Two Nigerian Army officials have been arrested for stealing armoured cables from the Dangote Refinery, as announced by the Nigerian Army on Wednesday.

Naija News reports that the incident, deemed “totally unacceptable and highly regrettable” by the Army’s top brass, has raised concerns over discipline within the ranks.

The soldiers were apprehended on Sunday at the main gate of the Dangote facility, in possession of 897 precut armoured cables, while attempting to exit in an Acura jeep.

The spokesperson of the Nigerian Army, Major General Onyema Nwachukwu, expressed deep concern regarding the breach of ethics and values represented by this incident.

According to Maj. Gen. Nwachukwu’s statement the arrest was facilitated by “the proactive intervention of vigilant troops and private security operatives on duty at the refinery.”

Nwachukwu emphasized that the actions of the two soldiers do not reflect the standards and principles upheld by the Nigerian Army.

Further details revealed by Nwachukwu suggest a contractor known only as ‘Mr. Smart’ hired the soldiers to retrieve cables left behind at the refinery.

However, as they neared a security checkpoint, Smart reportedly exited the vehicle and fled the scene, leaving the soldiers to face the consequences alone.

Nwachukwu further disclosed that investigation was ongoing to determine the full extent of the involvement of the detained soldiers in the theft.

The Nigerian Army reassured the public that it would impose appropriate disciplinary measures on the culprits, underscoring that it does not condone any acts of criminality among its personnel.

The Economic and Financial Crimes Commission (EFCC) will today (Thursday) arraign a former governor of Kogi State, Yahaya Bello, before a Federal High Court sitting in Abuja.

Naija News reports that the governor will be arraigned alongside three other suspects, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu.

The EFCC is arraigning them before Justice Emeka Nwite on 19-count charges bordering on money laundering to the tune of N80, 246,470, 088.88 (Eighty Billion, Two Hundred and Forty-Six Million, Four Hundred and Seventy Thousand and Eight Nine Naira, Eighty Eight Kobo).

They will face 19 counts of alleged fraud in a charge marked FHC/ABJ/CR/98/2024 filed on March 6, 2024, by a Senior Advocate of Nigeria (SAN), Dr. Kemi Pinheiro.

Pinheiro and two other SANs – Jubrin Okutepa and Rotimi Oyedepo – will lead seven other lawyers from the EFCC against the defendants.

Count 1 of the charge reads: “That you, Yahaya Adoza Bello, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (Still at large), sometime in February 2016, in Abuja, conspired amongst yourselves to convert the total sum of N80,246,470,089.88 which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: criminal breach of trust and you thereby committed an offense contrary to Section 18(a) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended.”

Count 2: “That you, Yahaya Adoza Bello, sometime in 2023, in Abuja, indirectly procured one Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (still at large) to use the sum of N950,000,000.00 for the acquisition a property lying, being and situate at No. 35 Danube Street, Maitama District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18 (c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

Count 3: “That you, Yahaya Adoza Bello, sometime in February 2021 in Abuja, indirectly procured one Ali Bello, Dauda Suleiman and Abdulsalam Hudu (still at large) to use the sum of N100,000,000.00 for the acquisition a property lying, being and situate at No. 1160, within Cadastral Zone C03, Gwarimpa II District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

Count 4 “That you, Yahaya Adoza Bello, sometime between 2018 to 2020, indirectly procured one Yakubu Siyaka Adegbenga, Iyadi Sadat and Abba Adaudu to use the sum of N920,000,000.00, for the acquisition a property lying, being and situate at No.2 Justice Chukwudifu Oputa Street, Asokoro, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

Count 5: “That you, Yahaya Adoza Bello, sometime in 2022, in Abuja, within the jurisdiction of this Honorable Court, indirectly procured one Ali Bello, Dauda Suleiman, Rabiu Musa Tafada Global Ventures and Abdulsalam Hudu (still at large) to use the sum of N170,000,000.00 for the acquisition of a property lying, being and situate at block D Manzini Street, Wuse Zone 4, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

The EFCC also accused Bello of procuring a firm to transfer the aggregate sum of US$570,330.00 to an account number in TD Bank, United States of America, “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal breach of trust.”

The last count accused the former Kogi State Governor of indirectly procuring E-Traders International Limited, Aleshua Solutions Services, Whales Oil and Gas, Forza Oil and Gas, Dada Grand Merchant Limited to transfer $556,265 to account number 4266644272 domiciled in TD Bank, United States of America “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal Misappropriation and you thereby committed an offense contrary to section15(2)(d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15(3) of the same Act.”

AS the Peoples Democratic Party, PDP holds its National Executive Committee, NEC meeting today, former Federal Commissioner for Information and South South Leader, Chief Edwin Clark has called for the setting up of a Disciplinary Committee that will be saddled with the responsibility of probing the anti-party activities of former Governor of Rivers State and others whose roles led to the failure of the PDP in the 2023 elections.

Clark described Wike who is presently the Minister of the Federal Capital Territory Administration, FCTA as the greatest enemy of the PDP, manipulating it, with an intent of destroying it.

He added that his anti party activities must be dealt with decisively, by setting up a strong disciplinary committee made up a strong people with resilience to resist pecuniary gains.

In a statement on Wednesday in Abuja, the Elderstatesman has also called for the immediate dissolution of the present National Working Committee, NWC of the PDP for what he described as their anti-party activities.

Clark’s statement is titled, ” As the National Working Committee, (NEC) of the Peoples Democratic Party (PDP) meets: A Poser- PDP: To be or not to be?”

The Leader of Pan Niger Delta Forum, PANDEF said that after the dissolution of the NWC, an Acting National Chairman should be appointed in accordance with the Constitution of the party, adding that there was a precedence during the tenure of Prince Uche Secondus, who was still in court, when the party appointed another Acting National Chairman.

According to the Leader of Southern and Middle Belt Leaders Forum, SMBLF, the party should immediately revisit the on-line registration of its members as it was initiated by the then National Chairman, Dr. Okwesilieze Nwodo, to save the party from depending on individuals, just as he said that some overzealous members of the party have hijacked it for their selfish gains.

Clark has warned the party that if the former Vice President and the 2023 Presidential candidate, Atiku Abubakar is made the candidate for 2027 elections, PDP will collapse as the second principal party in the country today.

Clark said, ” I know that many people who read this article will say to themselves that they thought Chief Edwin Clark said he has retired from active and partisan politics. Yes, I said I have resigned from partisan and active politics. But it was one of the famous philosophers Aristotle, who said “Man is by nature a political animal.” He went on to narrate that because no human can flourish on their own, there is a natural tendency of man to partner with their fellow men.

“And one of these partnerships is that relating to polis, which is the Greek word for community; from where is derived political partnership. Therefore, for as long as Almighty God keeps me alive, both physically and mentally, I will continue to speak on governance and political matters, especially when it is tending to adversely affect our nation.

“The Peoples Democratic Party (PDP) was set up by leaders of like mind who assembled in the nation’s capital, Abuja, on 28th July, 1998, to work together “for the speedy restoration of democracy, achievement of national reconciliation”, amongst others. Some of us joined immediately the idea of such an egalitarian political party was enunciated, because we felt that was what our dear country needed and still needs.

“But what has happened today? Some overzealous members of the party have hijacked it for their selfish gains. Some of us have been shouting and warning against this. I recall that in order to avoid “money bags” taking over the party, instead of the National Working Committee (NWC) of the party, as provided by its Constitution, a one-time National Chairman of the party, Dr. Okwesilieze Nwodo, former Governor of Enugu State, during his tenure, proposed in accordance with the party’s provisions, payment of membership dues by all members with which the party will be run. He denounced the issue of deep pockets taking over the party when in his acceptance speech in 2010 stated “Needless to say, we need money to prosecute our elections but I can assure you that Ghana-Must-Go bags will not be needed at the National Secretariat of PDP in order to win primary elections. There will be no room for cash-and-carry democracy in the PDP because it is the bane of true democracy.

” My sincere advice to the members of the party’s NWC which is composed of notable politicians, is that they should be courageous enough to: Set up a Disciplinary Committee to investigate the anti-party activities, particularly the roles played by some members which led to the failure of the PDP in the 2023 elections;

“To dissolve the existing NEC of the party for their anti-party activities;

“To appoint an Acting National Chairman in accordance with the Constitution of the party. This was what happened during the tenure of Uche Secondus, who was still in court, when the party appointed another Acting National Chairman;

“The party should immediately revisit the on-line registration of its members as it was initiated by the then National Chairman, Dr. Okwesilieze Nwodo, to save the party from depending on individuals, because as they say, he who pays the piper, dictates the tune.”

Earlier, the Elderstatesman said, “Rumours have it that Atiku is already preparing for the 2027 presidential election. If this is allowed, PDP will collapse as the second principal party in the country today. While no one is contesting his right of contesting or indicating interest for the presidency of the country as many times as he wishes, which as the last count is up to five times, he should also know that fair play is the bedrock of the game.

“Another person that also seems to be holding or going for the jugular of the PDP, is Barr. Nyesom Wike. Honestly, I lack words to describe his actions. The nearest description I can give for his actions is political androgynous, he is neither in PDP or APC. He seems simply acquisitive, and the greatest enemy of PDP, manipulating it, with an intent of destroying it.

“Most of us supported Barr. Wike in his agitation against Alhaji Atiku Abubakar. But he has gone too far in causing tragedy in PDP. His anti party activities must be dealt with decisively, by setting up a strong disciplinary committee made up a strong people with resilience to resist pecuniary gains, who are courageous to investigate his activities, and that of any other person/persons suspected to engage in anti-party activities. The seeming contest for the soul of the PDP between himself and Alhaji Atiku Abubakar is not only ridiculous but a negation of the ideals for founding the party.

“Even though Nyesom Wike, had a good case considering what transpired during the last presidential primary election of the PDP, he has crossed the red line. Today, he is dancing naked in the market. He regards himself as the leader of both the PDP and APC in Rivers State, and that is why I described him as someone who can be referred as a political androgynous; an acquisitive person. Wike used his influence on APC National Chairman, Alhaji Umar Ganduje, to set up a caretaker committee of the party in Rivers State under the leadership of Mr. Tony Okocha, a position he, Mr. Okocha, sees as an opportunity to deride, harass and attempt to humiliate an elected Executive Governor of the State, Siminalayi Fubara.

“The story is the same in PDP in the State; where Barr. Wike recently removed the State Chairman, and recommended him for a federal appointment. Now, with his control of PDP and APC in Rivers State, he has appointed some APC members as caretaker committee members of the party in Rivers State.

“Is Nyesom Wike only waiting for the appropriate time to destroy the PDP and become a full fledge member of the APC? It is alleged that it is the same Barr. Wike who sponsored the 27 members of the Rivers State House of Assembly, to defect from the PDP to the APC, using the National Secretary of the Party, who was in court as the reason and that PDP has split.

“Even though these members in accordance with constitutional provisions have lost their seats in the House as a result of their defection to another party when there was no crisis in the party on which platform they were elected, Wike is retaining them with the support of Mr President, to the extent of threatening to impeach the Executive Governor, Siminalaye Fubara.

” I will, at this juncture, like to repeat the question I asked in the book I am writing on PDP, ‘Whither PDP: to be or not to be?’. The inordinate ambition of Their Excellencies Alhaji Atiku Abubakar and Barr, Nyesom Wike, to be president of the country, will kill the party. These two seem to prefer to use their personal funds to establish their leadership, not because of their love for the party. PDP wake up! This is a clarion call.

“It is true that for some time the party had no funds, particularly the time between Ahmed Makarfi and Ali Modu Sheriff. Nyesom Wike was the only Governor who financially supported the party. Again, in his usual manner, he insulted and humiliated the party. He dared them not to hold the party convention in Port Harcourt. The party kowtowed to him. Even after that, he continued to harass and intimidate the party. For instance, he sponsored Uche Secondus to be the national chairman of the party against the wishes of most other members. The same Barr. Wike later on instigated and sponsored the removal of Uche Secondus, two months before the party’s National Convention.

“Barr. Wike’s engagement in brash politics seems to be affecting members of the party including the party’s Acting National Chairman, Amb. Umar Iliya Damagum and the National Secretary, who take instructions from Barr. Wike. Hence, the sixty members on the platform of the party in the House of Representatives, are calling for the resignation and or removal of the Acting National Chairman.”

The Central Bank of Nigeria (CBN) has reduced the Loan-to-deposit ratio (LDR) of banks to 50 per cent from 65 per cent.

The apex bank made this known in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy”.

The circular was signed by the Acting Director of the Banking Supervision Department, CBN, Adetona Adedeji.

In a bid to increase lending to the economy especially Small and Medium Enterprises, SMEs, retail mortgage and consumer loans, the CBN on July 3, 2019, increased Banks’ LDR to 60 per cent from 57 per cent.

The LDR was further raised to 65 per cent in January 20020.

The reduction in the LDR according to analysts at Afrinvest Securities is to allow banks to comply with the Cash Reserve Ratio, CRR of 45 per cent.

They said, “Today, the CBN in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy” announced a scale down of the Loans to Deposits Rate (LDR) by 15.0ppts to 50.0% – reversing previous threshold set by the past CBN administration in January 2020.

“In our view, this downward review of LDR allows banks to comply with the 45.0% CRR directive, and eases off pressure on the lenders considering the restrictive nature of other CBN directives including the Net Open Position (NOP) ceiling of 20.0% short and 0.0% long. Thus, we believe this policy would enhance the ability of banks to sweat out assets without creating unnecessary risks.”

The CEO of Rainoil Limited, Gabriel Ogbechie, disclosed that the Nigerian government has resumed the controversial payment of fuel subsidies, now estimated at about N600 billion monthly, due to the recent devaluation of the Naira.

This statement was made during the Stanbic IBTC Energy and Infrastructure Breakfast Session in Lagos, stirring significant discussions on the nation’s economic and energy policies.

Return of the Subsidy

Mr Ogbechie detailed the resurgence of the fuel subsidy following the adjustment in foreign exchange rates. “When Mr. President came in May last year, one of the things he said is that subsidy is gone. And truly, the subsidy was gone because immediately, the price of fuel moved from 200 to 500 per litre. But a few weeks later, the government devalued the exchange rate, and the Dollar moved to about N750. At that point, the subsidy was beginning to come back,” Ogbechie explained.

He further highlighted that with the official closure of the dual exchange rate markets and the consolidation to about N1,300 per dollar, the subsidy on petrol was unmistakably reinstated. “The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol,” he emphasized.

Subsidy Calculations and Implications

Ogbechie broke down the current subsidy figures, stating, “If you look at our daily consumption, say 40 million liters, and we’re spending N500 per liter, that is about N20 billion every day, N600 billion every month, and 7.2 trillion yearly depending on how we look at it. So, subsidy is definitely back on petrol.” These numbers not only highlight the financial magnitude of the subsidy but also underscore the economic pressures faced by the Nigerian government in maintaining fuel price stability.

Government and Public Perspectives

The reimplementation of the fuel subsidy has sparked debates across various sectors. The former governor of Kaduna State, Nasir El Rufai, echoed concerns by stating that the federal government is spending more on petrol subsidy than before. Meanwhile, Mrs. Olu Verheijen, Special Adviser to the President on Energy, elucidated the government’s stance, “The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.”

She added, “If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently, and that does not negate the fact that subsidy has been removed.”

NNPC’s Position

Contrarily, the Nigerian National Petroleum Corporation (NNPC) has maintained that no subsidy is paid to its account from the federal government. Mele Kyari, GCEO of NNPC, stated in August 2023, “I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import. We hope that they do this very quickly, and these are some of the interventions the government is doing. There is no subsidy.”

…assures of safety of lives, property, peaceful conduct of primaries

Police detectives in Ondo state, have arrested two members of the All Progressive Congress, for printing fake membership cards ahead of the Saturday’s governorship primary election.

A statement by the state police commands spokesperson, Funmi Odunlami, in Akure, gave the name of one of the suspect as Ariyo Ajiroba.

The statement read that “On Wednesday, 17th April, 2024, the Police received an intel that one Mr Ariyo, a transporter in Ondo town was registering APC Party members at his residence ahead of the party primaries slated for 20th of April, 2024.

“Police personnel from Yaba Divisional Headquarters led by an Assistant Superintendent of Police visited the house and recovered the following items from the scene, APC party’s registration booklets, list of names of purported party members of ward 7 Ondo, 53 passport photographs of different individuals, jotter containing with names, two exercise books with names and phone numbers of people and two slips of a registered form.

“Two suspects have been arrested and are assisting the Police with necessary information to apprehend others involved in this cynicism.

“The Commissioner of police, Abayomi Oladipo, admonishes all political aspirants to caution their supporters whose acts can stir the hornet’s nest in the state.

Odunlami added that “The CP also ordered total clamp down on incendiaries no matter whose ox is gored, as the Command has spread its tentacles to all nooks and crannies of the State to ensure safety of lives and property and peaceful conduct of the party primaries in the State.”

Recall that that seven of the governorship aspirants have raised the alarm over the printing of fake membership cards.

APC primaries: All eyes on Tinubu's anointed candidate in Ondo as contesters slug it out
The governorship aspirants include Olusola Oke, Wale Akinterinwa, Diran Iyantan, Dayo Faduyile, Gbenga Edema, Jimi Odimayo and Senator Jimoh Ibrahim.

They warned that “the development might hamper the outcome of the shadow election on April 20.”

In a petition letter addressed to the national chairman of the party, Umar Ganduje, the aspirants said “despite paying N300 million into the coffers of the party to cover the annual dues of all party members, the exercise was not transparent to our satisfaction, as most of the genuine party members could not revalidate their membership cards.

Their letter reads, “We, the undersigned, are aspirants from the South senatorial district of Ondo State who have collected forms to participate in the forthcoming Ondo State gubernatorial primary election slated for April 20, 2024.

“We have noticed some issues of concern in respect of the said primary election, which, if not resolved quickly, may hinder the smooth running of the primary and may be detrimental to a free, fair, credible, and acceptable election.

“One of the issues is the revalidation of the membership register to be used for the primary election.

“While we commend the position of the party to revalidate the existing membership register, which is the certified true copies, as certified by INEC, and based on this directive of the party, as aspirants, we have paid over N300 million to the coffers of the party to cover the annual dues of all party members whose names appear on the register.

“Unfortunately, the exercise was shrouded in so much secrecy that a lot of our party members, especially our numerous supporters, could not have their membership cards revalidated before the committee that came from the headquarters left Ondo State for Abuja.

“We have been inundated by reports that a particular aspirant has gone ahead with massive printing of fake party slips, which he has distributed to a lot of people who are not even our party members.

“The intention of this aspirant is to corrupt the integrity of the membership register on the day of the primary by making the accreditation of party members impossible as non-party members have already been recruited to flood the venues of the primary election that day.

“This massive and pervasive production of the membership cards will certainly precipitate a situation where everyone holding membership cards, notwithstanding that their names are not on the register, will be allowed to vote without accreditation. Voting without accreditation remains illegal and unacceptable.

“Mr. Chairman should note that Section 77(2)(3) of the Electoral Act, 2022, makes it mandatory for all political parties to have a credible membership register, which must be submitted to the Independent National Electoral Commission, INEC, and certified by it, not later than 30 days before the Congress.

“To avoid any legal or constitutional conundrum, we advise that the party make accreditation of party members mandatory at the election venue and that every member of the party whose name appears on the membership register already certified by INEC should be allowed to vote once he or she is able to present his or her membership slip for accreditation.

“It is therefore our prayer that the leadership of the party make available to us the membership register already validly certified by the Independent National Electoral Commission, INEC, as the only lawful register to be used by the party for the conduct of the primary election slated for April 20, 2024. No other register can lawfully be used for the said election.”

Popular businessman and socialite, Emeka Okonkwo, aka E-Money, has pledged to take care of the children of late Nollywood actor, Junior Pope.

Recall that Junior Pope and three others lost their lives after their boat capsized on the Anam River in Anambra State while returning from a movie location.

Mourning the late actor, E-Money revealed that Junior Pope’s last words were about his commitment to train his three sons.

He promised to fulfil the late actor’s wish by taking over the responsibility for his kids.

On his Instagram page, E-money wrote: “It has been one week since you departed from this world, leaving behind a profound sense of loss that reverberates not only among us but also across Africa and beyond.

“Your presence, as both a friend and a brother, is deeply missed, JP. The weight of your absence bears heavily upon our hearts, yet we draw comfort from the belief that God will grant us the resilience to carry forward and uphold the legacy you’ve entrusted to us.

“We tenderly remember your final words on the boat, ‘Na only me dem born, I get 3 children na me go raise them,’ and we solemnly commit to honoring that vow.

“Your children now find solace in the embrace of the Okonkwo family, and we, as members of that family, pledge to nurture them as you would have wished. Your absence leaves a palpable void, JP, and your memory will forever be held dear. Rest peacefully, knowing that you are deeply cherished, and may God’s blessings encompass your soul, your family, and all who hold you in their hearts.”

A few days after the commemoration of the 10-year anniversary, another Chibok girl, Lydia Simon, has been rescued by troops of Operation Desert Sanity III, North East Operation Hadin Kai.

She was rescued with her three children by the troops of 82 Division Task Force Battalion in Ngoza LGA of Borno State, yesterday.

Sources told Vanguard that, Lydia, who was on serial number 68 among the abducted missing girls, escaped from the camp of Ali Ngulde in Mandara Mountain, where she was held in captivity for several years.

She surrendered to troops of 82 Division Task Force Battalion at Ngoshe in Gwoza LGA. The rescued Chibok girl was five months pregnant and claimed she was from Pemi Town in Chibok.

The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves.

He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency.

Speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank is determined to nurse a foreign exchange market ruled by the principle of willing buyers-willing seller.

He also said that Ways and Means (federal government borrowings from CBN) is no longer an issue, particularly after the fiscal authorities securitised the outstanding.

His words, “Defending the Naira, from every indication is an elephant in some rooms. I will make this as clear as possible. It is not our intention to defend the Naira. Much as I have read in the recent few days some opinions about what has happened in terms of our reserves being drawn down, the CBN Defending the Naira, if you take your mind to our philosophy and policy, you will see it will be counter intuitive. We want the Naira to perform independently as long as we have a vibrant forex market.

“Initially we needed to keep the BDCs going. So it is important for people to get forex for school fees, travels and the like.

Why reserves shifted

“The shift you see in our reserve is not to defend the Naira but for things like settling obligations that fell due. Mind you, that is the reason for keeping foreign reserves, in the first place.”

Cardoso also said that his team is cooperating with the fiscal authorities and that, “Ways and Means is no longer an issue.

He said, “Let me be upfront in saying that the monetary policy is only one side. It is very clear to us that we need to have a very good handshake with the fiscal authorities.

“For instance, food inflation is not within the purview of the CBN. Ways and Means is now less an issue.”

The CBN boss said he decided to go the orthodox central banking route in order to build confidence in the Nigerian currency.

He also said that he had no choice than to raise monetary policy rate, recording 600 basis points hike within a short period of time.

He promised to communicate more with Nigerians and other stakeholders in order to moderate their expectations.

“We want Nigerians to be realistic in their expectations. We have used the MPC to explain why we took the measures that we have taken.

“We will strengthen the communication framework using different platforms to communicate.”

The governor expressed satisfaction that he took hard decisions but added that they are yielding desired outcomes.

He said within two months of his administration , the Naira was adjudged the worst performing currency, but within six months it moved to the best performing currency, globally.

“Ultimately the objective is to ensure that we moderate inflation’’, he stated.

Key take-away lessons for him, he said, was that he could not over-emphasise the importance of trust, stating, “Irrespective of boldness to do certain things if the trust is not the there, you will sub-optimise.

“It is a bit of a surprise that one had expected a greater understanding of a lot of the issues, expectations of the people on the CBN is often misplaced.”

President Bola Tinubu, on Wednesday, promised harsh consequences for persons who pit themselves against Nigeria’s sovereignty and security.

He also said his administration had made considerable gains against banditry and kidnapping through intensified campaigns buoyed by intelligence gathering.

“Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,” Tinubu said when he received leaders of the Yoruba socio-political Organisation, Afenifere, at the State House in Abuja on Wednesday.

The delegation was led by the leader of Afenifere, Pa Reuben Fasoranti, Oba Olu Falae, and other eminent citizens.

The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed the details of Wednesday’s talks in a statement titled, ‘President Tinubu receives leaders of Afenifere, says the administration is resolute in achieving economic security in a fair and equitable system for all Nigerians.’

Speaking on security, the President declared that those who threatened the sovereignty of Nigeria would pay a heavy price.

The declaration by Tinubu came days after Yoruba Nation agitators, dressed in military camouflage and armed with guns, stormed the Oyo State Government Secretariat, attempting to hoist the Yoruba Nation flag on the premises of the Oyo State House of Assembly.

The Yoruba Nation promoters are seeking the breakaway of the Yoruba people from the Federal Republic of Nigeria.

They contended that the interest of the Yoruba people had not been adequately protected in Nigeria, saying their welfare would be better taken care of under a separate sovereign entity to be known as Yoruba Nation.

But Tinubu speaking on Wednesday, vowed to keep Nigeria as one.

The President said, “I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy has been reflected greatly here since we assumed office. What we face now is the challenge of terrorism.

“Security of life and property is necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that it can no longer threaten Nigeria’s sovereignty.

“Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them. We are getting results more rapidly than before. We are working hard on intelligence gathering.”

The President said his administration was re-engineering Nigeria’s finances and seeking to boost citizens’ purchasing power and spread prosperity by instituting a credit system where the element of cash does not impede a significantly enhanced standard of living for all citizens.

He argued that Nigeria must first secure itself economically before achieving its more sophisticated objectives.

“We are committed to our country’s economic survival. To re-engineer our country’s finances, we must start in earnest,” he explained.

According to Tinubu, this will require first retooling, revamping the economic opportunities available, and continuing to take the necessary firm, steady baby steps.

“Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths.

“We have seen the problems parents face in training their children in school; it is why we established the National Student Loan Programme, which is taking off well,” he explained.

He assured the Yoruba leaders that his administration would emphasise the Consumer Credit Scheme and provide allowances for the unemployed to reduce the high unemployment rate.

“We must help vulnerable people by providing social security.

“We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the Consumer Credit Scheme.

“If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land,” President Tinubu said.

He thanked the delegation for their prayers and support and assured them he would not relent in his resolve to advance Nigeria.

“God bless Nigeria. God bless our unity; our diversity must bring prosperity for all for the sake of Nigeria,” Tinubu concluded.

Earlier in his remarks, Oba Olu Falae commended the President for his courageous decisions, the rehabilitation of the Third Mainland Bridge in Lagos, and other critical ongoing projects.

Oba Falae urged the President not to relent in ensuring fairness and equity for all Nigerians while noting the importance of a constitutional amendment to devolve more powers to the states.

He said, “We are delighted about what you are doing for our country, and we assure you of our continued support.

“We thank you for visiting Akure in February 2024 and believe it is proper to reciprocate your kind gesture.

“We appreciate this relationship, and we need to make it work in the interest of Nigeria.”

Describing President Tinubu as the most important political figure in Africa, the monarch conveyed the elders’ expectations of him to lead the country with knowledge, courage and integrity.

“We have no doubt that your tenure will mark a turning point in our country’s history. Under your leadership, Nigeria will be repositioned,” he said.

The Afenifere Chief also promised firm support for the President, saying, “We will stand by you as you make all efforts to improve the Nigeria story. Be assured that Afenifere will not abandon you in fair or foul weather. As long as you remain faithful to the principles of fairness, integrity, and courage expected of you as the leader of Nigeria, we will stand by you.”