The Joint Admission and Matriculation Board (JAMB) says it will allow a resit for candidates who initially missed the 2025 Unified Tertiary Matriculation Examination (UTME).

Ishaq Oloyede, registrar of JAMB, met with chief external examiners, civil society organisations, and tertiary institution stakeholders on Wednesday in Abuja.

During the 2025 UTME in April, candidates had complained of being unable to sit for the exam due to being posted to far-flung centres.

The results from JAMB’s 2025 UTME were released on May 9 after the exam ended on May 5.

A breakdown showed that more than 78 per cent of candidates scored less than 200 points out of the 400 maximum points obtainable.

This spurred protests that questioned the overall integrity of the examination process.

JAMB undertook an early review and uncovered a major “technical error”.

Oloyede said the results of 379,997 candidates across 157 centres in its Lagos and south-east zones were affected.

JAMB conducted a resit examination, starting from May 16 and extending beyond May 19.

At JAMB’s office in Abuja, Oloyede said about 95 per cent of those marked for the resit UTME in Lagos and the south-east participated.

To accommodate the estimated 5.6 per cent of candidates who missed it, he said JAMB is organising a special mop-up exercise.

Oloyede also said all candidates who missed the examination initially would be allowed to retake it, regardless of their reason for absence.

“Normally, we hold one mop-up nationwide for those with one issue or another. This time, we are creating a new mop-up. Even those who missed the earlier exam due to absence we will extend this opportunity to them,” the registrar said.

During his May 14 conference, Oloyede attributed the 2025 UTME technical error to faulty server updates that led to the failure to upload candidate responses during the first three days of the examination.

Oloyede said the problem, which was caused by one of its technical service providers, went undetected before the results were released.

On May 15, the house of representatives resolved to probe the examination body over the technical error.

On April 19, the south-east caucus in the house of representatives demanded the resignation of the JAMB registrar.

The lawmakers also called for the cancellation of the 2025 UTME for a fresh examination to be conducted.

[TheCable]

The Manufacturers Association of Nigeria (MAN) is deeply concerned and worried about the continued decision of the Central Bank of Nigeria (CBN) to maintain the Monetary Policy Rate (MPR) at 27.5 percent since November 2024, despite a global wave of interest rate reductions aimed at revitalizing economic productivity and combating stagflation.

We are perturbed that when most progressive economies are charting a course toward industrial recovery and macroeconomic stability, Nigeria’s monetary stance tends to lead us in a different direction. Over the last quarter, countries such as members of the Euro Area, the United Kingdom, Denmark, Australia, China, India, Thailand and Egypt, have implemented interest rate cuts to bolster economic growth and support productive sectors. Yet, our rigidity continues to create unintended consequences that may deepen the parlous performance of the productive sector.

A nation cannot industrialize on the back of prohibitively expensive credit. With the benchmark interest rate held at 27.5 percent, Nigeria has become the 6th most expensive country to source credit as local manufacturers grapple with an average lending rate of over 37 percent. This policy posture is not only inflationary, but is suffocating the capacity of the manufacturing sector. Compounded by other limiting factors, our members—small, medium and even large-scale—are finding it increasingly difficult to stay afloat, expand production lines, or even meet basic operational costs.

When credit is priced highly, production declines and the nation "imports poverty". Our concerns go beyond the debilitating impact on our numbers business. The "Nigeria First Policy", which seeks to strengthen local industry and reduce import dependence, may be under severe threat. At the heart of its successful implementation lies access to affordable financing to boost capacity utilization. Unfortunately, the current interest rate regime constrains finance costs for our members, surging by over 44 percent from ₦1.43 trillion in 2023 to ₦2.06 trillion in 2024 and rising. This represents a sharp increase that has directly depressed productivity and led to underutilization of industrial capacity.

The high cost of credit has not only diminished the flow of investments into the manufacturing sector but has also dulled the return on existing investments, with Small and Medium Industries hit the hardest. Confidence in the industrial outlook has waned, as evident in the dip in the Manufacturers CEO’s Confidence Index from 50.7 points to 48.3 points. This mirrors the growing anxiety of our manufacturers. 

A nation that woos foreign portfolio investors at the expense of its real sector may unwittingly be aspiring to build prosperity on the back of volatility. We are disturbed by the implicit prioritization of short-term foreign capital inflows over the long-term health of domestic industries. While maintaining a high interest rate of 27.5 percent may temporarily attract speculative foreign portfolio investors, it is doing so at the expense of Nigeria’s manufacturing base, which is now choked by unsustainable borrowing costs.

What is evident now is the widening profitability of the banking sector, buoyed by elevated interest margins, while manufacturers contend with shrinking margins, rising debts and declining productivity. This is an economic paradox that must be urgently addressed. The current monetary policy trajectory risks turning banks into vaults of idle wealth, while the real economy—where jobs are created and value is added—faces suffocation. A society that rewards intermediaries over producers invites long-term decline.

Access to affordable credit is the oxygen that sustains industrial growth and no economy has ever grown by starving its manufacturers of oxygen. The Manufacturers Association of Nigeria is ever committed to collaborating with the Government and all stakeholders to achieve macroeconomic stability. We therefore earnestly beseech the CBN to urgently reconsider its monetary stance. 

Moreover, recent disinflationary trends provide justification for the CBN to cut rates. Real interest rates have improved, already giving financial investors higher inflation-adjusted returns. Therefore, maintaining a high nominal interest rate under current inflation conditions is neither necessary nor justifiable, and will only prolong the pain for manufacturers and consumers alike.*

In light of the above, MAN calls on the CBN to:

➢ Cut the benchmark interest rate significantly to reflect current realities and ease the credit burden on manufacturers.

➢ Deploy moral suasion and policy incentives for commercial banks to facilitate single-digit, concessionary interest rates to the manufacturing sector.

➢ Facilitate the approval of the ₦1 trillion earmarked for 

manufacturers under the Stabilization Plan to support industries struggling under current financial pressures.

➢ Facilitate significant increase in the capital base of the Bank of Industry (BOI) to scale up its capacity to meet the sector’s growing credit demands.

➢ Settle the outstanding $2.4 billion Forex Forward Contracts to restore manufacturers’ confidence and end the unprecedented decapitation of the financial viability of the affected industries. This will also improve access to non-locally available raw materials.

➢ Facilitate a policy direction to peg the customs duty exchange rate for importing industrial inputs, especially raw materials and machinery, to prevent further inflationary pass-through effect.

Industrial confidence is a fragile currency and once broken, it takes time to rebuild. Nigeria cannot afford to lose its manufacturing momentum at a time when the world is repositioning for the next wave of industrial transformation. The commendable reform measures of this administration may not be helped by the persistent high cost and constrained access to funds. The current monetary policy is not only undermining manufacturers' confidence but also jeopardizing national economic resilience.

We urge the Central Bank to act decisively and in synergy with the fiscal authority to ensure that Nigeria’s manufacturing sector does not sink deeper into stagnation. The time to act is now.

Segun Ajayi-Kadir mni

Director General

Manufacturers Association of Nigeria

The Zamfara State Government has debunked a story claiming that Zamfara Christian convert, Zainab, is set to stand trial in Sharia Court on Friday for switching religions.

A statement by the spokesperson of the Zamfara Governor, Sulaiman Bala Idris, revealed that the report is completely false and taken from social media sites that seek to generate traffic.

The statement added that it has been verified beyond a reasonable doubt that no such case exists before any Shari’ah Court in Zamfara State.

“The attention of the Zamfara State Government has been drawn to mischievous fake news circulating about a 22-year-old Miss Zainab Muhamadu, who is facing the death penalty for converting to Christianity.

“We want to categorically state that it is the handiwork of enemies of peace, who are hellbent on creating a tension where there is none.

“The fake news, which was spread on social media by an online platform notorious for circulating unverified stories and falsehoods, is nothing more than a failed attempt to disrupt peace.

“The Zamfara State Government has acted swiftly by summoning all relevant authorities and security agencies to verify the authenticity of the story, which ultimately proved to be a blatant falsehood created by Sahara Reporters.  

“To ensure accountability and certainty, the state government has confirmed with the Grand Khadi of the Zamfara Sharia Court of Appeal regarding any similar cases. He stated that there has never been such a case before any Shari’a court in Zamfara State.

“The question is, where does this perilous and divisive narrative originate? What are its underlying motives? What do those promoting this story hope to accomplish in the long run?

"We are living in intriguing times. Media platforms that should provide the public with verified stories are becoming complacent, merely copying and pasting content from social media accounts eager for likes and comments.

“The woman whose picture was used in the fake news is not Nigerian. Her name is Aalia, and she is from Texas, United States.

“The Zamfara State Government believes it is essential to clarify that nothing of this nature is happening in the state. This situation exemplifies yellow journalism that we must all denounce.

“We urge the relevant security agencies to investigate the source of this fake, misguided story, which seeks to create significant religious tension, and prosecute anyone found responsible. We must all do our part to ensure the peace of this country.”

SULAIMAN BALA IDRIS

Spokesperson for the Zamfara Governor

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says Nigeria’s naira is now competitive.

Cardoso spoke while addressing questions from journalists during the post-monetary policy committee (MPC) briefing.

Citing the recent round of global currency depreciation triggered by the United States’ policies and geopolitical tensions, the CBN governor said early policy reforms by the bank have helped Nigeria weather global economic shocks, stabilise the naira, and built investor confidence.

“Relative to other countries, Nigeria came out very well. We were able to ensure that our depreciation was very modest,” Cardoso said.

“That, in my view, reflects the measures we had taken earlier to stabilise the economy.”

He warned that without the policy reset, initiated 18 months ago, “the results would have been disastrous for us.”

The CBN governor said Nigeria’s external reserves improved significantly due to increased transparency and investor interest.

“These reforms have given confidence to many players who were previously on the sidelines. The numbers speak for themselves,” Cardoso said.

On recent engagements with Nigerians abroad and foreign investors, the CBN governor described the feedback as “overwhelmingly positive”.

“This is the first time we’re hearing investors say it’s no longer a question of whether they should come to Nigeria — but when,” he said.

Cardoso also addressed the launch of the non-resident bank verification number (NRBVN) platform, a tool designed to support diaspora transactions.

“Trust remains a challenge, and remittance costs are still high. But we’re committed to closing that gap by offering secure platforms and attractive products, like India has done,” Cardoso said.

He said regional trade would benefit from the overhaul of payment systems across West Africa, as Nigeria now has a more “competitive currency” that should incentivise exports and drive surplus growth.

“Now is the time for Nigerian businesses to expand across the sub-region. If we continue this path, we can deepen our surplus,” he said.

Cardoso restated that one of the core goals of the bank is rebuilding institutional trust after years of erosion, noting that consistency and transparency remain central to the strategy.

“We’re on a mission to restore confidence and build back trust. It isn’t something that will happen overnight. But we’re being deliberate and consistent,” he said.

“We recognise the need to reset the Central Bank completely and start over in some areas. And we are doing so.”

Cardoso also highlighted the importance of publishing audited financial statements — which resumed in 2024 after more than two decades.

“The publication of our audited statements is part of the transparency drive. It validates the tough choices we’ve made. For example, we inherited over a trillion naira in losses, but within a year, that has been reduced to N30 billion,” he said.

He cautioned against comparing the central bank to commercial banks, stating “we are a monetary authority, not a profit-seeking institution. The key takeaway from our statements is accountability, not profitability”.