News
Pressure for Survivial: Banks’ Borrowing from CBN Hits N52t


Banks’ borrowing from the Central Bank of Nigeria shot up by 80 per cent to N52 trillion in 2017, from N29 trillion in 2016, due to pressure to survive the impact of high interest rate regime and ceaseless liquidity mop-up, driven by the tight monetary policy of the apex bank.
To enjoy this huge liquidity lifeline, accessed through the apex bank’s Standing Lending Facility, the banks paid N40.48 billion as interest to the CBN, representing 84 per cent increase from N22 billion paid in 2016.
In sharp contrast, banks’ deposit placement with the apex bank, through its Standing Deposit Facility, fell by 15.6 per cent to N9.35 trillion, while interest earned also fell by 10 per cent to N4.27 billion in 2017.
According to analysts, the above development was triggered by the high interest rate regime, which made the CBN’s Standing Lending Facility the cheapest source of borrowing for banks, and the Standing Deposit Facility unattractive for deposit placement for banks.
Meanwhile, the above development exceeded Financial Vanguard projections for banks patronage of the SLF and SDF for 2017.
In an exclusive report published on Monday June 26, 2017, Financial Vanguard projected that banks’ borrowing from the apex bank will rise by 51 per cent to N45 trillion in 2017, while interest paid will also rise by 64 per cent to N22 billion.
Financial Vanguard also projected that banks’ deposit placement with the CBN will fall by 14.3 per cent to N15.6 trillion in 2017, while interest earned by banks was projected to rise moderately to N5.1 billion.
Banks borrowing from CBN and interest paid
According to the quarterly economic reports of the CBN, banks’ borrowing from the CBN fell by 9.6 per cent to N12.25 trillion in the first quarter of 2017 (Q1’2017) from N13 trillion in the fourth quarter of 2016 (Q4’2016).
But in the second quarter of 2017 (Q2’2017), banks’ borrowed more from the apex bank.
Their borrowings through the SLF rose sharply quarter-on-quarter by 19 percent to N14.6 trillion.
This trend, however, did not persist in the third quarter (Q3’2017) as borrowing dropped by 7 per cent to N13.6 trillion.
The borrowing further dropped by 14 per cent, quarter-on-quarter to N11.7 trillion in the fourth quarter (Q4’2017).
Interest paid by banks to the apex bank followed the same pattern.
In Q1’2017, banks paid N9.3 billion as interest to the CBN, up by 6.7 per cent, from N9.97 billion paid in Q4’2016.
In Q2’2017, interest paid by banks spiked by 47 per cent to N13.7 billion.
This increase was reversed in Q3’2017, as interest paid fell back to N9.3 per cent.
This trend was repeated in Q4’2017, as interest paid by banks fell by 14 per cent to N8.04 billion.
The above indicate that while banks’ borrowing from CBN and interest paid rose in the first half of 2017 (H1’2017), they however declined in the second half of the year (H2’2017).
Deposit placement by banks and interest earned
The CBN economic reports showed that banks’ deposit placement with the CBN through the SDF rose by 14 per cent to N3.36 trillion in Q1’2017, from N2.95 trillion in Q4’2016.
However, the deposit placement declined quarter-on-quarter, by 42 per cent and 21 per cent to N1.96 trillion and N1.54 trillion in Q2’2017 and Q3’2017 respectively.
The trend was reversed in Q4’2017, as their deposit placement spiked by 62 per cent (quarter-on-quarter) to N2.49 trillion
News
NOA Tasks Media Practitioners to Probe Manifestos of Aspiring Political Office Holders


The National Orientation Agency (NOA) has encouraged media practitioners to introduce probing of manifestoes of aspiring political office holders as part of their responsibilities to reshape the country from frivolous and unkept promises.
Lanre Issa-Onilu, the director general of the agency, gave the task while speaking a a panelist at the 9th annual conference of the Guild of Corporate Online Publishers (GOCOP), with the theme,’ Reconciling Campaign Promises with Governance Realities: Challenges and Prospect’, held in Lagos
He pointed out that some of the so-called manifestos are not originally from those who presented but the party they belong to, and they end up subscribing to such manifestos, stressing that as media practitioners this should be probed.
‘Some people proposed manifestos which are not theirs, but party manifestos. They end up subscribing to their party manifestos. As journalists, we do not question manifestos, but populated airtime for other things’
He equally pointed out that the manifesto of the federal government is the manifesto that governed Lagos state, explaining that the National Orientation Agency(NOA) is to communicate government projects.
The Director General added that government require value documentation, recalling that before he joined the agency, he was among those who said it should be scrapped, but when he got there, he discovered that the staff there are committed
‘Before I went to NOA. I was among those who said it should be scrapped. It is not the Agency’s problem but a Nigerian problem. When I got there, I discovered that the staff there are committed
‘I am an agency under a Ministry. There is the problem of the need to have them buy into what I want to do. I am lucky to get the support of the president who is interested in the unity of the country’, he stated.
News
Enugu State Govt Condemns Murder of Catholic Priest, Places ₦10 Million Bounty on Killers
…Commiserates with family, Catholic Church


The Enugu State Government has strongly condemned the gruesome murder of Rev. Fr. Mathew Eya of Nsukka Catholic Diocese by unknown assailants.
The government also commiserated with the late priest’s immediate family, the Catholic Diocese of Nsukka, and indeed the Catholic faithful in general over the tragic incident, which occurred on Friday, September 19, 2025.
In a statement issued by the Commissioner for Information and Communication, Dr. Malachy Agbo, the government described the action as cowardly and cold-blooded.
Father Eya was said to have been shot dead by a group of assailants, who attacked and killed him along Alumona- Eha Ndiagu road in Nsukka Local Government Area of Enugu.
The government has, therefore, reiterated that security of lives and property remains its priority and vowed to bring the perpetrators to justice.
It added that it would not spare any resources within its reach, including technology and credible intelligence to track down the criminals and defeat the remnant agents of evil in the state.
Consequently, the Enugu State Government has placed a ₦10 million reward for anyone with credible information that could lead to the arrest of the perpetrators of the heinous crime.
Anybody with credible information about the perpetrators should quickly contact 07077451426.
News
IPI Raises Alarm over Rising Media Repression in Nigeria


The International Press Institute (IPI), a global body committed to protecting press freedom and the free flow of information, has raised concern over the recent cases of media repression in the country.
Mr Musikilu Mojeed, president, IPI Nigeria, raised the alarm at a dinner organised by the institute, to honour one of its members and a retired Director, Digital Media, Voice of Nigeria (VON) Hajia Hadiza Hussaina Sani in Abuja on Saturday.
The News Agency of Nigeria (NAN) reports that the dinner was organised to honour the media icon for her dedication and service, after clocking mandatory retirement age of 60 years.
NAN also reports that the identical twin sister of the celebrator, Hajia Ameena Hassana Sani, equally retired meritoriously from the service of the agency (NAN) as a Director.
Speaking at the event, Mojeed, Editor-in-Chief, Premium Times, cited the recent “disturbing” instances of banning of live political programme in Kano State and the arrest of a journalist in Ekiti State.
“Akwa Ibom State Government recently evicted Channels TV crew, a journalist and a cameraman, from the press centre inside Government House, Uyo.
“The repressive action was taken, over the publication of a video clip, where the governor, eventually confirmed he is defecting from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
“A journalist with FIJ, Sodiq Atanda was recently arrested by the police in Ekiti State.
“A former “ThisDay” employee, Azuka Ogujiuba, was reportedly arrested and harassed by the Police for doing her job.
“Every single day you wake up, it is one form of harassment or the other against the media,” he said.
Mojeed, called for continued advocacy to protect press freedom and promote independent journalism.
He stressed that, efforts to protect journalists’ rights and promote independent journalism are crucial in Nigeria’s media landscape.
Mojeed said Sani’s retirement came at a critical time when the media sector in Nigeria is facing numerous challenges, including harassment, arrests, and censorship.
He noted Sani’s significant contributions to IPI Nigeria, including her role in organising its World Congress in Nigeria in 2018, as well as her subsequent active participation in various committees.
Mojeed appealed to the celebrator to continue advocating for press freedom and supporting the work of IPI Nigeria, emphasising that her expertise and experience are invaluable to the organisation.
The Director-General, VON, Mallam Jibrin Ndace, expressed gratitude to IPI Nigeria for recognising Sani’s contributions, stating that the gesture also reflected positively on the entire VON team.
He described Sani as a professional journalist who seamlessly transitioned from traditional journalism to modern digital practices, leading the digital department with innovation.
According to the DG, Sani’s leadership in the digital space, kept VON at the forefront of public media institutions and global competitiveness.
He commended her experience, passion, and love for journalism, which he said, enabled her to excel in her role and serve as a role model for younger journalists.
The VON DG emphasised that, “journalism is a marathon, not a sprint”, and Sani’s long-standing career is a testament to her dedication and commitment to the profession.
Mr Garba Shehu, s spokesman to late President Muhammadu Buhari, described the retirement of Sani as a significant loss for the organisation but a potential gain for other sectors of the journalism profession.
Shehu praised her, as “a strong and young professional with much to contribute to journalism”.
He highlighted her unique qualities, particularly her social responsibility, selflessness, and commitment to helping others to succeed.
According to him, Sani embodies the principles of servant leadership, a concept often touted by politicians but rarely exemplified.
“Her legacy as a role model for young journalists and a champion of socially responsible journalism will continue to inspire others in the field,” he said.
Abdulwaheed Odusile, former President of the Nigeria Union of Journalists (NUJ), commended Sani’s dedication and expertise, which he said, have earned her recognition and respect in the industry..
On her part, Sani expressed gratitude to God and her family for their support throughout her 34 years career in public service.
While reflecting on the challenges and rewards of her time in service, she highlighted the importance of dedication, clear vision, and family support.
Sani emphasised the need for media professionals to adapt to new technologies and appreciate their impact on the industry and the society
She stressed that, telling a good story starts with understanding oneself and one’s audience.
Despite retiring from active public service, she assured to remain active in the media space, pursuing research, teaching, writing, and lecturing.
“It has been a very difficult, challenging, interesting and rewarding 34 years in service.
“It’s not easy. You have new and great ideas, but some people don’t understand, so they find it a bit difficult to agree with you.
“But if you are consistent, if you have a clear vision of what you want to achieve, and you are dedicated and resolute, the sky is not the limit.
“I have pulled out from active public service, but have not retired. My brain is still exceptionally active, and I plan to utilise it.
“I’ll be doing a lot of research work and writing, and I won’t get tired of seeing myself in the media space,” she said.
NAN reports that Sani’s dedication to her work and her commitment to excellence have been hallmarks of her career, which started with the Nigeria Television Authority (NTA) before joining VON.
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