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.

Ex-CBN governor Emefiele defeats EFCC in court, gets approval to hire forensic experts.

The Lagos State Special Offences Court in Ikeja has granted Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), permission to engage forensic experts to examine WhatsApp conversations and a mobile device tendered as evidence in his fraud trial.

Ruling on Monday, Rahman Oshodi, the presiding judge, gave the order after Emefiele’s counsel, Olalekan Ojo (SAN), applied for leave to allow an independent forensic expert to inspect the handset, marked “iPhone 2,” and verify the authenticity of the extracted WhatsApp messages already admitted as exhibits.

“The defence seeks the court’s leave to call a forensic expert to examine both the mobile device and printed conversations allegedly linked to the defendants,” Ojo told the court.

Emefiele is standing trial alongside his co-defendant, Henry Omoile, on 19 counts bordering on abuse of office, receiving gratification, corruption, and fraudulent property transactions involving $4.5 billion and N2.8 billion.

The charges were filed by the Economic and Financial Crimes Commission (EFCC).

However, Chineye Okezie, counsel to the EFCC, opposed the application, arguing that exhibits admitted during trial should remain in the court’s custody until proceedings are concluded.

She faulted the defence for failing to disclose the name of the forensic laboratory or the qualifications of the personnel expected to handle the device.

Okezie urged the court to mandate that the EFCC’s director of the forensic department select the laboratory, ensure the exercise is monitored by a prosecution-nominated representative, and preserve the chain of custody.

Petrol Subsidy Removal Rescued Nigeria From Bankruptcy – Emir of Kano Muhammad Sanusi.

Muhammad Sanusi II, Emir of Kano and former Central Bank of Nigeria (CBN) governor, says scrapping petrol subsidy saved Nigeria from imminent bankruptcy.

Speaking at the second edition of the Kano International Poetry Festival on Saturday, Sanusi described the subsidy system as wasteful and unsustainable, noting that it drained government finances through oil price fluctuations, exchange rate pressures, transport costs, and refining expenses.

“Subsidy meant if petrol was N100, Nigerians paid N70 and government covered N30,” he explained. “But government went further, fixing petrol at N65 per litre regardless of global oil prices. Who paid the difference? Government. And that was always going to bankrupt Nigeria.”

He faulted past governments for neglecting local refineries while spending billions on subsidies that enriched foreign refineries and cost Nigerians jobs. According to him, those funds should have been invested in production rather than consumption.

The emir recalled warning as CBN governor in 2012 that the policy was like “a man running towards a ditch.” He said Nigeria eventually began borrowing to pay subsidies and later to service debts, making the arrangement unsustainable.

Sanusi stressed that subsidy removal should be seen not just as an economic reform but also as a chance to rebuild a more resilient and self-reliant nation.

Court Approves Emefiele’s Bid To Examine WhatsApp Evidence In Alleged $4.5bn Fraud Cas.

A Lagos State Special Offences Court sitting in Ikeja on Monday granted former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, permission to subject WhatsApp chats and a mobile phone admitted as evidence in his ongoing fraud trial to forensic examination.

The trial Judge, Justice Rahman Oshodi delivered the ruling on Monday in the case where Emefiele and his co-defendant, Henry Omoile, are standing trial on 19 counts of corruption, bribery, gratification through agents, abuse of office, and fraudulent property transactions involving $4.5 billion and ₦2.8 billion.

The charges were brought against the defendants by the Economic and Financial Crimes Commission (EFCC).

Emefiele’s counsel, Olalekan Ojo, SAN, had earlier moved an application asking the court to allow an independent forensic expert to review the device—an “iPhone 2 and the WhatsApp conversations allegedly linked to the defendants.

He argued that the defence was entitled to verify the authenticity of the messages presented as exhibits in the proceedings.

The EFCC, represented by counsel C. C. Okezie, strongly opposed the application. Okezie contended that exhibits once tendered are under the court’s custody and must remain intact until judgment is delivered.

She further noted that the defence had not disclosed the name of the forensic laboratory or the qualifications of the specialists it intended to engage.

To ensure transparency, the prosecution suggested that the EFCC’s Director of Forensic Department be tasked with identifying the laboratory and that the exercise be monitored by its nominated officer to preserve the chain of custody.

Tinubu Orders Tighter Oversight of Crypto Transctons and Digital Payments

President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other regulators to intensify monitoring of cryptocurrency and digital payment activities.

Speaking through Finance Minister Wale Edun at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tinubu noted that the rapid adoption of stablecoins and digital currencies outside traditional banks poses challenges.

“There is a digital revolution. Many people now make payments without using the banking system. To this end, I have directed capital market and banking authorities to track this trend while it is still evolving,” he said.

He stressed that digital tools, AI, and open banking are no longer futuristic but essential for Nigeria’s economic growth.

CBN Governor Olayemi Cardoso also revealed that diaspora remittances, now at $600m monthly, could reach $1billion by 2026. CIBN President Prof. Pius Olanrewaju disclosed that since 2024, 16 banks have raised over N2.5 trillion in fresh capital, while private sector credit has surged above N82 trillion, boosting jobs and businesses.
The renewed focus comes amid Nigeria’s ongoing legal battles with Binance Holdings Ltd. The government is demanding over $79.5 billion and ₦231m in damages, along with $2.001 billion in alleged unpaid taxes for 2022 and 2023. The crypto firm and its executives, Tigran Gambaryan and Nadeem Anjarwalla, face multiple charges including tax evasion, money laundering, and foreign exchange violations.

The cases, currently before the Federal High Court in Abuja, also seek penalties for tax defaults, interest charges tied to CBN’s lending rate, and other sanctions. Authorities allege Binance concealed operations despite its significant presence in Nigeria.

#Instablog9jaNews #TrendingStory #Awareness

Triggered by My Statement, Presidential Spokesperson
@BayoOnanuga
Writes Me to Delete My Posts on Tinubu

Presidential spokesperson, Bayo Onanuga, wrote directly to me on WhatsApp, asking that I delete my tweet and Facebook post in which I referred to President Bola Tinubu as a criminal based on Tinubu’s recent speech in Brazil, where he claimed that there is “no more corruption in Nigeria.”

Onanuga argued that my interpretation was a “misfire,” claiming Tinubu was only referring to the process of sourcing foreign exchange and not corruption as a whole. He even cited examples from business figures like Samad Rabiu to defend his point, and then advised me to delete my post.

Here is his WhatsApp message to me: Good afternoon. Your August 26 tweet that the DSS is complaining about is anchored on a total misinterpretation of what the President said in Brazil. He said there was no more corruption regarding sourcing foreign exchange and that you do not need to know CBN Governor Cardoso to get forex. Prominent business people like Samad Rabiu have all given testimony about this. That was what he meant. Nothing more. You truly misfired. I will advise that you delete the contentious post. Good afternoon.

And here is my response:

Good afternoon. I am surprised that you consider it appropriate to dictate to citizens like me how to interpret what is already in the public domain, especially when it comes to videos and matters that touch on the State of the Nation.

What is more troubling is that in Nigeria today, anyone who dares to criticise the President is instantly subjected to harassment by the DSS, political thugs, and every coercive instrument the state can muster. I once thought perhaps you were unaware of such abuse, but it is now clear you are complicit.

In this regard, it is you who has misfired. Your request reflects not only poor judgment but also the mindset of the principal you represent.

Nota Bene:* I have known Bayo Onanuga for many decades. Back when I was a student leader in Lagos, Tempo, The News, and PM News were our go-to platforms. Later, before founding SaharaReporters, I even moonlighted as a Special Correspondent for The News, working alongside Kunle Ajibade and
@BabafemiOjudu
to produce some of the hottest stories of that era.

This clarification is necessary because it explains why Mr. Onanuga may have chosen to write me a private message over my recent post. Out of respect, I sought his permission to make our exchange public, but he did not reply.

The Federal High Court in Abuja on Monday heard a suit filed by the Osun State Government against the Central Bank of Nigeria (CBN) and the Accountant-General of the Federation (AGF) over the handling of local government funds.

Justice Emeka Nwite presided as both parties made their appearances.

The Osun government accused the CBN and the AGF of plotting to divert allocations meant for local governments into private accounts allegedly managed by individuals impersonating government officials. According to the state, this violates Nigeria’s Constitution and public finance regulations.

The government further argued that the alleged move undermines ongoing Supreme Court cases on the control and management of local government funds in Osun State.

The dispute arises from political tensions between APC and PDP officials following conflicting court rulings on the validity of the October 2022 local government elections.

The case continues, with stakeholders closely watching its outcome due to its implications for financial transparency and constitutional governance in Nigeria.

#Osun #CBN #CourtUpdate