In the aftermath of the just-concluded gubernatorial election, it has become clear that the defeat of the People’s Democratic Party (PDP) can largely be attributed to a combination of political missteps, most notably the exit of Philip Shaibu, the deputy governor, and Governor Godwin Obaseki’s tendency to burn bridges with political allies. These events highlight a broader lesson for politicians: the need to manage crises and strained relationships with fellow leaders, as failure to do so can unravel the strongest political alliances and weaken a party’s electoral chances.

Philip Shaibu’s departure from the PDP earlier in the political cycle sent shockwaves through the party. As a key political figure in Edo State and a grassroots mobilizer, Shaibu had been instrumental in ensuring Governor Obaseki’s political success, especially during their joint defection from the All Progressives Congress (APC) to the PDP. His exit, however, was driven by mounting differences with Obaseki and a growing sense of isolation. As deputy governor, Shaibu became disillusioned with the way Obaseki managed internal affairs, leaving him little room to operate politically. His eventual exit did not just hurt the PDP but also reflected deeper cracks within the party structure.

Shaibu’s exit robbed the PDP of his loyal following in Edo North, a critical stronghold, significantly weakening the party’s voting base. Moreover, it sent a clear message to voters and supporters: if the party’s own leadership could not remain united, how could they be trusted to lead the state effectively? Shaibu’s defection highlighted the consequences of poor crisis management and failure to maintain healthy relationships among political allies, which became a key factor in the PDP’s electoral defeat.

However, Shaibu’s departure was only one symptom of a larger issue. Governor Obaseki’s penchant for alienating key political allies has been a recurring problem throughout his tenure. Over the years, he has distanced himself from powerful figures and internal party leaders, creating a reputation for burning bridges. His fallout with political allies, both within Edo State and at the national level, had weakened his support base well before the election.

One of the most notable instances of Obaseki’s tendency to burn bridges was his public clash with the PDP leadership shortly after his re-election in 2020. The governor’s refusal to fully integrate into the party’s structure caused a rift between him and core PDP members, many of whom felt sidelined. Obaseki’s perceived lack of commitment to party unity bred resentment, creating internal divisions that festered until they reached a breaking point.

This inability to manage political relationships not only weakened the PDP but also cost the governor the confidence of party faithful and the electorate. In a political landscape where loyalty and unity are critical, Obaseki’s habit of severing ties with key allies made it difficult for the party to present a unified front, further damaging their prospects in the election.

Beyond internal party issues, Obaseki’s administration struggled to deliver tangible democratic dividends to the people of Edo State. Voters became increasingly frustrated with the lack of visible progress in critical sectors such as infrastructure, employment, and economic empowerment. Despite numerous promises, many citizens felt the administration was more focused on political wrangling than delivering real benefits to the people.

This perception of underperformance became a potent weapon for the opposition, which capitalized on the growing dissatisfaction. Obaseki’s failure to demonstrate meaningful progress on the ground further alienated voters, who began to see his administration as disconnected from their daily struggles. By the time the election arrived, the PDP was fighting an uphill battle against not just a united opposition but also widespread discontent among its traditional supporters.

The PDP’s loss in the Edo gubernatorial election serves as a cautionary tale for politicians across Nigeria. The exit of Shaibu and Obaseki’s deteriorating relationships with political allies underscore the critical importance of managing crises and maintaining alliances. In politics, relationships are often the glue that holds parties and administrations together, especially during challenging times. Leaders must be adept at conflict resolution, compromise, and managing strained partnerships, as the failure to do so can have devastating electoral consequences.

Likewise, in states where political relationships are strained, this scenario serves as a warning. Politicians must prioritize the management of internal conflicts and maintain open channels of communication with their allies. Failing to do so risk the kind of fragmentation that plagued the PDP in Edo and contributed to its eventual defeat.

The collapse of the PDP’s electoral fortunes in Edo State can be traced back to a series of avoidable political missteps, most notably, the exit of Philip Shaibu and Governor Obaseki’s inability to maintain strong alliances. In the complex world of Nigerian politics, where personal relationships and grassroots mobilization are key to electoral success, political leaders must learn to manage crises with care. Obaseki’s experience should serve as a reminder to politicians across the country, especially in states like Rivers and beyond, that political bridges should be built and maintained, not burned.

As the PDP reflects on its defeat, the lessons from this election should resonate beyond Edo State. Politicians everywhere should take heed: mismanagement of internal conflicts, coupled with a failure to deliver democratic dividends, can derail even the most promising political careers. Only through careful crisis management and alliance-building can they hope to maintain the trust of the electorate and secure lasting political success.

As the dust settles after the gubernatorial elections, the people of Edo State are left wondering: “Has Edo finally chosen the Governor in Monday Okpebholo?” This question is not just one of curiosity but a reflection of years of pent-up frustration. Since Nigeria transitioned to democracy in 1999, Edo has had governors who entered office with grand promises of change, only for those promises to wither once they took power.

Governor after governor has been greeted with optimism, but as their tenures progressed, Edolites found themselves disillusioned, betrayed by leaders whose actions did not align with their campaign manifestos. The most recent example is Governor Godwin Obaseki, whose administration began with high hopes of industrial growth, infrastructural improvements, and financial prudence. While there have been pockets of achievement, many residents feel that the Obaseki’s two-termed tenure has left Edo State much as it found it, burdened by underdevelopment, decaying infrastructure, and a struggling economy.

This growing skepticism has cast a shadow over Monday Okpebholo’s victory. Despite the optimism that comes with a new leader, many are approaching this change with a blend of hope and caution. As Mr. Osahon Igbinovia, a small business owner in Benin City put it: “We have been burnt before. Obaseki came in with so many promises, but look at the state of things now, roads are still bad, and jobs are still scarce. Okpebholo has to be different, or else we will be back here in four years asking the same question.”

Edo State, historically known for its rich culture and strategic importance, has long struggled with leadership challenges. From the tenure of Chief Lucky Igbinedion, marred by corruption allegations, to Adams Oshiomhole’s populist approach, which resonated with many but eventually left a mix of successes and failures, the leadership cycle in Edo has been marked by high expectations followed by declining trust.

Governor Godwin Obaseki was elected with the promise of continuity and improvement, riding on the wave of Oshiomhole’s achievements. He campaigned on a platform of transparency, economic revival, and infrastructural development, pledging to modernize Edo and transform it into a business hub. However, as his tenure draws to a close, it is evident that many of those grand promises have not materialized as expected. The disconnect between the government’s claimed achievements and the daily realities of the average Edo citizen is stark.

Mr. Benson Orumwense, a retired civil servant, lamented: “We thought Obaseki would be different because he came in as a technocrat, someone who understood how to manage people and resources. But, in the end, it feels like we are still stuck in the same cycle, bad roads, failing hospitals, and nothing to show for the billions of naira allocated for development.”

The state of Edo’s infrastructure is particularly emblematic of the leadership failures. From pothole-riddled roads to poorly maintained public services, the gap between the promises made and the current state of things has left many Edolites wondering if Okpebholo can truly bring about the change the state desperately needs.

Monday Okpebholo, known popularly as “Akpakomiza,” presents himself as a man of the people, someone deeply connected to the grassroots, having come from humble beginnings. His political rise has been accompanied by the narrative that he understands the struggles of the average Edo citizen, given his own life story of rising through the ranks from poverty to prominence.

His campaign rhetoric focused on infrastructure development, job creation, and building a self-sufficient economy in Edo. Unlike Obaseki, who was perceived as being distanced from the people, Okpebholo promises to maintain close ties with the grassroots, a strategy that endeared him to voters during the campaign. His promises to revitalize agriculture, improve healthcare, and bring a new wave of industrialization have struck a chord with the populace.

However, the people of Edo have heard similar promises before. Mr. Lucky Ehiosun, a political observer, explained the prevailing sentiment: “Okpebholo’s story resonates with people, especially those from rural areas. But leadership is not just about your past; it is about your ability to deliver on your promises. He has to prove that he is not like the others who came before him.”

In particular, Edolites are keenly watching to see how Okpebholo addresses the state’s infrastructural decay. Over the years, residents have expressed frustrations over the deplorable state of roads, inadequate healthcare facilities, and the slow pace of economic growth. Many believe that unless the governor takes a firm stand on these issues within his first 100 days, he will face the same criticisms that have plagued past administrations.

Across the state, residents are speaking out about their hopes and concerns for the new administration. In Uromi, a professional colleague of this writer on phone voiced his thoughts: “We need a governor who will actually listen to us. The roads in the rural areas are terrible, and it is hard to transport our goods to the market. Okpebholo must focus on helping farmers and making the roads passable.”

A civil rights advocate, Mr. Chukwuma Eze, also shared his concerns: “The government needs to prioritize the welfare of the people over politics. If Okpebholo is serious, he will address the issues of unemployment and underemployment in the state. We need industries that will create jobs for our youth.”

Meanwhile, in Benin City, a youth leader, Osaro Osayande, emphasized the need for transparency in governance: “We have had governors who come in and make decisions without consulting the people. Okpebholo needs to be different. He must engage with the community, hold town halls, and actually involve the people in the decision-making process. That is the only way to build trust.”

Mr. Martins Eboigbe, in his counsel to Okpebholo, emphasized the importance of showing respect to the revered Benin Monarch, noting that such an attitude is not only a sign of humility but also a strategic move that resonates deeply with the people of Edo State. “In our rich cultural history,” Eboigbe stated, “the Oba is the embodiment of the people’s identity, unity, and tradition. Disrespecting the crown is seen as a grave taboo among Edolites, and anyone who does so risks alienating themselves from the very people they wish to lead.” He urged Okpebholo to align himself with the values that the Benin Kingdom holds dear, as doing so would earn him the favor of the people and place him in their good graces.

Furthermore, Eboigbe pointed out that Edolites have a profound reverence for their Oba, a sentiment that transcends politics and influences how leaders are perceived and accepted. “Any disregard for the monarchy,” he cautioned, “could result in a permanent stain on your public image.” He urged Okpebholo to seek the blessing and approval of the royal house, as those who honor the Benin throne often find themselves embraced by the people. Respecting the Oba is not only an obligation but also a strategic necessity for anyone aspiring to hold a leadership position in Edo State.

As Monday Okpebholo steps into the Edo State Government House, he must be keenly aware that the burden of expectations is heavy. The people of Edo are tired of empty promises and half-measures. They want a leader who will act decisively, focus on long-term development, and rebuild trust between the government and its citizens.

The key areas that will define his legacy include infrastructural renewal, job creation, and transparency in governance. He must prioritize fixing Edo’s crumbling infrastructure, from its rural roads to urban centers, ensuring that development reaches all corners of the state. His focus on economic growth must also translate into job creation, especially for the youth, whose unemployment rate remains alarmingly high.

However, beyond policy, Okpebholo must also work to restore the faith of the people in their leadership. After years of disappointment, the people of Edo deserve a governor who not only makes promises but delivers on them.

As Mr. AghoEsosa, a local artisan puts it: “We are tired of being fooled. Okpebholo has to be the one to break the cycle. If he does, Edo will finally be on the path to greatness. If not, we will be back to square one, looking for another leader.”

The question remains: “Has Edo found the right leader in Monday Okpebholo?” Only time will tell if he can rise to the occasion and lead Edo to a brighter future.

Key Points

• Safaricom and Mastercard formed a strategic alliance to enhance digital payment acceptance and cross-border remittances in Kenya.
• Over 636,000 M-PESA merchants will benefit from Mastercard's global payment infrastructure, expanding their reach to international markets.
• Ndegwa bolstered his influence by increasing his personal stake in Safaricom, demonstrating confidence in the company's future.

Safaricom, East Africa's telecom giant led by Kenyan tycoon Peter Ndegwa, has secured a strategic alliance with Mastercard to enhance payment acceptance and improve cross-border remittances in Kenya. The collaboration is set to accelerate the growth of digital payments, reinforcing Safaricom’s leadership in financial innovation across the region.

The partnership is poised to benefit more than 636,000 merchants using Safaricom’s M-PESA mobile money platform, as Kenya’s digital payments landscape continues its rapid expansion. Mobile wallet payments, driven largely by M-PESA, are projected to grow at an annual rate of 12.7 percent from 2020 to 2024, further cementing M-PESA’s dominant market presence.

The initial phase of the partnership is set to roll out in the coming months, with Safaricom planning to acquire a license that will further enhance its digital payment capabilities. Both companies have committed to promoting financial inclusion and fostering innovation within Kenya’s rapidly evolving digital economy.

Driving global payment solutions

By integrating M-PESA’s extensive merchant network with Mastercard’s global payment infrastructure, the partnership aims to deliver secure, seamless, and scalable payment solutions.

This will enable Kenyan merchants to expand their reach to international markets, while also improving remittance services for cross-border transactions.

Mastercard's omnichannel payment solutions will further accelerate the adoption of digital payments, facilitating faster and more reliable money transfers.

"We are thrilled to partner with Safaricom in building an inclusive digital economy that benefits everyone," said Amnah Ajmal, Executive Vice President for Eastern Europe, Middle East, and Africa at Mastercard. "This partnership empowers merchants to grow and significantly contribute to the Kenyan economy."

Esther Waititu, Chief Financial Services Officer at Safaricom, added: "Our collaboration with Mastercard unlocks new opportunities for M-PESA merchants, in line with our mission to deliver innovative, customer-centric solutions. With Mastercard’s global network, businesses can now offer more efficient and seamless payment options domestically and internationally."

Innovative solutions shape Safaricom's future

Safaricom, founded in 1993 and headquartered in Nairobi, is a leading provider of telecom services in Kenya, offering a wide range of products including mobile, fixed-line, M-PESA payments, voice services, and cloud hosting.

Under Ndegwa’s leadership, the company has solidified its dominance in the Kenyan market and made strategic expansions across Africa.

Earlier this year, Ndegwa increased his personal stake in Safaricom by acquiring 8.64 million shares, further consolidating his influence in the telecom sector. Additionally, the company launched a micro-payment feature allowing customers to purchase airtime for as little as Sh1.00 ($0.0068) via M-PESA, underscoring its commitment to financial inclusivity.

Safaricom's recent foray into Ethiopia has also expanded its footprint in the region. The company has partnered with Huawei to explore innovative solutions like "Scan & Order" for restaurant menus, signaling its focus on advancing digital technology across its markets.

[billionaires.africa]

The yellow metal settled back a bit during the European session on Monday after reaching a new peak of $2,631 earlier , as markets remain focused on the increasing likelihood of the Federal Reserve cutting rates.

At the same time, instability in the Middle East is boosting appetite for gold.

For this reason, potential Fed rate cuts serve as catalysts for gold, reducing the opportunity cost of holding an asset that does not pay interest.

Hedging involves protecting business cash against negative changes like inflation or currency depreciation.

Gold helps safeguard against instability in governance, a common occurrence in less developed markets.

JP Morgan noted in a research report that various factors, including growing geopolitical risks, the outlook for interest rates, concerns about the budget deficit, inflation hedging, and central bank purchases, have contributed to the sustained rise in gold prices in 2024.

Expectations that the Federal Reserve would lower interest rates up to three times in 2024, as persistent inflation began to diminish, contributed to gold’s explosive growth this year. However, current estimates indicate that only one rate reduction is planned for the remainder of 2024.

Central banks have increased their appetite for gold. Demand for gold has primarily been driven by central banks, as nations like China, Turkey, and India seek to diversify their reserves away from the US dollar—particularly in light of the West’s decision to freeze Russia’s dollar assets following its invasion of Ukraine.

JPMorgan estimates that central banks bought over a thousand metric tons of gold last year. The People’s Bank of China embarked on its longest-ever buying spree, an 18-month period of purchases that concluded in May. Additionally, India’s central bank increased its gold holdings in June by the largest amount in nearly two years.

According to the World Gold Council’s Q2 2024 report, global gold demand rose 4% year over year to 1,258 tons, marking the highest second quarter in our data period. Healthy over-the-counter sales, up a noteworthy 53% year over year at 329 tons, supported overall demand.

Market fundamentals indicate that gold prices are being driven by a slowdown in ETF outflows, increased OTC demand, and ongoing central bank purchases. Global gold holdings by central banks and government institutions rose by 183 tons, reflecting a 6% year-over-year growth despite a slowdown from the previous quarter.

The World Gold Council’s annual central bank poll revealed that reserve managers anticipate an increase in gold allocations over the next year due to the need for portfolio diversification and protection in a complex economic and geopolitical landscape.

A Relatively Weak Dollar Supports Gold’s Bottom Line

A declining US dollar and lower US interest rates have historically made non-yielding bullion more appealing. Commerzbank Research has increased its gold forecast, projecting three rate cuts by the end of this year and three more in the first half of 2025 by the Federal Reserve—two more than initially projected.

Investors often prefer exposure to riskier assets like corporate bonds and stocks over defensive assets like cash, government bonds, and gold, which is why risk appetite and gold are inversely related. Although concerns about a recession subsided over the past week following the release of a disappointing payroll report, recent data has indicated weakness in key sectors like homebuilding, which could support a more aggressive Fed rate reduction.

When long-term rates appear less promising, yield-producing assets such as bonds tend to lose their appeal, creating an environment where gold typically rallies.

[Nairametrics]

Naija News understands that the meeting is being held amidst plan to reshuffle is cabinet.

Before the commencement of the council meeting, Secretary to the Government of the Federation (SGF), Senator George Akume, commended President Tinubu for his commitment to democracy through “the conduct of free and fair election in Edo State.”

Akume also commended the leadership of Edo State chapter of the All Progressives Congress (APC) following the victory of Monday Okpebholo.

He said, “We want to use this opportunity, Mr. Chairman, to congratulate the people of Edo State, particularly the APC family, properly guided by the father of APC, in their fantastic outing, recording a huge victory, which had eluded the APC for over eight years.

“The election has been adjudged to be free and fair and that is what Mr. President has always stood for. We want to thank you, Mr. President, for being committed to the electoral process and ethos of democracy.

“Once again, we thank our family members of the APC from Edo state for this wonderful showing.”

The SGF also formally notified the council of the passing a former Minister of Women Affairs and Youth Development, Mrs Salome Jankada.

Mrs Salome Jankada was a Minister of Women Affairs and Youth Development in the administration of former President Olusegun Obasanjo.

The council then observed a minute silence in honour of the late former council member, who died in August 27 this year.

Those in attendance at the meeting include the Secretary to the Government of the Federation, Senator George Akume, the National security Adviser, NSA, Mallam Nuhu Ribadu and the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila.

Majority of the Ministers were also in attendance.

[NaijaNews]

Nigeria’s Minister of Defence, Mohammed Badaru has called for reform of the United Nations Security Council, asserting that Africa should be represented with permanent seats to enhance global stability.

Addressing the 79th United Nations General Assembly (UNGA) in New York, Badaru highlighted Nigeria’s extensive contributions to UN peacekeeping operations.

Speaking at the Summit of the Future during the dialogue on “Enhancing Multilateralism for International Peace and Security,” Badaru stated, “Since our first deployment in the Congo in 1960, Nigeria has contributed to 41 peacekeeping missions globally,” noting that over 200,000 Nigerian troops had been deployed in UN operations over the decades.

Badaru pointed to Nigeria’s unwavering commitment to international peacebuilding and security, saying, “Nigeria has remained unequivocal in its commitment to international peacebuilding and security, since the first engagement of its troops in the Congo in 1960.”

He further emphasised the significance of Nigeria’s role in regional conflicts. “Under regional and sub-regional cooperation, Nigeria has been involved in peacekeeping operations in Cote d’Ivoire, Guinea-Bissau, The Gambia, Liberia, Mali, Sudan, and Sierra Leone, among others.”

The Defence Minister used the opportunity to press for UN Security Council reform, arguing that Africa’s exclusion from permanent membership undermines global peace efforts.

“Nigeria continues to call for the reform of the United Nations Security Council to give just representation to Africa on a permanent basis for inclusivity and deepening of global peace and security,” he said.

Badaru also underscored the importance of strengthening African military capacity to fight terrorism.

He stressed the need for the operationalisation of the African Standby Force (ASF) and the establishment of a Counter-Terrorism Centre of Excellence in Africa.

“We recognise the need for Africa to build strong and professional armies, in order to, among other things, defeat terrorism.

“Nigeria calls for the operationalisation of the African Standby Force (ASF), and provision of requisite support and resources to ensure the upgrade, take-off and effectiveness of a Centre of Excellence in Africa on issues of counterterrorism,” he noted.

On the issue of transnational crime, the Defence Minister warned of rising alliances between bandits and terrorists, highlighting the impact of kidnapping for ransom and acts of piracy.

He called for a comprehensive approach to tackling organised crime, stating, “We must scale up our efforts,” referring to the urgency of combating illegal arms trafficking in the Sahel region.

Badaru further urged the international community to intensify efforts to control the proliferation of small arms and light weapons in conflict zones, particularly in the Sahel.

“We seize this opportunity to urge the international community to renew efforts to stem the tide of small arms and light weapons in conflict, especially within the Sahel region where unfettered access by non-state actors to illicit arms and light weapons continues to foster insecurity and instability,” he said.

He reaffirmed Nigeria’s dedication to supporting UN initiatives in promoting global peace and combating terrorism.

[Leadership]

Nigeria’s currency, the Naira depreciated by 51.5 percent against the dollar at the official market in the last year under Central Bank of Nigeria, CBN, governor, Olayemi Cardoso.

This comes as Cardoso clocked a year in office after his appointment on September 15, 2023.

The performance of the Naira against the dollar in the foreign exchange market is far from impress despite multiple interventions by the Cardoso-led CBN.

This comes as data from the FMDQ showed that the Naira dropped from N1,541.52 per dollar on 22 September 2024 from N747.76 recorded in the corresponding period last year.

In the period, the Monetary Policy Committee, MPC, led by Cardoso raised the monetary policy rate (MPR) four times to 26.75 percent to combat inflation, which stood at 32.15 percent in August 2024.

The MPC is currently meeting to decide on whether to hike interest or pause the increase.

Meanwhile, in the last months, CBN showed that the country’s external reserves hit a 22-month high of $37.39 billion as of September 19, 2024.

Despite, the policies orchestrated by the Cardoso-led CBN, Nigerians have continued to groan over harsh economic realities occasioned by high prices of food and spiralling energy costs.

[DailyPost]