‘Hoodlums’ raze sections of Eleme, Ikwerre secretariats — hours after police unsealed Rivers LGA HQs
AFOLABI
Suspected hoodlums have set sections of Eleme and Ikwerre local government secretariats in Rivers state on fire.
The torching comes barely hours after Kayode Egbetokun, inspector-general of police, ordered the immediate withdrawal of police personnel from the secretariats of the 23 LGAs of the state.
Grace Iringe-Koko, police spokesperson in Rivers, who announced the development, said the IGP’s directive “is in line with the commitment of the Nigeria Police Force stance to ensure neutrality and the smooth functioning of democratic institutions”.
Reports say some of the newly elected chairpersons and councillors arrived the facilities to the sight of thick black smoke billowing from what should be their new offices.
There are also reports of widespread chaos in a raft of other LGAs in Rivers, as the new council bosses set out their stalls for governance.
On Sunday, Siminalayi Fubara, Rivers governor, swore in 23 newly elected local government chairpersons.
The Action Peoples Party (APP) won 22 LGAs in Saturday’s election, while the Action Alliance (AA) was victorious in one LGA.
Speaking at the swearing-in ceremony on Sunday, Fubara said there were plans to perpetrate violence against the elected officials on Monday.
“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,” Fubara said.
“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.”
There has been palpable tension in Rivers due to the prolonged turf war between Fubara and Nyesom Wike, minister of the federal capital territory (FCT).
On October 3, a crowd besieged the Peoples Democratic Party (PDP) secretariat in Port Harcourt, the Rivers state capital, to protest against the LGA election.
Hours before commencement of voting, an explosion reportedly rocked the secretariat of an All Progressives Congress (APC) faction led by Tony Okocha, the ex-chairman of the APC caretaker committee in the state.
On Saturday, Police officers reportedly disrupted the local government election in Elekahia primary school, Port Harcourt.
A former Senator, Dino Melaye has been acquitted in the twelfth and final case against him by the Federal Government.
This lengthy legal battle began six years ago.
According to him, Justice Sylvanus Oriji delivered the verdict at the FCT High Court in Maitama, clearing Melaye of two charges of providing false information concerning an alleged assassination attempt on his life in 2017.
This legal saga began in February 2018 when Melaye faced accusations of falsely implicating Edward Onoja, the then-chief of Staff, to Kogi State Governor Yahaya Bello in the assassination plot.
Taking to social media platform X on Monday to celebrate the verdict, Melaye expressed his gratitude towards his legal team and emphasised his unwavering faith in divine justice.
“I take life as it comes, but in all the vicissitudes of life, I trust in God only. He is always with the just,” he stated.
In his post, he also noted, “Justice served after six years. Justice delayed is never justice denied. God alone be praised. SEN. DINO MELAYE 12 – FEDERAL GOVERNMENT AND IGP 0. 12 CASES ALL WON BY GOD.”
The initial case regarding the alleged assassination attempt saw delays, including the unfortunate passing of Justice Aromeh Benson Akogu, the judge overseeing the matter, during a cross-over service on December 31, 2017.
The Attorney General’s Office formally charged Melaye on January 31, 2018, claiming his allegations were unfounded, stemming from an investigation into the supposed assassination attempt at his hometown in Ayetoro-Gbede, Kogi State.
He pleaded not guilty on March 1, 2018.
Some other alleged assassination attempts
Again, in July 2018, Melaye accused the Kogi State police command of attempting to kill him.
He made this accusation in response to claims that his security details had shot at policemen conducting ‘stop and search’ operations in Mopa.
In March 2019, Melaye again alleged a conspiracy against his life by the Kogi State government, which the state authorities denied.
Details later
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.
Super Eagles striker, Victor Osimhen took to Instagram on Sunday, October 6, 2024, to celebrate his daughter, Hailey, as she turns 2.
Osimhen expressed gratitude to God for blessing his child with another year and showered her with wishes for grace, kindness, and infinite mercy.
The 25-year-old Napoli striker wrote: “Thank you GOD for giving my child another year in this new era. I hope that this year will be marked by many instances of your goodness in our lives, continue to shower her with your grace, kindness and infinite mercy. Keep her on the right track and away from harmful forces AMEN! HAPPY BIRTHDAY MY LOVE.”
Victor Osimhen accompanied the birthday message with adorable photos and a video of him and Hailey at Galatasaray’s stadium.
Hailey True, the daughter of Victor Osimhen and his girlfriend Stefanie Kim Ladewig, holds multiple citizenships, blending her Nigerian heritage with Italian and German roots.
Victor has spoken about the importance of ensuring that Hailey embraces her Nigerian heritage while reminiscing about his own childhood experiences.
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.”
Video:
Media
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.
More...
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.
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.