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Amid Efforts to Contain Price Pressures, CBN Retains All Monetary Policy Parameters

Amid Efforts to Contain Price Pressures, CBN Retains All Monetary Policy Parameters

•Keeps MPR at 27.50%, CRR at 50% for deposit money banks, 16% for merchant banks, liquidity ratio at 30%, external reserves hit $40 billion 

•Cardoso confirms 8 banks have fully scaled recapitalisation hurdles, others doubling efforts

James Emejo in Abuja and NumeEkeghe in Lagos

Central Bank of Nigeria (CBN) yesterday resolved to leave the monetary policy parameters, including the Monetary Policy Rate (MPR), the benchmark interest rate, unchanged at current levels.

The Monetary Policy Committee (MPC) of CBN, after its two-day meeting, unanimously voted to hold policy, retaining the MPR, the rate at which commercial banks borrow from the central bank, at 27.50 per cent.

The bank also retained the asymmetric corridor around the MPR at +500/-100 basis points, Cash Reserve Ratio of Deposit Money Banks at 50 per cent, and Merchant Banks at 16 per cent, and left the Liquidity Ratio unchanged at 30 per cent.

Addressing journalists after the MPC meeting in Abuja, Governor of CBN, Mr. Olayemi Cardoso, said the decision to hold policy rate was premised on the need to sustain the momentum of disinflation and sufficiently contain price pressures.

Cardoso said maintaining the current policy stance will continue to address the existing and emerging inflationary pressure. He added that MPC will continue to undertake rigorous assessment of economic conditions, price development, and outlook to inform future policy decisions.

He stressed that given the persistent uncertainty in the policy environment and underlying price pressures, monetary policy will need to maintain its current stance until risks to inflation receded sufficiently.

The central bank governor reaffirmed the bank’s commitment to price stability mandate, stating that it would take appropriate measures to foster stability and confidence in the economy.

He said the apex bank will continue to assess developments to guide informed monetary policy decisions.

Cardoso also disclosed that the country’s external reserved had increased to about $40 billion as of July 18, 2025, representing about 9.5 months of import cover for goods.

Cardoso, who read the committee’s communique, acknowledged the decline in headline inflation in June, the third consecutive month of deceleration. He stated that this was largely driven by the moderation in energy prices and stability in the foreign exchange market.

Cardoso said despite the positive developments, the committee observed the uptick in month-on-month headline inflation, suggesting the persistence of underlying price pressures.

The CBN governor pointed out that the continued global uncertainties associated with the tariff wars and geopolitical tensions could further exacerbate supply chain disruption and exert pressure on the prices of imported items.

He observed the continued stability in the banking system, evidenced by the stable Financial Soundness Indicators (FSIs), which would further be supported by the on-going banking recapitalisation exercise.

He affirmed that eight banks had fully met the current recapitalisation requirements, while others were making progress towards meeting the March 31, 2026 deadline.

Cardoso said a lot of international investors had continued to show interest in investing in the Nigerian banking sector as confidence continued to grow in the economy.

However, the MPC urged the CBN to sustain its oversight of the banking system to ensure continued resilience, safety, and soundness of the financial system.

Cardoso said the committee acknowledged the efforts of the federal government in improving security and its impact on food production, and further urged the government to continue its support towards timely provision of high-yield seedlings, fertilisers, and other critical inputs for the current farming season.

The MPC also observed the sustained stability in the foreign exchange market, accentuated by improved capital flows, earnings from increased crude oil production, rising non-oil exports, and significant reduction in aggregate imports.

The CBN governor pointed out that recent data on the Purchasing Managers Index (PMI) indicated that the Nigerian economy remained on an expansionary path. He said the external sector also remained stable and resilient, despite persisting uncertainties in the global macroeconomic environment.

He stated, “However, recent developments, especially the persistent tariff war and geopolitical tensions, may continue to disrupt supply chains and exert upward pressure on the prices of imports.

“Disinflation in the advanced economies has slowed, prompting major central banks to be cautious of upside risks to inflation. In the emerging markets, central banks continue to calibrate monetary policy to their domestic conditions, noting the persisting risks to inflationary pressures.”

Cardoso said CBN staff projections indicated a further decline in inflation in the coming months, underpinned by the current tight monetary policy stance, stable exchange rate, declining PMS prices, and moderation in food prices as the harvest season approached.

Addressing questions from journalists about the temporary regulatory forbearance granted some banks as well as the recapitalisation demands, Cardoso said, “With respect to forbearances that you refer to, they are all temporary ones, and really and truly are in line with Basel requirements all over the world. It’s nothing that is unique to Nigeria, absolutely not unique to Nigeria; that we’ve asked some of the banks to ensure that the provisioning strategies are in line with what should help them to create the buffers to ensure that dividends are not paid and that investments are kept in appearance for a certain period of time.

“This is normal. There’s nothing new about that. It is very normal and is a well in line with our oversight functions. And as I said, the numbers should, not only with us, but even with the banking system, begin to speak for themselves. The capital adequacy ratio is 13 per cent and, of course, liquidity levels are 50 per cent, and NPLs at the five per cent threshold.”

He added, “And let me also say that in addition to that, we have one bank that has raised a significant amount of money on the London Stock Exchange.

“That clearly is a reflection of the way that the international investors view the banking system, and I was again very privileged to have a conversation with a good number of them about three or four weeks before this listing took place.

“And really and truly, a lot of interest, I must say, a lot of interest internationally, on putting money on the Nigerian financial system.

“The key thing is that we, as regulators, will continue to play our part to ensure that the system and the players and the actors continue to do what we are doing, creating resilience, creating buffer, and, of course, playing by the rules, because that is so important for those who are looking to invest that they can believe and they trust in you.”

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Super Falcons Beat South Africa to Qualify for WAFCON Final

Super Falcons Beat South Africa to Qualify for WAFCON Final

Duro Ikhazuagbe

A last-gasp winner by Michelle Alozie handed Nigeria’s Super Falcons a 2-1 victory over South Africa’s Banyana Banyana and qualification into the final of the ongoing 2024 Women’s Africa Cup of Nations in Casablanca, Morocco.

The victory also kept alive Nigeria’s ‘Mission X’, the dream of winning the country’s 10th WAFCON title here in Morocco.

Skipper Fantastic Rasheedat Ajibade converted the penalty awarded Nigeria in the added minutes of the first half after a South African defender handled the ball inside the box.

South Africa who are the defending champions however drew level in the 59th minute also from the penalty spot after Osinachi Ohale was ruled to have fouled a South African player inside the box on her way to goal.

In the 73rd minute, Ohale turned from zero to hero when she cleared the ball on the goalline after goalkeeper Chiamaka Nnadozie was beaten to the ball.

The match heading to extra time with most of Nigerians girl’s fatigued already, Alozie then pulled the magic wand from the hat, firing a last-ditch long ball that beat tournament’s best goalkeeper, Andile Dlamini in goal for the Banyana Banyana.

That goal effectively ended South Africa’s quest to defend the trophy they won here in Morocco in 2023.

Super Falcons will now wait for the winner of the second semifinal between hosts Morocco and Ghana’s Black Queens.

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CBN Retains MPR at 27.50%

CBN Retains MPR at 27.50%

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday resolved to leave the monetary policy parameters, including the Monetary Policy Rate (MPR), the benchmark interest rate, unchanged at current levels.
The Monetary Policy Committee (MPC) of the apex bank unanimously voted to hold policy, retaining the MPR, the rate at which commercial banks borrow from the central bank, at 27.50 per cent.
The committee also retain the asymmetric corridor around the MPR at +500/-100 basis points, Cash Reserve Ratio of Deposit Money Banks at 50 per cent and Merchant Banks at 16 per cent, and left the Liquidity Ratio unchanged at 30 per cent.
Addressing journalists after the MPC meeting in Abuja, CBN Governor, Mr. Olayemi Cardoso,,said the move aimed to sustain the momentum of disinflation.
He said the decision further aimed to address inflationary pressures in the economy.
He said the apex bank will continue to assess developments to guide informed monetary policy decisions.

Details later…

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THISDAY, ARISE Media Groups Respond to Harassment and Attack on Free Speech, Press Freedom By First HoldCoPlc

THISDAY, ARISE Media Groups Respond to Harassment and Attack on Free Speech, Press Freedom By First HoldCoPlc

PRESS STATEMENT

The attention of the editors of THISDAY and ARISE Media Groups has been drawn to false claims of misrepresentation of facts by the Board and Management of First HoldCoPlc in a sponsored post  in some publications in an attempt to trample on our constitutionally guaranteed free speech and the freedom of the press as the Fourth Estate of the Realm as enshrined in the Constitution of the Federal Republic of Nigeria.

Section 39 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) under the Right to Freedom of Expression and the Press states that: 

“The press, radio, television and other agencies of the mass media shall at all times be free to uphold the fundamental objectives contained in this Chapter and uphold the responsibility and accountability of the Government to the people.”

First HoldCoPlc, in its latest market action, an off-market sale of 10.4 billion shares valued at N324.47 billion on Wednesday July 16th, 2025, has brazenly affronted Laws and Regulations of the Federal Republic of Nigeria put in place for good governance and transparency as follows:

The Nigerian Exchange Limited (NGX)

Disclosure of Beneficial Ownership

•   Any person acquiring 5% or more of a listed company’s shares (directly or indirectly) must be disclosed. Disclosure must include: identity of the beneficial owner; shareholding category (e.g., director, substantial shareholder, insider); and whether the holding is direct or via a trustee/nominee.

Material Transaction Disclosures

•   The NGX requires timely and comprehensive disclosure of any transaction that involves a significant volume of shares or may materially impact investor perception or market price. Partial or delayed disclosure violates the principles of fair, orderly, and efficient markets.

Securities and Exchange Commission (SEC)

Rule on Issuers’ Disclosure Obligations

•   Listed companies must disclose material facts fully, frankly, and without omission. The SEC holds issuers accountable for any attempt to suppress, misrepresent, or under-report major transactions. The use of indirect vehicles (e.g., trustees, bridge holders) does not exempt issuers from disclosure obligations.

Bank and Other Financial Institutions Act (BOFIA) 2020

Section 7 – Acquisition of Significant Shareholding

•   Any person or entity acquiring 5% or more of the shares in a bank or bank holding company must obtain prior written approval from the Central Bank of Nigeria (CBN). Approval is required again at higher thresholds: 10%, 20%, 25%, 50%, and 75%. Acquisitions made through nominees, proxies, trustees, or other indirect structures (such as a ‘Bridge Holder’) fall under this provision.

Section 9 – Notification of Shareholding

•   Once a 5% stake is acquired, both the acquiring party and the institution (First HoldCo) must formally notify the CBN of the change in shareholding structure.

Section 27 – Disclosure and Transparency

•   Financial institutions must disclose: their beneficial ownership structure; all related-party transactions; and any information that may materially affect stakeholders. Failure to provide full and frank disclosure is considered a violation of the Act.

Section 45 – Insider Lending and Conflicts of Interest

•   Requires disclosure and regulatory approval for any transaction involving directors, officers, or related parties, especially if it affects control or ownership.

Section 65 – Prohibition on Lending Against Own Shares

•   Explicitly prohibits any bank from granting loans or advances secured by its own shares. Any funding or financing arrangement involving the purchase of First HoldCo shares using credit from FirstBank would violate this section.

In line with the constitutional rights of the Nigerian media to ask questions , report facts and seek clarity where matters involving shareholders are opaque, other Nigerian media outlets have reported the following by First HoldCoPlc in its lack of transparency and full disclosure of it recent share sale to a trustee it described as a “Bridge Holder“ of First HoldCo Plc.

1. The Guardian: “Otedola Tightens Grip on First Bank with 40% Stake Acquisition”

2. BusinessDay: “Otedola Buys Out Otudeko, Increases  Stake in First Bank to 36.7%.”

3. MoneyCentral: “Otedola Increases FirstHoldCo Stake to 40% with Buyout of Otudeko. 

4. Punch: “ First Holdco’s N323.4bn Share Transaction Sparks Speculation over Otedola’s Stake”

5. Daily Independent: “First Holdco N1 Trillion NPLs Cast Shadow Over Otedola’s Takeover

In a July 18th letter written to the Chief Executive Officer of the NGX Regulation Ltd, First Holdco Plc referenced BusinessDay Newspaper’s reporting of the opaque off-market transaction.

So, why is First Holdco Plc singling out ARISE and THISDAY media groups for such intimidation in an attempt to gag the press and evade accountability?

The Nigeria media has only asked these questions because First Bank has not complied with Nigerian laws and regulations regarding full disclosure.

For instance, it has reported a N324.47 billion share acquisition of 10.4bn shares off market, but when it came to disclosure, it disclosed only N195 billion on the stock exchange contrary to Nigerian stock exchange rules that requires frank and full disclosures and no omission of facts that could disadvantage investors.

In asking these questions, First Bank has disclosed that there is a “Bridge Holder” confirming ARISE and THISDAY reports that the share acquisition was held by a trustee. A bridge holder, as described by First Bank, in simple language, is a trustee which was confirmed by the Attorney General to be Stanbic IBTC Bank. 

So who is this bridge holder? How much are they holding? Who provided the funds which markets are claiming to be First Bank’s. Can they deny or confirm this?

Especially under the BOFIA Act, which says no bank shall grant any loans or advances on the security of its own shares. There are also Prudential Regulations on credit facilities granted by any bank to single borrowers or groups of related borrowers.

First Bank is also required by law to follow both CBN regulations and FCCPC rules. So far, these transactions have not been in compliance with these rules.

And it is the constitutional duty of the media to ask questions. And that is what we are asking. So instead of hiding and trying to intimidate the press and bully its practitioners, what we require is full disclosure from First Bank in line with Nigerian laws for market confidence. This especially at this time when the CBN has gone above and beyond to return the financial markets to orthodoxy.

Finally, FirstHoldCo refers to an unrelated transaction by a related entity: General Hydrocarbons Ltd claiming falsely that it’s being owed. First Bank used GHL assets to secure its loan of $400m from AMCON and has not paid nor has it met FBN’s commitments to GHL. FBN went to court 3 times before Justices Alagoa, Justice Dipeolu and Justice Obile all of the Federal High Court and lost all three cases to GHL. The case now in arbitration.

Signed:

The Boards of Editors THISDAY & ARISE Media Group

Lagos

Nigeria

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• July 21, 2025
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Breaking: Nigeria’s GDP Grew by 3.13% in Q1

Breaking: Nigeria’s GDP Grew by 3.13% in Q1

James Emejo in Abuja

The National Bureau of Statistics (NBS) Monday released the much-awaited rebased Gross Domestic Product (GDP) estimates, which revealed that the economy grew by 3.13 per cent in the first quarter of the year (Q1 2025).
Addressing journalists at the public release of the results of the rebasing exercise in Abuja, Statistician General of the Federation (SGF)/Chief Executive, NBS, Prince Adeyemi Adeniran, said the outcomes of the exercise reflected changes in economic reality, and cautioned against politicising the new figures.
Essentially, the exercise changed the base year used for calculating economic activities to 2019 from 2010.
Following the rebasing, using 2019 as the base year, the economy grew by 3.13 per cent year-on-year in real terms in Q1 compared to 2.27 per cent in Q1 2024.
According to GDP estimates for Q1, 2025, aggregate GDP at basic price stood at N94.05 trillion in nominal terms compared to N79.51 trillion in Q1 2024, representing a nominal growth of 18.30 per cent. Real GDP stood at N49.34 trillion.
In the quarter under review, the economy was driven mainly by the services sector, which recorded a growth of 4.33 per cent and contributed 57.50 per cent to the aggregate GDP.
The non-oil sector grew by 3.19 per cent in real terms, and contributed 96.03 per cent to GDP in Q1 compared to 97.20 per cent in the preceding quarter and 95.98 per cent in Q1 2024.
On the other hand, oil sector contribution to real GDP rose to 3.97 per cent in Q1 from 2.80 per cent in Q4 2024, but lower than 4.02 per cent in Q1 2024.
The nation’s average daily oil production increased to 1.62 million barrels per day (mbpd), compared to 1.54 mbpd in the preceding quarter, and 1.57 mbpd recorded in same quarter of 2024.
According to the NBS, the real growth of the oil sector stood at 1.87 per cent year-on-year in Q1, compared to 4.71 per cent in the corresponding quarter of 2024 .
The agriculture sector grew by 0.07 per cent, from the growth of -1.79 per cent in Q1 2024, and contributed 23.33 per cent to aggregate GDP in real terms in Q1, lower than 28.68 per cent in preceding quarter and 24.04 per cent in Q1 2024.
Manufacturing contribution to real GDP stood at 9.62 per cent in Q1 compared to 7.62 per cent in 2024 and 9.76 per cent in Q1 2024.

Details later…

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Oshoala Retires from Super Falcons at 30

Oshoala Retires from Super Falcons at 30

Duro Ikhazuagbe

Six-time African Player of the Year, Asisat Oshoala, 30, has called time on her illustrious career with the Super Falcons. 

The former Barcelona Femeni forward announced her retirement from international duties for Nigeria on Facebook on Monday, stressing that it was a necessary step to pave the way for emerging talents to shine on the global stage.

“At 30, with six African Women’s Best Player awards, I will bow out to start a new chapter after WAFCON 2024/25,” she wrote on Facebook. 

She continued: “Thank you for your unwavering support. I’m forever grateful for the love and sacrifices shared with me through this journey.”

Oshoala’s illustrious career is adorned with a record six CAF Women’s Player of the Year titles (2014, 2016, 2017, 2019, 2022 and 2023), making her the most decorated player in the history of African women’s football. 

Her relentless drive, goal-scoring prowess, and global impact have made her a role model for countless young athletes across the continent. 

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FG Eyes $10bn Revenue, $5bn Investment in Green Hydrogen Development 

FG Eyes $10bn Revenue, $5bn Investment in Green Hydrogen Development 

Shettima seeks less reliance on volatile oil market 

Emmanuel Addeh in Abuja

Vice President Kashim Shettima at the weekend said that there was the need for Nigeria to reduce its over-reliance on the volatile global fossil fuel markets by attracting significant investment into the development of Nigeria’s domestic green hydrogen industry.

Shettima spoke as it was revealed that Nigeria’s green energy roadmap indicates that the country is seeking to attract $5 billion in private investments and create 500,000 new jobs by 2035, including in manufacturing, tech and  logistics as well as $10 billion annual revenue from hydrogen exports.

Speaking in Abuja at the ‘Nigeria 4H₂ Project Results Workshop and End of Project Stakeholders Interaction’, the vice president noted that the project will stimulate job creation across various sectors, from engineering and manufacturing to logistics and research.

The Nigeria 4H₂ project  is a German-supported initiative focused on exploring and developing green hydrogen-to-fertiliser production in Nigeria. It’s a technical and stakeholder-led study evaluating the country’s potential in producing hydrogen using renewable energy such as solar and wind.

In his address themed: “Unlocking Nigeria’s Green Hydrogen Potential: A Renewed Hope for a Sustainable Future’’, read by his Special Adviser on Economic Affairs, Dr Tope Fasua, Shettima stated that although Nigeria’s vast reserves of hydrocarbons has fueled growth, the  clarion call for a sustainable, decarbonised future remains real.

Shettima stated that the Nigeria 4H₂ project represents Nigeria’s strategic response to this global imperative, to unlock Nigeria’s vast and untapped potential in green hydrogen, a clean, versatile, and abundant energy carrier that can revolutionise the economy.

“Green hydrogen, produced from renewable sources such as solar and wind power, offers a compelling pathway to diversify our energy mix, reduce our carbon footprint, and create new economic opportunities. 

“Nigeria is uniquely positioned to become a leader in this burgeoning industry. We are blessed with an abundance of sunlight and wind resources that can be harnessed to generate the clean electricity required for green hydrogen production,” the vice president added.

Shettima stated that this requires the collective genius, capital, and commitment of every stakeholder, including government agencies, private sector entities, academic institutions, and  international partners.

“The economic ramifications of this project are colossal. By positioning ourselves as a major producer and exporter of green hydrogen, we can create a new stream of revenue, reduce our reliance on volatile fossil fuel markets, and attract significant foreign direct investment,” he added.

In his intervention, the Director General, Energy Commission of Nigeria (ECN), Dr. Mustapha Abdullahi, said that  developed and emerging economies are racing to diversify their energy portfolios with low-carbon sources, particularly hydrogen.

In line with this, Abdullahi who was represented by the Director, Renewable Energy, ECN, Ibrahim Sulu, stated that in fulfillment of the commission’s primary mandate, it has drafted a national hydrogen policy and strategy, a document which provides a comprehensive framework.

Part of the document, he said, is the implementation of a roadmap that seeks to attract $5 billion in private investments, create 500,000 new jobs by 2035, including manufacturing, tech and  logistics as well as $10 billion annual revenue from hydrogen exports.

He said: “The policy recommended the following phased activities to be developed and implemented by the National Hydrogen Council…Phase 2 (2028–2035) Scale hydrogen exports via Lekki Port. Attract $5 billion in private investments. Economic & Environmental Impact Projections:  500,000 new jobs by 2035 (manufacturing, tech, logistics). GDP: $10 billion annual revenue from hydrogen exports. Emissions: 20 per cent reduction in industrial CO₂ by 2030.”

Also speaking, the Executive Director of the West African Science Centre on Climate Change and Adapted Land Use (WASCAL), Prof Emmanuel Ramde, noted that Nigeria continues to face critical challenges that affect the wellbeing of its people, including limited access to electricity, overreliance on fossil fuels, a shortage of fertiliser, and persistent food insecurity.

He stated that the Nigeria4H2 project was initiated by WASCAL in collaboration with Nigerian academic institutions, including the Federal University of Technology, Akure, Afe Babalola University and the Federal University of Technology, Minna.

“We are proud to report that under three forward-looking production scenarios developed within the framework of this study, Nigeria has the potential not only to meet a significant share of its domestic fertiliser demand through green ammonia but also to establish itself as a global player in the emerging green economy. 

“The scenarios indicate that with the right investments, clear regulatory frameworks, and adequate infrastructure, Nigeria could generate over 4 million tonnes of green ammonia annually by 2060 to produce fertiliser,” he said.

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• July 20, 2025
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THE HAZARDS OF NOISE POLLUTION    

THE HAZARDS OF NOISE POLLUTION    

The authorities should do well by enforcing the law

Last month, the Lagos State Environmental Protection Agency (LASEPA) intensified its clampdown on environmental violations, sealing off several facilities across the mainland over persistent noise pollution, and other infractions. According to the agency that has from time to time, sealed some hospitality facilities and worship centres, noise pollution has become a perennial problem that is posing a serious threat to the sanity, stability and peace of mind of the state’s residents. We believe the Lagos authority is on the right path in acting against those causing noise pollution. We encourage other states to pay similar attention, particularly to enforce existing laws or to promulgate regulations for the good of all. 

Scientists have determined that noise, ordinarily, is not a bad thing. But it becomes a pollutant in the environment when it rises to unbearable levels. In Nigeria, noise specifically emanates from electricity generating sets at home and offices, and from indistinct high volume music blaring at street-sides as vendors of all sorts compete for attention. Noise also emanates from vehicle engine and horns in traffic, construction sites, etc. But the real purveyors of noise are the religious organisations that have, in a bid to outdo one another, become a nuisance in most urban and rural areas across the country. We believe that people can worship their God without disturbing the peace of others in the solitude of their homes and offices.

It is unfortunate that Nigerians are forced to adapt to unbearable noise levels in their environment, even at the risk of their mental and physical health. The World Health Organisation (WHO) sees noise pollution as one of the most dangerous environmental threats to health. In several communities across the country, churches, mosques, hotels, event centres, lounges, clubs and party organisers tune their sounds to high heavens without any regard for the convenience or well-being of others.

Meanwhile, experts are concerned that pollution worsens spirals underlying health issues, particularly cardiovascular challenges like blood pressure levels and stress related diseases, sleeping disorders, fatigue, as well as hearing problems. It should also be a source of concern that regardless of robust regulations the federal government instituted to curb noise pollution, there has been lack of will to enforce them. For instance, there is the National Environmental (Noise Standards and Control) Regulations of 2009 that has all manner of provisions which the government believes will enthrone a healthy environment for all, the tranquility of their surroundings and their psychological well-being. The regulation prescribes the maximum permissible noise levels, a facility or activity to which a person may be exposed, for the control of noise and for mitigating measures for the reduction of noise. 

In all these rules, the government stipulates maximum permissible noise levels from a facility in the general environment.  There are exemptions for those who can prove that high noise level from their facility is inevitable. But they are required to apply for a permit to emit noise in excess of the permissible levels. Besides, whoever considers that the noise levels being emitted, or likely to be emitted, may be higher than the permissible levels are expected to complain in writing. 

 To engender a tranquil environment, government at all levels must begin to enforce their laws on noise pollution. 

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• July 18, 2025
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Tinubu Names Son Of Ex-military President, Muhammad Babangida, Chairman Of Revamped Bank Of Agriculture 

Tinubu Names Son Of Ex-military President, Muhammad Babangida, Chairman Of Revamped Bank Of Agriculture 

* Appoints eight others as chairmen and heads of government agencies

Deji Elumoye in Abuja 

President Bola Tinubu has appointed the son of former military President, Muhammad Babangida, as Chairman of the revamped Bank of Agriculture.

According to a release issued by presidential spokesperson, Bayo Onanuga, the president 

 approved the appointment on Friday, along with eight others, some of whom will serve as chairmen or directors-general of federal agencies.

Muhammad Babangida, 53, an alumnus of the European University in Montreux, Switzerland, where he earned a Bachelor’s degree in Business Administration and a Master’s degree in Public Relations and Business Communication, later attended Harvard Business School’s Executive Programme on Corporate Governance in 2002.

Others appointed by President Tinubu are:

Lydia Kalat Musa (Kaduna State), Chairman, Oil and Gas Free Zone Authority (OGFZA);

Jamilu Wada Aliyu (Kano State), Chairman, National Educational Research and Development Council (NERDC); Hon. Yahuza Ado Inuwa (Kano State), Chairman, Standard Organisation of Nigeria (SON) and

Sanusi Musa (SAN, Kano State), Chairman of the Institute of Peace and Conflict Resolution (IPCR).

Other presidential appointees are Prof. Al-Mustapha Alhaji Aliyu (Sokoto State), Director-General of the Directorate of Technical Cooperation in Africa (DTCA);

Sanusi Garba Rikiji (Zamfara State), Director-General of the Nigerian Office for Trade Negotiations (NOTN); Mrs Tomi Somefun (Oyo State), Managing Director of the National Hydro-Electric Power Areas Development Commission (HYPPADEC) and

Dr Abdulmumini Mohammed Aminu-Zaria (Kaduna State), Executive Director of the Nigerian Integrated Water Resources Management Commission (NIWRMC).