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CBN retains interest rate at 27%
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The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has retained the country’s monetary policy rate at 27 per cent.
The CBN Governor, Olayemi Cardoso, announced this at a press conference during the Committee’s 303rd meeting in Abuja.
The MPR serves as the baseline interest rate in an economy; other interest rates used within the economy are built on it.
The Monetary Policy Committee also committed to maintaining a tight monetary stance.
The MPC pegged the Cash Reserve Ratio (CRR) at 45% for commercial banks, 16% for merchant banks, and 75% on non-TSA public sector deposits.
It also maintained the Liquidity Ratio (LR) at 30%, adjusting the Standing Facilities Corridor to +50 / -450 basis points around the MPR.
According to the Committee, the decisions reflect its focus on achieving low and stable inflation as it welcomed the continued deceleration in headline inflation, driven by sustained monetary tightening, stable exchange rate, and PMS price stability.
MPC also noted that inflation remains high, requiring continued and coordinated policy efforts to bring it down further.
The Committee acknowledged progress in bank recapitalisation, confirming that 16 banks have met regulatory requirements.
On the global outlook, the CBN governor underscored a recovery in the medium term, as though trade tensions between the US and key trading partners may constrain growth.
MPC has also projected global inflation will remain above pre-pandemic levels in the near term.
The Governor also reaffirmed commitment to evidence-based monetary policy to safeguard price stability and strengthen financial system resilience.
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Discovery: ‘True Tomb’ Of Jesus Christ Found After 2,000 Years Matches Biblical Description Account
After years of searching, Italian archaeologists have discovered an ancient site that matches a Bible description of the tomb where Jesus Christ was buried.
This was made known by a preliminary study in the Jerusalem archaeological journal Liber Annuus.
“We have found evidence of a funerary landscape,” lead archaeologist Francesca Romana Stasolla, of the “La Sapienza” University of Rome, told the Daily Mail.
The researchers had been excavating Jerusalem’s Church of the Holy Sepulchre, a fourth century Roman Church that was built over a holy site where many Christians believe Christ was crucified, buried and then resurrected.
True tomb? of Jesus Christ found after 2,000 years and it matches the Biblical description
The church of the Holy Sepulchre
As a result, it’s become a mecca for religious pilgrims from across the world, attracting around four million visitors per year.
?True tomb? of Jesus Christ found after 2,000 years and it matches the Biblical description
Pilgrims praying at the Church of the Holy Sepulchre
During the final phases of the excavations in 2025, the team found a peculiar landscape that suggests they might have been onto something.
Underneath the church was an abandoned quarry, cultivated plots of land, rock-cut tombs and an ancient garden.
Coincidentally, the Book of John said: “At the place where Jesus was crucified, there was a garden, and in the garden a new tomb, in which no one had ever been laid.”
While no one had been found in the tomb, the abundance of parallels was compelling.
John 19:20 says that the crucifixion occurred close to Jerusalem, while Hebrews 13:12 claims that it occurred outside the city gate, which was the exact location of the quarry at the time of Christ.
Sections of the quarry measured 20 feet deep and had been filled with dirt, suggesting that it served a pastoral purpose.
The site’s agricultural function was further supported by the discovery of olive trees and grapevines — possibly the same plant referenced in John 19:41 — that date back to the time of Jesus‘ de@th, which is believed to have happened around 33 A.D.
“The gospel mentions a green area between the Calvary and the tomb, and we identified these cultivated fields,” Stasolla told the Times of Israel.
In fact, the graves, which were carved directly into the stone, proved that it was an actual burial ground, and matched descriptions by Matthew, Mark and Luke of Jesus’ grave as having been carved from rock.
The evidence goes beyond parallels to the Bible. One particular chamber had been obstructed by a Roman structure built during Emperor Hadrian’s reign in the second century.
Around 200 years later, builders employed by Constantine’s workers destroyed the Roman structure and dug up the site to reveal the tomb, which they then separated from the other chambers.
While this doesn’t definitely prove that this was Jesus’ burial site, the campaign to preserve it suggested that knowledge of the site had been passed down to early generations of Christian worshippers.
“The real treasure we are revealing is the history of the people who made this site what it is by expressing their faith here,” Stasolla told the Times. “Whether someone believes or not in the historicity of the Holy Sepulchre, the fact that generations of people did is objective. The history of this place is the history of Jerusalem, and at least from a certain moment, it is the history of the worship of Jesus Christ.”
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Gusau : N12bn NFF intervention fund probe ongoing, says EFCC
The Economic and Financial Crimes Commission has confirmed that its investigation into the utilisation of the N12bn Federal Government intervention fund released to the Nigeria Football Federation is ongoing.
The EFCC spokesman, Dele Oyewale, disclosed this while responding to inquiries on Thursday.
“Investigation is ongoing on the matter,” Oyewale said.
The development follows reports that the EFCC and the Independent Corrupt Practices and Other Related Offences Commission had commenced investigations into the utilisation of the intervention fund approved by President Bola Tinubu in 2024 to clear outstanding wages and bonuses owed to players of Nigeria’s national teams.
A top source familiar with the matter told our correspondent on Thursday that some officials linked to the fund had been invited by investigators and had provided statements.
The source, however, did not disclose the identities of the officials invited or indicate whether any arrest had been made.
The investigation comes amid renewed developments at the NFF, following the resignation of its President, Ibrahim Gusau, after three years and 11 months in office.
Recall Gusau announced his resignation at a news conference in Abuja, saying his decision followed consultations with his family and friends.
“I have decided to resign my position as the president of NFF, after consultations with my family and friends.
“I have also advised my board members, those who are willing, to resign as well,” he said.
He, however, said he could not immediately confirm the number or identities of board members who had resigned, explaining that those affected had yet to communicate their decisions directly to him.
Gusau’s resignation came amid concerns over Nigeria’s recent performances in international football.
The Super Eagles failed to qualify for the 2022 and 2026 FIFA World Cups, while the Super Falcons also missed out on qualification for the 2027 FIFA Women’s World Cup.
Nigeria’s age-grade teams have equally struggled, with the Golden Eaglets failing to qualify for the FIFA U-17 World Cup in three consecutive editions.
Despite his resignation, Gusau said he would continue to contribute to the development of Nigerian football through his experience and relationships within African football.
“For me, I want to make it clear that, by the grace of God, we will continue to give our contribution.
“Our experience, connections and relationships within African football will never go in vain. We will do our best to ensure that whenever we are needed, we will contribute to the progress of Nigerian football,” he said.
Gusau also highlighted what he described as achievements of his administration in coaching education, league administration, refereeing and infrastructure development.
He said the NFF conducted several coaching programmes, including CAF B and C Licence courses and a Coaching Instructors’ Course, while the CAF A Licence programme was scheduled to commence on September 16.
On refereeing, Gusau said the federation introduced young officials into the system and provided opportunities for their training and development.
He noted that Nigerian referees had recently featured at major continental and global competitions, including the Under-17 World Cup and the Women’s Africa Cup of Nations in Morocco.
Gusau also identified inadequate infrastructure as one of the major challenges facing Nigerian football, saying his administration prioritised the development of facilities through funds available under FIFA development programmes.
“As a board, we sat down and identified infrastructure as one of our greatest needs. We also recognised the need for permanent accommodation and training facilities for our national teams, and we are currently working on that,” he said.
He said he remained committed to supporting efforts to advance Nigerian football whenever his contribution was required. (Punch)
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Abia @35: Kalu Hails Peace, Security, Democratic Gains, Calls for Sustained Progress
By Gloria Ikibah
Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, has congratulated the government and people of Abia State on the 35th anniversary of the state, commending its strides in peace, security, democratic governance and development.
Abia State was created on 27 August 1991 by the administration of former military Head of State, General Ibrahim Babangida, after it was carved out of the old Imo State.
In a statement issued on Thursday, Kalu, who represents Bende Federal Constituency, said the people of Abia had demonstrated resilience by sustaining peace and strengthening confidence in democratic leadership.
He described peace and security as essential foundations for economic growth, development and investment, noting that the state had remained largely peaceful and safe.
The Deputy Speaker also praised successive military and civilian administrations for their contributions to the development of the state, saying the progress recorded over the years was the result of collective efforts by past and present leaders.
Kalu specifically commended the administration of Governor Alex Otti for prioritising security and good governance, including the establishment of an Air Force office in Umuahia, the state capital.
He also praised what he described as bipartisan political cooperation between the state and Federal Government, citing the approval of Certificates of Occupancy for federal projects and initiatives in Abia.
Among the projects he highlighted were the Industrial Court, Renewed Hope Housing Projects and newly approved federal educational institutions in the state, which he said had been facilitated through legislative interventions.
According to Kalu, the projects and other developments expected in the state would help attract investment, create employment and expand infrastructure.
He stressed that Abia stood to gain significantly from continued cooperation between the Federal and state governments.
The Deputy Speaker also commended reported efforts by the state government to settle outstanding pensions and gratuities owed workers, urging the authorities to sustain the payments as a way of honouring retired public servants who served the state.
“Abia at 35 is a story of resilience and progress. I commend the governments, present and previous administrations for their efforts aimed at developing our dear state and I urge us to sustain the momentum of peace, unity and service delivery,” Kalu said.
He wished the people of Abia a successful celebration of the state’s 35th anniversary, while urging residents and leaders to continue working together to consolidate the gains recorded over the years.
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