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How I will tackle inflation, naira, forex crises – CBN Gov, Cardoso

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Governor of the Central Bank of Nigeria (CBN), Michael Olayemi Cardoso

How I will tackle inflation, naira, forex crises – CBN Gov, Cardoso

Following Senate approval, Michael Olayemi Cardoso began his stint as the 12th governor of the Central Bank of Nigeria (CBN) on Tuesday.

He promised to provide transparent and focused leadership while adhering strictly to the rules, and to return the central bank to its fundamental monetary policy mission.

He also pledged to work in synergy with the fiscal authorities in the overall interest of the economy in the short and medium term.

Cardoso, 66, a former chairman of Citi Bank, was Lagos State Commissioner for Budget and Economic Planning.

He spoke during his screening alongside the four deputy governors by the Senate. All of them were cleared.

The deputy governors are: Mrs. Emem Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello.

The deputy governors also responded to some of the questions posed by senators, including Senate President Godswill Akpabio.

All the nominees left the senators in no doubt about their capacity and capability.

Cardoso said for 12 years, between 2010 and 2022 he had the privilege of serving as the chairman of Citi Bank where: “I dedicated myself to enhancing both the financial and non-financial operations of the institution.’’

He told the Senate that the issue of exchange rate of the Naira to other currencies was worrisome.

“For the type of economy that we want, we need to have an exchange rate that is stable and we must apply short and medium term measures to achieve this,’’ he said.

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Cardoso added that CBN’s new management team would evolve rules that were open and transparent and comprehensible by all players in the finance business.

“We cannot expect serious foreign investors and portfolio investors who have an impact on the market to do so if we do not have a transparent system that everybody understands and can rely on,’’ he said.

On inflation, he said: “There is the need to significantly revamp the infrastructure at the central bank with respect to data and to ensure that our data gathering capacity is significantly enhanced.

“This is necessary so that we can make decisions based on stellar data. This is crucial in measuring inflation,’’ he stressed.

He added that reliable studies showed that in the past 10 years to 15 years, at least 50 per cent of inflation resulted from money supply and deficit financing.

“This is a big problem; at least it certainly has been over a period of time and it is something we have to face frontally.

“You have been hearing a lot of complaints. There are various measures to be taken and some of them are already being taken like the removal of fuel subsidy and fast-tracking the collection of taxes,” he said.

Cardoso added: “In refocusing CBN to its core mandate, there is need to pull the CBN back from direct development, finance interventions into more limited advisory roles that support economic growth. These advisory roles would include, for instance, one, act as a catalyst in propagation of specialized institutions and financial products that support emerging sectors of the economy, facilitate new regulatory frameworks to unlock enormous capital, accelerate access to consumer credit, and expand financial inclusions to the masses.”

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He assured the Senate that the CBN under his watch will not be hijacked or used by politicians.

He said: “This is a position of great trust and with that it comes with huge responsibility to meet up that trust …and my idea is to do what is right and how it is right. We have seen the effect of not doing what is right and we do not intend to go that route.

“Secondly, on the issue of not obeying the hallowed chambers’ summons for conversation, frankly, I have absolute no doubt that that has got to be part of the engagements that I spoke about earlier.

“Part of that is that the law specifies that such dialogue should take place twice in a year and as I said in resetting the Central Bank, we must ensure that we do not run foul of the law.

“It goes back to the issue of culture of compliance. We are going to ensure we maintain a culture of compliance in the CBN. There will be zero tolerance for non-complying with orders and I can assure you that that tone would be fully set from the top.”

He added: “What is important to us is the element of economic growth. Our feeling is that in identifying the important issues with economic growth, we believe very strongly that size matters.

“The economic policy proposal of the administration has identified a set of fiscal reforms and growth patterns that will achieve $1trillion GDP within eight years.

“In reviewing selected growth targets that can achieve $1trn GDP, selected countries with large population and similar characteristics as Nigeria, it is interesting to identify micro-economics indicies that points to Nigeria’s economic trajectory, being faithful to implementation of the proposed economic reforms.

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“In economies bigger than $1trillion, these indices include moderate inflation, sizeable foreign reserves and capacity to creating rebound from economic downturns.

“In other words, to the extent that the administration has defined such a bold target for the country, it is our feeling that achieving this is very critical to achieve the stability that we require in various economic indices.

“It is not the only thing, but it is very important. So we believe that this is the right way to go.

He insisted that the immediate issues his team would address at the CBN include both Operational and Systems.

He added: “It is what I will term uncorrelalational issues. We are aware that there are unsettled obligations by the CBN. Whether it is $4b, $5b or $7b I don’t know but definitely the immediate priority is to ascertain the extent.

“We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market.

According to him, the medium term measures in reviving the economy “have to do with balance of payments over a period of time like the sort of things that are being done already with respect to ensuring that we are getting more from petroleum resources with the removal of fuel subsidy and diversifying the economic base of the country.

“That I believe will continue by the present administration and of course it will take time. I think we should take that as a medium term measure than the immediate.”

Many financial experts rated the appearance of the CBN governor and his deputies high, especially their pledge to return the apex bank to its core responsibilities.

How I will tackle inflation, naira, forex crises – CBN Gov, Cardoso

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FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment

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FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment

President Bola Tinubu’s ambitious transition to Compressed Natural Gas (CNG) and Electric Vehicles (EVs) is already attracting fresh investments, creating new employment opportunities and laying the foundation for a cleaner, safer and more sustainable transport system, the Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed, has said.

Speaking at the 2026 Nigeria Auto Industry Summit (NAISU) organised by the Nigeria Auto Journalists Association (NAJA), Mohammed described the Presidential CNG and EV Initiative as a game-changing policy capable of reshaping Nigeria’s automotive and transportation landscape while stimulating industrial growth and youth employment.

The FRSC boss said the initiative aligns with the United Nations Sustainable Development Goals (SDGs), particularly those promoting climate action and sustainable transportation, while commending President Bola Tinubu for the bold reforms and for assigning the corps a strategic role in the programme’s implementation.

“This initiative has brought in so many investments. We have assembly plants producing electric vehicles and CNG vehicles, companies manufacturing CNG cylinders and conversion kits, and new technology that is creating opportunities for our youths,” he said.

According to him, the initiative is expected to generate thousands of jobs while positioning Nigeria as a leading destination for green mobility investments in Africa.

“Really, it is a massive investment coming into Nigeria, and it is producing massive jobs for the unemployment challenge we have,” he added.

Mohammed also linked the administration’s transport agenda to ongoing infrastructure projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, noting that the projects would improve connectivity and support a safer, more efficient transport network.

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He expressed confidence that the reforms would help Nigeria achieve the United Nations target of providing “a safe, accessible, affordable, reliable and sustainable transport system for all Nigerians by 2030.”

On road safety, the Corps Marshal stressed that reducing road crashes and fatalities requires collective action rather than relying solely on the FRSC.

“Road safety should not be left to the FRSC alone. It is a collective responsibility involving government, communities and every Nigerian,” he said.

While noting that the corps has sustained public enlightenment campaigns for over three decades, Mohammed said greater participation from state governments, local councils, traditional institutions and community leaders is essential to changing road users’ behaviour.

He disclosed that the FRSC has expanded its awareness campaign beyond motor parks to grassroots town hall meetings, enabling the agency to engage drivers, passengers and community stakeholders more directly.

“When you see a bad driving culture, stop the person and caution him. Let him be embarrassed. Road safety is everyone’s responsibility,” he said.

The Corps Marshal expressed concern over persistent traffic violations such as speeding, overloading and the dangerous practice of conveying passengers alongside goods and livestock, warning that such behaviours remain major causes of fatal crashes.

He also urged passengers to challenge reckless drivers, particularly those who exceed speed limits, saying public intervention could save lives.

Mohammed commended NAJA and the media for their sustained support for the FRSC’s road safety campaigns and called for deeper collaboration with journalists to achieve the global target of cutting road traffic crashes, injuries and fatalities by 50 per cent before 2030.

Speaking on the legacy he hopes to leave, the FRSC boss said his priority is to build a technology-driven, people-focused organisation anchored on professionalism, collaboration and excellent service delivery.

“The legacy I want to leave is partnership, collaboration and bringing out the best in FRSC personnel to serve Nigerians and further enhance the image of the corps,” he said.

 

FRSC Boss: Tinubu’s CNG, EV Drive Creating Jobs, Attracting Investment

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Lanre Shittu Motors Leads Drive to Steer Lagos Students Away from Crime, Donates books to public Schools 

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Students of St. Joseph Senior Secondary School Surulere, Lagos, receiving the books

Lanre Shittu Motors Leads Drive to Steer Lagos Students Away from Crime, Donates books to public Schools 

Lanre Shittu Motors is expanding its investment in youth development beyond skills acquisition, launching a major education campaign aimed at steering thousands of Lagos secondary school students away from financial crime through value-based learning and character development.

In partnership with the author of Clean Hands, Bright Future: A Youth Guide to Avoiding Financial Crime in Africa, the foremost automotive company has begun distributing the book to 200 public secondary schools across Lagos State, with more than 150 schools already reached in the first phase of the initiative.

The campaign, which began at Kuramo Senior College and Victoria Island Senior Secondary School, seeks to equip students with a clear understanding of the dangers of fraud, cybercrime, identity theft, examination malpractice and other financial crimes, while promoting integrity, hard work, ethical leadership and responsible citizenship.

Author of the book, Mr. Adedayo Aluko, said the project was inspired by the alarming rise in financial crime among young people and the need to intervene early through education.

“The rate of financial crime among youths is becoming increasingly alarming. We believe education is one of the most effective tools to prevent crime. The message of the book is simple: crime does not pay, and with clean hands, every young person can build a brighter future,” Aluko said.

He explained that the initiative goes beyond book distribution, with plans to return to beneficiary schools for interactive enlightenment sessions and career talks to reinforce the message of integrity.

According to him, the book simplifies over 100 forms of financial crimes, helping students understand offences that many young people unknowingly become involved in. Rich illustrations and practical examples were deliberately included to engage students and make the lessons memorable.

Aluko commended Lanre Shittu Motors for supporting the project, describing the Managing Director of the company, Mr Taiwo Shittu, as a long-standing advocate of youth empowerment and education.

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“Mr. Taiwo Shittu believes there is no shortcut to success. During the flag-off, he personally handed copies of the book to students and encouraged them to embrace hard work, education and skill acquisition as the true pathways to success.

Speaking on the initiative, the LSM MD, Mr. Taiwo Shittu, said the company’s decision to sponsor the distribution reflects its belief that preventing crime begins with shaping values at an early age.

“Young people are the future of our nation. By investing in character development and educating students about the consequences of financial crime, we are helping to build responsible citizens who will contribute positively to society.

“At Lanre Shittu Motors, we believe integrity, education and hard work remain the surest foundations for lasting success,” he said.

Shittu noted that the company’s strong culture of corporate social responsibility was inherited from its founder and his father, the late Alhaji Rasak Olanrewaju Shittu.

He said the late automotive icon instilled in his children and employees the enduring values of compassion, community service and giving back to society, a legacy that continues to shape Lanre Shittu Motors’ investment in education, youth development and other impactful social initiatives.

Published in May 2026 and endorsed by the Chartered Institute of Bankers of Nigeria (CIBN), Clean Hands, Bright Future, has been described as a practical guide for young people navigating increasing social and economic pressures.

The ongoing distribution programme underscores Lanre Shittu Motors’ commitment to corporate social responsibility and its determination to inspire a generation that chooses integrity over shortcuts and honest enterprise over criminality.

Lanre Shittu Motors has over the years maintained a strong record of investing in youth development through skills acquisition and capacity building initiatives.

The company has consistently provided opportunities for young Nigerians to acquire technical and vocational skills in automotive engineering, vehicle maintenance and related fields through internship, apprenticeship and industry training programmes.

It has also supported educational and youth empowerment initiatives aimed at preparing young people for productive careers, reinforcing its belief that equipping youths with employable skills remains one of the most effective ways to reduce unemployment, discourage crime and promote sustainable national development.

 

Lanre Shittu Motors Leads Drive to Steer Lagos Students Away from Crime, Donates books to public Schools

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Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

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Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

The Chairman of the Auto and Allied Sector Group of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Femi Eguahide, has warned that policy inconsistencies, regulatory bottlenecks and weak coordination between the public and private sectors could derail Nigeria’s clean mobility ambitions, urging the Federal Government to deepen collaboration with industry stakeholders to accelerate the transition to Compressed Natural Gas (CNG) and Electric Vehicles (EVs).

Speaking at the 3rd Nigeria Auto Industry Summit in Lagos on Thursday, Eguahide said the success of the Federal Government’s clean mobility agenda would depend on sustained stakeholder collaboration, policy consistency and the removal of operational challenges slowing investment and implementation.

The summit, organised by the Nigeria Auto Journalists Association (NAJA) under the theme, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” brought together policymakers, regulators, automobile manufacturers, financiers, transport operators, researchers, safety agencies and development partners to chart a roadmap for accelerating Nigeria’s transition to cleaner transportation.

Eguahide acknowledged the Federal Government’s commitment to alternative energy solutions through the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), but stressed that translating policy into tangible results would require stronger coordination between government institutions and private investors.

According to him, the automotive industry remains a critical driver of industrialisation, job creation and economic growth, making it imperative for government agencies to work closely with manufacturers, assemblers, financiers and technology providers to create a more predictable and investment-friendly operating environment.

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He said effective policy implementation must be backed by continuous stakeholder engagement capable of resolving challenges surrounding vehicle conversion, local manufacturing, infrastructure development, financing and technology deployment.

Eguahide maintained that Nigeria possesses enormous potential to build a globally competitive clean mobility ecosystem, but cautioned that fragmented policies and institutional inefficiencies could slow the country’s progress if left unresolved.

He therefore urged government agencies to deepen engagement with the organised private sector to develop practical solutions that would accelerate the rollout of CNG refuelling infrastructure, EV charging networks and local automotive production.

Earlier, the Federal Government reaffirmed its commitment to expanding Nigeria’s clean mobility ecosystem through increased investment in infrastructure, local manufacturing and strategic partnerships.

Speaking on behalf of the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, the Initiative’s Chief Compliance Officer, Engr. Zayyanu Tamberi Yabo, said the programme had evolved into a key pillar of President Bola Tinubu’s transport and energy reform agenda.

According to Ahmed, the Presidential Initiative was established not merely to promote alternative fuels but to build an integrated ecosystem covering infrastructure development, investment, vehicle conversion, local manufacturing, technical capacity building and consumer confidence.

“Our approach from the beginning has been to build the foundations of a sustainable industry rather than pursue isolated interventions,” he said.

He disclosed that certified CNG conversion centres had expanded significantly across the country over the past two years, while new refuelling stations were being developed through public and private sector investments.

Ahmed added that vehicle conversions continue to rise as commercial transport operators and private motorists increasingly embrace CNG because of its lower operating costs.

He also highlighted partnerships with financial institutions, energy companies and automobile manufacturers aimed at improving access to financing and accelerating the adoption of clean mobility technologies.

Despite the progress, he identified infrastructure expansion, consumer financing, local manufacturing capacity, technical training, research, innovation and standardisation as priority areas requiring sustained attention.

In his welcome address, NAJA Chairman Theodore Opara described the summit as a strategic platform for shaping the future of Nigeria’s automotive industry.

He said reforms introduced by the Tinubu administration had created fresh momentum for CNG, electric vehicles and local automotive manufacturing, adding that stronger collaboration among government, industry players and the media would be critical to sustaining the gains.

Also speaking, the Director-General of the Standards Organisation of Nigeria (SON), Dr. Ifeanyi Chukwunonso Okeke, represented by Engr. Olalekan Omoniyi, said strict compliance with internationally recognised standards would determine the success of Nigeria’s transition to EVs and CNG-powered transportation.

He disclosed that SON had developed more than 80 Nigerian Industrial Standards for CNG vehicles and equipment, as well as 87 additional standards and the National Nigeria Guideline (NNG 1214:2024) for CNG vehicle conversions.

The SON boss warned against the proliferation of uncertified conversion centres and substandard equipment, urging mandatory certification for imported and locally assembled EVs, CNG vehicles, conversion kits and charging infrastructure.

 

Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

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