SEC Committed To promoting Transparency, Investor Trust, Fair Value Reporting – Agama

> The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has stressed the Commission’s commitment to promoting transparency, investor confidence, and adherence to international best practices in financial reporting.
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> Agama emphasized that the transition to market valuation is crucial for ensuring that asset values accurately reflect real-time market conditions, thereby strengthening fair value reporting and investor trust.
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> Speaking in an interview weekend, Dr. Agama outlined key modalities guiding Nigeria’s transition to the market-to-market (MTM) valuation of assets in the fixed income space of the capital market adding that the policy was a result of engagements with market participants.
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>  “Timelines have been carefully considered, you know, especially with the concerns being raised by market participants. For us at the SEC, it is important that while we try to introduce new rules and regulations, we also listen to the market and say, okay, how do we meet, how do we meet at the junction where we can all agree to move forward?
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> He noted that the October 2, 2025, deadline for the submission of implementation plans would enable the Commission to assess each institution’s preparedness and capacity, while the September 2027 deadline remains the target for full transition to IFRS 9.
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> “Requesting for implementation plans is not a bureaucratic exercise—it’s to gauge capacity, identify challenges, and meet operators at the point where we can all achieve compliance with one purpose and one goal,” Agama said.
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> “Equity funds are already reported at fair value. The aspect of the Fund Management that was not aligned with international best practice was in the Fixed Income Funds space and that is what this policy alignment covers.
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> “Nigeria has come of age, and we must be seen to be doing things according to global standards. IFRS 9 requires market-to-market valuation of assets, and we cannot be left behind among the committee of nations. ”
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> He added that the reform would ensure that Nigerian assets are comparable globally, allowing investors to assess market performance more accurately.
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> “Our goal is to create a market that is internationally competitive,” he stated, adding, “Adopting IFRS 9 enables ease and compatibility among assets from different nations, clearly positioning Nigeria within the global market space.”
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> Responding to criticisms that the shift to market valuation could expose investors to short-term volatility, Dr. Agama said the move is intended to strengthen, not destabilize, the market.
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> “Some have expressed concerns about volatility, but our intention is not to disadvantage Nigerian investors,” he clarified. “It is to expose them to global standards and transparency. Over time, as the market adjusts, these concerns will ease off and everyone will benefit from a more transparent and credible system.”
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> Beyond IFRS 9, the SEC is also leading Africa in adopting the International Sustainability Standards Board (ISSB) framework. Dr. Agama revealed that Nigeria was among the first countries to accept and begin implementing the ISSB standards, emphasizing their importance for climate and sustainability disclosures.
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> “We pride ourselves as performers—first among nations to accept and adopt the ISSB standards. But we are not oblivious of our contextual issues. We are taking a gradual approach so that our companies are not unduly burdened.”
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> He added that the Commission’s objective is to implement standards that attract rather than restrict capital.
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> “We will not implement standards that will shut companies out of capital. Instead, we are implementing those that will help bring in capital and promote sustainable growth,” he affirmed.
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> Looking ahead, Dr. Agama expressed optimism about the Nigerian capital market’s performance in the final quarter of the year, citing the government’s macroeconomic reforms and the enactment of key laws such as the NIIRA 2025 and ISA 2025 as catalysts for stability and investor confidence.
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> He noted that “markets do not operate in a vacuum, they thrive on stability. With the micro- and macro-economic stability being championed by President Bola Ahmed Tinubu, the market is positioned for significant growth. The NIIRA 2025 is a game changer that provides the framework for sustainable expansion.”
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> The SEC Boss concluded that the SEC’s ongoing reforms, particularly the IFRS 9 transition and the adoption of sustainability standards, are part of a broader agenda to globalize Nigeria’s capital market, enhance transparency, and ensure wealth redistribution through a more resilient financial system.
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> “We are on a path of progress and growth. The President’s reform agenda is already taking shape, ensuring that Nigeria’s capital market becomes a global reference point for transparency, regulation, and investor confidence.”
Sterling Holdco’s Public Offer Gains Momentum… …as New Investors Rally

Sterling Financial Holdings Company Plc. (‘Sterling Holdco’),
the parent company of The Alternative Bank, Sterling Bank, SterlingFI, and a
number of other novel business solutions, has witnessed a very positive response
to its public offer, as investors rally for a stake in the company’s future.
The public offer, launched on September 17, 2025, has quickly become one of the
most talked-about opportunities in the Nigerian financial market, with analysts
predicting that the offer will prove to be amongst the most lucrative in the
sector’s investment landscape.
The Sterling Public Offer has sparked widespread interest, with market experts
noting that the price, which is about 6% below its current trading price, presents
an attractive entry point for both institutional and retail investors. The offer is set
to close soon, but the rapid pace of interest has led many to speculate that
the full subscription has already been reached or even exceeded much earlier
than expected.
According to leading financial analysts, Sterling Holdco’s strategic expansion
plans, solid market position, and innovative financial products have positioned
it as a major contender in Nigeria’s banking sector.
The public offer is widely
regarded as an exciting proposition for investors looking to capitalise on a company with strong fundamentals and an ambitious growth trajectory.
With a price point set at a discount to current trading prices, the offer is seen as a compelling opportunity for both long-term and short-term investors.
Sterling Holdco has consistently demonstrated a commitment to innovation
and sustainable growth.
One of the most compelling indicators of the company’s underlying strength is the impressive growth of its share price. In the
past year, the Holding company’s share price has grown steadily from ₦4.00 to
nearly ₦8.00 per share.
This increase in the company’s stock price speaks volumes about the underlying value and confidence in its business model,
leadership, and growth trajectory.
Sterling Holdco, known for its strategic ownership of two banks, a wealth
management company, and a number of innovative consumer businesses, is
seeking to raise additional capital through the issuance of 12.58 billion ordinary
shares at ₦7.00 per share.
The proceeds from the public offer will be
strategically deployed to further strengthen the Holdco’s capital base and fund its growth initiatives over the next 36 months.
About Sterling Financial Holdings Company Plc.
Sterling Financial Holdings Company PLC (Sterling HoldCo) is a leading Nigerian financial services group committed to enriching lives through innovation and impact with a
diversified portfolio that includes Sterling Bank Limited, The Alternative Bank Limited,
SterlingFI Wealth Management among others.
As a HoldCo, Sterling provides strategic direction, governance, and resources across its subsidiaries, enabling each to focus on its core mandate while benefiting from group-wide expertise, technology, and oversight.
With a heritage of trust built over six decades, Sterling HoldCo is committed to financial innovation, advancing inclusion, and shaping sustainable growth in Nigeria’s economy.
The group champions customer-focused solutions and socially responsible initiatives while creating value for shareholders, employees, and the communities it serves, and continues to pioneer offerings across its core businesses in banking, payments, and technologydriven financial services.
NDIC covers 99% commercial banks’ deposits – MD

Thompson Sunday

The Nigeria Deposit Insurance Corporation (NDIC) currently provides full insurance cover for 98.98 percent of Deposit Money Banks’ total deposits.

The Managing Director of the Corporation, Mr. Thompson Sunday, revealed this at the NDIC Special Day of the ongoing 20th Abuja International Trade Fair, with the theme, “Sustainability: Consumption, Incentives and Taxation”.

He restated NDIC’s commitment to ensuring financial sector stability, in collaboration with the Central Bank of Nigeria (CBN).

In a message read on his behalf by the Director of Performance Management, Mrs. Bimpe Akande, the MD said, “Currently, the NDIC insures depositors of Deposit Money Banks (DMBs), Mobile Money Operators and Non-Interest Banks, up to a coverage limit of five million naira. Depositors of Payment Service Banks (PSBs), Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) are insured up to two million naira.

“This enhanced coverage ensures that approximately 98.98% of total depositors in Deposit Money Banks, 99.27% in Microfinance Banks, 99.34% in Primary Mortgage Banks, and 99.99% in Payment Service Banks are protected, reflecting NDIC’s unwavering commitment to fulfilling its mandate.”

Mr. Sunday added, “We are dedicated to protecting Nigerians’ bank.  In collaboration with the Central Bank of Nigeria (CBN), we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions.

“Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians of the security of their savings.

“Significant progress has been made in protecting depositors’ funds, notably through the increase in the maximum deposit insurance coverage, which has broadened protection across various licensed banks.”

He added that the corporation had, over three decades, played a vital role in safeguarding depositors’ funds, particularly the most vulnerable, and fortifying the financial system.

The NDIC boss assured that banks’ depositors had no reason to worry about the safety of their funds, as all their claims in excess of the insured deposits.

He said, “In the event that a bank fails, depositors with account balances exceeding the insured coverage limit receive an initial payment up to the maximum insured amount.

“Their remaining balances are then paid through liquidation dividends. Liquidation dividends refer to payouts made to depositors and creditors from the proceeds generated from the sale of a failed bank’s assets and recovered debts during the liquidation process.

“These dividends are usually paid on a pro-rata basis, meaning depositors receive a proportionate share of the recovered funds relative to their outstanding balances beyond the insured limit.”

Ponzi schemes 

Mr. Sunday warned members of the public against patronising Ponzi schemes and other fraudulent investment platforms.

His words, “I would like to emphasise the importance of Nigerians to remain vigilant against Ponzi schemes and other fraudulent investment platforms.

“Always ensure your funds are placed only in Central Bank of Nigeria licensed banks, all of which are covered by deposit insurance provided by the NDIC. This vigilance is crucial to protecting your hard-earned savings.”

Earlier, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu (SAN) commended the corporation for providing comfort to Nigerian depositors.

He pledged the chamber’s collaboration with the NDIC with a view to providing public awareness on the safe deposit of savings in the country.

“We are pleased to note the alignment between this theme and the mandate of the NDIC, which provides a safety net for depositors, contributes to financial system stability, and supports confidence in our banking sector,” the president said.

Chief Obegolu, who was represented by the Director-General of the ACCI, Sir Agabaidu Jidani, said the NDIC was more than a regulator, describing it as “a strategic partner in advocacy and economic development.”

He added, “By working together, we can build stronger linkages between financial safety, enterprise growth, and national development.

“This synergy is vital in advancing Nigeria’s competitiveness, reducing business risks, and ensuring that our financial system supports innovation, job creation, and sustainable investment.”

He urged the public to engage with the corporation, learn more about the Deposit Insurance Scheme, and take full advantage of the protection and services it provides.

Reinstated Osun APC chairmen vow to recall workers, pay monarchs

Reinstated local government chairmen under the All Progressives Congress, APC, in Osun State have pledged to recall over 1,500 dismissed workers and clear outstanding salary arrears owed to traditional rulers, following the release of withheld federal allocations to councils.

The federal government had withheld the allocations since February 2025 due to a leadership dispute between APC and Peoples Democratic Party, PDP.

The funds were eventually released in September into accounts operated by the APC chairmen.

Chairman of the Association of Local Governments of Nigeria, ALGON, in the APC faction, Abiodun Idowu, announced the development during a press briefing in Osogbo on Friday.

He reaffirmed the commitment of the APC-led executives to restoring effective grassroots governance across the state.

Idowu maintained that the reinstated chairmen remained the legitimate administrators of the 30 local government councils and the area office, as affirmed by the Court of Appeal judgment delivered on February 10, 2025.

“Our mandate, freely given by the people of Osun State during the October 2022 local government elections, was temporarily interrupted but now restored by the court. We are back to serve and deliver dividends of democracy at the grassroots,” Idowu said.

He disclosed that the APC chairmen had concluded plans to re-engage the 1,500 workers disengaged by the present administration, including teachers, health workers, O’YES cadets, and O’Meal vendors employed under the former Governor Adegboyega Oyetola’s administration.

“Plans are ongoing to recall and re-engage the 1,500 teachers employed by the last APC government but sacked by the current administration. We will also recall the dismissed health workers, O’YES cadets, and O’Meal vendors. Beyond recalling them, we will offset part of their salaries and emoluments. This is a policy statement, not politics,” Idowu stated.

He added that arrangements had also been made to clear arrears owed to traditional rulers, noting that the chairmen considered the welfare of monarchs critical to local administration and community peace.

“The traditional rulers will also benefit from the new development as we have concluded plans to clear their outstanding allowances and entitlements,” he assured.

The ALGON chairman, however, accused the administration of Governor Ademola Adeleke of allegedly using the Nigeria Union of Local Government Employees, NULGE, and other affiliated groups to obstruct the release of the federal allocations meant for councils.

He argued that the funds could have alleviated financial pressures affecting the councils, traditional rulers, teachers, and health workers if released earlier.

“Those funds were meant to drive local development, but political interference delayed their release,” Idowu alleged.

Idowu further dismissed claims that the APC-led council executives were attempting to divert local government funds through unauthorised deductions, describing such reports as baseless fabrications aimed at discrediting their return to office.

He urged residents of the state to remain calm and supportive, promising that the restored local government leadership would focus on community development, job creation, and restoring public confidence in local governance.

Peter Obi couldn’t rescue Anambra, let alone Nigeria – SGF Akume

Secretary to the Government of the Federation, SGF, George Akume has blasted former Labour Party’s presidential candidate, Peter Obi.

Addressing newsmen on Friday in Abuja, Akume said Obi could not rescue Anambra state as a governor let alone talking about rescuing 36 states and the Federal Capital Territory, FCT.

“Like I have already said, it’s like differences without division, rivalry. We love this country and we have to borrow from the example of President Bola Tinubu.

“He’s a Muslim but at peace with all of us: Christians, Muslims and traditionalists. Nigeria is a huge country in the move, and under his direction, we know that we are going to reach the promised land.

“I know he inherited a very bad economy but we are out of it. Today, our Gross Domestic Product, GDP, has grown by 4.4%.

“What are people hanging around talking about? Coming to rescue Nigeria. Which Nigeria? If Peter Obi could not rescue Anambra, he’s talking of rescuing the 36 states and Abuja.

“For other people I don’t want to mention their names. They came, they saw, they didn’t conquer even in their states,” he said.

Double jeopardy: UK racism scandal, harsh visa laws hunt immigrants

UK and Nigerian flagNigerians and other immigrants in the United Kingdom are increasingly living in fear as the country, once considered a haven of opportunity, faces a surge in racism and sweeping immigration crackdowns.

Saturday PUNCH findings revealed that Nigerians, now the second-largest non-European immigrant group in Britain, are confronting a double bind: the rise of hate behaviour, including racism within British institutions, and new restrictive visa rules that may upend thousands of lives.

According to the UK Office for National Statistics, about 120,000 Nigerians were living in the UK as of June 2024, second only to Indians.

Of these, more than 52,000 migrated for work and education opportunities in 2024 alone.

Yet, with tightening laws and increasing hostility, many now fear the “British dream” is slipping away.

BBC Panorama exposé: Racism in the Met

The sense of insecurity deepened last week after a BBC Panorama investigation uncovered racist and misogynistic conduct among officers of the London Metropolitan Police.

Undercover reporter Rory Bibb, who worked for seven months in Charing Cross Police Station in Central London, secretly filmed officers sharing racist views about immigrants and Muslims, making sexualised comments, joking about rape in private chats, and even suggesting shooting migrants.

The exposé, which follows years of criticism of the Met’s culture after scandals such as the 2021 murder of Sarah Everard by serving officer Wayne Couzens, prompted an apology from Commissioner Mark Rowley.

British Prime Minister Keir Starmer, also demanded a “robust response” from police leadership, while London Mayor Sadiq Khan described the footage as “sickening.”

He vowed zero tolerance for racism, misogyny, and abuse of power.

Khan, in a public letter, said, “It was sickening to watch police officers — those who are tasked with keeping our communities safe — display such blatant racism, misogyny, anti-Muslim hatred and excessive use of force. There must be no hiding place for officers who abuse their position of trust.”

Nigerians speak of ‘dangerous streets’

For many Nigerians, the revelations simply confirmed what they already felt on the streets.

A UK-based Nigerian legal practitioner, Dele Olawanle, expressed dismay over what he called a sharp decline in Britain’s tolerance.

He urged “true Brits” to resist the rise of racist tendencies.

“The streets are now dangerous. We are afraid to go out at night, walking with trepidation during the day, and beginning to distrust each other. Every white man is now a suspect. We don’t know who to trust. We are at war,” Olawanle wrote in a public statement.

He also warned that racism was seeping into institutions as he recalled losing six consecutive cases before one judge, only to later win them on appeal.

“If racism enters the courts, justice will no longer be based on law but on the colour of our skin,” he said.

Another Nigerian, Victor Emmanuel, said racisim was not peculiar to the Charing Cross Police Station.

He added, “This is what happens at all police stations all around the country and black & ethnic minorities in the country are not surprised by what was discovered. It’s what they experience when they encounter the police.”

Labour’s immigration clampdown

Alongside racism, new immigration policies are heightening anxiety.

At the ruling Labour Party’s annual conference in Liverpool, Interior Minister Shabana Mahmood announced that migrants seeking indefinite leave to remain — the gateway to permanent residency — must meet stricter conditions.

The conditions include having a job, making social security contributions, claiming no benefits, maintaining a clean record, and undertaking community volunteer work.

Currently, migrants who have lived in the UK legally for five or 10 years, depending on visa type, qualify for indefinite leave.

But Labour is tightening rules as it seeks to counter the growing popularity of Nigel Farage’s Reform UK Party, which has surged ahead in national opinion polls on a strongly anti-immigrant platform.

Reform has proposed abolishing permanent residency altogether, forcing migrants to reapply for visas every five years.

Mahmood told party delegates that the changes were designed to reassure voters that the government could “control borders” without conceding ground to the far right.

Critics, however, argue that the rules target hard-working migrants while fuelling division.

The policy shift follows earlier changes introduced in July 2025 that raised the salary thresholds for Skilled Worker visas to £41,700 for most roles, and £25,600 for health and care positions.

The government also increased the minimum skill level for foreign workers to degree-level jobs, cutting out lower-skilled but essential roles such as entry-level IT, admin, technical support, and care supervisors.

These positions were previously eligible under the Certificate of Sponsorship (CoS) route but now face stricter restrictions unless listed as “shortage occupations.”

Saturday PUNCH learnt that the changes have left many Nigerians stranded, with some losing jobs or sponsorships overnight.

Others are resorting to the “self-sponsorship” route, which requires salaries well above the £41,700 threshold — an unrealistic option for most.

Several Nigerians shared harrowing experiences of navigating the new reality.

Margaret, who has lived and worked in the UK for four years, said she was told her Certificate of Sponsorship was invalid despite having the proper documents.

“Even if they are targeting us immigrants, they should do so appropriately and not use every means to send us away. It is painful that there is no one to fight for us in this situation,” she said, adding that she had taken her case to court.

Another migrant, Avoseh Pesu, said the new thresholds had turned life into a “war of stay.”

“Companies do not even want to recruit foreigners again because of the £41,700 salary plan. People are considering returning home, while some have been forced to go home. I am so tired. If it persists this way, I could return home,” he said.

Wusi Fola, another Nigerian, said the proposed residency requirements would worsen the situation.

He said, “The new rules are too much for us immigrants. I know many Nigerians will panic. But I will advise that people wait to see how things unfold.”

Experts warn that the clampdown could trigger a reverse migration of Nigerians from Britain.

A Nigerian-UK dual citizen, who spoke on condition of anonymity, described the crackdown as politically motivated.

“It is not easy again in this country. No one is safe in the books of the government at this point,” he said.

A travel consultant and education services executive, Sulaimon Okewole, told Saturday PUNCH that thousands of Nigerians might be forced to leave.

He said, “The significant increase in salary thresholds is a setback for many Nigerians. There’s no doubt thousands could be affected, many of whom may be forced to return home or seek opportunities elsewhere.”

Figures from the UK Home Office show the scale of Nigerian migration: 10,245 Skilled Worker visas were issued to Nigerians in 2021, dropping slightly to 8,491 in 2022, before rising to 26,715 in 2023.

But early 2024 data shows a sharp decline, particularly in the Health and Care Worker category, reflecting the impact of tougher rules.

Tinted glass permit: Police seize 210 vehicles in six states

police VANThe Nigeria Police Force has impounded no fewer than 210 vehicles nationwide during the enforcement of the ban on unauthorised use of tinted glass, despite a Federal High Court order temporarily suspending the enforcement.

The Federal High Court sitting in Warri, Delta State, on Friday ordered the police and the Inspector-General of Police, Kayode Egbetokun, to suspend the enforcement of the tinted glass permit regulation for vehicle owners across the country.

The court asked the police and the IGP to maintain the status quo and “respect judicial processes pending further proceedings in the matter.”

The court issued the interim order as the hearing opened in Suit No. FHC/WR/CS/103/2025, instituted by legal practitioner John Aikpokpo-Martins against the Inspector-General of Police and the police.

Aikpokpo-Martins approached the court to challenge the legality of the new tinted permit enforcement.

In the interim order, the Court directed the police authorities to “respect judicial processes pending further proceedings in the matter.”

Senior Advocate Kunle Edun, SAN, who led the legal team for the petitioner, confirmed the development to journalists and noted that “the directive is a major step in ensuring that the rule of law is upheld while the substantive issues in the case are being determined.”

In April, the police announced it had resumed the issuance of tinted glass permits nationwide through the Police Specialised Services Automation Project, after suspending the scheme in 2022.

The move reignited public criticism, with motorists raising concerns about harassment, extortion at checkpoints, and the fairness of demanding permits for factory-fitted tinted windows.

Egbetokun initially set an August 12 deadline for motorists to obtain the permits, but later extended it to October 2.

The Police defended the policy as lawful, citing the Motor Vehicles (Prohibition of Tinted Glass) Act of 1991 and national security concerns.

However, in the course of enforcing the tinted glass permit regulation across some states, the police impounded 210 vehicles for alleged violations.

In Borno State, the police impounded no fewer than 30 vehicles.

The command spokesperson, Nahum Daso, confirmed the development to Saturday PUNCH, noting that the command was awaiting further directives from the force headquarters on suspending the enforcement of the tinted glass regulation.

Daso said, “We are yet to get further directives from the headquarters regarding the court ruling. However, so far, we have impounded around 30 vehicles or so”.

The Akwa Ibom police command impounded 88 cars without tinted glass permit.

The command Public Relations Officer, Timfon John, who disclosed this while speaking with one of our correspondents in Uyo, said the vehicles had been taken to the command, pending the presentation of permits by their owners before release.

She said that the command inspected a total of 283 vehicles, with 195 having been released and 88 vehicles undergoing investigation.

‘’The command has inspected 283 vehicles so far, 195 out of the number have been released while 88 vehicles are undergoing investigation,’’ the PPRO said.

In Gombe, the police impounded 20 vehicles.

A police officer who spoke under anonymity disclosed this to our correspondent on Friday.

He added, “Some officers on stop and search have impounded no fewer than 20 vehicles. Since the operation started.”

He noted that, following the court’s pronouncement, the command would await further directives from the police authorities before taking additional steps on the matter.

The police in Jigawa State impounded 20 private and commercial vehicles on the first day of the enforcement.

The command spokesman, Shi’isu Adam confirmed this to our correspondent on Friday.

He advised vehicle owners in the state to comply with the permit regulations to avoid penalties.

Asked about the Court’s order to halt enforcement, the PPRO said he was unaware of the ruling.

In Kano, when contacted to provide updates on the number of vehicles impounded and whether the enforcement would be suspended in line with the court ruling, the Police Public Relations Officer, Abdullahi Haruna Kiyawa, said the matter was not for the state command to decide.

Court extends injunction on Osun LG funds

COURT LOGO (LAW)

An Oyo State High Court sitting in Ibadan, on Friday, granted the interim injunction in an ex-parte motion brought by the elected chairmen in Osun State.

The order restrains United Bank of Africa from paying, releasing, or tampering with funds deposited in the 30 Local Government accounts where the Central Bank of Nigeria controversially lodged statutory allocations belonging to Osun councils.

The Certified True Copy of the order, signed by the Principal Registrar of the Oyo State High Court, B. O. Somide, was issued on October 2, 2025 and obtained by The Punch in Ibadan, the Oyo State capital, on Friday.

The claimants, led by Sarafadeen Awotunde and five others, on behalf of all the 30 council chairmen and councillors in Osun State, argued that unless the court intervened urgently, the funds could be dissipated illegally by the ousted All Progressive Congress chairmen, causing irreparable harm to the lawful administrations of the councils.

In his ruling, Justice Akintola agreed that the matter required urgent judicial intervention.

“Having carefully considered the claimants/applicants’ motion ex-parte together with the supporting affidavits and exhibits, this court is satisfied that the claimants/applicants have successfully made out a case for urgent and timely intervention, as any delay in granting the interim orders might foist irreversible harm on them,” the judge said.

Consequently, the court granted, “An order of interim injunction restraining UBA from paying, releasing, disbursing, or tampering with funds in the disputed local government accounts.

“An order of mandatory injunction mandating UBA to place a “Post No Debit” lien on the affected accounts pending the hearing of the substantive motion on notice.

“The affected accounts include those of all 30 local governments in Osun State, from Atakumosa East to Osogbo Local Government Area, each identified by name and account number with UBA.

“The suit, filed as Suit No. 1/1167/2025 at Court No. 5 of the Ibadan Judicial Division, was moved by counsel to the claimants, Olalekan Adeoye Esq.”

Justice Akintola, therefore, adjourned the hearing of the substantive motion on notice for interlocutory injunction till Thursday, October 9, 2025.

This latest ruling comes amid heightened tension over Osun’s local government allocations, with the rival camps of sacked APC chairmen and the current elected Peoples Democratic Party chairmen locked in a fierce legal battle.

The State Government had, on Friday last week, obtained a similar injunction against the accounts in a case instituted by the Attorney-General of Osun State.

Residents panic as NDLEA officers chase driver

NDLEAThere were sporadic gunshots at the gate of the Edo State command of the Nigerian Drug Law Enforcement Agency on Friday, as men of the service pursued the driver of an articulated truck who hit the vehicle of one of their colleagues.

An eyewitness, who gave his name as Frank, said the driver refused to stop after hitting the NDLEA vehicle but instead continued his journey along the ever-busy Upper Sakponba Road, Benin City, towards Oka Market, which is about 500 meters from the state command.

He said the officer whose vehicle was hit alerted his colleagues at the gate of the NDLEA, who started firing gunshots in the air to force the driver of the truck to stop.

He said, “The shooting caused commotion, as traders and residents took to their heels, probably to avoid being hit by stray bullets. Others were confused, not sure of what caused the sporadic gunshots.”

One of the officers, who pleaded anonymity, said, “It was a simple thing; the truck hit our men’s vehicle, but the officers tried to stop him so that they could settle, but the driver refused to stop.

“That is why the men shot into the air to stop him. Even after deflecting about seven tyres, he was still speeding, but we eventually caught him and he was brought back to our office.”

Corroborating his officers, Commander, Edo State NDLEA, Mitchell Ofoyeju, said it was a simple case and that shooting into the air was not meant to cause panic but to stop an errant driver.

“The issue is a simple one. The officers were just trying to ensure that the truck drivers stopped after hitting the vehicle. The gunshots were not meant to cause panic,” he added.

FX backlog clearance, transparency lift reserves — CBN Gov

Governor of the Central Bank of Nigeria, Olayemi CardosoThe Governor of the Central Bank of Nigeria, Olayemi Cardoso, has attributed the recent rise in Nigeria’s external reserves to the clearing of the foreign exchange backlog and sustained efforts to improve transparency in the FX market.

As of Tuesday, the nation’s external reserves stood at $42.35bn. Cardoso spoke on Friday at a fireside chat during the inaugural CBN Governor Annual Lecture Series, held at Lagos Business School under the theme ‘Next Generation Leadership in Monetary Policy and Nation Building.’

The CBN recently completed payments on the verified FX backlog after a forensic audit by Deloitte, which uncovered significant irregularities in some forward contracts.

Explaining why he chose to clear the backlog despite not inheriting it, Cardoso said restoring Nigeria’s credibility was a non-negotiable priority when he assumed office.

“When I took office, I made a promise. We would clear the verifiable backlog of monies owed by Nigeria to third parties. To be honest, I had no idea how we were going to do it, but it was not negotiable. We needed to protect and maintain our integrity,” he said.

Describing the move as a “huge sacrifice,” he stressed that credibility and trust were essential to attracting long-term investment.

“If we are a going concern, and if we expect people to trust and invest in our economy, we must keep our promises. That action contributed in no small way to the rise in our reserves. People invest when they see credibility and transparency.”

Cardoso highlighted several reforms aimed at strengthening confidence in the apex bank. These include open, televised Q&A sessions after every Monetary Policy Committee  meeting, regular publication of audited financial statements — breaking with years of opacity, and  disclosure of Nigeria’s net reserves position at the end of 2024, a move that surprised sceptics and reassured international investors.

“Many doubted we would publish the net reserves figure. But we gave a date, we delivered, and that gave investors confidence in the CBN,” Cardoso noted.

He also pointed to the adoption of a B-matching electronic trading system in the FX market to ensure transparency.

“The system makes rates and transactions visible to all. The market has become more transparent, eliminating the situation where some had privileged access to FX while others did not.”

Cardoso reiterated that his reforms aim to ensure that Nigerians can do business without undue influence or connections.

“By the time I leave the Central Bank, you won’t need to know anybody to get your business going. Today, most Nigerians can already use their naira debit cards abroad, something unthinkable two years ago.”

He stressed that the CBN’s core mandate remained economic stability, noting that stability was key to attracting serious investors.