General
Nigeria Pushes Bid to Host AU Monetary Institute
By Adedapo Adesanya
Nigeria has intensified its bid to host the African Union (AU) African Monetary Institute (AMI), with the Federal Ministry of Finance leading coordinating efforts to secure the institution ahead of its planned 2026 operationalisation.
The renewed push was made on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C., where Nigeria is advancing its case as a credible host for the continental institution central to Africa’s monetary integration agenda.
Speaking through the Permanent Secretary of the Ministry, Mr Raymond Omachi, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, underscored the country’s full political and institutional backing for the initiative. He stated that Nigeria has moved beyond policy commitments to concrete delivery, with the necessary infrastructure and administrative arrangements already in place.
The Nigerian government emphasised that hosting the institute aligns with Nigeria’s broader economic strategy of positioning Abuja as a hub for continental financial coordination.
It noted that the institute represents a critical step toward deeper monetary cooperation, improved macroeconomic convergence, and a more integrated African financial system.
Earlier, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, had reaffirmed Nigeria’s readiness through his representative, the Deputy Governor, Economic Policy, Mr Muhammad Abdullahi.
He indicated that a dedicated office facility has already been secured in Abuja and made available for inspection, reflecting the country’s preparedness to meet host country obligations.
According to the Ministry, Nigeria remains actively engaged with the African Union and is prepared to conclude all required agreements to ensure a seamless take-off of the institute within the stipulated timeline.
The African Monetary Institute, approved in February, is designed to strengthen policy coordination, stabilise exchange rate frameworks, and lay the groundwork for eventual monetary unification across the continent.
On his part, the Chief Economist and Vice President of the African Development Bank (AfDB), Mr Kevin Urama, noted that the institute would strengthen financial stability, improve debt sustainability, and address structural constraints posed by multiple currencies across the continent.
Nigeria hosting the institute would mark the presence of another African-based organisation in Africa’s most populous country, which also plays host to the African Energy Bank.
By Adedapo Adesanya
The Governor of Oyo State, Mr Seyi Makinde, has inaugurated a Judicial Commission of Inquiry to investigate the abduction of students and teachers from Esinele and Yawota communities in Oriire Local Government Area of Oyo State.
The governor formally inaugurated the commission at the Executive Council Chamber of the Governor’s Office, Secretariat, Agodi, Ibadan.
Speaking at the event, Governor Makinde said that although the successful rescue of the victims brought relief to the state, it did not provide complete closure.
He explained that the decision to set up an independent commission was not intended to undermine the efforts of security agencies but to ensure that every question surrounding the incident is thoroughly addressed and lessons are learnt to prevent a recurrence.
He charged members of the commission to conduct a thorough, impartial, and evidence-based investigation, assuring them of the state government’s full support. He also called on individuals and relevant institutions to cooperate fully with the panel.
Speaking on behalf of the commission, its chairman, Professor Mojeed Owoade, pledged that members would carry out the assignment with integrity, professionalism, and fairness. He added that the panel would seek an extension if necessary to complete its work.
Governor Makinde gave the commission four weeks to submit its report.
Earlier this month, the pupils and teachers abducted in Oriire Local Government Area of Oyo State regained their freedom after 56 days in captivity.
According to the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, eight of the kidnappers had been arrested, but the Federal High Court in Abuja on July 23 sentenced three suspects in the abduction to life imprisonment.
According to the court, the sentencing of Mr Abdulrazak Umar, known under the alias Abu Khalifa/Abu Khalid; Mr Yunusa Musa, alias Yunusa Bin Musa; and Mr Shamsu Adamu Sani, alias Abu Itisar, will start from the date of their arrest.
Before their sentencing by Justice Salim Ibrahim, counsel for the defendants pleaded with the court to sentence them on liberal terms, adding that they were first-time offenders and had pleaded guilty.
By Modupe Gbadeyanka
Two Chinese, Mr Zhang Hong Lin and Mr Gao Pei Hai, have been convicted and sentenced by Justice Akintayo Aluko of the Federal High Court in Ikoyi, Lagos, for conspiracy and the illegal mining of solid minerals.
They were both found guilty on all five counts levelled against them by the Economic and Financial Crimes Commission (EFCC) and sentenced each to five years’ imprisonment on each count, with an option of a N50 million fine covering all five counts.
The court also ordered the forfeiture of the mineral resources recovered from them to the Federal Government of Nigeria.
The defendants were arraigned on a five-count charge bordering on conspiracy and the unlawful possession of mineral resources intended for export without lawful authority.
“That you, Zhang Hong Lin, Gao Pei Hai, and Gao Pei Yu (currently at large), sometime in 2025 in Lagos, within the jurisdiction of this court, conspired among yourselves, with the intent to defraud the Federal Government of Nigeria of revenue accruing therefrom, and without the permission of the appropriate authority, engaged in the exportation of mica products, copper-bearing, and lithium-bearing mineral resources out of Nigeria, thereby committing an offence contrary to Section 1(8)(a) of the Miscellaneous Offences Act, 1983, and punishable under Section 8 of the same Act,” one of the charges read.
The defendants pleaded guilty when the charges were read to them, with the prosecution counsel, H.U. Kofarnaisa, calling the investigating officer, Matthew Orogwu, who reviewed the facts of the case and tendered documentary evidence before the court.
After presenting the evidence, Kofarnaisa urged the court to convict and sentence the defendants in line with the charges.
By Adedapo Adesanya
The National Agricultural Development Fund (NADF) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) aimed at improving the generation, validation, sharing and analysis of agricultural data to support evidence-based financing, policymaking and investment in the country’s agricultural sector.
The agreement was signed on Thursday at the NADF headquarters in Abuja, marking the beginning of a strategic partnership designed to strengthen the quality and use of agricultural statistics for planning, programme implementation and impact assessment.
Speaking at the signing ceremony, the chief executive of NADF, Mr Mohammed Ibrahim, described reliable data as the foundation of effective agricultural development, saying the partnership would enable the fund to make better-informed investment decisions and deliver more impactful interventions across the country’s agricultural value chain.
He noted that although NADF was established by an Act of Parliament in 2022, the Fund has continued to build strategic partnerships that will enhance the delivery of its mandate.
According to him, the collaboration with the National Bureau of Statistics comes at a critical time as the Fund expands its support for agricultural financing, research, donor coordination and sub-national agricultural development.
“Data is our chief enabler. We want every intervention and every investment we make to be guided by credible evidence. Working with the National Bureau of Statistics will strengthen our ability to design programmes that respond to real needs and deliver measurable results,” Mr Ibrahim said.
On his part, the Statistician-General of the Federation and chief executive of NBS, Mr Adeyemi Adeniran, said the agreement represents a practical commitment by both institutions to strengthen Nigeria’s agricultural sector through better statistics and closer institutional collaboration.
He explained that the partnership would create a common framework for agricultural data exchange, validation and harmonisation, ensuring that policymakers and investors have access to reliable information.
“Agriculture deserves better data, and together we intend to build it. Reliable statistics remain the foundation of good governance, sound planning and effective investment,” Mr Adeniran said.
He added that the partnership would improve monitoring of agricultural programmes, support investment decisions and contribute to national food security by ensuring that critical decisions are driven by evidence rather than assumptions.
The Statistician-General also assured stakeholders that both organisations would maintain the highest standards of data governance and confidentiality throughout the implementation of the agreement.
He commended NADF for its growing role in agricultural development and expressed confidence that the partnership would deliver tangible benefits for farmers, policymakers and investors.
Also speaking, a representative of NADF’s Partnership and Investor Relations Department, Mr Nasir Ingawa, described the signing of the MoU as the culmination of a productive relationship between the two organisations.
He said the formal partnership would deepen collaboration and ensure that agricultural interventions are supported by credible and fit-for-purpose data.
The ceremony ended with the formal signing of the Memorandum of Understanding by the leadership of both organisations after legal representatives confirmed that the document reflected the agreed terms.
