The popular saying, “The morning foretells the evening,” seems to defy logic in Nigeria’s case. The economy, which turned frosty after President Bola Tinubu introduced radical reforms 18 months ago, now appears to be thawing rather than worsening, contrary to the predictions of critics.

Rather than witnessing a continued decline in living standards, as many feared, Nigeria seems to be gradually recovering from decades of stagnation. The current glimmers of hope—despite the widespread discontent initially caused by Tinubu’s reforms, such as the removal of petrol subsidies and the unification of multiple foreign exchange rates, which led to a sharp naira devaluation—suggest that the hardships Nigerians endured may finally be easing.

The steady improvement in the economy, driven by the president’s Renewed Hope agenda, appears to validate the Machiavellian notion that “the end justifies the means.” That is because the once-frozen economy, disrupted by these difficult but necessary reforms, is now showing signs of recovery.

This progress may also reflect Nigerians’ gradual acceptance of the transition from a subsidy-dependent consumption economy to a production-based one. The assertion above is validated by the fact that by plugging longstanding financial leakages and laying the foundation for harnessing untapped economic potential, the administration is driving a paradigm shift that promises to benefit Nigeria in the long term.

What the above scenario indicates is that, the Renewed Hope agenda, though painful in the short term, seems to be yielding lasting benefits as Nigerians adjust to the adage “no pain, no gain,” and the criticisms that resulted in branding Tinubu as “T-Pain” early in his administration are waning. In fact, increasingly, people are beginning to appreciate the broader vision behind President Tinubu’s policies and their potential to serve the majority’s interests over time.

This shift in public perception is evident in the stabilizing sociopolitical and economic landscape. For instance, the naira-to-dollar exchange rate, which had reached a staggering ₦1,750/$1, has improved to roughly ₦1,600–₦1,650/$1. This movement is closing in on the ₦1,500/$1 target set by Tinubu in the 2025 appropriation bill presented to the National Assembly on December 15.

What makes these positive developments even more noteworthy is that they are happening less than 18 months into Tinubu’s presidency. While many anti-Tinubu politicians and citizens clamored for immediate results from his reforms barely a year into office, advocacy from some of us and the voices of the likes of Nobel Laureate Prof. Wole Soyinka, who called for patience and endured criticism as government sympathizers, have been vindicated.

Clearly, the early signs of recovery are evidence of the principle that reform outcomes require time to reach fruition. Hence in less than two years—often considered a reasonable benchmark for policy impact—Nigeria’s economic indicators are shifting. Like traffic lights, these signals are moving from red to amber, with the potential to turn green as Tinubu approaches his second year in office in May 2025.  

Positive Socioeconomic Developments Indicate Progress Despite Initial Hardship

Recent socioeconomic improvements in Nigeria highlight the impact of a series of bold policy actions that hold significant potential to alleviate the hardships many Nigerians have endured due to reform-induced challenges. These developments, signaling economic recovery, include:

✓ Reduction in pump prices for petrol and diesel.

✓ Strengthening of the naira against foreign currencies.

✓ Decline in religious insurgency and banditry.

✓ Decrease in herder-farmer clashes and overall insecurity.

✓ Significant reduction in crude oil theft, coupled with increased oil production and exports, boosting foreign exchange reserves.

✓ A rise in foreign direct investment, exemplified by Shell’s commitment to invest $5 billion in the Bonga deep-sea oil asset.

✓ Introduction of a ₦70,000 minimum wage for federal civil servants.

✓ Adoption of compressed natural gas (CNG) as a less expensive alternative to petrol and diesel for mass transportation.

✓ Establishment of the Nigerian Education Loan Fund (NELFUND) to enable indigent Nigerians to pursue higher education by covering tuition fees and living expenses, thereby democratizing access to education.

These positive indicators reflect President Tinubu’s commitment to managing Nigeria’s complex economy, which often defies conventional economic principles. However, it is important to acknowledge the significant sacrifices Nigerians have endured since the administration began implementing its reform agenda on May 29, 2023.

One of the most recent developments that offers hope is the announcement on December 18, 2024, of a ₦200 reduction in the price of diesel by Dangote Refinery, lowering the cost from ₦1,200 to ₦1,000 per liter. Similarly, last month, the refinery reduced the price of petrol (PMS) by ₦20 per liter.

Given the critical role of petrol and diesel in facilitating transportation, powering factories, and supplying electricity to homes and businesses, these price reductions are expected to positively impact the economy. While the immediate effects of these reductions are not yet apparent—evidenced by the latest Nigerian Bureau of Statistics (NBS) report showing inflation rising from 33.88% to 34.60%—their long-term benefits are anticipated to ease the economic burden on Nigerians.

In essence, while the price reductions in these essential commodities (PMS and AGO) are yet to fully translate into tangible benefits, they are expected to lower transportation costs and provide relief to Nigerians struggling under severe economic hardship. However, these benefits may take time to materialize, as some fuel stations have yet to adjust their prices to reflect the reductions announced by Dangote Refinery.

Once the price adjustments are fully implemented, subsequent NBS reports may capture a downward trend in inflation rates. For now, food inflation remains high, driven by rising prices of staples such as onions, tomatoes, and peppers. These increases can be attributed to seasonal demand during the festive season, high transportation costs due to fuel price hikes, and other supply chain disruptions.

While these developments indicate progress, more time is needed for the full benefits of Tinubu’s reforms to materialize. Nevertheless, they offer hope for greater economic stability and relief for Nigerians in the near future.

Tinubu’s Economic and Sociopolitical Strategies Show Promise Amid Challenges

Key drivers of Nigeria’s current high food inflation include rising transportation costs, seasonal demand, and supply chain disruptions, which have made basic cooking ingredients unaffordable for many vulnerable Nigerians. However, as the reduced costs of petrol and diesel take effect, and with the festive season coming to an end, coupled with continued security improvements, inflation may see a significant drop by the first quarter of 2025. While it may not reach the 15% target set by the Director of Budget in the Presidency, my good friend Dr. Tanimu Yakubu, the concerted efforts of various government departments—from the Central Bank of Nigeria (CBN) to the Ministry of Finance—make it unlikely to remain at its current elevated levels.

Notably, Nigeria’s debt service ratio has dropped to 65%, down from 97% when President Tinubu assumed office 18 months ago, just as the globetroting allegations against President has been vitiated by the fact that lndian Prime minister Naranda Modi and German president Frank-Walter Steinmeier have reciprocated Tinubu’s visits.

These are heads of strategic countries that are major trading and technology partners and they were in Nigeria to discuss partnerships that would benefit our nation tremendously.

That said, some analysts have suggested wrongly or rightly that Dangote Refinery’s recent price cuts for petroleum products may be part of a competitive strategy against importers. Nonetheless, businesses with significant investments—such as Dangote, which staked $20 billion in a state-of-the-art refinery—often start by charging high prices to recoup their investments. Similar trends were observed in Nigeria’s telecommunications sector, where companies spent heavily on cutting-edge technology and spectrum licenses, making SIM cards initially expensive before prices dropped significantly. With additional refineries, such as the NNPC facilities in Port Harcourt, Warri, and Kaduna, gradually resuming operations, fuel prices are expected to decline further, aligning with earlier assurances that l gave to the public that although in Nigeria we believe what goes up hardly comes down, petroleum prices will surely come down from their current high.

As we all can attest , efforts to stabilize the naira against foreign currencies have also gained traction. A bill to prohibit the use of foreign currencies for local transactions, such as school fees and rent, has advanced significantly in the National Assembly. Combined with increased local refining capacity of petroleum products, this measure is expected to reduce domestic demand for foreign exchange which hitherto channeled into fuel imports.

Notably, the CBN reported an increase in foreign reserves from $38.3 billion in September to $40.08 billion by November 7, 2024. This boost, the highest in two years, provides sufficient coverage for nine months of imports and supports further currency stabilization.

Overall, President Tinubu’s bold economic policies, such as subsidy removal and currency devaluation, have spurred these positive changes. Despite the immediate hardships, these reforms are beginning to yield results, with further momentum anticipated from recently proposed tax reform bills currently under review in the National Assembly. These initiatives suggest a comprehensive approach to economic reform, unlike past efforts, such as the introduction of Structural Adjustment Program (SAP) in mid 1980s under Gen. Ibrahim Babangida, which adopted a piecemeal approach.

If the current reforms are managed effectively, these policies that l had coined “Tinubunomics” but did not go down well Aso Rock Villa, could provide long-term relief for Nigerians. The concept of “Tinubunomics” was a focus when Tinubu’s economic policies were reviewed on 8th May during the launch of my book, Leading From the Streets: Media Interventions by a Public Intellectual, 1999–2019. At the event, the theme “Tinubunomics: What’s Working, What’s Not, and Why” was explored and it generated a heated panel discussion. One panelist vexatiously claimed the economy was in “the red,” and the statement went viral. Today, it is unlikely that the same claim would be made, as the unfolding effects of the reform measures indicate long-term potential for recovery and relief. 

On the sociocultural front, Tinubu has taken steps to address allegations of marginalization and promote inclusivity. For instance, renaming the National Arts Theatre after Professor Wole Soyinka which drew critism with those against it alledging nepotism and the naming of University of Abuja after General Yakubu Gowon, an Angas man from north central Nigeria zone underscores a commitment to equity and merit. Similarly, the appointment of Sylvester Nwakuche, an Igbo man, as Acting Controller General of Immigration highlights Tinubu’s efforts to correct perceived ethnic imbalances in federal appointments.

In addition to that, the recent release of some Igbo youths detained for IPOB-related offenses signals a thawing relationship between the federal government and Biafran agitators.

To further cement national unity, Tinubu could consider releasing IPOB leader Nnamdi Kanu as a gesture of goodwill during the yuletide season. Such a move could resonate with the Igbo community, much like Muhammadu Buhari’s posthumous honor for MKO Abiola in 2018 by changing democracy day from 29 May to 12 June the day the presidential election was presumably won by MKO Abiola but was annuled by the military, won acclaim from the Yoruba people.

Looking ahead, 2025 holds promise for economic recovery and sociopolitical stability, provided Tinubu remains committed to his reform agenda and he woos and receives more support from a broader spectrum of Nigerians. Frankly, as the nation navigates these challenging times, there is hope that brighter days lie ahead.

On that note of optimism, I wish Nigerians and readers worldwide a Merry Christmas and a prosperous New Year.

Magnus Onyibe is an entrepreneur, public policy analyst, author, democracy advocate, development strategist, alumnus of the Fletcher School of Law and Diplomacy at Tufts University, Massachusetts, USA, and a former commissioner in the Delta State government (2003–2007).

For further discussions, please visit www.magnum.ng.

The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria.

All television and radio stations are requested to hook up to the broadcast.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

Nigerians are buying Dangote Petrol at a reduced price of N935 per litre across MRS filling stations nationwide, N105 cheaper than the price sold at the Nigerian National Petroleum Company Limited retail outlets, DAILY POST reports.

Checks by DAILY POST on Sunday revealed that MRS filling stations in the Federal Capital Territory, Abuja, have commenced dispensing petrol to motorists at N935 per litre from N1060.

This indicates a N125 price cut. This is the situation at MRS retail outlets along Kubwa Expressway, Lugbe, in Abuja.

This comes as Dangote Refinery on Saturday announced that it has commenced a partnership with MRS to sell petrol at N935 nationwide.

The Independent Petroleum Marketers Association of Nigeria also confirmed the development in a statement by its president, Abubakar Maigandi, on Sunday.

Outside Lagos State, the new N935 per litre petrol price was expected to kick off on Monday; however, as of Sunday, MRS filling stations in the nation’s capital have started selling at the price.

With the development, MRS retail fuel price templates are now cheaper than Nigerian National Petroleum Company Limited retail outlets, which stand at N1040 per litre.

This means Nigerians now buy petrol between N935 per litre and N1,100.

Recall that in the past week, both Dangote Refinery and NNPCL had reduced their ex-depot prices of PMS.

While Dangote Refinery reduced its ex-depot price to N899.50 per litre from N970, NNPCL dropped its price to N899 per litre from N1030. The development impacted retail prices of petrol.

Aliko Dangote, the president of Dangote Group, had lauded President Bola Ahmed Tinubu for his support in the implementation of crude-for-naira sales to domestic refineries, which influenced the recent petrol price reduction.

[DailyPost]

As part of efforts to prevent tragedies at public events, several states have started the implementation of strict precautionary measures, The PUNCH reports.

This comes after 67 people, 35 of them children, died in stampedes in Ibadan, the Oyo State capital; Okija, Anambra State and Abuja during a funfair and food distribution ceremonies.

In the rush to secure free food items from the organisers, some of the participants were trampled upon, resulting in fatalities. While 35 children were confirmed dead by the police in Ibadan, 10 people died in Abuja, while 22 were reported killed in Okija.

In a decisive action, the Lagos State Government mandated individuals and groups to register with state safety agencies when planning for events expected to host more than 250 attendees, both during and after the Yuletide.

The government emphasised that failure to comply with this directive would result in sanctions for event organisers.

At a media briefing on Sunday, the State Commissioner for Special Duties and Inter-Governmental Relations, Gbenga Oyerinde, and his counterpart in the Ministry of Information and Strategy, Gbenga Omotosho, alongside heads of state safety commissions, stressed the importance of adequate crowd control measures in preventing tragedies.

“The Lagos State Government is seriously concerned about the stampede incidents in Oyo, Anambra, and Abuja. Any individual, group, or organisation planning to distribute items or host large gatherings must obtain clearance from the state government and register with the safety commissions,” Omotosho stated.

He added that event organisers could also request ambulances from the state government at a reasonable fee.

Oyerinde encouraged residents to utilise the state’s toll-free emergency lines, 767 and 112, for prompt assistance during emergencies.

The Director-General of the Lagos Safety Commission, Lanre Mojola, announced that the registration process for large gatherings had been streamlined online.

Also, Ondo State’s Attorney General and Commissioner for Justice, Dr. Olukayode Ajulo, SAN, on Sunday introduced new crowd control guidelines for law enforcement, event organisers, and local authorities on Sunday.

Ajulo explained that the guidelines were established under the legal authority of the Constitution of Nigeria 1999 (as amended), the Ondo State Administration of Criminal Justice Law 2015, and the Nigeria Police Act 2020.

The directives partly read, “Law enforcement must assess risks for all public gatherings, considering factors like expected attendance, venue suitability, and potential security challenges.

“Also, organisers are required to inform local authorities of their events in advance, providing details such as the venue, expected crowd size, and timing.

“Adequate police and security personnel are to be assigned to events to monitor proceedings and prevent incidents.  Others are event organisers and law enforcement must maintain open communication channels for real-time updates.   Tools like CCTV cameras and drones may be used to monitor crowds.”

It added, “Events with over 300 participants must have on-site medical teams, ambulances, and emergency response plans. Organisers must ensure attendees have access to drinking water and mobile toilets.

“Events must be held in venues with multiple access points to allow for easy movement.

“Organisers and participants must comply with Nigerian laws, and violations will attract legal consequences.”

Ajulo stated that all stakeholders must work together to ensure compliance with these directives.

“These measures are designed to prevent avoidable tragedies. Our aim is to create a safer and more organised environment for public events in Ondo State.”

Also, Governor Chukwuma Soludo of Anambra State called for more structured and safer approach to distributing relief materials to prevent stampedes and loss of lives.

Soludo, in a statement on Sunday signed by his Chief Press Secretary, Christian Aburime, expressed grief on the tragic loss of lives and sympathised with families of those who lost their loved ones.

 “The event was with the noble intention of sharing relief materials to the  less privileged during this festive season. However, the resulting tragedy underscores the urgent need for a more structured and safer approach to distributing such assistance to prevent stampede and loss of lives,” he said.

He urged individuals and groups engaged in charitable activities to prioritise the safety and wellbeing of beneficiaries.

“It is strongly advised that future distributions of relief materials be conducted in a more organised and decentralised manner, with adequate crowd control measures in place.

“This may include establishing multiple distribution points within the community to reduce overcrowding at a single location.

“Implement a system to prioritise vulnerable groups such as the elderly, pregnant women, children and people with disabilities; as well as employing trained personnel to manage crowds.

“Ensure orderly queues, provide assistance to those in need; and conduct public awareness to educate the public on safety protocols during such events,” he said.

Abia State Governor, Alex Otti, has also taken measures to forestall similar incident in the state.

In a statement Sunday issued by the Special Adviser to the Governor, Media and Publicity, Ferdinand Ekeoma, on ‘Public Safety Alert’, Otti stated, “Organisers of any event that would require a large crowd of people, should get across to the Abia State Homeland Security or Local Government Authority for the necessary guide and support to ensure safety of attendees.”

The statement added, “The Governor of Abia State, Dr. Alex Otti, wishes to commiserate  with the families and loved ones of victims of stampede that happened in Oyo, Abuja and Anambra.

“Following this frightening upsurge in cases of stampede being witnessed in different parts of the country, especially this festive period, as a result of challenges with crowd-control by organisers and participants in different events/programmes, the Governor wishes to call on organisers of all kinds of programmes that would require a reasonable crowd, to make sure they put in place all safety measures to avoid a stampede of any type that may lead to loss of lives.

“The government also wishes to strongly warn against any unethical practices like spraying or throwing of money, or gift items into a crowd of people, given its propensity to lead to a stampede.

“The government shall come down very hard on any person or group that ignores this safety directive.”

Also, the Akwa Ibom State Government said it had taken measures to avoid stampede in the state by decentralising palliatives sharing that attracts large crowd in the state.

The state commissioner of Information and Strategy, Ini Ememobong, who spoke to one of our correspondents in Uyo, said during palliatives sharing the state ensures LG chairmen coordinate the distribution to avoid large crowds in any particular area.

He said, “We have been sharing palliatives this season but we distribute them to the local governments. The LG chairmen distribute to villages. We are sending 20 bags of rice to every village. That way we are dissipating the crowd, so people are not gathering in large numbers. If they are gathering, they are gathering in their villages and it’s just a sizeable number of people who can gather in the village

“So, this is our own logistics plan which has been operationalised for a long time now and it’s working for us.”

Kogi State Government also applied measures similar to that of Akwa Ibom State.

The state information Commissioner, Kingsley Fanwo, said, “The state government commenced the distribution of foodstuffs since last week to enable the citizens to enjoy their Christmas and New Year holidays.

“Catering for the welfare of the citizens is what we have been doing almost on a quarterly basis, so we have developed a template to ensure we do not harm the people we are seeking to help.

“We take the foodstuffs to each Local Government Area and from there, they take it to each ward and finally to each polling unit. By so doing, we deal with a very organised and manageable number of people.

“This is the reason we have never experienced such stampede when distributing food items in the state.”

The Rivers State Commissioner for Information and Communications, Joseph Johnson, said they had placed measures down to ensure such tragedy don’t happen in the state.

He stated, “I’m sure that the states that these incidents happened, including the FCT, didn’t envisage that things would turn out that way, especially at this period of the year that people are celebrating.

“But for us as a government what we will do is to leverage on what has happened and forestall it should we have that situation. I believe strongly that we will have a better approach to it because our state is wonderful.”

The Delta State Government said it “received with deep shock and sorrow, the news of the recent stampedes in some parts of the country.”

The state Commissioner of Information, Ifeanyi Osuoza, stated, “We are therefore calling on all those who wish to organise such charity events during this festive period to ensure and put in place, stricter measures in crowd management and control during large gatherings, as this is very important for safeguarding lives and prioritising the welfare and wellbeing, especially those of children who most of these events are meant for, at public events.”

In an exclusive interview with The PUNCH, a nursing mother, who identified herself as Amarachi, said her child sustained injuries during the Abuja incident.

She recounted her journey from Mpape, a community about 9 to 11 kilometres away, to the church in hopes of receiving rice for Christmas.

“This is not my first time attending such a programme. The church provides us with rice every year. So this year, I came with my neighbour. I never anticipated such a crowd. I only came to collect the rice for Christmas. I thank God that I didn’t lose my life or that of my child,” she said.

A source at Maitama Hospital, who requested to remain anonymous due to lack of authorization to speak to the press, informed our correspondent on Sunday that most of the patients brought in from the incident were discharged the previous day.

The source confirmed that two children with serious injuries are still receiving medical care but are expected to be discharged soon.

However, one of our correspondents was denied access to the ward where the children were being treated.

Consequently, Inspector General of Police, Kayode Egbetokun, expressed concern over the recorded deaths and advised event organizers to involve the police in future events.

Reacting, the PDP National Publicity Secretary described it as heartbreaking that, despite Nigeria’s abundant resources, citizens have allegedly been subjected to an agonizing life where they die struggling for food.

He stated “Peoples Democratic Party (PDP) describes the widespread food stampede in the country as an ugly testament of the alarming level of misery, poverty, hunger, starvation, sense of hopelessness and desperation for survival currently plaguing our nation under the overtly insensitive, corrupt and rudderless Tinubu-led All Progressives Congress (APC) government.

“The Party laments the tragic stampede at private events in Oyo and Anambra States as well as the FCT, Abuja which claimed the lives of about 60 vulnerable citizens including children in their desperate struggle for food as a result of the pervasive hunger in the land occasioned by the anti-people policies of the APC administration.

“The PDP is devastated that the APC-led administration has wrecked our once thriving economy and pushed millions of Nigerians deeper into abject poverty and hunger with many citizens, not being able to afford their daily meals, now resorting to suicide and desperate measures including slavery mission abroad and fighting for crumbs for survival.

“It is heartbreaking that despite our abundant resources as a nation, Nigerians have been subjected to agonizing life where they die struggling for food.”

Ologunagba further stated that the situation in the country reinforces the view of the APC as a party of “political vampires and buccaneers” who allegedly have no respect for human life and instead take pleasure in the suffering and death of citizens, including innocent children.

The PDP Publicity Secretary criticized the ruling APC for allegedly failing to make the necessary investments to strengthen the productive sector, especially in agriculture and food production.

The statement read in part “This also explains why the APC administration has rejected all advice and suggestions by the PDP and other well-meaning Nigerians to review the hasty implementation of the suffocating policies of abrupt increase in the price of petroleum products and the floating of the Naira, despite the crippling consequences on the productive sector and life-discounting effect on the citizenry.

“More provoking is that instead of deploying the nation’s resources for the wellbeing of the people, the APC leaders are engaged in massive looting through direct pillaging of government vaults, budget padding, contract inflation, oil subsidy scam, palliative racketeering and phony programmes which have no benefit to the lives of the citizens.

“The PDP calls on Nigerians to hold the Tinubu-led APC administration responsible for the remote cause of these tragic occurrences for which it must recompense.

“Our Party insists that any administration that is sensitive and cares for the people would have since introduced intervention programmes to ease the suffering and improve on the welfare of the masses which is the primary purpose of government.”

In addition, PDP Deputy Youth leader called for President Tinubu’s resignation over the incidents.

Osadolor, in an exclusive interview with our correspondent, expressed that he expected President Tinubu to use the opportunity of these deaths to apologize to Nigerians for his failure to lead and manage the economy, and to resign with dignity.

He stated “Well, I believe that the incidents are a referendum on the maladministration of President Bola Ahmed Tinubu. It vividly showcases all that we have been saying—that this government has lost its grip on economic policy and there is no full security under this administration.

“Nobody ever envisage that anyone will die of hunger and stampede for food like this in this country. Even Ukraine, which has been fighting a war for almost two or three years now, cannot have a food stampede because there is food security and the President is managing the economy very well.

“I would expect that President Tinubu would seize the occasion of the deaths of these people to apologise to Nigerians for his failure to lead and manage the economy, and resign honorably. It is a matter of honor and dignity for him.

“It is most unfortunate that our people are dying of hunger and our President has no response to any of this. I am fully aware. I am more than convinced that life has never been as bad for Nigerians in this country as it is now. This government has failed woefully, and Nigerians are dying in large numbers because they cannot cope.”

On his part, the CUPP National Secretary stated that President Tinubu’s APC-led administration has not made any intentional efforts to improve the lives of Nigerians.

In an exclusive interview with our correspondent, Ahmeh called for comprehensive and realistic plans to address Nigeria’s economic challenges.

He stated “It is the failure of leadership that the leaders are not objective enough. Their priorities are not right, and they are not doing what is possible to take Nigeria from being a perpetual struggle to a country where there is a breakfast for the world—where we eat enough and export to the world, because we have about 39.6 million arable hectares of land.

“The government is supposed to provide an enabling environment for farmers to survive, and for farmers to involve investment to drive in the agricultural sector. We have the capacity to do so, but then we start to see this kind of thing because there is no intentionality by the APC President Tinubu led administration to rescue Nigeria from this issue of hunger and malnutrition that is occurring across Nigeria, both in the north and the west and beyond.

“We need a very realistic plan that can actually remove us from this disgraceful episode that is affecting Nigerians. About 67 Nigerians have died, lost their lives because of hunger.

“Because this government have failed to set right priorities and a lack of having the interest of the masses at heart. The current leadership has become so selfish, so self-centered, and irresponsible. They’re not responsible to the yearnings and aspirations of our people, or to the plight and poverty of our people. They’re not interested. The leadership continues to live in luxury while our people suffer. This is a call to action.”

Morseso, the LP national youth leader wondered why people of a country could be allowed to die in a disastrous manner as a result of the hardship brought about by the reforms of the President.

He stated “My heart goes out to the parents of the victims. When you look at those who have died, the majority of them are handicapped people, poor, old people and children. Those families, no matter how much Tinubu mourns, can never recover from this loss. It is impossible.

“How can people lose their lives just because of some cup of rice with fee days to Christmas? This has further shown that we have a government that is not compassionate. It shows the government is not really working for the people. It’s quite unfortunate and pathetic.

“This government has failed the people. We have not had it this bad before. This is not something we should be projecting this to the international community. It doesn’t look good for Nigeria. May God make a way for those who lost their parents and children in that tragedy.”

The Peoples Redemption Party also lamented that the incidents starkly highlight the alarming conditions that many Nigerians are compelled to face.

In a statement released in Abuja, the Acting National Publicity Secretary urged Nigerians to redeem their bad choice by ensuring that the APC and PDP are not allowed to return to office in 2027.

Ishaq further said the Federal Government and the President in particular should be held accountable for the escalating hardships following the removal of the fuel subsidy and implementation of other policies that have impacted the most vulnerable in society.

He said, “Such anti-people policies have plunged countless families into abject poverty, forcing them to make desperate choices just to survive. We equally strongly call on the Nigerian electorates to at every next opportunity vote out the APC and its twin sister, the PDP that have brought poverty and misery to our lives.

“The scenes of chaos and panic at these gatherings underline the extreme poverty and desperation that exist in our society—conditions that have been exacerbated by years of persistent and systemic misgovernance.

“While we mourn the lives lost and share in the grief of affected communities, we must also recognize that these tragedies are indicative of a societal crisis. The happenings expose a failure to prioritize the welfare and safety of citizens amidst increasingly dire socio-economic conditions.”

However, the National Publicity Director of the APC disagrees, stressing that it would be unjust to hold the President responsible for the ‘unfortunate’ incidents.

According to him, incidents like stampedes happen all over the world, especially when adequate security measures are not put in place.

He said, “It’s unfortunate the initiatives resulted in stampede. But if you look at the issue of generosity all over the world, even in missions, churches, mosques and religious institutions where hands of fellowship or generosity are extended to the public, it always results in stampede if there is no adequate security measure.

“By nature, human beings are insatiable. The more they get, the more they want. So this is not the failure of the government, but actually the failure of adequate arrangement to contain the situation. The organisers did not anticipate such a thing. That probably explains why they did not provide adequate security.

“If you are to arrange a distribution of food, money or palliative, even in the villa where you have the seat of government, there will be stampede if there is no adequate arrangement. People will always want to take more. In advanced society, even in the US and Britain, you have such situations.

“So it is not just an issue of people starving or a situation of terrible hardship. If there is no proper structure in place to organise and make arrangement for distribution of amenities, they will always want to rush thinking that it will not go round. It is unfortunate that it happened, but I think we just have to look at the issue of security henceforth.”

CAN mourns

Meanwhile, on Sunday, the Federal Government and the Christian Association of Nigeria offered their condolences to the families of the deceased.

Minister of Information and National Orientation, Mohammed Idris, described the incidents as deeply saddening and expressed solidarity with the victims’ families and others affected.

“Our thoughts and prayers are with the victims, their families, and all those affected by these unfortunate incidents,” Idris said in a statement issued by his media aide, Rabiu Ibrahim.

He emphasised the need for organizers of such activities to prioritise safety measures to prevent similar occurrences.

The minister advised all individuals and organizations planning charitable events during the festive season to collaborate with the police and the National Emergency Management Agency for effective crowd control and security.

Idris also cautioned against politicising the incidents, stating that the stampedes are unrelated to the economic reforms introduced by President Bola Tinubu’s administration.

He highlighted that similar tragedies have occurred in the past and called for a focus on unity and shared responsibility rather than assigning unwarranted blame.

 “It is worth noting that similar unfortunate occurrences have been recorded in the past, before the current administration, as such, making any attempt to link these tragedies to the President’s reforms is unfounded and disingenuous,” he said.

The minister reiterated that the administration’s reforms aim to promote sustainable economic growth and improve the lives of all Nigerians, particularly the most vulnerable, without causing additional distress.

In a statement on Sunday titled “A Heartfelt Response to the Tragedy at Holy Trinity Catholic Church”, CAN President, Archbishop Daniel Okoh, described the death of the individuals as “not just statistics” but a representation of real families who were hurting.

Okoh further said that the incident was part of a troubling pattern, noting two other instances of stampedes recorded in Oyo and Anambra States during the week, adding that the incidents highlighted “the challenges of managing large crowds during charitable events”.

He called for togetherness and support for the grieving families, while stating that the concern shown since the sad incident highlights our shared humanity

Part of the statement read, “The National Leadership of the Christian Association of Nigeria (CAN) is disturbed by the tragic events at Holy Trinity Catholic Church in Maitama on Saturday morning. We have learned that at least ten people, including children, lost their lives in a stampede while trying to seek help from the church.”

“This tragedy is not just statistics; it represents real families who are hurting. Each person lost was someone’s beloved family member. We wish to express our heartfelt condolences to the Catholic Church and to the families affected by this terrible incident. We stand together with you in this time of sadness and prayer.”

“This incident is part of a troubling pattern, as Nigeria has experienced two other tragic stampedes this month. On December 18, during a Christmas funfair at a school in Ibadan, a stampede resulted in the deaths of 35 children, with six others critically injured. The event aimed to distribute cash and food to over 5,000 children. This tragic event is currently under investigation, focusing on better crowd control measures.”

“Just a few days later, another stampede occurred during a rice distribution event at a centre in Anambra State. Reports indicate that at least 22 people lost their lives, and 32 others were injured. These heartbreaking incidents highlight the challenges of managing large crowds during charitable events. In the face of these tragedies, we recognise the importance of coming together to support those who are grieving. It is crucial that we listen to one another, share our feelings, and offer help in any way we can. This is a time for compassion and understanding as we help one another heal.”

[Punch]

Olamide Abiodun Thomas is a nurse. She went out with some protesters in October, 2024 to commemorate the ‘EndSARS’ mass protest against police brutality in which a yet- unverified-number of young people were murdered. The nationwide protests organised by youths which began on October 8, was brought to a brutal and bloody end on October 20, 2020 with the direct intervention of the gallant men of the Nigerian Armed Forces led by an identified General.

It was at this 2024 commemoration held at the Lekki Toll Gate epicentre of the protests Thomas and some youths were attacked by armed policemen. She suffered a direct tear-gas hit. As she gasped for breath, she could be heard in a viral video asking for more water to be poured on her and for ambulance service. She also said the police attack on her was unnecessary as she was fighting for the rights of the Nigerian people. Thomas also cursed those she claimed were trying to take her life by the brutal attack. She mentioned the Inspector General of Police, IGP, Kayode Egbetokun; the Nigeria Police Force, NPF, Spokesman Muyiwa Adejobi; and Seyi Tinubu, the son of President Bola Ahmed Tinubu. She swore calamity will befall them and their families.

Obviously, it was not a ‘selfie’ so she didn’t shoot the video. But when the video surfaced, the government seemed enraged. Insult the son of the President? The police went on a hunt for Thomas. Thus, this victim of state brutality was transformed into a dangerous criminal.

The police finally captured her on Friday, December 13, 2024 in Shomolu, Lagos and moved its trophy to Abuja.

The NPF accused the lady of cursing the President’s son, Egbetokun and Adejobi.

Curse, according to the Oxford Dictionary, is “a solemn utterance intended to invoke a supernatural power to inflict harm or punishment on someone or something”. It further defined it as a “coarse or blasphemous word or phrase used to express anger or strong emotion.”

So, the Police accusation against Thomas is based on superstitious belief. Since Nigeria is a secular, not a theocratic state, I didn’t understand how a citizen can be arrested for cursing.

But I had not reckoned that the police under Egbetokun is an ingenious force that can nail anybody, including an angel.

Adejobi laid out the charge against the lady thus: “Raining direct curses on someone online is cyber-bullying, not expression of freedom or criticism. And cyber-bullying, which is even different from defamation, is a criminal offence and punishable.”

This indeed is novel and I think the Federal Government needs to recall the draft 2025 National Budget from the National Assembly because it did not make provision for the mass construction of prisons in the country. This is necessary because cursing is common at our bus-stops, motor parks and our roads. It is not uncommon seeing motorists cursing themselves. Such people should simply go to jail. In fact, we will need to triple the entire N49.7 trillion 2025 Budget because the number of Nigerians who curse daily may run into millions. There are in fact, nationalities in Nigeria for whom cursing is a part of their culture.

May I respectfully point out to the IGP that he needs to arrest a lot of soldiers as he has arrested Thomas because a lot of their songs during exercises contain curses. There is this one I have seen on some videos that goes: “Dansada ai, dansada burobaka!” It means that the police, which by the way, they regard as ‘women’ are idiots.

I am convinced that if Seyi Tinubu were the son of an akara(bean cake) seller in Gbagi Market or okpa trader in Onitsha Market, Thomas would not have been arrested. Her crime is that the person she insulted is the son of our dear President.

Let me state that there is nothing unique in a person being charged for cursing or disrespecting a sovereign. It is actually part of our history. Under colonialism, the shortest route to prison was to insult the British crown. In one of the most famous cases, Mallam Habib Raji Abdallah, a nationalist, was sent straight to prison for two years in the late 1940s for saying: “I have nothing against the person of George VI of England. But I hate the crown of Britain with all my heart because to me and my country men, it is a symbol of oppression, a symbol of persecution, and in short, a material manifestation of iniquity…I hate the Union Jack because, save Britain, wherever it goes, far from uniting, it creates a division. It feeds and flourishes on confusion and dissension. We must, therefore, have no more place for it in our hearts-this ugly representation of that satanic institution, imperialism.”

After independence, it became almost unthinkable for any Nigerian to be arrested for insulting or cursing a Nigerian leader, his spouse or children. Even under the cumulative 29 years of military misrule, Nigerians feared no repercussion for such act.

For me, the best display of this freedom was under President Goodluck Jonathan. Apart from frequently insulting him, his wife was the butt of jokes. My old teacher, Professor Wole Soyinka, is the best representation of the tolerance of that era. He had described the First Lady, Dame Patience Jonathan’s appearance in unflattering terms. At a press conference, Prof said his last word to her was: “Be a lady first, before being a First Lady; in fact, you cannot be a First Lady, without being a lady.” He described her as “…an unelected person, a mere domestic appendage of power…” The Nobel Laureate then added: “I am calling on the President now openly, publicly, please curb the excesses of your wife; (your) wife is an unconstitutional being…”

However, the All Progressives Congress, APC, administration under President Muhammadu Buhari would not tolerate such insolence from Nigerians. When in 2022, a student, Aminu Adamu, made an uncomplimentary tweet about the physical appearance of First Lady Aisha Buhari, he was abducted in Jigawa State on November 18, 2022, severely beaten, tortured and held in solitary confinement, then thrown into prison. When Nigerians rose in unison against the maltreatment of Adamu, he was taken before Mrs Buhari, and he apologised to her in a series of tweets.

There is a famous saying that: “The law is an ass.” It is simply saying that the law, which in any case is not value-free, should not be applied in a rigid or stupid manner that goes against common sense. The Tinubu government should apply the same common sense it displayed on November 4, 2024 when it released the 29 children facing death sentence for public protests by immediately setting Ms Olamide Abiodun Thomas free.

THE banking sector witnessed several policy measures in 2024 which were largely influenced by three major factors, namely the persistent rise in the inflation rate, policy measures to reform the foreign exchange market and the recapitalization programme announced for the industry.

Inflation The steady rise in prices of goods and services worsened in 2024, due to a combination of further increase in pump price of petrol and continuous naira depreciation.

In 2024, the naira depreciated by 34% and 56% to N1,662 and N1540 per dollar in the parallel and official market, from N1, 240 and N988.46 per dollar at the beginning of the year.

The depreciation of the naira combined with fuel subsidy removal led to 76.4% increase in national average price of petrol to N1,184.83 per liter.

This worsened the rise in prices of goods and services, which started in 2022. Reflecting this trend, the impact on the welfare of Nigerians, the national average Cost of a Healthy Diet, CoHD, rose by 74 per cent to N1.371 in October from N786 in December 2023, according to the National Bureau of Statistics, NBS. As a result, the headline inflation rate rose steadily to 33.88 per cent, in October from 28.92 per cent in December 2023.

Interest rate hikes

In response to the persistent rise in the inflation rate, the Central Bank of Nigeria, CBN, implemented measures to reduce money supply in the banking system. The apex bank raised the benchmark interest rate eight times and by 875 basis points to 27.5 per cent in November from 18.75 per cent at the beginning of the year. The CBN also increased the Cash Reserve Ratio, CRR of Commercial and Merchant banks to 50 per cent and 16 per cent respectively from 32.5 percent and 10 per cent at the beginning of the year. Furthermore, the apex bank conducted a liquidity mop up through regular sale of Open Market Operations, OMO, treasury bills.

Vanguard analysis of data from the apex bank showed that the CBN sold N12.83 trillion worth of OMO TBs from January to December 5th, up from N716.7 billion in the whole of 2023. This development led to acute scarcity of funds in the interbank money market, with banks regularly resorting to borrow from the CBN to meet short term cash needs. Reflecting this, the interbank interest rate rose to 31.5 per cent on Friday December 13, 2024, from 15.38 per cent on December 29th 2023.

In line with the hikes in the MPR, interest rate on 365-days treasury bills rose 22.9% in December from 12.24% at the end of last year. While the high interest rate regime triggered by the MPR hikes, attracted criticism from manufacturers and other real sector operators, it however enhanced investors’ returns on fixed income investment like TBs, Commercial Papers, and bonds, as well as on banks’ interest income and profitability.

For example, the interest income of the top 11 commercial banks rose sharply by 141.75 per cent to N6.89 trillion in the first half of the year, H1’24 from N2.8 trillion in H1’23. FX market A major highlight of 2024 for the banking industry and the economy is the raft of policy measures introduced by the CBN in its bid to enhance transparency, confidence and boost dollar supply in the foreign exchange market. Hence within one week, the CBN introduced five circulars which changed the dynamics of the forex market and triggered momentary appreciation of the Naira.

Price Transparency

First, the CBN on January 29, issued a circular titled ‘Financial Markets Price Transparency’, which addressed the malpractice of inaccurate and misleading information on transactions concluded in the official forex market. The circular stated: “Ongoing investigations have revealed instances of under-reporting of transaction rates and the practice of second cheque and fixed income transactions. This behaviour is not compliant with ethical standards associated with sound financial markets and deliberate attempts to create price distortions by reporting false transactions details amounts to market manipulation which will not be tolerated and will henceforth face sanctions.”

Reflecting the transparency engendered by this warning, the naira depreciated sharply in the official market to N1348.63 per dollar, and as a result, the gap between the official market and parallel market exchange rates narrowed to N76.37 per dollar from N508.1 per dollar last weekend.

Restriction on Banks’ FX holdings

Next, the CBN on January 31st, in a bid to improve forex supply, and address excess dollar holdings by banks, ordered the banks to sell their excess dollar holdings within 24 hours. In a letter on Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks, the CBN warned banks against excess dollar holdings. “The Central Bank of Nigeria has noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP). This has created an incentive for banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks,” the CBN said.

Consequently, the apex bank pegged the Net Open Position, NOP, the difference between a bank’s foreign currency assets and its foreign currency liabilities to 20 per cent of shareholders’ funds. Hence it directed that banks with current NOPs exceeding these limits should adjust their positions to comply with the new regulations latest by February 1, 2024.

IMTOs & Diaspora Remittances

On the same January 31st, and to also boost Diaspora remittances through official channels, the CBN issued a circular titled, ‘Removal of Allowable Limit of Exchange Rate Quoted by the International Money Transfer Operator’ The circular removes the exchange rate cap for IMTO, namely the peg of -2.5% to +2.5% around the previous day’s closing rate of the Nigerian Foreign Exchange Market.

“IMTOs are hereby allowed to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the Nigerian Foreign Exchange Market on a willing seller, willing buyer basis,” the CBN said. To complement the above, the CBN, in a bid to enhance the operations of IMTOs and also improve ease of doing business for them, issued a ‘Reviewed Guidelines of International Money Transfer Services in Nigeria.’ Among other things, the reviewed guidelines stipulated minimum operating capital of $1 million, raised application fee for IMTO license to N10 million, and banned banks and FinTechS from offering IMTO services. To further enhance ease of doing business for IMTOs, the CBN created a window for them to access Naira to pay beneficiaries of diaspora remittance.

“Henceforth, eligible IMTOs operators will be able to access the CBN window directly or through their Authorized Dealer Banks (ADBS) to execute transactions for the sale of foreign exchange in the market. ”The option of same day settlement will be available for transactions executed and confirmed before 12 noon on a trading date; “The pricing for transactions executed with the CBN will be based on prevailing Nigeria Autonomous Foreign Exchange Market, NAFEM, rates, as referenced by an observable and acceptable market benchmark,” the apex bank stated. Spread on FX rate removed On February 8, the CBN issued a circular to further liberalise the forex market.

The circular titled ‘Removal of the Spread on Foreign Exchange Transactions’, removed the 2.5 per cent cap spread on interbank foreign exchange transactions, thus allowing banks to determine the gap between their offer and selling rate for forex transactions.

E-payment for PTA/BTA

In a bid to sanitise the forex market, the CBN on February 14th, restricted the payment of Personal and Business Travel Allowances (PTA/BTA) through electronic channels only.

“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards. For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted,” the apex bank stated in a circular.

FX backlog controversy

A major issue that dogged the banking industry in 2024 was the overdue $7 billion foreign exchange forward transactions. In February, the CBN Governor, Olayemi Cardoso, in an interview, said a forensic audit of $7 billion of overdue foreign exchange transactions, the bank has been trying to clear had uncovered irregularities affecting $2.4 billion worth of the transactions.

Following this disclosure, the CBN in March announced that it has cleared all valid FX backlog, including the $600 million belonging to foreign airlines operating in the country. However, members of the Organised Private Sector, OPS, faulted the claim by the CBN saying many businesses still have funds trapped at the banks without any communication from the CBN regarding what constitutes a valid forex request and those deemed invalid. The National Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti- George, argued that the claim by the CBN that some of the forex requests were invalid was ‘propaganda’ and that some of the affected businesses are contemplating taking legal action against the banks in order to force the CBN’s intervention in the matter.

”Some of the requests have been cleared, but there are others that they are saying were illegal and did not meet their criteria, but the importers are not aware of the reason why the requests have been rejected. Their money is still with the bank, and they are groaning,” he said.

Following the intervention of the Presidency, the CBN Governor, in October, said that the apex bank has commenced a re-validation exercise to ascertain complaints of manufacturers and importers over foreign exchange claims worth $2.4 billion.

Speaking at a special summit dinner organised by the Nigerian Economic Summit Group in Abuja, Cardoso said the CBN has finalised its first stage of verification and is currently going through a second stage to authenticate claims by manufacturers.

IOC dollar remittance

In another move to enhance dollar supply in the forex market, the CBN stopped International Oil Companies, IOCs, from immediately remitting 100 percent of their dollar proceeds to their parent company abroad. Hence the apex bank said IOCs will only be allowed to immediately remit 50% while the balance can be remitted 90 days later. In a circular signed by the Director of Trade and Exchange, Hassan Mahmud, the CBN said: “Banks are allowed to pool cash on behalf of IOCS, subject to a maximum of 50% of the repatriated export proceeds in the first instance. The Balance 50% may be repatriated after 90 days from the date of inflow of export proceeds.”

BDC sector Reforms

The apex bank on February 28th announced sale of $20,000 to each BDCs Explaining the rationale for this move, the CBN, in a circular said, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate marketdetermined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium. To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change to meet the demand for invisible transactions.

This was however followed with the revocation of the license of 4,173 bureaux de change, BDCs, operators on March 1st. According to the apex bank, the licenses of the BDCs were revoked due to their failure to pay all necessary fees, including license renewal, within the stipulated period in line with guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

Two months later, the apex bank announced new operating guidelines for BDCs on May 23rd. The new guidelines introduced two categories of BDCs, Tier 1 and Tier 2, with minimum capital requirements of N2 billion and N500 million respectively, with a six months deadline for existing BDCs to apply for new licenses based on the new categories and minimum capital requirements.

The new guidelines also limited the foreign currency holdings of BDCs (Net Open Position, NOP) to 30 per cent of shareholders’ funds unimpaired by losses. It also limited total borrowing to 50 per cent of shareholders’ funds unimpaired by losses.

Electronic Foreign Exchange Matching System (EFEMS)

In line with its efforts to enhance transparency in the forex market, the CBN on October 3rd announced the introduction of the Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM).

“This development is expected to reduce speculative activities, eliminate market distortions, and give the CBN improved oversight capabilities to effectively regulate the market,” the apex bank explained. Following a two-week test run in November, the apex bank, in a circular announcing the commencement of the EFEMS on December 2nd, said: “The CBN hereby states that effective from December 2, 2024, Authorised Dealers will go live in the use of the Bloomberg BMatch as the Electronic Foreign Exchange Matching System (EFEMS) for its FX trading activities in the FX market.

The Bloomberg BMatch platform will enhance the integrity and operational efficiency of the FX market by providing transparent and automated matching of trades leading to market efficiency and greater price discovery.” The CBN also pegged the minimum foreign exchange trade on the Electronic Foreign Exchange Matching System (EFEMS) platform at $100,000, with incremental clip sizes of $50,000.

In the first week of the commencement of EFEMS, the Naira appreciated for five consecutive days in the forex market, the first time since May. The Naira appreciated by 9.8 per cent in the official market to N1,535 per dollar and also by 7.7 per cent in the parallel market to N1,555 per dollar, reflecting the impact of the EFEMS on the forex market. Foreign Currency Disclosure Scheme Another notable and novel forex market related development this year, is the “Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme”, announced by the Federal Government on October 31st.

The scheme allows a 9-month grace period for Nigerians with foreign currency to voluntarily disclose and deposit the same in banks According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the Disclosure Scheme, outlined by the “Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024,” seeks to encourage Nigerians to voluntarily disclose and formalize their foreign currency holdings, whether domestically or abroad. He added that the scheme is also designed to “integrate foreign currency outside the formal financial system into the formal economy” and “strengthen transparency and economic resilience.”

Consequently, the CBN issued guidelines, which among other things directed Commercial, Merchant, and Non- Interest Banks (CMNIBs) to, among other things, open domiciliary accounts for participants in the scheme.

OTHER BANKING DEVELOPMENTS

Wigwe’s transition On February 9th, the banking industry and corporate Nigeria was jolted with the news of the tragic death of Mr. Herbert Wigwe, Chief Executive Officer, Access Corporation, in a helicopter crash near the California-Nevada border, United States of America. The crash also claimed the lives of Wigwe’s Wife, Chizoba, his son, and a former President of Nigeria Exchange Group, Abimbola Ogunbanjo. The late banker played a huge role in the emergence of Access Bank as the largest bank in the country, first as Deputy Managing Director and later as the MD/CEO of the bank. The late Wigwe has played a leading role in the banking industry as the Chairman, Body of Bank CEOs, a position he held till his transition.

Banking consolidation

The banking industry on March 28th commenced another recapitalisation exercise, when the CBN announced new minimum capital requirements for the various categories of banks, with a two-year deadline.

According to the CBN, “The new minimum capital base for commercial banks with national authorisation is now N200 billion, while the new requirement for those with regional authorization is N50 billion. “The new minimum capital for merchant banks would be N50 billion, while the new requirements for noninterest banks with national and regional authorisations are N20 billion and N10 billion, respectively.

All banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.” However, to the surprise of the industry, the CBN excluded retained earnings in the computation of the bank’s minimum paid up capital.

According to the apex bank, the minimum capital shall comprise paid-up capital and share premium only, stressing that the new capital requirement shall not be based on the Shareholders’ Fund. The announcement prompted a flurry of capital raising exercises, including Public offer, Rights Issue offer, as banks besieged investors for fresh funds to meet the new minimum capital.

Ademola Lookman, recently crowned CAF men’s best player of the year winner, scored the second goal in Atalanta’s 3-2 victory over Empoli in their Serie A encounter. 

Before the start of the match, Lookman displayed his glittering orb that was awarded to him on Monday when he was crowned the 2024 CAF player of the year. The home fans at the Gewiss stadium washed him with ovations in response.

Less than 45 minutes later, the fans were clapping for Lookman again as he wheels away in celebration after putting Atalanta ahead from a goal down.

The 27-year-old controlled Nicolo Zaniolo’s knockdown inside Empoli’s goal area and slotted the ball home from four yards out.

The goal was Lookman’s ninth goal of the season in the Italian Serie A, becoming the joint third-highest goalscorer in the league scoring charts this season.

In Turkey, Victor Osimhen hit a brace to lead Galatasaray to a 5-1 victory against Kayserispor away from home.

The victory extended Galatasaray’s lead at the top of the Turkish Super League to eight points, ahead of Jose Mourinho’s Fenerbahce.

Osimhen scored a penalty in the fourth minute to give Galatasaray the lead before chipping a finish over the onrushing goalkeeper into the far post from a tight angle in the 71st minute to complete his brace.

The 25-year-old has now contributed nine league goals in nine starts for the club and has 12 goals in all competitions since he joined the Istanbul giants on a season-long loan move from Napoli.

In Belgium, Toluwalase Arokodare scored one goal and assisted another, leading table-topping Genk to a 2-0 win over rivals Anderlecht in their Pro League match.

Arokodare was quicker than his marker to emphatically meet a low cross with a well-placed finish into the back of the net in 28 minutes to send fans in the Cegeka Arena into delirium before providing the assist for the goal that sealed the win in the 72nd minute.

[TheCable]

In recent times, Nigeria has witnessed tragic stampedes in various locations, from food distribution centers to events promising relief from economic hardship. These incidents, which unarguably resulted to loss of lives, echo a biblical story of desperation, divine intervention, and the tragic consequences of disbelief, as recorded in 2 Kings 7.

The biblical account unfolds in a time of severe famine in Samaria, where hope seemed lost. Elisha, the prophet, proclaimed that abundance would soon return, a promise so audacious that a king’s officer doubted it. True to the word of the Lord, food became plentiful overnight when the Aramean army abandoned their camp in fear. Yet, as the famished crowds surged out of the city to seize the spoils, the disbelieving officer was trampled to death, an ironic end for someone who refused to trust in the possibility of change.

Fast forward to modern Nigeria, where the echoes of Samaria’s desperation are all too real. Food insecurity, soaring inflation, and chronic hunger have created a society on edge. When a lifeline appears, be it palliatives or subsidized goods, the resulting rush often turns deadly. Just recently, stampedes that occurred separately in Ibadan, Abuja and Okija in three different regions of the country claimed lives as people scrambled for food, much like the chaotic scene at Samaria’s gates.

The foregoing manner of deaths in tripartite locations is no doubt a reminiscence of a stampede early this year, specifically in February 2024, where seven persons were killed during the buying of seized rice put on sale by the Nigeria Customs Service (NCS) in Lagos State. As gathered then, dozens of people turned up for the open sales at the customs’ zonal office on Harvey Road, Yaba, Lagos, with a 25kg bag of rice sold for N10,000.

The customs had said that the move was to cushion the economic hardship occasioned by the soaring costs of essential food items in the country.

The sales which started on a peaceful note were monitored and supervised by the Comptroller General of Customs (CGC), Wale Adeniyi.

Given the foregoing recurring Samaria-like situation in Nigeria, it is not an exaggeration to opine in this context that hunger across the country is no longer a mere challenge; it is a crisis. According to recent statistics, over 25 million Nigerians face severe food insecurity. The situation is exacerbated by inflation, which has driven up the cost of basic staples like rice, beans, and maize to unprecedented levels. For many families, a single meal a day is a luxury, and the sight of children rummaging through refuse for scraps is no longer uncommon.

This dire scenario sets the stage for desperation. When news spreads of food aid or subsidized items, thousands rush to distribution centers, often overwhelming the organizers. Chaos ensues, and lives are lost in the stampede. The question remains: How did we get here, and what can we learn from the biblical story of Samaria’s famine?

In fact, there are lessons from Samaria for Nigerians in the Christendom, in particular, to learn under this situation.  This is as a crisis of leadership and vision which the officer’s disbelief mirrors demonstrate how skeptical leaders and the people are, mainly when systemic hunger is not addressed with urgency and empathy. Not only that, policies that promise relief but deliver crumbs only fuel the desperation seen in stampedes. Given the foregoing, leaders must recognize that hunger is not just a statistic as it is unarguably a lived reality that breeds chaos.

In Samaria, Elisha’s prophecy was a call for hope and faith. However, the king’s officer dismissed it, much like some modern policymakers dismiss the urgency of addressing hunger head-on. His tragic end, trampled underfoot by the same crowd he sought to manage, serves as a powerful metaphor for leaders who underestimate the power of collective despair.

In fact, courageous action which the lepers collectively displayed by shunning desperation, and rather chose to act in faith need to be emulated by everyone in the Christendom. Their decision to explore the Aramean camp was risky but transformative. Nigeria’s leaders and citizens alike must embrace bold, solution-oriented action, from implementing effective food distribution systems to addressing the root causes of poverty.

Imagine if the Nigerian government, in partnership with private organizations, established a transparent and efficient system for distributing aid. What if technology was leveraged to track distribution and ensure it reaches those who are most in need? These are the kinds of courageous actions that can turn the tide.

Again, people must always exercise faith in the possibility of abundance, particularly as Elisha’s prophecy reminds us that change is possible, even in dire circumstances. For Nigeria, this means believing in and working toward a future where resources are equitably distributed, and the dignity of every citizen is upheld.

The abundance experienced in Samaria was not just a miracle; it was a fulfillment of divine promise. Similarly, Nigeria’s potential for abundance is vast. With its fertile lands, rich mineral resources, and entrepreneurial spirit, the nation has everything it needs to thrive. What is lacking is the will to harness these resources effectively.

Without a doubt, the danger of neglecting those who are hungry portends a volatile force. When ignored, it could erupt in ways that harm everyone, from the powerless to the powerful. The officer’s fate serves as a cautionary tale for those who underestimate the urgency of addressing food insecurity.

Without a doubt, the recent stampedes that occurred in Nigeria are evidences of what happens when hunger is neglected. They highlight the deep disconnect between leaders who live in comfort and the masses who struggle to survive. This disconnect breeds resentment and fuels the kind of desperation that leads to chaos.

In fact, the story of Samaria’s famine is not just a biblical tale; it is a parable for today’s Nigeria. The lepers represent the marginalized and forgotten, those who are forced to fend for themselves in a system that has abandoned them. Their courage and resourcefulness are a reminder that solutions often come from unexpected places.

The Aramean army’s flight illustrates how quickly circumstances can change. Just as their fear led them to abandon their camp, so too can Nigeria’s challenges be overcome if we address the underlying issues with resolve and determination.

The officer’s tragic end is a sobering reminder of the cost of disbelief and inaction. His fate mirrors that of policymakers who fail to act decisively in the face of crisis, only to be overwhelmed by the consequences of their neglect.

At this juncture, it is not a misnomer to ask, “Which way forward?” The answer to the foregoing apt question cannot be farfetched as stampedes during food distributions are preventable tragedies that highlight systemic failures. Transparent, efficient mechanisms for delivering aid are crucial. Beyond immediate relief, there is a need for long-term strategies: investing in agriculture, reducing post-harvest losses, and creating jobs that enable people to afford basic necessities.

Moreover, faith-based organizations and community leaders must work together to rebuild trust and foster hope. Just as the lepers shared the good news of abundance, Nigerians must unite to create a society where no one is trampled in the pursuit of survival.

One possible solution lies in technology. Mobile apps and digital platforms can be used to register beneficiaries and coordinate aid distribution. This would reduce the chaos of physical gatherings and ensure that help reaches those who truly need it. Similarly, community-led initiatives can play a crucial role in bridging the gap between the government and the people.

The parallels between Samaria’s famine and Nigeria’s current challenges are striking. Both situations highlight the importance of faith, courage, and decisive action in overcoming adversity. But while the story of Samaria ends with abundance, Nigeria’s story is still being written.

Will our leaders rise to the occasion and take bold steps to address hunger and poverty? Will we, as citizens, hold them accountable while also contributing to the solutions? Or will we, like the disbelieving officer, be trampled by the consequences of our inaction and skepticism?

In the end, the story of Samaria teaches us that abundance is possible, but it requires faith, action, and compassion. Nigeria stands at a similar crossroads. The choice is ours to make.

Veteran Nollywood actress and ordained preacher, Eucharia Anunobi, has boldly ventured into the heart of a universal struggle: the human craving for approval. In her recent assertion that “seeking to be liked by all is a sign that you are emotionally and spiritually imbalanced,” Anunobi has sparked a much-needed conversation about self-worth and societal pressures. Her statement, though simple, holds profound implications for how we view ourselves in an increasingly judgmental world.

The desire for approval is deeply rooted in human psychology. From childhood, we are taught to seek validation from parents, teachers, and peers. While this is normal to some extent, the problem arises when the need for approval evolves into an all-consuming quest for acceptance. In modern society, this need has been amplified by social media platforms, where the number of likes, shares, and followers can feel like a measure of self-worth.

Living in a world that constantly demands validation can lead to emotional exhaustion. People often bend over backward to meet the expectations of others, sacrificing their authenticity in the process. As Eucharia Anunobi aptly points out, this behavior signals a deeper imbalance, an emotional void that external validation can never truly fill. Her statement challenges us to reevaluate where we place our self-worth: in fleeting approval from others or in the enduring peace of self-acceptance.

The rise of social media has turned approval-seeking into a daily ritual for many. Platforms like Instagram, TikTok, and Facebook thrive on the currency of validation. People curate their lives to project an ideal image, hoping to gain the admiration of their audience. But behind the perfect posts often lies a sense of inadequacy, as individuals tie their happiness to the approval of strangers.

Research supports Anunobi’s claim that this craving for validation stems from insecurity and fear of rejection. Psychologists warn that when we base our self-worth on external factors, we become vulnerable to emotional highs and lows dictated by the opinions of others. This perpetual chase for approval not only drains us emotionally but also stunts our spiritual growth, as it distracts us from seeking fulfillment within ourselves.

Eucharia Anunobi’s journey from Nollywood stardom to spiritual leadership lends credibility to her insights. Known for her roles in iconic films like Glamour Girls and Abuja Connection, she once thrived in an industry that places a premium on public approval. However, her transition to an ordained preacher marks a profound shift in her life’s purpose, from seeking fame to promoting faith and authenticity.

Anunobi’s message is rooted in her own experiences of overcoming challenges and finding spiritual alignment. She understands firsthand the pressures of living for others’ validation and the liberation that comes from breaking free of that cycle. For her, emotional independence is not just a goal but a prerequisite for spiritual growth. By emphasizing this connection, she invites others to reflect on their own journeys and seek a balance between emotional health and spiritual purpose.

Trying to please everyone is not only impossible but also detrimental. Human relationships are inherently complex, shaped by differing values, opinions, and expectations. In attempting to accommodate everyone, we risk losing ourselves. This people-pleasing behavior often leads to emotional burnout, as individuals spread themselves too thin trying to meet the demands of others.

Anunobi’s assertion that seeking universal approval signals imbalance aligns with psychological research. Experts recommend setting boundaries and prioritizing self-care as essential steps toward maintaining emotional well-being. When we learn to say “no” without guilt, we reclaim our power and protect our mental health. By addressing this universal struggle, Anunobi underscores the importance of self-awareness and resilience in a world that constantly tests our emotional limits.

Anunobi’s perspective is deeply influenced by her faith. As an ordained preacher, she views spiritual alignment as the cornerstone of a fulfilling life. For her, this alignment begins with emotional independence, the ability to find peace and purpose within oneself rather than seeking it from others.

Spiritual growth, she explains, requires authenticity. When we live for others’ approval, we compromise our values and disconnect from our true selves. This disconnection makes it difficult to experience the deep, lasting fulfillment that comes from living a purpose-driven life. By focusing on spiritual alignment, Anunobi encourages individuals to anchor their self-worth in their relationship with God rather than the shifting opinions of society.

As expected, Anunobi’s statement has sparked mixed reactions. On one hand, many have praised her for addressing a sensitive yet universal issue. Supporters argue that her words inspire confidence and encourage self-empowerment. On the other hand, critics contend that her statement oversimplifies the complexities of human relationships, where approval-seeking can sometimes be a natural and even necessary aspect of social interaction.

This diversity of opinions highlights the importance of dialogue. By sparking discussions about self-worth and validation, Anunobi has encouraged people to reflect on their own experiences and beliefs. Regardless of where one stands on the issue, her message serves as a catalyst for introspection and change.

Psychologists emphasize that seeking approval from everyone is a losing battle. The need for validation often stems from low self-esteem, making individuals overly dependent on others’ opinions for their sense of worth. This dependency can lead to anxiety, depression, and a distorted sense of identity.

To break free from this cycle, experts recommend cultivating self-awareness and practicing self-compassion. By understanding our own needs and values, we can develop a stronger sense of self that is less influenced by external factors. Anunobi’s teachings align with these insights, offering a spiritual perspective on what psychologists describe as emotional resilience.

At its core, Anunobi’s message is a call to embrace authenticity. She challenges us to let go of the fear of judgment and focus on nurturing our inner selves. This shift in perspective can transform how we navigate relationships, work, and personal growth. By prioritizing self-love and authenticity, we create space for genuine connections and meaningful experiences.

Anunobi’s statement also serves as a reminder that we are all works in progress. Seeking approval is a natural human tendency, but it becomes problematic when it dictates our choices and compromises our well-being. By acknowledging this tendency and striving to overcome it, we take a crucial step toward emotional and spiritual balance.

In a society where external validation often feels like currency, Eucharia Anunobi’s words are a timely reminder of what truly matters. Her declaration that seeking universal approval signals imbalance challenges us to reevaluate our priorities and reclaim our emotional independence.

Anunobi’s journey from Nollywood star to spiritual leader embodies the principles she advocates. Her message encourages us to let go of the need for universal approval and focus on nurturing our inner selves. By doing so, we pave the way for personal growth, genuine connections, and a deeper sense of purpose.

Her words are not just a critique of societal pressures but a beacon of hope for those struggling with self-worth. In a world driven by external validation, Anunobi’s insights offer a path to emotional and spiritual freedom, a lesson we can all benefit from embracing.