This was made known on Sunday by movie producer, Stanley Nwoko otherwise known as Stanley Ontop via his Instagram page.

He revealed that the actress passed away today, Sunday, June 16th, after battling with leg cancer.

Nwoko wrote: “Nollywood actress and veteran Mrs Stella Ikwuegbu is dead. The veteran actress left this world today after battling with leg cancer. Rest well, Madam Stella. Nollywood again. It’s well.”

The late actress began her career in 1990, appearing in numerous films such as ‘Spoiler,’ ‘Ukwa,’ ‘Sound of Love,’ ‘Holy Man,’ ‘Two Hearts,’ ‘Heart of Stone,’ and ‘Madam Koikoi,’ among others.

Hailing from Enugu, she was not only an actress but also a businesswoman.

A graduate of the Institute of Management and Technology (IMT) in Enugu State, she launched her restaurant, ‘The Film Bar,’ on August 1.

The actress’ death comes barely five days after veteran Yoruba actor Dayo Adewunmi, aka Sule Suebebe, died at 68.

Nigeria is probably in the worst economic crisis of a generation, screamed The New York Times on June 11th, 2024. Two other influential global publications, Foreign Affairs and The Economist, had earlier said the same thing under different headlines.

Although Nigeria’s economy is not yet in a recession, all other economic indicators have gone south, and the curve is not bending in the short run. Statistics on inflation (above 33%), youth unemployment (above 50%), poverty levels (over 133 million multidimensionally poor), the value of the Naira (over 200% decline against dollar in the past year), education (18.3 million out of school children), healthcare (inadequate health facilities and professionals), insecurity (144th position in the 2023 safest countries in the world ranking), and homelessness (24.4 million people without a home) are frightening. More than ever, Nigeria needs crisis leaders to turn things around.

Great leaders have always come up to guide their countries out of the worst crises throughout history .The American people looked up to Barack Obama in 2008 to lead the nation through its worst economic crisis since the Great Depression. He conducted many consultations and made critical but well-considered decisions to lay a new economic foundation . We are in an “economic war’ and cannot use the tools applicable in normal times.

Leadership during normal times is different from leading in the storm which is the subject of my forthcoming book. The expertise and skill set required for both cases are different. The dynamism and multiplicity of socio-economic and political factors converging to create the Nigerian volatile ecosystem are such that effective crisis leadership is needed at all governance strata. Although required in normal times, these crisis leadership competencies are most relevant during a crisis. They include sensemaking, effective decision-making, team coordination, facilitating learning, emotional intelligence, and effective communication. It is the masterful use of these competencies that makes great crisis leaders.

The commentariat have attributed our present economic crisis to a cycle of thoughtless policies, squandering as governance, negative or low investment in innovation, uncoordinated economic thinking and placing of politics above commonsense economic frugality. It is also true that our poor understanding of the interplay of global events and its impact on local economic factors also contributed . The consequence is the country’s inability to respond to vulnerabilities, shocks and opportunities.

Nigerian leaders need to make sense of these complex circumstances. The situation requires a more focused perspective on historical and immediate causes and possible solutions to the current crisis. Sensemaking is critical to effective crisis leadership, especially in complex and diverse environments like Nigeria. Sensemaking involves gathering information and putting it in context, exploring different perspectives to develop a coherent narrative, and interpreting and understanding complex, ambiguous, and rapidly changing situations to guide decision-making and action. During this economic crisis, sensemaking allows leaders to comprehend its scope, identify its root causes, anticipate its impacts, and develop appropriate responses. This piece will focus on and explore sensemaking as the first step in crisis leadership.

Our leaders must develop a contextual understanding and historical context of our economic crisis. Nigeria is characterised by significant cultural, ethnic, and economic diversity. Effective crisis leadership requires leaders to understand these complexities, how they influence the crisis, and the potential responses. Economic crises in Nigeria often have roots in historical issues such as colonial legacies, policy missteps, structural inequalities and global turbulence . Leaders must consider these historical contexts to grasp the crisis’s nuances fully. They must identify and interpret economic, social, and political signals.

Furthermore, the way our leaders frame this economic crisis matters. We often have the tendency to reduce complex issues to one or two narratives . This is what my Kellogg Professor, Loran Nordgren calls ” narrow framing”. Based on the robust content analysis we carried out, we identified the dominant frame of this economic crisis by the government as ‘inherited and requires tough actions that will cause some pain to the citizens in the short run, but the pain is necessary for achieving better economic prosperity in the medium to long term’. The danger of this framing is that it sounds more like an excuse than a creative strategy to upturn our economic woes. This frame lulls our leaders to the proverbial sleep of inertia – inaction when there is fire on the mountain.

How this economic crisis is communicated to the public and stakeholders influences their perceptions and reactions. Effective crisis leadership involves framing and communicating the situation in an understandable and actionable way for diverse audiences. Little wonder Nigerians are at a loss regarding our political class’s perceived poor choices. The government needs to rethink its crisis communication strategy.

Since economic crises are by their very nature dynamic and unpredictable, leaders must update their understanding of the issues, modify their response strategy and adapt their strategies accordingly. Involving various stakeholders, including experts, community leaders, and affected populations, enriches the process, and ensures more comprehensive insights. This comprehensive insight allows crisis leaders to make informed decisions that cater to the greater good. Things like government being more prudent, quitting luxury spending, reducing taxes to encourage savings and investment, fixing insecurity to encourage inflow of investment and borrowing less from external sources, are easily intelligible choices.

To illustrate the importance of deep insight in Nigerian leadership during the economic crisis, let us examine three recent crises. The first is the economic recession of 2016. The 2016 recession was triggered by a significant drop in oil prices and compounded by policy challenges and security issues. Our Leaders needed to interpret the interconnected causes, including global oil dynamics, domestic economic policies, and security concerns in the Niger Delta. The Economic Recovery and Growth Plan (ERGP) was developed as a response, focusing on diversification and stabilisation. While the ERGP provided a strategic framework, the process highlighted the need for consistent policy implementation and addressing underlying structural issues. This still needs to be done, and our leaders have yet to learn any lessons they could apply in subsequent crises.

The second is the current economic crisis that has been exacerbated due to the implementation of fuel subsidy removal policy. Every Nigerian knows the need to remove fuel subsidies, but it takes work. Periodic attempts to remove fuel subsidies faced public resistance due to their impact on living costs and inflation. Our Leaders needed to balance fiscal sustainability with socio-economic impacts. Understanding public sentiment and economic realities was crucial in framing and communicating subsidy reforms. Subsidy removals were often met with protests, highlighting the need for transparent communication, phased implementation, and accompanying social protection measures.

However, the hurried end of the subsidy without mapping the multiple scenario implications and making adequate provisions to cushion the impact threw our economy into a whirlwind of desperation, and the repercussions have been devastating, as indicated in the above economic statistics. Developing multiple scenarios based on different interpretations of the crisis helps prepare for various potential outcomes. Effective sensemaking includes proactive risk management and contingency planning. Lack of effective policy management is creating more public angst than the actual policy itself.

The third is the unintended devastating impact of harmonisation of the exchange rate during a period of dollar crunch and scarcity without remedial provisions for the inflationary implications of a devalued Naira in an import-dependent economy. The Naira has collapsed by over 200% in the past year, forcing the prices of all imported goods to follow suit. The combo of exchange rate-induced inflation and subsidy removal inflation has resulted in the worst inflationary rate in a generation in Nigeria.

Crisis leaders are problem solvers. They can adjust plans, policies, and responses as new information is gathered or situations change. This means listening to stakeholders, voices of reason, and experts. The reoccurring question throughout this economic crisis is: Where are our crisis leaders? Political leaders are poor crisis leaders because they fail to recognise the warning indications of impending challenges and rarely put the lessons they have learnt from past crises into practice.

Decision-making in a position of leadership is challenging. It is more significant when a decision impacts the lives of numerous individuals. Our leaders at various strata have yet to appreciate this. Decisions are often made without the rigour of clear thinking or fall back to the narrow framing of A or B. Lack of strategic foresight and thinking abilities manifest in most of our decisions.

Therefore, Nigerian leaders must deeply analyse the crisis’s economic, social, political, and cultural dimensions. This involves understanding both macroeconomic trends and grassroots realities. They should engage with various stakeholders to enrich the sensemaking process. Collaboration with experts, community leaders, and international partners provides diverse insights and fosters collective action. Sensemaking is not a one-time activity but a continuous process. Leaders must remain open to new information, willing to reassess situations, and ready to adapt strategies as the crisis evolves. Transparent and consistent communication will help them in managing public perceptions and reactions.

Tragedy struck in Ondo town, Ondo State after two lovers were reportedly electrocuted during sex romp.

The incident according to an eyewitness occurred at the Ayeyemi area of Ondo town, Ondo State.

Vanguard gathered that the middle-aged man identified as Eric and his yet-to-be-identified girlfriend were reportedly found dead at a new apartment in the area.

The lifeless bodies of the lovers were reportedly found stuck together.

This, the source said was an indication that the lovers were having sex before the ugly incident happened.

According to the source, the dead lovers were said to have been separated by a doctor.
The source said that “The secret lovers were electrocuted during the sex romp.

“The generator was running in the premises and a phone plugged on a power socket to charge was seen placed on the bed. It might be possible they had contact with a naked wire resulting in their electrocution.”

“The relatives of the deceased man found the lovers dead after they did not answer their phone calls the following day. They looked through a window, spotted the bodies, and broke down the door to enter.

Contacted the state Police commands spokesperson, Funmi Odunlami, confirmed the incident.

Odunlami added that an investigation had commenced into the incident, saying “The man and the woman are lovers who were known by both relatives. They died in the room but they were not stuck together. We are yet to know the cause but the investigation had commenced.

A stalwart of the All Progressives Congress (APC) in Lagos State, Dr Celestine Chukwuneye, has criticised the way and manner the presidential candidate of the People’s Democratic Party (PDP) in last year’s elections, Alhaji Atiku Abubakar, is playing opposition politics.

Chukwuneye said in Lagos that Atiku is doing more of an attack on the administration of President Bola Ahmed Tinubu, without the necessary facts and without proffering a solution. He said a good opposition should criticise the government with facts and figures.

The APC chieftain lamented that Nigeria does not have a strong opposition party or coalition of parties. He added: “We need a strong opposition. It helps to make the government perform to its optimum. It is my wish that the opposition should get their acts together. In politics, there is no need for undue rivalry. I don’t believe in that. It should be live and let live.’’

He advised the opposition to work for the country’s progress by commending the government when it is doing well and pointing out with facts and figures it is doing otherwise. He said: “If the ruling party gets it right, it is good for the country. The opposition could be in government tomorrow as it happened in 2015 and life continues. Whether in government or opposition, do your best for the country.”

On the recent visit of the Labour Party (LP) presidential candidate in the 2023 general elections, Peter Obi to Atiku, the medical doctor said: “If it is about a merger, it is good. Let them merge. It is a good thing for the country. We should have two good strong parties in the country. The others can pursue their agenda.

Chukwunenye also lamented that all the political parties are not united, saying this is bad for our nascent democracy. His words: “All of them are in crisis. This is good for the country. They should be focused on delivering the dividends of democracy.’’

He said the situation is even worse for the so-called smaller parties because they are hardly visible. “You hardly hear anything from them. They only come around when there are elections,” he added.

Chukwunenye said there is a need to amend the electoral laws. He said the percentage a candidate is expected to secure to win the presidential election should be reviewed. “We borrowed our presidential system from the United States. But, in that country, no one wins the presidential election with less than 50 per cent of the total votes cast.

“It is not good also when one party gets 90 per cent of the votes. This helps to ensure that democratic tenets are kept. It helps to reduce centrifugal forces such as ethnicity and religion in our political system,’’ he added.

A Special account with $2.9 billion deposit has been created by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange (forex) market.

The apex bank, which identified the special account as Gazelle Funding Account, dropped the hint during the last Federation Account Allocation Committee (FAAC) meeting.

The Nation learnt that the revelation was made after the FAAC Post Mortem Sub-Committee members noticed in last month’s report from the Nigerian National Petroleum Company Limited (NNPCL) that proceeds from Production Sharing Contract (PSC) Tax and Royalty sales were transferred to the Gazelle Funding account.

The CBN backed NNPCL’s explanation, stating further that the Federal Government secured the $3.3 billion loan from Afrexim Bank to stabilise the forex market.

The sub-committee report said: “The structure of the loan requires NNPCL to deposit PSC Royalty and Tax proceeds into the Gazelle Funding account. From these deposits, 90 per cent will be released to NNPCL and CBN, while 10 percent will go towards repaying the loan.”

Members of the FAAC sub-committee, who recognised the potential benefits of special funding for forex stability, however raised concerns about the process and transparency of the loan arrangement.

“Representatives from states and local governments noted that they had not been informed about the loan prior to this meeting,” a source told The Nation.

Responding to the concern, the sub-committee has asked the NNPCL to organise a stakeholders’ meeting to offer a platform to inform all relevant parties about Project Gazelle Funding and explain the purpose, structure and repayment plan for the loan.

The source said: “The goal is to ensure transparency and accountability. The stakeholder’s meeting is expected to address several issues, including: The criteria used to justify the $3.3 billion loan amount; the selection process and reasons for using a special purpose vehicle for the loan; the long-term implications of using future oil sales as collateral and measures to ensure transparency and accountability in managing the loan.

On June 6, the African Export-Import Bank (Afreximbank) announced the release of an additional $925 million for Nigeria’s oil-backed prepayment facility into the Project Gazelle Funding account. This facility is originally sponsored by the Nigerian National Petroleum Company Limited (NNPCL).

“This latest disbursement brings the total amount funded under the syndicated $3.3 billion prepayment facility to $3.175 billion. Afreximbank coordinated the facility under an ‘accordion’ arrangement and gathered $925 million from a group of lenders that includes notable companies like Oando Group and Sahara Energy Resource Limited.

“This ‘accordion disbursement’ allows Nigeria to potentially ‘stretch’ the loan amount beyond the $3.3 billion within a set limit, depending on their needs and the approval of the lenders.

“This feature allows Nigeria to access additional funds if needed, without renegotiating the entire loan agreement. Knowing there’s potential for an increase can help with more flexible financial planning for Nigeria. While the agreement allows for additional disbursements, it doesn’t guarantee them. The lenders (oil consortium) have a say in whether or not to approve the increase.”

President/Chairman of Board of Directors, Afreximbank’s Prof Benedict Oramah, highlighted the significance of the development.

Oramah, who emphasized that it showed the bank’s vital role in supporting development across Africa, stated: “This milestone demonstrates the bank’s capabilities as a crucial development partner for Africa. It reaffirms our commitment to assisting our member states in achieving economic growth and stability. This funding will greatly support Nigeria’s short and long-term economic development priorities.”

He praised the original facility, calling it a “landmark” for being the largest crude oil-backed facility in Nigeria and one of the largest syndicated debts in Africa.

“This project underlines the importance of such financial structures in fostering economic development and stability in the region”, Oramah said.

The Project Gazelle Funding Limited is a key part of Nigeria’s strategy to leverage its oil resources for economic growth.

The funds will be used to support various development initiatives and stabilise the country’s foreign exchange market.

The governor of Rivers State, Siminalayi Fubara, has said that he is not obsessed with power.
According to him, he does not exercise absolute power in controlling the people of the state but plays the role of a watcher over its affairs for the betterment of its citizens.

The governor opined that those who seek absolute power, eventually become obsessed with it and end up trampling on the rights of the people.

He stated this at a child’s dedication service at the Royal House of Grace International Church in Rumueme Community, Obio/Akpor Local Government Area of the State on Sunday.

According to him, “For us, by the special grace of God, He has placed us, today, to watch over the affairs, not to control, but watch over the affairs of this State. I am not controlling, but watching the affairs, and I will watch through the fear of God.

“I will watch, understanding that one day, I will leave and account for the way I had watched over the affairs for all of us.

“It’s when you are of the mind of controlling power, that you will become obsessed. But when you are watching, you know that one day, you will leave, and another will take over.

“So, I will watch with the fear of God, and I will make every one of you proud. I will make a difference in leadership, and that difference will be to give everybody the opportunity to be free in this State.”

Fubara asserted that no administration in the State has ever been subjected to the ordeals it is experiencing but stressed that the confidence to pull through is rooted in the spirit to stand in the strength of God continually.

“No man is more powerful than God. And even the heart of that wicked and heartless man, or whatever you want to call it, is in the palm of God’s hand.

“It’s like a water that God turns in directions He wants. So, it’s only God that will continue to help us. And I know that He will lead us to a successful end.

“Nothing happens without God. He is a perfect designer. Before anything happens, He knows the end from the beginning. He already knows where he is going,” he added.

Governor Fubara, who urged the church to continue to pray for his administration because God has already taken charge, said Rivers State and its people are truly liberated by God.

The Governor, while assuring of upholding what is right and just for the interest of the State, on behalf of the State Government, donated the sum of ₦100million support to the church.

Former Super Eagles coach, Finidi George, on Sunday, reacted to the viral video of Victor Osimhen on social media, where he denied accusations of faking an injury to avoid participation in the 2026 World Cup qualifiers.

Naija News had earlier reported that Osimhen, on Saturday, in an Instagram Live, disclosed that the claims about him staging an injury to skip national team duties were false.

In the video, Osimhen addressed some rumours linked to Finidi George, claiming that the former Enyimba gaffer said that he won’t beg him [Osimhen] to play for the Super Eagles.

Osimhen attacked the former Super Eagles coach, stating that he has lost respect for him.

The controversy prompted Nigerian sports journalist, Colin Udoh to seek clarification from both the Nigerian Football Federation (NFF) and Finidi George.

Udoh reached out to senior NFF officials, who confirmed that Finidi never accused Osimhen of feigning an injury.

Udoh also revealed that he reached out to Finidi, who refuted ever making such a statement and expected Osimhen to have handled the situation differently.

Udoh said on Instagram, “So I called a couple of people who were at that meeting between Finidi, the NFF, and the minister to find out if what is alleged to have been said was actually said, and so these people are usually very, very senior and reliable people and I was told categorically that Finidi did not say the things he’s alleged to have said.

“He did not say he wasn’t going to beg Osimhen. He did not say that Osimhem was not committed. in fact, he did confirm when he was asked about Osimhen’s absence that he called him from Germany, and that’s why he was excused.

“It was when the issue of player’s commitment was raised; that’s why he said he would not beg anybody to play for the Super Eagles, but he did not mention any player by name, specifically.

“And so, I also called Finidi himself to ask him if that was the case and he also confirmed to me that he never said any of those things.

“In fact, he corroborated what the other gentleman had told me and that he would have no reason to call out any player, whether in public or in private, and that he would address issues with the players themselves if there were any issues.

“And then, as soon as the video was brought to his attention, he said he reached out to Osimhen and let him know that one, he never said those things, and two, even if he had, Osimhen should have reached out to him first to find out if he did say, what he was alleged to have said, rather than going, public with such disrespect.”

The Presidency has reacted to a report published in the New York Times criticising the Nigerian economy as facing the worst trajectory in a generation.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, responded on Sunday to the report by Ruth Maclean and Ismail Auwal.

According to the Presidency, the feature story, titled ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’ and published on June 11, reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments have reported on African countries for decades.

Onanuga stated that due to the ‘misleading’ slant of the report, the government needed to clear up some misconceptions conveyed by the reporters regarding the economic policies of President Bola Tinubu’s administration, which took office at the end of May 2023.

He noted that the report painted a dire picture of some Nigerians’ experiences amid the inflationary spiral of the last year and unfairly blamed it all on the new administration’s policies.

He argued that the report, based on several interviews, is at best jaundiced, portraying all gloom and doom without mentioning the positive aspects of the economy or the amelioration policies being implemented by the central and state governments.

Onanuga emphasized that Tinubu did not create the economic problems Nigeria faces today but inherited them.

“As a respected economist in our country once put it, Tinubu inherited a dead economy.

“The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela,” he noted.

He explained that this context led to the policy direction taken by the government in May/June 2023, including the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.

Onanuga highlighted that Nigeria had maintained a fuel subsidy regime for decades, which consumed $84.39 billion between 2005 and 2022 from the public treasury, in a country with significant infrastructural deficits and a high need for better social services.

He also alleged that the state oil firm, NNPCL, had accumulated trillions of Naira in debts due to unsustainable subsidy payments.

He noted that when Tinubu took office, no provision was made for fuel subsidy payments in the national budget beyond June 2023.

“The budget itself had a striking feature: it planned to spend 97 per cent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs.”

Onanuga further explained that like oil, the exchange rate was also subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to defend the currency against the unquenchable demand for the dollar.

“This low rate led to arbitrage and failures to fulfil remittance obligations to airlines and other foreign businesses, drying up foreign direct investment and investments in the oil sector.

“To address these issues, Tinubu rolled back the subsidy regime and floated the naira on his first day”, Onanuga said.

Despite initial challenges, Onanuga noted that some stability is being restored, with the exchange rate now below N1500 to the dollar and prospects for further appreciation.

He cited a trade surplus of N6.52 trillion in Q1, as opposed to a deficit of N1.4 trillion in Q4 of 2023, and renewed interest from portfolio investors as indicators of improving economic confidence. Loans from the World Bank, AfDB, and Afreximbank are also contributing to Nigeria’s renewed bankability.

Onanuga highlighted efforts to control inflation, especially food inflation, through increased agricultural production and state-led initiatives to sell food at lower prices.

“The Tinubu administration has invested heavily in dry-season farming and provided incentives to farmers.”

He concluded by comparing Nigeria’s economic challenges with those faced by the USA and Europe, emphasizing that the Tinubu administration is working hard to overcome these difficulties.

“Our country faced economic difficulties in the past, an experience captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon.”

A 45-year-old woman, Abiodun, popularly known as “Iya Sunday,” poured petrol on her 86-year-old mother and set her ablaze in Ondo State, alleging she is behind her predicament. 

The incident occurred at Surulere, an area opposite Anglican Cathedral Church in the Ondo West local government area of the state on Friday, June 14, 2024. 

It was gathered that the victim, whose name is yet to be confirmed, sustained first-degree burns, affecting her from head to toe and currently receiving treatment in a hospital

According to an eyewitness, the daughter of the octogenarian visited her mother at home around 5 am on Friday, alleging the old woman of being behind her spiritual predicament before setting her mother on fire.

“What happened between them before the incident we don’t know, but the suspect has been arrested by police at the Enu-Owa division for further investigation,” the eyewitness said. 

The suspect, Abiodun, while speaking on the incident confirmed she set her mother on fire and did the act intentionally because she was told that her mother was behind her predicament. 

"I went to my mother’s house around 4 a.m. and sat outside. When it was 5 a.m., I called out my mother from the house. Immediately after she came out, not knowing what was happening, I poured petrol on her body and set her on fire. 

"I went to one pastor for prayer, and he told me that my mother is behind what is happening to me. I did not believe it at first. My mother also took me somewhere to see a woman. After my mother left, the woman also told me the same thing.

“I burnt my mother because of what I heard from the pastor and the woman, that I can only be free from bondage when my mother is dead.”

A police source at Enu-Owa police station who confirmed the incident said the suspect has been arrested and the case would be transferred to the Police headquarters in Akure for further investigation.