News
CBN plans tough sanctions for banks

By Francesca Hangeior
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has vowed to pursue an aggressive regulatory environment to reduce infractions in the country’s banking system.
He said this on Tuesday in Abuja at the Monetary Policy Committee meeting of the apex bank, the first since he assumed office in September 2023.
He also stated that an in-depth investigation was underway to determine the necessary actions against banks involved in infractions, stressing that the bank was in the process of formulating “stringent regulations” to cleanse and purify the country’s foreign exchange market.
The governor, responding to questions on steps taken to promote trading on the foreign exchange market, also revealed that its foreign reserves increased to $34bn as of February 20, up by $2bn from the $32.23bn recorded at the end of January.
The naira has depreciated to an all-time low since the new administration floated the currency and unified the exchange rate windows.
The Nigerian currency weakened from over N700/$1 in May 2023 to over N1,500/$1 on Tuesday.
However, Cardoso said that the apex bank was moving to a “very aggressive regulatory environment”, adding that the CBN would do all within its powers to curb arbitrage aided by banks and BDCs.
He said, “What we are doing at the moment is a collaboration between the central bank and the law enforcement agencies to ensure that we can understand better what is going on in the market and where infractions are taking place. They will be speedily dealt with.
“Now, I must say that we are moving as far as the central bank is concerned, we are moving to a very aggressive regulatory environment, where those policies have been coming out, as you can see, and tolerance for people not to abide by the regulations that are coming out and to comply is zero.
“People will have to abide by those regulations, and those that do not will face the consequences. I can assure you that a very thorough exercise is going on to identify what needs to be done on banks aiding infractions. And once we come out with the outcome of those, it is not something that we will keep to ourselves. We will advise you accordingly and we will do what we have to do.”
According to Cardoso, the apex bank would continue to make the market more liquid and to ensure that those who are genuine and want to abide by the rules and regulations that have been set by the central bank will be free to do so, adding that those who do not should be ready to face the consequences.
News
President Xi Mourns Former President Muhammadu Buhari

…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.
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”.
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.
News
Crude Oil: Nigeria hits OPEC 1.5Zmb/d production quota

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.
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.
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.
News
Just in: 151 police officers in trouble over alleged misconduct

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.
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.
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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