Anthony Joshua was well rewarded for his second-round knockout win over Cameroonian boxer Francis Ngannou in the main event of the “Knockout Chaos” card in Saudi Arabia in the early hours of Saturday morning (Nigerian time).

Joshua won his fourth straight fight with the KO victory over Ngannou in Riyadh.

After securing consecutive victories in 2023 with wins over Jermaine Franklin in April and Robert Helenius with a seventh-round knockout in August, Joshua cruised to a fifth-round technical knockout win over Otto Wallin in December, who had been expected to be a formidable opponent, especially with his southpaw stance.

Joshua has now secured knockout wins over two fighters who took Tyson Fury the distance in Wallin and Ngannou.

The British-Nigerian was already on hand to get $40m (N63.7bn) for the fight but due to his win by a KO, Joshua received an extra $10m (N15.9bn) making a total of $50m (N79bn) while Ngannou pocketed $20m (N31.8bn).

Popular musician, Drake who is accustomed to placing large wagers on high-profile sports games and losing most of those bets was on the losing side again after Joshua defeated former UFC champion Ngannou as the Grammy winner lost a $615,000 (N950m).

If the wager had been successful, the Canadian-born rapper would have won just less than $2m (N3.1bn).

Drake has been known as a curse to athletes as whenever he bets on them, most end up on the losing side. Therefore, athletes prefer he doesn’t bet on them and celebrate loudly when they are able to win despite him betting on them like Israel Adesanya did when he beat Pereira in 2023.

WBC heavyweight champion Fury has hailed Joshua following his victory over Ngannou with Joshua also expressing readiness to face the Brit after the undisputed fight against Oleksandr Usyk.

Fury, who watched the game, said he has a ‘bigger fish to fry’ against Usky and stated that he is available to face Joshua after his rematch in October.

“Me and Usyk have got an undisputed world heavyweight championship coming up. He (Joshua) just had a show fight in Saudi Arabia, which is fantastic for the show, but for the actual real boxing, it is me and Usyk who fight for the number one and number two positions for the undisputed championship of the world,” Fury said.

“So that (the fight with AJ) is on the back burner for now. Great performance from AJ, fantastic, but unfortunately I have got bigger fish to fry in Usyk on May 18, and then we have a rematch in October. So, after that, if he is still available and I’m still available, let’s get it on.”

Fury is scheduled to face Oleksandr Usyk on May 18 in a historic, undisputed showdown, with the winner potentially facing Joshua in the future.

In the post-match conference, Joshua expressed readiness to face the winner of Fury vs Usyk for a chance back at the world heavyweight titles.

“I just want to fight… and that next fight I want is the winner of Fury vs Usyk,” he said.

There is a presently trending article by Ope Banwo, titled "Edun and Cardoso: Ikoyi-bred economists trying to operate a Fadeyi economy".

I suspect the article is trending more for its heading than its body, in other words, on account of the equivalent of a catchy soundbite rather than on the basis of actual substance.

While, Banwo's article is high on criticism regarding how Wale Edun, Minister for Finance and Coordinating Minister for the Economy, and, Michael Olayemi Cardoso, Governor of the Central Bank, are running the Nigerian economy, it is unfortunately rather anaemic when it comes to offering alternatives to what he carpets as Edun and Cardoso's "Ikoyi" approach.

Nevertheless, given that he laments what he claims is the incongruity of "Ikoyi-bred economists" managing a "Fadeyi economy", one can safely conclude that he thereby submits that there is such a thing as "Fadeyi economics".

Indeed, since he purposes to discern a difference between "Ikoyi economics" and its Fadeyi counterpart, I will take the liberty of his own terms to demonstrate how wrongly he has formulated the problem he purports to lament.

Perhaps a "Fadeyi Approach" to managing an economy could be similar to the unorthodox approaches the Buhari/Idiagbon Junta deployed in managing our national economy back in the mid eighties.

That "Fadeyi Approach" ended up in complete disaster for the Nigerian economy.

Or again, maybe it could be likened to quite populist but miserably foolhardy policies, such as taking over white-owned farms which Robert Mugabe implemented in Zimbabwe that led to the tanking of that country's economy.

I really wouldn't know what Banwo truly had in mind because he didn't even end up adequately sharing it in his article but perhaps a typical Lagosian might come up with a "Bole Kaja Approach" to managing a "Fadeyi economy" as a fitting synonym for Banwo's prescription.

What I'm pretty sure of is that "Bole Kaja" rules will leave the passengers stuck in that bygone mode of transport and they will only be able to step up to a clean energy-powered high speed train, for instance, by adopting and playing by "clean energy-powered high speed train rules".

Another thing I am cast iron positive about is that unorthodoxy is the very worst strategy for economic management or economic rescue and, in fact, has never worked anywhere in the world!

Ironically, the only approach that actually works is what Banwo derides as the "Ikoyi Approach"!

Funny enough, a very big problem with Banwo's offering is that he appears to have gotten his metaphors mixed up, an indication that he failed to properly identify the problem he purported to be prescribing a solution to.

It is not because anyone has been applying "Ikoyi models" to a "Fadeyi economy" that we are were we are today.

On the contrary, it is the opposite that is true; successive administrations in this country have been tolerating, even aiding and abetting, if not actively perpetrating, "Fadeyi behaviour" in what can ONLY exist as an "Ikoyi economy", and, THRIVE upon an "Ikoyi Approach" to its management.

Any economy, anywhere in the world, can only thrive if all players and stakeholders in that economy play by the rules.

Regardless of how intellectually sound or academically intact the economic policies deployed in the management of absolutely any economy, they will not work or yield the desired results unless people play by transparent, ascertanable, verifiable rules that are known to and are binding on absolutely everyone.

We cannot have people lavishing on preferential treatment; gorging on waivers, helping themselves to insane chunks of our national wealth; round-tripping precious foreign exchange; creating monopolies in an economy of 200 million plus people; muscling their competition out of contention; sabotaging the national economy through price fixing, smuggling and hoarding while creating cartels on consumer goods; or, and perhaps worst of all, arbitrarily increasing prices without commensurately raising employees' remunerations in consonance with what ought to constitute the labour component of their cost of production.

In other words, what Cardoso and Edun must realize is that their "Ikoyi methodology" will simply not work unless they bring those who play by the "Fadeyi rules" to heel and compel them to play by the "Ikoyi rules", which are the only rules by which any economy works for everyone, be they Fadeyi or Ikoyi folk.

Banwo sought to give the impression that Edun and Cardoso are at sea regarding their management of the Nigerian economy.

I believe his true intent was to drape the President Bola Tinubu administration in the gab of incompetence.

Unfortunately for him, the facts are inconsistent with his perception.

Despite the challenges our citizens are passing through, the omens are actually good and quite promising, for that matter.

The administration is not yet a year in office but its policies and programs are already yielding favourable results that constitute a solid basis of hope for the economic revitalization of our country.

It will take time for these reforms to take root, grow strong and bear fruit.

There is not very much we can do to hasten the period between the planting of the reforms and the harvesting of the fruits they will bear, but there is a lot we can do to stubbornly cultivate and sustainably nurture them to fruition.

Contrary to the despondent narratives of the likes of Banwo, President Tinubu is on the right course and has placed our country on the right track to success.

Ours may indeed be a "Fadeyi economy" but managing it in accordance with a "Fadeyi paradigm" will only continue to strand it at Fadeyi if not demote to Makoko.

In order to upgrade it to an "Ikoyi economy", the only economy that works fairly for everyone, the "Ikoyi Approach" must be forced down everyone's throat, indeed, whether they like it or not.

Onokpasa, a lawyer, is Chairman, Tinubu Media Support Group, TMSG, and writes from Abuja.

Experts and crypto enthusiasts have lamented the current ban on Binance naira operations in Nigeria, stating it may increase youth unemployment in the country.

In separate interviews with The PUNCH, the experts called on the government to look for better means of managing the country’s current foreign exchange challenges.

An economist with Lotus Beta Analytics, Shedrach Israel, said that the recent move by the government was tantamount to “treating malaria with paracetamol”.

He claimed the ban on Binance would not address the falling value of the naira.

“I don’t know why the cryptocurrency is being seen as sabotage on the exchange rate because the cryptocurrency is not the major means by which the dollar is flowing in Nigeria. Banning Binance is like giving a malaria patient paracetamol. Although paracetamol may cure the pain of malaria, it does not cure the sickness.

“Similarly, banning Binance has not stopped the naira from falling because the issue is bigger. Binance is just a bit of how much liquidity the dollar has in Nigeria,” he argued.

Israel has called on the CBN to investigate the forex holdings of top Nigerian politicians.

“These people, whether politicians or private citizens, who have stored up forex should be made to convert their money to naira, otherwise, the ban would not be effective.

“Although the CBN governor claimed about $26bn had left Nigeria through Binance unaccounted, the fact is that Binance uses peer-to-peer trade, which means that there is inflow and outflow of naira in the economy. If $26bn has gone out, how much has come in? Binance is not our problem. Some Bureau de Change operators are possibly richer than Binance users,” he added.

According to the National Bureau of Statistics unemployment data, the unemployment rate among youth aged (15-24 years) in Q2 2023 was 7.2 per cent, compared to 6.9 per cent in Q1 2023.

It is estimated that over 22 million people, or 10.3 per cent of Nigeria’s total population, currently own digital currency.

In September 2023, the Securities and Exchange Commission of Nigeria issued a definitive statement, explicitly clarifying that Binance Nigeria was neither registered nor regulated by the SEC.

This official declaration categorises the operations of the renowned global cryptocurrency exchange, within Nigeria as illegal and unauthorised.

In December 2023, the apex bank changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions.

A cryptocurrency trader, John Odiba, however, stated that the effect of Binance’s exit from Nigeria could be both negative and positive, with the positive outweighing the negative in the long run.

“The effect of Binance’s exit on Nigerian users can be both positive and negative. One of them is that it could lead to decreased liquidity in the Nigerian cryptocurrency market, resulting in higher transaction costs and less favourable trading conditions for users. Nigerian users may face some limitations in accessing certain cryptocurrencies and trading pairs that were previously available on Binance, potentially hindering their investment opportunities,” he said.

On the positive side, he said the absence of Binance could create space for local cryptocurrencies like the eNaira to thrive.

“The absence of Binance could create space for local cryptocurrency exchanges to thrive, offering Nigerian users more options tailored to their needs, in the long run,” he said.

According to a crypto enthusiast, Godwin Ojonugwa, his main source of income is the Binance peer-to-peer trade.

He claimed that he was able to fund his education and built himself a befitting apartment through the trade.

He lamented that the current restrictions had negatively impacted his business and he was scared of becoming unemployed.

“Binance has made me a millionaire. I went to school and built my first house with Binance trade. Banning it has made business difficult and I am afraid of becoming unemployed,” he enunciated.

Upon receiving the sorrowful news of the passing of my esteemed Lord, the Honourable Justice Theresa Ngolika Orji-Abadua, my heart is overcome with profound sadness, and my thoughts are flooded with memories of a truly noble, exquisite, and exceptional jurist.

Those fortunate enough to have graced her presence knew that Justice Orji-Abadua possessed a keen intellect, accompanied by a remarkable wit and sense of humor. Her courtroom was a stage where justice unfurled, guided by her unwavering belief in the strict adherence to the law and its principles. It was a privilege and a joy for me to always stand before her, for she commanded respect and nurtured an atmosphere of equity and impartiality.

I vividly recall my last appearance before her at the Ekiti judicial division of the Court of Appeal. It was a criminal case, wherein I fought for the life of a young man, Bamiteko Adeolu, whose existence hung in the balance when he was sentenced to death by hanging by the Ekiti State High Court of Justice. The magnitude of the matter seemed insurmountable, and during the preliminary stage of the appeal, due to some minor technicalities which my Lord, Honourable Justice Orji-Abadua as the Presiding Judge emphasized, I nearly succumbed to frustration and contemplated abandoning the case. However, Justice Orji-Abadua, unwavering in her pursuit of justice, insisted that the right course of action be taken. With her wisdom and discernment, she upheld the appeal, sparing the young man from a death sentence. To this day, Adeolu Bamiteko lives, a testament to her unwavering dedication to justice.

Justice Orji-Abadua's legacy extends far beyond the confines of the courtroom. She leaves behind a profound impact on the legal profession, inspiring generations of aspiring jurists to walk in her footsteps. Her devotion to the law, her unwavering pursuit of justice, and her resolute commitment to upholding the rights of the oppressed serve as a guiding light for us all. She was also a paragon of fashion, never settling for anything less than the epitome of a jurist.

Today, I offer my heartfelt homage and bid farewell to this noble soul, as I implore my esteemed lords and colleagues to carry forth her torch of justice. May her legacy serve as a constant reminder of the power of integrity, compassion, and resilience in the face of adversity. May her memory inspire us to strive for a world where justice prevails, and may her noble spirit find eternal peace.

Rest in peace, The Honourable Justice Theresa Ngolika Orji-Abadua. You shall forever be remembered as a true champion of the law, a beacon of justice, and an embodiment of grace.

Farewell, my noble Lord.

Dr Olukayode Ajulo, OON, SAN, FCIArb. UK
The Honourable Attorney General & Commissioner of Justice, Ondo State.

Governor of Rivers State, Siminalayi Fubara, has promised that the Rivers State Government will give needed support to the Wigwe Foundation to ensure that the dreams of the late Herbert Wigwe and founder of the Wigwe University live on.

He made the promise at the weekend at Isiokpo, Ikwerre Local Government Area, Rivers State- home town of late Wigwe during the funeral service for the CEO of Access Bank Holdings, Herbert Wigwe, his wife and son at the Redeemed Christian Church of God, Lion of Judah Parish, Isiokpo.

Addressing the mammoth crowd of dignitaries cutting across the various sectors and strata of the society, local and international, Governor Fubara noted; “I want to say that our brother has finished his work, though shortly.

“We as a government will do everything with the Wigwe Foundation to immortalise him. We will do everything in our power to make sure that the dream of Wigwe University will continue to live, just as he planned it. It is a difficult situation for us all.

“Yesterday night (Night of Tribute) we sang a hymn and I came to the conclusion that life is not the one million years that we live but even if we spent an hour, let it be impactful.

“Here lie our brother, his wife and son. Everyone has come to celebrate them. It means even in the short period that he lived, he lived an impactful life. He made a great contribution to humanity.

“He took the political class to task asking ‘What are all these struggles all about? You want to kill, you want to do all sorts, what are they all about?”

In his address, Senate President, Godswill Akpabio described the death of the Wigwes as a painful and abnormal type of situation and has many reasons to keep Nigerians mourning for a long time.

He said; “The death is very painful and very painful indeed. But we are not going to cry in one day alone. We will cry for so many days. It’s not a normal occasion. Normally the wife would have been around as the widow. If not the wife, the first son.

“This is a very abnormal occasion. We will continue to grieve after this. When you look at his university, you will cry, when you look at his personal house, an edifice, you will cry, when you pass through any of the Access Bank branches worldwide, you will cry. When you come across children that he touched, those that he sent to school and the lives that he touched, when they mention him, you will cry.

“When you even remember that his heir Chizi was already an iconic figure, a talented young man, highly educated, prepared to take over from his father and yet he’s no more.

“When you think of the fact that the wife would have been here to also mourn with us but she joined him, then you will cry.”

He conveyed the condolences of President Bola Tinubu, his government, the NASS and all members of the legislature to the bereaved family, Access Bank and the remaining members of the family.

He said there was nothing to be done than to continue express sadness over the demise of the family describing the late Herbert Wigwe as an iconic figure, the people’s person, a friend and a brother to all that came across him.

Akpabio prayed; “Let me also extend the condolences of the federal government to the father and mother of the late Herbert Wigwe. May Almighty God console them and for those of you who are here may you never have to bury your child.”

Some of the dignitaries sighted at the funeral service include Senate President Godswill Akpabio, Governor of Bayelsa State, Senator Douye Diri, Babjide Sanwolu, Governor of Lagos State, Pastor Eno Umo, the Governor of Akwa Ibom State, Presidential candidate of the Labour Party at the 2023 election, Peter Obi, former Speaker of the House of Representatives, Aminu Tambuwal, immediate past Minister of Transportation, Rotimi Amaechi, alongside other distinguished guests.

Trouble is brewing in the Senate after the Northern Senators Forum yesterday accused Senate President Godswill Akpabio and his associates of padding the 2024 budget to the tune of N3 trillion.

The forum said it would take the matter to President Bola Tinubu.

But the Senate leadership dismissed the allegation as false. The chairman of the Northern Senators Forum, Abdul Ningi (PDP – Bauchi Central) said on BBC Hausa Service that the alleged padding was discovered by consultants commissioned by the forum to scrutinise the budget. He also said the Forum would soon confront Akpabio with its findings.

“In the last three months, we have engaged consultants to review the budget for us. We have some experts that are working on it line by line,” Ningi said.

“We have seen the huge damage that was done not only to the north but the entire country in that budget. We are supposed to sit with the Senate President to inform him about what we have observed. We want to show him what we have seen in the budget that is not acceptable. We will not accept them and we don’t want the country to continue spending money on those things.

“Apart from what the National Assembly did on the floor, there was another budget that was done underground which we didn’t know.

“The new things we have discovered in the budget were not known to us. We haven’t seen them in the budget that was debated and considered on the floor of the National Assembly.”

He said: “For example, it was said that there was a budget of N28 trillion but what was passed was N25 trillion.

“So there is N3 trillion on top. Where is it, where is it going? So, we need to know this. There are a lot of things.

“We are coming up with a report and we will show the President himself and ask him if he is aware or not.”

He wondered why some projects earmarked for the north, like the Ajaokuta project, the Mambila power project, the dredging of River Niger and others have not materialised after many years.

He said: “What mostly disturbs my sleep is that we had budgets in 2013 and 2014 in which we earmarked billions of naira, but they were neglected by President Goodluck Jonathan.

The National Commission for Refugees Migrants and Internally Displaced Persons (NCFRMI) has said that over 6.1 million Nigerians were displaced by insecurity and natural disasters.

The NCFRMI Federal Commissioner, Alhaji Tijjani Aliyu, disclosed this during a visit to Gov. Dikko Radda of Katsina State on Friday in Katsina.

According to him, as of 2022, the commission had about 3 million displaced persons, “but with floods and other natural disasters, we now have an additional 100 per cent of such displaced people.”

He explained: “Today, I can authoritatively say that we have not less than 6.1 million Nigerians displaced out of their homes.

“What do we do if all of them cannot go back, how do we fend them? Can the government continue to feed them, providing them succour?

“Absolutely not possible, we have to find a way to teach these individuals trades, give them skills, so that at the end of the day, they can be on their own,” he said.

Aliyu disclosed the commission’s intention to construct three well-furnished skills acquisition centres across the Northeast, from the 2024/2025 budget.

He said the essence of the visit was to distribute food items to about 700 displaced people in the state.

“Before today, the commission has been putting its efforts to ensure that these people were not left in an undignified way. Their children have received educational training funds from us.

“About 120 of them were trained, and also about 70 of their mothers were given some small starter packs to improve their living standard,” he said.

Aliyu said, in addition to that, the commission identified the problem of water in the IDPs camp but immediately intervened by providing a solar-powered borehole.

“We have also built settlement cities in IDPs camp located areas, for those who may not want to go back to their ancestral homes, and Katsina is one of the beneficiaries,” he said.

The NCFRMI boss said the commission also intended to enrol the IDPs in a health insurance scheme to take care of their health challenges.

Responding, Gov. Radda commended the commission’s gesture, describing it as a collective responsibility of both the state and the federal government to ensure the welfare and well-being of the IDPs.

He said the state had recently witnessed a lot of security challenges, especially in eight frontline local government councils of the state.

The governor lamented that the worst affected areas were the food basket of the state, adding that most of the communities were displaced.

Radda, however, noted with satisfaction that with the inauguration of the Katsina Security Watch Corps (SWC), the security situation had improved.

While pleading for more collaboration with neighbouring states, the governor expressed optimism that with the recent deployment of additional security operatives by the federal government, criminals would not be given breathing space.

The federal commissioner later led other officials to flag-off the distribution of food items to the IDPs. (NAN)

The Nigerian Labour Congress has distanced itself from the N500,000 being canvassed as the new minimum wage, saying it has yet to adopt a position on an amount to be presented to the tripartite committee on the new minimum wage for workers.

The President of the NLC, Joe Ajaero, disclosed this on Sunday with our correspondent in Yola, Adamawa State.

Speaking at the sidelines of the North-East zonal public hearing by the tripartite committee on national wage, Ajaero noted that the N500,000 and N700,000 being proposed as new minimum wage is unknown to the NLC.

According to him, all the figures flying around should be disregarded because the NLC as a body had yet to adopt a common presentation on the new minimum wage.

He said, “The N500,000, N700,000 you are hearing are being collated at the level of the states. In Lagos and other places, I think they are about N700,000 while in other places they are talking about N500,000 which are inputs collated from geopolitical zones.

“But the NLC secretariat has not made any presentation, these minimum figures are what is coming from the states. When we collate them then we’ll do a central presentation based on the raw materials we are getting from states.

“It (minimum wage) has to be relative to the cost of living in those states. You will agree with me that rent here is not as that in Abuja, and not the same thing as in Lagos. So relatively speaking you won’t have a straitjacket-like presentation by Labour in all the states.”

On his part, the Chairman of the Nigerian Medical Association, Adamawa State, Dr Solomon Bulus, said the Nigerian Medical and Dental Council backed the implementation of the N500,000 new minimum wage because it would drive down the hardship being experienced nationally.

The Minister of State for Health, Dr Tunji Alausa, on Saturday that the Federal Government had directed that health workers who plan to relocate abroad for greener pastures must henceforth resign their appointment beforehand.

Alausa added that the era of health workers exiting to other countries of the world in search of better offers after applying for their leave of absence is no longer acceptable.

The Minister stated this on Saturday during his visit to The Neuro-Psychiatric Hospital in Aro, Abeokuta.

Alausa said, “The government is not unmindful of the Japa effect on our manpower in the health sector and the President has ordered for massive production of manpower such that when people go, there will always be replacement.

“However, you cannot eat your cake and have it. If you are going, just resign your appointments with the Federal Government, rather than applying for leave of absence, that is the presidential executive order which has been communicated to all the Chief Medical Directors of Federal Government-owned health facilities to implement.

“The problem with the leave of absence is that such a fellow is out there in the UK or Australia working, making money but his name still appears on the payment roll of the government and so to replace him is difficult because he is still being considered as a staff whereas he has left the country.

“So, to solve this problem, the President has directed that any health workers going abroad to work should just resign their appointment and not apply for leave of absence. This way, you won’t be blocking others who want to work and of course piling burdens for your colleagues that you left behind.”

Akinwumi Adesina, President of the African Development Bank (AfDB), recently shared his thoughts on various aspects of the Nigerian economy, agriculture, and his personal life in an interview with OYETUNJI ABIOYE.

Regarding the current exchange rate of over N1,500 to a dollar, Adesina stated that the Nigerian economy cannot survive under such conditions. He emphasized the need to expand foreign exchange inflows and shift towards an export-oriented industrial manufacturing stance to address the issue. Adesina also highlighted the importance of solving Nigeria’s power problem, stating that the country should aim for a capacity of 60,000 to 70,000 megawatts to support double-digit economic growth.

When asked about the food crisis in Nigeria, Adesina revealed that the AfDB has approved $134 million for the country to implement an emergency food production plan. The bank is supporting the cultivation of various crops, including wheat, maize, rice, cassava, and soybeans, to boost food supply. Adesina also advised the government to revive the electronic wallet system he implemented as a minister to provide farmers with direct access to seeds and fertilizers.

Adesina, who was recently awarded the Obafemi Awolowo Prize for Leadership, expressed his emotional connection to the award, stating that Awolowo’s welfarist policies had a significant impact on his own life and philosophy. He emphasized the importance of people-centric policies and the need for leaders to lead with their hearts.

The AfDB president also discussed the bank’s efforts to promote gender equality and women’s empowerment through initiatives such as the Affirmative Finance Action for Women in Africa, which aims to mobilize $5 billion for women-owned businesses on the continent.

On a personal note, Adesina shared the story of how he met his wife while studying at the University of Ife (now Obafemi Awolowo University). He credited her intelligence and support for his success. Adesina also expressed his deep commitment to his Nigerian identity, stating that he proudly represents his country in his work at the AfDB.

In conclusion, Akinwumi Adesina’s insights shed light on the challenges facing the Nigerian economy and the potential solutions that can be implemented to address them.