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CBN Panders To Dangote, Considers Halting Interest Rate Spike

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The worrisome increase in interest rates might be halted in no distant time, going by the words of the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso.

This surfaced on micro-blogging site, X, on Monday, where Imran Muhammad reported that the CBN would take the legs-off-the-pedal on raising interest rates soon.

According to Muhammad, Dr. Cardoso, indicated that measures will soon be implemented to ease the upward trajectory of the benchmark interest rate.

He reports that Dr. Cardoso made the disclosure on Saturday in Lagos during the unveiling of a book called ‘The Power of One Man: How Soludo’s Consolidation Revolutionized Nigerian Banks into Global Competitors’, written by Ray Echebiri.

Biztellers reports that the CBN might have been swayed by the submission of President Dangote Group, Alh Aliko Dangote last week, when he decried the excruciatinge interest, which he pointed out was frustrating to entrepreneurs.

Dangote had categorically told the government, “Nobody can create jobs with an interest rate of 30 percent. No growth will happen. No Power. No prosperity. No affordable financing. No growth. No development.”

ALSO READ: Nigerian Banks Agree to cut Interest Rates 

Less than five days, after Dangote’s submission, the CBN has reacted, outlining that the objective of halting further increases in lending rates.

The fulcrum would be to mitigate the threat of hyperinflation and its resulting impacts, Biztellers reports.

The CBN governor, was represented at the event by, the Deputy Governor of Financial Stability, Phillip Ikeazor.

He emphasized the significance of maintaining the current interest rate.

He said, “Once you do not tame and control inflation and you get into hyperinflation, it takes you several years to get out of it. There is still a South American country that still has significant oil reserves but they are in hyperinflation and I think everyone is aware of what is happening in that economy. We have another country in East Africa which is also in hyperinflation. We know how hard they are struggling to get out of that.

“For us as a central bank, we are focusing on our core mandate of price stability, maintaining a stable exchange rate, and, of course, economic growth. But it is a question of sequencing.

“It is very important that we do not enter hyperinflation. Once you enter hyperinflation, the transmission of monetary economic tools will become completely ineffective. It is important that we avoid that.

“That will be as long as we can control and can reverse galloping inflation. Once we can do that, then we maintain. We are all aware that in the Western world, we did have rate hikes to be able to control theirs and they maintained it for a very long time. It is only now that they have stopped rate hikes but they have not even started dropping the rates as we speak.

“It is important that we tighten and hold on for a little while and in no distant future, we will be able to slow down on the rate hikes.”

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BREAKING: Sen Kingibe Weeps Over Arraignment Of Minors In Adult Court

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The Senator representing the Federal Capital Territory, Abuja, Ireti Kingibe, has wept openly that Nigeria has ‘become a nation that turns against its own children’.

The senator was reacting to the “arraignment of over 100 young boys, aged between 10 and 16, who participated in the #EndBadGovernance protest,” in an adult court, against established legal standards.

She took to her verified handle on micro-blogging site, X, on Saturday, to shed tears and register her strong disappointment with all the parties involved in the shameful and illegal act.

ALSO READ: #EndBadGovernance2024: Atiku Decries Dehumanisation Of Minors

According to Sen Kingibe “How can a government tasked with protecting its citizens justify holding minors in correctional centers, treating their peaceful protest as a criminal offense?”

On the law enforcement agencies breaching the law, Sen Kingibe pointed out that, “According to Nigeria’s Criminal Procedure Act (CPA), minors between the ages of 1 and 17 should never be arraigned in adult criminal courts but instead in juvenile courts, which have exclusive jurisdiction over such cases. Yet, these minors were held in maximum correctional centers for over 85 days before being charged with treason.”

She expressed her firm position that all relevant stakeholders must “urgently unite to secure the immediate and unconditional release of these minors.”

Sen Kingibe wrote, “As the Senator representing the Federal Capital Territory, I condemn in the strongest terms the recent arraignment of over 100 young boys, aged between 10 and 16, who participated in the #EndBadGovernance protest. These minors, who bravely voiced their grievances against the unbearable hardship and hunger ravaging our land, are now being charged with treason — an offense that, if found guilty, carries the death penalty.

“When did we become a nation that turns against its own children — our very hope for tomorrow? When did we lose our compassion and humanity to the extent that we humiliate, arrest, and drag young children into court for the “crime” of speaking out? This shameful prosecution of our youth is not only unjust — it is a betrayal of our humanity and an assault on our future. How can we stand idly by as the dreams of our children are crushed under the weight of oppression? This must end.

“This is utterly disgraceful, and everyone involved should feel ashamed. We owe our citizens, particularly our children, not just protection from external threats but also from unjust treatment within. Children deserve quality education, better healthcare, and protection from domestic violence and abuse, not brutal treatment for exercising their constitutional rights. According to Nigeria’s Criminal Procedure Act (CPA), minors between the ages of 1 and 17 should never be arraigned in adult criminal courts but instead in juvenile courts, which have exclusive jurisdiction over such cases. Yet, these minors were held in maximum correctional centers for over 85 days before being charged with treason.

“How have we, as leaders, stooped so low? Instead of addressing the root causes of their protest, we prosecute those who cry out against them. How can a government tasked with protecting its citizens justify holding minors in correctional centers, treating their peaceful protest as a criminal offense? When did peaceful protest — a fundamental right of citizens — become a crime in Nigeria?

“Numerous videos circulating on social media and news platforms show malnourished children with visible collarbones, countable ribs, fainting, crying, hungry, sick, and, most horrifically, being manhandled. This has turned us into an international embarrassment. If we cannot protect our own citizens, how can we expect to safeguard foreign investors whom we are actively trying to attract to our country?

“This is not only condemnable but an absolute disgrace, and it cannot stand. I demand that every relevant authority — the Ministry of Women Affairs, the Ministry of Humanitarian Affairs, the Ministry of Justice, and the Chief Justice of the Federation — as well as the Human Rights Commission and all human rights lawyers, urgently unite to secure the immediate and unconditional release of these minors. I also call upon all mothers and women across the nation to rise in protest against this deplorable treatment of our children. This is not the Nigeria we dreamed of; we cannot allow our future to be sacrificed in silence.”

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Strike Relief: FG Releases Funds To NASU, Retirees

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In a significant development aimed at resolving the ongoing strike by non-academic university staff, the Federal Government has released funds to settle the long-overdue salaries owed to members of the Non-Academic Staff Union of Federal Universities (NASU).

The funds will also cover outstanding pension payments for retirees under the Nigerian Union of Pensioners Contributory Pension Scheme.

READ ALSO: Banky W, Adesua Etomi Welcome Second Child [VIDEO]

Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, confirmed the release in a statement on Saturday.

Mokwa stated that payments to NASU members have commenced, with numerous staff already confirming receipt of the funds.

The move comes after members of NASU and the Senior Staff Association of Nigerian Universities (SSANU), operating under a Joint Action Committee, began an indefinite strike last Monday in protest over the withheld salaries.

The strike brought federal universities across the country to a standstill, with various academic and administrative services halted.

Several other unions and universities expressed support for the protest, amplifying calls for the funds’ immediate release.

Tensions between the union leadership and the federal government had escalated in recent days, despite a directive from President Bola Tinubu for payments to be made.

On Wednesday, SSANU leaders expressed frustration, stating that many top university officials, including vice-chancellors, bursars, and registrars, had yet to receive the outstanding salaries, further straining relations.

SSANU leadership vowed to keep university facilities shut until all owed salaries are fully disbursed.

“We will not resume activities in our universities until every last outstanding payment has been made,” SSANU leaders warned in a statement.

In his official statement, Mokwa reassured all concerned parties that the government has fulfilled its commitment to fund these payments, which he called “a priority move to alleviate the financial strain on university staff and retirees.”

 

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#EndBadGovernance Protests: IGP Claims Suspects’ Collapse Staged To Sway Public Opinion

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The Inspector-General of Police (IGP), Kayode Egbetokun has alleged that the collapse of six suspects in court was a deliberate act intended to attract negative attention to law enforcement efforts.

The six individuals, part of a group of 76 mostly minor suspects facing charges related to the #EndBadGovernance protest, collapsed in the courtroom on Friday.

Related News: EndBadGovernance Protests: Court Sets N10m Bail Each For 67 Minors

Egbetokun, however, underscored that medical aid was promptly provided, highlighting the police’s commitment to the welfare of individuals in custody.

In a statement dated November 1 and signed by Force Spokesperson Muyiwa Adejobi, the IGP affirmed that under Nigerian law, individuals who reach the age of criminal responsibility are held accountable for their actions, irrespective of age.

“Today, an unexpected incident in court saw six of the suspects suddenly rush out and faint, drawing media attention in a deliberate and scripted manner to attract negative attention,” Egbetokun said.

“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.”

Recall that the court granted bail for each minor at N10 million, sparking criticism both domestically and internationally.

The arraigned individuals, many of whom appeared malnourished, are facing a series of grave charges including terrorism, arson, treasonable felony, and other allegations related to the destruction of public property and threats to national security.

The IGP emphasized that the Nigeria Police Force (NPF) remains committed to balancing justice with compassion, noting that the Force has adhered to legal procedures to ensure fairness.

“The NPF has rigorously adhered to legal provisions to ensure fairness and accountability under the rule of law,” he said.

“Throughout this process, the Police have worked to balance justice with compassion, ensuring that each suspect’s basic rights and privileges are respected, including access to medical care and other necessary provisions.”

In his statement, Egbetokun urged the public to avoid bias and pledged transparency throughout the legal proceedings.

“The NPF acknowledges public interest in this case and assures the public that our officers will maintain professionalism throughout the legal process.

“The public is encouraged to view this case without undue bias, as the Force remains focused on a transparent pursuit of justice.”

The police chief added that the Force is committed to aligning with international standards in justice, drawing comparisons to legal practices in countries like the United Kingdom, where young individuals facing serious charges are held accountable, though with empathy and respect for human rights.

 

 

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