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ICPC takes El-Rufai into custody shortly after EFCC release

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

 

The former governor of Kaduna State, Malam Nasir El-Rufai, was, on Wednesday, taken into custody by the Independent Corrupt Practices Commission and Other Related Offences Commission.
The former governor was released by the sister agency, the Economic and Financial Crimes Commission on the same day
El-Rufai had arrived at the EFCC headquarters in Abuja around 10 am on Monday for questioning and was held by the commission until Wednesday.
“We have released him today, but he was shortly picked up after he was released by ICPC,” a source said.
Though no official confirmation from the agency or the lawyer to the former governor at the time of filing this report.
The DSS has been on standby for the arraignment of El-Rufai over alleged unlawful interception of the phone communications of the National Security Adviser, and also the reopened investigation into the disappearance of Abubakar Idris, popularly known as Dadiyata.
On Monday, the Federal Government filed criminal charges against El-Rufai before the Federal High Court, Abuja, over alleged unlawful interception of the phone communications of the NSA, Nuhu Ribadu.

The three charges, marked FHC/ABJ/CR/99/2026, were filed under the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024, and the Nigerian Communications Act, 2003.

It accused El-Rufai of admitting during a television interview that an unnamed associate unlawfully intercepted the NSA’s phone communications, and he listened to them.

According to the charge sheet, the alleged admission was made on February 13, 2026, when El-Rufai appeared as a guest on Arise TV’s Prime Time programme in Abuja.

In count one, the Federal Government alleged that El-Rufai admitted during the interview that he and his associates unlawfully intercepted the NSA’s phone communications, an offence punishable under Section 12(1) of the Cybercrimes Act. Count two accused him of knowing and associating with an individual who unlawfully intercepted the NSA’s communications without reporting the person to relevant authorities, contrary to Section 27(b) of the Act.

Count three alleged that El-Rufai and others still at large used technical equipment in Abuja in 2026 to unlawfully intercept the NSA’s communications, an offence punishable under Section 131(2) of the Nigerian Communications Act.

The charges followed El-Rufai’s appearance on Arise TV last Friday, during which he claimed he learned of an alleged plan to arrest him through a leaked conversation from the NSA’s phone.

“Ribadu made the call because we listened to their calls. The government thinks that they are the only ones who listen to calls. But we also have our ways,” he had said.

Separately, the DSS reopened investigations into the 2019 disappearance of Dadiyata, a lecturer at the Federal University Dutsinma, Katsina State, who was declared missing on August 1, 2019, after gunmen reportedly took him from his residence in Kaduna. His whereabouts remained unknown.

A security source said that the DSS recently seized El-Rufai’s passport at the Nnamdi Azikiwe International Airport, Abuja, to prevent him from travelling abroad.

Another source said investigators were examining social media posts made by El-Rufai’s sons, Bello and Bashir, following Dadiyata’s disappearance.

“Former governor El-Rufai claimed that until Dadiyata’s disappearance, he did not know anyone by that name. However, social media posts by his sons suggest otherwise,” the source said, adding that Bello and Bashir would be invited to assist with the investigation.

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

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