Nigeria News (Standard)
CBN Governor Cardoso Launches Nigerian Overnight Financing Rate in Abuja to Bolster Investor Confidence
New benchmark aims to align Nigeria’s financial sector with international standards, with stakeholders present at official unveiling
New benchmark aims to align Nigeria’s financial sector with international standards, with stakeholders present at official unveiling
The Central Bank of Nigeria (CBN) on Monday unveiled the Nigerian Overnight Financing Rate (NOFR) at an official event in Abuja, introducing a new transaction-based benchmark intended to enhance transparency and boost investor confidence. CBN Governor Olayemi Cardoso led the launch, attended by regulators, bankers, market operators and development partners.
Announcing the initiative, Cardoso described the NOFR as a significant reform for Nigeria’s monetary system. He said benchmark interest rates form the backbone of modern financial systems by serving as reference points for pricing financial instruments, managing liquidity and risk, and transmitting monetary policy decisions across the economy. “Financial systems cannot remain static. They must evolve continuously to reflect changing realities, respond to emerging opportunities and create stronger foundations for future growth,” Cardoso stated during his address.
The introduction of the NOFR is part of CBN’s broader efforts to strengthen monetary policy effectiveness and bring Nigeria’s financial sector in line with global best practices. With this move, CBN aims to reinforce the resilience, efficiency and credibility of the country’s financial services industry at a time when investor confidence remains a priority amid ongoing economic reforms.
Stakeholders at the event welcomed the development, noting that increased transparency in benchmark rates would help attract both local and international investors. The CBN governor emphasised that adopting a transaction-based rate aligns with recommendations from global financial institutions and will serve as a reliable reference for market participants.
As implementation begins, financial sector operators are expected to transition towards using the NOFR for overnight transactions. The CBN has indicated it will continue engaging with stakeholders to ensure smooth adoption and maintain stability in monetary policy transmission.
Source: https://guardian.ng/business-services/cbn-unveils-fresh-benchmark-to-strengthen-investor-confidence/
Nigeria News (Standard)
Nollywood Celebrities, Soludo Attend Alexx Ekubo’s Burial in Arochukwu, Abia State
Hundreds gather as top actors, Anambra Governor, and business leaders pay tribute to late star who died of kidney cancer
Hundreds gather as top actors, Anambra Governor, and business leaders pay tribute to late star who died of kidney cancer
The final burial ceremony of popular Nollywood actor Alexx Ekubo took place on Thursday in Arochukwu, Abia State, drawing a large crowd of celebrities, politicians, business figures and fans from across Nigeria. Ekubo, who died on May 11, 2026 at the age of 40 after battling advanced metastatic kidney cancer, was laid to rest in his hometown amid an outpouring of emotion and tributes.
The streets of Arochukwu witnessed heavy vehicular traffic and increased activity as mourners arrived for the funeral service. Notable personalities present included Governor Charles Soludo of Anambra State, businessman Obi Cubana, and a host of Nollywood stars such as Stan Nze, Bimbo Ademoye, IK Ogbonna, Ini Edo, Nancy Isime, Omoni Oboli, Kate Henshaw and Mbong Amata. Family members and friends were also joined by hundreds of fans who came to pay their last respects.
Ekubo’s death has been widely mourned within the Nigerian entertainment industry. His career spanned more than a decade with roles in major films that earned him numerous awards and recognition as one of Nollywood’s most beloved actors. His passing at a relatively young age has sparked renewed discussion about access to quality healthcare for entertainers and the need for increased support structures for those facing critical illnesses.
Speaking at the event, several attendees described Ekubo as a positive influence in the film industry. “He was always supportive of his colleagues and had a passion for helping others,” one actor said during the service. Governor Soludo commiserated with the family and called for unity among creative professionals during trying times. Businessman Obi Cubana was also seen consoling relatives at the graveside.
The Actors Guild of Nigeria (AGN) sent a delegation to represent industry colleagues unable to attend in person. Many Nigerians took to social media to share memories and pay tribute to Ekubo’s legacy. As the funeral concluded late Thursday afternoon, community leaders in Arochukwu expressed gratitude for the peaceful conduct of proceedings despite the influx of visitors from outside Abia State.
Nigeria News (Standard)
Ogun State Bans Graduation Ceremonies, End-of-Session Parties in All Schools Over Parent Fee Concerns
Education ministry warns that schools flouting the directive risk sanctions as state moves to curb extra financial burden
Education ministry warns that schools flouting the directive risk sanctions as state moves to curb extra financial burden
Ogun State Government has banned graduation ceremonies and end-of-session parties across all public and private schools with immediate effect, following reports that some school administrators were allegedly imposing extra charges on parents in the guise of organising such events. The directive, issued by the Ministry of Education, Science and Technology on 17 June, was circulated to all school heads statewide.
According to a circular signed by A.A. Bisiriyu, Director of Education (Private Schools), the government said it had received multiple complaints from parents about being pressured to pay additional fees for graduation and end-of-session celebrations. The government stressed that any school found violating the new order would face sanctions as stipulated under existing education regulations.
The Ministry stated: “It has been brought to the notice of the Ministry that some administrators of both public and non-state (private) schools have started extorting parents/guardians under the disguise of organising graduation/end-of-session parties for learners. Therefore, it is pertinent to state that, the State Government frowns at organising Graduation/End of Session Party ceremony in all classes in both Public and Non-State (Private) schools in the State. Hence, no school owner should organise such gatherings forthwith.”
The policy requires all school administrators to immediately inform parents, guardians and other stakeholders about the ban to ensure full compliance across Ogun State. Officials emphasised that basic and secondary schools must focus on academic excellence instead of costly social events which place unnecessary financial pressure on families.
This move follows similar actions in other states such as Kogi, Benue, Ondo, Osun and Imo, where authorities have also restricted or banned elaborate graduation-related celebrations in a bid to control rising educational costs for families. In Kogi State earlier this week, officials warned that erring schools could face closure if they continued with excessive graduation activities. Ogun State Government reiterated its commitment to enforcing this new directive to protect parents from sudden levies linked to non-academic gatherings.
Nigeria News (Standard)
Ekiti INEC Confirms Over One Million Registered Voters Ahead of 2026 Governorship Election
Electoral commission says voter roll remains steady as political parties prepare for high-stakes South-West contest
Electoral commission says voter roll remains steady as political parties prepare for high-stakes South-West contest
The Independent National Electoral Commission (INEC) has confirmed that Ekiti State now boasts over one million registered voters as preparations intensify for the 2026 governorship election. The announcement was made on Friday, 19 June, as political parties and stakeholders in the South-West state began strategising for the upcoming poll.
According to INEC officials, the latest figures show only a marginal increase in the number of eligible voters compared to previous elections. Despite the rising voter population, analysts say the outcome of the next governorship race may not differ significantly from past results, citing entrenched party structures and voting patterns across Ekiti’s local government areas.
The significance of the voter register has been heightened by recent calls from civil society groups urging INEC to ensure that all eligible citizens are able to obtain their Permanent Voter Cards (PVCs) before the poll. Some political observers argue that increasing voter turnout, rather than just registration figures, will be critical if any party hopes to upset the dominance of established players like the All Progressives Congress (APC) and Peoples Democratic Party (PDP) in Ekiti.
An INEC spokesperson stated, “We have maintained a transparent process in updating the register and urge residents to participate actively during Continuous Voter Registration exercises.” Meanwhile, opposition parties have called for closer monitoring of electoral processes to guard against malpractice. “The integrity of this election depends on full transparency at every stage,” an official from one leading opposition party added.
With Ekiti’s political landscape largely unchanged since the last cycle, experts believe that alliances among local leaders and grassroots mobilisation will play major roles in determining who emerges as Governor. The coming months are expected to see intensified campaigns and coalition-building as contenders vie for support ahead of what many describe as a crucial test for democracy in the state.
NICASA Kwupụtara Na Ndị Naijiria Nari Nari Agbagburu N’ụsọ Afrịka Amaghị Ebe Ha Ga Ebi
Nollywood Celebrities, Soludo Attend Alexx Ekubo’s Burial in Arochukwu, Abia State
Ogun State Bans Graduation Ceremonies, End-of-Session Parties in All Schools Over Parent Fee Concerns
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