The Ogun State government, on Tuesday, assured athletes participating in the ongoing National Sports Festival being held in Abeokuta and other parts of the state, as well as the residents of their safety following a diesel tanker explosion near Alake Sports Complex.

The Complex is one of the venues for the Sports Festival.

The Special Adviser to the Ogun State Governor on Media and Strategy, Kayode Akinmade, in a statement, said that while there was an incident involving a diesel tanker that resulted in a fire outbreak, the fire was immediately put out to prevent any damage.

Akinmade commended the promptness and proactiveness of the fire service in the state and the vigilance of officials at the complex, assuring participants at the sports festival of total safety.

“The incident this afternoon involving a diesel tanker close to one of our facilities for the National Sports Festival was very unfortunate. We thank God that the fire was immediately put out to avert any casualties.

“To this end, we want to assure all our athletes and the people of the state of safety and that there is no cause for alarm as the situation is under absolute control,” the statement read.

The Federal Ministry of Housing and Urban Development on Tuesday announced that it has taken delivery of the 753 housing units in the Abuja housing estate of the former Central Bank Governor, Godwin Emefiele.

Recall that the 753 housing units linked to the embattled former CBN were seized by the Economic and Financial Crimes Commission (EFCC).

The Executive Chairman of EFCC, Mr Olanipekun Olukoyede, officially handed over the housing estate to the Minister of Housing and Urban Development in Abuja.

Speaking, the EFCC’s Chairman stated that the handing over of the forfeited properties was a demonstration of the impact of the fight against financial crimes and corruption in Nigeria, as captured in the Renewed Hope Agenda of President Bola Ahmed Tinubu.

He recalled an investigation into the property, which started last year, leading to a civil forfeiture of the asset due to the belief that no one could have owned it legitimately.

The EFCC boss also emphasised the need for accountability and transparency in managing forfeited assets, informing of the directive from President Bola Tinubu to hand over the asset to the Ministry of Housing and Urban Development for completion.

“It is important for us to demonstrate to Nigerians that whatever proceeds of crime that we have recovered in the course of our work, the application of that will be made transparent to Nigerians so that we will not allow looted assets to be looted again,” he said.

The EFCC Chairman said that the estate contained hundreds of apartments on a parcel of land measuring 150,462.86 square meters and located at plot 109, Cadastral Zone, co9, Lokogoma district, Abuja.

He stated that the anti-graft agency would monitor the project completion by the ministry for periodic reports and feedback to the president.

Also speaking, Dangiwa commended the leadership of EFCC under Olukoyede for the sustained efforts in the fight against corruption and the recovery of public assets.

“This marks a significant milestone in our collective determination to ensure that recovered assets are put to productive use in ways that directly benefit the Nigerian people. The housing estate recovered from the former governor of the central bank is a case in point,” he stated.

Dangiwa said that following the formal handover of the estate by the EFCC, the Federal Ministry of Housing and Urban Development will conduct a joint familiarisation tour of the facility alongside the EFCC team to properly assess its state.

“We intend to carry out thorough integrity and structural assessments on all buildings and associated infrastructure to confirm their safety and suitability for habitation,” the minister stated.

The Central Bank of Nigeria’s Monetary Policy Committee has retained all economic parameters from the first quarter, including the interest rate at 27.50 per cent.

The announcement was made by the CBN Governor, Olayemi Cardoso, after the committee’s meeting held on May 19 and 20.

The committee had at its 299th meeting held on 19th and 20th February 2025, decided to retain the MPR at 27.50 per cent, and retain the asymmetric corridor around the MPR at +500/-100 basis points.


It also retained the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent and Merchant Banks at 16 per cent, while the Liquidity Ratio remained at 30.00 per cent.

While disclosing the decision of the MPC on Tuesday, Cardoso referenced the National Bureau of Statistics (NBS) inflation rate for April, pegged at 23.71 per cent.

According to the NBS, the annual inflation rate fell to 23.71 per cent in April 2025, from 24.23% in the previous month.

Food inflation, the largest component of the inflation basket, remained elevated but moderated to 21.26 per cent from 21.79 per cent in March, mainly on account of prices of some items such as maize, wheat, yam and wheat.

CBN Governor, Cardoso
The CBN governor said food inflation remained moderate in April, commending the Federal Government for implementing measures to increase food supply, as well as stepping up the fight against insecurity, especially in farming communities.

“The MPC encourages security agencies to sustain the momentum while the government provides necessary protection to farmers to further boost local food production,” he said.

Inflationary Pressures
The committee, however, acknowledged underlying inflationary pressures driven by high electricity prices, persistent foreign exchange demand pressure, and other legacy structure factors.

The MPC also noted new policies introduced by the Federal Government to boost local production, reduce foreign exchange demand pressure, and lessen the pass-through of higher rates to domestic prices.

“Given the relative stability in the foreign exchange market, members urge the bank to sustain the implementation of the ongoing reforms to further boost the economy,” Cardoso said.