Video - Central bank of Nigeria raises key lending rate by 25 basis points

Samson Owolabi, an associate in research and portfolio management at Zedcrest Wealth, says there were several key reasons behind the Central Bank of Nigeria (CBN) increasing the interest rate, including persistent inflation and record levels of money supply. Owolabi, however, added that the CBN needs to find alternative methods of addressing such issues rather than simply resorting to interest hikes.

CGTN

25 killed by suspected ISWAP militants in Nigeria

Islamist militants killed at least 25 people and wounded others in attacks on two villages in Nigeria's northeastern Borno state, a hotbed for insurgency, a police source and two residents said on Wednesday.

The militants killed 18 herders grazing their livestock in one village and seven other people in another village, both in Kukawa district of the state that borders neighbouring Chad on Tuesday, the police source said.

Habibu Ardo, a herder in the area, said "ISWAP fighters (riding) on more than 15 motorcycles attacked our people while grazing in Kukawa and beheaded 18 of them without firing a single bullet on them in order to avoid the attention of security forces.”

Bakura Mustapha, a local vigilante who helped bury the dead, said “about 18 of the corpses were recovered in the bush and they have been buried today according to Islamic rites.”

A police spokesperson did not immediately respond to calls to confirm the incident.

Borno state is at the heart of a 14-year Islamist insurgency in Nigeria, which has spilled into neighbouring Chad and Cameroon. The conflict was launched by Boko Haram and later joined by its offshoot ISWAP, a regional affiliate of the Islamic state.

The United Nations estimates that the conflict had killed some 350,000 people by the end of 2020 and has left millions dependent on aid.

By Ahmed Kingimi, Reuters

Security agency to probe clash between officers and prison officials in Nigeria

Nigeria's Department of State Services (DSS) on Wednesday said it is investigating an "unfortunate" clash between its officers and prison officials on court premises after a bail ruling for the suspended central bank governor Godwin Emefiele.

Emefiele, who was granted bail on Tuesday, was forcefully re-arrested by DSS officers after openly clashing with prison officials who attempted to take him into custody in line with the court's ruling. He has been held by the DSS since June 10.

The DSS has "initiated detailed investigations into the matter. This is with a view to identifying the role played by specific persons as well as undertaking disciplinary actions if necessary," Peter Afunanya, a spokesman for agency, said in a statement.

The agency, which notes the "undue overzealousness" by everyone involved in the incident, "has tremendous respect for the judiciary" and will not deliberately undermine it, he added.

By Elisha Bala-Gbogbo, Reuters

34 killed by armed gang in Nigeria

At least 34 people, including seven soldiers, were killed in an attack by a gang of armed men in Nigeria's northwest Zamfara state, the head of a vigilante group and residents said.

The attack in the remote Dan Gulbi district of the Maru local government area of the state occurred on Monday afternoon, Ismail Magaji, the head of the local vigilante group, told Reuters.

Lawali Zonai, a resident, said, "27 villagers were killed in the attack while seven military personnel were ambushed on their way to aid the community from the gruesome attack."

A spokesperson for the Zamfara state police did not immediately respond to calls seeking to confirm the incident.

Gangs of heavily armed men, locally referred to as bandits, have wreaked havoc across Nigeria's northwest in the past three years, kidnapping thousands, killing hundreds and making it unsafe to travel by road or farm in some areas.

The attacks have confounded Nigeria's security forces that are overstretched combating a 14-year Islamist insurgency in the northeast, violent farmer-herder and sectarian clashes in the central region and rising attacks by a separatist group in the southeast.

By Ahmed Kingimi, Reuters

Suspended central bank governor of Nigeria denies firearm charges

Suspended Nigerian central bank governor Godwin Emefiele appeared in court on Tuesday to deny illegally possessing a firearm and ammunition, the first time he has been seen in public in more than a month.

Emefiele was detained by the Department State Services (DSS) on June 10, a day after new President Bola Tinubu suspended him. A judge this month ordered the agency to file charges or release him.

Emefiele, dressed in a white kaftan and looking frail, pleaded not guilty to two counts of illegal possession of a firearm and ammunition, a Reuters reporter said.

The court granted Emefiele bail on condition of paying 20 million naira ($25,500) and said he should be remanded in custody in prison until the bail conditions are met or until Nov. 14, when next his case next comes up for hearing.

Emefiele was re-arrested by DSS officers after clashing with prison officials who attempted to take him into custody in line with the court's ruling.

Government lawyers had asked the courts in June to authorise Emefiele's detention for allegedly misappropriating funds and "criminal breach of trust", charges that carry lengthy jail terms if proved.

They secured a court order to hold Emefiele pending further investigations.

Emefiele was known for using unorthodox policies to keep the country's naira currency artificially strong and lending directly to businesses to try to boost growth.

Tinubu, who is embarking on the boldest reforms in Africa's biggest economy in more than a decade, criticised the central bank's policies under Emefiele at his inauguration in May, saying they needed "thorough house-cleaning", without providing details.

The central bank is due later on Tuesday to announce its first interest rate decision since Emefiele's suspension. One of Emefiele's deputies, Folashodun Shonubi, is acting central bank governor. 

By Chijioke Ohuocha and Seun Sanni, Reuters

Related stories: Former Central Bank Chief of Nigeria charged with Illegal Firearm Possession

Critical mistakes made by central bank of Nigeria in cash swap

Video - Supreme court suspends currency swap deadline in Nigeria