The President of the Nigeria Labour Congress, NLC, Comrade Joe Ajaero, has again rejected the proposed 50 percent hike in telecom tariffs by the Nigerian Communications Commission, NCC, in collaboration with telecom operators.

Naija News reports that Ajaero, in an interview on Channels Television on Thursday, asserted that any increase must be accompanied by genuine stakeholder engagement to explore sustainable alternatives that do not jeopardize Nigerians’ livelihoods.

While questioning the rationale behind the proposed hike, particularly given the significant growth of the telecom sector over the years, Ajaero described the move as an undue burden on Nigerians already grappling with rising inflation, high transportation costs, increased electricity tariffs, and the general economic downturn.

The NLC President further emphasized that the proposed tariff hike would worsen inflation and aggravate the economic hardship faced by millions of Nigerians.

He said: “When GSM operators began operations in Nigeria, the subscriber base was below 50,000. Today, the market has expanded to over 200 million active lines. Despite this, the sector is claiming it cannot sustain operations without a 50% increase in tariffs. This reasoning does not align with the reality of their profitability.

“Increasing tariffs in the telecom sector, like in the power sector, creates a vicious cycle of inflation. Nigerians, who are already bearing the brunt of economic pressures, cannot afford to shoulder another burden.

“The principle of stakeholder consultation is central to tariff modeling. Unfortunately, this has been ignored. Decisions of this magnitude cannot be made without input from key stakeholders, including labor unions, civil society organizations, and consumers.

“Our position is clear, any increase must be equitable and based on genuine consultation. We cannot accept arbitrary figures imposed without due consideration of their impact on the populace.

“We will consult with labour unions, civil society organizations, and Nigerians at large to determine the best course of action. A boycott is one of the many tools at our disposal, but the final decision will be inclusive and reflective of the collective will of Nigerians.”

The Federal Government has announced ongoing plans to fully transition all examinations in Nigeria to 100 percent computer-based testing (CBT) by the year 2027.

Naija News reports that this development was announced by the Minister of Education, Dr. Tunji Alausa, during the inauguration of the Committee on Improvement of Quality Examinations in Nigeria, held in Abuja on Thursday, January 23.

Alausa stated that the committee has been assigned the critical task of addressing significant challenges within the education sector, standardizing examination practices, and ensuring both fairness and quality in assessments.

He underscored the government’s dedication to combating prevalent examination malpractices and improving the overall quality of educational evaluations in the country.

The minister noted that addressing examination leakages necessitates a comprehensive approach, as students are not the sole offenders in these malpractices.

He pointed out that parents also play a role in perpetuating examination malpractices by encouraging their children, while teachers, school principals, and examination supervisors are equally responsible for the increasing incidence of such misconduct in the nation.

“So, we’re planning that by 2027, all our exams will be computer-based. We will work so hard to ensure that that happens. We have to use technology to help our endeavour.

“The committee will also be working with local swapping of candidates.

“There are multiple participants in exam practices. From the student to parents, teachers, principals, to even people regulating and supervising exam conduct.

“During this change, a lot of areas of compromises will happen. There will be people investigating and regulating the exams,” the Minister stated.

Alausa delineated several objectives that the committee was established to accomplish, which include the eradication of examination leakages, tackling identity theft in assessments, and enhancing the supervision of examinations.

He emphasized the necessity of transitioning to computer-based examinations by the year 2027 and addressing the issue of local candidate swapping during assessments.

He indicated that this initiative would be facilitated by the government’s significant investment in education under the leadership of President Bola Tinubu, with a pronounced emphasis on human capital development.

Additionally, the minister revealed that examination certificates would now incorporate three essential identifiers: national identification numbers, photographs of candidates, and birthdates, to ensure the integrity of the results.

He characterized examination malpractice as an escalating concern, cautioning that its continuation would jeopardize the efforts of dedicated students who are striving for self-improvement.

“I’ve mandated all the registrars of our examination bodies, such as WAEC, NECO and NAPTEB that by their next examinations scheduled for May, June and July, there will be three identifiers on the certificates they issue.

“These identifiers will be the national identification number of the candidates, picture of the candidate on the certificates and their date of birth.

“By having these three identifiers, we will ensure almost 100 per cent certainty in identifying candidates,” he stated.

Responding, the Chairman of the committee, Prof. Is-haq Oloyede, thanked the Federal Government for the confidence reposed in him and other members of the committee in carrying out the national assignment.

Oloyede, who is the Registrar of the Joint Admissions and Matriculation Board (JAMB), pledged to carry out the assignment dutifully and promptly

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has described the service-based tariff, which assigns electricity users to different bands according to the service delivered by distribution companies, as the highest form of fraud.

Naija News reports that the Minister of Power, Adebayo Adelabu, during a budget defence session at the National Assembly this week, claimed that 90 percent of electricity users in Band A have confirmed getting the benefit of being in the category, stressing that more customers would be migrated to Band A to enjoy electricity for longer hours.

However, Ajaero, during an interview on Channels Television’s Politics Today on Thursday, questioned the idea of migrating customers from one band to another.

The labour leader also questioned why some people should be in Band A and others in lower bands, saying the practice is discriminatory.

He said, “Now the ministry is talking about migrating from Band A to Band B, that is the highest level of 419 one can think of.

“Who is in Band A and who is in Band B? Is it based on geographical area that you have Band A or Band B or is it based on the dictates of the provider?

“In countries of the world that are targeting 24 hours power supply, why would somebody be talking about Band A or Band B? How would it happen? So, that idea is concocted to make money unnecessarily and say people are migrated.”

Ajaero also criticized the Federal Government for including provisions in the 2025 budget for power distribution companies, which are supposedly private companies.

He said that the money the government wants to use to improve the power sector should be used for something else, while the money generated by private-owned power companies should be used to run their companies

A U.S. federal judge has temporarily blocked President Donald Trump from enforcing an executive order ending birthright citizenship for children born to undocumented immigrants or mothers on tourist and student visas.

Naija News reports that Judge John C. Coughenour of the U.S. District Court for the Western District of Washington issued the ruling on Thursday, describing the order as “blatantly unconstitutional.”

The decision follows lawsuits filed by four states, Washington, Illinois, Oregon, and Arizona, arguing that the executive order contradicts the 14th Amendment of the U.S. Constitution and would have far-reaching consequences for state funding and public benefits.

The plaintiffs argued that the executive order would leave an estimated 150,000 babies born in the U.S. each year without citizenship or access to benefits, potentially causing states to lose significant federal funding.

“The president cannot unilaterally rewrite the Constitution to fit his political agenda,” attorneys for the four states said.

They referenced a 1995 testimony from former Assistant Attorney General Walter Dellinger, asserting that any amendment to alter the 14th Amendment’s wording would contradict the nation’s constitutional history.

The judge’s temporary restraining order halts the implementation of the executive order, pending further legal review.

In addition to the four states involved in this ruling, 18 others have filed lawsuits challenging the executive order. These cases are currently under review in Massachusetts.

A series of controversial executive orders have marked President Trump’s presidency since he took office. The birthright citizenship ban is just one of several sweeping measures he has introduced.

Other policies include restricting rights for individuals of different sexual orientations. Trump declared that the federal government will only recognize two genders, “male and female.” Additionally, the president ended remote work for federal employees and mandated a full return to in-office operations

A Lagos State High Court in Ikeja has adjourned the ₦1 billion defamation case filed by human rights lawyer Femi Falana (SAN) and his son, Folarin Falana, popularly known as Falz, against social media influencer Martins Otse, alias VeryDarkMan, to February 19, 2025.

The adjournment was necessitated by a preliminary objection filed by the defendant, through his lawyer Marvin Omorogbe, challenging the court’s jurisdiction to hear the case.

Naija News reports that the Falanas filed the suit demanding ₦500 million each in damages over a video posted by VeryDarkMan on his social media platforms.

The video alleged that the duo accepted ₦10 million from Idris Okuneye, a.k.a. Bobrisky, to pervert justice.

On October 14, 2024, Justice Matthias Dawodu had ordered the defendant to remove the defamatory video and refrain from publishing further defamatory content about the plaintiffs.

The court also directed that all legal processes be served on the defendant through his lawyer, Deji Adeyanju.

In his preliminary objection, the defendant argued that:

The Lagos High Court lacks territorial jurisdiction, as the defendant is domiciled and conducts business in Abuja, where the alleged defamatory statements were made.

Filing the case in Lagos constitutes forum shopping by the plaintiffs in an attempt to secure a favorable judgment.

At the resumed hearing, defence counsel Marvin Omorogbe informed the court that he had received the plaintiffs’ counter-affidavit on Wednesday and needed time to respond. Plaintiffs’ counsel, Omotade Omotunbosun, did not oppose the application for adjournment.

Justice Dawodu subsequently adjourned the matter to February 19, 2025, for a hearing.

The Falanas maintain that the defendant’s comments were unverified and knowingly false, published recklessly to damage their reputation. They claim the defamatory publication remains online, causing ongoing harm.

The plaintiffs are seeking:

A declaration that the defendant’s publication is defamatory, slanderous, and injurious to their reputation.

₦500 million in damages each for the defamatory video published on Instagram on September 24, 2024.

A perpetual injunction restraining the defendant from further defamatory publications.

An order directing the defendant to publicly apologize across all his social media platforms and in a national daily newspaper.

The case will proceed with the hearing of the preliminary objection on the next adjourned date

Obasanjo Reacts To Emergence Of Netumbo Nandi-Ndaitwah As First Female President Of Namibia

Former President Olusegun Obasanjo has stated that he decided to testify at the Mambilla Power Project arbitration holding in France because he found the claims of former Minister of Power, Olu Agunloye atrocious and needed to set the record straight.

Obasanjo noted that contrary to speculation President Bola Tinubu did not ask him to testify in the case.

Naija News reports that Obasanjo testified in the ongoing arbitration on Wednesday. Before that, ex-President Muhammadu Buhari had equally testified.

Speaking with Premium Times in Paris, Obasanjo said, “I volunteered myself to testify in this case. Nobody sent me to do so. President Tinubu did not ask me to do so as speculated. I didn’t speak to anybody on my intention to testify.

“I decided to testify because of the statement made on the matter by Olu Agunloye. I considered his claims atrocious and thought it necessary to set the records straight.”

Sunrise Power, which claimed to have been awarded a $6 billion contract to build, operate and transfer the power plant by the Obasanjo administration in May 2003, is in arbitration with Nigeria at the International Chamber of Commerce in Paris.

The company has alleged a breach of contract by the Nigerian Government and is seeking monetary compensation of $2.3 billion to cover what it had spent on financial and legal consultants. Agunloye was the minister of power under whom the contract was awarded.

Earlier, Obasanjo had blamed the former minister for mismanaging the project between 1999 and 2003.

In 2023, while responding to Obasanjo’s allegation, which he said was “baseless, false and malicious,” Agunloye noted that the investment Sunrise Power needed to execute the project to the completion stage was valued at a maximum of $6 billion by four ministers of power and Obasanjo before he himself became minister of power.

The Nigerian Government has claimed that fraud was involved in awarding the contract and that some public officials were also corrupted in the process.

There was pandemonium at the Ekeki Police Division in Yenagoa as a violent confrontation ensued between the men of the Nigeria Police and the National Drug Law Enforcement Agency on Thursday.

“As I was at the Bayelsa Newspaper Corporation, I heard some shots, about six shots, and I decided to find out. As I got to the Ekeki Police Division, I saw a confrontation between the police and NDLEA operatives,” the eyewitness said.

It was gathered that two operating vehicles of the NDLEA were shot in the process by the police to prevent the agency from taking the suspect away.

The eyewitness further stated that it was as if the police were allegedly providing cover for the drug suspect to carry out her drug business in the vicinity of the police division.

“The incident has made people suspect that the police are allegedly providing some kind of support for the woman to do drug business in the area,” he said.

When contacted, the NDLEA spokesman, Mr Howells Oba, said, “Our men went for an operation behind the Ekeki Police Division. Our man made an entry at the police station.”

On the shooting, Oba said, “They shot two of our vehicles and we are trying to see how we can take them out.”

According to him, the agency will make a formal statement on the situation but noted that they were trying to resolve the issue and restore peace.

When contacted, the Police Public Relations Officer, Mr Musa Mohammed, said he was hurrying to the scene to find out what happened.

“I am going there now to find out what happened,” Mohammed stated.

Senior Advocate of Nigeria, Femi Falana, has appealed to President Bola Tinubu to reinstate 38 Nigerian Army officers who were retired prematurely eight years ago.

Falana, who is the counsel for the 38 soldiers, also urged Tinubu to take judicial notice of the fact the then administration of President Muhammadu Buhari refused to comply with the order of the National Industrial Court and the resolutions of the National Assembly, directing the officers’ reinstatement.

Falana stated this on Wednesday during an interview with journalists in Lagos.

The human rights lawyer also cited injustice and lack of fair hearing in the case of the 38 officers, insisting that due process was not followed in their matter.

He, therefore, sought their reinstatement on the grounds that they did not commit any offence.

Falana further stated that the officers were forced to retire by the Nigerian Army on June 9, 2016, saying that the unjust retirement affected nine major generals, 11 brigadier-generals, seven colonels and 11 lieutenant colonels.

According to the then military authorities, their offences included partisanship during the general election of 2015, involvement in arms procurement fraud and jeopardising national security.

Falana said, “As the Commander-in-Chief of the Nigerian Armed Forces, I wish to inform President Tinubu that what happened to the 38 Army officers under the previous administration is incredible and unfortunate. I’m also using this medium to inform you that the infamous action on the 38 officers is patently illegal and unjustified.

“The Nigerian Army cannot and should not be allowed to treat the valid and subsisting order of the National Industrial Court and the National Assembly resolution on the 38 officers with levity.

“Mr President, there is a need for you to intervene now because if you fail to intervene, the premature retirement of these 38 officers will send a wrong signal to serving military officers that it does not pay to offer selfless service to Nigeria.

 “We have also written a detailed letter to the President through the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), seeking for justice and their reinstatement in line with the National Industrial Court and the National Assembly resolutions. We sincerely believe and are confident that AGF Fagbemi will do the needful and advise the President accordingly.”

Labour officials talk tough, insist telcos must be prevented from exploiting Nigerians

The National Association of Telecommunications Subscribers will engage the Nigerian Communications Commission on Friday, seeking a possible reversal of the 50 per cent telecom tariff hike to 10 per cent, as the Nigeria Labour Congress signals readiness for protest.

The Federal Government approved a 50 per cent increase after operators initially requested a 100 per cent hike. However, subscribers are pushing for a 10 per cent adjustment, and if talks fail, they plan to file a lawsuit next week to challenge the decision.

The hike, the first in over a decade, is aimed at revitalising the struggling telecom sector, which contributes about 14 per cent to Nigeria’s economy, and has continued to spark widespread debates and controversies.

The labour union, led by Joseph Ajaero, criticised the increase on Wednesday, describing it as an added burden on Nigerian workers who earn less than $50 per month as minimum wage.

The union warned of potential collective action, including a nationwide boycott of telecom services, to compel the government and the NCC to reverse the decision.

Speaking with The PUNCH on the development on Thursday, NATCOMS President Adeolu Ogunbanjo said, “Going to court is the civil way of doing things, not boycotting telecom services.”

He expressed concern that such actions would harm investor confidence in the Nigerian market, especially as the government works to attract foreign investment.

“We are not backing the NLC at all. It will send wrong signals to investors. These are private businesses, and President Bola Tinubu is trying hard to woo investors. So we can’t support that rascality.”

Tariff rates on phone calls and messages have remained unchanged, even as operators face rising costs fueled by inflation, exchange rate volatility, and substantial investments needed to meet increasing consumer demand.

These challenges have created significant financial strain, jeopardising the sustainability of the telecommunications sector—a vital pillar of Nigeria’s digital economy.

The subscriber association emphasised that the telecom sector is a model of successful privatisation in Nigeria, urging NLC to seek solutions that benefit both consumers and operators.

“Telcos are there to make a profit, and at the same time, consumers must not be exploited. We’ve been at this for quite a while,” he said.

NATCOMS, however, reiterated its call for telecom operators to explore alternative funding options, such as Initial Public Offerings, to raise capital.

“They should go to the stock market. I know people will buy. That is the way to go. But boycotting businesses because telecom expenses take a percentage of salaries is not a solution. You can’t kill the business by protesting,” Ogunbanjo added.

Regarding planned engagements with the NCC, the subscribers’ president noted that discussions would remain constructive. “We will engage them through correspondence and phone calls on Friday. This has been our approach for quite some time,” he concluded.

NLC may lead protests

The NLC Public Relations Officer, Benson Upah, urged Nigerians to take decisive yet peaceful action against the 50 per cent telecoms tariff hike that is causing widespread discomfort.

He emphasised the importance of citizens’ participation in defending their rights through non-violent means.

“The citizens have a right to protest against policies they are not comfortable with. It is up to the citizens to show a certain level of resentment peacefully instead of merely grumbling. You don’t need to be violent or aggressive to drive home your point,” Upah told one of our correspondents.

Upah underscored the need for organised and impactful resistance, urging citizens to explore options such as boycotting services and engaging in peaceful demonstrations.

He added that the NLC stands ready to provide leadership when necessary but noted that citizens, as the direct victims, must take the lead in voicing their dissatisfaction.

“There is an element of spontaneity in all of this. Clearly, everybody is complaining. Put this into an organised form, but peacefully,” Upah stated.

The Chairman of NLC, Lagos State chapter, Sessi Funmi, said even though the union had not taken a definite stand on the next step on the telcos 50 per cent tariff hike, several actions may be considered against the telcos.

“The NLC will have recourse back to the National Executive Council, and the organs will take a decision; we are yet to take a final decision on the situation.

“I think that they will probably call out the workers and liaise with Nigerians to boycott, and the NLC might stage an action. Maybe we will go and occupy the head offices of the service providers. I don’t know yet, but that is what I think the union should do,” Sessi explained to The PUNCH.

She added, “The telcos should be prevented from exploiting and doing any business. Until a final decision is made by the NEC, NLC will know the next action to be taken.”

NANS ultimatum

The National Association of Nigerian Students rejected the tariff hike, calling it “inconsiderate and unjustifiable.”

In a statement issued on Wednesday by the Clerk of the Senate at NANS National Headquarters, Oladimeji Uthman, the association warned that the move would worsen the economic hardships faced by Nigerians, particularly students.

NANS gave the NCC and the Ministry of Communications and Digital Economy a 72-hour ultimatum to reverse the decision or face nationwide protests.

“This decision is not only abnormal but also highly inconsiderate and unjustifiable, especially in the current socio-economic climate,” the student union noted.

The association explained that affordable internet access is crucial for bridging the educational gap in Nigeria and warned that the tariff hike would further exclude millions of students from accessing quality education, deepening the digital divide.

 Rights group rejects planned telecoms tariff hike

While acknowledging the operational challenges faced by the telecommunications industry, including inflation and high costs, NANS insisted that the burden should not be transferred to students and the general public.

The association urged the NCC and the ministry to explore alternative solutions that prioritise affordability and accessibility.

“As stakeholders in the future of this nation, we call for immediate dialogue with the NCC, the Ministry of Communications and Digital Economy, and relevant stakeholders to discuss a fair and balanced approach that prioritises the welfare of Nigerian students and citizens,” NANS said.

NANS vowed that if the NCC failed to address their demands within 72 hours, it would organise a peaceful, nationwide protest involving student leaders, unions, and civil society organisations across Nigeria.

“Our protests will not only demand the reversal of the tariff increment but also advocate for broader consultations with stakeholders before implementing policies that affect the public,” the statement added.

The association emphasised its commitment to peaceful advocacy and dialogue but warned that its patience has limits.

NANS called on all well-meaning Nigerians, civil society groups, and youth organisations to join the movement against policies that undermine the progress and well-being of young Nigerians.

“The future of Nigeria depends on the quality of education and opportunities available to its young people. We will not allow policies that threaten this future to prevail,” Uthman stated

Finance minister reacts

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, expressed support for the tariff hike, urging telcos to enhance service delivery in line with the price increase.

Speaking to Arise TV on Thursday at the ongoing 2025 World Economic Forum in Davos, Switzerland, Edu described the tariff adjustment as essential for sustaining the sector amid rising operational costs and inflation.

“Inflation has increased, and it must be reflected in the business operations of telcos. While their prices are regulated, they cannot implement arbitrary tariffs. The rising cost of living must be considered, and I believe the 50 per cent tariff adjustment is just the starting point. It’s about compromise, timing, and sequencing these necessary changes,” he said.

Edu further emphasised the critical role of the telecommunications sector in Nigeria’s economy, calling it essential to the country’s infrastructure and business environment.

“The government expects the tariff adjustment to result in better call termination, fewer dropped calls, and overall improved service quality,” he added.

“We want telcos operating efficiently, terminating calls seamlessly, and delivering high-quality services. At the same time, we want them to foster innovation, create jobs, and contribute to GDP.”

The finance minister assured Nigerians that the tariff adjustment would be reviewed periodically to ensure it remains balanced and fair for both consumers and operators.

He reaffirmed the government’s commitment to fostering a thriving telecommunications sector that supports innovation, economic growth, and job creation.

This came as the telcos promised that the implementation of the approved tariff hike, which is expected to kick off in February, will allow them to invest in infrastructure to improve service and quality.

President of the Association of Telecommunications Companies of Nigeria, Gbenga Adebayor, said that many systems within the telecom sector are outdated and equipment requires optimisation.

“We are actively working on improving the cost-mile experience significantly,” he told The PUNCH earlier.

“Our goal is long-term sustainability—no telecom operator wants to provide poor service quality. Every minute of uptime contributes to revenue, and it’s crucial that we show tangible improvements in user experience and deliver something better to subscribers.”

Nigeria’s biggest telecom operators, MTN and Airtel, said they are targeting better telecom services with the tariff hike.

MTN, the biggest operator, noted that the development is a significant milestone in ensuring the long-term sustainability of the telecom sector while empowering millions of people and businesses and contributing to the country’s overall economic development.

The Chief Executive Officer of MTN Nigeria, Karl Toriola, stated, “This tariff adjustment represents an important step towards addressing the impacts of the prevailing economic challenges on our business and industry.

“It will enable us to maintain the critical investments required to deliver reliable, high-quality services to Nigerians. We remain committed to supporting Nigeria’s digital transformation agenda and driving inclusive growth for all stakeholders.”

Airtel Nigeria’s Chief Executive Officer, Dinesh Balsingh, defended the tariff hike, describing it as a critical measure to ensure the survival and growth of the telecommunications sector while protecting consumer interests.

Balsingh noted that the development underscores the regulator’s commitment to fostering sustainability and enhancing investment in the telecommunications industry for superior service delivery.

“The tariff adjustment reflects a balanced approach to ensuring the sustainability of the telecom sector while safeguarding the interests of consumers.

“The price increase, which was highly needed for the survival and continued growth of the industry, will enable us to continue investing in network infrastructure, expanding coverage, and delivering improved products and services that meet the evolving needs of our customers,” he said in a statement.

The operator said it remains committed to its mission of bridging the digital divide by offering reliable and affordable telecommunications services.

With Nigeria’s vibrant economy and dynamic population, the company believes the decision by NCC creates an environment conducive to innovation and growth, benefiting consumers and the industry alike.

“We are confident that this development will pave the way for even greater advancements in telecommunications services across the country,” added

Balsingh.

“Our focus remains on providing exceptional customer satisfaction while contributing to the long-term sustainability of the industry.”

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the remittances of the country is expected to double as the current value of the naira makes it competitive to attract foreign investments into the country.

With the value of the naira closing at N1,548.5 to the dollar at the CBN window, the governor notes that the reforms and policies of the apex bank aimed at stabilizing the value of the naira are beginning to yield fruits.

The naira which depreciated by N5 at the parallel market to close Thursday’s trading activities at N1,665 had appreciated on the CBN window. Cardoso, speaking on Thursday noted that while the adjustment of the naira has had a negative impact on the country due to its import dependency, said it had also presented opportunities.

“I see a lot of foreign investors coming in to take advantage of it. At this stage, our currency is a lot more competitive and the implications for exports and productive activity is significant” he stated, adding that he expects diaspora remittances to double this year following the market reforms.

He noted that the reforms had been able to reduce the disparity between the bureau de change (BDC) and official rates whilst fostering stability in the forex market. Expressing optimistic prospects for the currency, he said the apex bank will continue to “strengthen our mechanisms to constantly be on the watch out for market participants and to ensure that all those who are in that market are subjected to the best practices and those who fail to conform would be appropriately dealt with.”

He pointed out that the recent initiatives and products such as the non-resident BVN and accounts were in response to the discourse between the apex bank and Nigerians in diaspora, Cardoso said “I am very confident that we are going to see a very positive outcome.

We are already seeing and the impact is already starting to show.

“My discussions with the diaspora shows that everybody is very committed to doubling the levels that we are in. So, there are good things ahead on the foreign exchange side. Our efforts have resulted in a significant milestone in 2024 with over $6 billion in foreign capital inflow into Nigeria, external reserves exceeding $40 billion signaling growing investor confidence.