Tag: CBN

Al-Qaeda affiliate leaders arrested in Nigeria

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The security personnel have detained two senior officials of Jama’atu Ansarul Muslimina fi-Biladis Sudan (Ansaru), a Nigerian affiliate of Al-Qaeda. The self-proclaimed Emir of Ansaru, Mahmud Muhammad Usman, also known as Abu Bara’a, Abbas, or Mukhtar, and his deputy, Mahmud al-Nigeri, also known as Mallam Mamuda, were detained. The suspected terrorists were taken into custody after a months-long counterterrorism operation, according to National Security Adviser Nuhu Ribadu, who made this announcement during a press briefing on Saturday at the Office of the National Security Adviser in Abuja. According to him,…

Nigeria’s debt to World Bank IDA hits $18.2bn – Report

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As of June 30, 2025, Nigeria still owes $18.2 billion, making it the third-largest debtor to the World Bank’s International Development Association. This is an increase of $1.7 billion, or around 10.3 percent, in just one year from $16.5 billion in June 2024. According to the most recent data from the IDA’s financial statements, Nigeria moved up from its prior standing as the fourth-largest borrower in 2023 to third place in 2024, where it remained until 2025. The World Bank Group’s concessional lending arm, the IDA, provides grants and loans…

Fire Breaks Out at Yinka Ayefele’s Fresh FM Headquarters in Ibadan

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A fire that destroyed Fresh FM Nigeria’s head office in Challenge, Ibadan, on Friday night has been confirmed by the organization’s management. The station said that the fire outbreak had impacted important facilities, including the studios of Fresh 105.9 FM and Blast 98.3 FM, in a statement issued late Friday by Samson Akindele, Group Head of Corporate Affairs, Fresh FM Nigeria, and Yinka Ayefele Limited. The statement claims that the fire caused significant damage after spreading to other workplaces, including the newsroom, transmitter/server room, and other crucial broadcasting equipment. According…

UNDP, REA partner on clean energy transition

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In order to accelerate Nigeria’s transition to clean energy, foster innovation, and prepare a new generation of experts for a future-ready energy sector, the Rural Electrification Agency and the United Nations Development Programme have inked an agreement. The development was revealed in a statement released by the electrification agency on Friday. Energizing education and innovation, expanding skills development, supporting state-level policy reforms, unlocking innovative finance, and boosting research and public engagement are the five main pillars upon which the relationship will be built. It was formally announced at a signing…

Meet recapitalisation target or face liquidation, NAICOM warns insurers

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Insurance firms that miss the July 2026 recapitalization deadline risk severe regulatory action, including merger or liquidation, the National Insurance Commission  NAICOM  has warned. The commission would not think twice about taking action against non-compliant companies, according to a circular sent to all insurance and reinsurance companies in Nigeria by Deputy Commissioner (Technical), Dr. Usman Jankara. According to the recently enacted Nigerian Insurance Industry Reform Act 2025, insurance companies must raise their capital to N10 billion for life insurance, N15 billion for non-life insurance, and N35 billion for reinsurance. The…

Inflation rate drops to 21.88% in July

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According to data from the National Bureau of Statistics, Nigeria’s headline inflation rate fell to 21.88 percent in July 2025 from 22.22 percent in June, marking the fourth consecutive month of declines. The July figure was 0.34 percentage points lower than the June rate and 11.52 percentage points lower than the 33.40 percent recorded in July 2024, according to the most recent Consumer Price Index report, which was made public on Friday. According to the NBS report, the Consumer Price Index increased 2.5 points from the previous month (123.4) to…

Soldiers rescue six kidnapped victims in Kogi

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Six abducted victims have been freed in Obajana, Kogi State, thanks to the efforts of troops from 12 Brigade Nigerian Army Lokoja and other security agencies. The victims were successfully rescued during the operation, which took place early on Thursday, and no troops were hurt. Brig. Gen. Kasim Sidi, Commander of 12 Brigade Nigerian Army and Force Commander Operation Accord III, told reporters in Obajana on Thursday that the rescue effort was made feasible by astute reporting and information collecting. According to Sidi, who was represented by Lt Col. Francis…

FIRS names 16 tech firms for e-invoicing onboarding

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FIRS Begins Fresh Recruitment Exercise - [See How To Apply]

16 tech businesses have been announced by the Federal Inland Revenue Service as service partners to help taxpayers join its e-invoicing platform. At a two-day workshop in Lagos on Thursday, the tech companies—certified by the National Information Technology Development Agency as access point providers and system integrators—were introduced to assist taxpayers with the onboarding, system integration, and invoice transmission processes. The National E-Invoicing Solution (Merchant-Buyer Model), as defined by the FIRS, is a computerized record of transactions between buyers and suppliers that essentially replaces conventional paper or electronic documents like…

Budget 2025: Fund Requests Suspended by Accountant-General, Leaving Ministries in a Dilemma

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The Federal Government may extend the 2025 budget into 2026, as slow capital project implementation, procurement delays, and a shutdown of the cash-planning portal have left many projects stalled about eight months into the fiscal year. The possibility of a rollover came to light at a stakeholders’ engagement in Abuja on Wednesday, organised by the Office of the Accountant-General of the Federation to review progress and challenges in implementing the extended 2024 capital budget and the 2025 capital budget under the Bottom-Up Cash Planning Policy. Before any contract is signed,…

FULL LIST: FG approves nine new private varsities

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Nine new private institutions have been authorized by the federal government to open nationwide. Dr. Tunji Alausa, the Minister of Education, informed State House media of the approval on Wednesday during the Federal Executive Council meeting in Abuja, which was chaired by President Bola Tinubu. According to him, the following universities have recently received approval: Bridget University in Mbaise, Imo State; Jimoh Babalola University in Kwara State; JEFAP University in Niger State; Azione Verde University in Imo State; American Open University in Ogun State; and Tazkiyah University in Kaduna State.…