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Prices of commodities, services will drop in coming days — Rabiu
Chairman of BUA Group, Alhaji Abdul Samad Rabiu, has predicted that prices of commodities and services in the country will continue to drop in coming days, citing strengthening Naira.
Speaking to reporters in Lagos after paying Eid-el-Fitr homage to President Bola Tinubu, Rabiu also projected that the with the current trend in the foreign exchange market, the Naira should soon exchange at ₦1, 000 to $ 1.
The BUA founder, who commended President Tinubu and the Central Bank of Nigeria (CBN) for their efforts in stabilising the exchange rate, also lauded the collaborative efforts between the government and the private sector in advancing economy recovery.
“The collaboration between the government and the private sector to hasten the economic recovery is doing very well.
“The biggest issue had always been foreign exchange; you know everything in Nigeria is in the debt of foreign exchange. At a time, it was almost N1900/$, but today, the rate is coming down to almost N1,200/$.
“We knew then that the high rate was due to many factors, including speculation and manipulation, and a lot of people were actually commercializing their dollar.

“We knew that the reform was not going to be easy, it was frosty at the beginning, but now, it is much calmer and I expect that the exchange rate to be below N1000/$.
“We must commend His Excellency, President Tinubu, and the CBN on what they have done and achieved. If the exchange rate is down to where a lot of people can afford it, things will be better,” he stated.
Rabiu also anticipated a gradual decrease in commodity prices in the coming months, citing the recent reduction in diesel prices as an example.
“A lot of companies may have bought things and goods when the rate was higher, so it will take a bit of time before things fizzle out, so I expect that in a few months’ time, you will see that prices will definitely come down.
“For example, the price of diesel a few days back was N1700 per liter, but today, it’s about, N1,200 to a liter
“As a matter of fact, we bought diesel from Dangote Refinery on Monday below N1200/Liter for our transport and operations. We bought quite a lot and definitely, prices will continue to go down.
“I know that Dangote gave us a lower price because of our relationship but that goes to show that prices are coming down and I’m sure and confident that things will continue to come down so we need to be a bit more patient, things are taking shape. The Government has done very well,” he said.
The BUA founder commended the convergence of exchange rates in Nigeria as a significant achievement after decades of disparity, commending the government’s commitment to achieving this milestone.
“This is the first time in over 30 years that I have seen one exchange rate in Nigeria, so it’s really commendable and I believe that in a few months, we will see things going back to normal.
“We all need to come together and support the government and her policies. The government means well but we need to be patient.
“These reforms will take time, it is not easy and it is not something that can be done in one day, so we are working together, especially, now that Mr. President has established a Committee, comprising the government and the private sector, so we are supporting each other.
“We are always advising the government and the government is listening and this is very important. The fact that the government is listening means so much to the Private Sector,” he said. (The NATION)
News
ICPC: Why we detained ex-minister uche Nnaji
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has disclosed that there are two main reasons a former Minister of Science, Technology and Innovation, Uche Nnaji, is being detained by the commission.
It also revealed that legal action was taken against the Enugu-born politician after he failed to honour several invitations extended to him through a letter referenced ICPC/HC/CSTF/GUN/GBT/T.1/VOLV16, and dated 15 May 2026.
John Odey, the spokesman of the commission in a statement on Wednesday explained that the commission later approached Federal High Court, Abuja Division, with the suit No: FHC/ABJ/CS/1160/2026) in order to effect Nnaji’s arrest after his failure to honour invitation.
Nnaji was arrested at the Akanu Ibiam International Airport, Enugu, when he boarded a private jet to Abuja.
Corroborating the development, the ICPC spokesman said Nnaji’s arrest was effected at the Nnamdi Azikiwe International Airport, Abuja, upon his arrival where he was led to the commission’s custody immediately.
According to him, Nnaji is being probed on forgery of academic credentials, specifically concerning a degree certificate from the University of Nigeria, Nsukka (UNN) and False National Youth Service Corps (NYSC) Discharge Certificate, which was submitted during his ministerial screening process in 2023.

The statement read, “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested the immediate past Minister of Science, Technology and Innovation, Hon. Geoffrey Uchechukwu Nnaji (M), following the execution of a bench warrant issued by the Federal High Court of Nigeria.
“The arrest was effected on Wednesday, 1st July 2026 at the Nnamdi Azikiwe International Airport, Abuja, upon Mr. Nnaji’s arrival.
“He was apprehended with the assistance of the Department of State Services (DSS) and subsequently handed over to the ICPC for further investigation.
“The Commission had earlier extended formal invitations to the former minister through a letter referenced ICPC/HC/CSTF/GUN/GBT/T.1/VOLV16, dated 15 May 2026.
“The invitation notices were duly served to his known addresses in Abuja and Enugu, as well as via his electronic mail address.
“Despite service through multiple channels, Mr. Nnaji failed to appear for investigative interviews on the scheduled dates, necessitating further legal action.
“The legal action followed a court order granted by the Federal High Court in the Abuja Judicial Division (Suit No: FHC/ABJ/CS/1160/2026).
“The order, issued on 11 June 2026, directed the ICPC to arrest the former minister to enable investigation into allegations bordering on:
“Forgery of academic credentials, specifically concerning a degree certificate from the University of Nigeria, Nsukka (UNN); and “False National Youth Service Corps (NYSC) Discharge Certificate, which was submitted during his ministerial screening process in 2023.
“Following the arrest, Mr. Nnaji has been taken into custody at the ICPC headquarters in Abuja, where investigations are expected to continue. The Commission assures the public that the matter will be pursued diligently in accordance with the law.”
News
BREAKING: Ex-Minister Uche Nnaji arrested over alleged certificate forgery probe
The immediate past Minister of Science and Technology, Uche Nnaji, was arrested on Wednesday at the Nnamdi Azikiwe International Airport, Abuja, on arrival from Enugu via a chartered flight.
Authoritative sources at the airport confirmed the arrest to PREMIUM TIMES, saying Mr Nnaji would be handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for interrogation.
The reported arrest comes weeks after the Federal High Court reportedly granted the ICPC permission to arrest and investigate Nnaji over the allegations.
The court also authorised the anti-graft agency to declare him wanted through newspapers, social media platforms and other media channels after the commission alleged that he repeatedly failed to honour invitations for questioning.
According to the ICPC, its application to the court followed Nnaji’s alleged refusal to appear before investigators despite several invitations relating to the forgery allegations.
The case stems from a two-year investigation published by Premium Times in October last year, which alleged that Nnaji submitted forged University of Nigeria degree and National Youth Service Corps certificates during his ministerial screening and confirmation process in 2023.

The report alleged that the documents were presented to President Bola Ahmed Tinubu, the Nigerian Senate, the Office of the Secretary to the Government of the Federation and the State Security Service.
According to the publication, Nnaji later acknowledged that the University of Nigeria did not issue him the degree certificate in question, a development the newspaper said corroborated its investigation.Newspapers
The former minister had previously denied the existence of the court order authorising his arrest, dismissing the publication as a “media trial.”
However, on June 18, he reportedly filed an appeal before the Court of Appeal, seeking to overturn the arrest order.
As of the time of filing this report, the ICPC had not issued an official statement confirming the reported arrest, while Nnaji’s legal team had yet to publicly respond to the latest development.
News
Alleged Cybercrime: Court grants Sowore N200m bail, orders two sureties, passport surrender
The Federal High Court in Abuja, on Tuesday, restored the bail it had earlier granted to activist and presidential candidate of the African Action Congress (AAC), Omoyele Sowore.
Sowore is facing a two-count cybercrime charge filed against him by the Department of State Services (DSS) for calling President Bola Tinubu a “criminal” in a social media post.
Trial Justice Muhammed Umar, who had earlier granted the defendant bail on self-recognisance, on June 16 revoked the bail and issued a warrant for his arrest.
The order came after Sowore failed to appear before the court for the continuation of his trial, even though he wrote a letter explaining his absence and requesting a new date.
When proceedings resumed in the case on June 22, Justice Umar ordered the remand of the defendant in Kuje prison.
Dissatisfied with the actions the court took against him, Sowore—whose legal team had initially withdrawn from the case over alleged bias by the judge—secured a new lawyer, who promptly filed a motion to restore his bail and quash the arrest warrant.

When the case came up on Tuesday, Justice Umar held that he was minded to admit the defendant to bail.
However, the court listed some conditions that had to be met before he would be released from prison custody.
Aside from granting him bail to the tune of N200 million, the court held that the defendant must produce two sureties in like sum.
The court also ordered the defendant to surrender his international passport.
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Sowore, in the application he anchored on Sections 35(4), 36(1), and 66 of the 1999 Constitution, as amended, as well as Sections 169 and 352 of the Administration of Criminal Justice Act (ACJA) 2015, insisted that the orders the court made against him were unjust and unwarranted.
The defendant had, on December 2, 2025, pleaded not guilty to the charge marked FHC/ABJ/CR/484/2025, filed against him by the Department of State Services (DSS).
The charges allege offences under Sections 24(1)(b) and 24(2)(a), (b), and (c) of the Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act, 2024.
The offending posts, made on August 25, 2025, were in response to President Tinubu’s claim, made in Brazil, that his administration had ended corruption in Nigeria.
Angered by the posts, the DSS demanded that X Inc. (formerly Twitter) and Meta Platforms Inc. ban Sowore’s accounts and remove the posts.
The security agency also wrote to Sowore, asking him to delete the posts from all platforms.
Non-compliance with the request led to the charges.
The prosecution claims the defamatory posts were intended to cause a breakdown of law and order and to tarnish the president’s reputation.
Exhibits include printouts of the posts and the DSS letters.
X Inc. and Meta were initially co-defendants but were delisted in the amended charge.
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