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CBN retains MPR at 14%

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By Joseph INOKOTONG

The Central Bank of Nigeria (CBN) has retained interest rate at 14 percent after a meeting, Tuesday of its Monetary Policy Committee (MPC) in Abuja.
Foreign Reserves have risen to $47. 7 billion, as the Federal Government gears up to build fiscal buffers.
According to the MPC, the decision to retain the interest rate at 14 percent for 11th consecutive time, was due to persistent uncertain economic conditions and high inflation.
Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, at a news conference in Abuja, after the MPC meeting, said out of the nine members at the meeting, eight voted to retain the MPR and other monetary indices, while one person voted to increase the MPR.
The MPR was last changed by 50 basis points in July 2016.
This means that the Cash Reserve Ratio still remains 22.5 per cent and Liquidity Ratio, 30 per cent.
Also, the Asymmetric corridor is fixed at +200 and -500 basis points around the MPR.
He said in arriving at the decision, the committee considered the forecast of high liquidity injection in the second half of 2018 and upward pressure on prices, driven largely by substantial expansion of fiscal policy.
Emefiele explained: “This pressure will arise from the late passage of the 2018 budget, outstanding balance from the 2017 budget and the pre-election expenditure.
“Tightening would ensure the mop up of excess liquidity, accelerate the reduction in the rate of inflation to single digit, boost investor confidence and promote foreign capital flows with complimentary impact on exchange rate stability.
“Conversely, the committee believes that raising the interest rate would depress consumption and increase the cost of borrowing to the real sector.”
According to him, in reviewing the choice of loosening, the committee evaluated the possible impact of stimulating aggregate demand through lower cost of credit.
The CBN governor further said: “Nevertheless, the committee deliberated on the choice at a time when liquidity had been forecast to rise substantially at the second half of the year.
“The outcome would most likely exacerbate inflationary pressures, cost higher pressure on the exchange rate and as demand for foreign exchange increases and return real rate into negative territory.
“Also, the reduction in the MPR may not necessarily transmit to lowering market lending rate, on account of high cost of doing business.”
He said while the committee argued for a hold, it observed that the downside risk to growth and upside risk to inflation appeared balanced as growth was improving, while inflation was moderating.
He pointed out that “Maintaining the current policy stand would sustain gradual improvement in both indices.
“In summary, the predominant argument for a hold at this time is to await more clarity of key indicators, that is, the signing into law and implementation of the 2018 budget, among other fiscal policies.”
Emefiele said the committee expressed satisfaction with the slow but gradual growth in the economy.
He said the MPC also took note of the improved performance of Deposit Money Banks and observed that the relatively high non-performing loans in the industry were reducing.
He said the committee also urged government to promptly settle outstanding arrears to contractors, which accounted for a major part of the non-performing loans in the banking sector.
He noted that “the committee commended the effort of the CBN in achieving positive outlook for the banking industry and advised the bank to intensify efforts to further improve banking sector soundness.
“They also advised the CBN to sustain its monitoring apparatus over DMBs to ensure compliance with existing prudential measures and early detection and management of vulnerabilities in the banking sector.
“They also urged the CBN to make sure that liquidity continues to flow from the Banks to the real sector to further strengthen economic recovery and employment generation.”
Emefiele also announced that the CBN had appointed Standard Chartered Bank and Stanbic IBTC as the corresponding banks for the N720 billion Nigeria-China Swap deal, adding that in the coming week, the CBN would release the framework for the Nigeria-China Swap deal.
According to him, “I am optimistic that Nigerians will reap the positive impact from this and we expect that when the framework is released, Nigeria will end up being the remedy trade hub in the West African sub region.
“This is because there are currently only three countries in Africa that enjoy the currency swap deal between China and themselves; South Africa, Egypt and Nigeria.
“So, Nigerians and the West African sub region will benefit a lot from this arrangement.”

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Nestoil: Lagos CP dragged to court for contempt, risks imprisonment

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This is certainly not a good time for the Lagos State Police Commissioner, Mr. Moshood Jimoh as he has been dragged to court for commiting contempt by defying a clear court order that he and his men must not go near the business premises of Nestoil Group which belongs to Drawcok Estates LTD.

The fresh suit by Drawcok Estates LTD followed Monday’s deployment of over fifty armed police officers by Mr. Moshood Jimoh to seal off the business premises of Nestoil Group which belongs to Drawcok Estates LTD despite an order by Justice Ofili Ajumogobia.

Also, despite a directive by the federal government that police escorts be withdrawn from VIPs, Mr. Moshood Jimoh illegally allocated several police officers to be guarding Mr. Sulu Gambari, the self-acclaimed Receiver Manager which was appointed by a former judge that was handling the case, Justice Isaac Dipeolu.

Recall that Justice Daniel Osiagor of the Federal High Court in Ikoyi vacated all the orders made by Justice Isaac Deinde Dipeolu who wrongly appointed the Receiver Manager.

Meanwhile, dissatisfied with the action of the Lagos Police Commissioner, Drawcok Estates LTD yesterday filed a case of contempt against the Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood (Contemnor) before a Federal High Court in Abuja.

In Suit No: FHC/ABJ/CS/2385/2025, the applicant wants Police Commissioner Moshood Jimoh to be found guilty of contempt of court and also be committed to prison unless he obeys the directives contained in Justice Ofili Ajumogobia’s Order of November 24, 2025.

Recall that Justice Ofili Ajumogobia had on November 24, 2025 ordered that the building in question belongs to Drawcok Estates LTD, adding that no police officer must be seen carrying out orders of the Lagos State Police Commissioner around the premises.

The Orders made by Justice Ofili Ajumogobia on November 24, 2025 in suit number FHC/ABJ/CS/2385/2025 were that:

The applicant has a right to own and possess her properties as mentioned in the addresses above as guaranteed by the 34 Constitution of the Federal Republic of Nigeria, 1999 as amended and the African Charter on Human and People’s Rights..

That the sealing-off and occupation of the applicant’s properties on the addresses mentioned above by the Respondents constitute an infringement on the right of the applicant to own property, as guaranteed by Sections 43 and 44 of the he Constitution of the Federal Republic of Nigeria, 1999 as amended.

That the Respondents, whether by themselves , their agents, agencies and servants, acting for it through them or any other person(s) howsoever described or claiming through them, to vacate the applicant’s properties on the addresses mentioned above, and deliver possession over to the applicant forthwith.

That the Respondents, whether by themselves, their agents, agencies, and servants, acting for or through them or any other person(s) howsoever described or claiming through them, to provide security for the applicant to take back possession of her properties on the addresses mentioned above.

That the Respondents is restrain, whether by themselves, their agents, agencies and servants, acting for or through them or any other person(s) howsoever described or claiming through them, from harassing the applicant and refusing her access to her properties on the addresses mentioned above.

Nigerian Concord Newspapers reporters that visited the business premises yesterday reported that pollice officers have been denying workers of several companies access to their offices located within the Nestoil building in Lagos on the order of Moshood Jimoh, despite a subsisting court order directing that they be allowed into the premises.

The affected workers had resumed duties following a court order delivered by Hon. Justice Ofili Ajumogobia of the Federal High Court, Abuja on November 24, which directed that they be granted access to their offices.

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Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

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By: Fabian Apechihin

The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.

A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.

The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.

According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.

While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.

“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.

Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.


Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?

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US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

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By: Fabian Apechihin

The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.

The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.

Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.

According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.

Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.

“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.

He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.

“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.


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