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Finance Ministry to Take Over CBN’s Finance Development Function

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By Yusuf Danjuma Yunusa

In a significant policy shift, the Federal Ministry of Finance will now assume responsibility for national development finance activities, a role previously managed by the Central Bank of Nigeria (CBN). This move aims to establish a clearer, more sustainable framework for mobilizing long-term investment into the country’s priority sectors.

The transition fills a strategic gap left nearly two years ago when the CBN halted its direct funding of development programs, which had constrained financing for critical areas like infrastructure, energy, and agriculture.

Unveiling the new strategy, the Minister of State for Finance, Doris Uzoka-Anite, announced that the ministry will issue comprehensive guidelines for a forward-looking development finance model. She positioned Domestic Development Finance Institutions (DFIs)—such as the Bank of Industry and the Nigerian Export-Import Bank—as central pillars in achieving Nigeria’s growth and investment ambitions.

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“Given the scale of Nigeria’s growth targets and the need to mobilize an estimated N246 trillion in patient capital by 2036, the government recognizes DFIs as essential partners,” Uzoka-Anite stated. “They will de-risk priority sectors, bolster investor confidence, and catalyze large-scale private capital.”

DFIs will provide long-term financing, concessional instruments, technical expertise, and risk-sharing to sectors where private investment has lagged despite strong potential. Key focus areas include infrastructure, energy transition, agribusiness, healthcare, climate-resilient industries, and digital public infrastructure.

The minister outlined a dedicated strategy to enhance the capacity and impact of domestic DFIs, among which are: enhanced capitalization, governance reforms, risk-sharing mechanisms, and treasury & policy alignment.

The ministry plans to leverage both domestic and international partnerships to accelerate capital mobilization and project delivery. Uzoka-Anite emphasized aligning all financing with climate resilience, financial inclusion, and sustainability goals in line with global standards.

“Nigeria’s reform momentum, policy clarity, and execution discipline create a credible platform for DFIs to deploy capital at scale with measurable impact,” she added.

This reassignment of responsibility follows the CBN’s strategic withdrawal from direct intervention financing. Shortly after his appointment, Governor Olayemi Cardoso announced the bank would cease funding development programs, refocusing on its core monetary mandates. In December 2023, the CBN formally suspended new loans under all existing intervention schemes while continuing to recover previously disbursed funds.

The Federal Government has affirmed its commitment to maintaining policy consistency and institutional coordination to ensure the success of this new DFI-led approach.

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Despite Dangote’s Withdrawal, ICPC Vows to Continue Investigation on Ex-NMDPRA Boss

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By Yusuf Danjuma Yunusa

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has declared its intention to proceed with an investigation into the sacked Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, despite the withdrawal of a petition against him by businessman Aliko Dangote.

Mr. Dangote had earlier petitioned the anti-graft agency, alleging that Mr. Ahmed misappropriated $5 million for the payment of his children’s school fees. The ICPC had consequently invited Mr. Dangote in December to formally adopt the petition as required by law.

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However, in a statement issued on Wednesday, the Commission confirmed the petition’s withdrawal. It noted receipt of a formal letter dated January 5, 2025, from Dr. O.J. Onoja, SAN, the legal counsel to Aliko Dangote. The letter, titled “Notice of Withdrawal of Petition against Engineer Farouk Ahmed,” stated that the petitioner was withdrawing the complaint in its entirety and indicated that another law enforcement agency had taken over the matter.

The ICPC, in its response, asserted its statutory authority to continue the probe. Citing sections 3(14) and 27(3) of its enabling Act, the Commission stated that investigations had already commenced in the public interest.

“The ICPC will therefore continue to investigate this matter in line with its statutory mandate and in the interest of transparency, accountability and the fight against corruption for the benefit of Nigeria,” the statement concluded.

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League of Veteran Journalists Independent of Ministry, Says Waiya as Journalists Adopt Constitution

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Comrade Ibrahim Abdullahi Waiya addressing the Press after the meeting

 

 

The Kano State Commissioner for Information and Internal Affairs, Comrade Ibrahim Abdullahi Waiya, has clarified that the Kano League of Veteran Journalists (KALVEJ) is an independent professional body and not an appendage of the State Ministry of Information.

Speaking during the ratification and adoption of the League’s Charter, which has now become its Constitution, the Commissioner explained that although the Ministry supports and relates with the League, such engagement is strictly on a professional basis.

He emphasized the importance of preserving the independence of professional bodies to enable them operate effectively and in line with global best practices, noting that the Ministry maintains similar professional relationships with bodies such as the Nigeria Union of Journalists (NUJ), the Nigerian Institute of Public Relations (NIPR), and other related professional organizations.

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The Constitution was ratified and adopted at the Tahir Guest Palace, Kano, during a session attended by members of the League drawn from various segments of the journalism profession, including academics.

The session featured extensive discussions, comments, observations, and detailed scrutiny of the draft document by members. Key observations raised included the absence of clear provisions on members’ welfare, gender representation, and sustainable funding mechanisms for the League.

Following exhaustive deliberations, members resolved that all issues raised during the session be forwarded to the Constitution Drafting Committee and Secretariat for further consideration and necessary amendments.

At the end of the session, a motion was moved and unanimously adopted mandating the Constitution Drafting Committee to continue managing the affairs of the League for a period of one year, pending the conduct of elections for substantive executives.

In his remarks, the Chairman of the Committee, Alhaji Ahmed Aminu, expressed gratitude to members for the confidence reposed in the committee. He assured the gathering that all concerns raised, particularly those relating to the welfare of members, would be adequately addressed in the revised Constitution.

Signed
Sani Abba Yola
Director, Special Duties
Kano State Ministry of Information and Internal Affairs
7th January, 2026

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Court Orders Interim Forfeiture of Malami’s 57 Properties

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By Yusuf Danjuma Yunusa

A Federal High Court in Abuja has ordered the interim forfeiture of 57 properties valued at about N213.2 billion, allegedly linked to a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), and his two sons, Abdulaziz and Abiru-Rahman Malami.

Justice Emeka Nwite granted the order on Tuesday, January 6, 2026, following an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC). The court held that the assets, acquired between 2016 and 2024, are reasonably suspected to be proceeds of unlawful activities.

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The diverse portfolio of properties spans Abuja, Kebbi, Kano, and Kaduna states. It includes luxury hotels and duplexes in Abuja’s Maitama, Asokoro, Wuse II, and Jabi districts; farmlands and housing estates in Birnin Kebbi; and commercial plazas, warehouses, and school facilities in other locations.

Justice Nwite directed that the interim forfeiture order be published in a national newspaper. This will allow any interested party 14 days to show cause why a final forfeiture order should not be granted in favour of the Federal Government. The matter was adjourned to January 27, 2026, for a report of compliance.

In a related case before the same court, Malami, his wife Bashir Asabe, and his son Abubakar Abdulaziz are currently standing trial over separate alleged money laundering charges involving N8.7 billion.

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