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Reps Orders CBN to suspend planned retirement of 1,000 staff

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The House of Representatives has constituted a high-level ad hoc committee to investigate the planned mass retirement of over 1,000 staff of the CBN.

The House therefore urged the CBN to suspend further implementation of the retirement exercise and associated payoff scheme pending the outcome of its committee’s investigation.

The resolution to set up the committee was adopted following a motion of urgent public importance by Rep. Kama Nkemkama (LP-Ebonyi) during plenary on Tuesday.

The motion is entitled, “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme.”

In the motion, Nkemkama  stated that the sudden mass retirement of over 1,000 staff, including directors and senior management, raises critical questions.

These, according to him, include the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.

He said that such a significant decision has socio-economic implications for the affected individuals, their dependants, and the broader economy.

The lawmaker said that this would pose risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability.

The House also resolved to engage the leadership of the CBN to evaluate the potential economic and institutional impact of mass retirement on Nigeria’s financial sector.

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BREAKING: Another Newswatch Magazine Co-Founder Passes Away – Yakubu Mohammed Dies at 75

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In a somber development for Nigeria’s journalism community, Yakubu Mohammed, a co-founder of the iconic Newswatch magazine and its former deputy chief executive officer, has died at the age of 75.

Mohammed’s passing, announced recently, follows closely on the heels of the death of his longtime colleague and fellow co-founder, Dan Agbese, who succumbed to a prolonged illness on November 17, 2025, at age 81.

This marks yet another significant loss among the pioneering generation that launched Newswatch in 1984, revolutionizing investigative journalism in Nigeria.

Alongside Dan Agbese, Ray Ekpu, and the late Dele Giwa (who was tragically assassinated via a parcel bomb in 1986), Mohammed helped establish Newswatch as a trailblazing weekly newsmagazine known for its bold, fearless reporting and commitment to truth during a turbulent era in Nigerian history.

Reports indicate that Mohammed had been battling an undisclosed ailment before his death. Just months prior, in October 2025, he released his memoir, Beyond Expectations, which provides deep insights into the magazine’s founding, its challenges, and its enduring impact on Nigerian media.

The deaths of Agbese and now Mohammed represent profound blows to the legacy of Newswatch, which set new standards for ethical, investigative, and interpretative journalism in the country.

Tributes are expected to pour in from media practitioners, political leaders, and the public as the nation mourns another pillar of its press freedom movement. May his soul rest in perfect peace.

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U.S. delivers ‘critical military assets’ to battle terrorists, bandits

Nigeria’s Chief of Air Staff, Air Marshal Sunday Aneke, visited the U.S. to quicken the process for the supply of 12 AH-1Z fighter jets by Bell Textron of California.AH-1Z, a modern attack helicopter, is equipped with advanced sensors and precision-guided weapons with night-fighting capabilities.

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The US Africa Command (AFRICOM), has confirmed the delivery of critical military supplies to Nigeria to support the ongoing security operations against terrorists and other non-state actors.

“This delivery supports Nigeria’s ongoing operations and emphasises our shared security partnership,” said AFRICOM on its official X account yesterday.

AFRICOM, however, did not name the “critical military” tools.

Nigeria’s Chief of Air Staff, Air Marshal Sunday Aneke, visited the U.S. to quicken the process for the supply of 12 AH-1Z fighter jets by Bell Textron of California.AH-1Z, a modern attack helicopter, is equipped with advanced sensors and precision-guided weapons with night-fighting capabilities.

The supply of the critical military tools came after Washington launched deadly strikes on terrorists in the Northwest on December 24.

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World Bank projects Nigeria’s urban population to reach 264m by 2050

According to the report entitled ‘Multi-sector analytical review and pathway to transformation’, Nigeria’s urban population has grown exponentially over the last 65 years – from just under seven million in 1960 to over 128 million in 2024, with nearly half the urban population living in slums.

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The World Bank says that people living in Nigerian cities will over the next 25 years reach 264 million from the current 140.3 million people.

The Bank made the projection in its Global Economic Prospects report, released yesterday, also forecasts that the Nigerian economy will grow by 4.4 percent in 2026 and maintain that pace in 2027.

In the report, Nigeria is expected to be the third most populous country in the world, after China and India

According to the report entitled ‘Multi-sector analytical review and pathway to transformation’, Nigeria’s urban population has grown exponentially over the last 65 years – from just under seven million in 1960 to over 128 million in 2024, with nearly half the urban population living in slums.

It is projected that 70 percent of the population will live in urban areas by 2050, with cities at the centre of the country’s economic future.

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