Meet Mohammed Olatunji, the Youngest Bank CEO in Nigeria honoured with Legit Business Award In the fintech space in Nigeria, a new name is rapidly rising to the top—Dr. Mohammed Olatunji, popularly known as Dr. MO.
Olatunji began leading a financial institution at the age of 27 and, by 35, made history as the youngest person to become both Chairman and CEO of a bank in Nigeria.
His company, Moremonee, launched in 2023, has already disrupted the microfinance sector with groundbreaking innovations and customer-focused solutions.
Recently honoured with the 2025 “Legit Business Names” award, Dr. MO was recognized for the remarkable growth and impact of Moremonee within a short period.
The digital bank has quickly gained a reputation as a trailblazer in providing seamless, tech-driven financial services tailored for modern Nigerians.
“Aspiring entrepreneurs must learn to put their trust in God because there are forces beyond your control. Focus on creating value that positively impacts people’s lives. Take bold steps, and be flexible enough to change your plans when necessary because one road does not always lead to the market. The path to success is rarely a straight line,” Dr. MO advised in an exclusive interview with Legit.ng.
From Humble Beginnings to Fintech Disruptor
A native of Kwara State and graduate of the University of Ilorin, Olatunji’s journey began early.
At just 12, he was already designing graphics. By 18, he had taught himself how to code. After completing his National Youth Service Corps (NYSC) in Imo State, he took a leap of faith and launched Moremonee—a digital-first bank aiming to simplify and democratize access to financial services.
Dr. MO’s credentials include being a Chartered Fellow of Financial Management, a cybersecurity expert, and a member of the Forbes Finance Council. His accolades include the Nelson Mandela Leadership and Integrity Award and the Nigeria Most Respected CEO Award (2021)—all of which speak to his visionary leadership and commitment to ethical entrepreneurship.
Moremonee’s Meteoric Rise
Moremonee has swiftly become the fastest-growing microfinance institution in Nigeria. Its app-based platform offers an array of services: money transfers, savings, bill payments, online shopping, and business tools—each designed to remove the traditional frictions of banking.
The bank’s standout achievements in 2024 have further set it apart:
A strategic alliance with the Nigeria Inter-Bank Settlement System (NIBSS), AfriGO, and the Central Bank of Nigeria (CBN) led to the rollout of one of Nigeria’s first domestic debit cards, enhancing financial independence for millions.
The introduction of FutureBox, a high-interest savings feature designed to alleviate poverty through digital empowerment.
The launch of MoreBiz, which allows entrepreneurs to set up digital shops, list and sell products, and advertise—all from within the Moremonee ecosystem.
A landmark 5-star rating on the Google Play Store—the first Nigerian financial app to achieve this—highlighting its intuitive user interface and reliability.
Approval from the Nigerian Communications Commission (NCC) for the 5116# USSD short code, extending financial access to underserved rural areas without internet connectivity.
These innovations have earned Moremonee the “Best Savings Fintech App of the Year” award, reinforcing its reputation as a platform built on accessibility, innovation, and impact.
Looking Ahead: Ambitious Goals for 2025
With 2025 underway, Dr. MO and his team are setting even higher targets. The fintech company plans to deepen customer satisfaction through enhanced service delivery and personalized banking tools. There’s also a strong focus on social impact.
A major initiative on the horizon is “Operation Feed the Nation,” aimed at addressing food insecurity across Nigeria. Moremonee is also ramping up partnerships—with government bodies, corporate organizations, and other banks—to widen financial inclusion and drive community development.
Expansion plans are in full swing, with a goal to take Moremonee’s services beyond Nigeria into other African countries where digital banking is still nascent.
“We’re not just building a financial app—we’re building a financial revolution that works for every Nigerian, no matter their location or income level,” Dr. MO affirms
The Governor of Edo State, Monday Okpebholo, has revealed that some individuals came to appeal to him to run for Senate in the year 2022, which defined his political journey with the ruling All Progressives Congress (APC).
According to him, many politicians from the state had before now shown more interest in contesting for positions on the platform of the Peoples Democratic Party (PDP).
However, the Edo State Governor, who said a significant wave of defections is expected to impact opposition political parties in the South- South region as the 2027 presidential election approaches, said the party that was rejected by all has now become the party that everybody wants to join.
APC has come to stay as the government at the center is APC, Okpebholo stressed.
Naija News reports that Okpebholo made this assertion during a special reception held in Ewatto, located in the Esan South East local government area of Edo State, following his recent victory at the election petition tribunal.
He said, “I want to use this opportunity to appreciate our royal fathers for their support and prayers. I also appreciate Edo people for finding me worthy to cast their votes for me on September 21st governorship election in Edo State.
“It is not easy to run two elections in a year and win the two offices. I give God the glory. I am not the talking type and never interested in politics, but really want to develop Edo State.
“In 2021, we looked for an Esan man that would contest for Senate and we did not find any one who wanted to contest under the All Progressives Congress (APC) as everyone wanted to contest under the Peoples Democratic Party (PDP).”
“The drive to contest came in 2022 when some people came to appeal to me to contest for the Senate and our discussion became an eye-opener which led me into contesting for the Senate seat.
“I lost a beloved sister due to bad water which she consumed and I vowed to ensure good water is available across the State.
“I am really going to ensure good water runs in Edo State. Our development will not just be roads, schools, healthcare, providing the people with good drinking water across the State,” the Chief Press Secretary to the Edo State Governor, Fred Itua, quoted Okpebholo saying in a statement made available to Naija News on Saturday, 05 April, 2025.
The Governor, accompanied by his entourage, paid a visit to the residence of the Onojie of Ewatto, His Royal Highness Osagie Sylvanus Ikhumen I.
He was welcomed by several other traditional leaders from Edo Central, who offered prayers for the prosperity of his administration.
Additionally, the Governor toured the Chief Lee Ikpea Medical Center located in Idumuiyase, Ewatto.
During this visit, he was shown around the hospital facility, which is still under construction by the benefactor, Dr. Lemon Ikpea
A former managing director of the National Inland Waterways Authority (NIWA), George Moghalu, has secured the ticket of the Labour Party (LP) for the forthcoming November 8, 2025 governorship election in the State.
Moghalu, a former National Auditor of the All Progressives Congress (APC), emerged LP flag-bearer with a total of 575 votes of the delegates at the primary election held at Finotel Hotel, also in Awka, the state capital this Saturday.
Naija News reports that although Moghalu’s only challenger, John Nwosu had withdrawn from the contest about eight hours before the exercise, he was credited with 19 votes.
Meanwhile, the Governor of Anambra State, Professor Chukwuma Soludo, has emerged candidate of the All Progressives Grand Alliance (APGA) for the forthcoming governorship election.
Soludo secured the ticket through affirmation by the party’s delegates at the Alex Ekwueme Square in Awka, on Saturday.
Announcing the results, the returning officer for the election, Uche Nwegbo said, “Total delegates for this election is 3,260; 3,175 accredited delegates; 3,172 total votes, while four votes were invalid.
“The total yes-votes garnered by the governor is 3,168, while there were no no-votes.
“So, in line with INEC guidelines and with the powers conferred on me as the chief returning officer for this election, I, Uche Nwegbo, hereby declare the governor, Prof. Chukwuma Soludo as returned, as the candidate of our party.”
Iranian President Masoud Pezeshkian on Saturday dismissed his deputy for parliamentary affairs over a costly trip to Antarctica, as the country grapples with hyperinflation amid a biting economic crisis.
A photo shared on social media in recent days showed the now former vice-president, Shahram Dabiri, alongside a woman identified as his wife, posing near the Plancius cruise ship.
The Dutch-flagged vessel has offered luxury expeditions to Antarctica since 2009, with one agency pricing an eight-day trip at 3,885 euros per person.
“In a context where economic pressure on the population remains high… expensive leisure trips by officials, even if paid out of their own pocket, are neither defensible nor justifiable,” the Iranian president wrote in a letter published Saturday by the official IRNA news agency, which noted that Dabiri was dismissed.
Dabiri, a 64-year-old physician by profession and a close confidant of Pezeshkian, had been appointed to the post in August.
The government faced strong criticism after the photo was published, and several of Pezeshkian’s supporters urged him to remove the official.
IRNA, late last month, cited a source in Dabiri’s office as saying that he had made the trip before he held a governmental position.
The controversy is another major blow for Pezeshkian, who was elected last year on a promise to revive the economy and improve the daily lives of his fellow citizens.
In early March, his Economy Minister Abdolnasser Hemmati was dismissed by parliament amid a sharp depreciation of the national currency against the dollar and soaring inflation.
AFP
Nigeria’s total public debt rose to N144.67tn ($94.23bn) as of December 31, 2024, representing a 48.58 per cent increase compared to N97.34tn ($108.23bn) recorded at the end of December 2023.
The Debt Management Office disclosed this in its latest report on the country’s public debt profile, which was released on Friday.
The report also revealed a quarter-on-quarter rise of 1.65 per cent from the N142.32tn ($88.89bn) recorded at the end of September 2024, highlighting the continuous increase in the nation’s debt burden during the final quarter of the year.
An analysis of Nigeria’s public debt on a year-on-year basis showed an increase of N47.32tn, representing a 48.58 per cent rise from December 2023 to December 2024.
The surge in public debt was primarily driven by significant increases in both external and domestic borrowings.
Nigeria’s external debt increased by 83.89 per cent from N38.22tn ($42.50bn) in December 2023 to N70.29tn ($45.78bn) in December 2024.
The sharp rise was attributed to new external borrowings and the impact of naira depreciation, which raised the naira equivalent of dollar-denominated debt.
Domestic debt also rose by 25.77 per cent from N59.12tn ($65.73bn) at the end of December 2023 to N74.38tn ($48.44bn) in December 2024.
The Federal Government’s domestic debt component grew significantly from N53.26tn to N70.41tn, reflecting a 32.19 per cent increase.
This growth indicates the government’s continued reliance on local borrowing to finance budget deficits and infrastructure projects.
In contrast, the domestic debt owed by states and the Federal Capital Territory dropped from N5.86tn to N3.97tn, representing a decline of 32.27 per cent.
This reduction points to a more cautious approach by some subnational governments towards debt accumulation during the year.
On a quarter-on-quarter basis, Nigeria’s total public debt increased by N2.35tn, translating to a 1.65 per cent rise from N142.32tn as of September 30, 2024.
According to the DMO, the increase was driven by both external and domestic debt components. External debt rose by N1.4tn, moving from N68.89tn ($43.03bn) as of September 2024 to N70.29tn ($45.78bn) in December.
This was influenced by new foreign loans acquired in the last three months of the year, alongside the further weakening of the naira.
On the domestic front, debt rose slightly by 1.29 per cent from N73.43tn ($45.87bn) in September 2024 to N74.38tn ($48.44bn) by the end of December.
The Federal Government’s domestic debt increased from N69.22tn to N70.41tn within the quarter.
However, domestic debt attributed to states and the FCT decreased from N4.21tn to N3.97tn, reflecting a 5.69 per cent drop.
As of December 2024, external debt made up 48.59 per cent of Nigeria’s total public debt, while domestic debt accounted for 51.41 per cent, indicating a relatively balanced debt structure.
However, the rise in external borrowings points to a growing reliance on foreign debt to bridge budgetary gaps.
The breakdown of external debt shows that the Federal Government accounted for N62.92tn ($40.98bn), while states and the FCT held N7.37tn ($4.80bn).
In the domestic debt segment, the Federal Government held N70.41tn ($45.86bn), with states and the FCT accounting for N3.97tn ($2.58bn).
The rise in public debt has raised concerns among economic analysts regarding Nigeria’s fiscal stability.
The sharp increase, particularly in external debt, highlights the nation’s vulnerability to exchange rate fluctuations and changes in global economic conditions.
With the continued depreciation of the naira, the cost of servicing foreign debt could escalate, adding pressure on the country’s financial resources.
Nollywood actress Jemima Osunde has spoken out about recent factors influencing the casting of actors in the Nigerian movie industry.
The movie star claimed that filmmakers are now pressuring actors to become social media content creators before casting them in their films.
Osunde made this claim in a recent conversation with her colleague, Jammal Ibrahim.
She said: “Now, it’s as though they [filmmakers] are forcing every actor to be a social media content creator before casting them. It’s as if you must dance on the internet to get roles. Why?
“It’s like if you’re not an actor with a strong social media presence, we’re not casting you because we need you to sell our film. That shouldn’t be the actor’s job.”
Jammal Ibrahim added: “That’s where good management comes in. I’ll give you an example: I told my management that I don’t know how to dance. I’m a terrible dancer. So, a good manager would look at you and say, ‘Okay, this is your personality. How can we work with who you are to make you better?’ Not, ‘How can we push you to be everyone else?’
“If you’re doing a PR stunt for a film and you’re going to be dancing, seriously, I’m not going to be part of it, unless I feel like the dance is something I can actually do. I don’t want to look stupid on screen. It’s just not my personality.”
A 24-year-old, Miss Joy Mojisola Raimi, who represented Osun State, has won the 2025 Miss World Nigeria.
Miss Raimi was declared winner at the beauty pageant’s grand finale, held in Federal Palace Hotel, Victoria Island, Lagos.
The organizer of the Miss World Nigeria beauty pageant, Senator Ben Murray-Bruce, announced this on his ? handle on Saturday.
A graduate of the University of Port Harcourt, the beauty queen won the Miss World Nigeria after scoring top points over 36 other contestants.
Raimi will represent Nigeria at the 72nd Miss World Pageant in Hyderabad, India, from May 7 to 31, 2025.
Senator Murray-Bruce wrote: “Congratulations to Joy Mojisola Raimi, the 24-year-old representing Osun State, on being crowned Miss World Nigeria 2025! The grand finale took place at the Federal Palace Hotel in Victoria Island, Lagos, where 37 contestants from across Nigeria competed for the top spot.
“Raimi, a University of Port Harcourt graduate, is passionate about humanitarian services and founded ‘The Love for Humanity’ project, dedicated to spreading love and restoring faith in humanity.
“In the final round, Raimi faced off against Miss Imo, Miss Ebonyi, Miss Abuja, and Miss Abia. When asked about overcoming bullying, she shared her inspiring story of growing up without a mother and facing harassment from her caregiver. She emphasized that despite being told she would never amount to anything, she has proven otherwise by achieving this milestone.
“As Miss World Nigeria 2025, Raimi will represent Nigeria at the 72nd Miss World pageant in Hyderabad, India, from May 7 to 31, competing against contestants from 140 countries.”
Nigerian on-air personality (OAP) and actress, Omotunde Adebowale-David, better known as Lolo 1 has disclosed that she was raped by a colleague six years ago.
She disclosed that she still battles with the traumatic experience of the rape and goes into panic mode whenever she sees the person who raped her.
Naija News reports Lolo 1 made the revelation while speaking during a recent episode of the Say My Piece podcast.
She disclosed that the person who raped her is now a prominent figure in the broadcast industry and further spoke on how difficult it usually is for victims of rape to speak out.
The actress added that she is not ready to tell the full story of her experience.
“A woman like me, I hardly would say this and I am not ready to tell the story. I have been raped only once in my life and I was raped by our colleague. I see him every other day. Do you know how traumatised I am?
“When I see him, I just get into this momentary panic mode but if a woman of my caliber names him, he is an established person in the broadcast circle, would people not say how come Lolo did not speak about it for all these six years?
“It is now that he is taking a prominent TV position she is speaking. When sexual assault happens to women, the first thing that happens to a woman is denial ‘this did not happen’.
“The next thing is self crucifixtion, ‘I caused it for myself, how did I allow it happen? What could I have done?’. All these are happening as you are processing,” she narrated.
Oba Abimbola Owoade has ascended the throne as the 46th Alaafin of Oyo.
The coronation event was held on Saturday, April 5, 2025, at Oliveth Baptist High School in Oyo, where the state Governor, Seyi Makinde, led a host of dignitaries, including notable Nigerians.
Dignitaries present at the coronation included the Olubadan of Ibadan, Oba Owolabi Olakulehin; the Ooni of Ife, Oba Adeyeye Ogunwusi; the Soun of Ogbomoso, Oba Ghandi Olaoye; Oluwo of Iwo, Oba Abdulrasheed Akanbi; and Aare Oona Kankanfo of Yoruba, Iba Gani Adams, among others.
Owoade succeeded Oba Lamidi Adeyemi, the 45th Alaafin of Oyo, who died on April 22, 2022, at the age of 83.
Recall that Oba Owoade was presented with the staff of office and instrument of office on Monday, January 13, 2025, at the Governor’s Office in Ibadan, the state capital.
The new monarch completed the compulsory 21-day traditional rites known as Oro Ipebi last Saturday, March 29.
The Social Democratic Party (SDP) Press Secretary, in Kogi State, Isaiah Davies, has said the Independent National Electoral Commission (INEC) did well by canceling the recall petition against Senator Natasha Akpoti-Uduaghan.
Naija News reported that INEC’s Director of Voter Education and Publicity, Victoria Eta-Messi, stated that Senator Natasha’s recall petition was canceled because the signatures in the petition did not reach the 50 percent plus one required by the Constitution.
Speaking with News Central on Friday, Davis expressed worry that INEC can change its current stand on the recall petition.
The SDP spokesman noted that during the 2023 general election, INEC and its Chairman, Mahmood Yakubu, failed to live up to their promises to Nigerians.
His words: “It’s easier for INEC’s spokesperson to come and speak nicely, explain the rule of law, explain all the procedures and all the steps that are needed to be taken according to our guidance, according to the 2022 Electoral Act as amended, and INEC guidance.
“But my issue is, we will hear them, they will come out and be saying one thing today, tomorrow, another thing. During the 2023 gubernatorial election, there were reports of about five local governments that the results sheets were filled before even the commencement of vote early in the morning. And there were protests everywhere.
“INEC came up and said, no, we’re going to cancel the local governments that were affected. We’re going to bring to book all the perpetrators and all these. At the end of the day, my brother, nothing. The following day, while that was going on, the professors were inside the coalition center calling the results.
“Now, as he’s talking, you will be surprised that he will be speaking according to the rule of law. Tomorrow you wake up, those in charge of the execution will be doing a different thing. That is the problem. That is the problem. It is not that we don’t have good laws in Nigeria. Trust me, any time I speak, I always talk about laws and order. I remember Professor Mahmood in Chatham House told Nigerians and told the whole world that only by BVAS that we will have elections. That one man, one vote, only through accreditation. But at the end of the day, trust me…
“That is why we issued a statement this morning, that yes, INEC has done the right thing at this stage. But we don’t trust them. We don’t trust what matters. You can wake up tomorrow and they’ll tell you that the signatures have been completed. Let’s proceed to the next stage. And before you know it..”
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A chieftain of the Labour Party, Patrick Utomi, has urged stakeholders of the party to work towards producing leadership that would promote the party’s ideals.
Professor Utomi stated this while reacting to the Supreme Court’s ruling on the party’s leadership crisis, on Friday.
Naija News reported that the apex court, in its ruling, struck out an Appeal Court’s ruling that recognized Julius Abure as the party’s national chairman.
The court dismissed Abure’s cross-appeal for lacking merit and upheld Nenadi Usman‘s appeal on the leadership crisis.
Reacting to the ruling, on Saturday, Utomi told the party’s stakeholders that the efforts of the former Nigeria Labour Congress (NLC) President, Ayuba Waba, Wale Okuniyi and himself produced the surge that powered the party’s 2023 presidential candidate, Peter Obi.
He emphasized the need for them to uphold the social democratic ideology of the party.
It read: “As the leadership of the Labour Party looks to reconstruct its house and reconcile all, let me remind stakeholders of the motives that brought then NLC President, Ayuba Waba and I, with Wale Okuniyi as ground engineer, together, to work a process that produced the Labour surge which powered Peter Obi and the Obidients in 2023.
“It was an expression of a desperate need to save Nigeria through rejecting machine politics that just seeks to capture power. We learnt in 2015 that just capturing power is without any use unless shared values and a collective accountability frame was firmly established ab initio.
“As Ayuba Waba firmly expressed in his speech at an event marking my birthday on February 6th 2022, we desired to change the course of electoral democracy in Nigeria by building political parties as platforms for setting a clear path for national advance.
“The party we wanted to build should then recruit people of character, competence, compassion, and commitment, who are champions of service to the people; and then form, prune, and align their disposition to entrepreneurial social democratic principles that put people first. while seeking rapid economic growth to reduce poverty by creating jobs in a competitive economy with social harmony.
“In the many hours of meetings in Ayuba Waba’s office at the NLC offices in Abuja which I chaired, I never hid my admiration for Scandinavian free enterprise models in which education and health care were radically socialized, universal and geared to production.
“Finding people whose ways align to these foundational principles of that third force we set out to build is critical for impact.”
The leadership battle within the Labour Party took a new turn on Friday after the Supreme Court set aside a previous ruling that recognized the Anambra convention, which ratified the re-election of Julius Abure’s National Working Committee.
In a unanimous judgment, the five-member panel of the Supreme Court overturned the Court of Appeal’s decision, which had recognized Abure’s leadership. The Court emphasized that matters concerning party leadership are internal affairs, and as such, the judiciary does not have jurisdiction over them. The Court also noted that based on the submissions presented, Abure’s tenure had expired, and as a result, it dismissed the cross-appeal filed by Abure’s faction of the party.
While media outlets widely reported that the Supreme Court had sacked Abure, the Labour Party leadership quickly issued a statement to clarify that the judgment had been misinterpreted. National Publicity Secretary of the LP, Obiora Ifoh, responded in Abuja, praising the judgment as a validation of the party’s position that political matters are internal affairs.
Later, the party held a press conference where Ifoh reiterated that the judgment did not mean the dismissal of Abure. He emphasized that the Supreme Court’s ruling upheld previous judgments from the High Court and Court of Appeal, affirming that party structures, including the leadership, should be decided internally by the party.
“The Supreme Court judgment didn’t sack Labour Party National Chairman, Julius Abure. Rather, it rightly upheld the preceding and accumulated High Court and appeal court judgments upholding the immutability of responsibility of Labour Party structures to choose its leaders,” Ifoh clarified.
He pointed out that the judgment also did not negate the Appeal Court ruling in Labour Party vs Ebiseni and others, which reaffirmed Abure’s leadership as valid and subsisting.
“The judgment is still valid and subsisting and has not been appealed,” Ifoh stated. He also underscored that Abure remains the Labour Party National Chairman and that the party’s constitution outlines who has the authority to call national conventions and meetings.
LP’s National Legal Adviser, Kehinde Edun, further clarified that the Court’s statement did not imply Abure’s tenure had expired. He explained that the judgment only discussed the general principles of political party leadership, emphasizing that once a term ends, the official can either step down or seek re-election. Edun refuted the claim that the Court had called for a caretaker committee, stating that the Labour Party constitution does not recognize such committees.
Deputy National Chairman of the Labour Party, Ayo Olorunfemi, also dismissed critics of Abure’s leadership, emphasizing that the party’s constitution does not allow for caretaker committees. He vowed that Abure would remain in office until his tenure ended in 2028, mocking those who spread false reports about his removal.
Meanwhile, the Acting National Chairman of the Nigerian Labour Congress Political Commission, Prof. Theophilus Ndubuaku, has hailed the judgment of the Supreme Court.
“We always know a day like this will come. We have done everything to give Abure a soft landing for him to leave the party leadership quietly in vain.
“But with this judgement, he has no choice than to leave,” he told The PUNCH.
On how the NLC will handle the affairs of the party when Abure steps down, Ndubuaku said some members who were permanent members on the board of the LP would set up a caretaker panel.
Also reacting, the National Caretaker Committee of the Labour Party, supported by figures like former presidential candidate Peter Obi and Governor Alex Otti, welcomed the Supreme Court ruling as a victory for the rule of law.
The committee’s chairman, Senator Nenadi Usman, described the judgment as a significant step forward for Nigerian democracy. She called for unity within the party, urging members to focus on advancing the Labour Party’s mission of creating a just, equitable, and people-centered Nigeria.
“The Labour Party remains one indivisible family, steadfast in its mission to create a New Nigeria founded on justice, equity, and people-centred governance,” Usman said, encouraging party members to stay committed to democratic principles during the transition.
[NaijaNews]
Former Vice President Atiku Abubakar has denied rumours suggesting he has resigned from the Peoples Democratic Party (PDP).
The 2023 presidential candidate of the Peoples Democratic Party (PDP) has called the claims false, malicious, and a “political hatchet job.”
The clarification was made in a statement released Friday by his Media Adviser, Paul Ibe, following fresh reports circulated on social media alleging Atiku’s exit from the opposition party.
“We ordinarily would not waste words on faceless social media platforms like the so-called ‘Adamawa Happenings,’” the statement began.
“However, in light of inquiries from concerned Nigerians and credible members of the press, we are compelled to set the record straight: His Excellency Atiku Abubakar, former Vice President of Nigeria (1999–2007) and Presidential Candidate of the Peoples Democratic Party (PDP), has not — we repeat, has not — resigned from the PDP. He remains a steadfast, bonafide, and loyal member of the party.”Nigerian cultural tours
According to the statement, the rumour originated from a Facebook page accused of spreading falsehoods and allegedly operated by political actors intent on creating confusion.Political candidate merchandise
“The source of this baseless rumour is a Facebook page peddling falsehoods, evidently orchestrated by desperate political operatives with nothing but mischief and confusion on their agenda,” Ibe said.
He described the publication as deliberate disinformation designed to mislead the public and stir tension among Atiku’s supporters. “This is not just fake news — it is a crude, shameless political hatchet job,” he said.
The statement called on the public, especially Atiku’s followers, to ignore the rumour. “We urge Nigerians, especially supporters of the Waziri Adamawa, to disregard this malicious fabrication. It is a vile, vexatious ploy that deserves nothing but contempt,” it added.Political candidate merchandise
Atiku, the statement concluded, remains committed to the PDP and the democratic hopes of Nigerians. “Atiku Abubakar remains committed to the ideals of the PDP and to the democratic aspirations of the Nigerian people.”
This marks the second time in recent weeks that Atiku’s camp has refuted similar claims, including a previous rumour linking him to a defection to the Social Democratic Party (SDP).
Bread is a staple food for many in Northern Nigeria, serving as a primary breakfast choice across diverse ethnic, linguistic, and cultural groups. With bakeries operating in nearly every state, the industry is vital to both regional and national economy.
According to Statista.com (a global data and business intelligence platform), Nigeria’s bread market is projected to generate $18.81 billion in revenue by 2025, with an annual growth rate of 11.04% (CAGR 2025-2030), revenue surged by 14.3% compared to 2023.
In recent years, the price of flour, bread’s key ingredient skyrocketed, reaching over NGN 80,000 per bag in markets across Kano and other northern states. This forced bakeries to raise prices to cover production costs. However, flour prices have since dropped significantly.
Despite this, bread prices remain stubbornly high, sparking concerns among Kano residents.
Investigating the issue, DAILY POST conducted a market survey at Singa Market, a major food distribution hub in Kano and Northern Nigeria.
Flour prices have dropped, but bread prices haven’t
In an interview, a flour distributor in Kano, Usaini Rabiu confirmed the price drop. “Since mid-2024, flour prices have fallen significantly. We now sell a bag for NGN 55,000 to NGN 56,000. There is ample supply, and all major companies are producing. We urge retailers to pass these reductions on to consumers.”
A price check in various stores within the market confirmed this claim. Following this, we visited a well-known bakery in Kano to understand why bread prices had not adjusted accordingly.
A bakery manager, speaking anonymously, insisted that their prices had already been reduced.
“A loaf that previously sold for NGN 1,300 now costs NGN 900, while the NGN 1,000 loaf is now NGN 700. We adjusted our prices as soon as flour costs dropped. However, I’m shocked to see bread being sold at inflated prices elsewhere.”
Middlemen under fire
The manager blamed middlemen for the price inconsistencies, saying “We sell a loaf to distributors for NGN 900, yet I see the same loaf selling for NGN 1,400 in retail shops. When I investigated, I found out that distributors sell to retailers for NGN 1,200, making a profit of NGN 300 per loaf—more than what we, the producers, make!”
A tea and bread vendor, Kamalu Ishaq, echoed this frustration. He lamented that despite flour prices dropping, bread prices have not followed suit.
“There has been no real price relief since flour costs spiked nearly two years ago. If we make any profit on bread, it’s barely NGN 100 per loaf. A NGN 1,000 loaf is sold to us at NGN 900 by distributors. When we complain, they just tell us to be patient, even though we can clearly see that flour prices have dropped.”
The blame game continues
The consistently high retail prices suggest that middlemen and distribution chains play a significant role in keeping bread costs elevated.
However, Abubakar Garba Indabawa, a bread distributor with years of experience, refuted this claim.
“Nowadays, bakeries require full payment upfront. Unlike before, when we could take bread on credit and pay after selling, we now buy at our own risk. The profit margin is minimal -usually no more than NGN 100 per loaf. For every NGN 10,000 worth of bread, distributors make NGN 1,000 in profit. In some cases, we don’t even earn that much.”
What’s the solution?
As this blame game continues, consumers—especially low-income earners bear the brunt. It remains unclear who is truly responsible for the price discrepancy.
Amid growing frustrations, there is a rising call for regulatory measures to ensure that reductions in essential commodity prices, such as flour, translate into lower costs for bread and other bakery products.
[DailyPost]