Mon, Dec 22, 2025

Nigeria’s "Era of Renewed Stability" and the Truths the CBN Chooses to Overlook By Blaise Udunze

 

At the Annual Bankers’ Dinner, when the Governor of the Central Bank of Nigeria, Yemi Cardoso, recently stated that Nigeria had "turned a decisive corner," his remark aimed to convey assurance that inflation was decelerating with headline inflation eased to 16.05percent and food inflation retreating to 13.12 percent, the exchange rate was stabilizing, and foreign reserves ($46.7 billion) had climbed to a seven-year peak. However, beneath this announcement, a grimmer and conflicting economic situation challenges households, businesses, and investors daily.

Stability is not announced; it is felt. For millions of Nigerians, however, what they are facing instead are increasing difficulties, declining abilities, diminished buying power, and susceptibilities that dispute any assertion of a steady macroeconomic path.

The 303rd MPC gathering was the most significant in recent times, revealing policies and statements that prompt more questions than clarifications. It highlighted an economy striving to appear stable, in theory, while the actual sector struggles to breathe.

This narrative explores why Cardoso’s assertion of "restored stability" is based on a delicate and partial foundation, and why Nigeria continues to be distant from attaining economic robustness.

Manufacturing: The Core of Genuine Stability Remains Struggling to Survive

 

A strong economy is characterized by growth in production, increased investment, and competitive industries. Nigeria lacks all of these elements.

The Manufacturers Association of Nigeria (MAN) expressed this clearly in its response to the MPC’s choice to keep the Monetary Policy Rate at 27 percent. MAN stated that elevated interest rates are now" hindering production, deterring investment, and weakening competitiveness.

Producers are presently taking loans at rates between 30-37 percent, an environment that renders growth unfeasible and survival challenging. MAN’s Director-General, Segun Ajayi-Kadir, emphasized that although stable exchange rates matter, no genuine industry can endure borrowing expenses to those charged by loan sharks.

The CBN’s choice to maintain elevated interest rates is based on drawing foreign portfolio investors (FPIs) to support the naira’s stability. However, FPIs are well-known for being short-term, speculative, and reactive to disturbances. They do not signify long-term stability. Do they represent genuine economic development?

Genuine stability demands assurance, in manufacturing beyond financial tightening. Manufacturers are expressing, clearly and persistently, that no progress has been made.

Oil Output and Revenue: The Engine Behind Nigeria’s Stability Is Misfiring

 

Nigeria’s oil sector, which is the backbone of its fiscal stability, is underperforming. The 2025 budget presumed:

  • $75 per barrel oil price
  • 2.06 million barrels per day production

Both objectives have fallen apart. Brent crude lingers near $62.56 under the benchmark. Contrary to the usual explanations, experts attribute the decline not mainly to external shocks but to poor reservoir management, outdated models, weak oversight, and delayed technical decisions.

Engineer Charles Deigh, a regarded expert in reservoir engineering, clearly expressed that Nigeria is experiencing production losses due to inadequate well monitoring, obsolete reservoir models, and technical choices lacking fundamental engineering precision.  These shortcomings result directly in decreased revenue. By September 2025:

-       Nigeria had accumulated N62.15 trillion from oil revenue

-       instead of the N84.67 trillion budgeted.

-       In September, the Federal Inland Revenue Service reported a startling 49.60 percent deficit in revenue from oil taxes.

A nation falling short of its main revenue goals by 50 percent cannot assert stability. Instead, it will take loans. Nigeria has taken loans.

A Stability Built on Debt, Not Productivity

 

Nigeria is now Africa’s largest borrower, and the world’s third-biggest borrower from the World Bank’s IDA, with $18.5 billion in commitments. By mid-2025, the total public debt amounts to N152.4 trillion, marking a 348.6 percent rise since 2023.

From July to October 2025, the government secured contracts for: $24.79 billion, €4 billion, ¥15 billion, N757 billion, and $500 million Sukuk loans. Nevertheless, in spite of these acquisitions, infrastructure continues to be manufacturing remains limited, and social welfare is still insufficient.

Uche Uwaleke, a finance and capital markets professor, cautions that Nigeria’s debt service ratio is "detrimental to growth." Currently, the government spends one out of every four naira it earns on servicing debts. Taking on debt is not harmful in itself, provided it finances projects that pay for themselves. In Nigeria, it supports subsistence.  A country funding today, through the labour of the future, cannot assert restored stability.

The Naira: A Currency Supported by Fragile Pillars

 

The CBN contends that elevated interest rates and enhanced market confidence have contributed to the naira's stabilisation. However, this steadiness is based on grounds that cannot endure even the slightest global disturbance. The pillars of a stable currency are:

-       Rising domestic production

-       Expanding exports

-       Reliable energy supply

-       Strong security

-       A thriving manufacturing base

None of these is Nigeria’s current reality. What Nigeria actually receives is capital from portfolio investors, and past events (2014, 2018, 2020, 2022) have demonstrated how rapidly these funds disappear.

Unemployment: “Stable” Figures Mask a Rising Youth Crisis

 

The CBN touts a reported unemployment rate of 4.3 percent. However, the International Labour Organisation (ILO), along with economists, cautions that the approach conceals more serious issues in the labour market.

Youth joblessness has increased to 6.5 percent, and the Nigerian Economic Summit Group cautions that Nigeria needs to generate 27 million formal employment opportunities by 2030 or else confront a disastrous labour crisis. The employment crisis is a ticking time bomb. A country cannot maintain stability when its youth are inactive, disheartened, and financially marginalized.

FDI Continues to Lag Despite CBN’s Positive Outlook

 

During the 2025 Nigerian Economic Summit, NESG Chairman, Niyi Yusuf stated that Nigeria’s efforts to attract direct investment (FDI) continue to be sluggish despite the implementation of reforms. FDI genuinely reflects investor trust, not portfolio inflows. FDI signifies enduring dedication, manufacturing plants, employment, and generating value. Nigeria does not have any of this as of now. An economy unable to draw long-term investments lacks stability.

139 Million Nigerians in Poverty: What Stability?

 

The recent development report from the World Bank estimates that 139 million Nigerians are living in poverty, and more than half of the population faces daily struggles. This is not stability. It is a humanitarian and economic crisis.

Food inflation continues to stay structurally high. The cost of a food basket has risen five times since 2019. Low-income families currently allocate much, as 70 percent of their earnings to food. A government cannot claim stability when its citizens go hungry.

A Fragile, Failing Power Sector

 

The power sector, another cornerstone of economic stability, is failing. Over 90 million Nigerians are without access to electricity, which is one of the highest figures globally. Even homes linked to the grid get 6.6 hours of electricity daily. Companies allocate funds to generators rather than to technology, innovation, or growth. Nigeria has now emerged as the biggest importer of solar panels in Africa, not due to environmental goals but because the national power grid is unreliable.

A country cannot achieve stability if it is unable to supply electricity to its residences, industrial plants, or medical centers.

Insecurity: The Silent Pillar Undermining All Economic Policy

 

Banditry, terrorism, abduction, and militant attacks persist in agriculture, manufacturing, logistics, and investment. Nigeria forfeits $15 billion each year due to insecurity and resources that might have fueled industrial development.

Food price increases are mainly caused by instability, and farmers are unable to cultivate, gather, or deliver their products. Nevertheless, the MPC approaches inflation predominantly as an issue of policy. In a country where insecurity fundamentally hinders the economy tightening policy cannot ensure stability.

Inflation Figures Under Suspicion

 

Questions have also emerged regarding the reliability of inflation data. Dr. Tilewa Adebajo, an economist, affirmed that the CBN might not entirely rely on the NBS inflation figures, highlighting increasing apprehension. A sharp decrease to 16 percent inflation clashes with market conditions.

Families are facing the food costs in two decades. Costs, for transport, housing rent, education fees, and necessary items keep increasing. Food prices cannot decline when farmers are abandoning their farmlands and fleeing for safety. If inflation figures are manipulated or partial, the stability story based on them becomes deceptive. There is, quite frankly, a significant disconnect between governance and the lived experience of ordinary Nigerians.

Foreign Reserves: A Story of Headlines vs Reality

 

Even Nigeria’s celebrated foreign reserves require scrutiny. The CBN reported $46.7 billion in reserves. However, a closer examination shows:

-       Net usable reserves are only $23.11 billion

-       The remainder is connected to commitments, swaps, and debts

Gross reserves make the news. Net reserves protect the currency. The difference is too large to assert that the naira is stable.

Nigeria’s Economic Contradiction: Stability at the Top, Volatility at the Bottom

 

In reality, Nigeria is caught between official proclamations of stability and lived experiences of volatility. The disparity between the CBN’s account and the actual experiences of Nigerians highlights a reality:

-       Macroeconomic changes have failed to convert into improvements in human well-being.

-       Nigeria might appear stable officially. Its citizens are experiencing instability in truth.

-       Taking on debt is increasing

-       Poverty is worsening

-       Manufacturing is contracting

-       Jobs are scarce

-       Authority is breaking down

-       Feelings of insecurity are growing stronger

-       Inflation is undermining dignity

-       Companies are struggling to breathe

-       Capital is escaping

-       Misery, among humans, is expanding

A strong economy is one where advancement is experienced, not announced.

What Genuine Stability Demands

 

To move from paper stability to real stability, Nigeria must:

1. Support domestic production.  Cut interest rates for manufacturers, reduce borrowing costs, and provide targeted credit.

2. Fix oil production technically. Revamp reservoir engineering, implement surveillance. Allocate resources to adequate technical oversight.

3. Prioritize security. Secure farmlands, highways, and industrial corridors.

4. Reform the power sector. Invest in grid reliability, renewable integration, and private-sector-led transmission.

5. Attract real FDI. Streamline rules, enhance the framework, and maintain consistent policy guidance.

6. Anchor debt on productive projects. Take loans exclusively for infrastructure projects that produce income.

7. Prioritize reforms in welfare. Adopt crisis-responsive, domestically funded safety nets.

8. Improve transparency. Ensure inflation, employment, and reserve data reflect reality.

Stability Is Not Given; It Has to Be Achieved

 

The CBN Governor’s statement of "renewed stability" is hopeful. It remains unproven. The inconsistencies are glaring, the statistics too. The real-world experiences are too harsh. Nigerians require outcomes, not slogans. Stability is gauged not through statements on policy but by whether:

-       Manufacturing plants are creating (factories operate at full capacity),

-       Food is affordable,

-       Young people have jobs

-       The naira is strong without artificial props,

-       Electricity is reliable,

-       Security is assured,

-       Poverty rates are decreasing.

Unless these conditions are met, Nigeria is not experiencing a period of restored stability. Instead, it is going through a phase of recovery, one that will collapse if the actual economy keeps worsening while decision-makers prematurely applaud their successes. The CBN must rethink its approach. Nigeria needs productive stability, not statistical stability.

Blaise, a journalist and PR professional, writes from Lagos, can be reached via: This email address is being protected from spambots. You need JavaScript enabled to view it.  

Bandits strike in Kwara again, abduct pregnant woman, 10 others

Armed bandits, numbering more than 20, have attacked Isapa community, near Eruku community, in the same Ekiti local government area of Kwara State, abducting at least 11 residents, including a pregnant woman.

This is coming two days after President Bola Ahmed Tinubu announced the rescue of the 38 worshippers who were abducted in a bandit attack on CAC Oke-Isegun in Eruku, Kwara State which also led to the death of three people.We gathered that the attack occurred around 6:00 p.m. on Monday, when armed bandits stormed the community with a large herd of cattle, firing shots indiscriminately.

An elderly woman was reportedly hit by a stray bullet during the incident.

A community leader, who confirmed the incident under anonymity, said 11 people were abducted, with seven victims belonging to the same family.

The kidnapped victims include a pregnant woman, two nursing mothers, and several young children.

Identities of the abducted individuals have been identified as: Talatu Kabiru (Female, 20), Magaji (Male, 6), Kande (Female, 5), Hadiza (Female, 10), Mariam (Female, 6), Saima (Female, 5), A house wife, Habibat, A housewife, Fatima Yusufu, A pregnant woman, Sarah Sunday (Female, 22), Lami Fidelis (Female, 23, nursing mother), Haja Na Allah (Nursing mother)

Eyewitness accounts had it that the attackers moved through parts of the town, leaving bullet holes in walls and doors.

Expended AK-47 shells were found scattered across the community after the gunmen fled.

Police authorities are yet to issue an official statement on the incident.

Supremacy Battle! Ooni is bigger than Alaafin.....Ifa Priest Ifayemi Elebuibon

 

Renowned Ifa priest, Ifayemi Elebuibon, has intervened in the ongoing controversy between the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, and the Alaafin of Oyo, Oba Abimbola Akeem Owoade, urging both monarchs to prioritise peace over rivalry. Speaking in an interview with Bamidele Adeyanju, popularly known as Agbaletu, Elebuibon referenced history to stress that the origins of Oyo cannot be separated from Ile-Ife, just as Ife’s history cannot be told without Oyo. “If they can give room to peace, all these should not be happening. Oranmiyan, who established Oyo, came from Ile-Ife. There is no way you can tell the history of Oyo without tracing it to Ife, and there is no way you can tell the history of Ife without mentioning Oyo. He cautioned against unnecessary conflict, particularly from a monarch who has only recently ascended the throne. Elebuibon maintained that their focus should be on unity rather than competition for seniority. “Someone became a king not up to a year, not up to six months — is it trouble he ought to be causing? All that should matter to them is how there will be peace everywhere and not seniority fights.” Drawing from the Ifa divination system, he emphasised that Ile-Ife holds a distinct and unrivalled position as the cradle of Yoruba civilisation. Speaking in Yoruba, he said partly, “Ifè sì ni Olú. Olúkólú kan kìí tó Ooni. Enìkan kìí gbá yekete k’ótó Erin. Èeyàn kìí yèkètè k’ótó ẹfòn. Olúkólú kan o tó Ooni. Baa se ba nun.” His explanation, rooted in Ifa divination system, summarised to mean Ife is an Olu (ruler), which no other Olu can be on the status with. Elebuibon’s Yoruba chant also likened the Ooni of Ife’s supremacy to as big as an elephant among other animals. This comes in the wake of heightened exchanges between the two foremost traditional rulers in Yorubaland. If you recall that the Alaafin of Oyo had challenged the authority of the Ooni of Ife to confer the chieftaincy title of Okanlomo of Yorubaland on Ibadan businessman, Dotun Sanusi. The Alaafin insisted that only he possesses the power to bestow such a pan-Yoruba title and subsequently gave the Ooni a 48-hour ultimatum to revoke it or face consequences. In response, Moses Olafare, Director of Media and Public Affairs to the Ooni of Ife, dismissed the threat. He said the Ooni would not dignify the statement with an official response, describing the ultimatum as “empty.” Olafare explained that his principal considered the Alaafin’s warning unworthy of a reply and had chosen to leave the matter to public opinion.

Awujale Succession! Jadiara Ruling House disowns KWAM1

 

 

The Jadiara Royal House of Ijebu Ode has dismissed the claim by the popular Fuji musician and Olori Omooba of Ijebuland, Wasiu Ayinde Anifowose, also known as KWAM 1, that he belongs to the royal lineage.

The family, in a letter dated 7th December 2025, signed by the Olori Ebi, Otunba Prince Akinola Odedina and addressed to the Fuji musician, categorically stated that Wasiu Ayinde “has no genealogical lineage to Jadiara Royal House.”

He explained that the Royal House had patiently waited for him to submit his nomination form, as directed by the Chairman of the Fusengbunwa Ruling House, Otunba Owoseni, to prove his linkage to the family.

Odedina said it became necessary for the royal house to speak on the development, since the issue had become a matter of public interest.

The letter reads, “I have observed with studied silence the event of the past few days concerning the issue pertaining to Otunba Wasiu Ayinde Anifowose and his aspiration to the Awujale stool through Jadiara Royal House

“I can say categorically that Wasiu has no genealogical lineage to Jadiara Royal House.

“The Chairman of Fusengbuwa Ruling House has rightly given him a nomination form to complete expecting him to get his root to Jadiara Royal House authenticated.

“We in Jadiara Royal House have waited for him to show up with his form and whatever documents he may have to prove his linkage to Jadiara Royal House. He is yet to show up 

“It is necessary to release this information because the issue has become a matter of public interest

“The public will be informed as the event unfolds.”

If you recall, the Fuji musician , fondly called K1 De Ultimate, in a letter addressed to the Chairman of Fusengbunwa Ruling House, dated 3rd of December, declared his intention to be considered for the vacant stool of Awujale of Ijebu land.

He stated that his intention was subject strictly to the provision of Ijebu customary law and the Ogun State Chieftaincy laws.

“I was born on the 3rd of March ,1957, and I am a bonafide son of the Fusengbunwa Ruling House of Agunseb Quarters, tracing my ancestry to the Oba Jadiara lineage, which qualifies me to present myself for consideration in accordance with established tradition,” he said.

Russia and Ukraine swap strikes as ceasefire talks persist

 

Russia and Ukraine have swapped strikes overnight, killing at least nine people, as teams from Ukraine and the United States sought to rework a ceasefire plan.

Russian missiles and drones targeted Ukraine’s capital for yet another night, killing six people, officials in Kyiv said on Tuesday.

Tymur Tkachenko, the head of Kyiv’s military administration, said four people died and at least three were wounded in the Svyatoshynsky district. Emergency services earlier said two people died in a strike on an apartment building in the eastern Dniprovsky quarter.

“The Russians are deliberately targeting civilian infrastructure and housing. Cynical terror,” Tkachenko said on the Telegram messenger.

Meanwhile, Russian officials said three people were killed and at least 16 injured in a major Ukrainian drone attack on southern Russia.

Residential buildings were damaged in the Black Sea port of Novorossiysk and the cities of Rostov-on-Don and Krasnodar, Russian officials said.

Kharkiv resident Oleksandr Voropaev told Al Jazeera that residents of the war-stricken area do not believe in the peace negotiations “because while they sit at the negotiating table with a pen, we are hit by missiles and bombs”.

‘A dignified peace’

The attacks followed talks between US and Ukrainian representatives in Switzerland’s Geneva to thrash out Washington’s so-called 28-point plan, which Kyiv and its European allies saw as a Kremlin wish list.

Ukrainian President Volodymyr Zelenskyy, in his nightly address late on Monday, said the talks in Geneva mean the “list of the necessary steps to end the war can become doable”

 But he said there remained “sensitive issues” that he will discuss with US President Donald Trump

“After Geneva, there are fewer points – no longer 28 – and many of the right elements have been taken into account in this framework. There is still work for all of us to do together – it is very challenging – to finalise the document, and we must do everything with dignity,” he said.

“Ukraine will never be an obstacle to peace – this is our principle, a shared principle, and millions of Ukrainians are counting on, and deserve, a dignified peace,” he added.

Inconsistent

Trump, too, hinted at new progress.

“Is it really possible that big progress is being made in Peace Talks between Russia and Ukraine??? Don’t believe it until you see it, but something good just may be happening,” the US president wrote earlier on Monday on his Truth Social platform.

At the White House, spokeswoman Karoline Leavitt said there were a couple of points of disagreement remaining, but “we’re confident that we’ll be able to work through those.”

She said Trump wanted a deal as quickly as possible, but there was no meeting currently scheduled between the US president and Zelenskyy.

Trump, who returned to office this year pledging to end the war quickly, has reoriented US policy from staunch support for Kyiv towards accepting some of Russia’s justifications for its 2022 invasion.

But Washington’s stance towards the war has been inconsistent.

Trump’s hastily arranged Alaska summit with Russian President Vladimir Putin in August led to worries that Washington was prepared to accept many Russian demands, but ultimately resulted in more US pressure on Russia.

The latest 28-point peace proposal again caught many in the US government, Kyiv and Europe off-guard and prompted new concerns that the Trump administration might be willing to push Ukraine to sign a peace deal heavily tilted towards Moscow.

The plan would require Kyiv to cede more territory, accept curbs on its military and bar it from ever joining NATO, conditions Kyiv has long rejected as tantamount to surrender.

It would also do nothing to allay broader European fears of further Russian aggression.

Ukraine’s European allies drew up a counter-proposal which, according to the Reuters news agency, would halt fighting at the present front lines, leaving discussions of territory for later, and include a NATO-style US security guarantee for Ukraine.

The new version of the draft worked on in Geneva has not been published

 

Kremlin slams EU proposal

An adviser to Zelenskyy who attended the talks in Geneva told The Associated Press news agency they managed to discuss almost all the plan’s points, and one unresolved issue is that of territory, which can only be decided at the head-of-state level.

Oleksandr Bevz also said the US showed “great openness and understanding” that security guarantees are the cornerstone of any agreement for Ukraine.

He said the US would continue working on the plan, and then the leaders of Ukraine and the US would meet. After that, the plan would be presented to Russia.

German Chancellor Friedrich Merz, speaking to reporters, welcomed the “interim result” of the Geneva talks, saying the US proposal “has now been modified in significant parts”, without details.

Merz added that Moscow must now become engaged in the process.

“The next step must be that Russia must come to the table,” he said in Angola, where he was attending a summit between African and European Union countries. “This is a laborious process. It will move forward at most in smaller steps this week. I do not expect there to be a breakthrough this week.”

The Kremlin said it had yet to see the revised peace plan.

Spokesperson Dmitry Peskov added there was no plan for US and Russian delegations to meet this week, but the Russian side remained “open for such contacts”.

Yuri Ushakov, Putin’s foreign affairs adviser, said the plan the Kremlin had received before the Geneva talks had many provisions that “seem quite acceptable” to Moscow. But he described European proposals “floating around” as “completely unconstructive”.

Reporting from Moscow, Al Jazeera’s Yulia Shapovalova suggested that the signals coming out of Russia show that Moscow is in no mood to make concessions on its longstanding demands.

“If all Russian conditions are not taken into account, then according to Putin, Russia is ready to continue its fight on the battlefield,” she said.

An explosion of a Russian drone in the sky over the city during a Russian missile and drone attack in Kyiv, Ukraine, November 25, 2025 [Gleb Garanich/Reuters]

Countries supporting Kyiv – part of the “coalition of the willing” – are due to hold a video call on Tuesday following the Geneva talks.

Turkiye also said it hopes to build bridges between Russia and Ukraine.

Turkish President Recep Tayyip Erdogan’s office said he spoke to Putin by telephone and told the Russian leader that Ankara will contribute to any diplomatic effort to facilitate direct contact between Russia and Ukraine.

Erdogan “stated that Turkiye will continue its efforts for the termination of the Russia-Ukraine war with a fair and lasting peace”, his office said.

Nigeria Hosts Toks Omishakin,California Investors woos delegation with Legal,Economic reforms

 

Nigeria’s legal and business leaders have assured a visiting California trade delegation that the country’s new legal, regulatory and economic reforms have created one of the friendliest investment climates in Africa.

They spoke at a dinner in Lagos on Sunday organised by George Etomi & Partners, GEP, to host officials of the California-Africa Climate and Economic Partnership, CACEP, led by California’s Secretary of Transport, Toks Omisakin.

Presenting Nigeria’s investment outlook, Ms. Aderiike Aderemi, Partner at GEP, said reforms in the energy, tax and corporate governance sectors have significantly removed barriers that once discouraged foreign direct investment.

She pointed to the amended Electricity Act, which now allows decentralised energy markets and provides incentives for renewable energy

According to her, the Nigerian Investment Promotion Act also protects businesses by easing capital transfers and offering alternative dispute resolution.

On the corporate front, she noted that the Companies and Allied Matters Act, 2020, had modernised Nigeria’s business environment, allowing virtual meetings and aligning filing timelines with global best practices.

Aderemi added that the Central Bank of Nigeria had cleared forex backlogs, stabilised the naira and restored investor confidence through market liberalisation.

She further highlighted the Arbitration and Mediation Act 2023, which provides for emergency arbitration, third-party funding and consolidated dispute resolution processes.

“The Business Facilitation Act 2023 promotes transparency, while the Tax Act 2025 gives investors VAT exemptions and a five-year tax-free window,” she explained.

 

She said the government is also reforming solid mineral laws to encourage full foreign participation, offering tax holidays in the sector.

In his welcome remarks, Managing Partner of GEP, Mr. Femi Fadahunsi, praised the California team for choosing Lagos as a destination after stops in Kenya, Ethiopia and Abuja.

He described the mission as timely, given Nigeria’s expanding opportunities in fintech, technology, clean energy, transportation, and entertainment.

Delivering the keynote, Omisakin said the partnership was long overdue.

He stressed that California, the world’s fourth-largest economy, shares strong cultural and economic links with Africa, particularly through entertainment and technology.

 

“African culture has long influenced American creative arts. We now need to turn that connection into structured economic cooperation,” he said, noting that sub-Saharan Africa hosts ten of the world’s fastest growing economies.

Omisakin, who has Nigerian heritage, said his visit was aimed at unlocking new investments for Californians eager to diversify into Africa’s creative and climate sectors.

Chairman of Dangote Cement and President of the Metropolitan Club, Emmanuel Ikazabor, said Nigeria needs to seize such opportunities to attract FDI.

“California is eager to invest. With engagements like this, Lagos is well-positioned to benefit,” he said.

Founder of GEP, Mr. George Etomi, reassured investors that Nigeria has removed many bureaucratic barriers to doing business.

“Foreigners can now own 100 percent of their businesses in most sectors. You can bring in your money and take it out with minimal restrictions. The renewable energy space is particularly hungry for investment,” he said.

Economic experts also reinforced Nigeria’s improving fundamentals.

Mr. Kolawale Odunlami of PwC said market capitalisation had reached nearly N90 trillion, oil output was at 1.55 million barrels per day, and reserves had risen to $37.9 billion.

Inflation, he admitted, remains high at 21.88 per cent, but monetary policy has helped check volatility.

From the private sector, Dr. Sunny Omeiza of the Lagos Chamber of Commerce and Industry said GDP grew by 3.1 per cent in the first quarter, adding that Nigeria’s ICT, real estate, and construction sectors were now dominant growth drivers.

California’s Energy Secretary, Ms. Noemi Gallardo, said her state is looking for sustainable partnerships with countries like Nigeria.

“We want to understand how to balance fossil fuel reliance with climate change priorities while ensuring inclusive growth,” she noted.

Investment manager, Mr. Mobolaji Adeoye, said exchange rate stability and regulatory reforms had made Nigeria a pacesetter in Africa.

He expressed optimism that collaboration with California will yield long-term results.

Other stakeholders, including former PwC partner, Uyi Akpata, and Channels Media Group Chairman, Dr. John Momoh, also endorsed the initiative.

Lagos Celebrates 184 Young History Champions at Inaugural Milestone Quiz

Lagos Honours Young History Champions ...

 

The Lagos State Government has honoured exceptional students who emerged winners of the first Governor’s Milestone Quiz Competition, an initiative aimed at deepening young people’s knowledge of the state’s history, culture, heritage and also the achievements of the Governor, Mr BabajideSanwo-Olu.

The prize presentation ceremony, organised by the Ministry of Information and Strategy in collaboration with the Lagos State Records and Archives Bureau (LASRAB), was held in LASRAB HOUSE, Magodo Lagos .

Commissioner for Information and Strategy, Mr. Gbenga Omotoso, reaffirmed the state’s commitment to using technology and creative learning tools to help young people understand Lagos’ past and the values that shaped its identity while also informing the young Lagosians on the milestones achievements of the governor.

He noted that the quiz aligns with Governor Babajide Sanwo-Olu’s vision for knowledge-driven citizenship and emphasised that historical awareness is vital for building a resilient and unified future.

Permanent Secretary, Cabinet Office and immediate past Director-General of LASRAB, Ms. Toyin Ogunlana, described the competition as a platform to celebrate excellence and inspire the next generation to appreciate Lagos’ rich cultural legacy.

Winners of the competition, 184 in all,  expressed gratitude to the government for the opportunity to expand their knowledge and for the prizes received, including tablets, headsets, smart wristwatches, gift cards, t.shirts and more.

Arusa 1:The Grand Coronation of Oba Rashidi Adewolu Ladoja as 44th Olubadan

 

History was made,Ibadan, on Friday,26th September,2025,as Oba Rashidi Adewolu Ladoja, is installed as the 44th Olubadan of Ibadan.As earlier enough,it was obvious to the excited people of ibadan,the it was going to be a grand day,with the high volume of,vehicular activities towards the Mapo Hall,venue of the coronation.The volume of those who matter,in Nigeria,who made it to the event,also aptly described eminence of Oba Ladoja,who apart from being a billionaire businessman,is also the only Nigerian,who was a senator,a governor and eventually became a monarch.

The coronation,which was literally hosted by Governor Seyi Makinde,who handed the staff of office,to the new Olubadan,Despite the overwhelming show of love by array of mo

had Governor Adeleke of Osun,former Governors and an array of monarchs,like the Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar III;Alaafin Akeem Owoade,Soun of Ogbomosho,Oluwo of Iwo,Olugbo of Ugbo and many more.Oba Ladoja,urged President Bola Ahmed Tinubu,who is the special guest of honour,to create Ibadan State before 2027.

He made the call in his acceptance speech,shortly after receiving the Staff of Office from Oyo State governor, Seyi Makinde.

Speaking in Yoruba, the monarch said, “My people sent me a message to Mr President. Mr President, they said the creation of Ibadan State is their priority.”

Governor Makinde, in his remarks, described the emergence of Oba Ladoja as a source of pride to the ancient city.

He said, “It is a great honour to join in celebrating the coronation and presentation of the Staff of Office to His Imperial Majesty, Oba Adewolu Ladoja, as the 44th Olubadan of Ibadanland. The joy and excitement that fill Ibadan today remind us of the importance of upholding our cherished traditions.

 “The succession process to the throne of Olubadan is now well established and free from contestation, and this is a source of pride for us all. I rejoice with the Olubadan, the Ibadan Council of Chiefs, and the entire people of Ibadanland.

“It is my prayer that the reign of Oba Adewolu Ladoja will usher in lasting peace, unity, and greater progress for Ibadanland and for Oyo State as a whole'.President Tinubu,who  arrived through Ladoke Akintola International Airport, Ibadan, for the coronation ceremony,returned to Lagos,after the event.

Unruly Behaviour! FG orders Ibom Air to withdraw charges against Comfort Emmanson

 

 

The Federal Government has directed Ibom Air to withdraw its criminal complaint against Ms Comfort Emmanson, the passenger accused of unruly conduct aboard the airline on 10 August.

Minister of Aviation and Aerospace Development, Festus Keyamo, announced the decision on Wednesday following consultations with key stakeholders in the aviation sector. 

He said the move was based on the remorse shown by the individuals involved in recent high-profile airport incidents and appeals from well-meaning Nigerians.

The minister disclosed that after Ibom Air withdraws its complaint, the Airport Command of the Nigeria Police and the prosecuting team would take immediate steps to facilitate Ms Emmanson’s release from Kirikiri Prison this week. 

He also confirmed that the Airline Operators of Nigeria had agreed to lift the lifetime flying ban placed on her, with further details to be announced soon.

Keyamo also addressed the case involving Fuji musician Wasiu Ayinde, popularly known as KWAM 1, whose altercation with ValueJet staff recently sparked controversy. 

 

The Nigerian Civil Aviation Authority is to reduce his flight ban to one month and withdraw its criminal complaint against him. The Federal Airports Authority of Nigeria will also engage him as an ambassador for airport security protocol.

The minister further revealed that ValueJet’s Captain Oluranti Ogoyi and First Officer Ivan Oloba would have their licences restored after serving a one-month suspension and undergoing mandatory professional reappraisal.

To prevent similar incidents, Keyamo has directed aviation and complementary agencies to hold a retreat next week to retrain security personnel on handling disruptive passengers and de-escalating tensions. Airlines will also hold sessions focused on improving staff conduct towards passengers.

He stressed that the decisions were taken on compassionate grounds and not influenced by political or legal pressure, warning that while clemency had been granted in these cases, the government remained committed to enforcing aviation safety and security rules.

 

The text reads fully, “1. In the last 48 hours, I have been in consultation with critical stakeholders in the Aviation Sector and those involved in the unfortunate incidents regarding the unruly behaviours of certain individuals at our airports of recent.

“2. Though regrettable, we think valuable lessons have been learnt by all sides to these incidents and airport security protocol, especially, have been well highlighted for the travelling public. If nothing at all, the episodes have undoubtedly helped to raise public awareness about appropriate conduct within the aviation space.

“3. As highlighted in my previous statements on the last two incidents, clear wrongs were committed by both the offending passengers and staff of the airlines involved from all the evidence available to us and those available to the public. It is clear that all the actors involved cannot continue to highlight the injury or injustice done to them without acknowledging their own equal culpability. 

“5. Therefore, after reviewing the entire incidents, including appeals made by well-meaning individuals and remorse shown by the actors, the following decisions have been reached:

“THE CASE OF IBOM AIRLINE AND MS. COMFORT EMMANSON

 

“(a) In the case of the unruly passenger, Ms. Comfort Emmanson, on the Ibom Airline on Sunday, the 10th of August, 2025, I have conferred with Ibom Airline to withdraw the Complaint against her today. When the Police took her Statement in presence of her lawyer, she exhibited great remorse for her conduct. 

“(b) Subsequent to the withdrawal of the complaint by the Complainant, the CP of Airport Command and the Police Prosecutor will immediately take the remaining steps to facilitate her release from Kirikiri Prisons within this week. 

“(c) I have also conferred with the leadership of the Airline Operators of Nigeria (AON) and have appealed to them to lift the life-time flying ban imposed on her, to which they agreed. The details of the resolution will be made public by the AON subsequently. 

“THE CASE OF VALUEJET AND WASIU AYINDE MARSHALL (KWAM 1)

“(d) In the case of KWAM 1, the NCAA is to reduce his flight ban to a one-month period. FAAN will also work with the music star with a view to engaging him as an ambassador for proper airport security protocol going forward.

 

“(e) Having publicly demonstrated penitence, the NCAA is also to withdraw its criminal complaints against KWAM 1 earlier lodged with the Police. 

“(f) In the case of Captain Oluranti Ogoyi, and the co-pilot, First Officer Ivan Oloba of VALUEJET, the NCAA is to restore their licenses after the same period of one-month ban after undergoing some mandatory professional re-appraisal. The details will be announced by the NCAA.

“AIRLINE OPERATORS, AVIATION AND OTHER GOVERNMENT AGENCIES 

“6. I have directed all relevant Aviation agencies in collaboration with other complementary agencies outside aviation to IMMEDIATELY begin a retreat NEXT WEEK to properly retrain and prepare our Aviation security personnel on how to deal with errant and disruptive passengers and how to deescalate potentially explosive situations. The retreat will be fully covered by the Press with the opportunity to ask all the relevant questions. 

“7. The Airlines will also have their own session when the conduct and attitude of their staff towards members of the travelling public will be in full focus. 

“FINAL COMMENTS

“8. These above decisions were taken by Government and the airline operators purely on COMPASSIONATE grounds as Government will never pander to base sentiments, politically-motivated views or warped legal opinions when clear encroachment of our laws are involved. 

“9. We are also sending a CLEAR MESSAGE that we take safety and security in the aviation sector very seriously and we have decided to draw a line after these clemencies.” 

Maga! Kidnapped Kebbi schoolgirls freed

The twenty-four female students recently abducted from the Government Girls Comprehensive Senior Secondary School (GGCSS) Maga, in Danko/Wasagu Local Government Area of Kebbi State, have reportedly regained their freedom through a non-kinetic approach adopted by the Federal Government.

Reliable Security sources told our correspondent in Abuja on Tuesday in conference that the release of all the kidnapped victims was facilitated through coordinated efforts by officials from the Office of the National Security Adviser (ONSA) and the Department of State Services (DSS).

According to the source, ” the use of a non-kinetic approach, which typically involves dialogue, negotiation, and confidence-building measures rather than military force, underscores the government’s shift toward resolving mass abduction crises through peaceful means.

The abduction of the students, which followed similar incidents in the region, had drawn widespread National and international concern and prompted a decisive operational order from the Chief of Army Staff for troops to intensify search-and-rescue efforts.

The source explained that their successful release was a major relief for the affected families and the community.

No official statement on the development as the time.

Journalism Under Attack! Azuka Oguijuba reveals how Businessman Adewale Oladapo used Nigerian Police to dehumanise her over news report

 

The arrest and detention of Media Room Hub publisher, Azuka Ogujiuba, on August 8, 2025, has sparked outrage within media and human rights circles, raising fresh concerns about press freedom and police abuse of power in Nigeria.

 
Ogujiuba, a veteran journalist and former ThisDay reporter, was invited by officers of the Nigerian Police Force at the Asokoro Division Headquarters in Abuja on August 6. She honored the invitation, flying in with her legal representative. However, after being tracked for days, she was eventually picked up and allegedly whisked away without a warrant, “like a criminal,” and unlawfully detained for three days.
 
According to Ogujiuba, who said she had been invited by the office of the Inspector-General of Police (IGP), she was nevertheless held and maltreated by officers identified as Moses Jolugbo, head of the Asokoro Police Station, along with Ifeoma Ogoli and Josephine Omotere.
 
Police authorities said her arrest followed a petition filed by businessman Adewale Oladapo, popularly known as Biggie, who accused her of cyberbullying and defamation. But Ogujiuba insists that the real reason for her ordeal was her outlet’s publication of a court injunction in an ongoing multi-billion-naira land dispute in Lagos, a ruling that did not favor Oladapo.
 
The case in question involves real estate developer Dr. Kennedy Okonkwo, through his company Capital Gardens Limited, who dragged Oladapo’s firm Oretol Nigeria Limited before a Lagos High Court over alleged breach of contract concerning land at Hampton Island, Osapa, Lekki. The court subsequently issued an injunction restraining Oladapo and his company from interfering with about four hectares of the disputed land pending the outcome of the substantive matter.
 
That ruling was widely reported across Nigerian media. Yet Ogujiuba alleges she was singled out for reprisals.
 
According to the report, Capital Gardens Limited and its alter ego, Dr. Kennedy Okonkwo, had earlier petitioned the Inspector-General of Police (IGP) through their lawyers over alleged fraudulent land transactions involving Adewale Oladapo and Oretol Nigeria Limited. The petition, which was referred to the Lagos State Police Command’s X-Squad, reportedly centered on Fraudulent Conversion of Property, Obtaining by False Pretense, and Multiple Fraudulent Alienations.
 
The properties in dispute were said to include four hectares of land at Hampton Island Estate, 1.5 hectares at Hampton Harbour, 8,000sqm at Hampton Bay, and 1,000sqm at Banana Island, for which payments of approximately ₦3.5 billion, ₦1.8 billion, ₦800 million, and ₦783 million, respectively, were made to Oladapo and his company. Despite invitations from the police for questioning, Oladapo allegedly failed to appear, claiming to have travelled abroad, even though he was reportedly sighted at social gatherings in Abuja.
 
Dr. Kennedy Okonkwo, who is widely recognized for his contributions to Nigeria’s real estate sector and for philanthropic initiatives through the Kennedy Okonkwo Programme for Leadership Development and Youth Empowerment, has maintained that the petitions and court actions were necessary steps to protect both investors and genuine stakeholders from fraudulent land dealings.
 
Ogujiuba, however, stressed that while Oladapo has allegedly evaded police investigations, she was treated as a criminal simply for reporting a valid court ruling.
 
“Adewale used Moses and Ifeoma to harass me,” she said. “They maltreated me and released my address to Adewale’s lawyers, Muiz Banire Chambers. The police tracked me for Adewale, and if anything happens to me or my family, the public should hold Moses Jolugbo, Ifeoma Ogoli, Josephine Omotere, and Adewale Oladapo responsible.”
 
She further claimed that while in detention, she was forced to sign an apology letter, which was later circulated on blogs, discrediting her earlier publication. She said Officer Ifeoma Ogoli compelled her to sign an undertaking that the apology was not made under duress.
 
She added that the Inspector-General of Police, Kayode Egbetokun, was unaware of her ordeal, insisting that the officers acted outside their powers. The IGP had previously warned police officers to steer clear of commercial disputes and civil transactions, raising further questions about the legality of her detention.
 
Human rights advocates have rallied in her defense. Kehinde, a rights representative, argued that compliance with a valid court order cannot, under any circumstances, amount to cyberbullying. He called for accountability and justice for Ogujiuba, warning that her case underscores a dangerous trend of silencing journalists through intimidation.
 
International press watchdogs, including the International Press Institute (IPI) Nigeria, have also expressed concern over Ogujiuba’s treatment, warning that such harassment undermines press freedom and erodes public trust in law enforcement institutions.
 
As the land dispute continues in court, Ogujiuba’s ordeal has become a flashpoint in the wider conversation about the misuse of state power, the vulnerability of journalists, and the urgent need for reforms in Nigeria’s justice system.

Access Bank Launches Clean Water Project in 10 Nigerian Communities

 

As part of its commitment to sustainable development and community well-being, Access Bank has launched the Access Clean Water Project, a transformative initiative aimed at improving access to clean water, sanitation, and hygiene (WASH) in 10 communities across Nigeria.

Through the Access Clean Water Project, Access Bank has facilitated the installation of boreholes in 10 underserved communities, namely: Arogun, Omu Ishoko, Kemta, Ajibode, Aleku, Ogunrun, Oniwawa, Okeran, Abaren, and Afojupa, ensuring reliable access to clean and safe water for thousands of residents. The project, implemented in partnership with HACEY, a leading development organisation, directly supports Sustainable Development Goal 6, ensuring availability and sustainable management of water and sanitation for all.
With Nigeria’s population exceeding 200 million and access to pipe-borne water in urban households declining from 32% in 1990 to just 3% in 2015, the need for sustainable water solutions has never been more urgent. The Access Clean Water Project addresses this challenge by providing functional boreholes and WASH education to communities in Obafemi Owode and Otta Local Government Areas, benefiting over 500,000 residents.
This initiative aligns with Access Bank’s broader Corporate Social Investment (CSI) strategy and reinforces its position as a leading sustainability-focused financial  institution. By supporting clean water access, the Bank is fostering community growth through improved health, education, and economic opportunities and demonstrating its commitment to inclusive development and long-term positive impact. “Access Bank is proud to support this vital initiative that not only improves lives but also strengthens the foundation for sustainable economic growth,” said Esther Graham, Programme Officer, Health, Access Holdings PLC. “Our commitment to community development is unwavering, and we believe access to clean water is a fundamental right that drives progress.”
In addition to infrastructure development, the Access Bank Clean Water Project includes comprehensive WASH (Water, Sanitation, and Hygiene) education, equipping community members with essential knowledge on hygiene practices and the prevention of waterborne diseases. The impact of this initiative is far-reaching. By improving access to clean water, the project is expected to significantly reduce the incidence of waterborne illnesses, enhance hygiene standards, and promote healthier living conditions. Ultimately, the project is expected to strengthen community resilience, drives sustainable development, and reaffirm Access Bank’s commitment to fostering inclusive growth and well-being across Nigeria.

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