Calls for strategic assessment of Nigeria’s potential entry into global central banking network

The Executive Director of the Foundation for Peace Professionals (PeacePro) and Multidimensional Energy Economics professional, Abdulrazaq Hamzat, has called on the Central Bank of Nigeria (CBN) to urgently examine Nigeria’s potential acquisition of shareholding membership in the Bank for International Settlements (BIS), saying the move could generate up to $20 billion in cumulative economic value for Nigeria over 10 years.

Hamzat, who initiated the proposal as part of PeacePro’s advocacy for stronger economic and financial institutions in Nigeria, said the estimated value could arise from improved reserve management, foreign exchange risk management, financial sector resilience, monetary policy capacity and greater institutional influence.

He clarified that the $20 billion is not money that would be paid directly to Nigeria by the BIS, but an estimate of the potential economic value that could result from better management of Nigeria’s financial assets and monetary system.

“The BIS will not give Nigeria $20 billion. That is not the argument. The argument is that Nigeria could potentially create up to $20 billion in economic value over a decade by improving the way we manage the assets, currency and financial system we already have,” Hamzat said.

The BIS is owned by 63 central banks and monetary authorities whose economies collectively account for about 95 percent of global GDP. Its shareholder members have voting and representation rights at General Meetings.

Hamzat argued that Nigeria should evaluate BIS shareholding beyond the immediate cost of acquiring shares or the dividends that may accrue.

“If we reduce BIS membership to the question of dividend, we have completely missed the point. The real value is institutional. It is about what happens to Nigeria’s reserves, currency and financial system when our central bank is more deeply integrated into the world’s leading network of central banks.”

Hamzat identified reserve management as one of the most immediate areas where Nigeria could derive economic value.

He said even marginal improvements in risk-adjusted returns, liquidity management and asset allocation could produce significant savings and additional value when applied to Nigeria’s large external reserves.

“When you are managing tens of billions of dollars in reserves, a small improvement in risk-adjusted returns, liquidity management or asset allocation can be worth hundreds of millions of dollars.”

He stressed that the objective should remain the traditional reserve-management priorities of safety, liquidity and return, rather than excessive risk-taking in pursuit of higher returns.

Hamzat also identified foreign exchange management as a major area of potential benefit, given Nigeria’s exposure to global interest rates, commodity prices, capital flows and movements in the dollar.

“The naira does not operate in isolation. Every major movement in the dollar, oil prices, US interest rates or international capital flows eventually affects Nigeria. We need a central bank that is institutionally equipped to anticipate and manage those shocks.”

According to Hamzat, deeper engagement with the BIS could also strengthen Nigeria’s financial-sector resilience.

The BIS supports major global financial standard-setting mechanisms, including the Basel Committee on Banking Supervision.

“The cheapest financial crisis is the one prevented. When a banking or currency crisis occurs, the losses spread to businesses, households, government revenue, employment, investment and economic growth.”

He said improved financial stability monitoring, risk management and crisis preparedness could therefore generate significant economic value even without producing direct government revenue.

Hamzat also linked stronger central-bank capacity to monetary policy and economic planning.

“Monetary policy is not just about interest rates. It affects investment, credit, production, employment, exchange rates and ultimately government revenue. Anything that improves the quality of monetary policy decisions can have an economy wide effect.”

He said Nigeria could benefit from deeper exposure to international central bank cooperation on inflation, financial stability, capital flows, payment systems and digital finance.

He also pointed to the BIS’s growing work on the future of cross-border payments, including Project Agorá, which is examining the use of tokenised central-bank reserves and commercial-bank deposits in wholesale cross-border transactions.

Hamzat stressed that the $20 billion estimate should be subjected to rigorous and independent economic modelling before being treated as a policy projection.

“If the independent assessment produces $20 billion, excellent. If it produces $10 billion, it is still potentially a compelling investment. If it produces $5 billion, the question remains whether the strategic benefits justify the cost. What Nigeria cannot afford to do is dismiss the opportunity without studying it.”

He proposed the establishment of a CBN-led Nigeria-BIS Strategic Assessment Team comprising experts in monetary economics, international finance, reserve management, banking regulation, foreign exchange markets, financial technology and economic planning.

The team, he said, should assess the cost of membership against potential gains in reserve management, financial stability, monetary policy, FX management, institutional influence and regional financial integration.

Hamzat said Nigeria’s potential BIS membership could also have implications for the wider West African region.

Although the BIS has 63 shareholder central banks and monetary authorities, no West African central bank is currently among its shareholders. African shareholder members include Algeria, Morocco and South Africa.

“West Africa has hundreds of millions of people and a major regional economy, yet the region has no shareholder seat at the BIS. That should concern us.”

He urged the CBN to engage regional institutions, including BCEAO, WAMA, WAMI and WAIFEM, in exploring how Nigeria’s potential membership could strengthen West African representation in global monetary governance.

“We should not only be the biggest economy in West Africa; we should also be one of the countries shaping the financial architecture of the region.”

Hamzat said Nigeria’s economic size and systemic importance provide an opportunity to translate economic weight into greater institutional influence.

“Nigeria cannot continue complaining about the rules of global finance while remaining absent from important rooms where the future of global finance is discussed.”

He said developments in digital finance, tokenisation, cross-border payments and emerging systemic risks make stronger international central bank cooperation increasingly important.

“The world is moving rapidly towards a new monetary and financial architecture. Nigeria cannot afford to watch these developments from the gallery.”

Hamzat urged CBN Governor Olayemi Cardoso to initiate formal consultations with the BIS and commission a comprehensive cost-benefit assessment of potential Nigerian shareholding.

He said the findings should be presented to the Federal Government and other relevant economic-policy institutions.

“Economic stability is built before a crisis, not during one. Nigeria should invest in the institutions that help us anticipate shocks, manage them and recover faster.”

Hamzat concluded that the proposal deserves serious consideration as part of a broader strategy to strengthen Nigeria’s monetary institutions and increase its influence in global financial governance.

“The $20 billion is a proposition that deserves to be tested, not dismissed. Nigeria needs stronger monetary institutions. West Africa needs a voice. And the CBN should seriously consider whether BIS shareholding can become part of the strategy for building a more stable, resilient and globally competitive Nigerian economy.”

Lagos State Governor, Babajide Sanwo-Olu, has inducted another 1,000 young graduates into the Lagos State Internship Programme, bringing the total number of beneficiaries of the initiative to 8,000.

The latest batch of interns was formally inducted as part of the state government’s efforts to address youth unemployment, strengthen employability and provide young graduates with practical workplace experience.

Speaking at the induction ceremony, Governor Sanwo-Olu said the programme was designed to bridge the gap between academic qualifications and the practical skills required in today’s labour market. He noted that exposing young graduates to structured work environments would improve their professional competence and increase their chances of securing sustainable employment.

The governor said the administration remained committed to creating opportunities that would enable young Lagosians to develop their talents and contribute meaningfully to the state’s economy. He urged the new beneficiaries to take the internship seriously, demonstrate professionalism and make the most of the experience and mentorship available to them.

With the addition of the latest 1,000 beneficiaries, the Lagos State Internship Programme has now supported 8,000 graduates, further expanding the state’s youth-focused interventions in skills development, career advancement and employment preparation.

The programme is expected to continue providing participants with hands-on experience, exposure to professional environments and opportunities to build networks that could support their transition into the workforce.

ABUJA — President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a new policy aimed at unlocking up to $50 billion in deep offshore oil and gas investments and accelerating stalled projects in Nigeria’s petroleum sector.

The President, in a statement addressed to Nigerians, said the policy would provide a clear and predictable investment framework for existing deep offshore leases, with the approximately $10 billion Bonga South West project expected to be among the major beneficiaries.

According to Tinubu, the new framework gives existing deep offshore leases until December 31, 2029, to reach Final Investment Decision (FID) and qualify for the full standard incentive. He said the move was necessary to attract long-term capital at a time when countries are competing aggressively for major oil and gas investments.

The President described the order as the 10th major policy directive of his administration specifically targeted at reforming and repositioning Nigeria’s oil and gas sector. He said the administration had remained focused on removing barriers to investment, increasing production and expanding value creation within the industry.

Beyond attracting foreign capital, Tinubu said the government wants the anticipated investments to translate into tangible benefits for Nigerians. He stressed that Nigerian engineers, fabrication yards, marine and technical service companies and young professionals must play a central role in the execution of the projects.

He added that projects seeking supplementary incentives under the new framework would be required to undertake their activities in Nigeria, subject to clearly defined exceptions and compliance with Nigerian Content requirements.

Tinubu said the administration’s broader ambition was to position Nigeria as Africa’s regional hub for deep offshore project execution, with increased local participation, technology transfer and skills development.

He noted that the success of the policy would not be measured solely by the projected $50 billion investment, but by the jobs created, stronger Nigerian businesses, increased oil production, higher government revenue and the development of technical capabilities within the country.

“Our natural resources must work harder for our people,” the President said, reaffirming his administration’s commitment to ensuring that Nigeria derives greater economic and local benefits from its vast petroleum resources.

The policy comes as the Federal Government continues efforts to attract fresh investment into the oil and gas industry, increase production and strengthen Nigeria’s position as a major energy investment destination in Africa.

LAGOS — The Celestial Church of Christ (CCC) Worldwide has commenced an internal investigation into the circumstances surrounding the death of Nollywood actress Temitope “Tope” Osoba, amid allegations concerning the role of her fiancé, Prophet Itunu Onadeko, in events leading to her death.

Osoba, 40, died on August 5, 2026, weeks after she had publicly celebrated her recovery from breast cancer. She had undergone surgery for the disease in November 2024 and subsequently returned to the entertainment industry. Her death has since generated controversy, with conflicting accounts emerging over the circumstances surrounding her final days.

In a statement issued by the church, the CCC said it was particularly concerned because Onadeko, who has been at the centre of the controversy, is a Shepherd of the church. The church described the allegations surrounding his alleged involvement as “quite embarrassing” and said it would not allow its name to be dragged into the controversy without seeking the truth.

The church stressed that its doctrine does not permit idolatry, black magic, cultism or the use of charms, noting that it operates under established spiritual principles and a constitutional code of conduct. It said it was “discreetly investigating” the circumstances surrounding Osoba’s death and would leave no stone unturned in determining what actually happened.

The development follows claims made by Onadeko in an interview with the Celestial Reality Check, the church’s media investigative unit, that he was informed Osoba died at a police station in Ikorodu, Lagos State. He also disputed some of the claims circulating about her death and her health. However, these remain allegations and have not been independently established.

The CCC has called on the police and other relevant law-enforcement agencies to conduct a thorough investigation, assuring the public that it is prepared to cooperate with the authorities. The church said that if allegations against Onadeko are established at the end of the investigations, he would face both internal disciplinary sanctions and the full force of the law.

The controversy has also prompted wider calls for clarity regarding the circumstances of Osoba’s death. Her family has previously cautioned against unauthorised reports and speculation surrounding her passing. Meanwhile, the church said its priority is to ensure that the truth emerges and that justice is served for the late actress and her family.

As the Osun State Gubernatorial election enters a crucial bend, the Presidential candidate of the Accord Party, Dr. Gbenga Hashim has warned those beating the drums of war over the election to be wary of the consequences of their actions.

Few days ago, a Senator representing Osun East in the Upper Chamber, Senator Francis Adenigba Fadahunsi was reported to have threatened members of the Accord Party of dire consequences if they came out to vote next Saturday.

Though he later denied the claim, the assertion had generated a lot of negative comments across Nigeria.

Dr. Hashim maintained that Fadahunsi and co would end up at the International Criminal Court, because incitement to political violence and especially murder is International Crime under the Hague Statute.

Hashim who is a Max Beloff 2009 Prize Winner for Global Affairs added that “Nigeria being a signatory to the Hague Convention must immediately arrest and prosecute the Senator, failing which we shall activate the mechanism for an international arrest warrant at the Hague.”

According to him, “it is not the first time APC supporters would openly incite violence. Already many Accord supporters have been killed and huge numbers wounded.”

He added that “It is also the past time of APC chieftains in many States to incite violence without restraints from the National leaders.

“We want to let everyone know that these actions would not go unpunished”

Meanwhile, the Police, according to Osun PPRO, has invited the Senator for “questioning” over the threat. According to the PPRO, “the Senator is invited first, and if he fails to honor the invitation, we will go after him.”

Senator representing Osun East, Francis Fadahunsi, has been invited by the Osun State Police Command for questioning over a viral video in which he was allegedly heard making comments interpreted as a threat against members and supporters of the Accord Party ahead of Saturday’s governorship election.

The police described the video as a matter of “serious concern,” saying the alleged remarks were threatening, inciting and intimidating in nature. The invitation followed widespread circulation of the video on social media and mounting public reactions.

Fadahunsi arrived at the Osun State Police Command headquarters in Osogbo at about 2:35 p.m. on Wednesday, August 12, accompanied by the Commissioner of Police in charge of election and security, Samuel Erale. He was subsequently expected to face questioning by police investigators.

The development comes just days before the August 15 Osun governorship election, heightening concerns over inflammatory political statements and the potential for election-related violence. Calls had earlier been made for the senator’s arrest and prosecution over the alleged remarks.

The police invitation is expected to determine the circumstances surrounding the senator’s comments and whether any offence was committed. Fadahunsi has also reportedly moved to clarify his controversial statement following the backlash.

Top government officials, political leaders, youth mobilisers and grassroots stakeholders are set to converge on Ibadan for the Oyo State Emerging Political Leaders Summit 2026, scheduled for August 24–25 at the Ibadan Civic Centre.

The summit, themed “Bridging the Gap, Uniting Political Strength, and Mobilizing Emerging Leaders for 2027,” is expected to provide a platform for emerging political actors and stakeholders across party lines to discuss political inclusion, reconciliation, grassroots mobilisation and strategies ahead of the 2027 general elections.

Dr. Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service (NRS), is billed as Chief Facilitator, while Senator Barau I. Jibrin, Deputy President of the Senate, will attend as Special Guest of Honour. The Minister of the Federal Capital Territory, Barrister Nyesom Wike, is expected to deliver the keynote address on bridging political divides, building strategic alliances and mobilising Oyo State for progressive victory in 2027.

Other speakers include the Minister of Youth Development, Comrade Ayodele Wisdom Olawande; APC National Youth Leader, Dayo Israel; Executive Chairman of the Presidential Compressed Natural Gas Initiative, Barrister Ismael Ahmed; Barrister Seyi Tinubu; Oloye Jumoke Akinjide; Chief Engineer Dotun Sanusi; and Honourable Engineer Aderemi Abass Oseni.

According to the organisers, the summit will attract more than 1,000 participants, including political stakeholders from the APC, PDP, APM and other parties, as well as independent mobilisers, community leaders, youth and women leaders, civil society representatives and media practitioners.

A key feature of the summit will be the launch of the 50 Below 50 Project, Oyo State Chapter, alongside the signing of the Generational Inclusion Pact by Senator Sharafadeen Alli, the APC’s 2027 governorship candidate, and emerging political leaders across the state.

The organisers said the summit is aimed at reducing political fragmentation, strengthening grassroots coordination and creating a broader coalition of emerging leaders capable of influencing the political direction of Oyo State ahead of the 2027 elections.

Governorship candidate of the All Progressives Congress APC in Osun State, Asiwaju Munirudeen Bola Oyebamiji, has insisted that the administration of Governor Gboyega Oyetola left about N15 billion for his successor, dismissing as misleading the narrative promoted by the Governor Ademola Adeleke administration regarding the finances it inherited.

Oyebamiji made the assertion while fielding questions from journalists at the Arise TV Town Hall Meeting held in Osun State, where he addressed several issues that have dominated the campaign, particularly claims by the incumbent administration about inherited liabilities and the state’s financial position.

The Nigeria Police Force has barred the Western Nigeria Security Network, popularly known as Amotekun, vigilante groups and other non-state security outfits from participating in security operations during the Osun State governorship election scheduled for Saturday, August 15, 2026.

The directive, coming ahead of the highly anticipated poll, is aimed at ensuring a peaceful, credible and orderly electoral process by restricting security responsibilities to constitutionally recognised security agencies.

Other groups affected by the directive include the Joint Civilian Task Force (CJTF), hunters’ associations, community-based security organisations and neighbourhood watch outfits. They are prohibited from carrying out security functions at polling units and other election-related locations.

The police said only authorised security agencies would be permitted to perform security duties during the election, stressing that no unauthorised group or individual would be allowed to interfere with the electoral process.

The Force has also warned political parties, candidates, supporters and other stakeholders against acts capable of disrupting the election. Ballot snatching, voter intimidation, vote buying, violent clashes and other forms of electoral malpractice, according to the police, will not be tolerated.

The police urged residents of Osun State to remain calm and law-abiding before, during and after the election, assuring citizens that security personnel would be deployed across the state to protect voters, election officials and electoral materials.

The development comes as political parties intensify their final mobilisation ahead of the August 15 governorship poll, with the police reiterating its commitment to preventing violence and ensuring that voters are able to exercise their franchise without intimidation.

The security agency further warned that anyone who attempts to disrupt the electoral process would face the full force of the law.

OSOGBO — Tension and political activities have intensified across Osun State as the state prepares for Saturday’s governorship election, with the Independent National Electoral Commission (INEC) receiving sensitive election materials and security agencies stepping up preparations for the poll.

The election materials, including ballot papers and Bimodal Voter Accreditation System (BVAS) devices, have reportedly arrived in Osogbo and are being kept under security protection ahead of their distribution to local government offices and Registration Area Centres across the state. About 25,310 security personnel are also expected to be deployed for the election.

The development comes amid growing calls for a peaceful and credible election. The Socio-Economic Rights and Accountability Project (SERAP) has urged INEC to take urgent steps to prevent political violence and protect voters, while other civil society groups have raised concerns over election-related security risks.

The political contest has also entered its final stretch, with major candidates intensifying their campaigns and presenting their visions to voters. Governor Ademola Adeleke, the Accord candidate, has expressed confidence in his chances, while APC candidate Bola Oyebamiji and ADC candidate Najeem Salaam are also seeking to convince voters to change the political direction of the state.

With only days to the August 15 poll, attention is now focused on the ability of INEC and security agencies to guarantee a peaceful voting environment and ensure that the votes of Osun residents are protected. The outcome is expected to determine who will occupy the Osun State Government House for the next four years.