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CBN Reforms Strengthening Nigeria’s Economy Against External Shocks — Hakama
By Chinedu Sabastine
The Central Bank of Nigeria (CBN) says its ongoing reforms are strengthening the nation’s economy, enhancing resilience against external shocks and restoring investor confidence.
Speaking at the CBN Special Day during the 37th Enugu International Trade Fair, the Acting Director of Corporate Communications, Hakama Sidi Ali, said the Bank has implemented bold and far-reaching policies aimed at stabilising the economy.
She explained that the reforms, under the leadership of CBN Governor, Olayemi Cardoso, have improved transparency and liquidity in the foreign exchange market. She added that the introduction of a new FX manual has simplified trade and investment procedures.
According to her, the reform agenda aligns with the theme of the trade fair, “Empowering MSMEs for Global Competitiveness,” recognising Micro, Small and Medium Enterprises (MSMEs) as critical drivers of economic growth, employment and resilience.
Ali disclosed that the ongoing bank recapitalisation exercise, with a deadline of March 31, 2026, is already yielding positive results, noting that 32 banks had met the new capital requirements as of March 17, 2026.
She added that about 28 per cent of recapitalisation investments came from foreign investors, reflecting renewed confidence in Nigeria’s financial system.
The CBN spokesperson further revealed that the Bank is transitioning to an inflation-targeting framework, describing it as a shift toward a more transparent, forward-looking and rules-based monetary policy system designed to ensure long-term price stability.
She noted that the reforms have earned the apex bank global recognition, including the Central Bank of the Year 2026 award by the Central Banking Awards Committee in London.
On economic performance, Ali said the Bank’s tight monetary policy has helped reduce headline inflation from 34.8 per cent in late 2024 to 15.06 per cent as of February 2026.
She also disclosed that capital inflows increased significantly between 2023 and 2025, while external reserves rose from less than $10 billion to $50.45 billion.
Ali outlined the Bank’s strategic priorities for 2026 to include strengthening the banking system, ensuring price stability, modernising payments, promoting financial inclusion, fostering responsible fintech innovation and enhancing institutional capacity.
She reaffirmed the CBN’s commitment to transparency and urged Nigerians to rely only on official communication channels for information about its policies.
Ali also called on citizens to treat the naira with respect, warning against acts such as mutilation, counterfeiting and spraying of the currency.
Earlier, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Nnanyelugo Onyemelukwe, commended the CBN for reactivating and sustaining the use of trade fairs to disseminate information and raise awareness about its operations.
He said the initiative would enhance public understanding of the Bank’s financial and monetary policies, describing it as commendable.
Onyemelukwe also applauded the CBN’s policy measures aimed at rebuilding business confidence and ensuring stability in the financial sector.
He, however, cautioned that key policy measures—particularly those targeting inflation and exchange rate stability through aggressive monetary tightening—should not become counterproductive.
While acknowledging the recent reduction in the interest rate from 27.0 per cent to 26.5 per cent in February 2026, he expressed concern that the rate remains high. He called for a gradual reduction to single digits to support economic growth.
He further urged the CBN to intensify efforts to manage inflation and liquidity, warning that the high interest rate environment could constrain businesses by limiting access to credit.
If you want, I can also craft a stronger headline or a shorter newswire version.
This was contained in a statement issued on Wednesday by the Director of Public Affairs and Consumer Protection, Michael Achimugu, saying the CAA had received preliminary reports concerning an occurrence involving a privately operated aircraft in the vicinity of Asaba.
However, the regulator refused to mention either the operators or the airline’s name.
According to the Authority, the incident began when the aircraft encountered difficulties while attempting to land at Asaba Airport.
The regulator further disclosed that following the aborted landing attempt, the aircraft touched down on a roadway in the Ogwashi-Uku area near Asaba, an unusual development that immediately drew the attention of aviation authorities and local residents.
The NCAA said, “Available information indicates that the aircraft conducted a missed approach at approximately 0743 local time while attempting to land at Asaba,
“Subsequently, the aircraft reportedly landed on a roadway in the Ogwashi-Uku area near Asaba. Reports received from personnel at the scene indicate that all occupants safely exited the aircraft and were transported to Asaba by road.”
Despite the emergency situation, the NCAA said there were no casualties, noting that the aircraft had only four crew members on board.
“The aircraft had four (4) crew members on board. At this time, no injuries to passengers or crew have been reported,” the Authority said.
Providing details of the alleged incident, the Authority stated, “Preliminary information available to the Authority indicates that the aircraft subsequently departed the location at approximately 1102 GMT and returned to Lagos without obtaining the requisite regulatory approval.”
The NCAA further revealed that air traffic authorities were not informed before the flight departed.
Describing the action as a clear infraction of existing regulations, the Authority stressed that the unauthorised departure is now under investigation.
“The Authority has also been informed that Air Traffic Control was notified only after the aircraft had become airborne. This action constitutes a violation of the Nigeria Civil Aviation Regulations (Nig. CARs) and is currently under investigation by the Authority,” the statement noted.
As a consequence, the NCAA said it moved swiftly to prevent any further operation of the aircraft pending the outcome of investigations.
The Authority also announced disciplinary and regulatory measures against those involved in the operation of the flight.
“Upon its arrival in Lagos, the NCAA immediately grounded the aircraft pending the outcome of its investigation.
“The flight crew have been placed under regulatory review while the NCAA conducts further inquiries into the circumstances surrounding the occurrence and the subsequent unauthorised departure of the aircraft,” the statement said.
“In the interim, the NCAA has suspended the operator’s permit for Non-Commercial Flight,” the Authority disclosed.
The NCAA said it had notified the Nigerian Safety Investigation Bureau and was collaborating with relevant stakeholders, including the Nigerian Airspace Management Agency and the operator, to determine the full circumstances surrounding the occurrence.
“The NCAA has formally notified the Nigerian Safety Investigation Bureau of the occurrence and is coordinating with relevant aviation stakeholders, including the operator and the Nigerian Airspace Management Agency, to establish the full circumstances surrounding the incident,” the statement said.
The Authority added that investigators would scrutinise all relevant records linked to the aircraft and operator.
Achimugu stated, “The Authority will review all operational, airworthiness, maintenance, and flight-related records as part of its statutory responsibilities and will take further enforcement action in accordance with applicable aviation regulations.”
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The Abia State’s “Senior man” is leg-deep into a messy murky-water fight with the SEDC, I learnt. The crux of the squabble is saddening.
While Senator Orji Uzor Kalu wants a huge bite from a crumb-pie federal allocation the SEDC barely gets to fund its activities, the commission’s management is refusing to open its vault. For this, a fatal crisis brews.
I dug deeply to uncover the hidden cracks, which neither Orji Uzor Kalu nor the SEDC wants visible to the public.
A Thread.
When the Senate President, Godswill Akpabio, announced the 10-Man Senate Committee to oversee the activities of the South East Development Commission (SEDC) and made Orji Uzor Kalu its Chairman, many South Easterners, like myself, were underwhelmed.
“How can a man who was once convicted of funds embezzlement and wanton corruption lead a committee that will conduct a transparent oversight function on the SEDC?” I questioned. The logic was vague.
Today, those silent doubts have been proven valid. The Abia state “senior man” in kleptocracy is showing off his true colours and they read red for the SEDC, the region’s “child” development initiative that should rather enjoy the support of every stakeholder from the region.
Before we get into unraveling the ridiculous “settlement” demands of OUK and the impending showdown, let’s take a look at the SEDC’s activities so far.
On February 12th, 2025, the SEDC Management Team, Governing Board, and Senate Committee were inaugurated. Tinubu’s government announced a N140 billion yearly allocation for the commission and directed its Management to draft its budget around the figure.
The Commission did as directed, drafted a N120 billion budget. But for its vision for the South East development, it included more critical infrastructures in the budget. This shot the budget to N250 billion.
In its revenue mapping, it factored in raising the N110 billion shortfall internally – all by itself. This didn’t pose a problem. The government approved the budget. Allocations will come in monthly, in a tranche of N10 billion each month.
Unsurprisingly, the Commission didn’t get any budgetary allocation throughout 2025. In these months of financial drought and zero cash inflow, everywhere was quiet. Senator Orji Uzor and his committee members didn’t see a need to exercise oversight on the Commission’s activities.
But in December 2025, the government released a N5 billion take-off grant to the Commission. For context, a take-off grant is a mobilization fund. The commission is expected to use it to acquire and renovate office spaces, pay salary arrears for its staff, and cover other expenses it may have incurred throughout its 9 months of takeoff.
As soon as the funds arrived, the bees gathered to perch on the honeycomb. But with the honey sealed, the parasitic bees are piping to sting on the host with such a rude sense of entitlement. This is the crux of the matter.
I learnt the SEDC Management had yet to map out the expenditure for the takeoff grant when the “arrogant racketeers” came banging at the door for a fat share, with their greedy potbellies. I tried to obtain details but the SEDC declined. I assume they fear Orji Uzor Kalu’s brutish wrath.
Senator Orji Uzor Kalu and his fellows want about 35% cut from the N5 billion takeoff grant, and also for subsequent allocations that the commission gets. How much more ridiculous can it get?
On what grounds does the so-called Senate Committee demand about 35% of the takeoff grant and subsequent allocations? Is the SEDC their private ventures? How more gluttonous can their kleptocratic deep pockets be?
The SEDC Management declined. And it is sticking with its “no” with vehement insistence. This set the tone for the fight which has now spiraled to a destructive dimension. In fact, it threatens the existence of the commission.
This year, the Commission has only received N1.8 billion twice, in January and February. The rest of the months so far, it has gone without allocation. I learnt that the Venture Capital Competition it recently hosted, which funded 25 startups and existing businesses from South Easterners, was financed largely by private investors – which the commissioned sourced.
Yet, Orji Uzor Kalu and fellow money-mongers want a bite from the fragmented pie.
Recall that earlier in February this year, the Senate Committee, through Senator OUK, issued a “stern warning” to the commission over “the management of N250 billion takeoff grant.” It was because the Commission refused to hand them about 35% cut from the N5 billion. They lied that it was N250 billion.
Is the Senate Committee backing down yet? Never. They have summoned the Commission to appear before them on June 9th, tomorrow. They cannot understand stubborn Will and resolve of the SEDC Management Team to resist their insidious interference and mute their atrocious kleptocratic taste.
They now want to carry out a comprehensive probe into the SEDC activities. The Commission must provide details of all projects, programmes, interventions, and contracts it has executed so far, including their locations, costs, procurement processes, and implementation status.
Wouldn’t this have earned a reputable applause had the Senate Committee not been driven by a heinous greed and sought to choke a Southeast’s only Development Initiative to termination?
Isn’t it time for the leaders and stakeholders from the South East to stand up to Orji Uzor Kalu and his colleagues in the SEDC Senate Committee to quit this scandalous meddlesomeness and allow the Commission to do its job?
Beyond the oversight function of monitoring and probing the activities of the Commission to ensure that it runs efficiently and effectively, and that it is transparent and accountable in all its dealings, the Senate Committee has no other business but to focus on its lawmaking duties. It should remain at this!
By Okey Maduforo, Awka
The Anambra State chapter of the Nigerian Labour Congress (NLC) has called on the state government to suspend further salary deductions affecting workers pending the conclusion of investigations by a committee set up to address the issue.
For the past three months, workers in the state have complained about unexplained deductions from their monthly salaries, describing the development as unacceptable. Many affected workers insist that even those who report to work regularly and punctually have had portions of their salaries deducted.
Some workers have accused the state government of implementing punitive measures linked to the prolonged Monday sit-at-home order previously enforced by the separatist group, the Indigenous People of Biafra (IPOB), which kept many workers away from their duties for several years.
Speaking with journalists, the Anambra State NLC Chairman, Comrade Humphrey Nwafor, disclosed that the issue was raised during the 2026 Workers’ Day celebration, prompting Governor Charles Soludo to establish a committee to investigate the allegations.
According to Nwafor, the committee comprises the NLC Chairman, the Trade Union Congress (TUC) Chairman, the Commissioner for Finance, and the Head of Service.
He explained that during the committee’s meeting last week, members resolved that salary deductions should be suspended pending the submission of the committee’s final report. The responsibility of addressing the issue in the interim was assigned to the Commissioner for Finance and the Head of Service.
“We met last week and resolved that those deductions should be put on hold for now while the Commissioner for Finance and the Head of Service manage the situation. Organized Labour has agreed to stay action while the government looks into the matter,” Nwafor said.
Efforts to obtain comments from the Head of Service, Barrister Ngozi Anuli-Iwuono, were unsuccessful. When contacted, she expressed frustration over frequent calls from journalists and declined to comment on the matter.
This reporter had earlier contacted her on Monday, when she explained that she was attending an Executive Council meeting and could not immediately respond. However, when contacted again on Tuesday, June 9, at about 1:25 p.m., she stated that she was in another meeting.
“I am in another meeting. Why are journalists calling me every time? Last time it was Tribune, today it is Telegraph. Please, you people should stop calling me,” she said.
Meanwhile, the Commissioner for Information, Dr. Law Mefor, assured workers that the matter was receiving attention and revealed that some affected employees had already started receiving the balance of their deducted salaries.
Mefor explained that most of the affected workers were stationed outside the state headquarters. He noted that the Ministry of Finance relies on attendance records submitted by various departments and unit heads to determine salary payments.
“It is based on the information available to the Ministry of Finance regarding those who reported for duty through the attendance clock-in system. This issue mainly affects workers in outstations and not those at the headquarters,” he said.
“People have started receiving their full salaries, and many of those who failed to clock in were affected. This is already being verified.”
Using the Ministry of Information as an example, Mefor said the ministry has about 185 workers, the majority of whom serve as Information Officers across local government areas. He added that evidence of their attendance was submitted to the Ministry of Finance to facilitate payment.
“Here in the Ministry of Information, we have about 185 workers, most of whom are posted to local government areas. We provided evidence of their attendance to the Ministry of Finance, and necessary adjustments are being made,” he stated.
The Nigerian Railway Corporation (NRC) has confirmed the death of three persons following the derailment of the Warri-Itakpe train in Agbor, Delta State.
The corporation disclosed that four coaches left the rail track during the incident, which occurred on Monday, June 8, 2026.
In a statement, the Managing Director of the NRC, Dr. Kayode Opeifa, said emergency response teams and other relevant authorities were immediately mobilised to the scene to manage the situation and provide assistance to affected passengers.
“The Nigerian Railway Corporation (NRC) has confirmed a serious train accident involving the Warri-Itakpe Train Service (WITS) corridor at Agbor, Delta State,” the statement said.
According to Opeifa, rescue and emergency response operations were activated immediately after the accident, and all passengers on board have since been accounted for.
“Sadly, three fatalities have been confirmed at this time,” he stated.
He added that relevant authorities are continuing to assess the full circumstances surrounding the incident, while support is being provided to injured and affected passengers.
“Our thoughts and prayers are with the victims, their families, and loved ones during this difficult time,” Opeifa said.
The NRC urged members of the public to rely only on verified information and official updates from the corporation as investigations into the cause of the derailment continue.
A newly married Nigerian woman who was recently declared missing by her family in Abuja has reportedly left her matrimonial home after discovering that her husband allegedly had two children with different women.
The woman, from Mbabum Community in Ukum Local Government Area of Benue State, had been the subject of a public appeal by her family, who sought assistance in locating her after she allegedly left her husband’s residence in Abuja.
According to a statement attributed to a family representative, Hon. Goshi Peter, the woman married Goshi Bem in March 2026 but left her matrimonial home about two weeks ago and had not returned.
However, in an update shared on Saturday, June 6, 2026, a Facebook user, Tyom Alexander, claimed she had spoken with the woman by phone.
According to Alexander, the woman said she left her husband’s home after discovering that he had two children from different women, information she alleged was not disclosed to her before their marriage.
“I have been able to speak with this woman through the phone number provided by the whistleblower,” Alexander wrote.
“She said her husband didn’t tell her that he had children before their marriage. She only discovered this after they relocated to Abuja.
“The first child is five years old, while the second child is two years old, both from different mothers.”
Alexander further claimed that the woman stated she was safe and still in Abuja, and reportedly warned her husband not to bother searching for her.
“According to her, the man should not bother looking for her as she is doing fine in Abuja,” Alexander added.
“If this is true, then the man has disappointed me. I wait to hear the man’s side of the story.”
As of the time of filing this report, the husband’s response to the allegations had not been made public.
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