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Naira: Malami, Emefiele On Their Own On S’Court Judgement – Presidency

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The Presidency, Monday, said that President Muhammadu Buhari did not instruct or direct the Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami, and the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, to disobey the Supreme Court order on the Naira swap deadline.

The Presidency also said that CBN had no reason not to comply with court orders on the excuse of waiting for directives from the President.

A statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, stated that President Buhari had never interfered in the activities of the judiciary and had no reason to do that now he has few months to exit from office.

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Shehu, in the statement, said, “The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes.

“The Presidency states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.

“Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.

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READ ALSO: BREAKING: Old Naira Notes Legal Tender Till December – Supreme Court

“Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.

“The President is not a micromanager and will not, therefore, stop the Attorney-General and the CBN Governor from performing the details of their duties in accordance with the law.

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“In any case, it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.

“The directive of the President, following the meeting of the Council of State is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position.

“It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts.”

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Continuing the Presidency said, “He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.

“The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.

READ ALSO: Naira Scarcity: Disobedience To Supreme Court Ruling May Cause Breakdown Of Law, Order – ACF

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“As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.

“It is, therefore, wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.”

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President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”
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NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

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The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

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READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

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Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

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NNPCL Reveals Reason Behind N5.4trn Profit After Tax

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The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

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READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

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According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

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CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

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The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

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READ ALSO:CBN Retains Interest Rate At 27%

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

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Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

READ ALSO:JUST IN: EFCC Summons Ex-AGF Malami For Questioning

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

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The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.

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