The Nigerian economy has entered a period of severe hardship, marked by rapidly increasing poverty and hunger. This is driven by a complex combination of domestic economic challenges, policy choices, and external factors. The country's transition into deeper multidimensional poverty—where 133 million Nigerians were classified as such by the National Bureau of Statistics (NBS) in 2022—has been further compounded by the Bola Tinubu administration's policies, which have exacerbated inflationary pressures and eroded purchasing power. A combination of economic mismanagement, external shocks, and poor governance has resulted in significant devaluation of the Naira, skyrocketing fuel prices, and surging inflation, all of which continue to push more Nigerians into the poverty trap.

Naira Devaluation and Its Effects on Poverty

One of the most severe blows to the Nigerian economy has been the rapid depreciation of the Naira. Since President Bola Tinubu took office in May 2023, the Naira has fallen from N465/$ to N1,700/$ in the parallel market—a more than 70% loss in value . This drastic depreciation has not only diminished the purchasing power of Nigerians but also led to inflationary pressures that have particularly hurt the poor.

The reasons for the Naira's decline are multi-faceted. Nigeria remains heavily dependent on oil exports for foreign exchange, yet oil production has been severely constrained due to widespread theft and declining output. Furthermore, Nigeria’s future oil earnings are increasingly tied up in debt obligations, reducing the inflow of foreign exchange needed to stabilize the currency. The government’s decision to float the Naira in hopes of attracting foreign investment backfired, as it created more volatility without bringing in the expected influx of foreign capital.

This loss of value has translated directly into higher import costs, especially for essential goods like food and fuel, both of which are highly dependent on imports. The manufacturing sector has been hit hard, as many industries rely on imported raw materials. This has led to higher production costs and a subsequent rise in the prices of manufactured goods. As manufacturers struggle to stay afloat due to the scarcity of foreign exchange and rising energy costs, many have been forced to reduce operations, leading to layoffs and further weakening consumer demand.

Rising Fuel Prices and the Energy Crisis

The removal of fuel subsidies, which saw petrol prices soar from N187/litre to N1,000/litre, has been another key factor driving poverty and social unrest. With petrol being a critical input not just for transportation but also for electricity generation—due to Nigeria’s unreliable power grid—the increase in fuel prices has had a cascading effect across the economy. Transportation costs have surged, driving up the price of food and other essential goods, and businesses, particularly small enterprises, have struggled to cope with the added operational costs.

The government’s decision to end fuel subsidies aligned with IMF and World Bank policies aimed at market liberalization, but the timing and execution have worsened living conditions for the average Nigerian. The policy change was intended to free up government revenues for more productive uses, but in the absence of a social safety net, the poor have borne the brunt of the cost increases. Furthermore, the expectation that the Dangote Refinery would lower fuel costs has been met with delays and uncertainties. Even when operational, the refinery’s ability to stabilize fuel prices is constrained by broader issues like exchange rate volatility and global oil market dynamics.

Inflation and Food Insecurity

Nigeria's inflation has risen sharply from 22.4% when Tinubu took office to 32.15% by August 2024. The country is caught in a vicious cycle of rising costs, reduced economic activity, and declining consumer demand. High inflation has been driven by several key factors:

1. Monetary policy and high interest rates: The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 27.25% in a bid to control inflation, but this has only made borrowing more expensive for businesses, particularly manufacturers. The resulting slowdown in production has led to supply shortages, which in turn have driven up prices.

2. Agricultural disruptions and food inflation: Food inflation has been particularly damaging, especially for the poor, who spend a significant portion of their income on food. Nigeria’s agricultural sector has been hit by insecurity, particularly in the northern regions, where insurgency and banditry have disrupted farming activities. This has led to reduced output and higher food prices, with no immediate solution in sight. Additionally, Nigeria loses up to 50% of its agricultural produce post-harvest due to poor infrastructure and storage facilities, exacerbating food shortages.

3. Currency depreciation: As the Naira has continued to fall, the cost of imported food and agricultural inputs has risen, putting further pressure on food prices. Smuggling of essential goods like food across Nigeria’s porous borders into neighboring countries has also contributed to domestic shortages and price hikes.

The Outlook: No Relief in Sight

Given the current trajectory of the Nigerian economy, there is little hope that poverty and hunger will abate any time soon. Several structural challenges will continue to prevent any meaningful economic recovery in the short or medium term:

- Dependence on imports and a weak manufacturing base: As long as Nigeria remains dependent on imported goods, including fuel and food, the country will continue to be vulnerable to global price fluctuations and exchange rate volatility. The lack of a robust manufacturing sector limits the ability of the economy to generate foreign exchange, exacerbating the currency crisis and perpetuating poverty.

- Foreign exchange shortages: The scarcity of foreign exchange will continue to drive up the cost of imports and fuel inflation. The government’s limited ability to intervene in the currency market means that the Naira is unlikely to stabilize without substantial foreign investment or an increase in oil production, both of which seem unlikely in the near term.

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cHief of Staff to President Bola Tinubu, Femi Gbajabiamila, says Mr Tinubu loves suffering Nigerian masses.

“The one thing we know about Mr President is his love for the masses. When anybody tells you why this policy? People are hungry; Mr President sees it all and is pained,” said Mr Gbajabiamila at 2024 All Progressives Congress (APC) South-West Assembly held at the Eko Hotel, Lagos on Saturday.

He added, “We will continue to advise him, we will continue to talk to him, we will continue to put heads together. Governance is about everybody.”

Mr Gbajabiamila’s statement comes a few days after Mr Tinubu left the vacation abroad amid the cries of Nigerians over the unprecedented rising cost of living.

With petrol prices soaring from N145 to about N1,000 and  the naira trading for about N1,700 under Mr Tinubu’s watch due to his dual policies of fuel subsidy removal and exchange unification, Nigerians have witnessed unprecedented rise in the cost of living.

In August, Nigerians in their thousands hit the streets across the nation, protesting over economic hardships for 10 days, berating Mr Tinubu’s government for calling for patience from citizens while he and other government officials live in opulence from taxpayers money.

The Gazette, in December 2023, reported how Mr Gbajabiamila’s office was allocated N21 billion in 2024 budget for renovation of official residence and software amid economic hardships ravaging the country.

The controversial and unprecedented huge allocations to Mr Gbajabiamila’s office sparked reactions from Nigerians who raised the alarm of waste of resources while citizens cry of hunger.

Amid macroeconomic challenges, Guaranty Trust Holding Company Plc (GTCO) and 11 other financial institutions listed on the Nigerian Exchange Limited (NGX) generated an estimated N3.81 trillion profit before tax (PBT) in the half year ended June 2024. This represents a 108.2 per cent increase from the N1.83 trillion PBT generated by these 12 financial institutions in H1 2023.

In the period under review, financial institutions operating in Nigeria, and Sub-Saharan African countries were faced with inflationary pressure, and sustained hikes in monetary policy parameters that drained liquidity in the banking system, among other challenges.

However, in the period under review, five banks, including GTCO, Access Holdings Plc, Zenith Bank Plc, Stanbic IBTC Holdings Plc, and Fidelity Bank Plc were the only financial institutions that declared interim dividend payout to shareholders.

The five financial institutions declared N198.35 billion as interim dividends for the half year ended June 30, 2024, about a 131.67 per cent increase from the N85.6 billion declared in the half year ended June 30, 2023.FBN Holdings Plc, Ecobank, Wema Bank Plc, FCMB Group Plc, Sterling Financial Holdings Company Plc, and Jaiz Bank were the financial institutions that did not declare an interim dividend for H1 2024.

THISDAY gathered that GTCO, during the period under review, generated the highest profit before tax, followed by Zenith Bank, Ecobank, and FBN Holdings.

GTCO reported N1.003 trillion profit before tax in H1 2024, about 207 per cent increase from the N327.4 billion it declared in H1 2023, to emerge as the first financial institution to cross the N1 trillion mark in profit generation.

The Group Chief Executive Officer, GTCO, Segun Agbaje, in a statement, said: “We are immensely proud of the progress we have made as a leading financial holding company.

“Despite the uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model.

“We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals–Banking, Funds Management, Pension, and Payments–for rapid growth across key markets,” he explained.

While the Zenith Bank reported N727.03 billion PBT in H1 2024, representing a 108 per cent increase from the N350.36 billion the bank reported in H1 2023, Ecobank declared N443.5 billion PBT in H1 2024, representing about 195 per cent increase over the N150.3billion it reported in H1 2023.CEO of Ecobank Group, Jeremy Awori in a statement said: “Our half-year results demonstrate the strength of our diversified business model. Despite facing macroeconomic challenges in some of our operating markets, the company increased its net revenues to $994 million and its profit before tax by five per cent to $324 million.

“Our transformation agenda remains our top priority, with a focus on improving customer experience and driving efficiency and productivity. Despite persistent inflation, we achieved an efficiency ratio of 53.6 per cent.

“We continue to right-size our risk-weighted assets, and our deposits franchise remains strong. Customer deposits rose 13per cent in constant currency to $19 billion, with current and savings accounts (CASA) comprising 81per cent of total deposits. With a loans-to-deposit ratio of 54per cent, we have room to take advantage of credit opportunities that meet our risk appetite if required,” Awori said.According to Awori, the bank’s sole focus remains on enhancing the customer experience and meeting their financial needs.

On its part, FBN Holdings posted N411.99 PBT in H1 2024, an increase of 100.9 per cent from the N205.05 billion reported in H1 2023.Commenting, the Group Managing Director, FBN Holdings, Nnamdi Okonkwo in a statement said: “FBNHoldings has again delivered a strong set of financial results despite the complex macroeconomic and operating environment.

“Our Group’s strong performance over the period is underpinned by our robust institutional capabilities, effective risk management practices, and solid business momentum, and it is a testament to the resilience of our institution.

“Notably, gross earnings and profit before tax grew 118.8 per cent y-o-y and a 100.9 per cent y-o-y to N1,402.5 billion and N412 billion respectively for the first half of the financial year, showing a continuous growth trajectory. These results reflect our ongoing commitment to further improving profitability, enhancing performance, and delivering sustainable value to our stakeholders.

“Despite the macro-economic headwinds, we remain resolute and confident of successfully navigating the terrain towards surpassing stakeholders’ expectations.”

During the period under review, UBA reported N411.99 billion PBT in H1 2024, representing about 0.5 per cent decline from the N403.6 billion in H1 2023, while Access Bank announced N348.9 billion PBT in H1 2024, a growth of 108.2 per cent from the N167.6 billion reported in H1 2023.Fidelity Bank closed the period at N200.87 billion PBT, a significant increase of 163 per cent from the N76.33 billion declared in the corresponding period of 2023, just as Stanbic IBTC Holdings posted N147 billion PBT in H1 2024, about 77 per cent increase from the N82.99billion reported in H1 2023.Furthermore, FCMB Group declared N64.21 billion PBT in H1 2024, about a 68 per cent increase from the N38.23 billion in H1 2023.Similarly, Wema Bank announced N30.57 billion PBT in H1 2024, a growth of 153.47 per cent from the N12.06 billion reported in H1 2023.

Sterling Financial Holdings Company generated N17.35billion PBT in H1 2024, representing a 51 per cent increase from N11.46 billion in H1 2023, just as Jaiz Bank, in H1 2024, announced N11.56 billion PBT, an increase of 194.27 per cent from N3.93 billion reported in H1 2023.Commenting on financial institutions’ performance in H1 2024, Vice President, Highcap Securities Limited, David Adnori attributed the banks’ financial performance to the devaluation of the naira.

He highlighted that most banks have international affiliations, with a significant portion of their assets denominated in dollars, adding that the devaluation led to a substantial increase in their profits.“In the history of banking, hardly any bank has ever declared PBT of up to N400 billion in a half-year period. However, due to the devaluation and the transition from a pegged exchange rate to a freely floating one, banks have experienced a significant spike in their declared profits in the first half of 2024,” he said.

He added that a substantial portion of the increased profitability of these banks was attributed to non-interest income.

The devaluation has affected fees, commissions, off-balance sheet transactions, and other non-interest income sources, which now contribute significantly to the banks’ higher profits, he said.

Investment Banker & Stockbroker, Tajudeen Olayinka said a significant portion of the banks’ recent profit gains came from revaluation gains on their net long US dollar income positions.

The Leader of the Senate, Senator Opeyemi Bamidele, has revealed how federal lawmakers from the South-West states lobbied their colleagues from other geo-political zones to pass the Bill for the establishment of the South West Development Commission (SWDC).

Bamidele, also the Leader of the South-West National Assembly Caucus, disclosed that lawmakers from the South-West APC “have been a formidable force, contributing significantly to the progress and stability of the National Assembly.”

He made the remarks at the 2024 South-West Assembly of the All Progressives Congress (APC) held in Lagos on Saturday, where he suggested the need to institutionalize the assembly for regular and sustained interaction among stakeholders.

At the regional assembly, Bamidele explained how the South-West Caucus worked with federal lawmakers from other geo-political zones to secure majority support for the passage of the South West Development Commission Bill, 2024, at the upper chamber.

Specifically, the Senate leader highlighted the considerable influence of the South-West Caucus in the 10th National Assembly, pointing out that out of the 18 senators from the geo-political zone, 15 are from the APC.

This figure, according to him, makes the South-West the largest single bloc of APC Senators in the Senate. This has given us considerable influence, and we have used it effectively for the good of our people.

Bamidele further pointed out that the South-West Caucus in the National Assembly leveraged its considerable influence to ensure the successful passage of the South West Development Commission Bill.

He noted that the push for the establishment of the SWDC was not just a necessity but a matter of equity, as other regions have similar commissions in place, saying every member of the South West National Assembly, regardless of party affiliation, worked together to ensure the passage of the bill in the Senate.

He said: “We are now awaiting concurrence from the House of Representatives before transmitting it to the President for assent. We recognize that our success is not limited to members of the APC alone. Our colleagues from other political parties have been just as committed to the success of our region.

“This bill, and many others, remind us that when it comes to the development of our people, there is no room for division. We must continue to work together to achieve more,” he explained.

Apart from the passage of the 2024 SWDC Bill, Bamidele revealed that the federal government had approved the dualization of the Ado-Ekiti-Ikere-Akoko road, a 31-kilometer highway that connects Ekiti State to the Federal Capital Territory through Ondo, Edo, and Kogi States.

He also cited the ongoing construction of the Lagos-Calabar Coastal Highway, a 700-kilometer project that will run from Victoria Island, Lagos, to Calabar, Cross River, which, according to him, would unlock limitless opportunities across the economic belt when completed.

The highway, according to him, will pass through Ogun, Ondo, Edo, Delta, Bayelsa, Rivers, Akwa Ibom, and terminate in Cross River. The award of contract for the 258-kilometer three-lane carriageway, a component of the 1000-kilometer Sokoto/Badagry Superhighway, will be a game changer not just for the South-West but also for the Federal Republic of Nigeria.

He, therefore, commended all members of the South West Caucus for their steadfastness during this process, noting that the unity in the rank of the caucus ensured that the geo-political zone did not lose out in the leadership dynamics of the 10th Assembly.

“We have stood firmly with the leadership of the National Assembly, especially when plots were being hatched to bring the leadership into disrepute. We remained united behind the Senate President, Godswill Akpabio, and his Deputy, Jubrin Barau, even when there were unfounded allegations of budget padding.

“The South West Caucus remains a stabilizing force in the Senate. Our zone has also received fair recognition in the leadership of the Senate. I am honored to serve as the Senate Leader, while in the House of Representatives, we occupy the Chief Whip’s seat and other high-ranking positions.

“This extends to key committee leadership roles, which further amplifies our influence in national decision-making,” the Senate leader reeled out the achievements of the caucus with admiration.

He noted that the South West Caucus “has remained committed to President Tinubu’s reform agenda, particularly in the areas of security and economic recovery.

“We gave expeditious attention to the screening of the President’s nominees for various political positions, demonstrating our collective desire for the quick implementation of his transformative policies. We will continue to support his reforms as he steers the country towards prosperity and stability.”

He warned that the South-West Assembly should not be a one-off event, recommending the need to institutionalize the platform for regular interaction between APC stakeholders at both the legislative and executive levels.

Such meetings, according to the Senate leader, will strengthen our unity and help us align our goals for the good of the region and the country.

He equally commended the cordial relationship between the South-West governors and members of the National Assembly from the South West.

Bamidele said this cooperation “is key to the success of our shared agenda for development. Let us continue to foster this relationship and work together for the greater good.”

He further pledged the continued support of the South West APC Caucus “to President Bola Tinubu’s reform agenda. We will work tirelessly to support him and our party at all levels, ensuring that we leave a legacy of growth, peace, and progress in Nigeria.

“Let us remain steadfast and united as we build on the foundation laid by our predecessors and chart a path of continued success for our people and future generations,” Bamidele explained.

Says CBN’s serious about fair, efficient markets

Governor of Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso, has said the bank raised the interest rate, once again, in its last Monetary Policy Committee, MPC, meeting to check inflation.

He also said bank’s decision to implement the Electronic Foreign Exchange Matching System, EFEMS, was rooted in the understanding that trust was essential to central banking.

Addressing members of the Harvard Club of Nigeria in Lagos at the weekend on the topic, “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation,” Cardoso explained: “Our decision to raise the Monetary Policy Rate, MPR, to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation.

”Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these.”

Highlighting key leadership lessons, the CBN governor said: “Leading through challenging times means avoiding the temptation to take on too many initiatives.

‘The Central Bank must focus on its core mandate—price stability. It is easy to become distracted by various political and economic pressures, but as a leader, one must prioritise.

“Effective communication is as important as the right policy. Clear and open communication fosters trust. From publishing the results of the Dutch Auction to ensuring regular updates on economic data, transparency has been our guiding principle.

”Trust is built on the belief that a central bank will take the necessary steps to ensure economic stability, even when those steps are uncomfortable or politically contentious.”

He reiterated that the CBN’s move was to enhance transparency and provide more accurate oversight of foreign exchange transactions.

He said: “Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes. Our decision to implement the Electronic Foreign Exchange Matching System, EFEMS, is rooted in this understanding.

“By enhancing transparency and providing more accurate oversight of forex transactions, we send a strong signal that the CBN is serious about fair and efficient markets.”

Cardoso, who marks one year in office as CBN governor, this week, told his audience that leadership, especially as the head of a central bank, often required making difficult and sometimes unpopular decisions.

He emphasised the fact that the bank was a listening institution, unafraid to reconsider decisions if they failed to meet its original objectives.

“In the face of economic challenges, it is imperative to focus on core objectives—restoring the credibility of the institution, building trust in the financial system, and, most critically, containing inflation.

These are not just strategic goals; they are foundational to any meaningful recovery,” he said.

Speaking on his journey on the saddle, Cardoso recalled that upon assumption of duty, he understood that the credibility of the Central Bank of Nigeria , CBN, had to be the bedrock of the actions he and his team took.
He said: “Without credibility, no policy, however, well-intentioned, can succeed. Floating the naira, a decision met with considerable public criticism, was necessary to bring the official exchange rate closer to market reality. The disparity between the official and parallel rates had encouraged arbitrage and speculation, eroding trust in the market.

“Credibility is earned by consistency. The decision to close this gap, while painful in the short term, sent a message to market participants that the CBN was committed to transparency and sound monetary policy,” he added.

He noted that speculative trading had been reduced, adding that stability was gradually returning to the currency markets.

While noting that containing inflation remained the bank’s core mission, the CBN boss acknowledged that the apex bank was yet to meet its target.

However, he stressed that recent declines reported by the National Bureau of Statistics, NBS, in July and August 2024, showed that the CBN was moving in the right direction.

Former Governor of Ogun State, Olusegun Osoba, has declared that President Bola Tinubu has the support of political leaders in the southwest to become the Nigerian leader.

According to Osoba, it was in 2007 that leaders of the region agreed to push Tinubu from Lagos politics to national politics after his tenure as the Lagos State Governor.

Osoba made this statement at the All Progressives Congress (APC) South West Zone Assembly meeting held over the weekend at Eko Hotels and Suites, Lagos.

He added that Tinubu has the support of the political leaders to contest for another term when his current tenure expires in 2027.

“Bola didn’t make himself the President of Nigeria; we did.

“Seventeen years ago, in 2007, after his tenure as the governor of Lagos State, we gathered at a luncheon organized by Alhaji Hamsa, our leader in the South West at that time. It was at that meeting we collectively decided that Bola should move from Lagos politics to the national stage, to represent the interests of the Yoruba people at the topmost level of Nigerian politics,” Osoba said in a video which has gone viral on the X platform.

Going down memory lane, the former Governor recalled political figures from the Yoruba race who aspired for the presidency but were unsuccessful.

“Many of us here today worked tirelessly to support the late Chief Obafemi Awolowo’s quest for the presidency, but he wasn’t allowed to get there.

“Similarly, we rallied behind the late MKO Abiola’s presidential ambition, but we lost him, and with him, the opportunity. They killed many of us because of our mission to make this country better. But we thank God that some of us are still alive to witness Bola Tinubu’s success.,” Osoba said.

He pleaded that whatever shortcomings might have been observed in Tinubu’s leadership should be forgiven, and he should be given a second term.

“Now that Bola Tinubu is there, I want to plead with all of you to accept his shortcomings. He will do better. After his first four-year term, he will serve another four years as a Yoruba son,” he said.

Osoba thereafter, passed a vote of confidence on Tinubu’s leadership on behalf of the group.

“The South West Assembly’s message is clear – the Yoruba leadership stands united behind Tinubu’s presidency and remains confident in his ability to deliver on his promises during his tenure,” the APC chieftain submitted.

The Rivers State Peoples Democratic Party (PDP) loyal to the FCT Minister, Nyesom Wike, has rejected the outcome of the local government election.

They described the poll as an exercise in futility, vowing to challenge it in court.

Recall that the Saturday council election was won by the Action Peoples Party (APP) which secured 22 out of 23 chairmanship positions, while the Action Alliance candidate won one seat.

The APP also won 314 out of the 319 councillorship seats in the 23 LGAs in the state.

Fubara subsequently swore in the the newly elected council chairmen of the 23 local government areas of the state on Sunday.

Naija News understands that after losing control of the PDP to Wike, Fubara’s supporters switched to the APP.

Speaking on the poll, the state Publicity Secretary of the PDP, Kenneth Yowika, said the party would challenge the election in court.

‘’We are pressing further through the courts to ensure that justice is done and seen to have been done. So, we do not agree nor do we recognize if any swearing-in is taking place today (Sunday) or tomorrow (Monday),” he told The PUNCH.

Yowika said from the beginning, the ruling party in the state had insisted on the Federal High Court judgment barring the conduct of the council poll, pointing out that what the state government did was illegal.

Yowika said, “First of all everything concerning that issue is illegal. We have said it clearly that elections should not be held, you know, relying on the Federal High Court judgment delivered by Justice Peter Lifu.

“And I had said before this time that any action taken regarding the issue of the local government will be futile because if we say we are a country that stands by the rule of law, then we should not be doing things that are contrary to the law.

“The law had said do things that will be in line with the judgment of the Federal High Court and the Government of the day has not obeyed that.

“So, we are a law-abiding party. We are not going to come out physically to begin to fight. We had a protest yesterday (Saturday) clearly showing that there was no election.

“And we stand by that decision that we have taken that there was no election, and we wait for the judiciary and other arms of government that should put things in proper perspective to act. We continue to hold on that there was no election.”

Continuing, he said, “We visited the Rivers State Independent Electoral Commission yesterday and clearly, the world saw that there was no election there. So, we stand by the ruling of the Federal High Court which said that that election should not go on.

“Well, they went ahead to do whatever charade people saw and that is not acceptable by the Peoples Democratic Party. Like we said we are a law-abiding party, and we stand to remain that.”

The Rivers State Police Command has officially unsealed all 23 Local Government Area Secretariats in the state, following the successful election and swearing-in of new chairmen.

This development was confirmed in a statement released by the Command’s spokesperson, Grace Iringe-Koko, earlier on Monday morning.

According to Iringe-Koko, the newly appointed Commissioner of Police, CP Mustapha Bala, acted on the orders of the Inspector General of Police (IGP), Kayode Egbetokun, to withdraw all police personnel previously deployed to seal and safeguard the council secretariats.

The statement emphasized that the police presence in these locations will only be reinstated in the event of a crisis or a breakdown of law and order.

The statement reads, “In view of the recent political developments in Rivers State, the newly deployed Commissioner of Police, CP Bala Mustapha hereby convey the directives of the Inspector General of Police, IGP Kayode Egbetokun, Ph.D., NPM, for the immediate withdrawal of all police personnel previously deployed to seal and safeguard the Local Government Secretariats in the state.

“This decision is in line with the commitment of the Nigeria Police Force to ensure neutrality and the smooth functioning of democratic institutions.

“Consequently, the IGP has ordered the unsealing of the Local Government Secretariats, which were earlier secured by police personnel. The police will only be redeployed to these locations in the event of any crisis or breakdown of law and order, in which case emergency measures will be swiftly implemented to restore normalcy.

“The Rivers State Police Command assures the public of its readiness to maintain peace and order across the state and will continue to act professionally in discharging its duties. We urge all residents and stakeholders to remain calm and law-abiding as the situation evolves.”

Owodunni Ibrahim aka Primeboy, who is a close associate of the late singer, Ilerioluwa Aloba aka Mohbad,  has countered the claims of the deceased’s mother, Abosede Adeyemo-Aloba, on what transpired between him and her son.

According to Primeboy, Mohbad’s mother accused him of having an altercation with Mohbad while he was alive during an online interview.

In a statement signed by his lawyer, Akinpelu Ogunbona, and seen by PUNCH Metro on Saturday, Primeboy quoted Mohbad’s mother as saying that he consistently complained about Mohbad’s neglect since he rose to stardom.

“In the said interview, you alleged that our client always fought the late Mohbad and consistently complained about his neglect by the late Mohbad since the said late Mohbad rose to stardom. You also alleged that our client was advised to run away after the death of the late Mohbad so as not to be suspected regarding the death,” the statement read in part.

While describing her submission as a defamation of character,  the singer alleged that her actions were deliberate.

He added that this had affected the love he enjoyed from his fans.

“Your actions are deliberate to injure and traduce the integrity of our client who is a rising star in the music industry and your allegations in the interview have greatly and negatively impacted the affection and love being enjoyed by our client from his fans and well-wishers around the world,” the statement added.

Primeboy however requested Mohbad’s mother to retract her statement within seven days.

He also threatened to take legal action should he fail to do so.

Efforts to reach Mohbad’s mother for a reaction proved abortive as calls made to her phone were not responded to as of Sunday evening. A text message sent to her had yet to be responded to as of the time this report was filed.

In August, Ogunbona argued the application on behalf of Ibrahim Owodunni aka Primeboy, stating that there were new issues both Wunmi Aloba and the police needed to shed light upon to give a clearer picture of what killed the singer.

According to the statement, their request to be called by the counsel was to make clear some ambiguous statements regarding the fight the singer’s wife alleged happened in the house.

The coroner accordingly adjourned for the order to be complied with and the witnesses to be brought to court on the next adjourned date.

Mohbad died at the age of 27, on September 12, 2023, with circumstances surrounding his death sparking controversies on social media.

His death also led to the arrest of Naira Marley and controversial Lagos socialite, Balogun Eletu, also known as Sam Larry, amongst others.

The singer’s body was on September 21, 2023, exhumed for autopsy to unravel the cause of his death.

The Labour Party, on Sunday, welcomed the offer by the New Nigeria People’s Party presidential candidate in the 2023 election, Senator Rabiu Kwankwaso, to be running mate to LP’s Peter Obi in the 2027 presidential election.

Kwankwaso, in a recent viral post, indicated his willingness to serve as running mate the former Labour Party presidential flag bearer barely two years after talks between both parties went south.

The PUNCH reported that the LP and the NNPP had considered a merger ahead of the 2023 general elections, but the inability of either Obi or Kwankwaso to concede the leadership collapsed the heightened move.

The former governor of Kano State, who spoke in Hausa, expressed his readiness via a circulated video on his official account provided ‘certain conditions are met.’ 

Kwankwaso, who acknowledged his rising political profile stated: “I’m bigger than Peter Obi politically; I’m his elder brother, I’m a PhD holder, I performed better than him when I was the governor of my state. I’ve no problem with deputising  for Peter Obi, but only if certain conditions are met.”

He further expressed the possibility of engaging in meaningful discussions with Obi, noting: “We are willing to engage in discussions, provided that trust is established.”

In the last elections, Peter Obi of the Labour Party emerged third position, securing approximately 6,101,533 votes, while Kwankwaso garnered  1,496,687 votes to emerge a distant fourth position.

It should be recalled that Kwankwaso has been vocal in his criticism of the Bola Tinubu-led Nigerian government, faulting the government’s economic policies which has plunged Nigerians into hardship.

Reacting in an exclusive interview, the National Secretary of LP, Umar Farouk, told The PUNCHthat the renewed move by Kwankwaso was a welcome development.

He also appealed to the former Kano governor not to kill the merger talk again with his insinuation of being a better politician and holding a higher education degree.

He said, “As a political party, we stand for good governance and we have equally given all our candidates, both former and serving ones, the opportunity to choose how to associate with people of like-minds who share the philosophy and ideology of the Labour Party.

“We are happy Kwankwaso has alighted from the high horse he was riding and willing to offer himself to Obi as deputy having seen he garnered more than six million votes at the 2023 election. With his so-called popularity in the North, Kwankwaso could only amass less than two million votes.

“Again, he should stop this talk of being a bigger politician and PhD holder. What did he even do as a minister of defence? This is why we advise politicians to always consider tne dynamics of politics to gauge the temperament of the electorate at a particular time.

“Of course, we know what played out in 2023 will be different from 2027. It will be in the interest of Nigerians if Obi and Kwankwaso are willing to come together and wrest power from the APC government. But again, we know the sitting government will not go to sleep and allow the renewed move to work.” 

‘Tinubu will emerge victorious’

Meanwhile, despite criticisms of President Bola Tinubu’s reform policies by the opposition, a legislative Aide to the Deputy President of the Senate,Alhaji Ado Garba (Tati), however expressed optimism that he re-clinch the Presidential seat with a landslide victory in 2027.

According to Tati, while exchanging vrews with newsmen in Kano on Sunday, he is confident that the people of Kano would massively vote for President Tinubu and the APC in 2027.

“It is because of the goodwill of the Deputy President of the Senate,Barau Jibrin, which the people of the state have been enjoying.”

Such goodwil, he explained,include Senator Barau’s women and youths empowerment programmes, scholarship schemes, desilting of dams, provision of Federal and feeder Roads and irrigation schemes in the Kano North Senatorial Distric, which he represents in the National Assembly.

Other initiatives, he said, include the distribution of 60 trucks to farmers free, establishment of a Transport Service, with over 1000 buses and facilitating siting of the National Open University of Nigeria (NOUN) campus in Kano North Senatorial Zone.

“All these programmes have impacted positively on the lives of the people of Kano North in particular,and the people of Kano State in general.” 

Similarly,Tati stated that,Senator Barau’s populist programmes have been attracting more membership for the APC in the state, with the Deputy President of the Senate receiving thousands of NNPP supporters into the APC fold.

So far, he said Barau had received thousands of NNPP supporters, who defected to the APC “notwithstanding the fact that Kano State Government is an NNPP controlled state, and we are still counting.”

“Following Senator Barau’s initiatives and development programmes coupled with President Tinubu’s realistic and patriotic reform policies will induce the people of the state to vote for President Tinubu en masse in 2024,”Tati added.