
AFOLABI
Bobrisky Files ₦1 Billion Lawsuit Against VeryDarkMan Over Defamation
Nigerian crossdresser and social media influencer, Idris Okuneye, popularly known as Bobrisky, has taken legal action against Martins Vincent Otse, also known as VeryDarkMan, demanding ₦1 billion in damages over allegations of defamation stemming from an audio clip.
Dispute began when an audio clip released by VeryDarkMan went viral, in which Bobrisky was accused of paying ₦15 million to unnamed Economic and Financial Crimes Commission (EFCC) operatives to dismiss money laundering charges.
The audio clip further alleged that he had bribed the Nigeria Correctional Service (NCoS) to avoid serving time in prison.
Bobrisky, however, denied the allegations, calling the audio “fake” and maintaining that he had not paid any bribe. He stated, “I served my term in prison.”
Bobrisky’s legal team claims the audio was artificially generated and falsely implicated him in inappropriate relationships with prominent figures, including politicians and law enforcement officers.
Bobrisky shared the details of the lawsuit on his Instagram page on Sunday. His legal representatives accused VeryDarkMan of exploiting Bobrisky’s public image for personal gain, making baseless allegations without any credible proof.
The lawsuit asserts that VeryDarkMan maliciously released an AI-generated audio recording that falsely linked Bobrisky to high-ranking figures in politics and law enforcement, suggesting inappropriate relationships.
The suit further criticized VeryDarkMan for his careless dissemination of harmful content, ignoring Bobrisky’s mental health, privacy, and fundamental rights.
Bobrisky’s legal team has called on VeryDarkMan to immediately remove the audio clip, issue a public apology in two national newspapers, and create a video apology to be posted on all social media platforms.
The lawsuit also demands that VeryDarkMan stop sharing defamatory content about Bobrisky and pay ₦1 billion in damages within 24 hours.
In a formal statement, Bobrisky’s legal representatives said, “Our client has informed us that in your quest for social media stardom, you have continued to exploit his name, personality, and social media influence to create media buzz for your personal gains.
“Recently, you alleged in one of your trending videos on various social media platforms that various Deputy Inspectors General of the Nigeria Police Force, lawmakers, senators, and politicians generally were in the habit of having sexual intercourse with our client, yet you have not provided any proof of these claims to date.
“You have persisted in making reckless and unfounded statements, including hearsay that you cannot prove against our client, disregarding his mental health, general wellbeing, right to privacy, right to freedom of thought, right to life, and other fundamental constitutional rights.
“One would expect that after such attempts against our client, you would exercise some level of caution or restraint, considering the safety and wellbeing of our client. However, your goals are personal and self-serving, and thus you have made it a lifelong task to fulfil them by any means, regardless of the negative effects on our client and others caught in your unfounded attacks.
“Our client has become aware that you recently published an AI-generated audio call, claiming it was between an unnamed individual and our client. For the record, our client has never had any audio conversation with this individual, and your act of defamation and blackmail should be retracted within 24 hours of the service of this letter of demand via social media platforms.
“Your AI-generated audio conversation is the result of you and any other individuals who collaborated with you to create it. Therefore, we warn you that you must remove our client’s name from the said recording or anything that may connect our client to the alleged recording. For the record, our client had no knowledge of such a telephone conversation with you or anyone else.
“Our client has suffered immense damage since the publication of the defamatory content by you, leading to several damaging reviews of his persona, brand, and everything he holds dear. This is akin to what you threatened in a video published on Tuesday, 24th September 2024, where you stated that if our client failed to pay the demanded sum, you would publish a damaging video, which would cause him to lose friends. You have not only created a defamatory recording to put our client in a bad light for your purposes of blackmail but, astonishingly, you continued to publish false information about our client even after payment, revealing your ulterior motives against him.
“Our client, by this letter, demands strict proof regarding the authenticity of the said audio recording, affirming that he never had a phone conversation with you or anyone you represent. It is shocking that you would publish an AI-generated audio recording to damage our client’s social standing and place his life in jeopardy solely for your selfish personal goals.
“You and anyone collaborating with you owe the authorities, security agencies, and respected legal and human rights advocates an explanation regarding how you created the audio recording and the defamatory words used, including your confident defamatory commentary before and after the AI audio recording.
“For the record, our client has not alleged any agency or person of bribery or wrongdoing; thus, the burden lies with you to prove your allegations to the authorities and the respected personalities you have defamed. It is laughable that anyone would believe your AI audio recording stating otherwise, given that our client served his prison time within a correctional facility in Lagos State.
“As it relates to our client, we demand that you immediately remove the said AI-generated audio recording published as a video by you, along with your defamatory commentary voiceover, which you recklessly and dangerously attributed to our client. None of this material is a product of our client; thus, any name, description, or attribution to our client in the process of publishing the said defamatory material is false.
“We, therefore, demand, on behalf of our client, a written apology published in two national daily newspapers, a video recording of your apology to our client shared on all your social media platforms, a commitment to refrain from reporting or publishing defamatory content against our client, and the payment of ₦1,000,000,000 in damages within 24 hours of this letter via social media or any other means.
“Take notice: should you fail to take advantage of the alternative dispute resolution mechanism introduced in paragraphs 10 and 11 of this demand notice, we shall seek legal redress in a court of competent jurisdiction immediately without any further notice to you. We hope this matter can be resolved within the next 24 hours.”
October 1 protest will hold at Eagle Square - organisers tell police
Organisers of the #FearlessOctober1 protest have declared that the police, Department of State Services, and the military would not stop them from embarking on the demonstration as planned.
The organisers have also written to the Inspector General of Police, Kayode Egbetokun, to request security during the demonstration, noting that protest is a fundamental right they would not submit to any state agent.
Nigeria will celebrate its 64th independence on Tuesday, October 1, the day some Nigerian youths have taken to protest the hardship occasioned by the removal of fuel subsidy and the devaluation of the naira.
The National Coordinator of the Take It Back Movement, Juwon Sanyaolu, and Director of Mobilisation of the group, Damilare Adenola, said mobilisation efforts had begun, adding that Nigerians were mobilising from different parts of the country for the protest.
“We have also written to the Inspector General of Police, informing him of our protest locations and reminding him of the constitutional duty of the police to protect protesters as opposed to the repression we have witnessed in times past,” said Sanyaolu.
The group explained that the FCT protest would be held at the Eagle Square, the same venue of the Independence Day parade, while the Lagos protest would take place at the Ikeja Under Bridge.
The organisers noted that the protest would be across the country, adding that only ‘immediate reversal of fuel subsidy removal’ would dissuade them from the demonstration.
The IG, Egbetokun, had directed the Force zonal and state commands to deploy men from Monday to strategic locations until a stand-down order was given.
Egbetokun also directed that the policemen should dress in camouflage with hats, even as he asked the Assistant Inspectors General of Police and Commissioners of Police to engage and discourage available civil society groups and individuals from participating in the protest.
We are not afraid – Sowore, Adeyanju
However, a leader of the protest, Omoyele Sowore, said the youth were not afraid of the police, adding that the protest would hold as planned.
Sowore explained that the reported fear of some people about the possibility of violence during the protest was not true.
“Nobody has expressed to us or anyone that they’re afraid because they know we are not violent protesters; maybe you should ask that of the government,” he added.
Lawyer to the organisers, Deji Adeyanju, said it was wrong for the police to summon protesters who were exercising their right.
“The police do not have the right to summon protesters like they are currently doing. It is the responsibility of the police to protect the protesters anytime they embark on a demonstration. The protesters are not political parties; security agencies should not harass them,” he stated.
The counsel noted that the crackdown on #EndBadGovernance protesters in August was to discourage people from participating in further demonstrations in the country.
He, however, said the arrest and detention of some of the demonstrators would not deter youths from joining the #FearlessOctober1 protest.
Adeyanju said, “The government plans to discourage people from coming out to protest; that is why they are still detaining our comrades who participated in the August protest. But that will not dampen the morale of the youths on the #FearlessOctober protest.”
Eight groups to join Lagos protest
On his part, Adenola said the organisers would not be deterred by the deployment of security agencies.
He added that the #FearlessOctober1 demonstration was a continuation of the #Endbadgovernance protest, which took place in August, adding that the demonstration was necessitated by the failure of the Federal Government to address their demands.
He listed some of their demands to include the reversal of the subsidy removal policy, amendment of the constitution, overhauling of the legislature, and the unconditional release of protesters in police custody.
Adenola said, “We are unperturbed by the threats issued by security agencies. What we have seen so far is that they (security agencies) don’t respect the rights of protesters; they may end up instigating violence against protesters.
“But we will keep warning them to ensure that they respect people’s right to express their grievances as guaranteed by the constitution of the Federal Republic of Nigeria.
“We are also using this opportunity to call on the Nigerian people to come out unafraid and express their grievances. When we have enough protesters on the ground, the police and other security agencies will dare not harass them.
“People are experiencing hardship, and the government is telling them not to protest. It is just natural; people have to speak up against this hardship inflicted by President Bola Tinubu’s government,” Adenola said.
Speaking with Sunday PUNCH, the Secretary of the Democratic Socialist Movement, Peluola Adewale, said no harassment or intimidation from any security agencies would stop the protest, disclosing that about eight civil society groups would participate in the demonstration in Lagos State.
He warned the government against sponsoring hoodlums to infiltrate genuine protesters during the protests, stating that the demonstration would be peaceful in Lagos.
“We cannot rule out the fact that the government can sponsor violence to discredit the protest, but we want to warn them against that. People should not be deprived of their freedom of expression and assembly. Protest is our fundamental right, and we cannot surrender it to the police or anyone. We are not afraid of the police, DSS, or military,” he added.
Another leader of the protesters, Taiwo Hassan, said Nigerians had the right to freedom of expression and lawful assembly.
He said, “We are never going to submit our rights. Yes, you know many people might be afraid of what will happen if they are shot or what happens if they are arrested. But increasingly as people are thinking of that, people are also realising that our condition in this country is one between the devil and the deep blue sea. If you come out to protest, yes, maybe there is a chance that you might be arrested or you might be killed.
“But people also realize that even when you stay at home and don’t come out to protest, it doesn’t mean your life will be safe. Hunger is killing people right there in their bedroom. People are committing suicide and the state of insecurity means that none of us is safe.”
Police assure Katsina protesters
Meanwhile, the Katsina State Police Command has said it had implemented measures to ensure the planned nationwide protest does not descend into chaos.
The state Police Public Relations Officer, ASP Abubakar Sadiq, on Saturday, said the command had mobilised both human and intelligence resources to guarantee safety before, during, and after the protest.
Sadiq said, “We have taken proactive measures to ensure public safety and security. Adequate personnel have been deployed to prevent any breakdown of law and order, with enhanced intelligence gathering, surveillance, and patrols across the state.
“While we recognise the rights of citizens to protest, we urge protesters to exercise these rights responsibly and within the framework of the law.”
Tinubu’s Ministers, Agencies Spend ₦1.8 Billion On Air Travel
Several ministries and agencies under the administration of President Bola Tinubu have reportedly expended no less than ₦1.8 billion on air tickets, estacodes, and duty tour allowances between July and September 2024.
This data, sourced from GovSpend, raises questions about the government’s spending priorities amidst ongoing economic challenges facing the nation.
The expenditures encompass a wide range of ministries and agencies, including the Federal Ministry of Finance, the Ministry of Police Affairs, the Ministry of Youth Development, and the Ministry of Women Affairs.
Other notable entities involved are the Ministry of Marine and Blue Economy, the Office of the Auditor General of the Federation, and the Office of the Secretary to the Government of the Federation.
Additionally, the Technical Aid Corps, the Ministry of Communications and Digital Economy, the Ministry of Petroleum Resources, the Nigerian Financial Intelligence Unit, and the Independent Corrupt Practices and Other Related Offences Commission also contributed to this substantial spending.
Checks by Punch showed that the ministries and agencies spent ₦755,884,949.44 on Duty Tour Allowances and another ₦1,044,858,941.48 on estacodes and air tickets and foreign trips, totalling ₦1,800,743,930.92 spent between July and September 26, 2024.
Among the biggest spenders are the Ministry of Marine and Blue Economy, which spent ₦322m; the Ministry of Finance with a total spending of ₦187.2m; the ICPC with ₦150m; and the Ministry of Petroleum Resources with ₦108m all in the space of three months.
Recall that the President, Bola Tinubu, had placed a three-month ban on publicly-funded trips for Ministers and heads of agencies beginning April 1 2024, in a letter dated March 2 2024, from the Office of the President’s Chief of Staff.
The letter explained that the ban aimed to reduce the rise in expenses incurred by MDAs on international travel and ensure that the ministers and heads of agencies were focused on their respective mandates.
While the ban period has elapsed, it was discovered that some ministries incurred as much as ₦21m in expenses for travel tickets and estacodes within days.
The Chairman of the Centre for Accountability and Open Leadership, Debo Adeniran, who spoke with Punch on the development described the figures as “a wasteful expenditure,” saying, “We have advised the government that during these austere times, they should implement their policy that government officials should not spend on frivolities. We can even excuse the Ministry of Blue Economy because it is new, we are just learning about Blue Economy and how to make it work for us.
“But some other ministries have been operating for ages, and most Nigerians know what they are supposed to do and what they should not do. So, there is no reason for the Ministry of Women Affairs and several of them like that to spend so much on foreign trips and seminars.”
The Executive Director of the Rule of Law Accountability and Advocacy Centre, Okechukwu Nwaguma, described the spending as “a misallocation of government resources”, adding that the development underscored the need for stringent policies regarding travel and expenditure by government officials.
“These expenditures should prompt a re-evaluation of government spending practices and policies to ensure that public funds are used effectively and in the best interest of the populace,” He said
Also, the Executive Director of the Civil Society Legislative and Advocacy Centre, Auwal Musa Rafsanjani, lamented that the travels had not attracted needed foreign direct investments to the country.
Bishop Oyedepo: It Is Insensitive To Buy Rolls Royce During These Austere Times – Patrick Doyle
Veteran actor, Patrick Doyle has stated that it is insensitive for members of a church to buy Rolls Royce for their general overseer at a time when many Nigerians can barely feed themselves.
The thespian submission is coming barely 24 hours after the founder of the Living Faith Church, Bishop David Oyedepo, was gifted two Rolls Royce Cullinan at his 70th birthday party.
Speaking via his social media account, Doyle argued that the money used in purchasing the luxury cars could have been used to erect structures that would be of benefit to the general public.
He warned that showing off wealth while the masses are suffering might lead to the spark that would cause the anticipated revolution.
The actor wrote, “In these austere times, we all need to be sensitive how we mark landmark celebrations for ourselves or in honour of persons we hold in high esteem. We should even be sensible enough to tone down the public appearance of our affluence. Now is not the time to ride around our streets filled with hungry and despondent Nigerians in our luxury cars.
“I personally know of a friend of mine who has a Rolls Royce and many other luxury cars in his fleet. He now drives around in a Ford Escape, not as a show of false modesty, but as a gesture of sensitivity to the prevailing hardship in the land. Sadly, not many others in his socio-economic class are doing the same thing. The insensitivity of the elite may very well provide the spark for the long anticipated revolution Nigeria needs for a reset. I am still in a wonder bubble how or why congregants of a denomination chose to celebrate the birthday of their founder by buying him a Rolls Royce at this time.
“In my naive opinion, I find it to be insensitive in the extreme. While I appreciate the importance of celebrating a man like their founder, a more sensitive gesture would have been to build a socially relevant facility or institute a scholarship scheme in his honour. The cost of the Rolls Royce could certainly have funded any of the things I just mentioned. We appear to be a people who get stuck on old formats and ways of doing things. When congregations used to buy cars for their pastors, it was at a time many of the pastors could not on their own muster the resources to buy one themselves. This is certainly not the case in this instance. The celebrator, in this case, already has a fleet of luxury autos and even aircrafts. A more befitting birthday gift might have been the construction and equipping of a vocational training centre in his name or any other such thing.
“The public already has the impression that as the founder of 2 elite private universities, he is not sufficiently acquainted with the sufferings of the masses. So, a gesture such as I have suggested might have helped to mitigate that impression. This is my humble opinion offered from the depth of my affection for the great man who I personally hold in the highest esteem.’’
Investigative report reveals Bobrisky spent only three weeks in prison
An investigative report by FIJ reveals that social media influencer and crossdresser, Bobrisky spent only three weeks of her or his sentence in prison and the rest in a secret location
Okuneye Idris Olanrewaju, the Nigerian crossdresser popularly known as Bobrisky served only three weeks of her or his six-month sentence in prison, a report by FIJ has revealed.
The report follows the revelation on Tuesday by Martins Vincent Otse, a social media activist popularly known as VeryDarkMan of an audio in which Bobrisky was alleged to have claimed that she or he spent his or her sentence mostly out of prison and that she or he compromised operatives of the Economic and Financial Crimes Commission (EFCC) with N15m to drop the ‘money laundering’ charge against him or her.
According to the FIJ report, while Bobrisky was indeed taken to Kirikiri prison in April after his or her sentence was pronounced, the news report deposes that he or she left after just three weeks.
According to the FIJ report, Bobrisky was guided like a president for the three weeks she or he spent in prison before he was moved out.
GWG.ng had also reported that Bobrisky looked very chubby after she or he came out of prison spurning reports as to whether she or he became pregnant while in custody.
‘GUARDED LIKE A PRESIDENT’
“Bob spent only three weeks here with us in Kirikiri before she was taken out to another place we don’t know,” a prison official told FIJ. “That was where she spent her time; it was an ‘arrangee thing’. And money was involved.”
The source also told FIJ how Bobrisky was “guarded like a president” until she was “secretly taken away after three weeks”.
“She received VIP treatment all through,” said the source. “She lived in a special cell. The money she said she paid is actually true; no lies. Yes, she paid the money.”
The revelations by the source are in consonance with a 2019 undercover investigation by FIJ founder ‘Fisayo Soyombo, for which he deliberately got himself detained for five days by the police and incarcerated for eight days by the prison service, discovering that it was possible to pay money to live in well-furnished apartments inside prisons, pay to bring in phones, drugs and sundry outlawed items, strike one’s name off the prison records and even live outside the prison while supposedly serving out a jail term.
VIDEO CALL CAMERA ON BOBRISKY
Although the prison authorities did not allow Bobrisky to mingle freely with other inmates, consequently reducing the chances of her eventual disappearance being spotted, the prison official told FIJ about one noteworthy incident.
“There was this day one guy was on a video call with his girlfriend, and he suddenly turned the camera on Bobrisky,” the official said. “It was deemed an invasion of Bobrisky’s privacy, so, as punishment, he was locked up in his cell for nearly two months.”
The source added: “As I said, she was heavily guarded, so there weren’t many of such incidents to point at. And she was quietly taken away after three weeks.”
Source: FIJ
All my opponents put together cannot defeat me - Wike boasts
Minister of Federal Capital Territory, FCT, Nyesom Wike, has said he is too big for anybody to fight him, adding that all his imaginary and potential political enemies cannot fight him.
Wike said contrary to reports that Ijaw people were against him in the ongoing political crisis against Rivers State governor, Siminalayi Fubara, Ijaw nation is solidly behind him.
Speaking at a civic reception organised in his honour by Rivers Ijaw People’s Congress, in Port Harcourt, yesterday, Wike said he chose to make Fubara his successor against the opinion of some Ijaw people in 2023.
His words: “It is not true that Ijaw people are fighting me. A father may have 12 children, one can be an armed robber. These people who are going to television to attack me, where were they when we made an Ijaw governor? Nobody is fighting me. I am too big for anybody to fight. All these people put together cannot fight me.
“I told them if you put your hand in Rivers State matter, fire will burn you. Today, they are crying everywhere. Instead of concentrating on how to win elections in their states, they were busy having meetings in Enugu and Taraba states. Who is losing now?”
He warned politicians outside the state to stay out of the Rivers State politics, noting that “Rivers state is very special to me”. Wike alleged that before the civic reception, some boys were sent to bomb the venue of the event at Rainbow Town.
“They sent some boys to come and bomb this place with dynamite. They were arrested by the police. You are encouraging crime in Rivers State. Nobody has a monopoly on violence. We cannot turn investors away from our state through violence.
”I initiated the ring road project. Today, they are going about bragging that they started it. Go to Abuja, I am repeating what I did in Rivers State,”he added.
Also speaking, the Chairman of the PDP Elders Council in the state, Chief Ferdinand Alabraba, described Wike as the “most celebrated Rivers politician at the national stage.’’
Wike was accompanied to the reception by members of the G-5 also known as the integrity group led by former Governor of Benue State, Samuel Ortom, former Governor Chikezie Ikpeazu and David Umahi. Others include Adamawa State governor, Umaru Fintiri, and Minister of State for Petroleum, Heineken Lokpobiri, among others.
How my lecturer left me with twin pregnancy to ‘japa’
A Nigerian woman has come forward with an account of how her boyfriend, a lecturer at Auchi Polytechnic in Edo State, abandoned her with a twin pregnancy after securing his visa to the UK.
The yet-to-be-identified woman, who shared her story on Saturday via X under the handle #dat_edogirl, revealed the painful details of her ordeal.
In a series of posts, she recounted how she met the lecturer in mid-2019 and fell deeply in love, believing they had a future together.
“He told me about his plans to travel outside the country where his elder brother was,” she said, adding that when they met, he expressed his dissatisfaction with his lecturing job at Auchi Polytechnic, saying he was seeking greener pastures abroad.
By 2022, the lecturer informed her that his visa had been approved, and while she was initially thrilled for him, the joy quickly turned to sorrow when she discovered she was pregnant.
“When I told him about the pregnancy, he said he wouldn’t advise me to keep it because he was traveling and wasn’t ready to be a father,” she recounted.
Despite the potential risks to her life, he pushed her to terminate the pregnancy, even suggesting the use of pills.
“I just told him I wasn’t ready to lose my life,” she added.
Unknown to her at the time, she was carrying twins. Throughout her difficult pregnancy, the lecturer completely cut off contact.
“This guy never called, even once, or replied to my WhatsApp messages,” she said, adding that her nine-month journey was filled with sickness, and she was frequently hospitalised.
The twins were eventually born through a difficult Caesarean section, with one of the babies placed on oxygen due to complications. Even after sharing the news of the birth, the father remained unresponsive.
“I did a video with my phone and sent it on WhatsApp to Kola, still he didn’t reply,” she said.
The financial strain soon became overwhelming as her family struggled to pay the hospital bills.
“My mum was running helter-skelter just to source funds,” she said, with the final bill amounting to 233,000 Naira.
After being discharged, she continued to care for the children alone.
“I named my children myself, did everything myself; he didn’t care or show interest,” she lamented.
Reaching out to his family also proved fruitless, as his brother in Nigeria blocked her after promising to speak with him.
The situation worsened when she travelled to Ondo State to confront her father’s family. She borrowed money from a loan app to make the journey with her mother and children.
Upon arrival, the lecturer’s brother intercepted them at the gate of Adeyemi College of Education and took them elsewhere to avoid creating a scene. When they eventually spoke with the father, he refused to accept responsibility.
“He insulted me and my family to the extent I started crying,” she said, devastated by the verbal abuse.
She blocked his number and finally decided to share her story publicly, appealing for help.
“Please if you know his family in Ondo kindly help me reach out to them. The economy is hard, feeding, clothing, and the kids need to go to school,” she said.
She added, “I am not interested in marrying Kola or having any relationship with him… I just want my kids taken care of.”
Buhari’s aide counters CBN over printing of N35trn
An aide of former President Mohammed Buhari has refuted the claim of the Governor of the Central Bank of Nigeria, Yemi Cardoso, who blamed the current economic hardship in the country on the poor handling of the nation’s economy between 2015 and 2023 when Buhari served two terms.
The aide said the money supplied by the CBN during the review period was N7.5tn, far less than the N35tn Cardoso stated.
This came as the latest data from the CBN showed that the total money supply in the Nigerian economy increased by 14.22 per cent to N107.1tn between January and August 2024. The country’s money supply was N93.77tn in January 2024.
At a recent media briefing to disclose the decisions of the September edition of the Monetary Policy Committee meeting of the apex bank in Abuja, Cardoso said, “In 2015, the money supply was about N19tn. And in 2023, it was N54tn. That’s a huge increase, a very, very huge increase, and a substantial amount of that was through Ways and Means.”
According to him, the printing of N35tn led to a huge amount of money in circulation, translating to too much money chasing the same amount of goods.
Cardoso’s remarks referred to the large-scale issuance of money through ‘Ways and Means,’ a process where the CBN lends money to the government.
This approach, not backed by equivalent economic output or productivity, flooded the economy with excess naira, reducing its value, he argued.
But Buhari’s aide, who spoke on the condition of anonymity due to lack of authorisation to comment on the matter, argued that the figures were inaccurate.
The senior aide said the aggregate total of the Ways and Means advances on the Consolidated Revenue Fund was N7.5tn in the eight years Buhari served.
“I have read the story and my thinking is that Nigerians will just be laughing at them. The real position of things is that from the beginning, when the then-acting Governor of the Central Bank of Nigeria (was in office), that issue arose from that moment.
“The CBN was called by the National Assembly, what were their numbers? And the numbers for Buhari were not more than N7.5tn for all eight years.
“The Cable newspaper did a report challenging the National Assembly that they had promised to release a report. They (NASS) said they were going to release a report. The last time we heard that, they said they would release it in September. There are numbers, as given authoritatively by the central bank,” he stated.
The aide backed his argument with a letter that he claimed was the response of the CBN to a request by the Senate on the matter at the time.
The letter, dated January 16, 2023, and titled, ‘Re: The Senate Special Committee on Ways and Means,’ was addressed to the office of the Senate Majority Leader.
It read in part, “All letters received by the CBN for processing of the advances are provided in Appendix 1 & 2. However, kindly note that the figure of -22,719,7033,774,306.90 is the balance of the Treasury Sub-Treasury Account as of December 19, 2022. This account is the account mandated for granting overdraft facilities to the Federal Government account.
“We have also attached a summary page that details the Ways and Means granted between 2015 and 2022 as Appendix 3.”
Buhari’s administration, from 2015 to 2023, faced significant fiscal challenges, including falling oil prices and reduced oil revenues.
To manage deficits, the government increasingly relied on the central bank to finance its spending, printing trillions of naira.
This monetary expansion, according to both Cardoso and Finance Minister Wale Edun, was not matched by productivity, leading to runaway inflation and a weakened currency, which made everyday goods and services less affordable for Nigerians.
Several efforts to get the CBN and presidency officials to react to the claims made by the former ex-President’s aide were not successful, as they had yet to respond to enquiries up till when this report was filed on Saturday night.
Money supply rises
Meanwhile, the total money supply in the Nigerian economy has increased by 14.22 per cent to N107.1tn between January and August 2024, according to the latest figures from the CBN. The country’s money supply was N93.77tn in January 2024.
The CBN also stated that there was a 0.75 per cent month-on-month increase from N106.3tn in July and a 5.6 per cent rise from N101.4tn in June.
Year on year, it was an increase of 65 per cent from N64.8tn recorded in August 2023.
Money supply is the total of all of the currency and other liquid assets in a country’s economy on the date measured. It includes all cash in circulation and all bank deposits that the account holder can easily convert to cash.
The money supply M2, consisting of currency outside banks, narrow money, demand deposits, and quasi-money, is indicative of the growing liquidity in the Nigerian economy.
Hence, this sharp rise in liquidity continues to pose challenges for the CBN’s Monetary Policy Committee as it grapples with balancing economic growth and controlling inflation.
A breakdown showed that currency outside banks stood at N3.8tn, while demand deposits reached N31tn, and quasi-money surged to N72.2tn in August 2024.
At the last MPC meeting, Cardoso blamed the high money supply in the economy as part of the reasons for the high inflation rate in the country.
Checks by our correspondent to confirm this figure using the money supply data on the CBN website showed that the total money supply moved from N18.9tn in January 2015 to N20.03tn in December 2015.
By 2023, the figure increased from N52.83tn in January 2023 to N78.83tn as of December 2023.
Increased liquidity in the system can stimulate short-term economic growth by making credit more accessible to businesses for expansion and investment. This can, in turn, boost production, job creation, and overall economic activity.
However, the downside is that too much money circulating in the economy can fuel inflation, especially if production does not keep pace with the rising demand for goods and services.
Oyedepo gets Rolls Royce, N1bn for 70th birthday
...seeks perfect gift
Dignitaries, prominent clerics, friends and family members celebrated with the founder of Living Faith Church Worldwide, also known as Winners Chapel, Bishop David Oyedepo on September 27, as he marked his 70th birthday.
The birthday celebration was held at the church’s headquarters in Ota, Ogun State, and the auditorium was filled to the brim as guests all dressed in white and blue attires rejoiced with the popular cleric.
Although before his birthday, Oyedepo had requested his members to win souls as birthday gifts for him, he was blessed with several gifts, including a luxurious Rolls Royce Cullinan and N1bn donation towards feeding 50,000 people at Canaanland.
Earlier, President Bola Tinubu had lauded Oyedepo’s legacy in grooming leaders and his church’s contributions to education, health, and entrepreneurship.
Basking in the love and celebration, the birthday boy danced gleefully to music by Adeyinka Alaseyori and Nathaniel Bassey.
In his remarks at the event, Oyedepo said, “I give glory to God. I am a representative of the icon of icons, who is Jesus; my glory and lifter of my head. I am simply fronting for him. He is the one behind the scenes working 24 hours every day. A man cannot be any more than the grace of God at work in him. I will never pose to be an achiever but one who is a beneficiary of God’s grace.”
His wife also expressed pride in being in spouse, stating that she wishes to have a mansion beside his in heaven.
Guests at the event include former President Olusegun Obasanjo, governors of Lagos, Ogun and Delta states, Dapo Abiodun, Babajide Sanwo-Olu and Sheriff Oborevwori respectively; Inspector General of Police, Kayode Egbetokun; and top clerics such as the General Overseer of the Redeemed Christian Church of God, Enoch Adeboye and his wife, Foluke; Poju Oyemade, Jerry Eze and Matthew Ashimolowo.
Sunday’s fixtures: Madrid derby in Spain as Man Utd face Tottenham in England, others
Football fans have a thrilling Sunday ahead, with key fixtures including a Madrid derby among others scheduled across Europe’s top leagues.
In the Premier League, Ipswich Town will face Aston Villa at 14:00. Villa, coming in as the favourites, will aim to secure an important away win.
The spotlight later shifts to a much-anticipated clash between Manchester United and Tottenham Hotspur at 16:30, in what promises to be an intense encounter.
In La Liga, action kicks off at 13:00 as Celta Vigo hosts Girona. Girona enters the match as the favourites, while Celta hopes to upset the form book. Later, at 15:15, Athletic Club takes on Sevilla, followed by Real Betis facing Espanyol at 17:30. Both Sevilla and Espanyol are considered favourites in their respective matches.
The day in Spain wraps up with a blockbuster Madrid derby at 20:00 as Atletico Madrid locks horns with Real Madrid, with Los Blancos tipped to edge out their rivals.
Germany’s Bundesliga offers two key matches, starting with Holstein Kiel against Eintracht Frankfurt at 14:30. Frankfurt is expected to dominate the tie. Hoffenheim will then take on Werder Bremen at 16:30, where Hoffenheim is favoured to come out on top.
Over in Italy’s Serie A, Torino plays Lazio at 11:30, with Lazio tipped as favourites. Later, at 14:00, Como faces Hellas Verona, and Roma battles Venezia, with Verona and Roma expected to triumph. Fiorentina, the favourites, will visit Empoli at 17:00 before Napoli closes the day with a 19:45 fixture against Monza, where Napoli is widely expected to secure a win.
In Ligue 1, Toulouse will host Lyon at 14:00, with Lyon considered favourites. The afternoon will see two simultaneous matches at 16:00, as Reims takes on Angers and Nantes plays Saint-Etienne. Both Reims and Saint-Etienne are expected to take the points.
The day will conclude with Strasbourg facing Marseille at 19:45, with Marseille tipped to secure the victory.
With major teams in action and crucial points at stake, it promises to be an electrifying day of football across Europe.