The Senate has approved the Proceeds of Crime (Recovery and Management) Bill 2025 for second reading.
The current Proceeds of Crime Act 2022 is amended to improve accountability, transparency, and efficiency in the management of national assets recovered from unlawful activities.
The central agency would be established to take over the management and disposal of recovered assets, a task that currently falls under the purview of 18 government agencies, according to the bill sponsored by Senator Idiat Adebule, representing Lagos West.
Senator Adebule, who was in charge of the debate, claimed that the current arrangement had led to overlaps in responsibilities and inefficiencies, allowing for corruption and mismanagement. The bill attempts to establish an independent body to streamline the process and prevent leakages.
Asset recovery is opaque and unaccountable due to the lack of coordination and standardized procedures among the organizations, according to Adebule.
Also available are Senate Sets Up, 20-Man, and Committee For National Security Summit.
The lawmakers’ initial views on the bill were polarized.
Senator Emmanuel Udende opposed the bill, despite Senator Sani Musa’s partial support for it, calling for stricter oversight and putting a stop to the creation of a new agency.
Udende warned against the proliferation of government bodies by claiming that an data-preserver-spaces=”true”>existingan> organizations like the Economic and Financial Crimes Commission (EFCC) have the authority to manage recovered assets.
Legislators like Senator Isah Jibrin, who argued that “there are leakages by agencies that recover these assets, and we need to block them through an independent agency,” have opposite views.
Former Nigerian Minister of Education, Obiageli Ezekwesili, has been appointed as an advisor to the Club de Madrid, the world’s largest forum of democratic former presidents and prime ministers.
Club de Madrid, in a post on X, said, “On behalf of all of us, thank you @obyezeks for joining @ClubdeMadrid. Your leadership, vision, and commitment to democratic values are deeply appreciated. We are honoured to count on your voice as we work to advance inclusive democracy worldwide”.
Confirming the appointment of the Spanish group via her official X account, the Ezekwesili stated, “I accepted the invitation to become an advisor to @ClubdeMadrid – Club de Madrid, ‘ the world’s largest forum of democratic former Presidents and Prime Ministers, who leverage their individual and collective leadership experience and global reach to strengthen inclusive democratic practice and improve the well-being of people around the world'”.
The public policy expert and democracy advocate expressed her appreciation for the platform’s continued commitment to solving global challenges.
“As our global context becomes even more complex, the leadership vacuum delays solutions to ‘ global public Bads. ‘ I therefore deeply appreciate how these former leaders of democracies around the world continue to dedicate themselves to helping solve our global challenges and amplify opportunities for cooperation. Delighted to support”, she said.
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On behalf of all of us, thank you @obyezeks for joining @ClubdeMadrid.
Your leadership, vision and commitment to democratic values are deeply appreciated. We are honoured to count on your voice as we work to advance inclusive democracy worldwide. https://t.co/cRhYhMWD2V
Established in 2001 and headquartered in Madrid, Spain, the Club de Madrid comprises over 100 members from more than 70 countries.
All members are former heads of state or government, offering their expertise pro bono to support current leaders, civil society, and institutions across the globe.
The organisation focuses on strengthening democratic institutions, reClub de Madridsolving political conflicts, and promoting good governance.
It also convenes Annual Policy Dialogues and Policy Labs, creating platforms for high-level exchanges on pressing global issues.
In April 2025, its Policy Dialogue addressed the reform of global financial governance to better align with shared democratic values.
The first-quarter’s economic parameters, including the interest rate of 27.50 percent, have been kept by the Central Bank of Nigeria’s Monetary Policy Committee.
After the committee meeting on May 19 and 20, CBN Governor Olayemi Cardoso made the announcement.
The committee decided to keep the MPR at 27.50% and the asymmetric corridor at + 500/-100 basis points at its 299th and 20th February 2025 meeting.
The deposit money bank cash reserve ratio was 50.0 percent and the merchant bank’s ratio was 16%, while the liquidity ratio was 30.0 percent, respectively.
Read more about CBN’s non-resident BVN for Nigerians living in the diaspora here.
Cardoso made reference to the National Bureau of Statistics (NBS) inflation rate of 23.71 per cent while revealing the MPC’s decision on Tuesday.
The annual inflation rate for April 2025 decreased from 24.23% in the previous month to 23.71%, according to the NBS.
The inflation rate for the largest portion of the inflation basket, food inflation, increased slightly from 21.9 per cent in March to 21.26, primarily as a result of the price of some commodities like maize, wheat, yam, and wheat.
Cardoso, CBN Governor,
The CBN governor praised the Federal Government for putting forth measures to boost food supply and intensify the fight against insecurity, especially in rural communities, while stating that food inflation remained moderate in April.
The MPC urges security organizations to maintain the momentum while the government offers farmers the protection they need to boost local food production, he said.
Inflationary Pressures
However, the committee acknowledged that legacy structure factors, such as rising electricity prices, persistent foreign exchange demand pressure, and other, contributed to inflationary pressures.  ,
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The Federal Government’s new policies were also reviewed by the MPC to boost local production, lessen foreign exchange demand pressure, and lessen domestic prices’ effects from higher rates.
In the Baure Local Government Area of Katsina State, the Emir of Daura, Alhaji Umar Faruq Umar, has taken Iliya Mantau, the village head of Mantau, to the top of the list of people who allegedly participated in the kidnapping and rape of a married woman.
Beginning on May 19, 2025, the emir announced that Iliya Mantau would no longer serve as the village head of Mantau. A new representative will soon be appointed to ensure justice and integrity.
Following a string of complaints from Yarmaulu residents last week, which led protesters accused the deposed village head of being involved in the abduction of Zulaihatu and her baby, the decision was made on Monday.
Read more about Bandits abducting several others in Katsina and killing 19 people there.
After receiving a ransom of N20 million, the woman allegedly committed rape.
Despite the fact that the incident was being heard in court, the emirate’s delay in taking action almost a year later also sparked public concern.
However, when Umar Faruq Umar announced the village’s removal, the Daura Emirate emphasized that it would not tolerate any form of abuse of the populace.
He added that all citizens who wish to report injustices or file complaints should remain informed about the emirate.
However, the emir cautioned the general public against spreading unfounded rumors, urging them to keep abiding by the law and pursue legal remedies.
People should come forward and report their complaints to the Emirate if they feel wronged, even if it is my child. This is the people’s emirate.
We will never condone the abuse of anyone because this Emirate has previously removed a traditional leader it had appointed, he said. Sarki Abdurrahman once ordered his son’s imprisonment for wrongdoing, and that is why we will never condone it.
Ishaq Oloyede, the Registrar of the Joint Admissions and Matriculation Board, has been requested by the South-East Caucus of the 10th House of Representatives due to the technical glitch found in the 2025 Unified Tertiary Matriculation Exam.
Additionally, it demanded that the entire examination be completely canceled and a new start date for the nationwide exercise.
The lawmakers referred to the outcome of the exam as a “national shame” in a statement signed by the caucus leader, Igariwey Iduma Enwo.
They urged the immediate suspension of those in the JAMB’s digital operations and examination logistics in response.
UPDATED: JAMB Registrar Fights Tears, Apologises For Errors In 2025 UTME
The JAMB registrar is portrayed as a good man, but then leadership has to have consequences. We therefore urge Professor Ishaq Oloyede, the JAMB’s Registrar, to do the necessary by stepping down in order to allow for a thorough investigation and remediation of this national embarrassment.
We anticipate no less than that in any civilized democracy. During a press briefing on May 14, Oloyede acknowledged that errors had an impact on candidates’ performance at the country’s 2025 Unified Tertiary Matriculation Examination, which was held at various locations throughout the country.
As Oloyede wiped the tears from his eyes with a white handkerchief, he said, “We are human and we are not perfect. It is our culture.”
Following widespread complaints of technical issues, unusually low scores, and alleged irregularities in the questions and answers during the exercise, he also announced that about 379, 997 candidates would retake the test.
157 out of the 887 centers were affected by a technical glitch, according to JAMB, which led to the candidates’ general poor performance in all other areas.
However, the lawmakers from the South-East claimed that “JAMB’s so-called “score distortions” were having an immediate impact on the five southeastern states they represent, “with no exception”.
They claim that the situation “has clearly shaken the trust and confidence of students and families across the country” due to “a catastrophic and catastrophic institutional failure.”
The lawmakers also argued that making amends for the 2025 UTME examination’s implications was insufficient.
The tainted and flawed results of the UTME exam, according to them, “have clearly stripped and denied them of any “equal and adequate educational opportunities” for the thousands of students across the five South Eastern states of Nigeria.”
Innocent Chukwuma, the founder of Innoson Vehicle Manufacturing (IVM), has expressed hope that the Federal Government’s recently approved “Nigeria First” policy will resurrect the country’s struggling local industries and draw in foreign investors.
According to Chukwuma, who spoke on The Morning Brief, a Channels Television breakfast program, the policy, which places a premium on using locally produced goods and services in all government procurement procedures, could be a turning point for Nigeria’s industrial growth.
Chukwuma, who has long advocated for indigenous manufacturing, highlighted the potential benefits of this policy for entice both domestic and foreign investors to establish businesses in Nigeria.
He claimed that more people will start businesses if the country’s policy on local manufacturing is strong. But it detertes investors when they learn that we, the producers, have endured a lot just to survive. More people will invest with this strategy. People from all over the world have been calling me to discuss how to use this opportunity in partnership.
When I learned about this policy, I was so happy. Because telling ourselves the truth is a good thing, Nigeria has now found a way forward. Nigeria will become great if we start being truthful with ourselves. This administration stands out from other ones because a lot of truth is being exposed, particularly when it is urging consumers to buy locally produced goods, he said.
How is it possible to work for an Innoson company in Nigeria while earning money there? You are paying their workers when you import. However, you are supporting your fellow Nigerian when you purchase locally produced goods. Nigeria provides for Nigeria.
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A Manufacturing Hub in Africa
As long as the right conditions are created, the IVM founder noted that Nigeria has the potential to become a leading hub for African automotive production.
“I don’t believe Innoson should be the only one to do this,” I said. More people should join, please. The industry of industries is the motor manufacturing industry, with its many components. Some companies can start producing components, and Nigeria could be Africa’s center for motor manufacturing. That will aid our country,” he said.
He continued, “We’re not doing this for personal gain alone.” It’s about continuing to support our nation until it is great. There will come a point when you have enough money and stop working, as would be the case with money. However, we are creating a future for Nigeria.
Chukwuma confirmed that the plans are already being worked out when asked whether Innoson is considering listing on the Nigerian Stock Exchange to raise capital and scale operations.
He stated that the “we are 97% through the process of going public.” You don’t just enter and do it; it’s a process that’s almost finished. You’ll soon learn that Innoson is listed on the stock market.
According to him, there is growing international interest in the business as both foreign automakers and Nigerian investors express interest in partnering with IVM.
“Some foreign auto factories want to work with me because they like what I produce. I’m now in the position of deciding which partners are best for me because Nigerians want to invest as well. He said, “I’ve worked hard for this, so I have to make the right choice.”
Nigeria-First Approaches
The Federal Executive Council (FEC) gave the government’s “Nigeria-First” policy its approval on May 5 and places indigenous production first in public sector contracts.
Mohammed Idris, the minister of information and national orientation, stated that an executive order would soon support the policy.
“Without this policy, Nigeria always comes first in all procurement procedures,” he says. Without giving a clear and compelling reason, Idris told reporters at the State House in Abuja, “No foreign goods or devices that are already being produced locally will be purchased.”
He added that the policy is intended to “foster a new business culture that is bold, confident, and very Nigerian” and to encourage government investment in local industries.
Idris added that new guidelines that will favor local manufacturers and service providers have been directed to the Bureau of Public Procurement (BPP).
