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El-Rufai reacts as police halts ADC meeting in Kaduna

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Former Governor of Kaduna State, Malam Nasir El-Rufai, on Thursday expressed strong displeasure over the police order halting a planned meeting of the African Democratic Congress leaders in the state, insisting that the action violated constitutional provisions.For More..Read D Full Story Here Now

El-Rufai, who told journalists during a press conference at his Kaduna residence, said the meeting was meant for the ADC North-West leadership to commiserate with members over last Saturday’s incident in the state where thugs attacked members of the party.

“The plan was that the ADC leadership in the North-West are in Kaduna to commiserate with us over the incident of Saturday. And we were going to have that visit in our office. The police commissioner wrote to say that we can’t hold it in the state,” he explained.

The former governor accused the police of overreaching their powers, claiming that the state Commissioner of Police claimed to have obtained a court injunction stopping the meeting without properly serving it on the affected persons.

“He knows what he’s writing violates the Constitution. This morning, he invited the national vice chairman, North-West, and waved a piece of paper claiming they had obtained a court order stopping us from having that meeting.

“We have not seen the court order. It has not been properly served on us. Even if there is a court order, there is a legal process to serve an affected person, and it has not been served on us,” he said.

El-Rufai, however, noted that the party leaders chose to respect the police commissioner’s position despite the alleged irregularities surrounding the injunction.

“As responsible leaders, we had the choice of going there to have our meeting. Nobody can stop us; we are within our constitutional rights. But we decided that even though we have not seen the order, we believe the commissioner of police. Because we don’t believe the commissioner of police could be lying,” he stated.

He added that the decision to hold the briefing at his private residence was to avoid confrontation with security agencies, noting that he had not lived in the house for 15 years as it was under renovation.

“As responsible leaders of our community, we felt that if a law enforcement officer tells us he has an injunction, we will abide by it. But we are still waiting to be served.

“We want to see that injunction, we want to see the grounds, and of course, we will challenge whatever grounds to the Supreme Court,” he declared.

El-Rufai warned that the matter would not be swept under the carpet, hinting at possible legal battles ahead.

“This is not the end of it. Other things will follow after this,” El-Rufai said.

Efforts to reach the Kaduna Police Command’s Public Relations Officer, DSP MANSIR Hassan proved abortive as calls and messages were unanswered.

The WHISTLER reports that penultimate Saturday, violence broke out at the official inauguration of a transition committee set up by opposition parties in the state.

Suspected thugs armed with cutlasses, clubs and stones stormed the venue, attacking participants and vandalising vehicles.

Despite the mayhem, the event continued in a tense atmosphere, with policemen at the scene accused of failing to act. El-Rufai, who was present, condemned the attack, describing it as a “dangerous descent into lawlessness.”For More..Read D Full Story Here Now

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National Pension Commission (PenCom) changes price disclosure rule

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National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

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Dollar rises in black market on Monday, traders quote new exchange rate

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Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

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