Business
Officers Abandon Sinking Police Station
The Ilogbo Police Station in Oto-Awori, a Lagos suburb, is in a decrepit and unsanitary state, according to a check by our correspondent..
The check shows that the dilapidated bungalow has become a threat to the lives of the officers and suspects.
The building, which was built in 1994, is already sinking.
Our correspondent, who visited the station on Saturday, reports that there were cracks on the walls of the building with water coming out from the floor.
The condition of the building has, however, forced the officers and men attached to the station, including the Divisional Police Officer (DPO), to abandon it.
Some of the officers, who spoke on condition of anonymity, lamented that they had been forced to conduct their official duties under the tree in front of the station.
“Whenever it rains, it is difficult to enter the station as it is usually flooded. We cannot go into the building as we suspect it can collapse anytime.
“The building is sinking while the walls are cracking. The station is full of reptiles, such as snakes and alligators.
“We killed a snake in the collapsed toilet sometimes ago … it is unbefitting as a police station,’’ he said.
He called on the police authorities and the state government to intervene without further delay, by demolishing and rebuilding the station.
The DPO, ASP Jeremiah Onoja, told our correspondent :”The condition of the station is quite pathetic, it needs an urgent attention.
Contacted, the state Police Commissioner, Mr Umar Manko, who said he had yet to visit the station, also said that no official report had been brought to his office since he resumed office last month.
“I will soon embark on a tour of divisions and area commands in the state and I will check the station in question,’’ he said.
A community leader, Alhaji Waheed Yusuf, said residents of the area were being mobilised towards the rebuilding of the station.
“As a first step, we want to buy a new patrol vehicle for the station to enable the officers to work outside the station, since their office is almost going down,’’ he said.
Business
Private sector gets N2.2tr credit in 30 days — CBN
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.
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