The Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers Association (FMDA), has introduced the Nigerian overnight financing rate (NOFR) to strengthen transparency in the country’s
money market.

In a statement on Friday, CBN said NOFR, a standardised benchmark, is designed to enhance price discovery, improve monetary policy transmission, and deepen Nigeria’s financial markets.

According to the apex bank, the benchmark was formally adopted by market participants during a stakeholder engagement session held on February 27, 2026, and has received regulatory approval.

“NOFR was developed to align Nigeria with global best practices in short-term interest rate benchmarks. It is expected to improve price discovery and transparency while promoting consistent pricing of money market instruments,” CBN said.

“It will enhance the effectiveness of monetary policy, support financial innovation, boost investor confidence, and strengthen risk management across the financial system.

“The introduction of NOFR positions Nigeria alongside leading global benchmarks such as SOFR (United States), SONIA (United Kingdom),
€STR (Eurozone), and TONA (Japan). It also complements African benchmarks such as JIBAR (South Africa).”

The CBN added that NOFR is now operational, with the bank serving as the benchmark administrator, and will be responsible for governance,
transparency, and regular publication of the rate.

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Former Minister of Transportation, Rotimi Amaechi, has declared that if former Vice President, Atiku Abubakar, says his only qualification to contest the 2027 presidential election is that he is a
northerner, then only those in the region may vote for him.

Amaechi was reacting to a recent comment by Atiku, who insinuated that the has not be been duly represented in the nation’s leadership.

Speaking during a chat with Channels Television on Friday, Amaechi warned against those playing regional and ethnicity card, stressing that there more important factors that determines, who leads the country.

He said, “If Atiku Abubakar is saying that the only qualification he has is because he is from the north, then it means that on the election day, the North will vote for him and the South will not vote for him, that is what it means.

“For me, it does not matter whether you are from the North or South. There are other factors that play important roles.”

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Plans by Bauchi State Governor, Bala Mohammed, to defect from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) have collapsed over disagreements on power-sharing.

Chairman of the Turaki-led PDP faction in the state, Sama’ila Burga, disclosed this on Saturday while addressing journalists in Bauchi.

Burga said negotiations between the governor’s camp and APC leaders ended in a deadlock after the ruling party reportedly rejected a proposed 60–40 formula for control of party structure in the state.

Despite the breakdown in talks, he noted that the governor and his supporters remain open to joining another political party, with fresh consultations ongoing from the ward to the state level.

According to him, the APC initiated the discussions through its national leadership, with the involvement of Kano State Governor, Abba Yusuf, who visited Bauchi to persuade Mohammed.

However, talks stalled after the APC declined the proposed sharing arrangement, which Burga said had been used in similar defections elsewhere.

“You cannot expect a government bringing its full structure from ward to state level not to have significant control,” he said.

The Anambra State Electricity Regulatory Commission (ASERC) has assured residents of Nnewi of improved and reliable electricity supply in the near future.

Managing Director of the Commission, Prof. Frank Okafor, gave the assurance during a two-day public consultation on draft electricity regulations held at Umuenem Hall on Wednesday.

He said the engagement was part of efforts to build a more effective and responsive electricity market across the state, while also addressing long-standing concerns of consumers.

Speaking to stakeholders and industry players, Prof. Okafor noted that the Commission is taking practical steps to boost power supply, especially through investment in key distribution infrastructure in partnership with FirstPower Distribution Company Limited, a subsidiary of the Enugu Electricity Distribution Company (EEDC).

He explained that ASERC was established under the Anambra State Electricity Law of 2025 as an independent regulator responsible for overseeing electricity operations across the state.

According to him, the Commission handles licensing, tariff regulation, enforcement of standards, and consumer protection.

“We operate as an independent and transparent regulator. Our decisions are made in the public interest with fairness and accountability,” he said.

Prof. Okafor added that ASERC is committed to ensuring electricity in the state is reliable, safe, and affordable, while also attracting private investment and promoting renewable energy solutions.

He acknowledged complaints from residents over poor power supply despite regular bill payments and assured that such concerns are being addressed.

“This engagement is about listening and responding. We want consumers’ voices reflected in our policies,” he stated.

The consultation attracted representatives of FirstPower Distribution Company, lawmakers including Honourable Golden Iloh, community leaders, civil society groups, media practitioners, and electricity consumers from across Anambra South.

For many participants, the meeting signalled hope for improved electricity supply in Nnewi.

The Anambra State Government has commenced a probe of civil servants accused of reporting late to duty and absenteeism in the state public service.

Some of the affected workers appeared before the Special Disciplinary Committee on Violation of Public Service Rules, following Governor Chukwuma Soludo’s unscheduled visit to the State Secretariat in March, where it was discovered that over 90 per cent of the workforce were absent from their duty posts.

The committee, constituted in line with the Public Service Rules 2021, sat at the Office of the Head of Service, State Secretariat Complex, Awka, on Friday, and examined several workers over alleged lateness and absenteeism.

Speaking during the exercise, the chairperson of the panel and Permanent Secretary, Office of the Head of Service, Nkiru Nwankwo, said lateness and absenteeism violate public service rules and amount to a breach of employment terms.

She warned that such offences are punishable under the rules, stressing that the current administration is committed to repositioning the public service for efficiency and effectiveness.

“This exercise is set up to probe lateness and absenteeism, which violate public service rules and constitute a breach of contract of employment. Workers should have a change of attitude toward work,” she said.

Nwankwo advised workers with genuine reasons for absence or lateness to follow due process by formally notifying appropriate authorities in writing and in good time.

“Disenchanted workers should submit voluntary resignation letters rather than shortchanging the government by receiving salaries for work not done. It is illegal to receive salaries not worked for,” she added.

Also speaking, a member of the committee and Commissioner in the Civil Service Commission, Chuma Uwolloh, urged workers to take their responsibilities seriously, warning that failure to do so would result in continued violations and sanctions.

Similarly, the Permanent Secretary, Ministry of Budget and Economic Planning, Chinyere Nwabachili, cautioned workers against prioritising personal businesses over official duties.

Earlier, the Permanent Secretary, Ministry of Culture, Entertainment and Tourism, Jerome Ilokwu, said the session marked the assessment stage of the disciplinary process.

Ilokwu added that decisions would be based on responses to queries issued to the affected workers and that outcomes would be communicated in due course.

The committee also assured that the Head of Service would intensify unscheduled visits to ministries, departments, and agencies to ensure compliance with public service rules.

Recall that Soludo had, during an unscheduled visit to the State Secretariat on March 26, assessed staff punctuality, conduct, and commitment to duty.

Addressing workers during the visit, the governor warned that non-performing staff who fail to align with the administration’s vision would be disengaged.

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The African Democratic Congress has warned President Bola Tinubu to be concerned about a possible electoral defeat in 2027, saying that widespread hardship and worsening living conditions have eroded public confidence in his administration’s policies.

In a statement issued on Friday by its National Publicity Secretary, Bolaji Abdullahi, the ADC said Tinubu appears increasingly detached from the realities of hardship, insecurity, and widespread frustration confronting millions of Nigerians.

Reacting to criticism from former Vice President Atiku Abubakar, former governors Peter Obi (Anambra) and Rotimi Amaechi (Rivers), among other African Democratic Congress leaders during their April 14 national convention, President Tinubu said he cannot be intimidated, while accusing the coalition figures of trying to privatise the ADC and describing their gathering as a “street convention.”

In response, the ADC described the President’s comments as unpresidential, alleging that he appears more focused on politics while many Nigerians continue to grapple with worsening poverty and increasing vulnerability to insurgency and kidnappings.

The party stated, “The African Democratic Congress has taken note of the comments made by Bola Ahmed Tinubu at the Presidential Villa concerning the ADC and the state of the opposition. What Nigerians saw was not the confidence of a leader in control. It was the anxiety of a President increasingly disconnected from the reality of hardship, insecurity, and frustration facing millions of citizens.

“At a time when families are battling a historic cost-of-living crisis, food inflation, rising debt burdens, and collapsing purchasing power, the President chose to mock the opposition instead of addressing the suffering of Nigerians. However, even as he spoke, reports of children being abducted from examination centres were circulating. This is the reality of today’s Nigeria, insecurity spreading deeper into everyday life while the government appears distracted.

“The President should not be ridiculing the opposition. He should be deeply concerned that the majority of Nigerians have rejected his government, whose ill-conceived policies have ruined lives and destroyed livelihoods. These are the reasons he should be scared, because the people are determined to vote him out.”

ADC also dismissed what they described as a misleading account of the party’s National Convention.

It added, “We did not hold our convention on the street. If that was the story supplied to the President by agents of disruption, then he has been misinformed.

“But even if any opposition party were forced to gather outside established venues, Nigerians would understand why. Under this administration, democratic space has shrunk significantly. No government before now had denied political parties fair access to public venues such as Eagle Square, a national civic ground that belongs to all Nigerians, not to any ruling party.

“The President also cannot preach separation of powers while simultaneously assuming the role of interpreter of the law, political referee, and commentator on judicial matters. President Bola Ahmed Tinubu cannot be a President and a judge at the same time.

“If this administration truly respected the separation of powers, Nigerians would not have witnessed the repeated weakening and humiliation of institutions meant to serve as checks and balances. The legislature, in particular, has too often appeared reduced to an extension of executive convenience.”

The party also accused the President of recently trying to win over supporters of the late Muhammadu Buhari, saying it was hypocritical to distance himself from Buhari’s record in the past only to reverse course ahead of the election.

It added, “The issue before the country today is simple: hardship is rising, insecurity is worsening, debt is mounting, and hope is fading. No amount of political theatre can hide that truth.

“The ADC remains focused on building a credible alternative anchored on competence, security, prosperity, and democratic freedom. Nigerians deserve better than excuses, propaganda, and power games.”

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Nigerian telecom subscribers are expressing widespread frustration following the suspension of the popular airtime borrowing service (*303#), triggered by a regulatory directive from the Federal Competition and Consumer Protection Commission (FCCPC).

The service, which allows users to borrow airtime and data for emergency calls and internet access, has been unavailable for several days, leaving many, especially low-income earners, struggling with communication needs.

The suspension stems from a directive issued by the FCCPC on April 2, 2026, ordering telecom operators to immediately halt services related to the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON) 2025.

The Commission accused operators of failing to engage only FCCPC-approved lending service providers.Subscribers have taken to social media to voice their displeasure, describing the service as a vital lifeline.A Lagos-based banker, Segun Olabode, said:

“This service has been very helpful, especially when you don’t have cash for airtime. Suspending it will only add more pressure on ordinary Nigerians.”

In Port Harcourt, trader Alice Obiateru called the service a “lifesaver” and questioned the sudden ban, saying many people rely on it for daily communication and emergencies.

Similarly, Abuja-based bureau de change operator Nasiru Mohammed noted that the service had become essential for business operations and urged regulators to reconsider.

Meanwhile, the Wireless Application Service Providers Association of Nigeria (WASPAN) has obtained a court injunction against the FCCPC. In Suit No. FHC/L/CS/760/2026, Justice A.

Lewis-Allagoa restrained the Commission from enforcing the DEON regulations pending the hearing of the substantive suit.Despite the court order, the airtime borrowing service remains suspended as of Friday, leaving millions of subscribers in uncertainty.

Industry observers are calling for urgent dialogue between the FCCPC, telecom operators, and other stakeholders to resolve the impasse and restore the service.

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President Bola Tinubu has declared that no amount of pressure or intimidation will distract him from pursuing his vision for Nigeria.

Tinubu made the assertion while addressing the 36 state coordinators of the Renewed Hope Ambassadors (RHA) during a meeting at the Presidential Villa, Abuja.

He charged them to uphold integrity and work collectively toward rebuilding the country.

Tinubu emphasized the importance of inspiring hope among Nigerians, particularly among leaders and supporters entrusted with advancing
his administration’s agenda.

“You must give them that hope, but try as much as possible, men and women of integrity that are here in this room, to build a Nigeria,” he said.

Dismissing any notion of fear or retreat, the President stated, “Me? They want to scare me off? It’s a lie. I am Jagaban. I have been through this path before, and if I have to come back over and over again, I will do the same thing.”

He further stressed that Nigeria remains the best place for its citizens, urging collective responsibility in shaping the nation’s future.

“There’s no better place than your own country, and no one can build it except you,” he added.

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The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has secured the conviction of one Remilekun Temitope Balogun-Okedeyi for forging employment documents of the National Agency for Food and Drug Administration and Control, NAFDAC, to facilitate a fraudulent visa application.

ICPC said the conviction followed investigations into a visa fraud scheme in which the defendant falsely presented herself as an employee of NAFDAC, using forged employment and promotion letters, an identity card, and an introduction letter purportedly issued by the agency.

The case, filed under Charge No. ID/27346C/2025 (FRN v. Remilekun Temitope Balogun-Okedeyi), originated from a petition by the British Deputy High Commission that exposed a visa racketeering syndicate allegedly led by Olusegun Ojo Adigun.

Further investigations, according to ICPC, revealed that the syndicate was linked to at least sixteen visa applications and specialised in facilitating travel to the United Kingdom using falsified supporting documents.

“At the centre of the case was the defendant’s deliberate misrepresentation of her employment status,” the Commission said.

ICPC said that its findings established that Balogun-Okedeyi was never employed by NAFDAC, rendering all documents attributed to the agency, false and misleading.

In addition to the forged NAFDAC documents, the defendant also submitted a falsified bank statement allegedly issued by Chanelle Microfinance Bank for the period of January to July 2025. Investigations, however, confirmed that she did not operate any account with the bank.

Following the investigation, the defendant was charged with a six-count charge bordering on forgery and provision of false information, contrary to Sections 13 and 17 of the Corrupt Practices and Other Related Offences Act, 2000.

The matter was heard before Honourable Justice Mojisola Dada of the Ikeja Special Offences Court, Court 13.

During proceedings, the defendant, through her counsel, Grace Adenubi (Esq.), sought a plea bargain arrangement, which was agreed to by the Commission.

The charge was subsequently amended to a one-count information, to which she pleaded guilty.

The prosecution team—Yvonne William-Mbata, Roseline Eze, and Oluwayemisi Pereira—presented evidence through an investigator, Onyemauchechukwu Ezike, who tendered documentary exhibits before the court.

In her judgment, Justice Dada sentenced the defendant to one year imprisonment, with an option of a fine of N500,000 payable to the Federal Government within seven days.

The court further ordered two days of community service to be carried out outside the court premises and directed the defendant to enter into a bond of good behaviour to be recorded in the Lagos State Judiciary database.

The conviction highlights the Commission’s resolve to clamp down on the falsification of official documents, particularly the impersonation of government institutions such as NAFDAC for fraudulent purposes.

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