The yellow metal settled back a bit during the European session on Monday after reaching a new peak of $2,631 earlier , as markets remain focused on the increasing likelihood of the Federal Reserve cutting rates.
At the same time, instability in the Middle East is boosting appetite for gold.
For this reason, potential Fed rate cuts serve as catalysts for gold, reducing the opportunity cost of holding an asset that does not pay interest.
Hedging involves protecting business cash against negative changes like inflation or currency depreciation.
Gold helps safeguard against instability in governance, a common occurrence in less developed markets.
JP Morgan noted in a research report that various factors, including growing geopolitical risks, the outlook for interest rates, concerns about the budget deficit, inflation hedging, and central bank purchases, have contributed to the sustained rise in gold prices in 2024.
Expectations that the Federal Reserve would lower interest rates up to three times in 2024, as persistent inflation began to diminish, contributed to gold’s explosive growth this year. However, current estimates indicate that only one rate reduction is planned for the remainder of 2024.
Central banks have increased their appetite for gold. Demand for gold has primarily been driven by central banks, as nations like China, Turkey, and India seek to diversify their reserves away from the US dollar—particularly in light of the West’s decision to freeze Russia’s dollar assets following its invasion of Ukraine.
JPMorgan estimates that central banks bought over a thousand metric tons of gold last year. The People’s Bank of China embarked on its longest-ever buying spree, an 18-month period of purchases that concluded in May. Additionally, India’s central bank increased its gold holdings in June by the largest amount in nearly two years.
According to the World Gold Council’s Q2 2024 report, global gold demand rose 4% year over year to 1,258 tons, marking the highest second quarter in our data period. Healthy over-the-counter sales, up a noteworthy 53% year over year at 329 tons, supported overall demand.
Market fundamentals indicate that gold prices are being driven by a slowdown in ETF outflows, increased OTC demand, and ongoing central bank purchases. Global gold holdings by central banks and government institutions rose by 183 tons, reflecting a 6% year-over-year growth despite a slowdown from the previous quarter.
The World Gold Council’s annual central bank poll revealed that reserve managers anticipate an increase in gold allocations over the next year due to the need for portfolio diversification and protection in a complex economic and geopolitical landscape.
A Relatively Weak Dollar Supports Gold’s Bottom Line
A declining US dollar and lower US interest rates have historically made non-yielding bullion more appealing. Commerzbank Research has increased its gold forecast, projecting three rate cuts by the end of this year and three more in the first half of 2025 by the Federal Reserve—two more than initially projected.
Investors often prefer exposure to riskier assets like corporate bonds and stocks over defensive assets like cash, government bonds, and gold, which is why risk appetite and gold are inversely related. Although concerns about a recession subsided over the past week following the release of a disappointing payroll report, recent data has indicated weakness in key sectors like homebuilding, which could support a more aggressive Fed rate reduction.
When long-term rates appear less promising, yield-producing assets such as bonds tend to lose their appeal, creating an environment where gold typically rallies.
[Nairametrics]
38-Year-Old Iran-bound Drug Mule Arrested At Nigerian Airport, Excretes 76 Pellets Of Cocaine
AFOLABI
The National Drug Law Enforcement Agency (NDLEA) has arrested a 38-year-old alleged drug mule, Okafor Ifeanyi Anthony, at Mallam Aminu Kano International Airport (MAKIA) in Kano for drug trafficking.
This is contained in a statement issued on Sunday by Femi Babafemi, NDLEA Director of Media & Advocacy, stating that the suspect was arrested on Sunday, September 15, 2024.
He affirmed that Okafor was arrested while attempting to board a Qatar Airlines flight to Iran via Doha with 76 pellets of cocaine in his stomach.
Babafemi added that Okafor excreted 76 pellets of the ingested cocaine weighing 1.267kg, after three days in excretion observation.
The statement reads, “At the Mallam Aminu Kano International Airport (MAKIA), Kano, NDLEA operatives on Sunday 15th September arrested a 38-year-old drug mule, Okafor Ifeanyi Anthony while attempting to board a Qatar Airlines flight to Iran via Doha with 76 wraps of cocaine in his stomach.
"After three days in excretion observation, Okafor excreted the 76 pellets of the ingested cocaine weighing 1.267kg.
"Similarly, NDLEA has intercepted a total of Twenty-Five Million (25,000,000.00) pills of tapentadol, an opioid three times stronger than tramadol and Three Hundred and Fifty Thousand (350,000) bottles of codeine-based syrup at the Tincan port complex in Lagos.
"The seizures were made on Tuesday 17th and Friday 20th September 2024 from three containers which had been on the watchlist of the Agency following processed intelligence. As a result, the NDLEA had requested for 100% joint examination of the shipments with men of the Nigeria Customs Service and other security agencies.
"The 25 million pills of tapentadol have an estimated street value of Thirteen Billion Seven Hundred and Twenty-Five Million Naira (N13,725,000,000.00) while the codeine consignment has an estimated street value of Two Billion Four Hundred and Fifty Million Naira (N2,450,000,000.00), bringing the total value of the seizures to Fourteen Billion Nine Hundred and Fifty Million Naira (N14,950,000,000.00).
"The tapentadol consignment packed in 500 cartons was discovered in one of the containers on Tuesday 17th September while another container examined same day contained 175,000 bottles of Barcadin cough syrup with codeine packed in 875 cartons. The third container containing 175,000 bottles of CSC cough syrup with codeine was examined on Friday 20th September.
"In Kogi state, NDLEA officers on patrol along Okene-Lokoja-Abuja expressway on Tuesday 17th September recovered 700,000 pills of exol-5 coming from Lagos for distribution in Kano and Kaduna, while a suspect Udemefuna Chibuike, 23, was arrested by operatives on Friday 20th September along Mokwa-Jebba road, Niger state, in possession of 49,000 tablets of tramadol, 20,000 tablets of diazepam, 100 ampoules of tramadol injection and 50 bottles of cough syrup with codeine.
"A total of 451 blocks of cannabis weighing 213kg were intercepted along Azikiwe road, Port Harcourt, Rivers state on Wednesday 18th September, by NDLEA officers who apprehended a suspect Ogochukwu Paul, 33, conveying the consignment to a notorious drug haven in Borikiri.
"While operatives in Plateau state on Friday 20th September arrested a wanted suspect Jonathan Ali Abuttur, 46, at Agingi- Rukuba road Bassa LGA in possession of 808kg of cannabis sativa concealed in 68 bags of sugar and fertilizer, their counterparts in Kwara also nabbed Shaibu Musa with 28kg of the same psychoactive substance."
Nigeria’s Minister of Defence, Mohammed Badaru has called for reform of the United Nations Security Council, asserting that Africa should be represented with permanent seats to enhance global stability.
Addressing the 79th United Nations General Assembly (UNGA) in New York, Badaru highlighted Nigeria’s extensive contributions to UN peacekeeping operations.
Speaking at the Summit of the Future during the dialogue on “Enhancing Multilateralism for International Peace and Security,” Badaru stated, “Since our first deployment in the Congo in 1960, Nigeria has contributed to 41 peacekeeping missions globally,” noting that over 200,000 Nigerian troops had been deployed in UN operations over the decades.
Badaru pointed to Nigeria’s unwavering commitment to international peacebuilding and security, saying, “Nigeria has remained unequivocal in its commitment to international peacebuilding and security, since the first engagement of its troops in the Congo in 1960.”
He further emphasised the significance of Nigeria’s role in regional conflicts. “Under regional and sub-regional cooperation, Nigeria has been involved in peacekeeping operations in Cote d’Ivoire, Guinea-Bissau, The Gambia, Liberia, Mali, Sudan, and Sierra Leone, among others.”
The Defence Minister used the opportunity to press for UN Security Council reform, arguing that Africa’s exclusion from permanent membership undermines global peace efforts.
“Nigeria continues to call for the reform of the United Nations Security Council to give just representation to Africa on a permanent basis for inclusivity and deepening of global peace and security,” he said.
Badaru also underscored the importance of strengthening African military capacity to fight terrorism.
He stressed the need for the operationalisation of the African Standby Force (ASF) and the establishment of a Counter-Terrorism Centre of Excellence in Africa.
“We recognise the need for Africa to build strong and professional armies, in order to, among other things, defeat terrorism.
“Nigeria calls for the operationalisation of the African Standby Force (ASF), and provision of requisite support and resources to ensure the upgrade, take-off and effectiveness of a Centre of Excellence in Africa on issues of counterterrorism,” he noted.
On the issue of transnational crime, the Defence Minister warned of rising alliances between bandits and terrorists, highlighting the impact of kidnapping for ransom and acts of piracy.
He called for a comprehensive approach to tackling organised crime, stating, “We must scale up our efforts,” referring to the urgency of combating illegal arms trafficking in the Sahel region.
Badaru further urged the international community to intensify efforts to control the proliferation of small arms and light weapons in conflict zones, particularly in the Sahel.
“We seize this opportunity to urge the international community to renew efforts to stem the tide of small arms and light weapons in conflict, especially within the Sahel region where unfettered access by non-state actors to illicit arms and light weapons continues to foster insecurity and instability,” he said.
He reaffirmed Nigeria’s dedication to supporting UN initiatives in promoting global peace and combating terrorism.
[Leadership]
“Stop checking if your partner is cheating on you” – Actress Rita Edochie Shares Advice on Building a Joyful Marriage
AFOLABI
Veteran Nollywood actress Rita Edochie has offered words of wisdom on cultivating a happy and healthy marriage.
In a recent Instagram post, Rita Edochie encouraged her followers to shift their focus away from suspicion and towards nurturing their partner’s happiness.
She suggested that prioritizing a partner’s happiness can help build a strong and faithful relationship.
In her words :
“Stop checking if your partner is cheating on you; rather, check if your partner is happy. A happy partner cannot cheat unless your partner is naturally a dog.”
In reaction, many appreciated her perspective on fostering a positive relationship, However, some individuals acknowledged that the complexities of infidelity cannot be solely addressed by ensuring happiness.
@chioma_nwobi_ stated: “Mummy we are not in 1980! These days people happily cheat on their partners.”
@effedeborah insisted: “A happy partner can’t cheat ke? As a matter of fact, It is the happiness that will even drive them to go and cheat.”
@joyousbestedibles also added, “On this particular note, I would say women never blame yourself when your partner cheats. It has nothing to do with you making them happy or not. It’s definitely who he is. Whether happy or not. A cheat is a cheat whether happiness is involved or not.”
The European Union has released €5.4 million in humanitarian aid to help the most affected populations in the aftermath of the devastating floods in Chad, Niger, Nigeria, Cameroon, Mali and Burkina Faso.
More than 4.4 million people are estimated to be affected in the six countries.
Floods have led to the destruction of houses, public health facilities, water systems, schools and sanitation facilities as well as roads, infrastructures, and agricultural areas.
Moreover, the lack of access to water, hygiene, and sanitation services is increasing the risk of spreading waterborne diseases.
The EU in a statement on Monday, said: “This funding will help our humanitarian partners on the ground to provide immediate aid and respond to the most urgent needs concerning food, shelter, access to clean water and sanitation and other essential services in the hardest-hit areas.
“The amount will be distributed as follows: Chad €1,000,000; Niger €1,350,000; Nigeria €1,100,000; Mali € 1,000,000; Cameroon €650,000 and Burkina Faso €300,000.”
The funding comes in addition to €232 million in humanitarian assistance already allocated to these countries so far this year.
In addition, the EU and its partners had already responded to the immediate consequences of floods in Liberia, Guinea, Chad, Nigeria, Niger, Cameroon and Mali, through timely adjustments to ongoing actions and contributions to the Disaster Response Emergency Fund (DREF) of the International Federation of Red Cross and Red Crescent Societies (IFRC).
Janez Lenarčič, EU Commissioner for Crisis Management, said: “Excessive rainfalls have lashed the Sahel and Lake Chad regions with unprecedented impact, displacing millions and causing widespread suffering and damage.
“We are mobilising all means at our disposal to help the most vulnerable in the flood-stricken countries, so they can receive much-needed relief.”
Many areas have been impacted way harder than during previous flooding events. The exceptional precipitations recorded in Mali are the highest since 1967.
In Niger, over 1 million people have been affected. The number rises to 1,5 million people in Chad, where more rainfall is expected.
In Nigeria, the Northern regions, already impacted by a severe food and nutrition crisis driven by conflict, insecurity and high inflation, are among the hardest hit and the failure of a dam in the Maiduguri area has severely worsened the situation.
Approximately, 641,600 people are now estimated to be displaced and more heavy rainfall is forecast.
[DailyTrust]
Nigeria’s currency, the Naira depreciated by 51.5 percent against the dollar at the official market in the last year under Central Bank of Nigeria, CBN, governor, Olayemi Cardoso.
This comes as Cardoso clocked a year in office after his appointment on September 15, 2023.
The performance of the Naira against the dollar in the foreign exchange market is far from impress despite multiple interventions by the Cardoso-led CBN.
This comes as data from the FMDQ showed that the Naira dropped from N1,541.52 per dollar on 22 September 2024 from N747.76 recorded in the corresponding period last year.
In the period, the Monetary Policy Committee, MPC, led by Cardoso raised the monetary policy rate (MPR) four times to 26.75 percent to combat inflation, which stood at 32.15 percent in August 2024.
The MPC is currently meeting to decide on whether to hike interest or pause the increase.
Meanwhile, in the last months, CBN showed that the country’s external reserves hit a 22-month high of $37.39 billion as of September 19, 2024.
Despite, the policies orchestrated by the Cardoso-led CBN, Nigerians have continued to groan over harsh economic realities occasioned by high prices of food and spiralling energy costs.
[DailyPost]
President Bola Ahmed Tinubu has directed security and law enforcement agencies to scale up efforts at cracking down individuals or organisations involved in cybercrime and transnational car theft.
A statement in Abuja by his Special Adviser on Information on Strategy, Bayo Onanuga, said the President also sent a strong message to the global community, affirming that Nigeria would not be a haven for illicit wealth from foreign countries.
The President hailed the Economic and Financial Crimes Commission (EFCC) for its recent handover of 53 vehicles and $180,300 to the Royal Canadian Mounted Police (RCMP) to be returned to two Canadian citizens who were victims of cybercrimes perpetrated by some Nigerians.
Here are five Nigerians serving jail terms in the USA for cybercrime
1. Invictus Obi
Celebrated entrepreneur Obinwanne Okeke popularly known as Invictus Obi was handed a ten-year prison sentence on Tuesday, February 16, 2021, by a U.S. federal court for masterminding an $11 million cyber fraud on a British company.
Okeke was held in the US since August 2019 on charges of computer and wire fraud and had previously pleaded guilty.
“In April 2018, a Unatrac executive fell prey to a phishing email that allowed conspirators to capture login credentials,” according to the court statement.
“The conspirators sent fraudulent wire transfer requests and attached fake invoices. Okeke participated in the effort to victimize Unatrac through fraudulent wire transfers totaling nearly $11 million, which was transferred overseas,” the statement added.
He formally pleaded guilty to charges relating to $11 million computer-based fraud transacted between 2015 and 2019.
2. Hushpuppi
Rahman Abbas, a popular Instagram celebrity, known as Hushpuppi, Hush, or Ray Hushpupp is serving a sentence of 11 years in the US.
Hushpuppy, now convicted as a notorious fraudster, was sentenced by United StatesI, who also ordered him to pay $1,732,841 in restitution to two fraud victims.
He was sentenced in the United States District Judge Otis Wright to 11 years for conspiracy to launder money obtained from business email compromise frauds and other scams, including schemes that defrauded a US law firm out of approximately $40 million, illegally transferred $14.7 million from a foreign financial institution, and targeted to steal $124 million from an English Premier League club.
3. Abidemi Rufai
A United States district court on Monday September 26, 2022 sentenced Abidemi Rufai, a suspended aide of Governor Dapo Abiodun of Ogun State, to five years’ imprisonment for fraud.
The District Court in Western Tacoma in Washington jailed Rufai for wire fraud and aggravated identity theft.
With the stolen identities, he attempted to steal nearly $2.4 million from the United States government, including approximately $500,000 in pandemic-related unemployment benefits.
Mr Rufai, 45, who pleaded guilty to the charges in May, was said to have succeeded in defrauding 12 US agencies of $600,000 paid out into bank accounts controlled by him.
4-5. Samuel and Samson Ogoshi
A US court on Friday, September 6, sentenced two Nigerian brothers, Samuel Ogoshi, 24, and Samson Ogoshi, 21, to 17 years and six months in prison.
They were sentenced for their involvement in a sextortion scheme that tragically led to the suicide of 17-year-old Jordan DeMay.
They sent DeMay a friend request on Instagram, pretended to be a girl his age, and flirted with him.
The brothers lured DeMay into sending them explicit images by pretending to be a girl his age and threatened to send his pictures to his friends if he did not send him money.
DeMay sent as much money as he could and pleaded with the scammers, threatening to kill himself if they spread the images.
“Good… Do that fast, or I’ll make you do it,” the brothers replied.
However, DeMay took his own life less than six hours after their initial conversation on March 25, 2022.
This case marks the first successful prosecution of Nigerians for sextortion in the U.S., highlighting a growing trend of such crimes linked to Nigeria.
The brothers were extradited to the US in August last year to face prosecution over numerous cases of sexual extortion of young men and teenage boys on social media linked to them.
They pleaded guilty in April to conspiring to exploit teenage boys in Michigan and across the US sexually.
Comedian cum movie actor Bovi Ugboma has shared his secret to staying married.
In an interview with media personality VJ Adams, Bovi revealed that he is just lucky when it comes to love and marriage, as he avowed that he believes most marriages have to do with luck before any planning comes into play.
Bovi asserted that he doesn’t take himself seriously, but that doesn’t mean he doesn’t get pushed or worried, and he has learned to practice doing things one day at a time.
The comedian noted how there is no perfect marriage but perfection comes from loving the imperfection of each other.
Bovi stated that he isn’t the type of person who will stay in a place that isn’t conducive, hence, his reason for saying he is lucky in marriage. In his words:
“One day at a time, and don’t take yourself too seriously. I am lucky when it comes to marriage. I think most marriages have to do with luck before any form of planning comes into play. So, I think I am lucky.
I have learned not to take things too personally, but that doesn’t mean I don’t get pushed or worried. There is no perfect marriage but perfection comes from loving the imperfection.
I am not the type of person who will stay in a place that isn’t conducive, so that’s why I said I am lucky to be where I am, but, for many years, I was doing this one thing at a time, and I am a giver by nature.
I am lucky to have her and her wanting to have me, and wanting to have each other and make it work”.
Bovi got married in 2009 to Kris Asimonye Ugboma.
Last year, the couple stirred reactions with their bizarre wedding renewal. The ace comedian shared a loved-up video of him and his wife on the beach, as he revealed that they had renewed their vows on water, with mariners as officiating ministers. The video had caused a stir online, with many nicknaming the couple ‘Mr and Mrs Mariners’.
Anthony Joshua insists his career is “far from over” following his devastating knockout defeat to Daniel Dubois at Wembley, which raised doubts about his future in boxing.
Joshua was aiming to become a three-time world champion by claiming the IBF world heavyweight title on Saturday but was knocked out in the fifth round in front of a record-breaking official attendance of more than 98,000.
The 34-year-old was floored four times by Dubois and many people called for Joshua to retire afterwards.
But the British former Olympic champion released a video on X on Monday saying his journey in boxing is not over yet, with a potential rematch with Dubois as well as another all-British clash with Tyson Fury options in the future.
Joshua said he was determined to take the positives from the situation despite his mauling — the fourth defeat of a 32-fight career in boxing.
“What a rollercoaster journey, but do you know what the problem is? It is far from over yet,” he said.
“We’ve done it once, we’ve done it twice, doing it a third time hasn’t been easy but I believe it is something I can achieve. It’s about making the right steps forward, working hard, improving and it has to come from here (heart) more than anything.
“It’s only been a day but I know when I sit back I know I’ve got a lot of this (heart), thanks for your support, thanks for being on this rollercoaster journey with me.
“Keep your seatbelts tight because deep down in here I know we have a lot more to bring to this game.”
The Infrastructure Concession Regulatory Commission (ICRC) says the construction of the $3.5 billion Bakassi deep seaport will commence soon.
Jobson Ewalefoh, director-general of ICRC, spoke on Monday at a high-level stakeholders’ meeting where a statement of endorsement for the port project was signed.
On May 15, Bassey Otu, governor of Cross River state, said a $3.5 billion loan has been secured from the African Export-Import Bank (Afreximbank) for the project.
According to Ewalefoh, the construction will be executed as a public-private partnership (PPP) project.
He also said the project will be completed in record time.
Ewalefoh said his assurance was premised on four factors, which include Cross Rivers’ commitment and zeal for the project, the newly streamlined ICRC public-private partnership (PPP) processes, securing a financier for the project, and the support of all other stakeholders present.
“We have streamlined our PPP processes to ensure that they are faster than they used to be,” he said.
“We are not compromising standards, we are only making the process more efficient and that I have commenced as the DG of ICRC.
“With the support of the Ministry of Marine and Blue Economy, Nigerian Ports Authority (NPA), Nigerian Shippers Council and all the stakeholders, my good news for you is that in your tenure as Governor of Cross River State, we will do the groundbreaking and complete the project.
“You have demonstrated that you have what it takes to do it, just like President Bola Tinubu has given confidence to investors to bring their funds to Nigeria.
“This is not a project that you started, the baton was only handed over to you, but like the man on the last lap, you are running the fastest and you will cut the tape: With the team you have assembled and the activities that are going on, you will arrive at the destination of the Bakassi Deep Seaport.
“I am convinced that in your tenure, with your team, Bakassi Deep Seaport will be a reality to the people of Cross River state and Nigerians.”
Speaking on the significance of the port, the ICRC director-general said the facility would “diversify” the traffic from the western port and serve as a succour to the eastern parts of Nigeria.
He added that the Bakassi deep seaport is an agro-value-chain port that would explore the potentials in the nation’s agricultural sector in the south-south part of Nigeria, the north as well as all of Africa.
Ewalefoh also thanked AfreximBank for believing in Nigeria, reassuring investors that the country is a choice destination for investment opportunities.
[TheCable]
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Chude Jideonwo, the media personality, has claimed that Nigeria’s biggest filmmakers are predominantly from the Yoruba tribe.
In an Instagram post, Jideonwo mentioned notable names like Toyin Abraham, Funke Akindele, Kemi Adetiba, Kunle Afolayan, and Mo Abudu as examples, while discussing the dominance of Yoruba filmmakers in Nollywood.
He argued that Yoruba-language films have the most presence on global streaming platforms and that Hausa or Igbo-language films are nearly absent.
He added that the Yoruba film culture has successfully blended into other groups, thereby aiding its continued dominance in the Nigerian film industry.
“The biggest filmmakers in Nigeria now are all Yoruba,” he said.
“Think about it: Kemi Adetiba, Kunle Afolayan, Jade Osiberu, Mo Abudu, Kayode Kasum, Funke Akindele, Toyin Abraham, Mercy Aigbe, Oga Bello’s sons—the ones that do every movie, including ‘Beast of Two Worlds’ and ‘Jagun Jagun’—and Bolanle Austin-Peters.
“Think about it: most of the mainstream, big cinema, and streaming movies are all by Yoruba people.
“What has happened is that the Yoruba filming culture has merged itself into the other groups that are leading again. Can you name one Hausa-language movie on Netflix or Amazon? Or can you name one Igbo-language movie on Netflix or Amazon? The closest was… Genevieve’s ‘Lionheart’ many many years ago. Only Yoruba movies are able to exist on Amazon on Netflix and become mainstream cultural hits.”
Jideonwo is the co-founder of Red Africa and Joy, Inc. He is the executive producer and host of #WithChude, a multimedia show.
In August, the TV host released the first part of a docuseries about the organ trafficking scandal involving Ike Ekweremadu, former deputy senate president.
He was recently appointed Creative-in-Residence at the London School of Economics (LSE).
The Independent National Electoral Commission (INEC) has declared the All Progressives Congress (APC) winner of the Saturday governorship election in Edo State. According to the Returning Officer who is the Vice-Chancellor of the Federal University Of Technology, Minna, Prof. Faruk Adamu Kuta, the APC candidate, Senator Monday Okpebholo polled 291,667 votes to defeat his arch rival, Asue Ighodalo of the Peoples Democratic Party (PDP) who secured 247,274 votes.
Daily Trust reports that the APC won in 11 local government areas while the PDP won seven. The APC won the six local governments in Edo North Senatorial District and two out of the five local government in Edo Central Senatorial district. Beyond the loss and victory, this piece focused on some individuals who played key roles in the election and contributed to its outcome.
NYESOM WIKE
At the time APC denied Obaseki returning ticket in the build-up to 2020 Edo election, Nyesom Wike, then governor of Rivers State, and some other PDP gave him a solid backing to secure the party’s ticket. Wike, now Minister of Federal Capital Teritorry (FCT), worked for Obaseki’s victory against APC’s Osagie Ize-Iyamu in the 2020 election.
Not long after his re-election, Obaseki and Wike fell apart. In fact, Obaseki supported former Vice President Atiku Abubakar, against Wike, as the Presidential candidate of PDP in the last election. Wike would later tender apology to Senator Adams Oshiomhole, Obaseki’s estranged godfather, to forgive him for “helping Obaseki win re-election.”
The FCT Minister in the build-up to the Saturday’s election stated he would not support the Peoples Democratic Party governorship candidate, Asue Ighodalo, having fallen out with Obaseki.
But during an interview, Obaseki said Edo voters do not need Wike’s influence to decide who they would vote for.
He said, “He (Wike) came to get Edo people to vote for me, right? Wow! Edo people are not that dumb. They know who to vote for. They don’t require the services of an outsider to make their decisions. Edo people will make decisions this time because they know what they want.”
At a point, the PDP through its Edo State Chairman, Dr. Anthony Aziegbemi, demanded redeployment of the State REC, Anugbum Onuoha as well the Commissioner of Police, CP Nemi Edwin-Iwo, over their alleged ties with Wike.
Aziegbemi said, “We are worried that the election may have been compromised even before it start. This is because we are certain that the officials responsible for conducting a free, fair, and credible election are close associates of the FCT Minister, Nyesom Wike.”
Wike dismissed allegations of him influencing the appointment of his cousin, Onuoha, as the Resident Electoral Commissioner (REC) in Edo State, warning propagandists that ‘nobody born of a woman’ can intimidate his cousin.
PHILIP SHAIBU
During the rift between Obaseki and Oshiomhole in 2020, Shaibu stood behind Obaseki against Oshiomhole, noting that the former governor was playing godfather when they both never allowed such to happen in Edo. Like Wike, Shaibu was another key factor in securing Obaseki’s reelection. He particularly took the political battle to Oshiomhole’s doorstep, attacking with foul languages at different fora.
However, the table turned as Shaibu, fell out with Obaseki over his governorship ambition. Obaseki didn’t only deny him PDP ticket, he masterminded his impeachment. There was a twist in July as Shaibu was reinstated as the deputy governor by Justice James Omotosho of the Federal High Court in Abuja. Following his reinstatement, Shaibu, defected to APC alongside several key PDP legacy coalition members.
Shaibu’s defection to a large extent depleted PDP’s strength going into the Saturday’s election. He described Obaseki’s candidate as an outsider, saying he would rather back APC candidate.
“I will support a homeboy. I came into the contest to be governor of Edo State because I needed governance to return to a homeboy, somebody who understands our plight and somebody who understands what the people are feeling.
“We don’t want an outsider. We have experimented with an outsider and it is not working, so this time, we want a homeboy. We have only two home boys in the major political parties; one is in the Labour Party and one is in the All Progressives Congress,” Shaibu said.
DAN ORBIH
Dan Orbih, former National Vice Chairman, South-South of the Peoples Democratic Party (PDP) and immediate past Edo Chairman of the party, is another political leader, who worked against Ighodalo’s victory.
Orbih, one of the allies of Wike, did not hide his hatred for Obaseki and his anointed candidate. He is the leader of the Legacy Group, comprising leaders of PDP worked for Obaseki’s victory in 2020. The group members were at loggerhead with governor for not fulfilling promises he made to them during the Edo 2020 election.
When Ighodalo emerged party’s candidate, Orbih declared he would not support him. Infact, he rejected PDP’s governorship campaign council’s membership.
The leader of anti-Obaseki’s Legacy Coalition, who hails from Etsako Central Local Government Area in Edo North, said: “Nobody told me of any governorship campaign council membership in Edo PDP. I am not aware of it.
“Some persons, who saw my name on the list, called me. I have not seen the list, and I am not aware of it. I am not party to the composition of the campaign council.”
In June, pro-Obaseki PDP leaders expelled Orbih, from the party, for alleged anti – party.
The party said it has also expelled Shaibu, and Hon. Omorgie Ogbeide Ihama, an immediate past House of Reps member, representing Oredo Federal Constituency.
ANSLEM OJEZUA
Ojezua is another Obaseki’s ally turned political enemy. He was State chairman of the Edo State chapter of APC and led members of executives from state to ward to pitch tenth with the PDP when Obaseki was denied returning ticket in 2020. In leading the party leaders, he cited loss of confidence in the national leadership of the APC and alleged disobedience to the party’s constitution.
The resolution which was signed by 22 members of the Executives of the party led Ojezua and Chairmen of the party across the 18 Local Government Areas of the State, said over 150, 000 supporters of their supporters have concluded plans to defect with them.
However, Ojezua like Shaibu fell out with Obaseki over his governorship ambition on the platform of PDP.
After Obaseki’s man emerged PDP candidate, Ojezua faulted the primary and dragged Ighodalo to court.
Ojezua said he sought redress in court because Obaseki, “played a huge role in ensuring that the primary was not transparent”.
“I am not satisfied with the outcome. From the onset, I have expressed my impression that the process was neither transparent nor was it in obedience to the rules,” Ojezua said.
Early this month, a Court of Appeal, Abuja division, dismissed Ojezua’s suit seeking disqualification of Ighodalo’s candidacy.
KABIRU ADJOTO
He is a former Speaker of the Edo House of Assembly who defected from PDP after falling out with Obaseki. There are allegations that he fell out with Obaseki over his failure to name his deputy after the controversial impeachment of Shaibu.
Obaseki named Marvellous Omobayo as his deputy, a development which reportedly set him up against Adjoto.
At a meeting of the Legacy Group held at Orbih’s country home in Ogbona, Adjoto tackled Obaseki over his failure to manage 2020 electoral victory.
He said that instead of consolidating on the victory recorded in 2020 election by rewarding those who worked for his re-election, Obaseki opted for others in the party who did not work for the party.
“Dan Orbih, we have seen what you saw and we are here to queue behind you anywhere you go, we go. We are waiting for you instruction,” Adjoto said.
The Independent National Electoral Commission (INEC), on Sunday, declared the governorship candidate of the All Progressives Congress (APC), Monday Okpebholo, as the winner of the Edo State gubernatorial election held on Saturday.
Naija News reported that the Returning Officer for the election, Prof. Faruq Adamu Kuta, Vice Chancellor of the Federal University of Technology (FUT), Minna, announced at the INEC collation centre in Benin City.
Okpebholo secured 291,667 votes, winning 11 out of the 18 local government areas (LGAs) in the state.
Here are ten key points about Senator Monday Okpebholo, the newly elected governor of Edo State:
Born in 1970 in Uromi, Edo State, Okpebholo was raised in a modest family that instilled values of integrity and diligence, which have greatly influenced his life and career.
Okpebholo’s education journey began in local schools in Uromi before he advanced to the University of Benin, where he earned a Bachelor’s degree in Agricultural Economics. He furthered his education with a Master’s in Public Administration and a Ph.D. in Agricultural Economics from the University of Ibadan, demonstrating a commitment to lifelong learning.
Beyond politics, Okpebholo is an entrepreneur with investments in hospitality, construction, oil and gas, and agriculture.
Through the Monday Okpebholo Foundation, he has dedicated resources to charitable work, including scholarships, healthcare services, and vocational training for underprivileged communities.
Okpebholo is deeply connected to his family, maintaining strong ties to his roots in Edo State. He is married with four children.
Okpebholo’s political journey started in 2003 when he was elected to the House of Representatives under the Peoples Democratic Party (PDP).
Throughout his political tenure, Okpebholo has been a vocal advocate for issues such as agriculture, rural development, and legislative reforms, working tirelessly to represent the needs of his constituents.
Okpebholo is a devout Christian and an active member of the Redeemed Christian Church of God (RCCG).
Okpebholo’s dedication to excellence in business and politics, along with his efforts to promote inclusive growth and support marginalised communities, have earned him widespread respect and recognition.
As governor, Okpebholo envisions a prosperous, inclusive, and thriving Edo State. His campaign focused on driving development, economic empowerment, and sustainable growth to benefit all residents and future generations.
The Edo State All Progressives Congress (APC) Chairman, Jeret Tenebe, has said the prayer of the party is for the Independent National Electoral Commission (INEC) to continue to conduct elections the way it was done in Edo governorship election held on Saturday.
Jeret Tenebe said Saturday’s Edo governorship election was the fairest election he has seen. He dismissed allegations that the APC rigged the election in favour of its candidate, Monday Okpebholo.
The Edo APC chairman said this while speaking to newsmen on Sunday evening. He noted that if INEC continues conducting the elections the way it did in Edo, Nigeria would be seeing a good electoral process.
“Our party cannot rig election, because we are not INEC. And the elections that we saw yesterday is the fairest election ever conducted in this state. And we pray that INEC continue like this. And if they continue like this, it then means the country is going to be advancing to be seeing a proper and good electoral process,” Tenebe said.
He further explained that Governo-elect Monday Okpebholo would bring development to the state. He said women and youths would be empowered.
According to him, the Peoples Democratic Party (PDP) governorship candidate, Asue Ighodalo, lost because of Governor Godwin Obaseki.
“This victory is victory for Edo state. It is victory for all Edo people. This victory means so much for us.
“Okpebholo will bring development. He is going to empower the youths. He is going to empower the women. Okpebholo will unite the state. No respect for traditional rulers that will stop. This result reflects what happened yesterday (Saturday).
“Nobody would see anything that has to do with Obaseki and touch it. Nobody wants to touch Obaseki,” Tenebe added.