechs, and other principals must publish an updated list of their agents with location on their websites. The rules aim to enhance the enforcement of the new daily withdrawal limits of ₦1.2 million ($816.18) and location restrictions on banking agents, as the CBN intensifies its oversight of the country’s rapidly growing agent banking sector.

Principals must now ensure that agent banking services are clearly demarcated from merchant activities and monitor agents’ BVN(s) to identify activities outside their designated account(s) and limits. Agents must now maintain records of all transactions and promptly report suspicious ones and incidents to their principals. The CBN can now, at any time, bypass principals and ask agents directly for their records.

The industry has six months to comply, a move that could reshape Nigeria’s financial services distribution network and affect millions of daily cash transactions across urban and rural communities.

Alleged $4.5bn fraud: Emefiele’s phone forensic test stalled as EFCC, defence clash.

The forensic examination of a mobile phone central to the $4.5 billion alleged fraud trial of former Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has stalled following a sharp disagreement between the Economic and Financial Crimes Commission, EFCC, and the defence team over how to carry out the court-ordered test.

At the resumed hearing before Justice Rahman Oshodi of the Ikeja Special Offences Court on Tuesday, both parties traded accusations over who was responsible for the failure of the forensic process, which had been scheduled for September 24 and 25, 2025.

Emefiele, alongside his co-defendant, Henry Omoile, is facing a 19-count charge of alleged fraud, corruption, and abuse of office.

The EFCC had tendered an iPhone 12 containing WhatsApp messages as part of its evidence against the former apex bank chief.

The court had earlier ordered that the device, marked as “iPhone 2”, be subjected to a scientific forensic analysis by experts representing both sides to determine the authenticity of the WhatsApp conversations in dispute.

However, Emefiele’s lawyer, Olalekan Ojo, SAN, told the court that the exercise could not proceed because the EFCC repeatedly obstructed efforts to access the device.

According to him, despite the presence of representatives from the prosecution, the defence, and the court’s Registrar, the commission refused to produce the phone for examination.

Ojo said: “The first obstacle was that the EFCC insisted the device could not be fully exposed to the team.Then, on the second day, even when the Registrar clarified that your lordship’s order covered both the phone and its WhatsApp contents, the EFCC representatives refused to produce it when the Apple expert demanded it. We were told a categorical ‘No.’”

Naira Hits Strongest Level of 2025 at Official FX Market.

The naira on Thursday appreciated to N1,455.23 per dollar at the official foreign exchange (FX) market, marking a 1.36 percent gain from the N1,475.34/$ recorded on September 30. This is the first time the currency has traded in the N1,400 range since May 2024.

The latest performance represents the naira’s strongest showing in 2025 and the best level since the Central Bank of Nigeria (CBN) introduced the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. At the time of the transition, the naira had weakened to around N1,660/$ at the official window.

In his Independence Day broadcast on October 1, President Bola Tinubu said the reforms were yielding results.

“The naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024,” he said. “The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.”

Market optimism was also boosted by comments from Abdul Samad Rabiu, chairman of BUA Group, who predicted on September 25 that the naira could strengthen further to between N1,300 and N1,400 by year end.

The recent gains highlight renewed confidence in Nigeria’s FX market, though analysts caution that sustained appreciation will depend on continued inflows, effective CBN intervention, and stability in global oil markets.

How Enugu ponzi scheme operator diverted N91.5m through fake microfinance bank Witness.

A prosecution witness on Friday revealed before the Federal High Court in Enugu how Chinedu Okoronkwo, alleged Ponzi scheme operator, diverted more than N91.5 million from unsuspecting investors through a purported microfinance bank that was neither licensed by the Central Bank of Nigeria (CBN) nor insured by the Nigeria Deposit Insurance Corporation (NDIC).

Okoronkwo, alongside his company, Reliance Microfinance Cooperative Society Limited, is standing trial before Justice F. O. Giwa-Ogunbanjo on a 36-count charge bordering on forgery, obtaining money by false pretence, and operating banking activities without a valid licence.

The case is being prosecuted by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).

According to a statement by Dele Oyewale, EFCC Spokesman, at Friday’s proceedings, the prosecution presented its ninth witness, Abubakar Abubakar, an operative of the EFCC, who detailed how the defendant used falsified credentials and church connections to lure victims.

According to Abubakar, a letter of enquiry sent to the Central Bank of Nigeria (CBN) revealed that Reliance Microfinance Cooperative Society Limited was not licensed to operate as a microfinance bank.

He further confirmed that the firm was also not insured by the Nigeria Deposit Insurance Corporation (NDIC), as shown in a letter dated October 25, 2024, admitted in evidence as Exhibit 44.

The EFCC witness explained that Okoronkwo began scouting for investors within his church community, convincing worshippers to put money into what later turned out to be a Ponzi scheme.

“An analysis of the company’s bank statements tendered as exhibits revealed that the firm received N69.85 million through its Guaranty Trust Bank account (No. 0209253844) and an additional N21.7 million through its United Bank for Africa account, all from unsuspecting victims”, the Commission said.

Naira Abuse Increases Printing Costs— CBN cries out.

The Central Bank of Nigeria (CBN) has warned that the persistent abuse of the naira is driving up the cost of printing and replacing banknotes.

The warning was issued on Wednesday in Abuja during the launch of a nationwide sensitisation campaign on proper naira handling, themed “Naira Our Pride: Handle with Care.”

Speaking on behalf of the Deputy Governor, Operations Directorate, Dr Bala Bello, the Director of Currency Operations and Branch Management, Dr Adedeji Adetona, said the naira is more than just a medium of exchange but a symbol of national pride and sovereignty.

He condemned careless practices such as folding, tearing, spraying at social events, writing on notes, and outright mutilation, stressing that these acts undermine the dignity of the naira and increase maintenance costs.

“If we fail to act now, poor handling of our notes will continue to raise printing and replacement costs, frustrate everyday transactions, and weaken confidence in our national currency,” he warned.

Bello urged collaboration among banks, traders, transport unions, schools, civil society, religious groups, and the media to discourage naira ab¥se and ensure proper circulation. He also cautioned against cash hoarding, especially ahead of the festive season, noting that it disrupts circulation and puts pressure on the financial system.

According to him, careful handling of banknotes will extend their lifespan, reduce avoidable expenses, and preserve the naira’s status as a symbol of unity and pride.

CBN Cuts Interest Rate to 27% as Inflation Eases.

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points, lowering it from 27.5% in July to 27%.

The decision was reached at the 302nd meeting of the Monetary Policy Committee (MPC), held on September 22–23, 2025, with all 12 members in attendance. The asymmetric corridor around the MPR was retained at +260 and -250 basis points, reflecting the Bank’s cautious stance on market volatility and liquidity management.

Briefing the press after the meeting, CBN Governor Olayemi Cardoso said the rate cut was informed by sustained disinflation over the past five months, projections of further inflation decline through 2025, and the need to sustain economic growth momentum.

In addition, the MPC reduced the cash reserve requirement for commercial banks to 45%, while retaining that of merchant banks at 16%. It also introduced a 75% cash reserve requirement on non-TSA public sector deposits to strengthen liquidity management.

To further enhance monetary policy transmission, the Committee adjusted the standing facilities corridor, while maintaining the liquidity ratio at 30%.

Former Speaker Yakubu Dogara Blames Buhari for Naira Collapse, Says Printing of N22.7 Trillion Crippled Economy.

Former Speaker of the House of Representatives, Yakubu Dogara, has held the administration of ex-President Muhammadu Buhari responsible for Nigeria’s economic collapse, citing reckless policies and massive currency printing.

In a viral video shared on Tuesday, Dogara alleged that Buhari’s government printed about N22.7 trillion under “ways and means”, which he said destroyed the value of the naira and worsened inflation. He noted that President Bola Tinubu inherited a “wrecked” economy further weakened by indiscriminate money printing, a controversial dual exchange rate policy, and crude oil sales tied to foreign loans.

“By the time President Tinubu took office, the economic debris of this nation had become too conspicuous to be ignored,” Dogara said. “N22.7 trillion was printed and injected into the economy in the name of ways and means, thereby destroying the value of the naira in our pockets.”

He accused the Buhari administration of institutionalising economic sabotage through a dual forex system that allowed a privileged few to amass huge profits from CBN allocations without contributing to productivity.

Dogara also faulted the practice of mortgaging crude oil sales for loans via “forward sales” deals, describing it as fraudulent, unsustainable, and a form of “voodoo economics".

Nigerians jubilate as Naira Strengthens to Below N1,500 per Dollar for First Time Since February 2025

The Naira has recorded a major boost against the US dollar, dropping below N1,500 at the official foreign exchange market for the first time since February 2025.

Fresh data from the Central Bank of Nigeria (CBN) shows the Naira closed at N1,497.5 per dollar on Monday, improving from N1,501.5 per dollar last Friday, a gain of N4.03.

The rebound comes as Nigeria’s external reserves continue to climb, hitting $41.70 billion as of September 12, 2025. Analysts say the currency’s appreciation signals a positive outlook for the economy.