The Central Bank of Nigeria has drawn the ire of Nigerians on social media, as they revealed a $ 13.8 billion debt owed to foreign banks (JP Morgan and Goldman Sachs).

Nairametrics reported that the apex bank owes JP Morgan and Goldman Sachs a combined sum of $7.5 billion as of the financial year ended December 2022.

Also included as part of its liabilities is another $6.3 billion owed in foreign currency forwards.

This was contained in the audited financial statement of the apex bank, published on its website.

Nigerians have taken to social media to express their concern about the debt as many questioned why the CBN was using the country’s foreign reserve as collateral for loans while others blamed the lack of oversight from the National Assembly.

Reactions on social media

Kalu Aja questioned why National Assembly failed to provide oversight functions that would have stopped Buhari and Emefiele from taking the loan.

“Who owns fx reserves? CBN Who spent fx reserves? CBN Spent on what?

Defending the Naira Why did the Naira need defending? Because it was weak I.e., $1: N469 Why was the Naira weak? Many reasons but a big reason was the CBN printed N23t for Buhari to spend at will without oversight Who should have provided oversight on the printing of N23t? ‘
Well National Assembly and Debt Management Office So the CBN printed N23t, whichownsFx made the Naira lose value, then same CBN used foreign reserves to prop up the Naira they were weakening? Yes. Will anyone go to jail? Depends.”

Seun Onigbinde also questioned the lack of checks and balances in the National Assembly.

“That second term with no guardrails from the National Assembly wrecked the economy. I hope you realize why institutions matter and why independent entities must function so.”

Tola expressed his disappointment towards the debt and sees the lack of oversight as economic sabotage.

“Reading the CBN financials and this is so unfair. This is wickedness. How does a CBN governor (Emefiele) mismanage any entire economy like this, with no oversight and no care for the 200 million people who will pay the price for such mismanagement. This is purely economic? sabotage”

MalachyOdo is of the opinion that aside CBN’s debt NNPC’s financial statement also should be looked into.

People have only had a sneak peek into the affairs of CBN under Emefiele/Buhari and tears are flowing. By the time NNPC books are opened up, blood will flow. The thievery that went on between 2015-2023 is unprecedented.”

Ridwan Oke believes Buhari should also be blamed for CBN’s debt due to the fact that he renewed Emefiele’s tenure.

“You can’t put the whole CBN issue on Emefiele. Whilst Emefiele is naturally an unfortunate person, Buhari didn’t just renew his tenure, he supervised his atrocities personally.
Each of Buhari’s appointees knew from the date of their appointment that no matter how bad they were, they had job security. At no point did he fire any of his appointees for underperforming.
The few he had to let go, he was literally forced to take action or they had to resign due to pressure from the public. He appointed them and left them to continue misbehaving. And these economic woes?
He supervised them personally and he is responsible for all of them. That is Buhari’s legacy!”

Emeodi Mba thinks Emefiele won’t be indicted for the situation surrounding the CBN debt as he believes other political/government leaders are involved too.

“The main reason they couldn’t indict Emefiele is bcos he’s not alone, many names must’ve popped up such as, Buhari & his inner circle, Minister of Finance, Leaders of 9th Assembly & others.
The web likely must’ve touched Jagaban’Jagaban’s inner circle too, na why everybody run? No case!”

Bolu believes the CBN debt would hurt the naira/dollar exchange rate.

“The summary of the released CBN financial statements is that the Naira will probably sink to 1,500 to USD within the next six (6) months.”

Aisha Yesufu wants Buhari and Osibanjo to stand trial for the state of CBN debt.

“Emefiele Osinbajo Buhari All should be on trial. There is no longer immunity for the last two”

A former minister of Aviation, Femi Fani-Kayode has warned against the call for the Economic Community of West African States (ECOWAS) to go to war with coup leaders in Niger.

Fani-Kayode in a post on his Twitter account on Saturday noted that Nigeria and Niger over the years has a relationship.

He urged ECOWAS to intervene in the Niger Republic without using Nigerian troops if it eventually decides to invade the country.

The former minister while acknowledging the relationship between Nigeria and Niger, claimed that the wife of the head of the military junta in Niger, Gen Abdourahman Tiani is a Nigerian.

According to the All Progressives Congress (APC) chieftain, Tiani’s wife is from Kebbi State.

He added that the Emir of Dossi in Niger owes allegiance and pays homage to the Emir of Argungu in Nigeria.

Fani-Kayode in the post on Twitter wrote, “The wife of Gen. Abdourahman Tiani, the head of the military junta in Niger, is actually a Nigerian from Kangiwa in Kebbi state whilst his Emir, the Emir of Dosso in Niger, owes allegiance & pays homage to the Emir of Argungu in Nigeria!

“That is how connected our two countries are.

“The truth is that there is hardly any family in the core north that does not have relatives from & in Niger.”

The spokesman for the Northern Elders Forum (NEF), Hakeem Baba-Ahmed has issued a stern warning to the Economic Community of West African States (ECOWAS), urging them to avoid military action against Niger Republic.

Baba-Ahmed called on ECOWAS to engage in negotiations with the junta in Niger instead of turning to threats or force.

The NEF spokesman expressed a clear concern that military intervention in the region would lead to instability, emphasizing the importance of diplomatic avenues in resolving the current tensions.

Baba-Ahmed in a post on his Twitter account wrote, “This is a good time for ECOWAS to take a step back and assess the Niger Republic situation without threats and bravado.

“There is still room for some negotiations, but ECOWAS must drive the process. Nigeria in particular must use its clout to calm nerves and lead responsibly.

“Who is going to guarantee a ‘well executed military intervention’? Nigerians are against any military action.

“This will further destabilize the region. ECOWAS without Nigeria is a few countries who will not set foot in Niger. Negotiations are the best.”

The former President, Olusegun Obasanjo, on Saturday said elections in Nigeria were corrupt, urging Christians to fully participate in politics to make it clean.

He made this known at the 57th annual convention and 67th anniversary of The Gospel Faith Mission International held at the Gospel City, Ogunmakin on Lagos/Ibadan expressway in Ogun State.

Obasanjo, while speaking on the theme, ‘The Roles of the Church in Nation Building at a Time Like This’, said when there is insecurity, hopelessness, poverty, depression, a time that is not conducive to living, the church must rise up to the occasion as the salt of the world.

“The foundation of election in Nigeria is corruption and you cannot make corruption the foundation of anything for it to be good”

While sighting the 1999 elections, he said the two first sad and bad experiences he had were during the local government election,were PDP was totally rejected.

“‘The two first sad and bad experiences that I had, we had local govt election in 1999.”

A few days to the election, they said to me where is the money for the police, money for INEC, I said no money , money for DSS”.

Obasanjo noted he did not make money available because he felt all government agencies should have been paid towards discharging their duties.

Earlier, the General-Overseer of GOFAMINT, E. O. Abina, recalled that during a visit to Aso Rock Chapel when Obasanjo was the President, he met with him teaching Sunday School, adding that when they both spoke on his arrival at the convention ground, the former President told him to his astonishment that he was still teaching Sunday School.

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has called on Christians, especially his church members, to pray against fresh wars, within and outside the country’s borders.

Adeboye made the call during the church’s 71st Annual Convention Friday Holy Ghost Service, held from Friday night to Saturday morning at the church’s headquarters in Mowe, Ogun State

At the programme, which started on August 7 and would end today (August 13), and was tagged ‘Beyond Expectations’, the cleric said the country was already fighting many “wars” such as kidnapping, terrorism and killings, adding that fresh ones should be prayed against.

Sunday PUNCH reports that thousands of worshippers all over the world connected to the service online to listen to Adeboye as the convention was held once every year.

The pastor, also known as Daddy GO, in a heated prayer session, said, “Surely, we don’t want more wars, we want to win the ones we are fighting, not fresh ones; whether outside or within our borders.

“Those of you who believe in peace in every section, should stand up and pray to say, ‘Father, have mercy on Nigeria because of those of us who are your children.’

“I encourage you all to pray. God still answers prayers. Do not be discouraged because tomorrow will be alright. Do not be distracted. Nigeria still needs a lot of prayers.”

Adeboye also urged church members to pray against the manifestation of the devil’s activities in the country.

“Pray against the devil’s activities in Nigeria so that he does not spoil God’s name and lead several innocent people to hell,” he added.

Adeboye had in a sermon asked his members to pray down God’s wrath on him if he was using any other powers except God’s.

Meanwhile, Adeboye during the course of the service announced that several mothers had delivered no fewer than 66 babies at the convention ground.

According to him, they comprised 31 females and 31 males.

Daddy GO also announced that next month’s Holy Ghost Service would be dedicated to those trusting God for the fruit of the womb.

He said, “I believe God that there will be a lot of twins, triplets and many more. God does not know how to do small things and does not stop when your cup of blessings is full.”

After protracted negotiations between Napoli and the agent of Nigeria international, Victor Osimhen, reports have emerged that a deal has been agreed upon with the striker now set to sign a new contract with the Serie A champions.

Recently, Napoli’s head coach, Rudi Garcia, confirmed that the Nigerian would extend his stay in Naples, ending the speculation surrounding the striker’s future.

“I want Osimhen to be happy. The club and the player have executed commendable efforts. He’s an essential driving force for us; we rely on his goal-scoring capabilities,” Garcia said.

“Once the agreement is official, he’ll be able to focus solely on his on-field contributions, a prospect that I find preferable.”

Details published by Italian publication, Football-Italia, on Saturday, revealed that the Nigerian has been offered a new three years contract extension that includes a release clause at €150m and a salary at €10m (N8.4bn) per season.

This new deal is expected to run to June 2027 and will see his wages sky-rocket to €10m per season from his current €5.5m including bonuses and a portion of his image rights.

Football-Italia added that the release clause is set to be at two different levels, one for clubs outside of Italy and one specifically for the Saudi Pro League, reaching €150m.

Osimhen recently helped Napoli win the Serie A title for the first time in 33 years and also became the first African to win the Capocannoniere (Serie A Top Scorer Award).

The striker also broke a 14-year jinx of being the first player since Zlatan Ibrahimovic to win the Scudetto and the Capocannoniere same season.

His impressive performance received interest from numerous clubs this summer, including Manchester United, PSG, Real Madrid, Liverpool, Chelsea and several Saudi Pro League sides like Al-Hilal.

While various prominent European clubs faltered in their pursuit, the Saudi Pro League outfit Al-Hilal seemed poised for success.

Al-Hilal made not one but two bids for Osimhen and offered an alluring salary package that would have rendered him the highest-earning African footballer in history.

However, President Aurelio De Laurentiis and Osimhen were always focused on continuing their rapport together at the Stadio Diego Armando Maradona.

The 24-year-old forward was again on target during Napoli’s 2-0 victory against Apollon Limassol in a recent friendly match on Friday.

The Lamidi Apapa-led national leadership of the Labour Party (LP), on Saturday, inaugurated a 24-man new State Executive Committee of the party in Lagos State.

The factional EXCO that was inaugurated is led by Olumide Adesoyin, a suspended member of the party.

Other members of the EXCO include Omotayo Anjorin (Deputy Chairman), Olanrewaju Ibrahim (Deputy Chairman), Kayode Yusuf (Deputy Chairman), Felix Odusanya (Deputy Chairman), Peter Olusegun (Deputy Chairman), Nnaemeka Anajemba (Secretary) and Richard Oliseyenum (Assistant Secretary).

Others are: Azubike Peters (Treasurer), Akinrele Abioye (Financial Secretary), Kunle Okunola (Organising Secretary), Ademola Hassan (Auditor), Abass Ibrahim (Legal Adviser), Dupe Awe (Woman Leader), Elliot Ebije (Youth Leader), Samard Okofuwa (Publicity Secretary), among others.

Among members of the factional National Working Committee (NWC) of the party present at the event were Apapa; the National Secretary, Alhaji Salrh Lawan; the National Publicity Sectary, Abayomi Arabambi; the National vice Chairman South West, Sina Aroyeun; and National leader of the party, Moshood Salvador.

Adesoyin had two weeks ago announced a new state EXCO, disowning the Dayo Ekong-led EXCO.

Ekong-led EXCO was appointed into office by Julius Abure-led NWC of the party. Adesoyin had said that the Ekong-led EXCO had lost its legality following the sacking of the Abure-led NWC.

But reacting to the inauguration, Ekong while speaking with THE WHISTLER, reiterated that Apapa is not the authentic national chairman of LP.

She described Apapa and Adesoyin as jokers who are looking for recognition, adding that she is not worried about them.

“Lamidi Apapa is not the authentic (national leader). These are just bunch of jokers looking for acknowledgement or recognition. They’re attention seekers. So, I’m not going to lose my time on them,” Ekong said.

It would be recalled that the state Secretary of the party, Sam Emeka Okpala, had early this month, disowned Adesoyin-led EXCO, calling him “a joker”.

Speaking with THE WHISTLER, Okpala had said that LP in the state does not have factional leadership, adding that the party does not recognize Adesoyin’s EXCO.

“There’s nothing like Olumide’s Executive Committee. We don’t know anything about that. We don’t have a faction in the Labour Party. So anybody parading himself as whatever is doing so at his own risk. We don’t recognize anybody; there’s no emergence of any EXCO Committee by anybody. The only leadership of the Labour Party in Lagos State is that led by Dayo Ekong, of which I’m the Secretary,” he had said.

“INEC is the only body statutorily constituted to regulate the activities of political parties in Nigeria. And it’s only them that would confirm who the leadership of the party is; nationally and at state level. So anybody parading himself as anything is just a mere joker.”

In April, Adesoyin, the immediate past chairman of LP in the state, Kayode Salako and five others, were suspended indefinitely for anti-party activities in the 2023 general elections.

Others are Moshood Salvador (LP Senatorial Candidate, Lagos West), Mutiu Okunola (House of Rep candidate for Ikeja Federal Constituency), Theodore Ezeunara and Opeyemi Taiwo.

LP has been thrown into a leadership crisis following an interim order issued by a High Court of the Federal Capital Territory (FCT) in April, restraining Abure from parading himself as the National Chairman of the party pending the determination of the substantive suit brought against him and three others.

Justice Hamza Muazu gave the order while delivering ruling in an exparte application brought by some aggrieved members of the party.

Subsequently, Apapa (then National Vice Chairman) on April 6, declared himself as the National Chairman of the party.

The Indigenous People of Biafra has commenced the sharing of flyers and posters across the five Eastern states to convey the message of its leader, Mazi Nnamdi Kanu on the end of Monday sit-at-home in the region.

According to a press statement by the group’s spokesman, Emma Powerful, anyone who is still enforcing the Monday sit at home is a criminal and an enemy of the groups struggle and will be dealt with.

“This Is to inform Biafrans about the flyers and posters being distributed all over the South-East conveying our leader’s famous pronouncement canceling Monday sit-at-home and to inform the good people of Biafrans that sit-at-home is not only dead but will never again be invoked or deployed as a tool of civil disobedience in our quest for self-determination.

“It is to be stated for the umpteenth time, for those who may feign ignorance of the laws governing the conduct expected of IPOB family worldwide that our supreme leader, Mazi Nnamdi Kanu, has ordered the permanent end to Monday sit-at-home in Biafraland and anybody seen enforcing this illegal and non-existent Monday sit-at-home will be apprehended and summarily dealt with on the spot.

“These criminal elements are not working for Biafra restoration nor the release of Mazi Nnamdi Kanu who is unlawfully detained in the DSS solitary confinement in Abuja Nigeria.”

He maintained that Biafra has no government in exile in Finland and those partaking in such activities do not represent the views of their leader.

“Those purporting to be running a Biafra Government in Exile group from somewhere in Finland also known as Autopilot are not IPOB members and their activities do not represent the views of Mazi Nnamdi Kanu and rank and file IPOB membership nor the ESN operatives.

“Moreso, it is a shame to the memory of our brave martyrs that gave their lives for the emancipation of Biafra that individuals that never led ordinary street protest in Biafraland or anywhere in the world in support of Biafra restoration can claim to lead our people. This is an absolute disgrace.

“Whoever is foolish enough to associate with such fraudulent social media scam called Government in exile (Autopilot) is doing so at his or her own risk and must not link Mazi Nnamdi Kanu and IPOB to it.

“Biafraland is owned by Biafrans and it’s the responsibility of all Biafrans to protect the land from government sponsored agents and armed criminal gangs hiding under the revered name of IPOB, Mazi Nnamdi Kanu and Biafra.

“We encourage Biafrans to help in the distribution of the flyers, posters to communities, hinterlands and cities in Biafraland signifying the requim mass for the senseless Monday sit-at-home.

“Anybody apprehended enforcing any sit-at-home is a goner. The Finland based criminal will not save you,” the group added.”

Senator Ali Ndume, representing Borno South, has issued a stern warning of “drastic action” against Senate President Godswill Akpabio for revealing during a live plenary session that each senator had been sent a sum of N2 million as a token to enjoy their recess.

The revelation, which took many senators by surprise, sparked reactions among the public and invited renewed scrutiny to the remuneration of federal lawmakers.

Senator Ndume, known for his outspoken nature, told BBC Hausa that his colleagues in the Red Chamber feel embarrassed over Akpabio’s gaffe.

“It’s common knowledge that if any employee is going on leave, he/she is entitled to a leave grant. That was the money we received, and it is nothing unusual or special,” said Ndume who doubles as the Senate Chief Whip.

“All senators received N2 million. And I am making this comment with a heavy heart because he (Akpabio) is the cause of this controversy.”

He added, “He created an impression as if we were given some special or huge amounts of money. What’s the big deal if I receive N2 million allowance in my capacity as a senator?

“He made a very wrong statement, and I warned him immediately that his comments were unbecoming of an elder.

“In fact, we are even planning to take drastic action against him if he continues making unguarded statements and acting as if we are kids.”

In a video of the live plenary session that has gone viral on social media, Akpabio said the money was “to enable all of us to enjoy our holidays”.

But the lawmakers quickly cautioned Akpabio that the session was being streamed live, prompting the Senate President to reverse himself.

“I withdraw that statement. In order to allow you to enjoy your holiday, the Senate President has sent prayers to your mailboxes to assist you to go on a safe journey and return,” he said.

The Kano State Government has revoked the operational licenses of all private schools in the state.

The state government came to the decision after a meeting with all the private school proprietors on Saturday.

According to Special Adviser to the Governor on Private and Voluntary Institutions, Alhaji Baba Umar, all private schools are now required to complete new registration forms immediately because the government has initiated the process for the issuance of fresh certificates.

He explained that the action fed into the government’s resolve to ensure that private schools adhered to the prescribed rules of operation in the state.

“Private school proprietors are reminded of their responsibility to pay the 10 per cent tax to the government. This financial commitment always propels advancements in the sector,” he said.

The Special Adviser reassured all stakeholders that he would ensure justice and fairness in overseeing the activities of private schools in the state.

He also gave assurances to the parents, that the utmost priority had been placed on the safety of the students.

Also speaking, the Chairman of the National Association of Private Schools Owners, Kano State Chapter, Alhaji Muhammad Adamu, commended the government on its intervention, calling it a commendable step to elevate the local education sector.

He urged private school proprietors to collaborate with the government in facilitating the reforms, as they were meant to benefit all stakeholders.
During the meeting, a newly designed software for comprehensive data collection of private and voluntary institutions across Kano was unveiled in addition to distributing registration forms for new school entries for enhanced registration process.