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IFC, CBN Partner On Private Sector Growth Through Naira Financing

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The International Finance Corporation, IFC, a member of the World Bank Group, and the Central Bank of Nigeria, CBN, have signed an agreement to increase local currency financing to enable private businesses in Nigeria to grow and thrive.

The partnership will allow the IFC to manage currency risks and increase its investments in the Naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy,
small and medium enterprises and the creative and youth economy.

A statement jointly issued by Hakama Sidi Ali, on behalf of the CBN in Abuja, and Hlazo Mkandawire for the IFC, said the global financial institution aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing over $1billion in the coming years to shore up the Naira.

The statement added that many of the sectors of the economy to be impacted require local currency financing, and as such the IFC’s partnership with the CBN is a key tool in expanding access to finance.

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“Ths pioneering initiative between the IFC and CBN will unlock the much-needed long-term local
currency fnancing for private businesses in Nigeria at economically viable rates,” stated Governor Yemi Cardoso of the Central Bank of Nigeria.

“This collaboration marks a significant progress in the CBN’s commitment to deliverng innovative development initatives through reputable third-party
service providers, moving beyond traditional intervention programs.

“It will serve as a catalyst for
economic growth and advance the Federal Government’s agenda for economic diversification”, the apex bank governor stated.

“Expanding access to affordable local currency financing for small businesses in Nigeria is essential for the IFC to address the increasing demand for diverse funding options and to better
manage currency risk,” said Makhtar Dop, the IFC managing director.

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“Our partnership with the
Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and
creating jobs across the country.”

With an active portfolio of investments in Nigeria of up to $2.13 billion—the second highest in Africa—local currency financing is a key priority for the IFC.

“We will continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets”, he added.

The IFC, a member of the World Bank Group is the largest global development institution focused
on the private sector in emerging markets.

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Operating in more than 100 countries worldwide, the IFC uses its capital, expertise, and influence to create markets and opportunities in developing countries.

In fiscal year 2024, the IFC committed a record $56billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.

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Plateau 51: Mutfwang mourns, says “we failed you”, begs affected community

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Governor Caleb Mutfwang of Plateau State has apologised to the people of Bassa Local Government Area (LGA) for the failure of government and security agencies to protect lives and properties.

Fifty-one persons were gunned down early Monday in the Zikke community of the LGA, with houses razed and many displaced about two weeks after a similar attack led to the killing of scores of persons in Bokkos Local Government Area.

Less than two days after the most recent assault, Governor Mutfwang apologised for the government’s inability to protect the people.

Fifty-one persons were gunned down early Monday in the Zikke community of the LGA, with houses razed and many displaced about two weeks after a similar attack led to the killing of scores of persons in Bokkos Local Government Area.

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Less than two days after the most recent assault, Governor Mutfwang apologised for the government’s inability to protect the people.

The governor said this on Tuesday at the palace of the Paramount Ruler in Miango.

“I will tell you the truth: I have been crying since yesterday because I had trusted God that all the arrangements were put in place, that this will not happen again. We have made investments in security,” he said.

But like all human arrangements, sometimes they fail. I want to admit that on Sunday night into Monday morning, we failed you. Please, forgive me.”

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He urged the people not to relent in their efforts to secure their communities and ensure that they complement security agencies’ efforts by providing vital information for intelligence gathering and expose the antics of the criminals.

Governor Mutfwang, in the company of security chiefs and members of the state executive council, was in Zikke community to commiserate with the people on the death of over fifty persons killed in Monday’s attacks.

The Paramount Ruler of Irigwe land, Ronku Aka, who is the Brangwe of Irigwe, urged the government to come to the aid of the communities with the provision of social amenities in the area.

The governor and the entourage also went to see some of the families who lost their loved ones in the attack. The victims have been buried just as members of the community demanded action to stem the rising wave of insecurity in the state.

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Plateau State has been a hotbed of attacks, but the renewed spate of attacks adds a fresh layer of twist to the decades-long crisis rocking the North-Central state.

After the most recent assaults, President Bola Tinubu ordered security agencies to fish out the masterminds, describing the attacks as condemnable.

While experts have linked the lingering Plateau crisis to farmers-herders tussle for resources, Governor Muftwang said it was sponsored and genocidal.

According to him, over 64 communities in the state have been taken over by gunmen.

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Court reserves verdict in Ganduje, seven others alleged financial infractions case

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The Kano State High Court on Tuesday reserved ruling in the high-profile case involving the National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Umar Ganduje, and seven others, who are facing an eight-count charge bordering on bribery, misappropriation, and diversion of public funds.

The case, instituted by the Kano State Government, lists Ganduje, his wife Hafsat Umar, Abubakar Bawuro, Umar Abdullahi Umar, Jibrilla Muhammad, Lamash Properties Limited, Safari Textiles Limited, and Lasage General Enterprises Limited as defendants.

When the case came up for hearing, the legal teams for all defendants presented various preliminary objections challenging the jurisdiction of the court and filed applications for extension of time.

Leading the defence for Ganduje, his wife, and Umar, Offiong Offiong (SAN) told the court: “We filed our preliminary objection dated November 18, 2024, supported by a 28-paragraph affidavit and a written address. We also filed a reply on point of law dated April 4, 2025. We urge the court to grant our application.”

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On the other hand, the prosecution led by Adeola Adedipe, SAN, maintained that the defence applications lacked merit.

“The state’s reply to the preliminary objection is dated October 22, 2024. It is backed by a seven-paragraph counter affidavit and a written address with supporting documents,” Adedipe said.

“We urge the court to dismiss the applications in their entirety.”

Counsel to the 3rd and 7th defendants, Adekunle Taiye-Falola, filed a similar preliminary objection dated October 18, 2024.

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In response to the complainant’s counter affidavit, we submitted a further and better affidavit dated December 12, 2024, along with a reply on point of law. We respectfully urge the court to grant the application,” he said.

Sunusi Musa, SAN, representing the 5th defendant, filed his own objection with similar supporting documents.

“We are seeking not just a grant of our application, but also substantial costs against the complainant,” Musa added.

Ashafa Yusuf, counsel to the 6th respondent, noted: “Our notice of preliminary objection was dated September 9, 2024. We filed a further and better affidavit on February 17, 2025, and a reply on point of law. We request the court to grant our reliefs.

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For the 8th defendant, counsel Faruk Asekome also filed a preliminary objection and followed up with a further affidavit and legal reply dated February 13, 2025.

“We have complied fully with the procedural requirements, and we ask the court to grant the application,” he said.

Presiding over the case, Justice Amina Adamu-Aliyu granted the applications for an extension of time. She, however, reserved ruling on the preliminary objections.

“Ruling on the notices of preliminary objection is hereby reserved. A new date will be communicated to all parties in due course,” Justice Adamu-Aliyu stated.

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The court’s eventual decision on jurisdiction is expected to determine whether the trial will proceed or be dismissed at this stage.

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Reps Minority Caucus decries incessant tanker fire explosions, call for decisive actions to avert future occurrences

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Following the twin tanker fire explosions which occurred last weekend in Ibadan, Oyo state, and Akwanga, Nasarawa state, the Minority Caucus in the House of Representatives expressed shock and sadness over the unfortunate incidents.

The Reps Minority Caucus made this disclosure in a statement jointly signed by leaders of the caucus: Rep. O.K Chinda
(Minority Leader) Rt. Hon. Dr. Ali Isa J.C (Minority Whip) Rt. Hon. Aliyu Madaki (Deputy Minority Leader) Rt. Hon. George Ozodinobi
(Deputy Minority Whip) on Monday stating that:

“Thankfully, no lives were lost at the two avoidable incidents. But it is painful that an unspecified number of vehicles, shops, motorcycles, and other properties worth hundreds of million naira were lost; particularly at the Ibadan incident.

“It is more worrisome that this is coming at a time that the economic hardship is approaching it’s zenith in Nigeria.

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The Caucus recalls that after the January tanker fire explosion in Niger state, where lives of Nigerians and humongous properties were lost, it called on the Federal Government for necessary actions.

“Happily, the government resolved to ban fuel tankers with capacities exceeding 60,000 litres of petroleum motor spirit (popularly called petrol) from operating on Nigerian roads with effect from March 1, 2025.

“However, it is disheartening that, from reports across the country, many fuel tankers are yet to comply with the directive. More ludicrous is that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) responsible for enforcing the regulation is yet to comply with the presidential directive; about six weeks after the kick-off date.

Apparently disturbed about the frequency of tanker explosions across the country; almost becoming permanent fixtures on challenges bedeviling Nigeria, and the damaging effects on our people, the environment, and national development, the Caucus strongly calls for deliberate and decisive actions to stem the same by the bud.

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” We call on the federal government for more pro-active measures that will not only avert future occurrences but stop tanker explosions in the country.

“From reports, the Ibadan incident happened as the driver encountered difficulties navigating deteriorated portions of the Toll Gate end of the Lagos-Ibadan expressway.

“Given the deplorable state of this road, and similar others, the Caucus urges the Federal Roads Maintenance Agency (FERMA) to carry out immediate rehabilitation works on these roads.

“The Caucus shall initiate, collaborate, and pursue every legislative action that will secure the safety of our people, and properties; which is the main purpose of government.

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