Kemisola Bolarinwa, a Nigerian robotics and embedded systems engineer, has created a smart bra designed to detect early-stage breast cancer before symptoms manifest.
Bolarinwa made the invention known to the world in February 2022, by designing the prototype of the smart bra. It was spurred by the death of her loved one in 2017.
She said before the death of her aunt, she rarely paid any attention to breast cancer. This was because it was just something she heard on the TV or radio.
Bolarinwa is the founder and chief executive officer of Nextwear Technologies, the first wearable technology startup in Nigeria. She said she was moved to invent the smart bra, after frequent visits to the hospital where her aunt was before she died.
According to her, seeing other women battling breast cancer was painful. She then intensified efforts on the invention.
Her invention was recognised by BBC Africa. She spent a year and a half of intense research, before the smart bra came up in 2019, Bolarinwa added.
How breast cancer bra works
To detect lumps in the breast, the smart bra repurposes ultrasound technology into a small form factor. The initiative is to shrink down an ultrasound machine to a portable size where it becomes wearable.
According to Bolarinwa, this was possible with nanotechnology. Nanotechnology is a branch of science, technology, and engineering that deals with the manufacturing of tech in small sizes.
For more context, the smart bra uses an ultrasound system called the Doppler that bounces high-frequency sound waves off the body to detect blood clots, heart defects, and blocked arteries. This works differently from ultrasound machines that use sound waves to generate images of the scanned area.
More work on smart bra
After years of research and developing a prototype, she revealed there is still a lot of work before the breast cancer bra can be commercialised.
Bolarinwa said the smart bra still needs further development and extensive clinical. She gave a time frame between the end of 2022 and the beginning of 2023 for mass production.
Aside from being an inventor, Bolarinwa is also a strong advocate for getting more women interested in STEM (science, technology, engineering, and mathematics), something she was passionate about growing up.
Bolarinwa called for more work on research for inventions to be effective in solving the problems they are designed for. Also, she lamented that there are not adequate research organisations to help.
She said: “In four months, a fintech platform will be built and be ready for the market. This is one of the reasons why few people play in the hardware or deep tech side of technology in Africa. There aren’t enough research institutes.”
Who she is
Bolarinwa holds a Bachelor of Engineering in Electrical, Electronics, and Communications Engineering from the University of Ado-Ekiti (now Ekiti State University).
She has more than 10 years of experience, exceptional tech skills and strong problem-solving skills. She is passionate about solving complex problems and staying up-to-date with the latest technologies.
Bolarinwa is an inventor, innovator, entrepreneur, and president of the Women In ICT Foundation, a nonprofit organization that focuses on providing technology education, leadership, and businesses for women and young girls to resolve problems of the under-representation of women in leadership, policy-making, and math-intensive fields of science and technology.
The Nigerian Navy, Forward Operating Base (FOB) Ibaka, Akwa Ibom, has apprehended a suspected oil thief who was en route to Cameroon with 15,500 litres of suspected Premium Motor Spirit (PMS).
The Commanding Officer, Capt. Uche Aneke, made this disclosure at Ibaka while handing over the suspect and the seized product to the Nigeria Security and Civil Defense Corps, NSCDC.
Aneke said that the suspect was arrested with the exhibit at about 2:00 am on Friday.
According to him, the navy received an intelligence report that a boat was conveying suspected smuggled products through FOB, Ibaka operational area, and heading towards Cameroon.
”We intercepted the boat and discovered that it was laden with 15,500 litres of products suspected PMS concealed under a tarpaulin.
”We also found a suspected smuggler onboard who was arrested immediately,” he said.
The commanding officer warned against smuggling of illegal consignments in or out of the country, saying that the navy was committed to tackling such activities.
”We are committed towards detecting every criminal move around our operational area using advanced surveillance equipment and intelligence.
”Criminals are warned, Nigeria’s water and coastal areas are not for illegal activities,” he said.
Receiving the exhibit, Mr Etefia Koko-Ette, Head, Anti Vandal Unit of the NSCDC command in Akwa Ibom, said further investigation would be conducted on the matter.
Nigerian actress, Beverly Naya, has stated that she contemplated quitting her acting career because a blog damaged her self-esteem.
The 34-year-old decried that the post made by the blog almost made her give up her career.
According to her, the blog post “Nollywood, Can We Please Stop Making Beverly Naya Happen!”
She said, “It really got to me and it damaged my self-esteem and it made me doubt myself like I really don’t feel like I want to continue in this industry, I wanted to quit on several occasions.”
She added that since then she had won an international award and the blog no longer exists.
[Thisnigeria]
Lionel Messi and Cristiano Ronaldo, the two modern-day legends of football, have been ranked in the top 10 of Daily Mail’s top 50 footballers all-time list.
Messi grabbed the number one spot, while Ronaldo is in tenth place.
The rankings highlight a significant gap between Messi and Ronaldo according to the publication.
Notably, Brazilian forward Neymar did not make the list.
The top 10 rankings also featured other iconic players such as Pele, Diego Maradona, Zinedine Zidane, Johann Cryuff, Alfredo Di Stefano, Ronaldo Nazario, Garrincha and Zico.
Messi has won eight Ballon d’Or awards so far in his career, while Ronaldo has won five.
[DailyPost]
Popular socialite, Pascal Chibuike better known as Cubana Chief Priest has unveiled his son’s multimillionaire project.
He shared via his Instagram, a video of a hotel under construction taking pride in his son, Obinna.
He stated that it is a great pleasure for him to watch his son become a hotelier at 6, assuring that his son would do well just like his elder brother, who opened a restaurant.
Cubana Chief Priest stated that he plans to make Owerri, the capital of Imo State, look like Lagos.
“My Son Obinna Is Working On An Amazing Project, It’s My Pleasure Watching My Son Become A Hotelier At 6, I Know He Will Do Well Just Like His Big Brother Is Doing With His 24hrs @donaldsfastfood The Plan Is To Make Owerri Look Amazing Like Lagos. Any Good Thing We See On The Island We Copy It & Paste It In My Beautiful New Owerri. 70%…. Our Harvest Season Is Near,” he wrote.
[TheNation]
More than ever before women are bringing their A-Game to the table of their career. While distinguishing themselves in diverse sectors, they are breaking records in fields formerly the exclusive preserved of men. One of such sectors is banking.
Currently, Nigeria has 25 major banks with the number of female chief executives soaring from just one in 2019 to 10 in 2024. This represents 36 per cent of Nigerian major banks’ chief executive officers. Welcome to the age of the banking Amazons.
Women are taking over
Happily, over the past two decades, the Nigerian banking landscape has undergone a remarkable transformation, catapulting many industry players onto the global stage. Amidst this dynamic shift, marked by two recapitalisation exercises and a surge in foreign investments, one of the most profound changes has been the recalibration of human capital. This transformation has opened doors for female bankers to assume leadership roles, steering banks to unprecedented success.
At a time when the notion of a female bank CEO was but a distant dream, pioneers such as Cecilia Ibru of then Oceanic Bank shattered the glass ceiling. Since then, a wave of exceptional women, including Funke Osibodu, Sola David-Borha and Bola Adesola, have followed suit, ascending to the helm of some of some leading banks.
It is now becoming appealing and commendable to have more women in top management positions. The sector is sure to see more women in top management positions in banks, giving gender-mandated regulations by the Central Bank of Nigeria (CBN), which recognised the positive impact of gender parity on the economy.
However, experts have maintained that advancement towards gender equality and inclusivity in corporate governance in the sector mark a welcomed exodus towards an improved balanced and diverse leadership landscape.
Meet women steering the wheels in banking sector
Currently, 10 of the country’s top banks are led by visionary women, embodying strong leadership qualities and driving exceptional financial performances. Among them are Nneka Onyeali-Ikpe of Fidelity Bank, Yemisi Edun of FCMB, and Miriam Olusanya of GT Bank, each leaving an indelible mark on the industry.
Nneka Onyeali-Ikpe of Fidelity
Nneka Onyeali-Ikpe, a lawyer-turned-banker who was appointed as the CEO of Fidelity in 2021, has steered Fidelity Bank towards unprecedented heights. Under her leadership, the bank has maintained high asset quality and a robust balance sheet, consistently earning accolades from leading rating agencies. Fidelity Bank’s financial statement for 2023 was nothing short of impressive. This remarkable growth is a testament to Onyeali-Ikpe’s strategic vision and unwavering commitment to excellence.
Fidelity Bank’s recently released condensed unaudited financial statement for 2023 was very impressive. The bank has expressed its desire to play in the international market. And most notably, in 2023, it acquired the United Kingdom subsidiary of Union Bank to show its intent, even as it reiterated plans for further acquisitions on the Continent.
Hear what Onyeali-Ikpe told Bloomberg: “The strategy is for us to move our footprint outside Nigeria and compete favourably with our peers. In the next three years, we should be able to be in six countries by doing at least two yearly.”
This strong financial performance has endeared the bank to capital market investors as reflected in the sustained interest in its shares on the NGX.
Yemisi Edun of of FCMB Group
Following her appointment in 2021, Yemisi Edun wasted no time in making her mark as the leader of FCMB Group. She has a background in finance and extensive experience in the banking sector. With a staggering 72 per cent growth in Profit before Tax in 2022, Edun’s strategic acumen has propelled FCMB towards unprecedented success. In the 2023 financial year, the group achieved gross earnings of N516.8 billion, representing an 82.6 per cent growth over the previous year.
Edun’s leadership has not only consolidated the bank’s liquidity position but has also created new avenues for growth and expansion. FCMB recorded a 206.9 per cent growth in net income in the 2023 financial year to N95.52 billion as against the N31.13 billion recorded in 2022. Total assets grew by over 48 per cent to N4.41 trillion from N2.98 trillion. Edun has consolidated the bank’s liquidity position and exploit growth opportunities.
Miriam Olusanya of Guaranty Trust Bank (GTB)
In July 2021, Miriam Olusanya made history as the first female to direct Guaranty Trust Bank (GTB), ushering in a new era of innovation and growth. Olusanya’s leadership prowess was on full display as GT Bank posted remarkable financial performances in Q3 2023, reporting a 155.2 per cent Profit before Taxation of N433.2 billion. With a dual listing on the Nigerian Exchange Group and the London Stock Exchange, GT Group’s metrics speak volumes about Olusanya’s foresight and operational excellence.
Bolaji Agbede of Access Holdings
Bolaji Agbede, acting group CEO of Access Holdings, took over on February 13, following the death of Herbert Wigwe, the company’s former GCEO. Agbede has worked in banking operations, customer relationship management, and human resources management departments for over 27 years. Beginning her career in 1992 as an executive trainee, she worked her way up to manager in 2001 at Guaranty Trust Bank, where she also held various positions such as vault custodian and relationship manager. She subsequently served as CEO of JKG Limited, a business consulting firm, in 2003. Agbede joined Access Bank in 2003 as an assistant general manager and was responsible for managing the bank’s portfolio of chemical trading companies. She also headed the bank’s human resources department between 2010 and 2022 and was appointed the company’s founding executive director, business support, in 2022. She holds a Bachelor’s degree in Mathematics and Statistics from the University of Lagos (1990); and obtained a Master of Business Administration degree from Cranfield University in 2002.
Adaora Umeoji of Zenith Bank
In a more recent indication that women are inching steadily toward achieving gender equality in Nigeria, another female from Zenith Bank, Dr. Adaora Umeoji, is the latest to shatter the glass ceiling as she assumes the role of Zenith Bank’s first female Chief Executive Officer (CEO). Those who have close contact with her have said that her journey showcases the strength and capability of the girl-child, urging for their rightful inclusion in every sphere of society.
Adaora’s ascent within Zenith Bank is said to be evidence of her unwavering determination and exceptional abilities. From her humble beginnings as a youth corps member in the 90s, she showcased unparalleled prowess by securing significant business deals that propelled Zenith Bank’s growth. Her achievements, which surpassed the expectations of her peers and superiors alike, underscored the indispensable value of talent and merit, regardless of gender.
These women CEOs, alongside their male counterparts, exemplify the transformative power of inclusive leadership. As Nigerian banks continue to harness the full potential of their human capital, irrespective of gender, they pave the way for a more equitable and prosperous future for all.
Ireti Samuel-Ogbu of Citibank Nigeria
Ireti Samuel-Ogbu, appointed in September 2020, doubles as the CEO of Citibank Nigeria and Citibank’s country officer for Nigeria and Ghana. Before being appointed CEO of Citibank Nigeria, Samuel-Ogbu was the Europe, Middle East and Africa (EMEA) head, payments and receivables, treasury and trade solutions (TTS) under Citi’s institutional clients group (ICG) based in London, UK. She has also served as a non-executive director on the board of Citibank Nigeria Limited. For the past 32 years, Samuel-Ogbu has held various posts across Citi’s businesses in the UK, Nigeria and South Africa – having worked in each of the countries twice.
Samuel-Ogbu obtained a Bachelor’s degree in Accounting and Finance from Middlesex University, UK, and has an MBA from the University of Bradford, UK.
Halima Buba of SunTrust Bank
Halima Buba, MD/CEO, SunTrust Bank, was appointed the MD/CEO of SunTrust Bank in January 2020. Halima Buba, is a seasoned banker with over 22 years of cognate experience obtained from working in All States Trust Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc, and Ecobank Nigeria Limited. Buba was co-founder and former executive director at Taj Consortium — an organisation of young dynamic technocrats and financial advisory experts, from 2017 until 2020 — before her appointment to SunTrust Bank. She holds a Bachelor of Science degree in Business Management from the University of Maiduguri and an MBA from the same university.
Yetunde Oni of Union Bank
Yetunde Oni, in January 2024, was appointed by the Central Bank of Nigeria (CBN) as the MD/CEO of Union Bank of Nigeria. Until her appointment with the bank, Oni was a financial services leader with a successful career spanning over 30 years, holding senior positions in international and local banks, and focusing on emerging markets. Before she made it to the top, Oni had an 11-year stint at Ecobank Transnational Incorporated as a relationship manager, from 1994 to 2005.
In September 2014, Oni held the position of pioneer head of commercial clients at Standard Chartered Bank Nigeria Limited, before becoming the lender’s MD and country head of commercial banking in West Africa in 2017. In January 2021, Oni achieved a significant milestone by becoming the first female MD/CEO of Standard Chartered Bank in Sierra Leone. Oni is a University of Ibadan graduate with a bachelor’s degree in Economics and has an MBA from Bangor University, Wales.
Kafilat Araoye of Lotus Bank
Kafilat Araoye was appointed in 2020 as the MD/CEO of Lotus Bank. She started her career in 1988 at National Oil and Chemicals Marketing Company Plc (now Conoil Nigeria Plc), and moved in 1990 to GTBank, as the pioneer head of HR.
Her last position at the firm was general manager and group head, human resource group — a position she exited in 2015. Subsequently, Araoye moved to XYZ Outsourcing and Management Consulting Limited, from 2015 to 2020. Araoye holds a first degree in history from the Obafemi Awolowo University and a master’s degree in industrial relations and personnel management from the University of Lagos — graduating as the best student in her class.
Tomi Somefun of Unity Bank
Tomi Somefun was appointed MD/CEO of Unity Bank Plc in August 2015. Before her appointment, she served as the executive director overseeing the Lagos and south-west business directorates, and the treasury department of the bank. She has 35 years of experience in the private sector, 26 of which are in the banking industry.
From 1982 to 1986, she worked as a senior audit assistant for KPMG, which was the beginning of her nearly 40-year journey to become the formidable banker she is today.
After working for a few more years as a senior auditor at Arthur Andersen, she left in 1989 to become an associate at Ventures & Trusts Limited. Veering into the banking sector, she began working with Credit Bank Limited, before joining UBA Group, where she served as the MD/CEO of two significant UBA subsidiaries, including UBA Pensions Custodian, a start-up company, which was founded with her as the pioneer.
She graduated from Obafemi Awolowo University in 1981 with a bachelor of education in English language.
[TheNation]
The Delta State House of Assembly has reversed the termination of Emmanuel Emenetie by the Post Primary Education Board, 24 years ago.
Emenetie had written a petition to the Assembly on February 17, 2000, claiming that the Post Primary Education Board had unlawfully terminated his employment.
In the petition, Emenetie prayed for his reinstatement as Permanent Secretary to be on par with his colleagues in service and for all financial benefits to take effect from the termination date.
He also requested the sum of N4,800,000.00 as compensation for the number of years he was out of employment.
However, in a unanimous decision during Tuesday’s sitting, presided over by the Speaker, Hon Emomotimi Guwor, the lawmakers stated that the sack was in clear violation of the law and should be set aside.
While recommending that Emenetie be paid all his salaries/emoluments, lawmakers directed that all benefits be paid from the date of his unlawful termination of employment.
While commending the Public Petitions Committee report, the Speaker directed the Clerk of the House to inform the appropriate authorities of the House’s decision and mandated the Deputy Speaker to do a follow-up for compliance.
The lawmakers said, “He should be paid other benefits he is entitled to from the date of the unlawful termination of his employment through the rank to the position of Director, which is supposed to be at least his present rank, and through to the date of his supposed retirement.
“That Mr Emmanuel Emenetie be made to retire at the grade level of a Director. That the Chairman of the Post Primary Education Board and Head of Service of Delta State be directed that the recommendations/directives of the house as contained in paragraphs 1-3 above are complied with forthwith.”
A married man, Ernest Okporu, who was accused of having unlawful carnal knowledge of his landlord's 11-year-old daughter in Osubi town, Okpe Local Government Area of Delta State, has been arrested.
Human rights activist, Kelvin Ejumudo, who disclosed this on Tuesday, March 26, 2024, said the 39-year-old suspect is currently cooling off in detention at the Orerokpe police station.
According to Mr. Ejumudo, the incident happened on Saturday 23rd March 2024, after the suspect told the victim to bring his charger to his apartment and then defiled her.
"One Mr Ernest Okporu, 39 years of age and married has allegedly r*ped and defile the daughter of his landlord on Saturday 23rd March 2024 in the Osubi area of Delta state," he wrote.
"I got a distress call from the mother of the little girl and well meaning Deltans that a minor has been r*ped and defiled. The little girl said Mr Ernest asked her to go bring his charger from his apartment at the back of his fridge and little did she know he followed her and grabbed her from the back, tied her hands to the back and forcefully had carnal knowledge of her
"Thereafter he threatened to kill her if she told anyone and then forced her to wash her bloodstained pants.
"The medical reports show that the hymen has been broken, there was penetration and presence of semen.
"Mr Ernest okporu admitted to the crime and was pleading for forgiveness from the father of the little girl. He’s currently cooling off in detention at the Orerokpe police station in okpe local Government council area of Delta state and will be arraigned in court before the end of the week.
"I especially want to appreciate the DPO Orerokpe Division of the Nigeria police force Delta State Command CSP Paul Oboware for his stand on this case to ensure justice is served and will not be swept under the carpet."
Three sisters who were abducted in Egbudu-Akah, Aniocha South Local Government Area of Delta State have been rescued by the police.
The command’s Public Relations Officer, SP Bright Edafe, disclosed this in a post on his X handle on Tuesday, March 26.
The sisters have now been reunited with their families after they were rescued.
He wrote: “The command yesterday, March 24, 2024, rescued three sisters who were allegedly kidnapped in Egbudu-Akah, in Aniocha South LGA, and arrested one of the suspected kidnappers.
“The sisters have since been reunited with their families. This feat was achieved when a concerned resident of the community sighted the kidnappers dragging the girls to the bush.”
He added that in a stop-and-search duty on the same day, the operatives of the command also apprehended a suspected cultist and recovered a locally made cut-to-size double barrel gun.
He wrote, “On the same date in Agbor, a suspected cultist was intercepted during w stop-and-search duty. When searching, a locally made cut-to-size double barrel gun was recovered.
“CP Abaniwonda Olufemi has directed that the suspects be transferred to SCID for further investigation.”
Operatives of the Osun State Police have started investigating the circumstances leading to the discovery of the headless body of a woman in Osogbo.
DAILY POST had reported that a headless body of a woman was discovered opposite the Osogbo local government secretariat, Oke-Baale, Osogbo, on Tuesday.
The command’s spokesperson, Yemisi Opalola, confirming the presence of the corpse, stated that relevant authorities have been contacted to evacuate the body.
Opalola further stated that the operatives have begun an investigation into the incident to unravel the mystery surrounding how the body came to be in the spot where it was found.
“Concerning the dead body of a headless and armless woman that was found opposite Osogbo LG secretariat, Oke Baale, I want to inform you that the police are aware.
“The necessary authority has been contacted for the immediate evacuation of the corpse, while discreet investigation is ongoing,” she said.
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Amid the continued appreciation of the Naira in the foreign exchange market, President Bola Ahmed Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, has said Binance speculators wishing the Naira dropped to N2,500 have been proven wrong by the Central Bank of Nigeria under Governor Olayemi Cardoso.
Onanuga disclosed this on Tuesday through his official X handle while reacting to the sustained appreciation of the Naira at both the official and the parallel foreign exchange markets.
According to him, the Naira appreciation against USD is good news for Nigeria and should be appreciated by patriots.
He condemned the doomsday prediction of Nigeria’s currency as clearly off the mark.
“…This is good news for our country and should be appreciated by patriots. The doomsday prediction for our national currency is clearly off the mark, like the comparisons of our economy with Argentina and Zimbabwe’s.
“Those currency speculators on Binance, wishing that the Naira would fall to N2,500, have also been proven wrong by Cardoso’s CBN. The economic measures are working. The Naira will continue to wax stronger and stronger, and our people will soon start enjoying great relief as prices for goods fall”, he wrote.
DAILY POST recalls that the Naira has maintained its appreciation drive against the USD for weeks.
On Tuesday, N1,290 and N1,382.95 per USD were exchanged at both parallel and official foreign exchange markets, respectively.
The development comes as CBN sold $10,000 to each BDC at N1,251 per US dollar on Monday.
Transfer speculations swirling around Nigeria International striker Victor Osimhen has yet assumed another dimension after each of the trio, Arsenal, Chelsea and PSG, are reportedly ready to table a staggering €90m (about N138,974,356,080.00) for the Napoli star striker.
Several Italian outlets claim Napoli President, Aurelio De Laurentiis, could accept a bid below the striker’s release clause, said to be around £113 million ($143m) when the Nigerian ace signed a one-year extension last December.
But citing a report in Il Mattino newspaper, Football Italia has reported that Napoli are prepared to part company with Osimhen at the end of the season with Chelsea, Arsenal and PSG each ready to offer €90m for the Nigeria international.
According to the report, Osimhen is ‘fed up’ with Serie A and is looking forward to leaving the Stadio Maradona.
Intermediaries are already working with the striker’s agent, Roberto Calenda, to find a new club for the ex-Lille striker, who has scored 72 goals in 125 appearances with the Partenopei since 2020.
The 25-year-old recently signed a contract extension until June 2026 and the new deal includes a release clause of €120-130m.
However, Il Mattino claim De Laurentiis could accept an offer below the release clause, given that Osimhen has already decided to leave the club with words rife that his next destination is Chelsea.
In fact, Italian journalist Rudy Galetti was quoted as saying that Osimhen has agreed to personal terms with Chelsea, signalling a potential move to the London club in the upcoming summer transfer window.
Galetti, via his X account (formerly Twitter), disclosed that Chelsea are prepared to activate Osimhen’s release clause once the 2023/24 season ends.
”Victor Osimhen is always a main target for Chelsea to strengthen their attack,” Galetti said.
Budget Padding: Case of ‘chop make I chop’ — Sen. Melaye Insist NAS deliberately turned blind eye to money budgeted for imaginary projects
AFOLABIThe former representative of Kogi West in the Red Chamber of the Nation’s Assembly, Senator Dino Melaye, has called on the Senate to save the nation from massive corruption bedevilling the economy.
Melaye stressed in a statement that “this will be the highest-ever budgetary allocation to the National Assembly, whose initial allocation in the 2024 budget proposal was pegged at N197.93bn.
According to the Senator, “On an x-ray of some of the budget, it appears that they have no national significance but an avenue to syphon public funds.”
He said, “Some years ago, I called the attention of well-meaning Nigerians to the most unfortunate and poignant situation we Nigerians have found ourselves in, where our collective wealth has been consistently looted under the guise of budget padding.
“I also recalled stating that more than 60% of corruption issues in Nigeria are built into and legalized in the budget. It’s impossible to argue the veracity when, out of 115 countries globally, Nigeria is ranked 90th on budget transparency, according to the Open Budget Index (OBI). With Nigeria’s annual budgets laced with fake items running into billions, budget fraud would be nothing but the real foundation of all corrupt practices in Nigeria.
“Lately, the news of an increase in the budget that was passed by the National Assembly. On November 29, 2023, President Bola Tinubu presented the N27.5 trillion budget to the joint session of the National Assembly. The budget has a recurrent expenditure profile of N9.92 trillion and a capital expenditure component of N8.7 trillion, while N8.25 trillion was set aside for debt servicing. Within 30 days, the lawmakers passed the budget, increasing it by N1.2 trillion and bringing the total figure to N28.7 trillion.
“Obviously, the lawmakers sacrificed diligence on the altar of speed, and so did the Commander-in-Chief, President Tinubu, who signed the bill into law within 48 hours after it was transmitted to him. The Premium Times reported on December 30, 2023, that the budget was passed after considering a report presented by the Chairman of the Senate Committee on Appropriations, Adeola Olamilekan (APC, Ogun West).
“The lawmaker explained that the increase in the appropriation was a result of a request for additional funding for items that were not listed in the Appropriation Bill as submitted by President Tinubu. He said the joint National Assembly Committee on Appropriation observed inadequate funding in the budgetary allocation of some ministries, departments, and agencies (MDAs) of the federal government.
“It was on the basis above that the National Assembly raised its 2024 budgetary allocation by 74.23 per cent to N344.85 billion. May I humbly remind Nigerians that this will be the highest-ever budgetary allocation to the National Assembly, whose initial allocation in the 2024 budget proposal was pegged at N197.93bn? On an x-ray of some of the budget, it appears that they have no national significance but are an avenue to syphon public funds.
“The new legislative budget is more than what NASS got between 2011 and 2014. The increase in allocation to the Senate and House of Representatives is happening amidst a cost-of-living crisis in the country, with the government telling citizens that the country is facing tough times.
“The same cost applies for the Senate car park (109 members) and the Reps car park (360 members). In other words, a 109-car capacity car park costs the same as a 360-car capacity car park. N15 billion for the NASS hospital (a project for 500 people). This project is enough to build one primary health care centre in every local government area in Nigeria. This applies to all the projects listed above.
“Sadly, it is the same story through all the ministries, departments, agencies, parastatals, and even the presidency. Our budgeting system is now an avenue to cheat, defraud the country, and enrich a few elected principal officers through manipulation of budget numbers, yet we still try to legalise the act.
“The complicity is jaw-dropping, especially when one discovers that the Executive is now defending the actions of the National Assembly. Could it be because the National Assembly is their alma mater? No wonder at the presentation of the budget, Senate President Godswill Akpabio declared: “Our old boys are running the executive.”
What Nigerians have witnessed so far in this administration is the over-pampering of the lawmakers by President Bola Tinubu’s led administration at a time when ordinary Nigerians are enduring the pains of the reform initiatives of his administration, like fuel subsidy removal and the merger of the exchange rates of the Naira.
“The National Assembly has failed in its primary assignment of checking the excesses of the executive arm of government. The National Assembly has turned a blind eye to a huge sum of money budgeted for imaginary projects. Both now work in partnership to perpetrate this miasma. It has become the case of chop-make I -chop. Things have fallen apart.”
The hike in Nigeria’s Monetary Policy Rate, also known as interest rate, from 22.75 per cent to 24.75 per cent by the Central Bank of Nigeria will further accelerate the country’s inflation and lead to massive job cuts across the country, private sector operators stated on Tuesday.
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, and the Nigerian Association of Small Scale Industrialists explained that the increase in MPR would worsen he private sector’s ability to access affordable credit.
While they described the interest rate hike as a move that would come with unintended negative consequences, the Lagos Chamber of Commerce and Industry said the MPR hike was a price that businesses would have to pay, given the current state of the economy.
The CBN again increased the MPR to 24.75 per cent from 22.75 per cent despite concerns about economic hardship.
The CBN Governor, Yemi Cardoso, announced this after the second Monetary Policy Committee meeting for the year in Abuja on Tuesday.
He said the new rate was focused on reducing current inflationary pressures and ensuring sustained exchange rate stability.
“All 12 members of the committee decided to further tighten monetary policy by raising the MPR by 200 basis points to 24.75 per cent from 22.75 per cent. Adjust the asymmetric corridor around the MPR to +100 to -300 from plus 100 to -700 basis points,” he noted.
With inflation at 31.70 per cent, Cardoso declared that the new MPR was part of moves to tackle the country’s inflation.
The bank had, during its previous meeting, raised the MPR significantly by 400 basis points to 22.75 per cent from 18.75 per cent.
It also made changes to the asymmetric corridor around the MPR, setting it at +100/-700 basis points from +100/-300 basis points
The CBN increased the Cash Reserve Requirement to 45 per cent from 32.5 per cent, and maintained the Liquidity Ratio at 30 per cent.
Although the apex bank said it took the decision to fight inflation, the benchmark interest rate had been 22.75 per cent since the last MPC meeting that was held on February 26 and 27, 2024.
Briefing journalists on Tuesday, Cardoso, who chaired the MPC, also stated that the Cash Reserve Ratio of Deposit Money Banks was retained at 45 per cent, while the CRR of merchant banks was reviewed upward from 10 per cent to 14 per cent.
He disclosed that the liquidity ratio was left unchanged at 30 per cent.
Cardoso said the MPC noted the increase in food inflation from 35.41 per cent to 37.9 per cent as part of the consideration of the committee for revealing the interest rate.
“From our perspective, the key thing is to be fully focused on our core mandate to fight inflation and stablise the economy. The purchasing power of the average person should be restored to the level it should be,” he said.
The apex bank’s governor added that the economy would be stabilised by the end of the year.
“Things should moderate from May and the inflation rate should come down by the end of the year,” he stated.
Justifying the reasons for the hike, the former Lagos State Commissioner for Finance explained that the MPC was faced with the option of either progressing with its tightening cycle or holding to observe the impact of the previous rate hike and adjustment of the Cash Reserve Requirement.
He added that the MPC’s decision to tighten the economy was based on economic data and market analysis to fulfil its price stability mandate.
“With respect to growth, yes, there appears to be a trade-off of some sort. We expect the tightening to be short term, not long term. The right response to the policy will influence MPC’s decision to take growth into consideration
“Consequently, at this meeting, the MPC was faced with the option of either progressing with its tightening cycle or hold, to observe the impact of the previous rate hike and adjustment of the Cash Reserve Requirement. After reviewing the balance of risks and the near-term inflation outlook, members were convinced of the need to progress with the tightening cycle,” he stated.
Cardoso, allaying fears of a continuous rate hike, assured that the current spate of monetary policy tightening measures by the CBN would not be long drawn and would be relaxed once there were substantial improvements in the economy in terms of inflation and exchange rate.
According to the CBN governor, the committee does not expect a long-drawn interest rate tightening and as the reforms being implemented take effect, there will be relaxation in MPR.
He said, “While the increase in interest rate may have tendencies toward strangulating the economy, with the foreign exchange rate coming down, that also helps to moderate it overall.
“And as I said earlier, you would expect that this would not be too long drawn; at least I would hope so. We are getting towards a situation where the exchange rate is moderating, and we are expecting it to moderate and then it finds a level that, quite frankly, is sustainable. This would involve huge collaboration with the fiscal side because a lot of that cannot just rely on the monetary side alone.”
The CBN boss stated that the considerations of the committee at the meeting focused on the current inflationary pressures and the need to anchor inflation expectations as well as ensure sustained exchange rate stability.
“These considerations underscore the importance of the CBN’s commitment to the price stability mandate and the need to urgently bring inflation under control to ensure that the purchasing power of ordinary Nigerians is restored in the short to medium term,” he said.
The apex bank governor mentioned that members of the MPC noted the continued rise in headline inflation, driven largely by food prices because of supply shortages and the high cost of logistics and distribution.
He added that they called for immediate action against insecurity in the country while commending the government for its resolve to address the increasing hunger level in Nigeria.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures. On this note, members commended the ongoing efforts of the Federal Government towards addressing food insecurity.
“Some of these measures include the provision of various palliatives, the release of grains from the strategic reserves, the distribution of seeds and fertilisers, as well as farm implements for dry season farming.
“The committee, therefore, called for the full implementation of the Federal Government’s agricultural policies and programmes to improve food supply and further advised for broader fiscal consolidation, particularly in the improvement of tax collection and tax-to-GDP ratio.
“The committee noted with satisfaction the level of stability achieved in the foreign exchange market in the last few weeks. This, in the view of members, reflects the impact of the bank’s recent policy actions and reforms, as well as increased transparency in the market.”
According to Cardoso, the committee noted the efforts of the bank in offsetting verified foreign currency obligations, an action that will greatly enhance investor confidence and attract foreign investments to Nigeria.
The MPC also reviewed developments in the banking system and noted that the industry remained safe, sound and stable.
The committee, thus, called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macroprudential guidelines.
It also enjoined the bank to expedite action on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.
Cardoso noted that the key drivers of inflationary pressures remained the strong exchange rate pass-through to domestic prices; rising cost of transportation; high cost of energy and other production inputs; lingering insecurity, especially in food-producing areas; and legacy infrastructure deficits.
Data from the National Bureau of Statistics showed that real GDP grew by 3.46 per cent in the fourth quarter of 2023, compared with 2.54 per cent in the previous quarter.
The apex bank governor hinted that disruptions to the global supply chain, associated with pockets of geopolitical tensions, continued to pose a key concern to monetary policy.
“Global inflation has, however, continued to decelerate in 2024 but is expected to remain above the long-run objectives of major central banks. The interest rates of advanced economy central banks are, thus, expected to remain high in the short to medium term before commencing a descent.
“Consequently, global financial conditions may remain tight through 2024. Accordingly, the committee will continue to monitor developments in the global and domestic economies to ensure that inflationary expectations are anchored to restore and sustain macroeconomic stability,” Cardoso said.
The CBN stated that the next MPC meeting would be held on May 20-21, 2024.
NACCIMA raises concern
The National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Dele Oye, said the group was deeply concerned with the manner in which the apex bank had continued to raise interest rates.
“The NACCIMA, representing the collective voice of Nigerian businesses across commercial, industrial, and agricultural sectors, is deeply concerned by the central bank’s approach to curbing inflation and managing excess liquidity through broad-based policy tools that inadvertently impose constraints on the private sector’s ability to access affordable credit.
“Our position, as detailed in our previous communication (Ref: NACC/NP22/23/1249 dated March 13, 2024), remains that the focus of the CBN’s policies should be recalibrated towards addressing the excess liquidity primarily stemming from the public sector’s borrowing habits and expenditure.
“The private sector, which has been effectively sidelined in the bank lending market due to the crowding-out effect, now faces even more severe repercussions,” he stated.
Oye noted that the recent rate hikes, while aimed at controlling inflation, were likely to have many negative consequences.
He outlined them to include an increase in the cost of borrowing, adding that “existing loans will incur higher interest rates, raising the cost of capital for businesses. This scenario discourages entrepreneurial activities and expansion plans, which are vital for economic growth and job creation”.
Oye averred, “Restricted credit availability: With the increase in the CRR, banks’ ability to lend is further curtailed. This exacerbates the challenges faced by the private sector, which is already grappling with limited access to finance.
“Pass-through effects on inflation: As businesses incur higher interest costs, they are left with no option but to pass these costs on to consumers through increased prices for goods and services, which can contribute to inflation rather than curb it.
“Stifling economic growth: Tightened monetary conditions may lead to a reduction in investment and consumption, which are essential drivers of economic growth. This could potentially stifle the economic recovery and dampen the prospects for prosperity.”
He recommended that the CBN should pursue a more nuanced and targeted approach, focusing on mechanisms that specifically address liquidity issues in the public sector without placing undue burden on the private sector.
“Additionally, policy directions should be clear and communicated on a quarterly basis, with a robust stakeholder engagement strategy to ensure that the views and concerns of the private sector are considered in policy formulation.
“In summary, while NACCIMA acknowledges the CBN’s mandate to maintain price stability, we urge a re-evaluation of the current policy measures to foster a more conducive environment for private sector-led economic growth.
“We remain committed to engaging with the CBN and the Ministry of Finance to find sustainable solutions that will ensure the economic well-being and prosperity of all Nigerians,” he noted.
Also speaking, the Director-General of NACCIMA, Sola Obadimu, remarked that the hike in MPR had put a strain on the inventory of businesses.
“Goods can no longer go out because people are buying less. Inventories are building up and there is nothing anybody can do. A distributor can’t take stock from you when the ones he has taken have not been bought.
“This move would naturally increase the cost of doing business and if the cost of doing business is increased because you can’t sell below your production cost, your stock would move slower and then your inventory will grow. Consumers are overwhelmed; they don’t have money to buy things anymore.
“Their wages are declining daily because there are other charges like the cost of utility and others. So, it is going to have an adverse effect on the real sector,” Obadimu stated.
LCCI reacts
Speaking with The PUNCH, the President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, described the rate hike as a price that businesses would have to pay, given the current state of the economy.
He described the economy as ‘a house on fire’ owing to several policy missteps on the part of erstwhile CBN Governor, Godwin Emefiele.
Asked if the increase in interest rate would have a negative effect on the borrowing capacity of organised businesses, Idahosa said, “It is a no-brainer. Of course, it will. But this is a CBN that has been trying to put out fires caused by Emefiele and the rest.
“So, they have to first of all reduce the rate of the burning. It is a high price to pay. Once it is raining, either you have a lot of umbrellas or you take an aircraft and fly above the clouds, but if you don’t have a jet, then your option is limited to using an umbrella.”
Negative consequences
On his part, the National Vice Chairman of the Nigerian Association of Small Scale Industrialists, Segun Kuti-George, worried that the interest rate hike would come with unintended negative consequences.
According to Kuti-George, when businesses are forced to borrow at higher rates, the cost of production will consequently increase. This, he said, will inevitably trigger an increase in the price of products.
Kuti-George said, “This is why it is said in economics—other things being equal, because things are usually not equal. As you are trying to solve a problem, you are creating another. So, what you are left to do is consider the cause and effect and see which one is more tolerable.
“As the CBN is raising interest rates, what they have at the back of their mind is to stimulate investments and draw more money from circulation into the investment net. But, as they are trying to solve that, the interest rate at which people borrow money will also go up.
“This will be unattractive for businesses. That means the cost of funds will go up on the part of the entrepreneurs. It means the cost of production is going higher, and so will the price of goods and services. Already, inflation is over 30 per cent. It is bound to go higher.”
The Chief Economist of SPM Professionals, Paul Alaje, explained that the implication of the raised benchmark interest rate from 22.75 per cent to 24.75 per cent was that the money supply would further reduce and the lending rate was expected to go up.
He said, “The central bank is hoping that with these policies, inflation would nose dive; however, I do not think these policies would have an effect on inflation in the short run because the real driver of inflation is food inflation, as reported by the Nigerian Bureau of Statistics.
“So, if inflation does not reduce in the short run, what are the other factors that can make it come down? The rebound of the naira in the parallel and official markets is what will account for the immediate reversal of inflation from where it is to where we want it to be.
“So, I am expecting inflation to come down by June to about 25 per cent. We could manage to take the naira back to about N1,100 and stabilise between April and the end of June, coming down from 31 per cent to about 25 to 26 per cent, which would be an improvement.”
Alaje noted that due to the increase in monetary policy, more businesses would find it very challenging to borrow money.
He added, “If this increase is not properly managed, it is going to have a negative impact on investment, and if investment is bad, businesses won’t be able to borrow money from banks to stabilise or to create new jobs or render services.
“So, by implication, unemployment is expected to increase. If unemployment increases and the fiscal side is not able to respond, this is another kettle to fish.”
In the same vein, the Managing Director of Cowry Asset Management Limited, Johnson Chukwu, said that with the interest rate increase, the lending rate would further increase.
He stated, “This increase also means that liquidity in the private sector will be constrained and tightened. The tightening of liquidity, inasmuch as it has a positive impact on the exchange rate, is likely going to have an adverse effect on productive activities.”
On his part, a professor of capital markets at Nasarawa State University, Uche Uwaleke, said, “Much as tightening is necessary at this time given elevated inflation, MPC should tighten policy incrementally and in a measured manner that optimises the CBN’s policy toolkit without undue reliance on the monetary policy rate.
“The decision by the MPC to increase the MPR by 200 bps makes it a total of 600 bps in just one month if one adds the 400 bps delivered in February. This is in addition to a very high CRR of 45 per cent representing sterilised bank deposits.
“This development is now driving undue pressure by banks on the CBN’s standing lending facility and increasing the cost of funds generally. The CBN should recognise that the challenge currently facing the Nigerian economy is not just inflation but stagflation and to this end, it should equally have regard to growth concerns in future meetings of the MPC.”
‘MPR hike ineffective’
Speaking with The PUNCH, an economist at the Nigerian Economic Summit Group, Faith Iyoha, described the frequent rate hikes by the MPC as an ineffective tool to combat the country’s inflation.
She said the increase in MPR would have a negative impact on productivity, a development that would consequently cause a decline in Nigeria’s gross domestic product.
She reasoned, “They have not rejiggered the Monetary Policy Rate to be effective in curbing inflation or signaling direction. Inflation will continue to go up. They are only putting pressure on the market because interest rates will increase.
“It means productivity will become difficult. GDP growth will be constrained because the interest rate will be high. That will further put pressure on the market. It means productivity will be low. Prices will go up. It’s like going around in circles.
“It may lead to overheating of the economy. That is to say, the tightening may be too much for productivity and it will lead to a decline in GDP. There is always a relationship between prices and productivity. You cannot say you are tackling inflation without leaning on the side of productivity. You will definitely lose because you are disincentivising business people from producing.”