The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane said Ghana is now richer than Nigeria.

Rewane disclosed this in an interview with Channels Television.

The renowned economist said Nigeria has fallen from the 32nd largest economy in the world to 42nd.

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He added that in Africa, the nation has also descended from its 1st ranking to 4th in terms of wealth management and accumulation.

Rewane, who noted that Ghana has also overtaken Nigeria, said, “In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves.”

In March this year, Rewane, the CEO of FDC, was among the appointed members of President Bola Tinubu’s Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan.

Speaking on the first anniversary of Tinubu’s term in office, Rewane categorized Nigeria’s economic performance into the good, bad, and ugly based on his available metrics.

He added that the economic metrics and rankings look tough but there is room for improvement in the Nigerian economy.

He said, “Our ranking among African countries has declined. Last year, our GDP growth was 2.98 per cent; South Africa was 1.93 per cent, Kenya four per cent, and Ghana 3.8 per cent. Inflation was 33 per cent for us, five per cent for South Africa, five per cent for Kenya, and 25 per cent for Ghana.

“Our GDP per capita is $1,111, while South Africa’s is $6,700, Kenya’s is $2,000, and Ghana’s is $2,200. External reserves as a percentage of GDP illustrate a tough picture.

“In the past, we were always richer than Ghana, but now we are here. External reserves and GDP figures speak for themselves.”

He added that major policy changes were announced in 2023, including the $1 trillion GDP goal, that the time lag between policy announcements and their effects was a drag on outcomes, and unintended consequences led to social unrest.

“There’s a cost of living crisis in Nigeria, and minimum wage negotiations are a source of widespread conflict. The wrong sequencing of reforms is taking its toll on output. Nigerians and Nigeria need new borrowing to refinance existing obligations, and policy changes, institutional reforms, and new borrowings are expected to lead to positive and faster growth from 2025 to 2026.

“The economic weakness is partly structural and mostly exogenous. Exogenous means from outside, while structural means fundamental. The structural challenges include rent-seeking, market structure issues, energy crunch (4,000 MW), regulatory bottlenecks, declining labour productivity, and demographic pressures including urbanization.

“Exogenous shocks include COVID-19 disruptions, post-COVID global supply chain disruptions, political tensions, high global interest rates, transit developments, the cost of living crisis, wage agitation, and social unrest,” Rewane said.

The economist also reviewed President Bola Tinubu’s promises, policies, and announcements a year after his assumption in office.

“The first promise President Tinubu made was to increase GDP to $1 trillion in eight years. Before then, our GDP was almost $400 billion, so he aimed to double it in eight years.

“He removed petroleum subsidies, unified exchange rates, promised to overhaul the security infrastructure, and also promised to double power generation from 5,000 MW to 10,000 MW in 5 years, which means an increase of 1,250 MW every year.

“Additionally, he promised to bring inflation under control. These were the promises, policies, and announcements.”

The Presidential Economic Coordination Council (PECC) comprises distinguished leaders and key government officials, with President Tinubu serving as Chairman of the PECC.

The Director of the Abuja School of Social and Political Thoughts, Sam Amadi has called out Southeast governors.

Speaking on Thursday, he said Southeast governors should declare May 30 a public holiday to mark the Biafra War.

Amadi said there should be a Biafra Memorial Day in Nigeria.

This is coming amid the shutting down of the Southeast in compliance with the sit-at-home ordered by the Indigenous People of Biafra, IPOB.

IPOB and other pro-Biafra groups had set aside May 30 each year to remember those who paid the supreme price during the Biafra civil war.

Posting on X, Amadi wrote: “By the way, why can’t Southeast Governors declare May 30 a public holiday to mark the civil war and honor the heroes who died? Nations remember such events. There should be Biafra memorial

“As Governor, I will declare the 30th of May a holiday with public lectures and commemorative events.

“If I am a Governor no group will ever stop students from writing exams because of any ideology or political activity.

“We must protect the freedom of our people and the process of economic and social development. We cannot be playing with law and order.”

The 36 state governors have been ordered to file their respective defense to a suit instituted against them by the Federal Government seeking for full autonomy for the 774 local government in the country.

The order was given by the Supreme Court on Thursday.

The apex court also ordered the Attorney General of the Federation, AGF, and Minister of Justice to, upon receipt of the governors defense, file his reply within two days.

Justice Garba Lawal issued the order on Thursday while ruling in an application for abridgement of time argued by the AGF, Prince Lateef Fagebemi, SAN.

The AGF had prayed the court to compel the governors to file their responses within five days in view of the urgency and importance of the suit to local government autonomy.

Although the governors did not object to time abridgement, they however requested for 15 days to file defense.

Justice Lawal who led a seven-man panel of justices of the apex court, said that the decision of the court to reduce time was predicated on the national importance and urgency of the suit and the non-objection from the states of the federation.

The Supreme Court held that filing of all processes and exchanging of same must be completed withing the time and subsequently fixed June 13 for hearing of the suit.

Justice Lawal ordered that the eight states that were not in attendance at Thursday’s proceedings must be served with fresh hearing notice.

The eight state are Borno, Kano, Kogi, Niger, Ogun, Osun, Oyo and Sokoto, whose Attorneys General were absent in court despite being served with hearing notice.

Nollywood actor Segun Arinze has disclosed the reasons behind his twelve-year hiatus from marriage following the end of his first marriage.

The 58-year-old first tied the knot with Anne Njemanze, the actress, in 1996. Their marriage, however, hit the rocks in 1997.

The film star then married Julie in 2008 and they have three children.

Speaking on the WithChude podcast, Arinze said “I was confused about getting the right person” after he and Njemanze divorced.

The filmmaker said he was involved in many relationships until “I cried to God” in 2007 to give me a wife.

Arinze said he initially refused to speak about his failed marriage “because people do not share everything”. 

“I stayed out of marriage after the first one crashed. I stayed out of marriage for like 12 years before I remarried. I remarried in 2008. Not that I gave up on marriage, I was just really confused about getting the right person,” he said.

“I got into so many crazy relationships. Both the ones were good, crazy, and bad I have seen all. That year, 2007. I cried to God and said ‘Father Lord I have had enough can you just give me a wife’. I said just find me a wife. I remember I cried.

“And then I went to a wedding and I saw this beautiful woman. I asked my PA to get her number but he came back because he was scared. Julius Agwu and I were the MCs at the event. It was Don Chi’s wedding. And Julius Agwu said ‘My brother dey look for wife o’. When I sat I went to meet her, collected her contact and then invited her to a dinner. That is how it started. The rest is history.

“We are sixteen years in marriage now with three lovely kids. She is a lawyer. She is also my legal adviser.

“When that happened to me in 1997 I kept quiet. I did not say anything. I just let it go. Till date I said nothing and I do not want to say anything. I do not want to discuss anything about it. It happened. The shit will always happen. Everybody has a closet.”

American actor and professional wrestler, Dwayne Johnson popularly known as The Rock has been recognised by Guinness World Records as the most followed actor on TikTok with 74.4 million followers.

The Rock knocked off fellow actor Will Smith, who has held the record since 2022, in the battle of A-listers of the American celebrity stars.

GWR said Johnson will have to “work hard to hold on to the title though, as the Fresh Prince of Bel-Air star isn’t too far behind him.”

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The Rock, who recently revived his wrestling career with a return to WWE, regularly takes his fans behind the scenes of his fame on his TikTok channel.

As well as documenting his WWE return of late, The Rock also posts videos of himself working out in the gym, surprising shoppers by hand-delivering his Papatui skincare products, and his work with the Make-A-Wish Foundation.

Will, who describes himself as the “Same kid from West Philly”, also shares a glimpse into his fun showbiz life.

“Lately, he’s been posting videos of himself and Bad Boys co-star Martin Lawrence as they return for a fourth installment in the franchise, Ride or Die,” GWR said.

Ahmed Musa has called on his Super Eagles teammates to give their all in the upcoming 2026 FIFA World Cup qualifiers against South Africa and Benin.

Musa reckoned it is important for the team to win the two games after a slow start in the qualifiers.

”Everyone knows the importance of both games, the players understand what’s at stake and I will want them to go all out and win both games,” the former Leicester told SCORENigeria

“I am upbeat they will do this.”

The Super Eagles will welcome Bafana Bafana of South Africa to Uyo on Friday June 7, before they fly out three days later for another World Cup qualifier against Benin in Abidjan.

The Super Eagles are third in Group C with two points from as many matches.