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CBN refutes claims of $1.259bn disbursement for petroleum imports

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The Central Bank of Nigeria (CBN) has dismissed reports suggesting it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing such claims as inaccurate and misleading.

In a statement on Tuesday, the Bank clarified that the figure referenced in its Q1 2025 Sectoral Utilisation of Foreign Exchange data does not represent direct CBN disbursements.

Instead, it reflects the total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

According to the Bank’s spokesperson, Mrs. Hakama Sidi Ali: “Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN.

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“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”

She explained that the figure of $1.259 billion merely represents aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in compliance with existing regulations.

“The data cited in the report only captures legitimate market transactions and does not reflect any form of direct CBN intervention in the oil sector,” she stated.

Ali noted that the willing buyer, willing seller system allows for transparency and fair price discovery in the foreign exchange market, reinforcing the CBN’s commitment to maintaining a market-based framework.

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She further assured the public that the Central Bank remains committed to transparency and stability in Nigeria’s financial system.

“The CBN continues to promote a transparent, market-based foreign exchange regime that supports efficient price discovery, economic stability, and confidence in the Nigerian financial system,” she said.

The Bank therefore urged the media and the public to verify information before publication, especially when it concerns sensitive economic data, to avoid creating false impressions about government policies or the management of the nation’s foreign exchange market.

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Why DSS Wants Tinubu-Sowore Case Paused Until After 2027 Poll

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The Department of State Services (DSS) is seeking to pause the ongoing alleged cyber-bullying case against African Action Congress (AAC) presidential candidate, Omoyele Sowore, until after the 2027 presidential election, in a move officials say is aimed at ensuring that the candidate is able to participate fully in the electoral process.

The development represents a significant shift in the handling of the case, which arose from social media posts in which Sowore referred to President Bola Tinubu as a “criminal.”

The DSS had approached the Federal High Court to determine whether it was lawful for Sowore to describe the President or any individual as a criminal, while also seeking judicial interpretation on related issues, including the legality of Professor Pat Utomi’s proposed “Shadow Government.

But with presidential campaigns now underway, the security agency has directed its private counsel, Akinlolu Kehinde, SAN, to seek an adjournment of the Sowore case until after the January 16, 2027 presidential election.

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A source close to the DSS legal team disclosed that the decision followed a meeting between the Director-General of the service, Tosin Ajayi, Kehinde and senior officers of the agency’s legal directorate on August 20, a day after the Independent National Electoral Commission (INEC) officially lifted the ban on campaigns.

According to the source, Ajayi told the legal team that it would be fair to allow Sowore to exercise his right to contest the presidential election without the pending case becoming an impediment to his campaign.

“The DSS boss reportedly told the Senior Advocate and his directorate of legal services that, with the commencement of presidential campaigns, it would only be fair to adjourn the court case in order to enable Sowore fully participate in the upcoming elections without let or hindrance,” the source said.

The position is particularly notable because the DSS had earlier pursued the matter after Sowore refused to remove the posts following a seven-day ultimatum issued by the agency.

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The security service subsequently approached the court on September 16, 2025, after the expiration of the ultimatum, seeking adjudication on the matter.

The DSS had also stated in a September 6, 2025 letter to Meta, the parent company of Facebook, that its responsibility to protect the President extended beyond physical threats to what it described as psychological attacks.

However, nearly a year after the case was instituted, the agency now believes that continuing with the proceedings during the election campaign could unnecessarily interfere with Sowore’s participation in the poll.

The source said Ajayi was of the view that the case had already spent almost a year before the court and that delaying proceedings for a few additional months would not materially affect the matter.

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“The DSS boss told the lawyers that, since the matter had been in court for nearly a year, suspending it for another few months wouldn’t make much difference,” the source said.

The development also appears to form part of a wider review by the DSS of cases involving candidates contesting elective positions in the 2027 elections.

The source said cases involving other candidates were being reviewed to determine whether similar considerations should apply.

The DSS is expected to formally approach the Federal High Court for the adjournment from September 14, 2026, when the court is scheduled to resume normal proceedings after the annual judicial vacation.

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Kehinde, SAN, confirmed the development when contacted.

He said the proposed adjournment was consistent with what he described as the “civilised approach” of the current DSS Director-General, which, he said, was intended to ensure a level playing field and provide candidates with the opportunity to participate in the electoral process.

“We will seek the indulgence of the court for the adjournment,” he said.

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BINANI Air Moves to Cut Nigeria’s $218m Annual Aircraft Maintenance Outflow

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By Gloria Ikibah

BINANI Global Air Services has engaged a global aviation firm to develop a mega Maintenance, Repair and Overhaul (MRO) facility in Abuja, in a move expected to retain about $218 million in foreign exchange annually in Nigeria.

The project, which is aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda, is aimed at boosting local aircraft maintenance capacity and reducing Nigerian airlines’ dependence on foreign maintenance centres.

Chairperson of BINANI Air, Senator Aishatu Dahiru Ahmed, said the facility would address one of the major challenges confronting the country’s aviation industry — the huge cost of sending aircraft abroad for major maintenance checks.

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She said most Nigerian airlines currently rely on overseas facilities for C and D checks, leading to significant foreign exchange outflows.

According to her, the proposed MRO facility will not only help keep more aircraft in Nigeria for major maintenance but also strengthen the country’s technical capacity and support the growth of the aviation sector.

She said: “Currently, domestic airlines outsource the vast majority of their heavy maintenance checks, such as C checks and D checks, to foreign facilities in Europe, the Middle East, and other African nations like Egypt and Ethiopia. This project will reduce this dependency while retaining and attracting FX of about 218 million US dollars annually”.

The proposed facility comes amid persistent concerns over the high cost of aircraft maintenance and Nigeria’s reliance on overseas MRO centres.

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C and D checks require specialised infrastructure, sophisticated equipment and highly skilled personnel, which have historically been limited in Nigeria. As a result, airlines have had to send their aircraft abroad, paying for the services in foreign currency.

A functional heavy maintenance facility in Nigeria can also boost the country’s technical workforce and create specialised employment opportunities, while supporting the emergence of a wider aviation maintenance ecosystem.

The facility can further position Abuja as a potential MRO hub for Nigerian and other African airlines, subject to its eventual capacity, regulatory approvals and certification.

Senator Ahmed said the investment represents an expansion of its role beyond domestic passenger operations into infrastructure capable of serving the wider aviation industry.

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However, the project’s significance will ultimately depend on its execution and the ability to translate years of discussions about local MRO capacity into a fully operational facility.

The proposed Abuja MRO will mark a major shift for Nigeria’s aviation industry if it succeeds in keeping aircraft at home for major maintenance checks and reducing the country’s dependence on foreign facilities.

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OPay Rubbishes Viral Shutdown Rumour, Warns Against Fake Publication

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By Our Correspondent.

 

Leading fintech company, OPay Digital Services, has dismissed as false and malicious a viral social media publication claiming that the company would embark on a prolonged break from September 1, 2026, urging its customers to withdraw or move their funds.

The fabricated publication, which gained traction across social media platforms on Sunday, purportedly warned OPay customers that the fintech would shut down its operations for an extended period beginning September 1.

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However, OPay, in an official response published across its verified social media platforms, described the claim as false, assuring customers that the company remains fully operational.

In a statement titled, “This is FALSE!”, the fintech said: “OPay is not going on break by September. We’re here, and we’re going nowhere! 💚”

The company further urged its customers and members of the public to scrutinise the viral publication for inconsistencies and rely only on its verified communication channels for authentic information.

“True OPay users know how to identify our official communications. Take a closer look at the viral post and you’ll spot the red flags.

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“Always verify before you share. Filter the noise! Follow our official pages for authentic OPay updates,” the company stated, ending the message with the hashtag, #OPayIsOkay.

Also reacting to the development, the Vice President, Public and Government Affairs, OPay Digital Services, Dr. Maxwell Loko, described the viral publication as “false, malicious and misleading.”

Loko said OPay was not shutting down and cautioned customers against taking any action based on the fabricated information.

“This post is false, malicious and misleading. OPay is not shutting down, and customers should not be misled into withdrawing their funds based on fabricated information,” he said.

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He urged members of the public to disregard the publication and depend exclusively on OPay’s verified platforms for official announcements.

“We urge the public to disregard this post and rely only on OPay’s verified communication channels for official information,” Loko added.

The OPay executive further warned that deliberate attempts to spread false information capable of creating panic or undermining confidence in a financial institution could attract legal consequences.

“The deliberate spread of false information designed to cause panic or undermine confidence in a financial institution is a serious matter and may have legal consequences,” he said.

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The development has also raised concerns over the growing use of fabricated digital content to damage the reputation of financial technology companies and potentially trigger unnecessary panic among customers.

While speculation has circulated in some quarters that the publication could be linked to competitive interests seeking to undermine OPay’s growing market position, no evidence has been publicly established to substantiate such claims.

OPay therefore advised its customers to exercise caution and verify financial or operational announcements through its authenticated communication channels before acting on them.

The company’s clarification effectively puts to rest the viral claim that it would cease or suspend operations from September 1, 2026, with OPay reaffirming that its services remain available to customers.

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