The Central Bank of Nigeria (CBN) has refuted reports claiming it disbursed $1.25 billion to major oil sector operators for the importation of refined petroleum products and related items.

On Monday, several media outlets reported that the apex bank allocated $1.25 billion for oil and gas imports in the first quarter (Q1) of 2025.

In a statement on Tuesday, the CBN described the reports as “entirely inaccurate and misleading,” clarifying that the figure quoted in its Q1 2025 Sectoral Utilisation of Foreign Exchange Report does not represent direct disbursements from the bank.

According to the statement, the $1.25 billion figure reflects the total value of foreign exchange transactions carried out by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

CBN spokesperson Hakama Sidi-Ali explained that since the unification of exchange rates in 2023, the apex bank has ceased direct allocation of foreign exchange.

“Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN,” Sidi-Ali said.

She added that the bank has not sold foreign exchange specifically for the importation of refined petroleum or any other products.

Sidi-Ali further clarified that the data cited in the report represents aggregate utilisation by authorised dealers and end-users who sourced FX independently through the market in line with existing regulations.

She emphasised that these transactions were legitimate market activities and not direct CBN interventions in the oil sector.

The spokesperson reiterated the apex bank’s commitment to maintaining a transparent, market-based foreign exchange system that promotes efficient price discovery, economic stability, and investor confidence in Nigeria’s financial ecosystem.

The eagerly anticipated Best of Nollywood (BON) Awards is set to ramp up its 2025 edition with the official announcement of its nominees list on Monday, November 3. The glamorous unveiling ceremony will be led by the Lagos State Commissioner for Tourism, Arts and Culture, Hon. Toke Benson-Awoyinka, and renowned media and advertising guru, Mr. Yinka Adebayo, MD Media Reach.

According to Seun Oloketuyi, founder, Best of Nollywood Awards, the 2025 edition saw an overwhelming response from filmmakers, with over 100 films submitted across 39 competitive categories, reflecting the robust growth and creative depth of the Nigerian film industry.

The grand finale of the BON Awards 2025 is scheduled to hold in Lagos, the epicenter of Nigeria’s creative economy, come Sunday, December 14, with organisers promising an event of unparalleled excellence.

“The sheer volume and quality of submissions this year is a testament to the fact that Nollywood is consistently pushing its boundaries. We had to work harder than ever to arrive at this final list. Our return to Lagos is also symbolic—it’s where the dream began, and this year, we will ensure the event is exceptionally excellent, just like Lagos itself. Filmmakers, fans, and stakeholders should prepare for an edition that will set a new benchmark for film awards in Africa, especially with our Guinness World Record Attempt for the Longest Red Carpet in the world.”

A small passenger aircraft travelling from Kenya’s coastal city of Diani to the Maasai Mara National Park crashed early Tuesday, killing all 11 people on board, including foreign nationals, according to the airline.

The plane, operated by Mombasa Air Safari, was headed for Kichwa Tembo — an airstrip inside the popular Maasai Mara reserve — when it went down around 5:30 a.m. local time (0230 GMT).

Confirming the incident, the chairman of Mombasa Air Safari, John Cleave, said the aircraft had 10 passengers — eight Hungarians and two Germans — alongside a Kenyan pilot.

“Sadly, there are no survivors,” Cleave stated, citing preliminary information. “We have activated our emergency response team and are cooperating fully with the authorities.”

He added that the company’s thoughts and prayers were with the families and loved ones of those affected by the crash.

An earlier statement from the Kenya Civil Aviation Authority (KCAA) reported that the plane had been carrying 12 people at the time of the crash, though the discrepancy has yet to be clarified.

The KCAA said relevant government agencies were already at the scene to determine the cause of the accident.

In a similar incident in August, a light aircraft operated by medical charity Amref crashed near Nairobi, the Kenyan capital, killing six people and injuring two others.

Credit: AFP