President Bola Tinubu has appointed Dele Alake as his special adviser on special duties, communications and strategy.

Nuhu Ribadu, former chairman of the Economic and Financial Crimes Commission (EFCC), was named special adviser on security, while Wale Edun was appointed special adviser, monetary policies.

Their appointment was announced on Thursday in a statement signed by Abiodun Oladunjoye, director of information, state house.

In total, the president appointed eight persons as special advisers.

Yau Darazo was named special adviser, political and intergovernmental affairs, while Olu Verheijen has been appointed special adviser on energy.

The president also appointed Zachaeus Adedeji as special adviser on revenue, while John Ugochukwu Uwajumogu was named special adviser on industry, trade and investment.

Salma Ibrahim Anas was appointed special adviser on health.

The president said the appointments are with immediate effect.

On June 6, 2023, the senate approved a request from Tinubu to appoint 20 special advisers.

By

Ayobami Adedeji Politics 2023-06-15

Barely 24 hours after his inauguration, President Bola Tinubu, on Tuesday afternoon, arrived at his office at the Aso Rock Villa, Abuja.

The President hosted at least 40 Heads of State at the Banquet Hall on Monday afternoon and he did not resume at his office until Tuesday (today).

Tinubu’s motorcade pulled up at the forecourt of the Villa at 02:38 pm Tuesday where he was received by Vice President Kashim Shettima; Speaker of the House of Representative, Femi Gbajabiamila; Governor of the Central Bank of Nigeria, Godwin Emefiele; Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari; and the Permanent Secretary of the State House, Tijjani Umar.

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Ayobami Adedeji Politics 2023-05-30

The Supreme Court of Nigeria in its verdict on Tuesday affirms Ademola Adeleke as the Governor of Osun State.

The Independent National Electoral Commission had declared that Adeleke of the Peoples Democratic Party polled 403,371 votes to defeat then-incumbent, Governor Adegboyega Oyetola, of the All Progressives Congress who got 375,027 votes.

But Oyetola and the APC rejected the result of the poll and headed for the tribunal.The governorship election in the state was held on July 16, 2022.

In its January 27, 2023 majority verdict, the Justice Tertse Kume-led tribunal annulled Adeleke’s victory and declared Oyetola the winner of the poll.

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Ayobami Adedeji Politics 2023-05-09

To Mr. Akinwunmi Ambode, the former governor of Lagos State, former Auditor General and Accountant General, the ideal way to celebrate his three score in mother earth would not be to organize an elaborate feast, spread a red carpet to bring friends and well-wishers together or even pomp champagne. Doing so is absolutely not in his character. If there would be a get-together at all, it would be with the deprived, the vulnerable, children of the poor or the special class of the handicapped as he has done most times in his enviable life.

Of course, there is nothing wrong in celebrating 60 eventful years, years well spent in the service of both the state and humanity. It’s indeed a milestone for a man who believes that posterity should be the ultimate judge in the affairs of men. Yet, it’s an important day for an audacious, visionary and pragmatic leader, who is always mindful of his place in history. It’s therefore only appropriate to seize the occasion of this landmark and symbolic day to examine his modest contributions to the development of Lagos, a state he loved so much.

This explains the reason some leaders, desirous of standing out of the crowd in the history books, would burn the midnight oil for brand-new ideas to tackle the seemingly intractable challenges of society. They don’t want to be classified as simply adorning the wall of the governor’s office with their portraits. They want to live in the hearts of the people through their performance. This was a governor, who at any time of the night, will come to the office to scribble down new ideas that come to his head. He once told me and a cabinet member that even if he was asleep, his brain never sleeps.

Ambode has pitched his tent with this history-making camp. It comes with a price: courage. According to Andrew Jackson, the 7th President of the United States of America, “One man with courage makes a majority.’’ This U.S leader is credited with numerous courageous policies that toppled the established norms of his time. He was not afraid to take a decision as long as it was in the interest of the people.

Ambode displayed rare courage and compassion few weeks after coming to office, by approving a hefty N11b to be paid as backlog of arrears to retirees few weeks after coming to office. It was unprecedented. The point had long been established that Ambode came to office very prepared, having been part of the system. This much was demonstrated early in the life of his government in 2015, when he moved like a hurricane to prove that government business isn’t meant for the laid-back.

Few months after we came to office, I was opportune to be among some of the cabinet members and we were talking about on-going projects spread across the state and the amount of time and capital the governor was committing to making Lagos a smart city. The bottom line and the aggregation of opinion of those at the meeting was that of a governor who is restless, committed, determined, passionate and bold to change the face of the state for good.

Consider these staggering statistics: in his first year in office the governor initiated and successfully completed more than 40 impactful projects, including injection of 434 new BRT buses for Ikorodu corridor, fortification of security in Lagos with a whopping N4.7b equipment for the Police and subsequently up to N7b, employment of 1300 teachers to revive primary education, setting up of N25b Employment Trust Fund, massive road rehabilitation and reconstruction in inner Lagos, approval for development of N49b medical park in Ikoyi, provision of 20 mobile care unit ambulances and 26 transport ambulances, building of flyover bridges for Ajah and Abule-Egba areas, rebranding of One Lagos Fiesta to boost tourism and entertainment, creating enabling environment for foreign direct investment etc.

He signed an MOU with Kebbi state on the development of commodity value chain rice (rice production). In his second year Lake Rice became the talk of the town. Lake is the acronym for the joint effort of Lagos and Kebbi to produce the grain. He started the construction of the Rice Mill at Imota which was nearly completed before he left office. The Rice Mill which has been completed and commissioned by Governor Babajide Sanwo-Olu is said to be the biggest in the continent.

Another major achievement of a man who has remained very popular in the streets of Lagos was his boundless vision to move the state from a pedestrian plane to the sophistication of a 21st megacity through the erection of structures of gothic and exotic expressions. Examples: Ojodu Berger Flyover Intersection, Tafawa Balewa Bus Terminus and the breath-sapping Ikeja Bus facility commissioned by former President, Muhammadu Buhari, Oshodi Mega Transport Terminal, Reconstruction of the Airport Road and the Pen Cinema Flyover that changed the face of the Agege/Abule Egba axis, which was 80 percent completed before he left.

We also have the 21 roads and two bridges with a combined stretch of 27.4 kilometers in Alimosho-OkeOdo-Agbado area that motorists in that axis and those navigating to neighboring Ogun State cannot forget in a hurry. Yet, there are other iconic structures spread across the state like the JK Randle Center for Yoruba Culture and History; The Renovation of the iconic Glover Memorial Hall; Mobolaji Johnson Arena; Oworoshoki layby; Epe Charlets and so on and so forth. He was so meticulous that his administration touched every sphere and corner of the state.

Ambode was compassionate in making sure that government resources are effectively used for the betterment of the masses. He had been known to show up at road accident scenes to help rescue victims. Once when he read of a woman whose husband ran away from home because she gave birth to three sets of twins, Ambode directed prompt welfare support that brought back the fugitive man.

He demonstrated severally as governor that experience can indeed be an asset in governance; he was always calm and dutiful, even when there is a major challenge in a state that is becoming increasingly complex to govern. As someone who was close to him in office, he was a leader that is always disposed to superior ideas and options. To the extent that he was ready to change the tie he wore to the office if some of us (his aides) were not comfortable with it.

His maxim was: “Where ever you come from, as far as you labour and add value to the productivity of our dynamic and vibrant State, our government shall work with you to make Lagos State a better, livable and more prosperous home”.

As you celebrate your 60th birthday today sir, here is a toast to a great and generous boss, a smart and intelligent public servant, a collegiate and pragmatic leader and above all, a perfect gentleman. May you continue to enjoy more fulfilling years in good health and abundant blessings.


Happy birthday sir!


Aruna was the Chief Press Secretary to Governor Ambode.

By

Ayobami Adedeji Politics 2023-06-14

FIRST INAUGURAL ADDRESS BY PRESIDENT BOLA AHMED TINUBU 29 MAY 2023

THE NIGERIAN IDEAL

My Fellow Citizens,

I stand before you honoured to assume the sacred mandate you have given me. My love for this nation is abiding. My confidence in its people, unwavering. And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity.

This day is bold and majestic yet bright and full of spirit, as is our precious nation.

As a nation, we have long ago decided to march beyond the dimness of night into the open day of renewed national hope.

The question we now ask ourselves is whether to remain faithful to the work inherent in building a better society or retreat into the shadows of our unmet potential.

For me, there is but one answer. We are too great a nation and too grounded as a people to rob ourselves of our finest destiny.

This nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.

We have endured hardships that would have made other societies crumble.

Yet, we have shouldered the heavy burden to arrive at this SUBLIME moment where the prospect of a better future merges with our improved capacity to create that future.

To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.

The peaceful transition from one government to another is now our political tradition. This handover symbolizes our trust in God, our enduring faith in representative governance and our belief in our ability to reshape this nation into the society it was always meant to be.

Here, permit me to say a few words to my predecessor, President Muhammadu Buhari. Mr President, you have been an honest, patriotic leader who has done his best for the nation you love. On a more personal note, you are a worthy partner and friend. May History be kind to you.

For many years, Nigeria’s critics have trafficked the rumour that our nation will break apart, even perish.

Yet here we are. We have stumbled at times, but our resilience and diversity have kept us going.

Our burdens may make us bend at times, but they shall never break us.

Instead, we stand forth as Africa’s most populous nation and as the best hope and strongest champion of the Black Race.

As citizens, we declare as one unified people devoted to one unified national cause, that as long as this world exists, NIGERIA SHALL EXIST.

Today, Fate and Destiny join together to place the torch of human progress in our very hands. We dare not let it slip.

We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never EXTINGUISH.

Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

We are here to further mend and heal this nation, not tear and injure it.

In this vein, may I offer a few comments regarding the election that brought us to this juncture. It was a hard fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.

The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic.

They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore.

They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law.

Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.

We must never allow the labor of those who came before us to wither in vain but to blossom and bring forth a better reality.

Let us take the next great step in the journey they began and believed in.

Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.

My supporters, I thank you. To those who voted otherwise, I extend my hand across the political divide. I ask you to grasp it in national affinity and brotherhood. For me, political coloration has faded away. All I see are Nigerians.

May we uphold these fitting and excellent notions as the new Nigerian ideal.

My fellow compatriots,

The Nigerian ideal which I speak of is more than just an improvement in economic and other statistics. These things are important; but they can never convey the fullness of our story.

Our mission is to improve our way of life in a manner that nurtures our humanity, encourages compassion toward one another, and duly rewards our collective effort to resolve the social ills that seek to divide us.

Our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding. Let us develop a shared sense of fairness and equity.

The South must not only seek good for itself but must understand that its interests are served when good comes to the North. The North must see the South likewise.

Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people. As your president, I shall serve with prejudice toward none but compassion and amity towards all.

In the coming days and weeks, my team will publicly detail key aspects of our programme. Today, permit me to outline in broad terms a few initiatives that define our concept of progressive good governance in furtherance of the Nigerian ideal:

The principles that will guide our administration are simple:

1. Nigeria will be impartially governed according to the constitution and the rule of law.

2. We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our subregion.

3. We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.

4. In our administration, Women and youth will feature prominently.

5. Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.

SECURITY

Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence.

To effectively tackle this menace, we shall reform both our security DOCTRINE and its ARCHITECTURE.

We shall invest more in our security personnel, and this means more than an increase in number. We shall provide, better training, equipment, pay and firepower.

THE ECONOMY

On the economy, we target a higher GDP growth and to significantly reduce unemployment.

We intend to accomplish this by taking the following steps:

First, budgetary reform stimulating the economy without engendering inflation will be instituted.

Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.

I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.

We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.

JOBS

My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.

Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable.

AGRICULTURE

Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken.

Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing. The livestock sector will be introduced to best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.

Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.

INFRASTRUCTURE

We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail and ports shall get priority attention.

FUEL SUBSIDY

We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.

MONETARY POLICY

Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.

Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.

FOREIGN POLICY

Given the world in which we reside, please permit a few comments regarding foreign policy.

The crisis in Sudan and the turn from democracy by several nations in our immediate neighbourhood are of pressing concern.

As such, my primary foreign policy objective must be the peace and stability of the West African subregion and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.

As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity.

CONCLUSION

This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria.

On this day, Nigeria affirms its rightful place among the world’s great democracies. There, Nigeria shall reside forever.

The course of our past and the promise of the future have brought us to this exceptional moment.

In this spirit, I ask you to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.

With full confidence in our ability, I declare that these things are within our proximate reach because my name is Bola Ahmed Tinubu, and I am the President of the Federal Republic of Nigeria.

May God bless you and May He bless our beloved land.

By

Ayobami Adedeji Politics 2023-05-30

The All Progressives Congress (APC) has nominated Godswill Akpabio, a former minister of Niger Delta affairs, as president of the senate.

The ruling party also chose Abbas Tajudeen, a ranking member of the house of representatives, as speaker.

The APC determines the presiding officers of the national assembly because it has majority members.

In a statement on Monday, Felix Morka, APC spokesperson, said the party also nominated Barau Jibrin, senator representing Kano north, as deputy senate president, and Benjamin Kalu, current house spokesperson, as deputy speaker.

“The national working committee of the APC met today, Monday, May 8, 2023, to consider reports of consultations and meetings held with the president-elect, His Excellency, Asiwaju Bola Ahmed Tinubu, other party leaders and stakeholders on zoning arrangements for 10th national assembly leadership positions,” Morka said.

“The NWC noted with respect to the outcome of the meetings held between the president-elect and the leadership of the NWC.

“The NWC called for further and better consultation with necessary stakeholders in order to assure the support of the aspirants to the national assembly leadership positions and members of the party nationwide.”

In March, Abdullahi Adamu, APC national chairman, said the party would work with the president-elect to zone the national assembly positions.

Last week, David Umahi, the outgoing governor of Ebonyi, dropped his bid to become the senate president and endorsed Akpabio.

By

Ayobami Adedeji Politics 2023-05-09

The former governor of Akwa Ibom State, Godswill Akpabio, has emerged as the Senate President of the 10th Assembly.

Akpabio, who is the preferred candidate of the All Progressives Congress,and senator  senator representing Akwa Ibom North-West,scored 63 votes beating Abdulaziz Yari, senator representing Zamfara Central, who scored 46 votes.

Akpabio,was subsequently sworn-in after taking the oath of office,before the commnencement of the election of other principal officers of the 10th senate.

By

Ayobami Adedeji Politics 2023-06-13

Former British Prime Minister, Tony Blair, says he will support the incoming administration of Bola Tinubu to succeed in office as Nigeria’s President

Tony Blair gave the commitment on Tuesday when he visited the president-elect at the Defence House, Abuja.

A statement from the office of the President-elect signed by Abdulaziz Abdulaziz quoted the ex-prime minister as saying that the Tony Blair Institute for Global Change, which he founded, would be a willing partner of the Tinubu administration, especially in prioritising its goals and delivery.

He said since leaving office as the UK prime minister, he had been working with governments worldwide to help them deliver on their mandates.

He said Blair Institute had a project in place in Nigeria and felt it was incumbent upon him to meet the country’s incoming president to understand the administration’s priorities.

“We would like to help in any way with your administration. We only need to know what the leadership priorities are and help in how to actualise them,” Tony Blair told President-elect Tinubu.

He commended Tinubu’s campaign focus on key areas of security, economy, agriculture and power, describing the intertwined nature of the areas as critical to the development of any society.

He expressed optimism that with the appetite shown by investors to invest in Nigeria, the Tinubu administration could get the support it needs to spur economic development in the country.

Blair, however, acknowledged the difficult task before Tinubu and other leaders at a time of global turmoil.

“Being in government today anywhere in the world, is tough. You have things happening around the world which affect you and for which you can’t do anything much,” he said.President-elect Tinubu, in his response, expressed appreciation to Mr Blair for the visit and his offer to work with his administration.

He spoke of the shared vision between him and Tony Blair Institute in their priority areas but underlined the importance of tackling investment challenges and the need for social investment to fight poverty.“Yes, we are challenged. But where is our courage? We can eliminate ignorance, diseases and poverty in Africa. We must work hard to ensure democracy works for our people,” Tinubu said.

“We have to invest more, put technology in place and keep terrorists at bay because, without effective security, there is no guarantee investors will come,” he added.

With the President-elect at the meeting were, Speaker of the House of Representatives, Femi Gbajabiamila; Vice President-elect, Kashim Shettima; member of Tinubu Transition Team, Wale Edun; former Economic and Financial Crimes Commission Chairman, Nuhu Ribadu; Senator representing Lagos East Senatorial District, Adetokunbo Abiru and Executive Secretary, National Sugar Development Council, Zacch Adedeji.

By

Ayobami Adedeji Politics 2023-05-23

Peter Obi, presidential candidate of the Labour Party (LP), has visited Wole Soyinka, the Noble laureate.

Obi, in a post on his official Twitter handle on Sunday, described his visit to Soyinka as enriching, noting that he had a useful discussion with the Nobel laureate.

“Today I visited one of Nigeria’s most revered figures and an international literary icon Prof Wole Soyinka,” Obi said.

“Prof Soyinka has been my father whom I hold in very esteem for what he has achieved and stands for in the struggle for a better Nigeria.

“His reputation as a fighter for justice and equity in our society has been legendary and we will NEVER ignore them.

“I had a very useful and enriching discussion about his aspirations for a better and greater Nigeria, and he shared a lot with me about his dream for a greater, and more inclusive Nigeria.

“I reminded the Nobel laureate of the huge price he paid just before the outbreak of civil war, fighting for the cause of the Igbos

“I cherish this Sunday visit which was intended to erase the needless misconceptions about the relationship between the great icon and the obidient family.”

The development comes days after Soyinka came under criticism on social media by the supporters base of the LP candidate, popularly known as” Obidients”.

Soyinka had in a statement said Obidients wear their refusal to “accept constructive criticism as a badge of honour”, while addressing criticism he received from supporters of the LP.

On April 5, Soyinka faulted the remarks by Datti Baba-Ahmed, vice-presidential candidate of the LP, saying they contained “fascistic language”.

Baba-Ahmed had said the country has no president-elect despite the Independent National Electoral Commission (INEC) announcing Bola Tinubu of the All Progressives Congress (APC) as the winner of the election.

The LP vice-presidential candidate said Tinubu would be leading an unconstitutional government if sworn into office because the APC candidate “has not met requirements of the law”.

By

Ayobami Adedeji Politics 2023-05-08

It is no more news that President Bola Tinubu had on Friday sacked Godwin Emefiele,the Governor of Nigeria's Central Bank and was subsequenty arrested by the Department of State Services.As it is,the DSS,is reportedly likely to approach the court on Tuesday to obtain an order to keep the embattled Governor of the Central Bank, in its custody for as long as his interrogation will last.

A source in the DSS confided in one of our correspondents that the secret police would likely approach the court to obtain an order to detain the suspended CBN boss for an indefinite period to allow for unfettered interrogation.

This was sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy, according to a statement by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.

According to the statement of his removal, Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun Adebisi Shonubi, who will act as the CBN governor pending the conclusion of the investigation and the reforms.

 The suspended apex bank boss was arrested in Lagos on Saturday by DSS operatives and flown to Abuja in a private jet.

A viral video showed the suspended apex bank boss driven to the tarmac in an unmarked Hilux van accompanied by security agents. After disembarking from the vehicle, he was escorted into a waiting plane where security operatives were waiting to receive him. One of the operatives, who closely followed Emefiele, had in his hands a pair of handcuffs.

The source stated, “He (Emefiele) is going to be with us for some time. We may obtain a court order to further detain him. The previous charges against him are there and further investigations may add to that. You know that he is a big man, and we have to make sure that the loose ends are tightened before we take him to court.

“Recall that we were looking for him before his suspension. Now that we have him, we will hear from him; hear what he has to say on those issues we have highlighted before.”

The source added that the DSS had assembled a team of crack interrogators to quiz Emefiele on wide ranging issues, including alleged terrorism financing and mismanagement of the economy and the apex bank.

“We have a team of interrogators, who are going to quiz and obtain statements from him. We won’t bungle our case. But honestly, Nigerians need to know what happened and why we were looking for him the other time,” the source added.

Meanwhile, Emefiele’s arrest is a precursor to the imminent purge of the top echelon of the apex bank, Sunday PUNCH has learnt.

It was gathered on Saturday that other top directors of the CBN would be interrogated in the coming weeks as part of a comprehensive probe of Emefiele’s administration as directed by the President.

Dependable sources said the secret police would likely go after senior officials in the procurement department of the CBN as well as special advisers to the embattled governor.

A source stated, “One of those under the radar of the DSS is a special adviser to the CBN governor.

“He retired from the CBN in 2021 as a director but was retained by Emefiele as a special adviser. He is believed to have an inside knowledge of all the actions taken by Emefiele.

“Other subjects of interest are senior officials and directors in the procurement department. The fact is that many top directors will be invited or arrested for questioning in the weeks ahead.”

One of our correspondents learnt that Emefiele, his aides and other top directors would be grilled on a number of issues relating to loans worth billions of naira given to farmers under the Fadama scheme, which were believed to have been marred by fraud; the controversial sale of Polaris Bank, which was also allegedly fraught with irregularities; alleged financing of the Indigenous People of Biafra by the suspended CBN boss, and other allegations bordering on forex fraud.

The CBN chiefs are also expected to answer tough questions on the apex bank’s fiscal policies, including the handling of the naira redesign policy, which led to the scarcity of naira notes and caused a nationwide economic crisis, resulting in riots, attacks on banks and death of some citizens.

“Their level of complicity will determine if they will retain their jobs or face prosecution at the end of investigation,” another source stated.

Earlier on Saturday, the spokesman of the DSS, Dr Peter Afunaya, confirmed that the suspended CBN governor was in the custody of the agency and would undergo interrogation.

He said in a statement, “The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons.

“The public, particularly the media, is enjoined to apply utmost caution in the reportage and narratives concerning this.”

This was a follow-up to an earlier statement by Afunaya in which he said Emefiele was not yet in the custody of the secret police.

Home, office deserted

Indications also emerged on Saturday that the DSS might conduct a search on the residence and office of the suspended apex bank governor as part of its investigation.

Another source in the secret police said, “He (Emefiele) has been on the watch list of the service for long, now that he has been arrested, he will be spending the night in custody at our headquarters and may not be released anytime soon. There is also the likelihood of his residence and office being searched in furtherance of the service’s investigation.”

Sunday PUNCH reports that the DSS had been on the trail of the suspended CBN governor and had even approached a High Court of the Federal Capital Territory to arrest him.

Among allegations levied against the embattled CBN governor by the DSS are terrorism financing, mismanagement of Nigeria’s social investment programme and the Anchor Borrowers’ Scheme, among others.

Meanwhile, the residence of the suspended CBN boss in the Maitama area of the FCT was deserted on Saturday.

Our correspondents, who were there from noon till around 3pm, did not observe the presence of security operatives around his residence. Also, no movement of persons or vehicles was observed in the compound.

At the CBN headquarters, our correspondents only observed the presence of the apex bank’s security men.

This was contrary to what happened earlier in the year when a team of policemen was seen at his home.  Also, his office was not spared as there were reports of operatives of the Department of State Services invasion of the CBN.

Naira loses 76% value under Emefiele

The naira has lost about 76.17 per cent of its value since June 2014 when the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, took office, according to findings by Sunday PUNCH.

It was observed that the naira official rate compared to the US dollar had fallen from N164 to N462.4 (or 64.53 per cent) since June 2014.

Within the same timeframe, the naira has weakened from $1/N183 to $1/N768 in the parallel market.

This also indicates the currency has suffered 76.17 per cent depreciation since 2014 under Emefiele.

Although he was appointed by former President Goodluck Jonathan in February 2014 after the suspension of Lamido Sanusi, his predecessor, Emefiele officially assumed duty in June of that year.

He was re-appointed for a second term of five years in 2022 by the immediate past President, Muhammadu Buhari.The naira lost significant value under Emefiele than most CBN governors since 1999.

In July last year, the Senate resolved to summon the CBN governor to educate and inform senators in a closed-session on the reasons for the rapid depreciation in the value of the naira against foreign currencies.

It also mandated its Committee on Banking, Insurance and Other Financial Institutions to assess the impact of the CBN intervention funds meant to support critical sectors of the economy

The resolutions were reached by lawmakers after the upper chamber considered a motion sponsored by Senator Olubunmi Adetunmbi.

A breakdown of how the currency moved under each CBN governor showed that under Joseph Sanusi, the naira-to-dollar exchange rate moved from N99 to N132. Joseph Sanusi spent five years at the helm of the apex bank between 1999 and 2004.

Under Chukwuma Soludo (2004-2009), the dollar exchange rate moved from N133 to N147, while under Lamido Sanusi (June 2009-February 2014), the dollar exchange rate moved from N148 to N157.

Under Emefiele, the value of the naira to the dollar weakened significantly despite efforts to ensure stability by the CBN.

In a bid to manage the value of the naira, the CBN introduced a number of policies, such as stopping forex supply to importers of 41 items that could be produced locally, offering N5 for every $1 remitted to Nigeria through Internal Money Transfer Organisations, and banning the supply of forex to Bureaux De Change, among others.

Specifically, in March 2021, the bank introduced the ‘Naira 4 Dollar Scheme’, intended to boost the inflow of Diaspora remittances into the country. This programme works by paying Diaspora remittance recipients an incentive of N5 for every $1 received through a licensed IMT operator.

In May 2021, the CBN adopted the NAFEX rate as the benchmark rate. This initiative simply meant that rather than having multiple official rates (e.g. CBN rate at N379/$ vs. IEFX rate of N410/$ at the time), the bank simply decided to reduce the number of official rates.

In July 2021, the CBN announced the discontinuation of foreign exchange sales to BDC operators. Emefiele alleged that some BDCs’ actions contravened the agreement with the apex bank by seeking to maximise profits, which he deemed excessive.

In February 2022, the CBN extended the naira for dollar scheme from the IMTOs to the IEFX window.

Specifically, the CBN released instructions that outline that it would facilitate the payment of N65 for every US dollar repatriated and sold at the Investors and Exporters’ Window.

However, these policies have not been able to maintain naira stability.

The World Bank disagreed with the CBN on how it tried to achieve price stabilisation of the naira, adding that the currency should be allowed to respond to real pressures and not be bottled up by the apex bank.

By

Ayobami Adedeji Politics 2023-06-11

The former Chairman of the Peoples Democratic Party, PDP, in Osun state and Vice Chairman Southwest zone, Soji Adagunodo is dead.

The Southwest Youth leader of the party, Seyi Bamidele, while confirming the incident said the party chieftain passed on in the United States of America.

According to the youth leader, Adagunodo passed on after brief illness in USA.“It is true the zonal Vice Chairman, Southwest, Hon. Soji Adagunodo id dead. He died in the USA after a brief illness and we were informed his demise this evening”, he said.

Meanwhile Governor Ademola Adeleke expressed shock at the news of the death of Adagunodo, describing his passage as “a sore loss not only for the party, but also Osun state”.

In a condolence message signed by his Spokesperson, Mallam Olawale Rasheed, Governor Adeleke rued the loss of Hon. Adagunodo as painful going by his contributions to the PDP in various roles.

It reads; “Late Hon Adagunodo is a friend whom I supported to become the state Chairman of the PDP and who in turn backed me to emerge a Senator of the Federal Republic. It is a bitter loss and we will badly miss him.

“The news of the passing of Hon. Adagunodo was devastating to me as a person. I note Hon. Adagunodo contributions to our great party as the Chairman in Osun state and I celebrate the impacts he effected as the South West Chairman of PDP.

“I share in the grief of his family and loved ones, recalling with fondness the good memory he shared with our great party as well as the impacts till his last moment on earth.“It is our prayer that Almighty God be pleased with his soul and grant Hon. Adagunodo eternal rest just as every loved ones have the fortitude to bear the irreparable loss.”

By

Ayobami Adedeji Politics 2023-05-09

Nigeria's Presidential Election Petitions Tribunal Abuja will today,Monday 8th May,2023,begin pre-hearing in the petitions challenging the outcome of the February 25 presidential election.

The Independent National Electoral Commission declared that Bola Tinubu of the ruling All Progressives Congress polled 8,794,726 votes to win the election.The commission declared that Atiku came second with  6,984,520 votes, while it announced Labour Party’s Peter Obi as the second runner-up with  6,101,533 votes.

But Atiku, Obi and some other parties rejected the results announced by INEC and had approached the Presidential Election Petition Tribunal to annul Tinubu’s victory.

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Ayobami Adedeji Politics 2023-05-08