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Forex Crisis: Arrest 5 Bank MDs Like Sanusi, APC Chieftain Urges Cardoso

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A Chieftain of the All Progressives Congress, Ayo Oyalowo, has advised the central Bank governor, Olayemi Cardoso to be bold enough to arrest five prominent commercial bank managing directors and made them to face the full wrath of the law if he is ready to stop the free fall of the naira against the dollars, pound sterling, euros and Canadian dollars.

Oyalowo, who was on channels television current affairs programme, Politics Today, monitored in Lagos on Tuesday, said the CBN governor can not do ‘paddy paddy’ with the bank managing directors who are desirious to destroy the economy.

He said Cardoso must have the ‘balls’ to arrest at least five managing directors of the commercial banks involving in the round tripping like former CBN governor, Sanusi Lamido Sanudi did during his tenure to stem the tide.

“It’s because the bank has abdicated its responsibilities, which is why you have to go under the tree to do forex transactions.

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“The under the tree Mallams are not the problem. The CBN must be ready to take on the bank executives to solve the free fall of the naira.

“What we have now is that we don’t have any board superintending the bank MDs.

“The MDs are very powerful, and the board can not control them.If the CBN is ready to take on the bank MD, they should talk to me privately. I’ll give them at least five names to arrest and prosecute,the problem will be solved.

“For instance, what economic activity is driving the value of the naira?”

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“What are the banks doing now and declaring humongous profits?” He asked.

It will be recalled that a former chairman of the Peoples Democratic Party, Chief Olabode George, has also questioned the rationale behind the huge profits and stupendous wealth of some bank chief executive officers.

The PDP Chieftain said he is not convinced that the bank CEOs are doing normal commercial transactions.

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President Xi Mourns Former President Muhammadu Buhari

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…say his death is a great loss for Nigeria-China

By Gloria Ikibah

Chinese President Xi Jinping has expressed his condolences to President Bola Tinubu and the Nigerian people following the death of former Nigerian President Muhammadu Buhari.

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In a message sent on Wednesday, Xi conveyed “deep condolences” on behalf of the Chinese government and its people, offering heartfelt sympathy to Buhari’s family and the government of Nigeria.

Xi described Buhari as a “respected statesman” who worked tirelessly to strengthen Nigeria’s unity and development. 

“He dedicated himself to finding a development path suited to Nigeria’s national conditions and made outstanding contributions to the country’s progress,” Xi said.

According to him, “Buhari earned wide respect across the international community”.

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The Chinese leader also praised Buhari’s role in fostering stronger Nigeria-China ties, and noted that the former president was a steadfast friend of China and a firm supporter of China-Africa cooperation. 

“His death is not only a great loss for the Nigerian people but also for the Chinese, who considered him a dear friend,” Xi said.

President Xi reaffirmed China’s commitment to its relationship with Nigeria, as he said Beijing is ready to continue working closely with Abuja to advance their comprehensive strategic partnership.

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Crude Oil: Nigeria hits OPEC 1.5Zmb/d production quota

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Nigeria’s crude oil production soared a little above 1.5 million barrels per day in June, hitting the required quota by the Organization of the Petroleum Exporting Countries (OPEC).

Data sourced from OPEC’s latest Monthly Market Oil Report (MOMR) for June noted that the country’s oil production hit 1.505mb/d in June 2025 from 1.453mb/d recorded in May 2025.

However, the output was still below the targeted 2.06mbpd projected in the 2025 budget.

According to OPEC’s data, this is the first time the country’s production output would meet the 1.5mb/d cuts quota in years.

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Nigeria’s output had hovered at 1.1mb/d in 2023, 1.3mb/d in 2024, and then 1.4mb/d since January 2025.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, recently said Nigeria was ramping up production with a medium-term goal to hit 2.06 million barrels per day by 2027.

He expressed optimism that oil output would rise to 1.9mbpd in December this year.

“We have started growing. In March, we were producing about 1.56 million barrels per day, and we’re now at 1.63 million, including condensates. By the end of the year, we are hoping to clock 1.9 million barrels daily,” he said.

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Ojulari said Nigeria had recorded a 100 per cent availability on major crude oil pipelines in the country.

He noted that for the first time in a long while, the nation enjoyed 100 per cent crude oil pipeline availability throughout June.

According to him, the feat, which was possible through the industry-wide security interventions led by the NNPC, aided the increase in oil production.

However, he called for more investments to boost production, adding that the company had been able to turn the narrative around by consistently meeting its cash-call obligations to Joint Venture operations. With the current state of oil pipelines, experts expect a further rise in oil production in the coming months.

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Just in: 151 police officers in trouble over alleged misconduct

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The Nigeria Police Force has began disciplinary proceedings against 151 senior officers over various allegations of misconduct and ethical breaches, in a move to reinforce accountability and professional discipline within its ranks.

The review commenced on Monday, July 14, and will conclude on Friday, July 25, 2025, at the IGP Smart Conference Hall, Force Headquarters, Abuja.

The officers, selected from commands and units nationwide, are appearing before the Force Disciplinary Committee (FDC) over alleged violations ranging from professional misconduct to breaches of internal regulations.

The Force Disciplinary Committee is the police’s internal body responsible for investigating cases involving senior officers from the rank of Assistant Superintendent of Police (ASP) upwards.

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It plays a vital role in reviewing accusations, assessing evidence, and recommending appropriate sanctions in accordance with existing police laws and disciplinary frameworks.

Final decisions regarding the officers’ futures will be forwarded to the Police Service Commission.

In a statement issued by the Force Headquarters, Inspector-General of Police, Kayode Adeolu Egbetokun, reaffirmed his administration’s zero-tolerance stance on indiscipline. He emphasised the importance of internal accountability in enhancing public confidence and promoting a more professional police force.

“The Nigeria Police Force will not condone any form of misconduct or ethical breaches. This disciplinary process underlines our commitment to maintaining a culture of integrity and respect for the rule of law,” the IGP stated.

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The statement further emphasised that the disciplinary review is part of the force’s ongoing reforms aimed at restoring public trust, enhancing service delivery, and ensuring that police officers uphold the highest standards of conduct.

Olumuyiwa Adejobi, Force Public Relations Officer, who signed the release, said the disciplinary exercise demonstrates the IGP’s resolve to build a disciplined and responsive policing institution. (The Guardian)

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