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The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to instruct the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to halt the increase in Automated Teller Machine (ATM) transaction fees pending the conclusion of the lawsuit on its legality.
SERAP stated that if the CBN implements the ATM fee increase while the suit is still pending before the Federal High Court in Lagos, it would undermine the judicial process and the rule of law.
The civil society organisation, which made the argument in an open letter dated March 1, 2025, signed by its Deputy Director Kolawole Oluwadare, also asserted that the apex bank must suspend the increase and wait for the lawsuit’s outcome.
SERAP further urged the president to seek legal advice from the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN),, regarding the CBN’s legal responsibility to uphold the rule of law by suspending the ATM fee increase while the lawsuit is pending.
This lawsuit followed the CBN’s announcement that ATM withdrawals at bank-owned machines outside their branch premises would now incur a fee of N100 for every N20,000 withdrawn.
Withdrawals made at shopping centres, airports, or standalone cash points would incur a fee of N100 plus a surcharge of up to N500.
In the open letter, SERAP stated that suspending the fee increase would align with the letter and spirit of the 1999 Nigerian Constitution (as amended), the president’s oath of office, and repeated promises to uphold the rule of law.
The organisation insisted that the CBN has the responsibility to uphold due process, protect the integrity of the judicial process, and ensure that its operations do not undermine the rule of law or the court.
It also maintained that the CBN must maintain the status quo as of February 26, 2025, when the court documents were duly served, and during the lawsuit filed by SERAP concerning the ATM fee hike before the Federal High Court in Lagos.
SERAP stated, “The CBN is not permitted to act in ways that would disregard the public interest or create a situation of complete helplessness for the Federal High Court.
“Nigerian courts disapprove of acts of self-help and respond swiftly to such conduct to reinforce that they will not be manipulated to hinder one party while allowing the other to benefit extrajudicially.
“Implementing the increase in ATM transaction fees while the upheld court processes and lawsuit are pending would directly threaten the integrity of the country’s judicial system and the rule of law.
“The credibility and relevance of the judicial system are at risk of being compromised, which could encourage other ministries, departments, and agencies (MDAs) to adopt similarly dismissive attitudes toward pending legal cases.
“The CBN must fulfil its general duty to act in good faith and avoid actions that might undermine the integrity of the judicial process by promptly suspending the increased ATM transaction fees until the lawsuit is heard and resolved.
“We would appreciate urgent action on the recommended measures to uphold the integrity of the judicial process and the rule of law.
“It is in the public’s interest to ensure that the streams of justice remain clear and pure, maintaining the authority and integrity of the court in this matter.
“SERAP filed the lawsuit on February 21, 2025, under number FHC/L/CS/344/2025, against the CBN due to its failure to reverse the unfair and unreasonable increase in ATM transaction fees.
“The court documents were officially served to the CBN in Abuja on February 26, 2025, and the CBN has acknowledged receipt.
“In the lawsuit at the Federal High Court in Lagos, SERAP is asking the court to determine whether the CBN’s decision to increase ATM transaction fees was arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act of 2018.
“It is crucial to keep the streams of justice clear and pure and to uphold the authority and integrity of the court in this case,” SERAP stated.
[Leadership]
Nigeria’s office of the Accountant General of the Federation has identified major setbacks to the implementation of the July 11, 2024 Supreme Judgement on local government councils autonomy.
According to the government agency, the two major setbacks are the failure of LGAs to submit account details, adding that identifying the LGAs that are democratically elected is a prerequisite for receiving the direct payment.
This was contained in the Federation Account Allocation Committee Technical Sub-Committee meeting, the minutes obtained at the weekend.
The meeting was chaired by AGF, Oluwatoyin Madein.
Meanwhile, the OAGF and Office of the Attorney General of the Federation and Minister of Justice have commenced talks to address the setback, according to sources familiar with the matter.
According to the minutes, of the 774 local government councils, only Delta State, with 25 local government councils, has submitted their account details for direct payment.
“So far, only local governments in Delta State have provided account details.
“However, consultation with the Attorney-General of the Federation on the modalities of the submission of the accounts was still ongoing,” it said.
Addressing the challenge, Madein said a system was set to be implemented, but the initial challenge was in determining which local government councils had constitutionally elected chairmen.
She remarked that this foundational stage remained unclear.
“Additionally, for those with properly elected leadership, the question arose as to what mechanisms would be deployed to ensure they receive direct allocations.
“This was because numerous complexities needed to be addressed,” she said.
Recall that the Central Bank of Nigeria had commenced profiling the chairmen and signatories to the bank accounts of the 774 local government areas in the country as part of processes to commence local government autonomy.
The Director of Legal Services at the CBN, Kofo Salam-Alada, in a notice explained that this was necessary to ensure financial accountability.
“This is all about standard procedure in the form of KYC (Know Your Customer). Anyone who will be a signatory to the account must be profiled.
“The process is ongoing, and we are collaborating with the AGF’s office. We have also written to the LGAs,” he said.
However, the Association of Local Governments of Nigeria said it had received no communication from the apex bank concerning the opening of bank accounts.
ALGON Chairman in Abia State and Chairman of the Mayor Isuikwuato LGA, Chinesu Ekeke, said the CBN had yet to invite any LG chairman for signatory verification.
“No, we have not been invited for signatory verification. I am just hearing it. I have not heard it from any other source.
“I have not seen any publication to that effect, even at ALGON headquarters; nobody has informed us,” he stated.
This comes as the National Union of Local Government Employees earlier warned the CBN against aiding state governors in undermining the financial autonomy of local government councils.
DAILY POST recalls that the Supreme Court had, on July 11, 2024, affirmed the financial autonomy of the 774 local government areas in the country and prohibited governors from further control of funds meant for the councils.
The apex court also directed the Accountant-General of the Federation to pay local government allocations directly to their accounts, declaring the non-remittance of funds by the 36 states unconstitutional.
But eight months after the judgement, the financial autonomy has yet to take effect.
[DailyPost]
The House of Representatives will today begin an investigation into outstanding debts by several oil companies to the Federation Account amounting to about N9.4 trillion.
In a statement, House spokesman Akintunde Rotimi said the investigative hearing is in compliance with the committee’s constitutional mandate under sections 85, 88, and 89 of the 1999 Constitution (as amended), as well as Order XX – Rule 6 of the House of Representatives Standing Orders (11th edition).
The statement revealed that during the review of the Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ended December 31, 2021, and following further in-depth investigations, it was discovered that as of the last quarter of 2024, several oil companies owed a total of approximately N9.4 trillion to the Federal Government.
It added that the amount covered unpaid royalties, concession rentals, and gas flare penalties, besides obligations arising from production-sharing contracts, repayment agreements, and modified carry arrangements.
He said: “Despite the clear provisions of the Petroleum Industry Act – which require such debts to be settled within 30 days – many of these liabilities have remained unsettled since 2021.
“In light of these findings, the Public Accounts Committee hereby invites the oil companies listed below to submit the previously requested documents and appear before the committee in Meeting Room 446 of the Fourth Floor of the House of Representatives at the National Assembly Complex in Abuja at 10 a.m. prompt.
The companies listed to appear before the committee include: Addax Petroleum Exploration Nigeria Ltd, AITEO Group Chevron Nigeria Limited (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Limited, Shell Nigeria Exploration and Production Company, Esso E & P. Limited (Usan, Erha), First E & P. Limited, Frontier Oil Limited, General Hydrocarbons Limited, Nigeria Agip Exploration Limited (NAE), Panocean Oil Nigeria Limited (OML 147), Neconde Energy Limited, Total E and P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63)
The others are: Oando Oil Limited (OML 60, 61 & 62), Heirs Holdings, Platform Petroleum Limited, Shell Petroleum Development Company (OML 27), Universal Energy Limited/Sinpec, Shoreline Natural Resources, Star Deep Water Petroleum Limited, Sahara Field Production Limited, and Mobil Producing Nigeria Unlimited (OML 67 & 70), among others.
The statement said: “This notice supersedes all previous communications regarding the dates for appearance. Every company is required to be represented by its Chief Executive Officer, in person, and any other officer(s) well-versed in the issues under investigation.
“The committee cautions that failure to appear on the designated date may result in further action being taken against the defaulting organisation.”
[TheNation]
A National Youth Service Corps member, Rofiat Lawal, who was abducted along the Benin-Ore Expressway last Tuesday, has disclosed that her abductors threatened to force her into marriage and take her to Sokoto if her family refused to pay a ransom.
This is just as she narrated that one of the abductors, who are Fulani, took her NYSC uniform and wore it.
PUNCH Metro reports that Rofiat was abducted on her way to her place of primary assignment in Oyo State while coming from Edo State.
The abductors initially demanded a ransom of N20m but after several negotiations, they reduced it to N5m.
A friend of Rofiat, identified as Agbakwara, who raised the alarm about her abduction on his Facebook page, had on Saturday narrated how she was eventually freed after her family paid a ransom of N1.1m to an account purportedly belonging to a family of another kidnapped victim.
Narrating her experience in an exclusive interview with our correspondent on Sunday, Rofiat noted that the kidnappers waylaid the vehicle she boarded along the Ore area of the expressway.
She disclosed that out of the 10 passengers in the vehicle, six of them were kidnapped and led into a bush along the expressway.
She added that valuable items such as money and mobile phones were taken from all the victims, including her NYSC uniform, which one of the kidnappers wore.
The corper said they trekked for seven hours on the first day they were abducted before they were allowed to rest.
She said, “On our way coming from Benin to Ore, they stopped our vehicle. I was sitting at the front and what I heard was gunshots. When I raised my head, I saw three people with guns in front of the vehicle and three people at the back. The driver tried to escape but he could not. So, they asked us to lie down and took six of us.
“They led us into the bush, searched us and collected our phones and money. Some of the victims were marketwomen and they collected all their money, which ranged from N600,000 to N1.2m and so on, but I was with N15,000, which they took from me. One of them took my NYSC uniform and wore it.
“After they collected our valuables, we trekked from 3 pm to 10 pm in the bush. During the day, they would ask us to sit somewhere in the forest and at night, they would ask us to start trekking. That was how we spent the four days with them.”
She narrated that other victims, who were mostly elders and traders, were beaten on several occasions during the four days of captivity.
When asked if she was hurt, she narrated that they did not torture her compared to what was done to others, but one of the kidnappers threatened to force her into marriage and take her to Sokoto State.
“One of them said he would marry me and take me to Sokoto if my family refused to pay ransom. I was less harassed, unlike the other victims who were older than me. I was the youngest among those of us who were kidnapped. They did not even know if I was a corps member or not, they were just concerned about the money they wanted to get from us.
“I don’t know the total ransom that the six of us kidnapped paid as ransom. Some paid N2m, N3m and so on, depending on how your family negotiated.”
Asked if they ate during the four days of captivity, she replied that the kidnappers were prepared with garri, which they gave to them on a few occasions.
“They carried a cooler with them which was stored with garri. That was what they gave us on a few occasions.
“They were prepared for the operation and it does not seem like that was their first time doing it.
She urged the NYSC authority to avail her of some period of rest considering the traumatic experience she had within the four days.
“The NYSC authority has reached out to me. The State Coordinator and my Local Government Inspector have called to check up on me. My appeal is that they should give me some days to rest and get medical attention because of the traumatic experience I had gone through for the four days.
“I do not regret participating in the NYSC because what will happen will happen. Others whom we were kidnapped together were not NYSC members,” she concluded.
She thanked her family for raising the ransom and getting her out of captivity.
[Punch]
Human rights activist and lawyer, Dele Farotimi, has said that despite the withdrawal of criminal charges against him, he was still weighing options over his 21-day incarceration and legal battles.
Speaking on The Duke Rants podcast published to YouTube weekend, Farotimi was asked what he would say if he met Chief Afe Babalola today.
He said: “Like a good Yoruba boy, I’ll give him his salutations. It doesn’t change the fact that I’m still considering my options as regards what to do about what I went through.”
Pressed on what options he was considering, he said: “Oh, all the areas of options that are open to a person who was unlawfully kidnapped from his office, hauled before a magistrate for a non-existent crime.”
Farotimi recounted the irregularities surrounding his arrest, stating that law enforcement officials violated standard legal procedures.
“Policemen crossed five state lines, entered a sixth state — from Ekiti to Ondo, to Osun, to Oyo, to Ogun, and then crossed into Lagos. Somebody has to explain the basis of my incarceration for 21 days,” he added.
Recall that earlier in February, Farotimi disclosed that, despite Afe Babalola withdrawing his petition against him, he still faced four separate lawsuits filed by members of Babalola’s law office across different states.
He said: “My inability to speak to certain aspects of this issue is borne out of the fact that, despite the discontinuation of the criminal proceeding, I still have four suits that I am aware of, in four different states of the federation, filed by members of the same law office, against my person.’’
His legal troubles began after Babalola petitioned Ekiti State Commissioner of Police, alleging that Farotimi defamed him in his book, ‘’Nigeria and Its Criminal Justice System.’’
Following his arrest, Farotimi was arraigned before an Ekiti State Magistrate Court for alleged criminal defamation and before the Federal High Court in Ado Ekiti for alleged cyber-bullying.
On January 27, Babalola announced his withdrawal of the cases after interventions by the Ooni of Ife, Oba Adeyeye Ogunwusi, and other traditional rulers.
However, Farotimi’s legal challenges are far from over.
Farotimi strongly defended his book, insisting it was based on research and personal experience, rather than falsehoods.
“I did not sit down in a beer parlour; I was not at an officers’ mess; I was not gossiping. It was not idle, cheap talk. I wrote a book.
“Let us deal with veracity. Anybody can go and read and then come back and challenge me with the lie that I have told,’’ he declared.
He dismissed claims that the controversy was about his personal reputation, adding that the real issue at stake was Nigeria’s legal system.
“This is not a trial of Dele Farotimi. Let nobody make that error. It is a trial of the legal system that we have built as a collective,” he asserted.
Farotimi also emphasised that his book was not intended as a personal attack on Babalola or any individual but was a critique of systemic corruption within the judiciary.
“Chief Afe Babalola is more than old enough to be my father,” he said. “I did not set out to destroy the man or to tarnish his image. Nothing personal. I was writing about the institution of the judiciary.”
[Vanguard]
…. Absorbs N16bn loss by refunding N65/litre to marketers for Nigerians to benefit from cheaper fuel
...Insists Nigerians deserve good quality, affordable fuel products
Dangote Petroleum Refinery & Petrochemicals has announced that it will refund customers who purchase Premium Motor Spirit (PMS) at rates higher than the advertised prices from any of its key partners – AP (Ardova Plc), Heyden, or MRS – across Nigeria.
This move follows the refinery's recent reduction of its gantry price from N890 per litre to N825 per litre. The refinery stated that this is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and in line with President Bola Tinubu's Renewed Hope Agenda, which aims to stimulate the economy.
In a statement issued over the weekend, the refinery confirmed it will refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890 per litre, prior to the new rate of N825 per litre. Dangote refinery also absorbed N16bn loss by refunding N65/litre to marketers for Nigerians to benefit from cheaper fuel
“The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people,” the statement said.
The refinery emphasised that this initiative extends beyond MRS Holdings, Ardova Plc (AP), and Heyden. It urged other marketers sourcing stock from it to pass on the benefits of the new pricing to consumers at the retail level, encouraging a collective commitment to affordable, quality products.
Dangote also condemned any exploitation of the new pricing structure. “It is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at a rate of N825 per litre and then sell to consumers at N945 or more per litre. This constitutes excessive profiteering, further burdening Nigerians for personal gain,” the statement added.
"Dangote Refinery in its effort to ensure good quality and affordable fuel for Nigerians, is working with its partners to make this price accessible. Consumers who purchase fuel above the advertised rate at any of its key partners – AP (Ardova Plc), Heyden, or MRS – anywhere in Nigeria, are encouraged to report to Dangote Refinery with their receipts for a full refund of the excess amount.
The approved rates per litre are as follows: MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East; Heyden and AP: N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
With the new gantry price set at N825 per litre, Dangote Refinery expects that no Nigerian will pay more than N900 per litre for PMS, regardless of location or petrol station. The refinery also underlined its commitment to providing high-quality, eco-friendly fuel that benefits vehicle performance and supports public health.
“Our commitment aligns with the objectives of President Bola Tinubu’s Renewed Hope Agenda, which champions self-sufficiency in critical sectors like energy. We remain dedicated to supporting Nigeria’s economic growth and ensuring every Nigerian has access to affordable, high-quality energy solutions,” the refinery said.
Dangote Refinery concluded, “This initiative is one of many ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country. In this journey toward energy security, we stand united with the Nigerian people, always striving to provide lasting solutions and a more prosperous future for all.”
Cryptocurrency prices retreated sharply last week as Bitcoin dropped below $80,000, and the crypto fear and greed index moved to the extreme fear zone.
The main focus among traders this week will be on the upcoming crypto summit at the White House and Friday’s nonfarm payroll data. Some of the top cryptocurrencies to watch this week will be Bitcoin 
BTC8.92%Bitcoin, Pi Network 
PI-14.75%Pi Network, and Hedera Hashgraph 
HBAR6.29%Hedera.
Bitcoin
Bitcoin price will be in the spotlight this week because of Friday’s crypto summit. A potential outcome of the event will likely be an announcement on whether the US will launch a Strategic Bitcoin Reserves or SBR.
Bitcoin price retreated to $78,118 last week, and then bounced back to $85,000, where it found substantial resistance. An SBR announcement would be a highly bullish catalyst for the coin.
However, Bitcoin faces some risks ahead. It is attempting to retest the important resistance level at $89,128, the neckline of the double-top pattern at $108,600. Also, the spread between the 50-day and 200-day Weighted Moving Averages has narrowed, risking a death cross formation.
The Awesome Oscillator has moved below the zero line since Feb. 4, while the Relative Strength Index has moved close to the oversold level. Therefore, there is a risk that the BTC price will resume the downward trend this week and retest the support at $78,117.
Pi Network
The Pi Network price has had an eventful performance since its mainnet in February. It dropped from $2 to $0.59 and then bounced back even as other cryptocurrencies retreated. It reached a high of $3 as hopes of a Binance listing rose.
Recently, however, the Pi coin price has crashed by over 42% to $1.6 after the developers postponed the KYC grace period again until March 14.
Pi Network price will be in the spotlight this week as Binance potentially lists it, a move that may trigger other tier-1 exchange listings. Hopes that Binance will list it after the conclusion of a poll in which over 85% participants voted in favor of it.
Pi Network price will likely bounce back now that it has formed a falling wedge pattern on the hourly chart. This pattern comprises two descending and converging trendlines, with a breakout happening when the lines near their convergence.
Hedera Hashgraph
Hedera Hashgraph price jumped last week after inking a partnership with Swift, which handles trillions of dollars annually.
The hourly chart shows that the token surged from $0.1816 on Feb. 28 to a high of $0.2652. It has moved above the key resistance at $0.2308, the highest swing on Feb. 21.
HBAR price has formed a combination of a falling wedge and a bullish pennant patterns. A bullish pennant comprises a tall vertical line and a triangle-like consolidation pattern.
Therefore, Hedera Hashgraph price will likely have a strong bullish breakout, with the next point to watch being the weekend high at $0.2652.
[Crypto News]
XRP has flipped Tether (USDT) in market cap, reaching $158.86 billion and surpassing USDT’s $142.38 billion valuation, making it the third-largest cryptocurrency after Bitcoin and Ethereum.
The crypto market is on fire, with XRP, Cardano (ADA), and Solana (SOL) soaring in the past 24 hours — a rally fueled by Donald Trump’s post on Truth Social.
The president doubled down on his pro-crypto stance, announcing plans for a U.S. Crypto Reserve that would include XRP, SOL, and ADA, Bitcoin and Ether.
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump posted on Truth Social, adding that he will make “sure the U.S. is the Crypto Capital of the World.”
Following Trump’s statement, XRP surged 26.1%, ADA skyrocketed 49.7%, and SOL gained 18.1%. Investors are speculating that Trump’s endorsement of specific altcoins could bring increased institutional and government adoption.
Bitcoin (BTC) and Ethereum (ETH) also saw gains, with BTC rising 3.8% to $87,894 and ETH climbing 2.9% to $2,237.
Short traders wiped out as market spikes
With prices surging, short sellers betting against the market were hit hard. In the past 24 hours, 93,415 traders were liquidated, bringing total liquidations to $356.36 million, according to CoinGlass. The largest single liquidation order occurred on HTX’s BTC-USDT pair, totaling $39.86 million.
Of the $357.7 million in liquidations, $248.67 million (69.52%) were shorts, meaning traders betting on lower prices were burned as crypto prices soared.
One whale, who was long on BTC and ETH with 50x leverage, has closed most of his positions, pocketing over $6.8 million in just one day, according to on-chain analytics firm Lookonchain.
[TheStreet]
The Labour Party (LP) has accused Valentine Ozigbo, the 2021 Governorship candidate of the Peoples Democratic Party (PDP), whom it described as “a nominal member of the LP,” of betrayal and making a serious attempt to demarket the LP.
Obiora Ifoh, the LP’s National Publicity Secretary, said this in a statement in Abuja on Sunday.
According to him, the attention of the LP’s leadership was drawn to interviews granted to some national televisions by Mr. Ozigbo, “Though until recently a nominal member of the Labour Party but a familiar face in the Peter Obi Campaign Council wherein he made serious attempts to demarket our party in his attention seeking antics.”
Ifoh said, “As a party, we rarely respond to media attacks by individuals who, for political reasons, create some aura of importance around their persons but, in actual fact, are liabilities to both the party they belong to and also to their constituents.
“But for Val Ozigbo, the Labour Party views his present pitiable position as quite unfortunate and can only advise him that no one gets into a position of power through betrayal and desperation.
“It is a fact that Val Ozigbo contested the Anambra governorship election in 2021 under PDP and woefully lost to an APGA candidate.
“In that election, he sought and got huge support, both financial and moral, from many Nigerians, many of whom he has now shamelessly denied.
“When he joined the Labour Party after the emergence of our presidential candidate in 2022, his mission was very clear: to work for the candidate.
“He tagged along the campaign without adding any value whatsoever to the campaign, hoping to earn some popularity with his closeness to the candidate.
“Today, Ozigbo has shown his real character, and he is even claiming that his association with the Obidient family was a disservice to his political ambition.”
The LP Spokesman further said, “Let me at this point reveal real reasons why Val Ozigbo left the Labour Party.
“Though he cited the party’s national convention and defections, however, it is a known fact that the issue of the national convention held in Nnewi, Anambra state, has been clearly and decidedly addressed by the courts in favour of the incumbent executive.
“Also, the defection is a national malaise affecting all the major political parties, and these defections are being challenged in the courts.
“The truth is that Val Ozigbo would rather contest the election in a political party where he hopes to be rewarded by the government in power when he loses the election.
“It is a fact that he has been financially challenged after the 2021 election, and he is desperately in need of resuscitating himself.
“It is obvious that Mr Ozigbo has neither the interest of the nation nor Anambra State as he claimed; rather, his interest is clearly pecuniary.
“Unfortunately for him, virtually every political party in Nigeria knows his trajectory in politics and his character of joining a political party a few months before the governorship election, buying the candidacy, blocking other more focused aspirants, wasting the slot and dumping the party without qualms.
“We advise Mr Ozigbo that the parties have since learnt that they can never be used again as Special Purpose Vehicles by desperate politicians whose only interest is to seek personal glory and dump them at the end of the day.
“In the case of the Labour Party, he had thought that his fake fraternity with the Presidential candidate would earn him the candidacy unopposed, but he was disappointed by the leadership of the party in his ward and state who confronted him with the facts of his non-support of the party.
“Val Ozigbo, in his entire membership of the Labour Party, never supported the party even in his polling unit.
“Every politics is local, but to him, endorsement from the top is all that matters. It will interest you to know that in the 2023 presidential election, the Labour Party lost the election in the polling unit in front of Ozigbo’s residence.
“It tells you how weightless Ozigbo is politically. I doubt if any serious political party will toy with his candidacy in the coming Anambra governorship election.
“The party, of course, reminded him very clearly during the July 2024 Anambra State Congress, where all his nominees were flatly rejected in a free and fair contest.
“The very embarrassed Val Ozigbo read the handwriting on the wall, and that pushed him to rebel against the party leadership. Unknown to many, Mr. Ozigbo actually left LP in July 2024 after that disgraceful outing.
“Obviously aware that he has been ostracized politically, he quickly joined in stoking the crisis in the party leadership, which he is now citing as one of the reasons he left the Labour Party.
“We want also to advise him that being a destructive agent against a party that once offered him a platform to achieve his political aspirations can be cruel and hardly a way to go in politics, the consequence of which can be disastrous.
“His adversarial critique of the party is not just infantile but has also gone further in diminishing his already frustrated personality.
“Politics is all about competition; you cannot attain any position in the struggle for power if you are afraid to compete. Probably, the quality of aspirants in the Labour Party in the Anambra state governorship race and low confidence in himself may be another reason why he took the sudden flight from the party, but we still wish him well in his future political engagements.”
Analysts have labelled the consumer goods sector as undervalued in the Nigerian stock market, highlighting that macroeconomic conditions and consumer engagement are crucial for its growth.
This topic was explored on the podcast “Drinks and Mics,” co-hosted by Ugo Obi-Chukwu, CEO of Nairametrics; Akinbamidele Akintola, CCO of Alerzo; and Arnold Dublin Green of Cordos Capital.
When asked which sector presents undervalued growth opportunities, the CCO of Alerzo remarked, “Undervalued right now, I think the consumer goods sector.”
Further elaboration revealed that the existing macroeconomic conditions and consumer engagement in the sector are not strong enough to attract investors seeking undervalued opportunities.
Despite revenue growth for most consumer goods stocks, favourable macroeconomic conditions and supportive factors are still necessary to fully transition the sector to a bullish phase.
“It is not volume; volume is growing, but the price of consumer goods is moving faster than volume,” Akinbamidele noted.
The analysts cautioned that price shocks resulting from increases could deter consumers in the short term, potentially leading to bearish price movements in company stocks.
Spike in finance costs
Finance costs for major FMCG companies in Nigeria surged by 133.3% year-on-year, reaching N1.074 trillion in the first nine months of 2024, compared to N460.22 billion in 2023.
- Companies such as Champion Breweries, International Breweries, Nigerian Breweries, BUA Foods, Dangote Sugar, NASCON, Unilever, Cadbury, and Nestlé are facing mounting pressure from increased foreign exchange losses, challenging debt profiles, and rising interest rates.
- This significant increase underscores the broader economic challenges impacting these companies. Nigeria’s economy has been grappling with rising interest rates, driven by the central bank’s efforts to combat inflation, which has made borrowing more expensive and increased the cost of servicing debt.
- Additionally, the devaluation of the naira has resulted in substantial foreign exchange losses for companies with dollar-denominated liabilities.
For FMCG companies, these issues are further compounded by declining consumer purchasing power, which limits their ability to pass on rising costs to consumers.
Market trend in 2025
The Consumer Goods Index is experiencing a strong upswing in 2025, following a year-to-date performance of 54.44% in 2024. This bullish momentum is marked by significant price increases driven by strong rallies in key individual stocks.
- The year 2025 began with the index at 1,743.4, quickly surpassing the 1,800 mark to reach 1,809.1 by the fifth week.
- However, a slight pullback in early February brought the index down to 1,733, reflecting a decline of over 3.60% from its previous high of 1,809.1.
Despite this setback, the index experienced a rebound, aided by a rise in heavyweight stocks during the week ending February 21, 2024.
For February 2024, the index achieved a 1.70% month-to-date performance, finally ending the month at 1,839 with a market volume of 14 million shares.
[Nairametrics]
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Peter Obi, in a statement on Sunday in which he reacted to the various happenings in different parts of the country, said Nigerian leaders are engaging in frivolities while various national issues of utmost importance are left unattended.
Touching on the allegations of sexual harassment between Senator Natasha Akpoti-Uduaghan and Senate President Godswill Akpabio, to the Lagos House of Assembly speakership saga, to the recent Supreme Court judgement on the Rivers State political crisis, Obi submitted that what is coming out of the three arms of government is disgusting and uninspiring.
He further appealed that the leaders of the three arms of government should avoid undue interference in happenings at the state levels.
Instead, the former Anambra State Governor urged Nigerian leaders to take urgent steps in addressing the myriad of challenges facing the country and its citizens.
Obi also accused Nigerian leaders of neglecting serious governance in favour of political rascality, thus making a mockery of leadership.
He concluded that Nigerians deserve better and that the leaders must take urgent steps to correct the various irregularities.
In his words, “It is deeply troubling that Nigeria’s political leadership is rapidly descending into an embarrassing spectacle.
“We are at a time when our nation faces the highest levels of actual and multidimensional poverty, soaring infant mortality rates, millions of out-of-school children, one of the most insecure and hunger-stricken nations on earth, grappling with escalating insecurity and countless other challenges.
“One would expect our leaders to be focusing and sacrificing solely on providing urgent, transformative solutions to this myriad of problems but not necessarily.
“Instead, the national discourse is consumed by trivialities, whether it is allegations of sexual harassment or budget padding in the National Assembly, controversies surrounding State Houses of Assembly speakership, reckless Court judgments threatening to destabilize or deprive the State of funding to provide needed services to the citizens.
“What is coming out of the three arms of government, the Executive, the Legislature and the Judiciary is disgusting and uninspiring. The Executive show of negative power as seen in Osun state, the reckless Judiciary pronouncement on Rivers State that is capable of threatening democracy plus the embarrassing scandal from the National Assembly all combine to give a gloomy picture of our democratic journey.
“Leaders in these three arms should avoid undue disruptive interference in affairs of sub-national government activities.
“Urgent steps should be taken by the leadership of the three arms to stabilize our polity and stem politicians from defecting to parties where they feel it will be easier to rig them into office.
“This reckless neglect of serious governance is a grave disservice to the millions of Nigerians who deserve competent, accountable leadership focused on solving real problems.
“The blatant display of political rascality, coupled with widespread irregularities, paints a distressing picture of a leadership that has abandoned its core responsibility to the people and is making governance resemble a theatrical performance rather than a serious commitment to public service.
“While citizens bear the crushing weight of various hardships due to misgovernance, those in power prioritize personal interests and political gamesmanship over the nation’s well-being.
“This mockery of leadership is not only unacceptable, it is a betrayal of the people’s trust.
“Nigeria cannot afford to be governed like a reality TV show while millions suffer for so long. It is time for leadership rooted in character, competence, capacity, consistency, compassion, and urgency—leadership that prioritizes education, healthcare, and poverty alleviation.
“Anything less threatens the nation’s stability, undermines the present, and betrays the nation’s future.
“A new Nigeria is POssible! -PO.”
[NaijaNews]
Former Governor Achike Udenwa of Imo State has said Nigerian elections can be bought by those who have enough money.
Speaking on State Affairs, a podcast hosted by On-Air-Personality, Edmund Obilo, the number one Imo citizen between 1999 and 2007, lamented the role of money in Nigeria’s electoral process.
Udenwa said the Independent National Electoral Commission (INEC) and security agencies can be influenced.
“Unfortunately, our society has grown to such a level where if you say vote for me, I am no longer asking what you can do. What are your antecedents? What type of character do you have? We don’t ask such questions again,” he said.
“Even if I don’t vote for you, you can buy your way through if you have the right amount of money,” he said.
Asked if politicians could buy INEC, the police, the army, and even the electorate, he responded, “You can buy everybody.”
Udenwa, who is a member of the Peoples Democratic Party Board of Trustees, also blamed the ruling All Progressives Congress for the ongoing crisis in the PDP.
While acknowledging that the PDP has internal challenges, he maintained that external forces were contributing to the party’s instability.
“There are external hands trying to destroy the PDP through internal sources. We are still battling the problem, and I believe PDP will not be destroyed,” he said.
[DailyTrust]
…threatens nationwide protest
The Nigeria Labour Congress (NLC) has vowed to resist any plan by the Nigerian Electricity Regulatory Commission (NERC) to further increase electricity tariffs by migrating other electricity consumers to Band A.
The congress threatened to mobilise its members for a nationwide protest should the regulatory agency go ahead to implement any fresh tariff increase in electricity.
It also warned telecommunication companies not to go back on the 35 per cent increase in telecommunication services agreement reached on February 21, 2025, between it and the Federal Government through the Joint 10-Man Committee.
The NLC decided during the National Executive Council meeting in Yola, Adamawa State, where it also commissioned some Compressed Natural Gas (CNG) driven Mass Transit Buses for the North East Zone.
In a communique issued at the end of the NEC meeting and signed by NLC President, Joe Ajaero and General Secretary, Emmanuel Ugboaja, the Congress said: “NEC unequivocally rejects the ongoing sham reclassification of electricity consumers by the Nigerian Electricity Regulatory Commission (NERC), which seeks to forcefully migrate consumers from lower bands to Band A under the guise of service improvement while, in reality, imposing unjustified extortion on the masses.
“This systematic exploitation, sanctioned by the Ministry of Power, is nothing short of economic violence against the working class and broader Nigerian populace. It is evident that the ruling elite, acting as enforcers of global monopoly capital, are determined to further deepen the misery of the Nigerian people through incessant tariff hikes, increased taxation, and relentless economic strangulation. Whereas inflation has soared, wages remain stagnant, and the cost of living has become unbearable, the ruling class continues to transfer the burden of their fiscal irresponsibility onto the already impoverished working masses.
“NEC-in-session warns that any attempt to announce further electricity tariff increases will be met with mass resistance.
“Consequently, the Congress resolves to immediately mobilise for a nationwide protest should the Ministry of Power and NERC proceed with their exploitative plan to further hike electricity tariffs under any guise. The NLC shall not stand idly by while the Nigerian people are subjected to the unholy machinations of capitalist profiteers and their state collaborators.”
It added: “On the 35% Tariff Hike in Telecommunications Services: NEC acknowledges the agreement reached on February 21, 2025, between the Nigeria Labour Congress (NLC) and the federal government through the Joint 10-Man Committee, which reduced the initially proposed telecommunications tariff hike from 50% to 35%. However, Congress remains vigilant, recognising the long history of infidelity.
“NEC categorically warns that should the implementation of the agreement on March 1, 2025 not be as agreed, the National Administrative Council (NAC) is mandated to immediately deploy all necessary instruments to enforce compliance in line with the February 10th, 2025 Central Working Committee (CWC) directive.”
The NLC called on all affiliates, industrial unions, and progressive allies to remain on high alert and fully prepared to engage in decisive mass action against all anti-people policies of the state.
“The Congress reiterates that no society can sustainably develop under a regime of corporate plunder and neoliberal enslavement. The Nigerian working people must, therefore, remain resolute, organized, and uncompromising in the collective struggle for a fair and equitable Nigeria where the dominance of fat cats at the expense of the masses will be greatly reduced to create a socioeconomic balance,” it added.
[TheNation]
Former spokesperson for the Labour Party Presidential Campaign Organisation, Kenneth Okonkwo, has met with former Vice President Atiku Abubakar, the Peoples Democratic Party presidential candidate in the last election.
Okonkwo, an actor-turned-politician and once a staunch supporter of LP’s presidential candidate, Peter Obi, shared details of the meeting on his Instagram account on Saturday.
“It’s a privilege and honour to be invited by His Excellency Atiku Abubakar for a consultative meeting on how best to chart a new course for our beloved country.
“The situation in Nigeria today requires the cooperation of every well-meaning Nigerian to ensure that our country is restored to its path of greatness,” Okonkwo wrote.
His meeting with Atiku comes months after he resigned from the Labour Party, citing Obi’s failure to build the party into a formidable political force capable of challenging the ruling class.
Okonkwo had accused Nigeria’s leadership of being dominated by “kakistocrats and kleptocrats” and stressed that a strong grassroots-based political party was necessary to wrest power from bad leaders.
“After the 2023 general election, Nigerians, including me, had high hopes for the Labour Party. I believed that Peter Obi would seize the momentum and build a solid party of integrity… However, I continued in his defence believing he would still privately bring the needed solution to LP problems, (but) to no avail,” he had said at the time of his resignation.
Despite his criticism of the LP, Okonkwo previously stated that he had no intention of joining the PDP or APC but was open to consultations with like-minded individuals to determine his next political move.
His recent meeting with Atiku has sparked speculations on social media about his political future and potential alliances.
However, Okonkwo has not publicly declared any shift in political affiliation.
[Punch]