Economy
FG Explains Why CBN Hasn’t Released Funds To LGAs Despite Supreme Court Order
FG Explains Why CBN Hasn’t Released Funds To LGAs Despite Supreme Court Order
FG explains why CBN hasn’t released funds to LGAs despite supreme court order. The Federal Government has shed light on why the Central Bank of Nigeria (CBN) has not yet begun the direct disbursement of funds to the country’s 774 Local Government Areas (LGAs), despite a Supreme Court ruling granting them fiscal autonomy.
Speaking at a national discourse on strengthening local government autonomy organized by the Nigerian Bar Association (NBA), the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), alongside CBN’s Director of Legal, Kofo Salam-Alade, stated that certain crucial modalities were still being put in place to facilitate direct payments from the federation account to the LGAs.
Key Challenges Delaying Fund Release
According to the AGF, a committee comprising representatives from the Federal Government, the Association of Local Governments of Nigeria (ALGON), and the Nigerian Governors Forum (NGF) was formed after the Supreme Court’s landmark judgment on July 11, 2024. This committee is tasked with developing a practical framework for implementing direct allocation payments.
One major hurdle is the process of profiling individuals who will serve as signatories to the LGAs’ accounts. The CBN’s Legal Director, Salam-Alade, explained that the apex bank has no direct banking relationship with LGAs and is currently verifying signatories to ensure transparency and accountability.
“This is a standard procedure under the Know Your Customer (KYC) regulation. Without proper documentation and due diligence, no account can be operationalized,” he stated, urging LGA representatives to complete their paperwork with the CBN.
Governors Accused of Defying Supreme Court Order
Despite the Supreme Court’s ruling prohibiting state governors from unlawfully dissolving democratically elected local government councils, the AGF expressed concern that some states continue to flout this directive. He described this practice as unconstitutional and warned of potential consequences.
“This act amounts to treason and must be treated as such. While governors enjoy immunity under Section 308 of the Constitution, continued disobedience to the Supreme Court’s ruling will have unpleasant repercussions for the state as a whole,” Fagbemi warned.
ALGON Responds
However, ALGON representative Sam Akala countered the CBN’s claims, stating that he was unaware of any official communication regarding the account-opening process for LGAs. Nonetheless, he affirmed ALGON’s readiness to support local governments in ensuring that development reaches the grassroots.
Calls for Full Implementation of Autonomy
NBA President Mazi Afam Osigwe (SAN) emphasized the importance of true democracy at the local government level, stating that ensuring LGAs have financial independence is crucial for stability and development.
“There must be democracy at the local government level. If we fail to get it right there, we may be setting the stage for a bigger crisis,” Osigwe warned.

CBN
The discourse, attended by top government officials and legal experts, underscored the need for a transparent and accountable system that allows LGAs to function independently and effectively serve the people.
What are your thoughts on this issue? Should state governments be held accountable for violating local government autonomy? Share your opinions in the comments!
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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