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CBN Takes Over Control of Crude Sales, As Tinubu Unveils Sweeping Reforms in Oil Sector

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President Bola Tinubu
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President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to assume responsibility for crude oil sales, a move aimed at addressing longstanding concerns about opaque practices and declining oil revenue within the Nigerian National Petroleum Company Limited (NNPCL).

 

The action is to enhance transparency and efficiency in Nigeria’s oil industry by instructing the Central Bank to oversee crude oil sales, marking a significant departure from the previous exclusive control by the Nigerian National Petroleum Company Limited (NNPCL).

Under the previous structure, the NNPC held sole authority over crude oil sales, submitting accounts solely to the federal government.

 Critics argued that this arrangement lacked transparency, allowing the NNPC to potentially underreport earnings.

Tinubu’s directive mandates the NNPC to submit all receipts for crude oil sales to the CBN for thorough vetting and documentation. The objective is to eliminate any potential gaps in reporting and ensure accurate records of oil revenue.

Recall that the CBN Governor, Mr. Olayemi Cardoso, emphasized the collaborative effort with the Ministry of Finance and the NNPCL, highlighting its impact on foreign exchange flows and the accretion of reserves. Speaking at the launch of the Nigerian Economic Summit Group (NESG) “2024 Macroeconomic Outlook Report,” Cardoso outlined the strategic reforms designed to foster transparency and stability in the foreign exchange market.

“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN,” stated Cardoso. “This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage.”

He further highlighted the comprehensive strategy to improve liquidity in the foreign exchange markets, addressing fundamental issues that have hindered effective operations over the years.

The ongoing independent forensic review aims to clear the backlog of valid FX transactions, demonstrating the commitment to upholding the integrity of financial markets.

 

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DSS Arraigns Malami, Son Over Alleged Terrorism Financing, Illegal Firearms Possession

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FMR AG Abubakar Malami
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The Department of State Services (DSS) has arraigned former Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, alongside his son, Abdulaziz Malami, before the Federal High Court in Abuja over alleged terrorism-related offences.

The defendants were brought before Justice Joyce Abdulmalik on Tuesday and were docked on a five-count charge bordering on alleged terrorism financing, aiding and abetting terrorism, and unlawful possession of firearms and ammunition. Both men pleaded not guilty to all charges.

According to the charge, Malami is accused of allegedly facilitating terrorism financing by failing to prosecute individuals suspected of financing terrorism, whose case files were reportedly forwarded to his office during his tenure as AGF.

The father and son were jointly charged in counts two through five, which relate to alleged unlawful possession of firearms and ammunition. The prosecution alleged that the defendants were found in possession of a Sturm Magnum 17-0101 firearm, 16 live Redstar AAA cartridges, and 27 expended cartridges at their residence in Birnin Kebbi, Kebbi State, without valid licences.

The prosecution further claimed that the alleged possession amounted to preparation for acts of terrorism, contrary to provisions of the Terrorism (Prevention and Prohibition) Act, 2022, and the Firearms Act, 2004.

During the court proceedings, prosecuting counsel, Dr. C.S. Eze, requested that the defendants be remanded in DSS custody pending trial. However, defence counsel, S.A. Alua (SAN), made an oral application for bail, which was declined by the court. Justice Abdulmalik ruled that bail applications must be formally filed in writing in accordance with court procedures.

The case has been adjourned until February 20 for the hearing of the bail application and possible commencement of trial.

The DSS maintains that the alleged offences fall within the jurisdiction of the Federal High Court.

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Christmas 2025: Senator Opeyemi Bamidele Calls for Peace, National Reflection and Unity

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Senate Leader, Senator Michael Opeyemi Bamidele
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The Leader of the 10th Senate, Senator Opeyemi Bamidele, CON, has called on Nigerians to embrace peace, love and national unity as Christians across the country celebrate Christmas 2025.

In a Christmas message issued on Wednesday, December 25, Senator Bamidele described the birth of Jesus Christ as a timeless source of hope, redemption and salvation for humanity, noting that His message remains relevant in addressing contemporary national and global challenges.

According to the Senate Leader, Christmas offers Nigerians another opportunity to reflect on the state of the nation and the welfare of its citizens, irrespective of religious affiliation. He urged both Christians and Muslims to draw lessons from Christ’s message of love, reconciliation and peaceful coexistence, rather than resorting to violence in the pursuit of personal or collective grievances.

Senator Bamidele emphasized that Christ’s love transcends religious boundaries, describing it as a unifying force capable of healing broken relationships, reconciling divided communities and fostering national cohesion, stability and rebirth.

He further stressed that enduring peace is fundamental to sustainable development, economic growth and good governance at both national and sub-national levels. According to him, only in an atmosphere of peace and mutual understanding can citizens freely pursue their aspirations without fear or hindrance.

The Senate Leader therefore urged Nigerians to become ambassadors of peace, harmony and positive engagement, while rejecting hate speech, violence and divisive tendencies.

He concluded by wishing Nigerians a Merry Christmas and a prosperous New Year in advance.

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Tinubu Renames Federal University of Medical Sciences, Azare, After Late Islamic Scholar Sheikh Dahiru Usman Bauchi

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President Bola Ahmed Tinubu has approved the renaming of the Federal University of Medical Sciences, Azare, Bauchi State, in honour of the late renowned Islamic scholar, Sheikh Dahiru Usman Bauchi.

The President announced the decision on Saturday during a condolence visit to the family of the revered cleric at his country home in Bauchi State. According to Tinubu, the renaming is aimed at immortalising the scholar’s enduring legacy and his immense contributions to humanity, religious scholarship, and peaceful coexistence.

“From today onward, I announce this change of name to immortalise him. The Federal University of Medical Sciences, Azare, Bauchi State, will from today be known as Sheikh Dahiru Usman Bauchi University. May God bless his memory,” the President declared.

Describing the passing of the cleric as a “great national loss,” Tinubu said Sheikh Dahiru Bauchi lived a life defined by humility, selfless service, and unwavering dedication to the propagation of Islam, peace, and moral values across communities.

He prayed for Allah’s mercy upon the soul of the late scholar and asked that he be granted Aljannatul Firdaus. The President also prayed for strength and comfort for the family, the government, and the people of Bauchi State, urging Nigerians to continue to pray for peace, unity, and national harmony.

Speaking on behalf of the family, the eldest son of the late cleric, Sheikh Ibrahim Usman Bauchi, expressed profound gratitude to the President for the condolence visit, prayers, and the honour bestowed on their father. He also thanked Bala Mohammed, Governor of Bauchi State, for his consistent support to the family.

In his remarks, Governor Mohammed commended the President for honouring the family and Bauchi State, describing the gesture as a fitting recognition of Sheikh Dahiru Bauchi’s lifelong commitment to faith, education, and national unity. He noted that the late scholar’s influence transcended Bauchi and Nigeria, touching lives across generations.

The President was accompanied on the visit by the Speaker of the House of Representatives, Tajudeen Abbas; the Governor of Yobe State, Mai Mala Buni; and Seyi Tinubu, among other top government officials.

Tinubu arrived at the Sir Abubakar Tafawa Balewa International Airport, Bauchi, at about 4:09 p.m., where he was received with a guard of honour by the Nigerian Air Force. He was welcomed by Governor Bala Mohammed; the Governor of Plateau State, Caleb Mutfwang; the Coordinating Minister of Health and Social Welfare, Ali Pate; the Minister of Foreign Affairs, Yusuf Tuggar; and the Senator representing Bauchi South Senatorial District, Shehu Buba.

The condolence visit formed part of the President’s broader engagements to commiserate with the family and followers of the late Islamic scholar, whose influence and contributions to Islamic learning and spiritual leadership spanned decades across Nigeria and beyond.

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