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President Bola Tinubu has been reportedly fuming inside the State House over the intense backlash from Nigerians regarding the ongoing economic crisis, with some citizens labelling him “Tpain” just under a year into his administration.
According to Peoples Gazette, this revelation comes from internal memos and aides familiar with the president’s sentiments.
In a recent meeting at the Presidential Villa, President Tinubu confided in two guests and aides, expressing his dismay at the relentless criticism his administration faces.
Sources indicate that he conveyed his sadness over the situation, lamenting that many Nigerians prefer to mock him rather than engage in constructive dialogue to find solutions to the country’s pressing issues.
An aide at the meeting told Peoples Gazette, “The president has been very sad and not hiding his frustration over how quickly the so-called Tpain label was allowed to spread on social media.
“The president was mostly angry with unpatriotic people who sit on social media to call him names without offering any unique solutions of their own but only to malign the government.”
Another aide subsequently corroborated the account.
Both officials sought anonymity to discuss the president’s annoyance with The Gazette, fearing administrative backlash.
One of the officials said the president was not particularly seeking to muzzle speech and other fundamental rights on social media, but only decried the undesired impact of its unfettered deployment on the government’s ability to deliver on its promises without distractions.
The official said, “We’re just trying to determine where the campaign to humiliate the president and people working for him is coming from.
“The president respects the rights of Nigerians to express themselves, but some of us will push back hard against the attackers before they do further damage to the country’s image.”
Nigerian citizens gathered in major cities across the United States, including New York, over the weekend to partake in a vibrant carnival celebrating the 64th anniversary of Nigeria’s independence.
The parades and carnivals were organized in other significant U.S. states, such as Texas, Maryland, Georgia, Massachusetts, and New Jersey.
The Nigeria Independence Day Parade and Carnival in New York closed East 38th to 24th Street and Madison Avenue, uniting Nigerians from diverse backgrounds and supporters to honour their nation’s independence through remarkable cultural displays.
The event highlighted the richness of Nigerian culture and community spirit, as well as the contributions of Nigerian-Americans to both New York and the broader United States.
The audience was captivated by a stellar performance from KCEE, along with other artists and DJs, while various stage acts added to the event’s allure, allowing attendees to enjoy singing and dancing to Nigerian music.
The week-long celebration, which concluded on Sunday, featured the raising of the Nigerian flag in Bowling Green, the financial hub of the world, alongside a gala dinner, a welcome party, and an after-party.
In his welcoming remarks, the Consul-General of Nigeria in New York, Ambassador Abubakar Jidda, expressed to the attendees that “the Nigeria of our dreams is not a distant reality but one that we are all striving to achieve together.”
Ambassador Jidda emphasized the importance of maintaining hope among Nigerians in the diaspora, assuring them that despite the challenges faced at home, the country they envision is attainable.
“We must remain prayerful, and resilient, as well as contribute in our own unique way to the development of our country.
“Let us not forget what makes us uniquely Nigerians. Our talents have continued to shine both at home and abroad,” the Nigerian envoy said.
He paid glowing tribute to Nigerians who were excelling on the global stage, like Ngozi Okonjo-Iweala, Akinwumi Adesina, Phillip Ozuah, Amina Mohammed, Benedict Oramah, and Phillip Ozuah, among others, as examples of the brilliance and leadership that Nigeria brought to the world.
“Their achievements remind us that Nigeria has a wealth of talent that continues to contribute positively to global progress. I also celebrate millions of our unsung heroes in the United States and beyond,” he said.
Jidda said Nigeria had continued to be a pillar of strength on the global stage, adding,“We have led in peacekeeping, championed democracy, and contributed to economic development across Africa and globally”.
The Nigerian diplomat urged compatriots to celebrate this year’s independence anniversary with “Renewed Hope”, charging them to: “continue to strive, build, and hope.”
“For as long as we remain united, there is nothing that can stop the rise of our great nation. We are Nigeria, and there is no limit to what we can achieve together,” Jidda admonished.
In his address earlier, the Mayor of New York City, Eric Adams, lauded Nigeria’s rich culture and Nigerian-Americans’ lofty contributions to the City, especially his election, the positive energy, and the unique music, cuisines and fashion.
“The Nigerian community is strong, business-minded, family-minded and dedicated to community, so raise the flag, show your strength,” Adams said.
The President of the Organization for the Advancement of Nigerians (OAN), Tomi Aregbesola, emphasized in her opening remarks the importance of global unity among Nigerians.
Olayinka DanSalami, Chairman of the Nigeria Independence Day Committee (NIDC), stated that the parade and carnival, held annually since their inception in 1991, serve as a platform to present Nigeria to the international community.
The NIDC comprises a coalition of Nigerian cultural, religious, professional, business, and civic organizations dedicated to preserving, presenting, and celebrating Nigeria’s rich history and culture.
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye has revealed that Nigeria still in existence today is a sign of miracle.
He stated this in a video clip recorded in one of the church programmes.
According to him, this means that God is answering prayers of Nigerians.
Adeboye said an unnamed ‘senior muslim’ told him that Nigeria wouldn’t be in existence if people like him (Adeboye) had not been praying.
He said: “Nigeria still one greatest miracle.
“I met a senior Muslim some days ago, and they looked me in the face and said: ‘Sir, we thank God for people like you.’
“And I said, ‘What do you mean?’ He said if we have not been praying there will be no Nigeria today. And I said, well we thank God, at least we are still existing.
“He is still answering prayers. I tell you the truth, that Nigeria is still one up to this moment is a sign of miracle. It shows God still answer prayers.”
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Those In The House Knew What Happened – Yomi Fabiyi Shares Threat Messages Sent to Late Mohbad’s Neighbor
AFOLABI
Nollywood actor and producer Yomi Fabiyi has revealed that some people threatened late singer Ilerioluwa Promise aka Mohbad’s neighbor over release of CCTV camera.
According to Yomi, the neighbor received the message on the 11th of September, 2024, before they met with the IT guy in charge of Mohbad’s house CCTV.
He disclosed that he was able to obtain the CCTV footage of what happened inside the house.
See post below:
“This was one of the threats sent to one of Mohbad’s neighbors on the 11th of September, 2024, prior to our meeting, so we could meet with the IT guy in charge of the house CCTV. I was meant to obtain the CCTV footage of what happened inside the house, showing how Mohbad died and what transpired. MOHBAD WAS LEFT TO DIE, AND THEY NEVER GET HIM MEDICAL ATTENTION.
Those in the house knew what happened. There was active CCTV in Mohbad’s staircase, living room, kitchen, backyard, and front gate. I mean bold to say that they were all working as at the time Mohbad breathed his last. The few neighbors’ CCTV close to his house also has overwhelming details and accounts.
JUSTICE FOR MOHBAD IS NON-NEGOTIABLE. If the Police and government want to kill more people just to cover up or want more people to die before they investigate thoroughly and allow this truth to be out, it is up to honest people and Nigerians to accept.
My free movement is temporarily taken(still in hiding despite being abroad); I am on the run because they want me assassinated for exercising my fundamental rights. An actress, a Transport Union worker, A Top Police Officer, a top state legislator, and a top elected executive are in the know of my assassination. But God and the true law are on their case. They are not God.
Justice for Mohbad! Aluta Continua!”.
Revenue of electricity distribution companies in Nigeria increased to N887.86 billion in the first seven months of 2024 amid an electricity tariff hike.
This is according to analysis of Nigerian Electricity Regulatory Commission data on Discos’ commercial performance for the seven months of 2024.
The data showed that out of N1.14 trillion electricity bill issued by Discos to customers, the companies recorded 79.7 percent collection efficiency which stood at N887.86bn in the period under review.
A breakdown of the bill collection by Discos from January to July 2024 includes N95bn, N97bn, N100.44bn, N142.92bn, N191.65bn, N150.86bn and N162.14bn which amounted to N887.86 billion.
Further analysis showed that during the corresponding period in 2023, the companies issued bills totaling N797.18 billion, while they managed to collect N604.15 billion.
This surge in revenue collection is not unconnected to the hike in electricity tariff in April from N66 per kilowatt-hour to N225.
Recall that amid the call for the electricity tariff hike reversal, it was reviewed downward to 206.68 per kilowatt-hour, but was reviewed upward to N209 per kilowatt-hour thereafter.
Though the electricity tariff hike was introduced for customers getting at least 20 hours of power supply, Nigerians have lamented the burden occasioned by the tariff.
The energy cost pain has been exacerbated as Discos migrate more consumers to Band A feeders.
The Minister of Power, Adebayo Adelabu, however, insisted that Nigeria’s electricity tariff is among the cheapest within African countries.
Analysis: Nigerians poverty level overtake 133m in 16 months. With hunger added to the mix. Here’s why
AFOLABI
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.
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.
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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.
We Will Not Fight Physically – Wike’s Camp Discloses Next Step As Fubara Swears In Council Chairmen
AFOLABI
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.”
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.
Chairman of the Peoples Democratic Party, PDP, Board of Trustees, BoT, Senator Adolphus Wabara, yesterday lamented the woeful outing of his party in Saturday’s local government election in Rivers State, says the party has lost the state.
Wabara spoke yesterday, as Governor Siminialayi Fubara swore in the 23 LG chairmen who emerged in the October 5, polls, insisting he was still in PDP.
The governor, however, raised the alarm that there are plans by some persons to unleash violence on LG headquarters today, as the new chairmen resume office.
Recall that Action People’s Party, APP, won 22 LG seats, while Action Alliance, AA, was declared winner of Etche LG seat in a result announced by chairman of Rivers State Independent Electoral Commission, RSIEC, Justice Adolphus Enebeli, retd.
APP also swept almost all the councillorship seats across the 23 councils, winning 314 of 319 wards, while All Progressive Congress, APC; Labour Party, LP; Social Democratic Party, SDP; and Young Peoples Party, YPP, got one each.
The RSIEC boss, who said 18 political parties participated in the elections held in 6,866 polling units of the state, commended the parties and Rivers people for their commitment to the poll.
These came as former Vice President, Atiku Abubakar, lauded Governor Fubara and the entire people of the state for rejecting what he described as political intimidation and judicial chicanery by going ahead to elect leaders at the local government level.
Also, former Chief of Army Staff, Lt. Gen. Kenneth Minimah, retd, congratulated the governor on the successful conduct of the council elections in Rivers State, as APP in Rivers State equally praised him for his leadership, generosity and fairness before, during, and after the elections.
Senator Wabara, who spoke with Vanguard, attributed the party’s failure to self-destruction, saying the party is responsible for its fate as it ignored wise counsel over the political crisis in the state.
He expressed sadness that the ruling PDP which had held sway in the state since 1999, lost the grassroots to a little-known party due to an avoidable feud.
“This is the first of its kind in the history of LG elections in recent times where the ruling party, and party of the governor lost the grassroots structure.
“Politics is local but in this case, the PDP has shot itself in the leg. If we look deeper, it means that technically and literally, PDP has lost Rivers State.
“I doubt if Rivers will be under the control of the PDP in 2027. We have really shot ourselves in the leg.”
He expressed concern over the fate of PDP in Rivers, regretting that the wise counsel by elders of the party concerning the crisis in the state chapter of the party, was ignored.
“We saw this coming and we warned the players but instead of heeding our advice, some of us were called names and castigated. Today, we all have seen the result.
“It’s a big lesson for all that we must respect internal democracy and party supremacy. Impunity has no place in democracy. We must learn to resolve our differences internally.”
The former Senate President said the lesson of the Rivers’ council polls will help PDP take necessary precautions in 2027.
He said: “I think we have learnt the hard way but it’s not too late yet. We can’t afford to lose Rivers State completely.
“I, therefore, call on all the players in the Rivers political crisis to sheathe their swords. Let’s go back and resolve as a family, so we can come out stronger in 2027.”
We’ve uncovered plans to unleash violence on LG headquarters —Fubara
Governor Fubara, while swearing in the elected council chairman yesterday, raised the alarm that there are plans to mobilise suspected gunmen to unleash violence at the 23 LG headquarters across the state today.
Fubara, who noted that desperate situations required desperate measures, also assured the Federal Government that he would not be a party to the breakdown of law and order in the state, insisting that he would continue to approach every situation with peace.
He, however, urged the newly-elected LG chairmen in the state to emulate his approach to governance and eschew violence and declared that the controversy surrounding the Rivers LG elections was effectively over.
Asking the new chairmen to be “patient and calculative,” Fubara said: “I’m aware that they are mobilising 20 people per unit to go and confront you tomorrow when you resume in your local government headquarters.
“Please, if they are coming with violence, avoid them. The peace of this state is too important to us.
Everybody knows what they are planning but please I want to beg everyone to follow my approach.
“At the right time, you will always win if you are patient and calculative. We have made our promises to our people. We are going to lead them to the Promised Land.
“I am so glad that the Chairman of the Governors’ Forum of PDP, is here with us to witness this ceremony. I want to assure you that I remain a member of PDP, but the truth is that desperate situations require desperate measures.
“We were confronted with a situation where the local government of this state was heading to doom. The truth is that because of the genuine love we have for this state, we must salvage the councils.
‘’What we did with the support of Rivers people was to salvage the councils. To the glory of God, that has been done and dusted. Michelle Obama said when they set a very low standard, you set a very high standard.
“We are not going to go with their ways, we are not going to confront or fight anybody, we will continue to use the means of peace, ensuring that the assets of this state are protected. We are assuring the Federal Government that we are not going to be a party to any breakdown of law and order.
‘’We know that if there is a breakdown of law and order in this state, Nigeria will suffer and we are not party to it. And that is the reason our standard, in terms of maturity, must be high. For the newly sworn-in chairmen, I want you to see yourself as servants.
“Once you see yourself as emperor, that is where the problem begins. Once you see yourself as the one who knows it all, because of the power of the fund in your pocket, that is where we start seeing crisis. Let us see this opportunity as a call to service, as an opportunity for you to bring people together and deliver to the people of Rivers State.
“We need development in the 23 LGAs. That is the truth. A few things might have happened, but more needs to be done. And I’m charging you to be that ambassador. Ensure you represent the people that have elected you well. Represent them well.
“Work for the betterment of your local governments. Ensure you are servants. Open your doors. Embrace everyone and I assure you that nothing is bigger and greater than that. That is the structure.
‘’When you work for the people, when you bring them in, when you help them, there is nothing bigger than that. That will be the ingredient of this administration. I want to charge you to be peace-loving.
‘’I am aware that they are mobilising 20 people per unit to go and confront you tomorrow (today) when you resume in your local government headquarters. But please, if they are coming with violence, avoid them.
“The peace of the state is too important to lose. It is on public notice. Everybody knows what they are planning. But please, I want to beg everyone to follow my approach. You always win if you are patient and creative. We have made our promises to our people. We are going to lead them to the promised land,” he added.
Atiku hails Rivers people, Fubara for rejecting intimidation
In a post on his verified X handle, yesterday, Atiku wrote: “With the conclusion of the LG elections in Rivers State, the shadows of political intimidation and judicial chicanery have dissipated, paving the way for the noble pursuit of governance to commence in the state.
“From the bustling heart of Port Harcourt to the tranquil shores of Onne, the populace has spoken in harmonious unison, affirming that nothing can better democracy.
“As prophesied, it has now been revealed that the citizens of Rivers are astute and resolute, unwavering in their rejection of any form of political oppression, harassment or the machinations of self-serving godfathers.
“As I extend my heartfelt congratulations to the newly elected LG leaders, I urge them to wear the welfare of the people as their foremost badge of honour, shunning the path of tyranny and delusional ambition in their political endeavours.
“Moreover, I commend the resilient people of Rivers State for their steadfastness in the face of adversity, courageously ensuring that yesterday’s election unfolded with peace and integrity.
“I must also applaud Governor Fubara for his unwavering commitment to the people’s interests, safeguarding the sanctity of the local government elections, even amid provocative challenges.
“In the grand tapestry of this election, it is ultimately the people who emerge victorious, their sacred right to choose their leaders firmly upheld within the framework of our democratic process.”
Minimah hails Rivers gov over successful LG poll
Similarly, former Chief of Army Staff, Kenneth Minimah, in a congratulatory message to Fubara, lauded the governor’s resolve in ensuring that the elections took place, describing the outcome as a significant milestone for the state.
He said: “I wish to praise Governor Fubara for the seamless conduct of the LG elections and his resolve in ensuring the elections took place.
“The outcome of the elections is a significant milestone for the state. Fubara has steered the ship of state and I urge him to remain resolute in driving development.
“This development and successful council elections signifies Governor Fubara’s administration’s commitment to the people at the grassroots.”
He also commended RSIEC and the people for their part in the success of the election.
APP wins 314 out of 319 Wards in polls
A breakdown of the results showed that APP won in 314 wards, APC, BOOT, LP, SDP, and YPP, won one councillorship seat each.
The result is an indication that APC in the state participated in the October 5, despite the earlier announcement by the caretaker committee chairman, CTC, Chief Tony Okocha, that the party would not take part in the exercise.
Recall that before the election, Chief Emeka Beke, the factional chairman of Rivers APC declared that “as the authentic chairman of APC in Rivers State, we are fully ready for the election.”
Stop usurping President’s power, CTC chairman warns
In a similar development, a former governor in the state has been urged to desist from usurping the powers of the President and commander-in-chief of the Nigerian Armed Forces.
The Director General of Simplified, Movement Worldwide, SMW, Evans Bipi, who gave the warning, accused the serving minister of usurping the powers of President Bola Tinubu by allegedly ordering the Inspector General of Police, Kayode Egbetokun, to stop the just concluded LG elections in the state.
Bipi, who is also the outgoing CTC chairman of Ogu/Bolo LGA of Rivers State, said this while reacting to the withdrawal of the Nigerian Police from the election, citing a purported order of a Federal High Court, Abuja.
He said: “The President who graciously gave a three-month deadline to all governors to conduct LG elections in line with the judgment of the Supreme Court, cannot fold his arms and allow the minister who is his appointee to direct the Inspector General of Police to do otherwise, which is tantamount to usurpation of the powers of the President.”
Bipi called on President Tinubu to be wary of the minister “who desperately wants to control Rivers State by all means, as his actions pose a big threat to the powers of the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria.
“A Federal High Court, Abuja, lacks the jurisdiction to make an order stopping RSIEC from conducting the election which it is constitutionally empowered to do.
“The judge of the Federal High Court, Abuja, was further misled to have issued an order against the judgment of the Supreme Court on local government autonomy.”
APP dedicates election victory to Rivers People
Meanwhile, the state chairman of APP in the state, Mr Sunny Wokekoro, who spoke shortly after the party’s 23 chairmanship candidates were declared winners in the local government council election in the state, said: “I would like to take this opportunity to congratulate RSIEC, under the leadership of Justice Enebeli, retd, for its timeliness and efficiency in organising the elections. This is a stark contrast to previous elections organised by INEC.
“RSIEC was precise and timely, with election materials arriving at the voting centres early. Voters were able to cast their votes without any issues.
“I also want to thank Governor Fubara for providing a level playing field for the elections to proceed smoothly, despite his party not contesting.”
Wokekoro also expressed gratitude to the people of the state for coming out in large numbers to vote overwhelmingly for the party’s candidates, assuring that the party would not let down the people who have placed their trust in it.
“This victory did not come easy, we worked very hard for it. We travelled throughout the state to campaign for votes. I promise the people of Rivers that the APP will not disappoint them.
“We have always believed in a new Nigeria and a new Rivers State. We are bringing in leadership that is proactive and responsive to the needs of the people. We are bringing in leadership that prioritizes the people above all else.
“I am confident that once the people of Rivers see our new grassroots leadership style, it will be easy to convince Governor Fubara to join our party,” he added.
AA clinches Etche LGA
The Action Alliance has been declared winners of Etche chairmanship seat in the just concluded LG election in Rivers State.
RSIEC declared the chairmanship candidate of AA for Etche council, Uzodinma Nwafor, winner yesterday.