Global payment giant Mastercard has made a significant step towards bridging the gap between traditional financial institutions and Web 3 by announcing a first-of-its-kind Bitcoin debit card.

The Non-custodial Bitcoin debit card by Mastercard would allow its holders to make purchases directly with Bitcoin by making use of their debit cards like a regular everyday transaction.

The New development opens up Bitcoin holders to over 100 million existing merchants who support Mastercard for their everyday transactions.

The Web 3 debit card is a product of a partnership between Mastercard and Mercuyro, a crypto payment infrastructure provider.

The debit card is set to be rolled out to European users in its pilot stage.

The new Mastercard Web 3 Debit card is Euro-dominated and is designed with the concept of self-custody giving its users total control over their assets, unlike Centralized wallets where assets are partly in the custody of the providers.

Mastercard’s Web 3 integration Strategy  

Mastercard’s partnership with Mercuyro isn’t the first time the global payment giants are partnering with a Web 3 firm to integrate crypto into their services.

Mastercard in August rolled out a crypto debit card in partnership with Metamask a leading self-custodial wallet firm in the crypto industry.

The payment giants through its principal member Immersive also had a similar collaboration with Xaman Wallets a self-custody wallet firm to roll out Self custodial Web 3 wallets.

• Immersive is a global web3 card-issuing platform that is backed by Mastercard and aligns with the principal company’s goal to promote self-custody adoption in the global finance industry.
• Besides Immersive and Mercuyro, Mastercard has similar partnerships with other crypto projects with the same goal of self-custody adoption in view. The global payment giants have partnered with Baanx Group, Monavate, and 1inch to name a few.
• Mastercard’s blockchain and digital asset lead Raj Dhamodharan explained in an Aug 14 blog post-Mastercard’s policy and motive behind its push for more self-custody in the payments industry.
• The blog post explained the complexities involved in using crypto for everyday transactions with centralized wallets which often involve the use of crypto exchanges.

‘The complexities of this process have been an obstacle for both buyers and sellers as it limits both choice and the purchasing power of stored crypto ’Raj explained  

Mastercard believes self-custody web 3 debit cards solve this problem while integrating cryptocurrency into everyday global transactions.

Features and unique offer  

The new Web 3 debit card by Mastercard and Mercuyro comes with some responsibility and commission for its prospective holders.

• The card charges a 1.6-euro ($1.8) issuance fee and a 1-euro ($1.1) monthly maintenance fee. The firm also charges an off-ramp 0.95% fee per transaction.
• However prospective holders of this card are set to enjoy some unique advantages which make the card a worthy investment.
• Users could expect some freedom, control, and simplicity in using their crypto assets for everyday transactions courtesy of the new debit card.

[Nairametrics]

The Independent Media and Policy Initiative (IMPI) has linked the origin of Nigeria’s fuel subsidy to the administrations of former military Heads of State, General Yakubu Gowon and General Olusegun Obasanjo.

IMPI alleged that the former military Heads of State implemented the subsidy during a time of economic prosperity.

Speaking to journalists in Abuja, Chairman of IMPI, Niyi Akinsiju, noted that the subsidy was initially meant to be a short-term response to a global oil price surge driven by the Organization of Petroleum Exporting Countries (OPEC).

Akinsiju pointed out that the subsidy system was meant to be discontinued during periods of economic downturn, but has persisted despite its distortions to the economy.

He expressed concern over the criticism directed at the current government by labor unions over the recent removal of the fuel subsidy, noting that many Nigerians had advocated for its elimination before 2023.

Akinsiju highlighted that under both Gowon and Obasanjo, fuel prices rose in response to economic conditions. Under Gowon, the price of petrol increased by 40%, from six kobo per liter to nine kobo, while Obasanjo oversaw a 70% rise, from nine kobo per liter to 15.3 kobo.

He said: “General Olusegun Obasanjo, then military head of state, formalised the petroleum subsidy regime into law when he numbered it among products for which the government would be responsible for fixing their prices and for which they should not be sold above the fixed prices.

“This was a short-term measure to cushion the rising international oil price. It was intended as a temporary fiscal response to an oil price spike instigated by the actions of the Organization of Petroleum Exporting Countries, OPEC.

“It is, however, instructive to note that under the two principal protagonists of subsidy, the price of petrol recorded increments in response to emerging economic realities. Under Gowon, the price increased by 40 per cent from six kobo a litre to nine kobo a litre, while under Obasanjo, it skyrocketed by 70 per cent from nine kobo a litre to 15.3 kobo a litre.

“Our argument is that subsidies were introduced into the Nigerian economic ecosystem as a consequence of the availability of fiscal resources. They were then a mechanism for a fairer redistribution of the country’s wealth among the populace in times of huge revenue earnings.

”When there is a downturn, the tendency is to halt their implementation because of the distortion inherent in their continued application.

“But, as it were, the subsidy and we as a people have become economic Siamese twins. Every move by the government to stop its application since 1988 has been received with uproar and outrage, despite the material changes in the economic dynamics that informed the policy in the first place.

“This latest furore over fuel price increase is typical of other times. The Nigeria Labour Congress, NLC, has taken its traditional front role and, as always, pointing fingers at the federal government for being responsible for the price increase.

“However, as a body of analysts, we submit that all this trouble-mongering should stop.”

[NaijaNews]

The National Publicity Secretary of the All Progressives Congress (APC), Felix Morka, has admitted that President Bola Tinubu’s administration’s inevitable reforms have increased Nigerians’ economic hardship.

According to him, Tinubu’s APC-led administration was taking bold measures to reset the country’s long-broken economy, improve national security, and restore the country to wholesome and sustainable development.

Morka said these in reaction to recent statements by the party’s former national vice (North-west), Salihu Lukman, who called on opposition leaders, particularly former Vice President Atiku Abubakar (PDP), ex-governors Peter Obi (LP), and Rabiu Kwankwaso (NNPP), to galvanise and wrestle power from APC’s Tinubu.

In a statement on Tuesday, the APC spokesperson said since his exit as APC national vice chairman,  Lukman has been sleepless in search of political relevance and seemed to have found for himself “for now, a new role as the chief discordant trumpeter for a cacophonous political opposition.”

“His(Lukman) latest call for opposition leaders to unite against the APC is a calculated move to cobble political relevance, divert attention from the administration’s substantial progress, and further his selfish agenda. Lukman is simply a cantankerous political rodomont.

“It is ludicrous to tout opposition PDP and Labour Party (LP) that cannot even manage their internal affairs as capable of offering responsible and visionary leadership to Nigeria. The same opposition parties Lukman devoted many years lampooning as inept, chronically corrupt, unpatriotic and destructive to our democracy.

“It takes an overdose of blinding self-interest to vacillate between extremes without reason or rationality. In all of his painfully verbose Sisyphean letters to the Greek gods, Lukman has not explained to Nigerians why he believes as he believes in the failed opposition parties.

“The APC-led administration of President Bola Tinubu is taking bold measures to reset our country’s long-broken economy, improve national security and restore the country to wholesome and sustainable development.

“No doubt, these inevitable reforms have increased economic hardship for our people.  The unwillingness of previous administrations to undertake these reforms and tackle the problems at their roots is why the economy has remained in the doldrums for a long time.

“It would be easy and painless for President Tinubu to do as his predecessors have done, continue business as usual, kick the can down the road for future administrations to deal with while the rot and stagnation fester. But in keeping with the renewed hope agenda of his administration, he has chosen to tackle the country’s generational economic problems for the good of present and future generations of Nigerians.

“In the fullness of time, this President shall be vindicated for his vision and unwavering commitment to the national interest and the common good of all.

“We urge Nigerians to remain focused and undistracted by the opposition’s pettiness and disinformation and to continue to support President Tinubu in his commitment to building greater progress and a more vibrant future for our country,” Morka added.

[Leadreship]

Super Eagles interim coach, Augustine Eguavoen says he is still in in charge of the three-time African champions.

According to OwnGoalNigeria, a sports website, Eguavoen said his assignment was limited to two matches.

The Nigerian tactician was quoted to have said he was given a mandate to oversee the Eagles’ matches against Benin Republic and Rwanda in the ongoing 2025 Africa Cup of Nations qualifiers.

“I have been given a mandate to handle two games. I will want to say I am very pleased with the boys and again, thanks to the NFF leadership and all the boys who supported me in terms of discipline and working hard.”

“It ends today, which is the two games mandate. I can’t talk about Libya, because I haven’t been told but I can talk about it a little bit in case we have another coach, we can talk about it.” he reportedly said.

But speaking on arrival at the Nnamdi Azikiwe International Airport, Abuja in the early hours Wednesday, Cerezo as he is fondly called, denied quitting his role.

According to him, he only said he was going to discuss with the leadership of the Nigeria Football Federation )NFF) on how to prosecute the remaining qualifying series.

“It’s quite unfortunate that people trigger something that is not correct and the situation we are in now, we don’t need negative stories.

“I only talked about how I will sit down with the hierarchy of the Federation after these two games and see how we will prosecute the next games. When I saw the story, I was kind of worried and concerned. Whatever people are reading out there is not correct. I’m still very much in charge as the technical director of the federation and saddled with the responsibility of taking charge of the Super Eagles at this moment,” he clarified

Recall that Eguavoen was named the interim coach after German coach, Bruno Labbadia declined the role after being unable to reach an agreement on tax payment.

Eguavoen led the team to 3-0 win over Cheetahs of Benin before being held to a 0-0 draw by Wasps of Rwanda in the ongoing 2025 Africa Cup of Nations qualifying series.

[DailyTrust]

Nigerian singer, Temilade Openiyi, popularly known as Tems, has addressed rumours that she was pregnant for American rapper, Future.

DAILY POST recalls that Tems sparked pregnancy rumours after she was spotted at Burberry’s Spring/Summer 2024 London Fashion Week show in December last year, donning a black dress with a purple fluffy coat and matching heels, and many thought that the way the dress was clinging to her body suggested that she was pregnant.

Appearing on a recent episode of ‘The Breakfast Club’, Tems questioned the choice of Future, who was allegedly responsible for her supposed pregnancy.

She wondered why those behind the rumours didn’t claim Wizkid or Drake was responsible for her supposed pregnancy.

“People just take the most controversial things. Because I was thinking like, why am I pregnant for Future? Why Future? Because that’s the craziest,” she said.

“Why not Wizkid? Why not Drake? Why not somebody else? If it was Drake, it would be the same thing but the reason why it is Future is because of his reputation.

“He has about five kids. And has a reputation of being a ladies’ man.”

Tems also revealed the top rap artistes that inspired her.

She mentioned Lil Wayne, Kendrick Lamar, Drake, Ab-Soul, Andre 3000 and J.Cole.

She was featured in Drake’s ‘Certified Lover Boy’ album in 2021.

J.Cole was one of only two featured artistes on Tems’ debut album, ‘Born In The Wild’, which was released this year.

[DailyPost]

Nigeria’s first-ever foreign-currency domestic bond has secured $900m in subscriptions.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this while discussing the results of the historic bond issuance on Tuesday.

He noted that the oversubscription reflects investor confidence in Nigeria’s economic stability and potential for growth.

Edun explained that the successful issuance of the domestic dollar bond marks a significant step in the government’s efforts to deepen economic growth and promote financial inclusion.

He added that this achievement demonstrates the government’s commitment to diversifying funding sources amid economic challenges.

“The issuance of this inaugural domestic FGN US Dollar Bond highlights the continued faith investors have in Nigeria’s economy,” Edun said.

The bond attracted a wide range of investors, including Nigerians both locally and abroad, as well as institutional investors. The proceeds from the bond will be allocated to critical economic sectors, as approved by President Bola Ahmed Tinubu.

The $500 million domestic FGN US Dollar Bond, with a five-year maturity and a 9.75 per cent coupon, is the first tranche of a $2bn bond programme registered with the Securities and Exchange Commission. The structure of the bond allows the government to absorb oversubscriptions up to the full $2bn programme limit.

The Director-General of the Debt Management Office, Patience Oniha, described the bond’s success as a pivotal moment for Nigeria’s economic development. She noted that the $900m raised from diverse investors underscores the growing sophistication of Nigeria’s domestic fixed-income market.

Oniha praised the efforts of all parties involved in the bond issuance, crediting their expertise for the transaction’s success.

[Punch]

The Federal Government yesterday rejected accusation of rights abuse made against it by the United Kingdom (UK) Trade Union Congress (TUC), over the arrest of Joe Ajaero, president of the Nigeria Labour Congress (NLC), insisting that nobody, including the NLC president, is above the law in Nigeria.

Recall that President of Nigeria Labour Congress, NLC, Mr. Joe Ajaero, was arrested and detained by the Department of State Services, DSS, at the Nnamdi Azikiwe International Airport, Abuja, en route London to attend a conference of the Trade Union Congress, TUC, of UK.

The Federal Government, in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the NLC president was arrested by operatives of the Department of State Services (DSS) because he refused to honour the invitation of a law enforcement agency carrying out an investigation.

“The Nigerian government was wrongly and falsely accused of rights abuse because the NLC President, Joe Ajaero, was stopped from travelling abroad after he snubbed the invitation of a law enforcement agency conducting an ongoing investigation.

“Clearly, under the Constitution of the Federal Republic of Nigeria 1999 (As Amended), no person is above the summons of law enforcement agencies and lawful investigation.

Government’s position came on a day Ajaero gave insight into his ordeal in the hands of operatives of DSS and other security agencies, following his Monday arrest.

He also confirmed to Vanguard yesterday that the DSS has released his seized international passport and mobile phones.

This is even as the secret police said yesterday that its presence at the Abuja office of the Socio-Economic Rights and Accountability Project, SERAP, did not amount to invasion, adding that its operatives were there for investigation.

However, former Vice President Atiku Abubakar lampooned the Federal Government over Ajaero’s arrest and takeover of the Abuja office of SERAP.

At press time yesterday, it was gathered that the secret police had pulled its operatives out of SERAP office to which they laid siege on Monday.

‘FG wrongly accused of rights abuses’

Onanuga said, “We are not aware that there is anyone in the United Kingdom or anywhere in Europe and the United States, trade union leaders inclusive, who will flagrantly ignore the invitation or summons of MI5 or Scotland Yard or treat the FBI with the level of disdain Mr Ajaero has subjected law enforcement agencies in Nigeria.

“In the United States, for example, former President Donald Trump has been the subject of numerous investigations and prosecutions in courts in several states since he left office.
“Mr. Hunter Biden, son of the President of the United States, has been the subject of a lawful investigation by the FBI.

“We, therefore, reject any notion and allusion to human rights violations in Nigeria. The accusations made by the Trade Union Congress in the United Kingdom are, thus, unfounded and based on a misunderstanding of the situation.

“Besides, the Nigerian Government is being led by a pro-democracy activist president who will do everything to protect civil liberties and the rights of all citizens.

“There is no adversarial relationship between the Labour Movement in Nigeria and the government.

“While labour unions and the government may not always agree on policy direction, the government has consistently shown readiness to engage on any issue with labour despite the latter’s political partisanship.

“Contrary to the erroneous impression being created, the invitation extended by the Department of State Services to Mr. Ajaero has nothing to do with his role as the President of NLC.

“As a responsible citizen of Nigeria, Mr Ajaero should honour any invitation from our security agencies and resolve any issues that may arise during the investigation instead of stirring adverse public opinion against the security agencies.

“It is worth reminding Nigerians and the global community that the federal government recognises that the labour movement exists to protect and defend the interests of its members. What is also worth noting is that Labour, in most cases, only advances ideological positions that fly in the face of economic realities.

“Many ideological stances of the labour unions in Nigeria in the past have only stunted the economic growth and development of the country and even compromised the material well-being of the workers and the poor people they protect.

“A case in point was the strong opposition of the NLC and TUC to the sale of Port-Harcourt and Kaduna Refineries to Bluestar Consortium, promoted in 2007 by Aliko Dangote and Femi Otedola, during the administration of former President Olusegun Obasanjo.

“Seventeen years after the labour movement forced the successor government of Umar Yar’ Adua to cancel the sale of the two refineries, none of the four government-owned refineries worked.

“In the obverse, Mr. Aliko Dangote, one of the promoters of Bluestar, has built the largest single-train refinery in the world. In a twist of fate, the same Labour Movement that fiercely opposed Dangote from taking over the two refineries in 2007 hailed him on completing his 650,000-bpd refinery in Lagos.

“The administration of President Tinubu will continue to promote the best economic interest of Nigerians despite the current challenges. It will also continue to pursue policies and programmes that will expand national economic output and create prosperity for our citizens.”

Ajaero: Labour primed for strike

Similarly, President of Nigeria Labour Congress, NLC, Joe Ajaero, yesterday gave insight into his ordeal in the hands of operatives of the Department of the State Services, DSS and other security agencies, following his arrest on Monday.

Recall that the DSS had seized the NLC President’s phones and international passport after his arrest and detention for no less than 16 hours at the Nnamdi Azikiwe International Airport, Abuja.

Confirming the release of the items yesterday, Ajaero said simply: “Yes, it is true. my phones and international passport have been returned to me by the DSS.”

The DSS, it was gathered, succumbed to pressure from local and international community which forced the government to release the NLC president, ahead of the 12 midnight deadline given government to free the detained labour leader.

Ajaero was arrested and detained by the DSS at the Nnamdi Azikiwe International Airport in Abuja while en-route to the United Kingdom, where he was scheduled to attend and address the Congress of the Trade Union Congress, TUC, of Britain.

He was to represent Nigerian workers in critical discussions on workers’ rights and social justice.

According to sources within the NLC, “all modalities for a nationwide strike had been concluded and it was only left for the National Executive Council, NEC, meeting earlier scheduled for Tuesday (10-09-2024) at 9 am to endorse and declare the strike yesterday.

“All critical sector unions were already mobilized and were ready to begin a total strike yesterday until the NLC President was released unconditionally.

‘’Many groups, including the civil society organizations, CSOs, were already threatening fire and brim stone if Ajaero was not released.”

It was equally gathered the trade unions across the globe were already pushing their home governments to take action against Nigeria over alleged human rights abuses, and persecution of union leaders, among others.

Among the unions are Public Service International, PSI; International Trade Union Confederation, ITUC; and IndustriALL Global Union, IGU.

My ordeal at DSS, by Ajaero

Speaking exclusively, to Vanguard on his ordeal in the hands of the DSS and other security operatives yesterday, Ajaero said: “It was like the DSS arrested me on behalf of the Intelligence Response Team, IRT, department of the Police because IRT operatives came to interrogate me and take my statement, while I was detained.

‘’The DSS also interrogated me and took my statement. I do not know why they have to embarrass me publicly like that. The same IRT operatives in whose office we were on August 29, 2024, alongside Mr Femi Falana, came and asked the same questions I was asked in the previous meeting with them.

“They asked about the operator of Iva Valley Bookshop on the second floor of NLC secretariat building. They asked me whether we had communicated on phone, whether he (the Iva Valley operator) communicated with me in writing and so on.

‘’They also asked if I know the protesters (#EndBadGovernance or #Endhunger), especially Eleojo Opaluwa, a staff of the National Union of Electricity Employees, NUEE. I told them I knew him because I employed him at NUEE.

“They equally asked about the Labour Party, LP, whether we are running the party. I told them we do not run Labour Party, but that we are a trustee of the party. I also told them that the Labour Party they see today was founded when Adams Oshiomhole was President of NLC. Also, they asked about the issue of Air Peace which we had settled since last year.

“It is like the security agents are searching for evidence on how and what to nail us with. That is why they have continued to embarrass, persecute, intimidate and do whatever they liked to cow us.’’

Medical checks on Ajaero

Meanwhile, the NLC has said it planned to conduct a comprehensive medical check on Ajaero to ensure his health had not been compromised as a result of the illegal and unjust treatment meted out on him by security operatives

NLC in a statement by the Deputy President, Prince Adewale Adeyanju, said: “This overwhelming display of unity in defense of justice and workers’ rights reinforces the strength of collective action and underscores the unbreakable bond between the Nigerian people and the labour movement.

“We are pleased to inform the public that Comrade Joe Ajaero was released late last night (Monday) at approximately 11:00pm, following intense pressure mounted by the NLC and in compliance with the demands issued by the National Administrative Council, NAC, of the NLC.
“NAC had given the government a firm ultimatum, with a deadline of 12 midnight, to release Ajaero, whose detention was a clear violation of our rights and an affront on the principles of democracy.

“While we celebrate his release, NLC remains vigilant. We will conduct a comprehensive medical check on Comrade Ajaero to ensure his health has not been compromised as a result of the illegal and unjust treatment meted out on him. The well-being of our President is paramount, and we will not rest until we are assured that his health is intact.

“The arrest and detention of Ajaero at the Nnamdi Azikiwe International Airport in Abuja, while he was en-route to represent Nigerian workers at the Trade Union Congress, TUC, of Britain, is a stark reminder of the length to which the Nigerian state will go to silence the voice of labour and crush dissent.

“NLC unequivocally condemns this reckless abuse of power and reaffirms our commitment to standing firm against all forms of oppression, intimidation and lawlessness.

‘Release all detained #EndBadGovernance protesters’

‘’We once again, demand the release of all citizens languishing in jails across the country for their participation in the #EndBadGovernance protest around the country; stoppage of the massive clampdown on popular voices that espouse dissenting opinions; cessation of the muzzling of fundamental freedoms currently going on in the country; reversal of the hikes in the price of petrol (PMS) and electricity tariffs and, the immediate implementation of the 2024 National Minimum Wage Act.

“The NLC will not waver in its duty to defend the rights of workers, and we remain prepared to take all necessary actions to protect these rights and restore justice.

‘’The National Executive Council, NEC, of the NLC which was proposed for today (yesterday) has, therefore, been suspended to assess the situation and determine the next steps in our collective struggle.

“We call on all Nigerians, our affiliates, and the international community to remain steadfast and vigilant as we continue this struggle.

“NLC is committed to ensuring that justice prevails and that the rights of workers and citizens are respected. Together, we will overcome these challenges and secure a better future for all.”

Ajaero, SERAP: Oppression from Tinubu’s regime surpasses military dictatorships — Atiku

Reacting to the arrest of the NLC president and take over of SERAP’s office by DSS, former Vice President, Abubakar Atiku, in a statement posted on his verified X account, tasked President Bola Tinubu to focus security efforts on terrorists and bandits and not civil society.

He said: “The level of oppressive control now imposed surpasses even the harshest days of military dictatorship.

“The escalating assault on civil society and the media by the Bola Tinubu administration are profoundly disturbing. The level of oppressive control now imposed surpasses even the harshest days of military dictatorship.

“The recent arrest of Mr. Joe Ajaero, President of the Nigerian Labour Congress, en route to an official event, epitomizes this regime’s relentless campaign to intimidate and subdue organized labour.

“Just days prior, security forces detained a journalist, only to later claim it was a grievous error. What if the outcome had been fatal?

“Now, Tinubu’s regime extends its repressive grasp to encroach upon SERAP, an action that stands as a grave affront on our democratic values. This siege is anathema to the principles of freedom and justice.”

DSS to SERAP: We didn’t raid, we came for investigation

Also yesterday, the Department of State Services, DSS, denied allegations of unlawfully invading the offices of the Socio-Economic Rights and Accountability Project, SERAP, in Abuja.

The agency clarified that only two unarmed operatives were sent to SERAP’s Abuja office for a routine investigation which, according to it, contradicted initial reports of a raid.

DSS in a statement, explained that the visit was part of its standard official inquiries and liaison, emphasizing that it did not constitute illegality or harassment.

The statement read: “The narrative of unlawful invasion is inaccurate and misleading. A team of two unarmed Service operatives was lawfully detailed on a routine investigation to the SERAP office in Abuja.

“This visit has unfortunately been skewed and misinterpreted as unlawful harassment and intimidation of SERAP officials. However, such official inquiries and liaison are traditional and do not in any way amount to illegality or a raid.

“While we assure an in-depth investigation of these malicious contents, we call for citizens’ participation in national security management. We urge the public to disregard these false narratives.”

The DSS assured the public of its commitment to professionalism in discharging its core mandate.

It urged citizens to disregard false narratives surrounding the incident and cooperate in national security management.

However, sources told Vanguard that SERAP’s investigations into sensitive government matters without necessary approvals, prompted the DSS action.

Their publications and statements were deemed detrimental to national security, allegedly spreading misinformation and fueling public unrest.

[Vanguard]

For some time, Nigerians have been in denial about the actual state of the nation once hailed as the giant of Africa. Nigeria has deteriorated over the years to the extent that it is often referred to as ” a failed nation”. Previous administrations failed to stem the decline in Nigeria’s economic fortunes. Therefore, the current administration inherited a nation in a state of comatose, characterised by high levels of insecurity, poverty, unemployment, inadequate access to education, non-payment of salaries and pensions by some state governments, high unsettled foreign exchange obligations, a debt service-to-revenue ratio of 97%, poor infrastructure, and other symptoms of a failing nation.

The task of putting Nigeria on the path to economic prosperity is enormous, but not insurmountable. It requires transformational and drastic changes, not incremental ones, as the nation has drifted too far from the path of economic sustainability. The current administration, understanding this, introduced major policy shifts—what some may call shock therapy.

It has also moved away from the Keynesian economic model, which promotes government intervention in the economy for stability, towards the classical economic model, which supports a limited government role in the economy. It is important to note that the classical model usually comes with some economic fluctuations in the short term, which Nigeria is currently experiencing.

The economic reforms of the current government have already started yielding results. The country’s debt service-to-revenue ratio has dropped from 97% to under 70%, freeing resources for investment in security, infrastructure, and other critical sectors of the economy. Allocations to the three tiers of government have increased.

Additionally, Nigeria’s gross domestic product grew by 3.19% in the second quarter of 2024 (year-on-year), which is higher than the 2.51% recorded in the second quarter of 2023 and the 2.98% recorded in the first quarter of 2024. Students have already started benefiting from the student loan scheme, and affordable houses are being built across the nation under the Renewed Hope Housing Scheme. The forthcoming Consumer Credit Scheme is another initiative set to commence, to name just a few.

Nigerians have experienced failed leadership in the past, so many are not fully convinced of the sincerity of purpose and the efficacy of the economic reforms of the current administration. However, the role the government played in securing local government financial autonomy and the unification of foreign exchange rates are examples of its genuine commitment to transforming the nation for good.

Local governments in the country are now expected to operate more effectively and contribute more to national development. It would have been convenient for President Bola Tinubu to leave the arbitrage in the forex markets intact and benefit from it at the expense of pursuing economic recovery. Another sign of the current government’s patriotism is its refusal to chase after popularity, instead sticking to its economic policies despite their unpopularity. In a democracy, many leaders avoid making such decisions to avert the risk of losing future elections.

There is no doubt that in addition to the current economic reforms, Nigeria like many other African countries—needs to seek some form of debt relief to free up more resources for national development. This was reiterated by the chairman of the African Union Commission during the recently concluded Africa Food Systems Summit in Kigali, who said that debt relief is an urgent imperative for many African states to give them vital economic breathing space. Without the current economic reforms Nigeria is undertaking, which show a genuine desire to turn things around, her creditors may be reluctant to consider her plea for debt relief.

Nigerians need to be patient, as there is no quick fix or easy solution to the economic challenges the country is facing. The government should ensure the timely implementation of policies. For example, the CNG initiative and the implementation of the national minimum wage need to be fast-tracked.

It will be beneficial for the government to continuously educate Nigerians about its various intervention programs and provide updates on the implementation of its economic policies. Communication is key, especially in times like this

Kenechukwu Aguolu can be contacted via This email address is being protected from spambots. You need JavaScript enabled to view it.

Tony Elumelu, chairman of the United Bank for Africa (UBA), says regulatory and compliance costs are major challenges the banking sector faces.

Elumelu spoke on Tuesday at the Chartered Institute of Bankers of Nigeria (CIBN) 17th annual banking and finance conference in Abuja.

According to the Nigerian businessman, the banking sector provides crucial financial support to the country.

However, he said the sector’s ability and efforts to contribute to Nigeria’s economic growth are being stifled by challenges.

“Our banking sector is a cornerstone of Nigeria’s economy. The transformation of our banking sector over the last few decades, is one of our success stories,” Elumelu said.

“The sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders.

“However, the sector faces challenges that impede its growth and innovation, including regulatory and high compliance costs.

“To overcome these challenges, stakeholders — including government agencies, regulatory bodies, and banking institutions — must engage in constructive dialogue to foster a collaborative environment.”

He, therefore, said by working together, a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians can be built.

“The success of Nigerian banking sector is felt beyond Nigeria. Nigerian banks have become multinationals, leading the sector across Africa, establishing themselves in the world’s financial capitals – and in doing so they have changed how our country is perceived, created pathways to opportunity and set themselves up as role models for our other industries,” he added.

On July 17, Tinubu asked the national assembly to amend the 2023 Finance Act to impose a one-time windfall tax on banks’ foreign exchange (FX) gains.

However, the national assembly increased the windfall tax on banks’ FX gains to 70 percent — from the proposed 50 percent — in the amended Finance Act 2024.

The decision had raised concerns among professionals in the financial industry.

However, Elumelu said he supports the implementation of the windfall tax on banks’ FX gains.

[TheCable]

Without a doubt, Emmanuel Chukwuemeka Iwuanyanwu was a model and premier Igbo-Nigerian leader, patriot, and Igboist. Being an Igboist and a Nigerian defender at the same time is an extremely difficult combination to maintain. He had affection for both of them, but Ndigbo was his priority for obvious reasons.

It is more than thirty years since I first met Iwuanyanwu. The two-party system for Nigeria was being experimented with by General Ibrahim Babangida who established the National Republican Convention (NRC) and Social Democratic Party (SDP). Iwuanyanwu was a presidential aspirant under the banner of the NRC. At the time, I was a student at the University of Jos.

At the University of Jos, I ran for the position of students’ union president and therefore was a leader in the students’ union in my own right. Therefore, when IBB announced the two parties and political gladiators like Iwuanyanwu fought to carry the flag of their respective parties as their presidential candidates, politically astute students like me showed interest and looked for ways to get involved. Student activists, or perhaps better described as aspiring politicians on campus, naturally found a constituency in the student body.

Thus, my clique and I prepared a plan and laid ambush when we learnt that the Iwuanyanwu campaign train, headed by Dr. Josiah Odunna, was coming to Jos. He was happy to meet with us with the full complement of his campaign team. I was really in my element that day, speaking for the group like a self-assured prophet. Iwuanyanwu was definitely impressed, but when I was done, he looked both amused and perplexed. My presentation was overly ambitious in its audacity. I had made an effort to persuade Iwuanyanwu and his elite campaign team that we could mobilise Nigeria’s whole student body.

His scepticism was reasonable given that, at the time, there was no social media as we know it today to link all the campuses, despite the fact that Barristers Gabriel Egbule and Mike Nnalue (may the good Lord rest his soul) and I were publishing the Campus Flash newspaper and could be considered campus journalists. It implied that manual campus visits were required throughout Nigeria. Iwuanyanwu concurred with us that all Nigerian universities needed to be mobilised, but he begged me and my colleagues to focus only on the University of Jos and maybe one or two others nearby.

Iwuanyanwu gave fatherly advice, saying: “You still have your books to read and exams to pass and pass excellently.” He was against our education suffering in favour of politics. Surely, everything has its time.

Iwuanyanwu gave the order to take care of us while details would be worked out. My group and I made the same visit to Iwuanyanwu’s base at Owerri, and the rest, as they say, is history.

I continued to have friendly encounters with Iwuanyanwu, but nothing really noteworthy until the Igbo Leadership Development Foundation (ILDF), an organisation I served as spokesperson, started planning the campaign for the election of an Igbo (south-east) as president for Nigeria. Around the same time also was when I buried my dear mother and Iwuanyanwu and some other elders banded together to help me and lessen the burden of my mother’s funeral.

Iwuanyanwu gave his significant support and blessing to the campaign of the ILDF for the Igbo Nigerian president project. The group paid him visits to convey the guiding ideas and philosophy behind the main program we had in the works as well as the self-imposed effort to rescue Ndigbo from Nigeria’s political obscurity.

Pursuant to this, the Igbo Leadership Development Foundation (ILDF) organised a national dialogue in Abuja with Gregory University Uturu in 2021. Iwuanyanwu gave us his whole support and participated in the event. Leaders from all over Nigeria as well as representatives of the country’s major cultural blocks attended the national discourse, which took place at the Sheraton Hotel Abuja. Chief Nnia Nwodo, the then president-general of Ohanaeze Ndigbo, was present, as was Iwuanyanwu.

I provided this history to demonstrate that, even as a student, I had a close acquaintance with the great leader and therefore had the chance to form an opinion about his life and times. The fact that Iwuanyanwu was an activist is one of his qualities that is most frequently downplayed. It matters so much to me, probably for the reason that I belong to the human rights community. It’s not easy being an activist in a ruthless country like Nigeria.

Furthermore, Iwuanyanwu—a University of Nigeria-trained civil engineer and a private practitioner—would have undoubtedly had his business ventures, some of which depended on government patronage, suffer as a result of his firm stance against the marginalisation of his Igbo people in Nigeria.

He was a true leader, as they rarely come! He put the needs of his people before his own, even if doing so meant sacrificing his happiness, safety, and growth of his wide business concerns. Even as an activist myself, I was afraid for his life every time he fiercely talked about the condition of the Ndigbo in Nigeria. He took no prisoners.

Iwuanyanwu, like his compatriots and great Igbo leaders, Comrade Uche Chukwumerije and Dr. Chukwuemeka Ezeife, did not give much thought to his own safety or business when he championed the rights of Ndigbo, a practice that began with his participation in the Biafra war as an army captain.

The life of the Ikeduru Imo state-born Iwuanyanwu resembled an octopus. It spread and had an impact on nearly everything important, including politics, sociocultural issues, business, construction, sports, the media, and even banking. You dare call him a jack of all trades and master of all! For the younger ones’ sake, it is important to emphasise a few of his impacts.

The areas where Iwuanyanwu made profound contributions include the following: sports (Iwuanyanwu Nationale), aviation (Oriental Airlines), media (Champion Newspapers), road construction (Hardel & Enic), health (Iwuanyanwu Ambulance), banking (ABC Merchant Bank), education (Iwuanyanwu Foundation), philanthropy, food security (Magil Bread, etc.), and housing (he owned several estates across the country).

In politics and the nation’s quest for democracy, democratic rule, and purposeful national leadership, Iwuanyanwu was a leading member of the NNC, NRC, UNCP, APP, ANPP, PDP, etc. He was a statesman par excellence. He left his footprints on each and every one of these great endeavours. His legacy will live on for future generations, providing a clear pathway for those who genuinely want to succeed and make their life meaningful through perseverance, hard work, and self-belief, so they too can leave their mark on the sands of time.

Serving as the 11th president-general of Ohanaeze Ndigbo, preceded by George Obiozor, was Chief Iwuanyanwu’s final act of service to Ndigbo, Nigeria, and mankind, where he inspired and repositioned the Igbo people in Nigeria and global context.

By the grace of God, he crossed both biblical rubicon for humans—three scores and ten and eighty for those who are still strong. He passed away a happy man at 82.

At eighty-two, Iwuanyanwu walked off this route to meet his maker—the final destination for all mortals. As renowned poet John Donne once said…
“Each man’s death diminishes me,
For I am involved in mankind.
Therefore, send not to know
For whom the bell tolls,
It tolls for thee.”

Chief Dr. Eng. Emmanuel Chukwuemeka Iwuanyanwu has finished his earthly race and left his mark on history. How about you? The bell tolls for you too!

Good night, great Igboist, nationalist, and leader. In both the Igbo nation and Nigeria, you were undoubtedly the zenith and emblem of Igbo possibilities and Nigerian nationalism. You have left a void that will be difficult to fill, but there’s God, and in Him we trust.

Dr Law Mefor, an Abuja-based forensic and social psychologist, is a fellow of The Abuja School of Social and Political Thought. You can contact him via This email address is being protected from spambots. You need JavaScript enabled to view it. and on Twitter: @Drlawsonmefor.