- CBN Cuts Monetary Policy Rate To 23%
The Central Bank of Nigeria (CBN) has cut the Monetary Policy Rate (MPR) to 23%, following the 307th meeting of its Monetary Policy Committee (MPC) in Abuja.
CBN Governor Olayemi Cardoso announced the decision on Tuesday, saying the committee reviewed current economic conditions before reducing the benchmark rate, which influences borrowing costs, inflation management and broader monetary conditions.
- Mambilla: EFCC Targets Atiku, Malami, Agunloye, Dasuki Over Financial
The EFCC has set up a special team, supervised by Chairman Ola Olukoyede, to investigate financial transactions linked to the Mambilla Hydroelectric Power Project and trace properties allegedly connected to them. The agency may question Atiku Abubakar, Jennifer Douglas, Abubakar Malami, Olu Agunloye, Sambo Dasuki, Abubakar Dasuki, Abdullahi Yola and Dere Awosika.
The probe follows the ICC’s rejection of Sunrise Power’s claims against Nigeria over the 3,960MW project. Investigators are reviewing the tribunal’s 620-page award, including a $500,000 payment to Douglas and a $1.74m payment to Abubakar Dasuki, while assessing fund movements and possible assets for any legally justified forfeiture.
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FG Did Not Give Oyo N50bn For Airport Upgrade — Makinde
Oyo State Governor Seyi Makinde has rejected FCT Minister Nyesom Wike’s claim that the Federal Government gave Oyo State N50 billion to upgrade Ibadan’s Ladoke Akintola International Airport.
Speaking at a 2027 presidential town hall in Katsina, Makinde said the airport project was funded entirely by Oyo State, describing the reported federal funding claim as inaccurate.
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NDC Prepares Obi-Kwankwaso Campaign Council Ahead Of 2027 Presidential Election
The Nigeria Democratic Congress (NDC) says consultations are advanced for the inauguration of its Presidential Campaign Council for the 2027 elections. Presidential candidate Peter Obi and running mate Rabiu Musa Kwankwaso have been authorised to nominate key campaign officials, while party leaders and stakeholders contribute to the structure.
The party also plans to establish and train election agents nationwide, with funding managed through designated officers and the presidential campaign account. The inauguration was delayed by Obi’s travel schedule, while the NDC urged members to remain focused on preparations and avoid internal disagreements. Recent reports, however, indicate that the party has separately disowned a 59-member campaign council announced by the Obi-Kwankwaso Movement, saying it was not authorised by the party.
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El-Rufai Trial: Court Fixes October 26 To Rule On Bid To Stop Proceedings
The Federal High Court in Abuja has fixed October 26 to rule on former Kaduna Governor Nasir El-Rufai’s no-case submission seeking to end his five-count trial over alleged unlawful telephone interception. His lawyer, Paul Erokoro, SAN, argued that the prosecution failed to establish a prima facie case, while prosecutor Oluwole Aladedoye, SAN, urged the court to order El-Rufai to defend himself.
Justice Joyce Abdulmalik adjourned after hearing both sides, with the Federal Government having called two witnesses and closed its case. El-Rufai denies the allegations, which stem from comments during an Arise TV interview concerning the alleged interception of NSA Nuhu Ribadu’s calls, while the court had earlier rejected his request to relax bail conditions.
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No Coalition Decision Yet, NNPP Tells Political Parties Ahead Of 2027 Polls
The New Nigeria Peoples Party (NNPP) has denied reports that it has joined any political coalition ahead of the 2027 elections. Founder and Board of Trustees Chairman Boniface Aniebonam warned political actors against negotiating with unauthorised individuals claiming to represent the party and advised anyone who paid such persons to seek redress.
Aniebonam said the NNPP remains independent but could announce strategic alliances if necessary. He identified himself, National Chairman Agbo Gilbert Major, National Secretary Oginni Olaposi Sunday and National Treasurer Prince Omokanye Adetoyese as authorised officials, urging stakeholders to deal only with recognised representatives.
- Court Of Appeal Judgment Confirms Our Stand On Magu, Says Saraki
Former Senate President Bukola Saraki says the Court of Appeal’s ruling that Ibrahim Magu’s prolonged tenure as acting EFCC chairman was unlawful has vindicated the 8th Senate’s position. The Senate rejected Magu’s confirmation twice in 2016 and 2017, yet he remained acting chairman until July 2020.
Saraki said the decision was based on the Senate’s constitutional duty, not politics, despite criticism and pressure at the time. He said the judgment, delivered nearly a decade later, reinforced the Senate’s position and showed the importance of standing by one’s convictions.
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“We’re Not There Yet” — Tegbe Acknowledges Power Supply Challenges Persist
Power Minister Joseph Tegbe has acknowledged that many Nigerians still lack reliable electricity despite ongoing government efforts to stabilise the sector. He said the government has spent three months diagnosing problems, restoring the 375MW Alaoji plant after three years offline, improving transmission capacity in Lagos and Abuja, addressing sector debt, and deploying over 350,000 meters.
Tegbe admitted that these measures have not yet delivered consistent power to many households and businesses, saying reforms will take time. He also stated that there is no plan to increase electricity tariffs, while reaffirming efforts to improve grid stability, billing accuracy and consumer complaint resolution.
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State Police: Osun Assembly Approves Constitutional Amendment
The Osun State House of Assembly has approved a resolution supporting the creation of State Police, following a constitutional amendment bill passed by the National Assembly on June 24, 2026.
The resolution, moved by Majority Leader Babajide Kofoworola and seconded by Tajudeen Adeyemi, will be sent to the National Assembly. If approved by enough states and assented to by the President, it could establish the legal framework for State Police.
- Nigerian Drug Convict Nabbed After Escaping Kakata Central Prison
Nigerian drug dealer Tony Obina has reportedly been recaptured after escaping from Kakata Central Prison in Margibi County, Liberia. He had recently been convicted in a major drug-trafficking case alongside two Liberia Drug Enforcement Agency officers.
Obina was reportedly caught by local residents and security personnel while trying to flee the area. His escape prompted a search operation, while authorities are expected to provide more details about the escape and recapture.
