HRM EZE EDWARD EULE (ONYENWEALI X), HAS DISMISSED CLAIMS BY SOME OF HIS SUBJECTS THAT HE ABANDONED HIS THRONE FOLLOWING HIS TEMPORARY ABSENCE FROM THE COMMUNITY.(PHOTO).

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 The Traditional Ruler of Azumini Ndoki Ancient Kingdom in Ukwa East LGA, Abia State, HRM Eze Edward Eule (Onyenweali X), has dismissed claims by some of his subjects that he abandoned his throne following his temporary absence from the community. This is as six suspects have been arrested by the police in connection with the stealing of the community’s electricity transformer, thus plunging the community into darkness. The monarch, who is currently in the U.S, explained that his trip was to attend to personal and professional matters, adding that he will soon return to Nigeria. "I travelled to the United States of America in May 2025 to attend to some professional and personal matters. I am robustly healthy and fine, and I may soon conclude the task of my sojourn here", he said. Prof. Eule accused individuals he described as "mischief-makers operating under the guise of an Interim Ruling Council" of peddling falsehoods and propaganda about his alleged abdication. ...
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CBN DENIES DISBURSING $1.25BN TO OIL FIRMS FOR IMPORTATION OF PETROL. (PHOTO).

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 CBN denies disbursing $1.25bn to oil firms for importation of petrol


The Central Bank of Nigeria (CBN) has denied disbursing $1.25 billion to major oil sector operators for the importation of refined petroleum products and related items.

On Monday, reports circulated that CBN disbursed $1.25 billion for oil and gas imports in the first quarter (Q1) of 2025.

In a statement on Tuesday, CBN described the reports as “entirely inaccurate and misleading”.

The apex bank explained that the figure of $1.25 billion, cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange report, does not represent direct disbursements from the CBN.

According to the apex bank, the figure reflects the total value of foreign exchange (FX) transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

Hakama Sidi-Ali, CBN’s spokesperson, clarified that the bank no longer allocates foreign exchange since the unification of exchange rates in 2023.

“Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN,” she said.

“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”

She further explained that the data cited in the report represents aggregate utilisation by authorised dealers and end-users who sourced foreign exchange independently through the market in compliance with existing regulations.

Sidi-Ali emphasised that the transactions were legitimate market activities, not direct CBN interventions in the oil sector.

The spokesperson assured that the CBN remains committed to maintaining a transparent and market-based foreign exchange system that supports efficient price discovery, economic stability, and confidence in Nigeria’s financial system.

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