Business
Rivers/Bayelsa Monarchs Condemn Colleague’s Kidnap
The Rivers/Bayelsa States Joint Council of Traditional Rulers has condemned the recent kidnap of the paramount ruler of Ogboin clan in Bayelsa State, King George Owefa.
The position of the traditional rulers was expressed in a six points communiqué signed by the Rivers/Bayelsa State chairmen of Traditional Rulers council, King T.J.T Princewill and King Joshua Igbara respectively.
The communiqué stated that “ the targeting of Royal fathers by kidnappers for ransom was an insult to culture and tradition”.
The communiqué called on all security agencies in the states to make concerted effort to rescue the victim and bring the perpetrators to book.
Briefing newsmen in Port Harcourt recently, King Igbara who spoke on behalf of Rivers and Bayelsa states described the kidnap of one of their colleague as a taboo, which debases culture and customs.
He expressed displeasure on behalf of the traditional rulers on the issue which he said should be critically addressed.
Meanwhile, the Emohua Youths Council has also condemned the abduction of the Ogboin monarch within Emohua territories. President of Emohua Youth Council, Onunwo Innocent, called on security operatives in the state to wake up to their responsibilities of protesting lives and property.
He demanded the unconditional release of the monarch, and stated that the perpetrators of the act should be fished out and prosecuted.
The whereabout of the abducted traditional ruler who was seized at his project site in Emohua Local Government Area is still unknown, as his captors are still at large.
Tenah Beemene
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
