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The Federal High Court in Abuja has ordered the arrest and remand of six promoters of the now-collapsed and fraudulent cryptocurrency investment scheme known as “CBEX,” over an alleged $1 billion scam targeting Nigerian victims.
Naija News reports that Justice Emeka Nwite granted the order on Thursday following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) against Adefowora Abiodun Olanipekun, Emmanuel Oku, and four other defendants.
The EFCC alleges that the defendants used a company called ST Technologies to promote CBEX, luring Nigerians to invest in the scheme.
EFCC spokesperson Dele Oyewale had pledged to recover Nigerians’ lost investments in the alleged 1.3 trillion naira CryptoBank Exchange scam, committing to take action in collaboration with Interpol and other international agencies.
During the resumed court session on Thursday, EFCC counsel Fadila Yusuf informed the court of a motion ex parte concerning investigations into CBEX and the Commission’s intention to prosecute the suspects in accordance with the Administration of Criminal Justice Act.
“An order of this Honourable Court for the issuance of a warrant of arrest for the defendants. An order of this Honourable Court remanding the defendants in the custody of the Complainant/Applicant pending the conclusion of the investigation into the alleged offences and possible prosecution,” Yusuf said in open court. She emphasized that the case involves foreign collaborators and a scam worth over $1 billion.
Yusuf explained that while the defendants have not yet been apprehended, they used ST Technologies International Limited to promote Crypto Bridge Exchange (CBEX), advertising unrealistic returns and luring unsuspecting members of the public to invest cryptocurrencies on the CBEX platform, with promises of returns of up to 100%.
She further noted that the funds were not stored in any Nigerian accounts, and unraveling the full scope of the syndicate’s activities would take time.
In its application, the EFCC stated that victims were made to convert their digital assets into the stablecoin USDT, which was then deposited into wallets controlled by the suspects. After victims deposited over $1 billion, the CBEX platform became inaccessible, preventing users from withdrawing their investments and exposing the operation as a scam.
The EFCC also stressed that although ST Technologies International Limited was registered with the Corporate Affairs Commission (CAC), it was not licensed by the Securities and Exchange Commission (SEC) to operate as an investment platform.
The EFCC further argued that a warrant of arrest is necessary to place the defendants on a Red Notice list so they can be tracked and arrested to face charges.
After reviewing the EFCC’s submissions and court documents, Justice Nwite found merit in the application and granted the motion as prayed.
Nigerian activist and lawyer, Deji Adeyanju has claimed that the 2023 Labour Party (LP) presidential candidate, Peter Obi and his counterpart in the New Nigeria Peoples Party (NNPP), Rabiu Kwankwaso worked for President Bola Tinubu in the last election.
He asserted that Obi is likely to work for Tinubu again and will most probably refuse to join the coalition.
Speaking on Thursday via a post shared on his ? page, Adeyanju disclosed what must be done for the coalition by former Vice President Atiku Abubakar to succeed.
He argued that all self-centered politicians like Atiku and Obi must be neutral and not run in 2027.
According to Adeyanju, “I’m 100% convinced that Obi worked for Tinubu’s in 2023 & will do so again. I might be wrong but I’m convinced in my mind about this.
“Once a businessman, always a businessman man. Those still in doubt will see the clear hand writing before 2027. He will refuse to join coalition.
“Kwankwaso also worked for Tinubu. For the coalition to succeed, all the self centered politicians like Atiku & Obi should promise not to run and allow neutral folks to run against Tinubu.
“This is how to put the interest of the nation above personal interest. The biggest industry in Africa is politics.
“And those around popular politicians are all merchants. This is why once politics is around the corner, they are in business. Con men and women who just want to cash out. This is why they never tell politicians the truth.”
Tajudeen Yusuf, a former member of the house of representatives, says the Peoples Democratic Party (PDP) is facing the consequences of neglecting its zoning arrangement during the 2022 presidential primaries.
Yusuf, who represented the Kabba/Bunu/Ijumu federal constituency, spoke on Thursday when he appeared on Sunrise Daily, a programme on Channels Television.
In the build up to the 2023 presidential election, some PDP chieftains called for the zoning of the party’s presidential ticket to the south.
However, Atiku Abubakar, former vice-president, who is from the north, won the PDP presidential primary — a development that created division in the party.
There has been a recent wave of defection from the PDP to the All Progressives Congress (APC) ahead of the 2027 elections, including Sheriff Oborevwori, the Delta state governor.
Speaking on the show, the ex-Kogi lawmaker said the collapse of the zoning arrangement marked a turning point for the PDP.
Yusuf said a similar debate over the party’s zoning agreement emerged in 2014, when former President Goodluck Jonathan took over after Umar Musa Yar’Adua’s passing.
He said that most party members from the north felt short-changed by Jonathan’s emergence as the party’s candidate in 2011.
“A lot has changed in PDP, but the most fundamental shift came in 2023 when we abandoned our core principle of zoning the presidency,” Yusuf said.
“If you recall, in 2014, the agitation was that Yar’Adua didn’t finish his term and Jonathan took over, which many believed ate into the North’s turn.
“That led five governors — led by prominent figures like Atiku Abubakar — to walk out of the convention at Eagle Square, marking the start of PDP’s internal crisis.
“By 2019, most of them, including Atiku and Tambuwal, returned to the party, in line with our principle, the party zoned the presidency to the North to avoid a repeat of past issues.
“By 2023, naturally, it should have rotated back to the South, but because of certain vested interests — people who felt they could influence the process — zoning was deliberately blocked.
“I was at the meeting, and I remember saying, ‘If we don’t zone, we will regret this’; because in Nigeria today, politics is still very much tied to religion and ethnicity — maybe one day that will change, but not now.”
Yusuf said those who derailed zoning in 2023 are now regrouping ahead of the next general election.
He noted that although PDP governors now meet regularly, they are not supporting the party financially.
“This is the first time in about ten years of PDP being in opposition that governors are not actually funding the party,” he said.
The lawmaker added that the PDP is going through “one of the toughest political periods” in its history since losing power in 2015.
Nine weeks after its last sitting, the National Economic Council (NEC) reconvened on Thursday with the Sole Administrator of Rivers State, Ibok-Ete Ibas, among key attendees at the meeting chaired by Vice President Kashim Shettima at the Council Chambers of the Presidential Villa in Abuja.
The NEC, which last met on February 20, is Nigeria’s top advisory body on economic policy, comprising the Vice President, all 36 state governors, and key federal ministers.
The February meeting had focused on the launch of the Nutrition 774 initiative aimed at tackling malnutrition nationwide.
Thursday’s session is expected to be dominated by discussions on rising insecurity across the country and the growing calls for the establishment of state police—a topic that was conspicuously absent during the last meeting.
The presence of the Rivers State Sole Administrator is particularly notable, coming in the wake of political tensions and legal uncertainties surrounding the leadership of the oil-rich Niger Delta State.
Also present at the meeting were the Governor of Delta State, Sheriff Oborevwori, among others
The Adamawa State Police Command said its operatives arrested 148 suspects, recovered eleven AK-47 rifles and 20 locally fabricated assault rifles.
Also recovered by the command is 110 live rounds of ammunition, two improvised explosive devices (IEDs) as well as three stolen vehicles.
Commissioner of Police in the state, CP Dankombo Morris disclosed this during a press briefing in Yola, the Adamawa State capital.
He said the feats were possible through the Command’s re-designed operational and intelligence capabilities and intensified security measures to address emerging threats and reduce crime within the state.
CP Morris said the strategic move has yielded significant outcome that resulted in the arrest of numerous kidnapping, armed robbery, culpable homicide, and rape suspects, as well as recovery of arms and ammunitions.
According to the CP, the two IEDs were planted by Boko Haram terrorists in some communities within Hong local government area, and were detonated.
He added that the police also rescued six kidnap victims in collaboration with sister security agencies.
The CP commended the gallant officers and men involved in these successful operations and assured the public that the Command will spare no effort in ensuring the safety and security of all residents in the state.
In an open letter addressed to President Bola Tinubu, former presidential adviser, Dr. Hakeem Baba-Ahmed, has called on the Nigerian leader to forgo a second term and pave the way for a younger generation of leaders ahead of the 2027 general election.
According to the letter, widely circulated on Wednesday, Baba-Ahmed urged President Tinubu to “step aside—not for your opponents, but for a new generation of Nigerians who can carry the nation forward with fresh energy and ideas.”
Baba-Ahmed, who recently resigned as Special Adviser on Political Matters in the Office of the Vice President, argued that Tinubu’s most dignified political exit would be to voluntarily retire and support new leadership.
“Our generation has done its time,” he wrote. “It would be a masterstroke if you and your party yielded the field to new voices and new leadership. That way, you could catalyse a peaceful, historic transformation and inspire a new political culture rooted in merit, unity, and progress.”
He urged the president to reflect on his legacy and warned against being consumed by re-election ambitions.
“You hold what your opposition lacks: the power to reduce the harshness of life for the average Nigerian. Use it well. Watch 2027, yes—but don’t become consumed by it,” Baba-Ahmed cautioned.
While acknowledging that the Tinubu administration inherited a difficult economic situation and an exhausted population, Baba-Ahmed said the president has failed to convert the early optimism into effective governance.
He criticised the administration’s signature policy agenda, the Renewed Hope Agenda, as “a set of campaign promises, not a coherent governance plan.” He also questioned the competence of Tinubu’s cabinet, claiming that “more than half has no business managing an administration tasked with improving security, livelihoods, or public trust.”
The former aide also disclosed that during his 18-month tenure, he never had a one-on-one meeting with the president—further evidence, he suggested, of Tinubu’s distant leadership style.
“If you shift attention now to electoral ambitions, you risk losing both governance momentum and public goodwill,” he warned. “If you win again without reforming your style and strategy, you may spend four more years preserving failure. If you lose, your legacy could be wiped out in an instant.”
Baba-Ahmed noted widespread dissatisfaction across Nigeria’s geopolitical zones.
“The North is drifting from your leadership under the weight of economic hardship, insecurity, and alienation. The East remains politically disengaged, while the South-South is fragmented. The South-West has been lukewarm, and its privileged position may become a burden. The North-East is deeply wounded and can no longer be taken for granted,” he stated.
He accused Tinubu of isolating himself from both the people and potential allies.
“Your closed-door style of leadership, your apparent indifference to complaints of ethnic bias in appointments, and the perception that you frequently run the country from abroad… have created the image of an isolated leader heading an insular administration,” he wrote.
Baba-Ahmed also criticised the administration’s communication strategy, describing it as “a crowd of spokespersons who often confuse rather than clarify your policies.”
Reacting to the letter, Presidential spokesperson Bayo Onanuga dismissed Baba-Ahmed’s criticisms, attributing his remarks to the timing of his recent resignation.
“President Tinubu is unfazed by the attacks of Baba-Ahmed and his co-travellers. We await his so-called revelations,” Onanuga said.
Meanwhile, Senator Ajibola Basiru, National Secretary of the All Progressives Congress (APC), defended the administration’s track record. Speaking on Channels Television, Basiru rated Tinubu’s government at 78 percent and highlighted key achievements including the launch of the Nigeria Education Loan Fund (NELFUND) and CreditCorp to expand consumer credit.
“We have stimulated agricultural production, which has contributed to a downward trend in food inflation. We have also addressed the shortage of funds for infrastructure development,” Basiru said, citing major projects such as the coastal highway and rail expansion.
Despite growing internal critiques, the Tinubu administration maintains that its reforms were on course, while political observers watch closely to see how the president will respond to rising calls for generational leadership change.
Suspected insurgents linked to the Islamic State in the Sahel Province (ISSP), locally referred to as Lakurawa, have launched a violent attack on Kalenjini town, the hometown of Isa Kalenjini, chairman of Tangaza local government area council in Sokoto State.
Eyewitnesses reported that the coordinated assault occurred shortly after the local government chairman left his residence, making many to believe that he was the primary target of the attack.
The Sokoto State Police Command Public Relations Officer (PPRO), Ahmed Rufa’i, confirmed the incident, stating that joint security forces were on the trail of the attackers.
He noted that some of the livestock stolen during the raid have been recovered after the assailants fled into the Tangaza forest.
Efforts to reach Isa Kalenjini for comments proved unsuccessful, as calls to his telephone remained unanswered as at the time of filing this report.
The attack on Kalenjini town comes on the heels of a similar violent raid on April 22, 2025, when members of Lakurawa terrorist group, in collaboration with armed bandits, attacked Saminaka village, also in Tangaza LGA of the State.
During the assault, one person identified as Salihu Isiyaku Hamza was killed, and a large number of livestock comprising sheep, camels, and cattle—were rustled. The attackers reportedly escaped into Gohono forest after firing sporadically to cause panic.
The late Hamza was laid to rest in accordance with Islamic rites.
The ISSP (Lakurawa), a designated terrorist organisation, has been increasingly remain active in the region, escalating attacks on rural settlements, local leaders, and security personnel.
Security agencies have intensified surveillance and patrols in the area as residents continued to call for more proactive and permanent solutions to the deteriorating security situation.
The Lagos State government has charged the leadership of the Nigerian Institution of Estate Surveyors and Valuers, Real Estate Developers Association of Nigeria, and Association of Estate Agents in Nigeria to support the drive to reduce the rent burden on Lagosians and shun the prevalent illegal fees in the real estate business.
In a statement by the deputy director, Public Affairs, Ganiu Lawal, the professional bodies were also urged to stem the rate at which agents across the real estate value chain engaged in competition of fees in real estate transactions.
It stated that, “the introduction of illegal fees such as caution fee, inspection fee, finder’s fee, and others represents a professionally harmful practice which affects tenants and puts the integrity of the practitioners and property owners at stake.
“The Nigerian Institution of Estate Surveyors and Valuers, Real Estate Developers Association of Nigeria, and Association of Estate Agents in Nigeria, were invited to a stakeholders meeting jointly chaired by the Commissioner for Housing, Moruf Akinderu-Fatai, and the Special Adviser to the Governor of Lagos State on Housing, Barakat Odunuga-Bakare.
“The session is a continuation of the strategic engagement to curb arbitrary rent charges, demand for high agent fees, and promotion of sanity in the real estate business in Lagos state.
The meeting was held at the Conference Room of the Ministry of Housing, Alausa – Ikeja.”
The state government, through the commissioner and the special adviser, challenged the association to protect the integrity of the real estate business with support for a joint effort of all stakeholders for full enforcement and compliance with the real estate transaction laws of Lagos State.
Akinderu-Fatai said, “the aim of engaging all stakeholders is to strengthen the working relationship between the State Government and the professional bodies for the benefit of Lagosians.
“Lagos State Government is concerned about the challenges faced by families in securing and retaining rental accommodation in the state, with unpleasant rent increments and illegal estate transaction charges.”
The commissioner reiterated the plan of the Lagos State government to encourage and promote monthly and quarterly rent payments in the state in line with the tenancy law.
He said, “the state government is aware of the increase in demand as greater than supply, but the government would no longer tolerate and allow the extortion of accommodation seekers with unwholesome practices.
“I want to assure you that the state government under the leadership of Mr Babajide Sanwo-Olu is compassionate and will leave no stone unturned to ensure sanity in the real estate business in the state.”
The special adviser to the Governor on Housing, Barakat Odunuga-Bakare, stated that there “were existing state laws, such as the 2015 Tenancy Law and the Lagos State Real Estate Regulatory Authority Law, which specify a percentage of chargeable fees of not more than 10 per cent on real estate transactions.’’
Odunuga-Bakare also urged the stakeholders to cooperate with the state government to ease the conditions under which Lagosians secure accommodation.
Speaking at the meeting, the representative of the Nigerian Institution of Estate Surveyors and Valuers, Lagos Branch, Gbenga Ismail; a member of the Real Estate Developers Association of Nigeria, Dr. Kolawole Tony; and a member of the Association of Estate Agent in Nigeria, Dr. Adeniyi Tinubu, jointly expressed their readiness to forge a workable alliance with the state government to solve high rent cost and excessive charges.
They added that , “the professional bodies will also join the state government in promoting advocacy, public enlightenment as well as sensitisation programmes on the best practices in real estate transactions.”
The meeting further resolved to convene another stakeholders’ forum to be attended by representatives of all practitioners in the real estate business, including the Nigerian Bar Association, for a holistic buy-in of every sector for the benefit of Lagosian.
The Federal Bureau of Investigation (FBI) has revealed that investment scams accounted for $5.8 billion, representing over 50 percent of all reported crypto losses in 2024.
In a 47-page report, the FBI emphasised cryptocurrency’s central role in cybercrime losses, citing nearly 150,000 complaints linked to fraudulent crypto activities.
According to data from the FBI’s Internet Crime Complaint Centre (IC3), total internet crime losses skyrocketed to $16.6 billion, a 33% increase from 2023.
It noted that investment scams emerged as the most damaging among the various schemes, with reported losses totalling $5.8 billion.
The FBI report added that crypto-related scams contributed $9.3 billion, reflecting an astonishing 66% year-over-year surge.
Many of these investment fraud cases involved “pig butchering” scams, a manipulative scheme where criminals cultivate fake online relationships to coerce victims into investing in fraudulent crypto platforms.
The report emphasised the significant effect of cryptocurrency scams on older Americans, noting that individuals aged 60 and older have reported losses surpassing $2.8 billion, which makes them the most targeted demographic.
The FBI said it had initiated Operation Level Up in early 2024 to combat the rising trend, identifying more than 4,300 victims of crypto-related scams.
However, 76% of those contacted were unaware they had been victimised, indicating the sophistication of cybercriminal tactics.
It further stressed that scammers are progressively using QR codes, crypto ATMS, and stablecoins, like Tether’s USDT and the decentralised stablecoin DAI, to deceive users.
They sometimes employ AI-generated identities to pose as financial advisors or acquaintances online.
LEADERSHIP recalls that many Nigerians recently lost huge amounts in investment scams involving a fraudulent crypto platform called CBEX when it abruptly shut out its investors mid April.
[Leadership]
Patients, especially those in the rural communities, including the nursing mothers are having serious challenges in accessing healthcare services as a result of the ongoing strike embarked upon by the workers of the six area councils in the Federal Capital Territory.
The workers under the umbrella of the National Union of Local Government Employees (NULGE) as well as the teachers in the six area councils resumed the strike last month over non-implementation of N70,000 national minimum wage by area councils’ chairmen.
Abuja Metro reports that the council chairmen have refused to speak to the press on the lingering crisis between the councils and the workers regarding the implementation as well as the payment of other allowances.
Efforts by both the two ministers of the FCT, Nyesom Wike and Hajiya Maryam Mahmud, to resolve the crisis have yielded no result.
Many of the chairmen reportedly boycotted a dialogue meeting earlier called by the FCT Minister of State, Hajiya Maryam Mahmud, to resolve the crisis.
Patients groan
Abuja Metro visited some of the health centres across the six area councils, where it was observed that many of them had been under lock and key.
In many of the centres, some patients, especially nursing mothers, who came to immunise their new born babies were forced to turn home.
At the maternity health centre in Abaji, our reporter observed as the centre remained shut with no single health worker present.
A pregnant woman, Mrs Zainab Mohammed, who came by bike to see medical personnel at the centre, was forced to return home after she saw that the centre was under lock and key.
The woman said she resides around the Kekeshi area of the town and has been using the centre for her ante-natal, adding that the closure of the centre is going to affect many of them in such condition.
“I first visited a health centre at low-cost housing and discovered that it was shut, before I decided to take bike to the maternity centre so that I can meet with any of the medical personnel to attend to me because I could not sleep last night due to waist pain. And unfortunately, on getting here, again, the centre was also shut,” she said.
A health worker at the centre, who resides close to the centre, Mrs Amina Bala, told our reporter that the centre did not open for service due to the ongoing strike over the non- implementation of the new minimum wage.
At the Kwali Township Clinic, the centre was also under lock and key, while patients who came to see medical personnel were forced to turn home.
Mrs Gladys Gambo, a nursing mother, who came to the clinic with her newborn baby strapped to her back for immunisation, said she had to leave after she was told that the health workers were on strike.
“I came this morning, being Thursday, hoping to see if I can meet with any of the immunisation officers but discovered that the clinic has been shut down,’’ she said.
Also, at Gwagwalada, the township clinic was also not opened with dust and pure water polythene bags littering its frontage.
Some patients, including staff, were seen seated in front of the clinic’s corridor discussing the strike.
A nursing mother, Mrs Maryam Yakubu, who came to the clinic with her newborn baby for immunisation, was also forced to return home after she was told that the clinic was not open.
Mrs Yakubu, who spoke with our reporter, said she came to the clinic for immunisation but there was no officer to attend to her.
“Actually, I was put to bed at a private hospital some weeks ago, from where they asked me to come to this township clinic to immunise the child but unfortunately, on getting to the clinic this morning, it was shut down. I was told that the workers are on strike,” she said.
She added, “Now, I have to go back home and my husband is not at home, which means I have to call him on phone to let him know the situation of things before taking any decision.’’
A community health worker at the centre, Samson Iliya, said the ongoing strike has been affecting patients in the area, adding that many patients suffering from various ailments, including HIV/AIDS, tuberculosis, high blood pressure and diabetes were not being attended to.
He said, “Several patients, including nursing mothers, who came this morning with their babies for immunisation were turned back due to the strike.”
A medical personnel at the clinic, who preferred anonymity, said the workers decided to embark on the strike due to the failure of the council chairmen to implement the new wage.
“The truth is that nobody is happy to see health workers going on strike because health is ahead of everything but we have no option than to embark on the strike as directed by NULGE to press home our demand,” he said.
Workers begin protest today
The Gwagwalada Area Council chapter of the #Take-It-Back Movement# has thrown its weight behind the joint unions of the Nigeria Union of Local Government Employees (NULGE), FCT Chapter, and the Nigeria Union of Teachers (NUT), FCT Wing, ahead of the mass protest scheduled for Thursday, April 24, 2025.
The workers are protesting over non implementation of the N70,000 minimum wage and other entitlements by the six area council chairmen.
Abuja Metro had reported that the workers earlier fixed Wednesday, April 23 for the protest but was shifted to Thursday, April 24.
Speaking to newsmen on Wednesday in Gwagwalada, the leader of the #Take -It -Back -Movement, Comrade Manasseh Ben Paul, declared that the planned protest was not just another protest but a “Thunderous declaration” against what he described as “Broken promises and deliberate neglect” of the area councils’ workers and the primary school teachers in the FCT.
He said it was unfortunate that the council chairmen had turned their workers and primary school teachers to beggars.
“These council chairmen have turned the workers and primary school teachers to beggars. Besides, teachers are the architects of communities and the guardians of our children’s futures,” he said.
According to him, the workers’ demands are clear and non-negotiable.
The Take-It-Back Movement warned that if the chairmen fail to meet the workers’ demands by the end of April, there will be mass mobilisation to shut down the six area councils and the FCTA.
Council chairs mum
The Chairman of Kwali Area Council, Danladi Chiya, who often speaks on behalf of the council chairmen in his capacity as FCT ALGON chairman, had been refusing to talk to our correspondent on the issue.
Several calls put across to his line yesterday were not answered nor did he respond to text messages earlier sent to him.
Other area council chairmen also refused to talk on the issue. One of them referred our reporter to the FCT ALGON chairman, who he said, is the only one that can speak on the issue.
[DailyTrust]
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The publisher of Ovation Magazine, Dele Momodu, has accused President Tinubu of using strong arm tactics in pressuring the opposition to defect to the All Progressives Congress, APC.
Making this statement on Channels Television’s Politics Today on Wednesday, Momodu claimed that fear was driving politicians to the APC and not out of genuine loyalty.
According to him, “I’m not surprised; Okowa’s defection isn’t shocking given the recent harassment he faced.”
He added that, “I would be surprised if President Bola Tinubu genuinely believes people are joining the APC out of love or administration, this is survival now; prison as martyr days are over.
“We once admired the likes of Nelson Mandela, MKO Abiola, and Chief Obafemi Awolowo for enduring detention in the name of principle. These days, nobody wants to go to detention.
“Everybody wants to stay at home and talk about the money they’ve made from politics; name one politician who has not been harassed by either the EFCC or the ICPC at some point.”
On Wednesday, Delta State governor, Sheriff Oborevwori, defected from the Peoples Democratic Party, PDP, to the APC.
Ifeanyi Okowa, a former Delta governor and PDP 2023 vice-presidential candidate also joined the APC.
“Be assured that we will not go in the wrong direction. We will take the best direction, the best path for our people,” Okowa said in a video circulating on social media.
Senator Kawu Sumaila, Kano South, also defected from the New Nigeria Peoples Party, NNPP, ahead of the 2027 general election and joined the APC.
According to Momodu, Tinubu’s administration prioritizes using intimidation over persuasion to maintain power.
“For me, it’s clear that this government’s strategy is ‘if we can’t persuade you, we’ll force you.’ And for now, that force appears to be working. But politics can change in 24 hours,” he said.
Momodu also slammed the APC’s internal instability, stating that financial resources are the only thing keeping the party strong.
“The APC is in more trouble than any other political party in Nigeria; the only thing holding it together right now is the access to resources they have to share.
“But beneath that surface, there are serious problems. For nearly two years, APC members have blamed former President Buhari for the country’s issues.
“Now, the same party is running back to Kaduna, trying to appease him. Whether he accepts their efforts or not doesn’t matter much to me,” he stated.
Momodu claimed that governors are being threatened to support APC or face attacks.
“They’re being told behind the scenes, ‘If you support us, we’ll leave you alone. If you don’t, we’ll make life difficult for you.’ That’s the reality of the current political climate.
“And honestly, I don’t blame the governors. What choice do they have?” He said.
Citing the emergency rule in Rivers, the PDP chieftain said the suspension of Siminalayi Fubara as the governor sends a clear message to dissenters.
“Rivers State was peaceful, yet Fubara was suddenly removed in a swift and aggressive move orchestrated by a minister in Abuja, Nyesom Wike.
“Nothing happened afterward — no consequences. That sent a message, and now everyone is taking note.
“If that isn’t coercion, then what is? What exactly was Fubara’s offense that warranted such a response? Now we hear he’s negotiating with them. That’s his choice. I’m not concerned with who he negotiates with,” he added.
Momodu asked Tinubu not to trust desperate politicians, adding that his focus should be on upholding democracy, not securing a second term through coercive means.
He said Tinubu, once a pro-democracy figure, must now allow democracy to thrive in Nigeria or risk facing deep regret later in life.
[DailyPost]
The Director-General of the Debt Management Office, Patience Oniha, said Nigeria is in advanced discussions with JP Morgan to re-enter the Government Bond Index and renew investors’ confidence.
Oniha disclosed this on Wednesday at a Nigerian Investors’ Forum on the sidelines of the World Bank and International Monetary Fund Spring Meetings in Washington, D.C.
The DMO boss explained that Nigeria has enjoyed favorable credit assessment among rating agencies in recent times on the back of the sweeping reforms initiated by the Central Bank of Nigeria.
Fitch Ratings recently upgraded the Long-Term Issuer Default Ratings of seven Nigerian banks and two bank holding companies to ‘B’ from ‘B-‘, noting that the outlooks are Stable.
FRSC Commander Urges Public to Be Proactive Amid Ojodu Collapse Response
The affected issuers are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Limited, Guaranty Trust Holding Company Plc, First HoldCo Plc, First Bank of Nigeria Ltd, Fidelity Bank Plc and Bank of Industry Limited.
The upgrades of the Long-Term IDRs of the banks followed the recent sovereign upgrade and reflect Fitch’s view that Nigeria’s sovereign credit profile has become less of a constraint on the issuers’ standalone creditworthiness, the rating agency said.
Fitch also upgraded Nigeria’s Long-Term IDRs to ‘B’ from ‘B-‘ on 11 April, a decision that reflected increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening and steps to end deficit monetisation and remove fuel subsidies.
“These have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent domestic challenges and heightened external risks,” Fitch said.
Nigeria was removed from the JP Morgan index in 2015 ostensibly due to its deviation from orthodox monetary policies and influence of capital control in its management of foreign exchange.
Principally due to reduction in oil revenues at the time, Nigeria introduced currency restrictions to defend the naira after it failed to halt a dangerous slide with burning of dollar reserves. The bank had earlier warned Nigeria to restore liquidity to its currency market in a way that allowed foreign investors tracking the index to conduct transactions with minimal hurdles.
“Foreign investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” the bank said in a 2015 note.
Nigeria was listed in JP Morgan’s emerging government bond index in October 2012, after the central bank removed a requirement that foreign investors hold government bonds for a minimum of one year before exiting.
The JP Morgan Government Bond Index reflects investor confidence and opens doors to billions of investment flows, making Nigeria’s proposed re-entry a positive signal to the market and investors.
Oniha explained that talks with JP Morgan were ongoing and had gained momentum in recent times due to the stability created by the FX market reforms.
“With all the reforms that have taken place, particularly around FX, we have started engaging JP Morgan again to get back into the index. We think we are eligible now,” the DMO DG said.
[Punch]
The Federal Government Staff Housing Loans Board (FGSHLB) says it has begun the compilation of list of retired civil servants who have defaulted on the full repayment of housing loans obtained.
Mrs Ngozi Obiechina, Head of Information and Public Relations, FGSHLB, disclosed this in a statement on Thursday in Abuja.
Obiechina quoted the Executive Secretary of the Board, Mrs Salamatu Ahmed, as saying that the move was aimed at recovering mortgaged properties from retirees who failed to meet their loan obligations.
Ahmed noted that the decision followed a recent memo issued by Mrs Patience Oyekunle, Permanent Secretary, Career Management Office, Office of the Head of the Civil Service of the Federation (HCSF).
According to her the memo reminded public servants of the mandatory requirement to obtain a Certificate of Non-Indebtedness to the FGSHLB and MDA Staff Multipurpose Cooperative Society as a precondition for retirement.
The executive secretary said that the board would take necessary legal steps to repossess properties where applicable, in line with the terms of the loan agreements.
She said this was in line with the provisions of the Public Service Rules 021002 (p), issued by the Office of the Head of the Civil Service of the Federation.
”I am directed to bring to your attention the provision of Public Service Rule (PSR) 021002 (p), which mandates all public servants to obtain a Certificate of Non-Indebtedness as a prerequisite for retirement.”
“The Federal Government will commence the seizure of mortgaged properties belonging to retiring federal public servants who have failed to fully repay housing loans obtained from the board,” she said.
Ahmed explained that the FGSHLB reserves the legal right to repossess any mortgaged property in cases where a public servant exits service without fully repaying the loan.
She reiterated that the directive also applied to already retired officers who were still indebted.
She urged all affected public servants to regularise their loan status and obtain the required clearance certificate without delay.
“The board is currently compiling a list of such retirees, which will be forwarded to relevant regulatory agencies for debt recovery.
“The FGSHLB remains committed to enforcing compliance and ensuring proper loan recovery procedures are followed, ” she added.
[Vanguard]
Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, says the political future of former Vice-President Atiku Abubakar “looks bleak”.
Onanuga said the coalition being planned by Abubakar and his allies to challenge the All Progressives Congress (APC) in 2027 has “disintegrated”.
On Wednesday, Sheriff Oborevwori, governor of Delta, and other top political leaders in the state, left the Peoples Democratic Party (PDP) for the APC.
Ifeanyi Okowa, former Delta governor and PDP vice-presidential candidate in the 2023 elections, is also expected to defect to the ruling party.
Abubakar had handpicked Okowa as his running mate for the 2023 presidential election.
The PDP is currently battling a wave of high-profile defections amid speculations that more party leaders could join the APC in the coming days.
Responding to an X post by Tunde Rahman, Onanuga said Okowa’s defection and the stance of some members of the defunct Congress for Progressive Change (CPC), have created problems for the proposed coalition.
“Atiku’s political future looks bleak. The coalition that he, El Rufai, Babachir, and new member Baba-Ahmed are cobbling together has disintegrated,” Onanuga said.
“Potential allies, including former running mate Ifeanyi Okowa and defunct CPC members, are giving his leprous group a wide berth. Atiku is a loser again.”
Abubakar has repeatedly expressed a desire to build a coalition of opposition political parties to wrest power from the APC ahead of the 2027 election.
Amid the coalition conversation, PDP governors ruled out the possibility of a merger or coalition with any other political party.
[TheCable]