The Revd. Canon Abiodun Ola Okunnuga, served as a member of the youth choir under Dr Kolade, at St. Peter’s, Faji, Lagos, recounts with nostalgia, his association with him.
According to him, long before he became a towering figure in Nigeria‘s corporate and diplomatic circles, Dr Kolade served as Choirmaster at St. Peter’s Church, Faji, Lagos, one of the oldest and most historic Anglican churches in the city.
He said, “His time in that role remains etched in the memories of those who passed through the choir under his firm but fatherly guidance. In the Anglican tradition, the choirmaster plays a crucial role: training and directing the choir, ensuring musical excellence during services, selecting appropriate hymns and anthems, and working closely with the clergy to uphold the dignity of worship. Dr Kolade embodied these responsibilities with characteristic diligence and grace.
“When my father, then Canon Bandele Okunnuga, was Vicar of St. Peter’s between 1990 and 1992, I had the privilege of being a choir boy under his leadership. At the time, he was Chairman of Cadbury Nigeria, yet he approached his church duties with the same discipline and excellence that defined his public life. Choir rehearsals began at exactly 6:00 p.m., but Dr Kolade was always in church by 5:00 p.m.
“Timekeeping was non-negotiable. You dared not arrive late for rehearsals or church services; he led by example, and everyone took their cue from him. I remember one Sunday service vividly. Three of us in the front row began chatting during the sermon. Dr Kolade was seated nearby. Without uttering a word, he pointed at each of us in turn and signalled for us to stand. That quiet gesture spoke volumes; it was the last time I ever whispered during a service or rehearsal.
He was a man of high discipline, yet he carried himself with humility and warmth. He was approachable, generous, and jovial with us as young choristers, but he never lowered the bar. Under his leadership, the choir wasn’t just about music; it was a place where character was shaped. His example at St. Peter’s Faji remains a lasting testament to the way faith, discipline, and leadership can blend seamlessly in the service of God.”
Cyber fraud criminals are becoming increasingly daring as they not only hack into phones and bank debit cards but also clone cards via Automated Teller Machines (ATMs). In this report, GBENGA ADERANTI writes about the ugly experiences of helpless Nigerians at the hands of these criminal elements.
Help me, help me; they have taken all the money in my account! I didn’t make any withdrawal, I didn’t do any transaction, yet they kept debiting my account!”
Those were the words of Wini Akpan, a petty trader in her mid-50s.
Speaking with The Nation on a Monday morning, Wini said that although it had been two years since she lost her salary and proceeds of her petty trade to Internet fraudsters, memories of the incident remain fresh in her mind.
According to her, the unfortunate incident, which occurred on Saturday, May 26, 2023, will forever remain a dark day in her life. “They had just paid my salary on a Friday, and I felt like I could withdraw some amount because I had nothing on me, so that I would be able to go to church.”
That singular decision became her undoing, as it later led to a chain of reactions. She thanked her stars that there was no crowd at the bank where the ATM was located, and she would not have to stay for long to make her transaction. “It was in the process of withdrawing money that I discovered that the ATM had run out of cash.
“I then decided to do a transfer. But before I knew it, the machine had swallowed my card.”
She expected the machine to return her card, but how wrong she was. A security personnel at the bank told her that it would not be possible because he had no authority to retrieve cards swallowed by the ATM.
“I told him, sir, I don’t have one naira, and I want to go to church tomorrow. He told me to come back the following day to see whether they would be able to retrieve my card while loading cash into the machine,” she said.
Less than 10 minutes after she left the bank, she started receiving some strange debit alerts on her phone. Out of panic, Wini ran back to the bank, but the security guard told her that he didn’t know anything about the incident.
“That was how trouble began. Up until today, I have not been able to get my money from the bank, ” Wini said.
Rather than address her predicament, the banks made matters worse by accusing Wini of negligence.
Those she sought help from said she should have reported the incident to the bank and police station first.
“How could I have gone to the bank? It was a Saturday,” she told The Nation.
While many may regard the sum she lost as paltry, for a petty trader like Wini, N71,000 is huge.
Futile effort
After making a series of unsuccessful attempts to retrieve her money from the bank, she accepted her fate.
According to her, part of the money was withdrawn from the GTB ATM in Idi-Oro, Mushin, Lagos, while the balance was transferred to a POS machine.
She also approached the WEMA Bank branch whose ATM swallowed her card, but rather than get any assurance, they told her to go and bring the card number.
“I asked the WEMA Bank woman how do I get the card number of a card that has been swallowed by your machine?”
Wini also sought the assistance of Sterling Bank, which was her bank. They managed to give her the card number to present to WEMA Bank. She did without something concrete coming out of this.
But out of fear and previous experiences, she is not ready to keep her money in any bank at the moment.
“I am afraid of keeping my money in the bank now. Maybe I will dig a pit in my house and keep my money in it. Anytime I want to use it, I will go and remove it..
“If you make a withdrawal, they will deduct money. If you make a deposit, they will deduct. Whatever you do in the bank, you lose money.
“If you put your money in a bank now, within the next two months, the money will have reduced. So I am afraid of putting money in the bank.
“I am going to return to the primitive system of keeping money,” Wini said.
To those who have not lost their money to the fraudsters, Moses Anosike’s story would sound incredible. Moses, a journalist with one of the leading newspapers in Nigeria, held this view until he lost over N1,000,000 to the cyber fraud criminals.
Several attempts to get a reprieve had been unsuccessful, as he is currently being tossed here and there.
Unlike the case of Wini, those who took the money from his account were those he thought were trying to help him.
When our correspondent called him on the phone last week, he was at a police station to lodge a formal complaint about the incident. He had made several attempts to get a court order, without any success.
“I went to the bank on Saturday, 15th August. The bank’s security personnel were not present. It was at the UBA that I wanted to make a transaction. The machine was unable to dispense. I tried another ATM, but it refused to respond. I pressed cancel, but neither the money nor the card came out.”
Moses decided to exercise little patience, hoping that the card would come out. It was then that he noticed two young men lurking, thinking they were bank officials since no security men were around.
In a friendly manner, one of the young men approached Moses, explaining to him that it could be a network problem.
“He followed me to the ATM, and said I could put my pin, and send, already, my card was in the ATM, I did as instructed. Yet, neither the money nor the card came out. Within a space of three minutes, I started receiving debt alerts, before I knew it, a million naira plus was removed from my account through a POS account.
“After this happened, a security man surfaced from the back of the bank. I said ‘look at what has just happened to me; my card is still in the machine. His response was ” man wey come here wey dey do press press don deceive you collect your card. I asked him how that was possible?”
Ever since the incident happened, he had been making frantic efforts to get his money returned to him.
At the time of writing this report, he had contacted both the UBA and the MoniePoint where the account was transferred to all to no avail.
Moses is angry and frustrated. He is still in shock that even though the UBA knows where the money was moved to, they have refused to do something about it.
At one point, UBA was in constant contact with him, but subsequently, they would find one excuse or the other to postpone the resolution of the problem.
Moses is confused. ” With the advent of the National Identification Card, BVN, no money is lost in banks these days. The man at the UBA headquarters said the fraudster transferred the money to a POS account. I asked for details of that account, but he refused to disclose it. “
Moses’ contact rather asked him to meet the manager of the UBA branch where the transaction took place; he did, but ever since, it has been moving back and forth without anything concrete coming out of the efforts.
Moses contacted Moniepoint, where he was assured that the person who stole his money would be traced. “With the technology in banks today, it is difficult for money to get lost. Even if they share the money in four or five places, the technology will still detect it.”
When Moses contacted UBA again, the bank told him that they had sent three letters to Moniepoint, thinking that it was Moniepoint that was delaying the resolution of the matter, he went back, and what he got was a pushback. “Moniepoint told me that every document that the UBA needed on this fraud had been sent to them, and that the UBA was in a position to track this money.”
Up till the time of writing this report, Moses is still making efforts to retrieve his money.
‘Bank is pestering me to pay debt’
Another customer, Mide Otitoju, whose account was also hacked by some fraudsters, relived his unpalatable experience with his bank, which insisted he must pay a certain sum standing against his name as debt for using his ATM card for an online transaction.
He said: “The bank is still pestering me to pay the debit accruing from using my ATM card to buy some goods online.
“I have told them several times that I did not use my card to transact any business online or buy any product, but they insisted that I did.
“I am sick and tired of this,” said Otitoju.
He said it was constant pestering from the bank that led him to abandon the account, even when the bank was aware that he had lost money via hacking.
According to him, trouble began when his phone was stolen during a service in a Lagos church.
”Before I could block my line, all the money in my account had been cleared. Aside from clearing the account, they also used it to buy some goods online and borrow money..
“Why would they tell me to pay the money I did not borrow?” Otitoju wondered.
While many Nigerians are worried that the incidence of hacking ATM cards has continued to surge, findings revealed that ATM users grew from 11,000 in 2011 to 16,000 around 2016 and 21,000 in 2019. It grew to 22,600 in 2021, where it has remained as of December 2023, an indication that investment in the ATM market has stalled.
Account hacking surges
But hacking into bank customers’ accounts by different means remains on the rise, with fraudsters becoming more daring and sophisticated.
Most of the victims who spoke to our correspondent believe that most security personnel around ATMs in banks are culpable, as they allegedly work hand-in-hand with the fraudsters.
That much was corroborated by Bus’la Odugbesan, who lost N180,000 via FCMB ATM and the UBA bank’s debit card. She believes that the security personnel at the ATM centre worked in cahoots with some criminals who pose as if they are assisting customers who have difficulty operating the machines.
Still emotionally frozen, Odugbesan, another bank customer, narrated her ugly experience, saying: “I went to the ATM to do some transactions, but I didn’t understand some things about the machine. So I sought the assistance of the securityman at the bank.
“He advised me to use *184*. Meanwhile, someone was still using the machine while the conversation was ongoing.”
To her surprise, the machine kept rejecting her card as she tried to insert it. One of the bank customers who had earlier used the machine insisted that the machine was working and offered to help Odugbesan; a decision that became her greatest undoing.
“The transaction could not be completed, so I removed the card and tried another machine without success.”
Another person who was probably working with the fraudster again offered to help. Unknown to her, the said customer had manipulated the process. It was later that Odugbesan got to know that her card was either cloned or compromised.
“After trying to do a transfer, and it kept declining, I cancelled the transaction. In the effort to cancel the transaction, the machine swallowed my card.”
Like many others whose cards were swallowed, attempts by Odugbesan to retrieve her card were abortive as the security at the bank told her that she could only get the card at the bank where her account was domiciled.
It was double jeopardy for Odugbesan as the bank debit card that was with her belonged to her colleague. “My colleague just called me and said he had started receiving debit alerts, and that was even before I left the bank’s premises.
“When we reported the case at the bank, we were told that the person who pretended to be assisting me could have either swapped or cloned the card,” Odugbesan said.
While the bank revealed the identity of the perpetrator to Odugbesan, it refused to print out the details and image of the fraudster. The bank explained that they were constrained to release the information of the fraudster because it was not from their ATM that the fraudster withdrew the money.
Right now, Odugbesan is afraid to use an ATM or bank debit card. “I can’t go to any ATM to collect money; I can only do a transfer.
“I still don’t know what went wrong after cancelling the transaction; I don’t know how those people were able to access my account.
“Personally, I believe those banks’ ATMs are not safe. Banks’ debit cards are not safe. I think I will prefer using a transfer to going to the ATM.’
“The securityman at the bank cannot tell me he was not aware of what happened.”
While reporting the matter at the police station, Odugbesan was made to understand that what happened to her was a common occurrence.
Before her death recently, Mrs Rebeca Olowo was a victim of ATM fraud. Her son, Yinka, still remembers vividly how his mother lost her money to the fraudsters.
According to him, the incident occurred two years ago, and he still keeps all the documents retrieved from the bank while investigating the fraud.
He said: “I don’t use my card in any POS (Point of Sale) machine. I would rather do a transfer to the POS in exchange for cash or enter the banking hall to do my transaction.
“I can’t forget what my mummy went through in an attempt to retrieve her money.”
Narrating how the 63-year-old woman was duped of her money, Yinka said: “My mum called me to say that she saw a debit alert. Someone had called her earlier to say that he wanted to send money to her, so she should send the last six digits on the back of her bank’s debit card.
“She obliged. But instead of being credited, her account was debited. Before she realised what was going on, the money in her account had been cleared (stolen).”
Yinka went to the bank to make a complaint. He saw where the funds were moved to: It was in one of the accounts being managed by mobile money operators.
The matter was reported to the police, but they insisted that he had to pay for them to track the payment.
“That was when we knew we could not make any headway. We left the matter and closed the account. My mum lost more than N200,000,” Yinka said
Slide in use of ATMs
While many Nigerians are worried that the incidences of ATM card hacking have continued to surge, findings revealed that ATM users grew from 11,000 in 2011 to 16,000 around 2016 and 21,000 in 2019. It grew to 22,600 in 2021, where it has remained as of December 2023, an indication that investment in the market has stalled.
The Nigerian Payments Report 2024 notes that online transfers are increasingly dominating digital payments over ATM transactions.
Explaining the surge in cyber fraud in banks, a cybersecurity professional, Dr Seyi Akindeinde of Digital Encode, Lagos, said the digital adoption without adequate security education and weak regulatory enforcement makes it easy for criminal elements in society to exploit the situation.
He said sophisticated fraud techniques (SIM swapping, social engineering), poor customer security habits, and inadequate investment in cybersecurity infrastructure are other factors that make it easy for fraudsters to perpetrate this fraud.
Our findings revealed that most times, the stolen funds are transferred to accounts managed by mobile money operators, and Akindeinde said this is made possible by “cash-out convenience – immediate access to physical cash; lower scrutiny compared to traditional bank accounts; fragmented oversight across multiple POS operators; quick account closure to avoid detection and rural/informal network accessibility.”
How cyber fraudsters steal money from accounts
The Nation findings revealed that the simplest way criminal elements get card data is to steal someone’s card, thereafter, get the Personal Identification Number (PIN) by shoulder surfing or guess a weak password, such as a birth date or make use of the last six-digit number at the back of the debit card.
Shoulder surfing is a social engineering technique where an attacker observes your screen or keyboard to steal sensitive information like passwords, PINs, or card details. This threat is prevalent in public spaces and involves physically watching or using devices like cameras to gather information, often exploiting moments when people are distracted or let their guard down. To prevent this, use privacy screens, position yourself to limit views, shield your keyboard when typing, and enable two-factor authentication on your accounts.
Just like Odugbesan confirmed, a cyber fraudster can get a hold of a card for a few seconds, then they can swipe it through a reader and get its data. Those who are careless with their mailboxes are prone to having their bank account cleared.
Investigations revealed that cyber fraudsters, when they get hold of their victim’s e-mail, change the victim’s mailing address with the bank, order a new card, and activate it. But this may be difficult if the bank has good processes in place that are adhered to.
For those using POS machines, the criminal elements place a card reader over the machine’s intrinsic reader. They might also attach a video camera or a pin-pad overlay to capture the PIN, which is why so many people have been complaining of losing money after doing transactions on a POS machine.
Criminals have been known to place fake, modified terminals in public spaces where victims will use their cards but receive communication error messages. In reality, the terminal has captured card data and PIN, and stored it for later retrieval.
Taming fraudsters
Akindeinde revealed that to beat the fraudsters at their game, banks should strengthen their cybersecurity by putting up 24/7 Security Operations Centres (SOC) with real-time monitoring.
He also recommended AI-powered fraud detection systems that never sleep; multi-factor authentication for all transactions; regular security audits and penetration testing; immediate transaction alerts and spending limits.
While many have accused some bank staff and fraudsters of collaborating to dupe customers, he said banks should endeavour to do mandatory background checks and regular re-screening.
“Banks should embark on segregation of duties – no single person controls entire processes; audit trails for all staff actions; embark on whistleblower protection programmes, and severe penalties including criminal prosecution for those caught in perpetrating the crime,” he said.
He also recommended customer education campaigns on security practices, real-time transaction monitoring and blocking; inter-bank information sharing on fraud patterns; stronger penalties and faster prosecution; and improved KYC/verification processes.
While so many banks tend to push back on the ATM card retention liability, he said banks are primarily liable for mechanical failures, but customers are liable if they shared a PIN or acted negligently. Joint liability when both parties are at fault.”
To mitigate liability, Akindeinde recommends “Insurance coverage which is expected to protect legitimate losses.
While many aggrieved customers like Odugbesan and Wini are not happy that banks are reluctant to release the identity of fraudsters, Akindeinde said this is necessary because of the customer privacy laws and data protection.
He also explained that when an investigation is ongoing, it is always necessary to do this; otherwise, “it could be compromised.”
The cyber expert also believes that factors such as legal liability concerns, incomplete evidence for definitive identification, and regulatory restrictions on information sharing could be other reasons why banks prefer to withhold customers’ information.
Banks, customers, who is to blame?
Akindeinde told our correspondent that banks avoid responsibility for stolen funds because the burden of proof often falls on customers.
He added “terms of service that shift liability; high compensation costs affecting profitability; difficulty proving bank negligence vs. customer error and regulatory ambiguity on liability frameworks,” as some of the reasons why banks reject liability.
Unknown to many customers, when there is proof of PIN/password sharing or writing down credentials, delayed reporting of suspicious activity, ignoring security warnings from the bank;-using unsecured networks for banking, and falling for obvious phishing attempts despite warnings, banks will not be liable to any loss.
A Lagos-based lawyer, Principal Partner, Law House Partners, Bayo Bello, advised aggrieved customers that after waiting for 14 days, if the bank fails to address their complaints, they should send an email to cpd@cbn.gov.ng, the Consumer Protection Department of the Central Bank of Nigeria (CBN). It can also conduct its own independent investigation and deliver an appropriate verdict. If it finds the bank culpable, it would compel it to make restitution to the customer.
“However, the customer can also institute a legal action against the bank if he has strong evidence that the bank is culpable for the missing funds,” Bello added.
Forex speculation is at an all-time low, with the gap between official and parallel market exchange rates narrowing steadily. The naira has sustained a strong rally in recent months, trading at N1,455/$ in the parallel market and N1,475/$ at the official window — a modest difference of just N20. This stability, alongside the surge in Nigeria’s foreign reserves to $43.05 billion, reflects growing market confidence. The decline in speculative activity, coupled with improved forex liquidity, suggests that the Central Bank of Nigeria (CBN)’s economic reforms are gaining traction and delivering tangible results across the financial ecosystem, reports Assistant Editor COLLINS NWEZE
For years, speculative trading in the foreign exchange (forex) market posed a major setback for the Nigerian naira, discouraging capital inflows and weakening the domestic economy. However, that trend is changing — and for the better. After a turbulent past marked by significant value loss, the naira is now showing strong signs of recovery, thanks to a mix of structural reforms and renewed investor confidence.
This recovery is being attributed to a range of interlinked factors — from a growing demand for the naira to a marked reduction in speculative trading. Equally important is the consistent rise in Nigeria’s foreign reserves, which currently stand at $43.05 billion, signaling improved economic confidence. Central to this turnaround are the far-reaching forex reforms introduced by the Central Bank of Nigeria (CBN) under the leadership of Governor Olayemi Cardoso. These reforms are beginning to yield significant results, particularly in curbing speculative practices and closing the gap between the official and parallel market exchange rates. The CBN has also intensified its commitment to stabilizing the currency by increasing foreign exchange supply to retail end-users, minimizing distortions in the market, and maintaining effective foreign reserves management.
The injection of liquidity into the forex market, combined with rising compliance with regulatory policies, has helped to ease the pressure on the naira and restore investor confidence. This renewed confidence is attracting more foreign portfolio investments and encouraging the participation of international oil companies, both of which are contributing to greater forex inflows. There is also growing interest from foreign investors, supported by improved market transparency, a more efficient FX framework, and strengthening macroeconomic fundamentals. As a result, Nigeria’s external reserves have continued to rise. CBN Governor Cardoso recently disclosed that the gross external reserves stood at $43.05 billion as of September 11, 2025, compared to $40.51 billion at the end of July 2025 — providing an import cover of 8.28 months and reinforcing the growing stability of the naira.
“Similarly, the second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in first quarter of 2025,” Cardoso stated during the 302nd monetary policy committee meeting held this week in Abuja.
FX speculations dip
A Bureaux De Change (BDC) trader based in Marina, central Lagos, Garuba Sarki, said many dealers lost huge funds as they sold below purchase rates as exchange rate gap narrowed. “I know some BDC operators that sold dollars below the purchasing rate. This is expected to continue in the weeks ahead. Also, the expected dollar inflows to the economy will help strengthen the naira position against the dollar,” he said.
Analysts at Commercio Partners, attributed the rally and gradual narrowing of the exchange rate gap to a combination of stronger demand for the naira, reduced speculative trading, and improved foreign reserves. Head of Research at Commercio Partners, Ifeanyi Ubah, expressed optimism that the positive sentiment would be sustained in the near term, supported by increasing external buffers. “Nigeria’s rising external reserves are reflecting a healthier external position for the country. With reserves strengthening, speculative activity subsiding, and oil earnings supporting inflows, many market watchers believe the naira’s current rally has a stronger foundation compared to previous cycles of volatility,” he said.
However, other experts caution that sustaining this momentum will depend on the government’s ability to maintain macroeconomic discipline, boost crude oil production, and diversify export earnings. President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, attributed the ongoing stability of the naira against dollar and other world currencies to the CBN’s policies. Gwadabe said key policies like the Foreign Exchange (FX) Code, rising investors confidence, and foreign direct investment supporting policies are effectively putting FX speculators in check. He said the FX Code implementation is comprehensively addressing various aspects of market conduct and practices. For instance, the policy authorises the CBN to establish and enforce directives regarding the standards for financial institutions under which FX deals are to be conducted.
Gwadabe said the code further entrenches transparency and accountability in the FX market, and continually sustain naira stability and rally. He also backed CBN’s position that all institutions engaged in the foreign exchange market must also provide the CBN with a detailed implementation plan outlining how they intend to achieve full compliance with the FX Code. This plans are expected to be formally approved and signed by the institution’s board of directors, and it must be accompanied by relevant extracts from the board meeting where the plan was reviewed and endorsed.
Cardoso, had at the launch of the Nigeria Foreign Exchange Code (FX Code), emphasised integrity, fairness, transparency, and efficiency as critical pillars for driving Nigeria’s economic growth and stability. He said that the FX Code was built on six core principles: ethics, governance, execution, information sharing, risk management and compliance, as well as confirmation and settlement processes. These principles, he explained, aligned with international standards while addressing the unique challenges within Nigeria’s foreign exchange market.
According to Cardoso, “The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.”
Besides FX Code, the apex bank also introduced the Electronic Foreign Exchange Matching System (EFEMS), which has proven effective in other economies in enhancing the functionality of the foreign exchange market. The EFEMS was meant to check forex market distortions, eliminate speculative activities and instill transparency. The EFEMS, which is commonplace in developed and developing markets offers real-time information on currency rates, trading volumes, and market activity.
Additionally, the CBN lifted the 2015 restriction barring 41 items from accessing FX at the official market to enhance trade and investment. These reforms and developments reflect the bank’s commitment to creating an enabling environment for inclusive economic development. However, achieving macroeconomic stability requires sustained vigilance and a proactive monetary policy stance. Gwadabe, said the policy shifts showed the level of creativity, policy and hard work the Cardoso puts in ensuring that more forex flows into the economy and remain accessible to businesses.
How it started
Cardoso had upon assuming office in October 2023, prioritized reforms to rebuild Nigeria’s economic buffers and strengthen resilience. In the foreign exchange market, the apex bank faced a backlog of over $7 billion in unfulfilled commitments and a fragmented FX regime characterised by multiple forex rates, which had encouraged arbitrage opportunities. “Over the past year, we have undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency. This unification has enabled us to clear the outstanding foreign exchange obligations, giving businesses—ranging from manufacturers to airlines—the confidence to plan and invest in the future. To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets,” Cardoso said.
Foreign capital inflows to the domestic economy remains crucial elements in the drive to achieve monetary and fiscal policy stability. The apex bank is cultivating more sources of FX to increase dollar inflows, boost access to manufacturers and retail end users. From moves to boost diaspora remittances through new product development, the granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and enabling timely access to naira liquidity for IMTOs, the CBN has simplified dollar-inflow channels for FX dealers to boost business and economic growth.
Policies supporting remittances inflows
As part of its efforts to boost diaspora remittances and support naira stability, the CBN recently announced the introduction of two new financial products designed to serve Nigerians living abroad. The Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account was created to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora. It said, “The Central Bank of Nigeria is pleased to inform the general public of the introduction of the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account targeted at Nigerians in diaspora.”
The initiative is also expected to provide a secure and efficient platform for managing funds and investing in Nigeria’s financial markets. Since the beginning of this year, eligible NRNs have continued to get the opportunity to own any of the Non-resident Nigerian accounts. The Non-Resident Nigerian Ordinary Account was designed to facilitate remittances by allowing non-resident Nigerians to remit foreign earnings into Nigeria and manage funds in foreign currency or naira. Deposits from sources such as salaries, allowances, and dividends are supported, alongside spending on family maintenance, education, and healthcare.
On the other hand, the Non-Resident Nigerian Investment Account provides an opportunity for NRNs to invest in Nigeria’s financial markets, including foreign currency-denominated bonds, fixed deposits, and local assets like equities, government securities, and mortgage products. The CBN explained that both accounts offer currency flexibility, enabling holders to maintain balances in either foreign currency or naira. Account holders will also be able to convert funds between the two currencies at prevailing exchange rates through authorised dealers.
The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year. The remittances in the economy is expected to increase based on CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth. In a report: “Diaspora remittances: The power behind Africa’s sustainable growth”, Regional Vice President of Africa at Western Union, Mohamed Touhami el Ouazzani, said remittances may be measured through the movement of money, but their real impact is measured in lives changed. He disclosed that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product of entire nations. He said that remittances symbolize deep ties that keep communities connected across borders. “Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability,” he said.
For remittances to be truly transformational, it begins with understanding and meeting people’s aspirations. Ensuring individuals who strive for more can send and receive funds, regardless of their financial status, is crucial. We must cater to diverse needs. “In a continent renowned for its entrepreneurial spirit, offering multiple channels for remittance access is key. Whether through bank accounts, digital wallets, mobile money apps, or cash pickups, this flexibility ensures that funds are delivered in ways that best suit local realities. Providing innovative and inclusive solutions empowers individuals to not only manage their immediate needs but also to invest in long-term growth opportunities,” he added.
The Federal Capital Territory (FCT), Commissioner of Police, Ajao Adewale has directed all Divisional Police Officers (DPOs) to intensify patrols and carry out thorough raids on all uncompleted buildings and suspected criminal hideouts within their jurisdictions.
Adewale said the development is in a continued effort to strengthen security and ensure the safety of lives and property across the FCT.
A statement issued on Tuesday by the FCT Police Public Relations Officer, SP Josphine Adeh said, “The directive, which takes immediate effect, forms part of proactive measures to prevent criminals from using abandoned or ongoing construction sites as hideouts or operational bases. Consequently, property developers are urged to visit the nearest police divisions and ensure their security personnel, artisans, and labourers sleeping at active construction sites are properly documented and profiled before the end of October 2025.
“CP Ajao further ordered that DPOs must conduct regular patrols of such locations and arrest any unidentified persons found on-site after 6:00 p.m. Additionally, the Commissioner reiterated that scavenging activities (popularly known as “Baban Bola”) remain strictly prohibited within the FCT. Residents are advised to report any scavengers or suspicious persons sighted around their neighbourhoods immediately to the police.
“Emphasising that security is a collective responsibility, CP Adewale called on residents, estate associations, and community leaders to cooperate fully with the police by reporting suspicious movements in their areas, ensuring that all security guards and domestic staff are properly profiled by the police, and avoiding the harbouring of unknown persons within residential premises.
“Members of the public are encouraged to report suspicious activity through the Command’s emergency lines: 08032003913, 08061581938.”
Ten years ago, Nigerians chose change over comfort, hope over habit. Last Tuesday in Owerri, that choice came full circle as Governor Hope Uzodimma unveiled A Decade of Impactful Progressive Governance in Nigeria. In that moment, politics met posterity — a story of leaders who dared, citizens who endured and a nation still learning to turn promise into progress, reports Associate Editor ADEKUNLE YUSUF
In the grand sweep of Nigeria’s chequered history, decades are often measured not by the turning of calendars, but by the milestones of governance, the lives reshaped by policy, and the stories a people choose to tell about themselves. Last Tuesday, in the heart of Owerri, the Imo State capital, one such story was told — not merely in words spoken, but in a book unveiled, a legacy affirmed, and a movement celebrated.
That day, Governor Hope Uzodimma stood before a gathering of the nation’s political elite to present his book, A Decade of Impactful Progressive Governance in Nigeria. It was not just a book launch; it was a symbolic marking of ten years of Nigeria’s experiment with progressive governance under the All Progressives Congress (APC). The venue itself — the Emmanuel Iwuanyanwu International Conference Centre — stood like a monument to the occasion. One of signature projects, the glass-and-concrete edifice gleamed in quiet splendour, as though conscious of its own symbolic weight. Within its walls assembled the full force of Nigeria’s political establishment: President Bola Ahmed Tinubu, Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, ministers, governors, lawmakers, traditional rulers, and party faithful — a tableau of power gathered to celebrate both a book and an era.
Ten years in proper perspective
It began not with the rustle of pages or the flourish of a book launch, but with memory — collective memory. A decade ago, in 2015, Nigerians made a choice that shook the foundations of their politics. They turned a page on one era and opened another, entrusting their hopes to a party that promised change. It was a moment charged with expectation — a national gamble on the possibility of renewal.
Ten years on, that choice has returned in the form of a book. Yet this was more than a political memoir; it was a ledger of hope and hardship, of milestones and missteps, of promises kept and promises still in the making. A decade may be brief in the span of history, but in Nigeria, ten years can feel like a lifetime. The APC’s journey from the euphoria of 2015 to the reckoning of 2025 has been nothing short of seismic.
Governor Uzodimma’s book maps this journey with candour and conviction. From Muhammadu Buhari’s war against corruption, through years of economic tremors and security battles, to Bola Tinubu’s reformist pragmatism, the narrative is one of endurance and hope. Uzodimma does not shy away from the shadows — insurgency that tested the nation’s soul, inflation that squeezed households, and scepticism that gnawed at legitimacy. Yet he insists there has also been light: roads built, reforms initiated, reserves strengthened, and exports diversified. “It is not my story alone,” Uzodimma told the audience. “It is the story of a party, of a people, and of a nation struggling but never surrendering.”
When the APC wrested power from the long-dominant Peoples Democratic Party in 2015, it was hailed as a watershed moment. Nigerians, weary of corruption and inertia, placed their hopes in a party that carried the banner of change. What followed was a decade of reforms, setbacks, resilience, and renewal — a decade of experiments in governance and hard-earned lessons in leadership. Uzodimma’s book seeks to capture that arc. He chronicles the Buhari years — the battle against graft, the fight to tame insecurity, and the ambitious investments in railways and infrastructure. Then he moves through the turbulence of subsidy removals and currency reforms, before celebrating the Tinubu era’s drive to stabilise the economy and open new frontiers for trade and industry. Each chapter reads like a mosaic of the nation’s recent history — textured by struggle, tempered by faith.
The book as distilled through an academic lens
The hall grew still as Prof Bennet Chima Nwanguma, an erudite scholar of biochemistry, rose to deliver his review. His words carried not only the authority of academia but also the weight of history itself. At the heart of it all was the scholar, who peeled back the book’s layers with the scalpel of intellect, wielding both the precision of a scientist and the depth of a thinker. In that moment, he was not merely reviewing a text — he was dissecting a decade-long experiment in Nigerian democracy, distilling for the audience the meaning of progressivism in action and revealing why A Decade of Impactful Progressive Governance in Nigeria mattered far beyond its pages. “This work is both a testimony and a mirror,” he declared. “It reflects the victories, the struggles and the spirit of resilience that have defined Nigeria’s governance under the All Progressives Congress from 2015 to 2025. But more importantly, it challenges us to ask: what does it mean to govern with impact in a nation as diverse and complex as ours?”
With those opening lines, Nwanguma set the tone for a day that was less about celebration and more about reflection — a day when leaders, thinkers and citizens gathered to examine the trajectory of what many now call Nigeria’s most consequential decade in recent memory. Methodical yet moving, the scholar unpacked the layers of the book with the discipline of a scholar and the empathy of a citizen. He identified three defining strengths. First, its chronological clarity — a careful mapping of the APC’s journey from 2015 to 2025, tracing how a party that began as a political coalition evolved into a governing institution. Second, its candour — the author’s willingness to confront Nigeria’s difficulties head-on: insecurity, fiscal pressures, social discontent. And third, its conceptual depth — a persuasive framing of “progressivism” not as mere ideology, but as inclusion, solidarity, and service.
Yet the scholar’s admiration came with a caveat. “This book is both a mirror and a lamp,” he told the gathering. “It reflects where we have been, but it must also illuminate where we ought to go. Ultimately, it is the Nigerian people who will judge whether the decade chronicled here has been impactful.” The hall fell into thoughtful silence at his words — a silence that carried weight. It was a reminder that governance is not judged by statistics alone but by lived realities: by whether roads lead somewhere, whether policies lift lives, whether the promise of democracy feels tangible to those at the margins.
But A Decade of Impactful Progressive Governance in Nigeria is not a book trapped in national abstraction. Interwoven with Nigeria’s broader narrative is the story of Imo State itself — the roads reconstructed, the flyovers built, the conference centre now standing as a modern agora in Owerri. By blending state and national achievements, Uzodimma creates a dual narrative: at once a memoir of service and a manifesto of belief. President Tinubu, in his remarks at the launch, framed the book as a historical gift to the nation. “With this book,” he declared, “Governor Uzodimma has given Nigeria a gift. No nation will forget its own journey, and no leader will forget the beauty of stewardship.”
Tinubu used the moment to situate Uzodimma’s reflections within the broader progress of the APC-led government. He cited fresh data: 4.23 per cent growth in the second quarter of 2025, inflation down to 20.12 per cent, and external reserves up to 42.03 per cent — the highest in six years. “These are not abstractions,” he said. “They are proof that Nigeria is no longer where it was 10 years ago. We have endured the storms, and now we are beginning to see the sunshine.” The President’s tone was both celebratory and cautionary — a leader’s mix of pride and prudence. He appealed for patience from Nigerians, urging them to see resilience as the necessary price of transformation. “Change,” he said, “does not arrive on the wings of comfort.”
The National Chairman of the APC, Prof Nentawe Yilwatda, hailed the publication as both a “compass” and a “guiding light” for the ruling party. He commended Governor Uzodinma’s intellect and depth of thought, describing him as a visionary leader whose reflections in the book will continue to inspire the APC’s ideological direction. “Governor Uzodinma is a man of deep thought,” he said, “and this book provides a guiding light for our party as we navigate the challenges and triumphs of governance.”
He further noted that through the book, Uzodinma has reminded the APC of its evolution since its historic formation in 2013 — a journey marked by resilience, reforms, and renewed faith in progressive ideals. The APC chairman also used the occasion to extol President Bola Ahmed Tinubu, whom he described as a “Master Strategist” and a leader who fully understands what true transformation entails. Prof Yilwatda concluded by emphasising that A Decade of Impactful Progressive Governance in Nigeria goes beyond a chronicle of achievements; it is, in his words, “a compass to guide the APC forward, reaffirming the values and principles that brought us this far.”
For Akpabio, the moment was equally personal. He lauded Uzodimma as a visionary who has “changed the face of Imo State with critical infrastructure,” commending him for placing those local achievements within a national story. “What Governor Uzodimma has done here is invaluable,” Akpabio said. “He has given us not just a record but a compass. Future generations will turn to this book to understand what it meant to govern with vision, courage, and accountability.”
When his turn came, Uzodimma was both author and celebrant — part historian, part patriot. He described Nigeria’s journey under the APC as one of “resilience, sacrifice, and gradual transformation,” calling the book “a labour of love and a duty of history. This is not a personal achievement,” he told the audience. “It belongs to the APC family and to all Nigerians who have walked this journey with us.” He credited President Tinubu’s economic leadership for six consecutive quarters of trade surpluses and a significant rise in non-oil exports. “This shows,” Uzodimma argued, “that Nigeria has the capacity to diversify its economy and to thrive in a post-oil world.”
Ten years of APC governance means different things to different people. For party loyalists, it is a decade of bold reforms, infrastructure renewal, and a recalibrated global image. For critics, it is a mixed ledger of progress and pain—of promises kept and promises deferred. Uzodimma’s book sits at the intersection of those verdicts, offering a partisan yet reflective account. As Nwanguma aptly noted, it is both a mirror of the past and a lamp for the future.
President Tinubu reminded the gathering that “the journey of nation-building is not a sprint but a marathon.” Governor Uzodimma added with quiet conviction that “leadership is not about titles but about footprints—both in the hearts of people and in the structures that endure.” A decade on, Nigeria remains a work in progress—still marching, still striving, still believing. Whether the next ten years will deepen the gains or dissolve them will depend, as ever, on the courage of its leaders and the resilience of its people.
Chief Jite Odeworitse Tesigimoje, billionaire CEO of GIM Brown Marine from oil-rich Ugborodo community of Delta State, is not just a businessman with vast interests across the West African sub-region; he is also one of Nigeria’s most unapologetic ambassadors of polygamy. He stirred more controversy recently when he took his 19th wife in a lavish ceremony. Photographs of the wedding lit up social media and ignited national debates about love, culture, polygamy, and masculinity. In an exclusive interview with Regional Manager, SHOLA O’NEIL, Chief Tesigimoje, who declined comments on his number of children for cultural reasons, and his age which an associate of his put at about 43 years, opened up as to why he believes polygamy is the best path for men, the secret to unity in his massive household, and why his philanthropy defines him as much as his marriages.
For Chief Jite Tesigimoje, polygamy is not a lifestyle of excess; it is, in his words, a practical truth of human nature. His household is a microcosm of Nigeria’s diversity. He is married to women from nearly all the major ethnic groups—Igbo, Yoruba, Bini, Ijaw, Fulani, Urhobo, Isoko, and his own Itsekiri. To him, it is a reflection of unity and inclusiveness.
“Every man wants to marry two or three wives if he has the capacity,” he said without hesitation.
“The reality is this: after a few years of marriage, a man begins to see his wife differently. He sees her naked from time to time—when she is going into the bathroom and when she comes out and perfects her beauty routines.
“Familiarity sets in, passion fades, and intimacy becomes more like a duty. That is why you hear women complain their husbands no longer love them like before when they just got married.
“It is not that the love is gone; it is that desire has been dulled by routine.”
He advised couples in monogamous relationships to live apart. “If they cannot afford different apartments, they should live in separate rooms.”
He gestured towards one of his wives who sat beside him throughout the conversation, saying: “She is listening and smiling. She knows what I am saying is true.
“She is stunningly beautiful, just like the others. But if she were the only woman in my house, things would be different.
“Men don’t talk about this openly, but I will. No matter how beautiful a woman is, one woman alone cannot sustain a man’s passion forever.”
His argument is not a dismissal of women but a critique of Western ideals. “Our colonial masters told us monogamy is the best way of life. Yet those same people are caught daily in scandals, with mistresses, colleagues, even staff members.
“Why sneak around? Why live in lies? If you admire another woman, marry her. That is better than deceit.”
Tradition and the role of privacy
Chief Tesigimoje links his views not only to personal experience but also to cultural tradition. “In our culture, there is mystery between husband and wife,” he explained.
“When you share the same room, wake up and see everything about your wife every single day, where is the excitement?
“When you start to see her as a sibling, that spark is gone. And incest, as our tradition teaches, is a taboo.
“So why push a man into a life where his wife feels like a sister? Distance and privacy keep the love alive.”
This is where polygamy, in his view, plays a balancing role. “When a man has two or three wives, he creates space. He comes to each one renewed, excited, and appreciative. That freshness keeps love burning.
“I can tell you confidently that many women in polygamous homes are more sexually satisfied than their monogamous counterparts.
“But let us continue to deceive ourselves and build up angry and frustrated women, which will eventually lead to more divorces.”
The demands of a polygamous household
Though he champions polygamy, Tesigimoje admits that marrying more than one wife is not meant for everyone. “Polygamy is cheap only in theory. In reality, it requires enormous financial strength and emotional intelligence.
“It would be suicidal for someone to dabble into polygamy simply because he sees someone else, or because I am doing well in it. You must ask yourself some questions, and one of those is: are you capable?”
Providing insight into the enormous cost he bears in keeping everyone happy and comfortable, Tesigimoje said: “In Lagos, I live in Eko Atlantic City and have 15 houses. Each of my wives lives in a five-bedroom duplex, and they all receive hefty allowances and other perks regularly.
“That is why, when I am in Warri, we can all stay together under one roof peacefully, with some of the wives sharing rooms without any grudges.”
He reiterated that fairness and equity are the backbone of his successful management of his home. “Once I do something for one wife, everyone must get the same treatment. Whether you are the youngest, the oldest, or yet to have any child, you get your due.
“Let me give you an example: yesterday (a day before the interview), I sent some of my wives ₦250,000 each for outings with their children.
“Within minutes, every one of them had heard about it. Those who didn’t get theirs called me to demand answers.
“I got calls from Abuja and Lagos, while those who were in Warri and yet to get their alerts stormed into my room. They had already heard!
“Before the day ended, I spent about ₦3 million on ice cream. That is polygamy. You cannot afford to neglect anyone.”
Contrary to outsiders’ assumptions, the billionaire business mogul revealed that his household thrives on cooperation, not rivalry.
“At my last wedding, all my wives came dressed in the same attire. They danced, they laughed, and they welcomed the new bride. Can you imagine that?
“If there wasn’t unity, they would not have been there, smiling.
“People often think polygamy breeds jealousy, but if you are honest from the start, your home can be harmonious.
“So, even in sharing my bed, my wives are cooperative.
“There is an order as to who comes into the master’s bedroom, but the cooperation of the women makes it even more seamless.”
While hinting at wife No. 20 soon, he warned men against deception. “Do not promise a woman or give her the impression that she will be the only one if you plan otherwise.
“If your heart is set on five or six wives, say it from the start. Once she accepts, she will be at peace with it.
“Problems only come when men pretend. My wives know that I love women, and this (19th wife) might not be the last.”
Strength, fitness and tradition in coping with the demands of 19 wives
Asked how he manages the physical and emotional energy required for such a large family, the billionaire laughed heartily. “Sex is the best exercise—better than any gym. It keeps blood flowing, strengthens the body, and prolongs life.
“Western diets and drugs weaken men. In our tradition, we have herbs that keep a man virile all his life, no matter how long he lives.
“My father is almost 90, and he recently impregnated two women. Virility runs in the family, and I rely on our roots to keep me strong.
“Having many wives and failing to satisfy them would be an abomination.
“Those who have tried my roots and herbs, including traditional leaders and friends, can confirm that I have some of the best herbal roots in the land (laughs).”
Beyond family: A heart for humanity
Despite his colorful personal life, Tesigimoje insists his legacy must be measured not only by his marriages but also by his enormous philanthropy. He recently launched the GIM Brown Foundation to streamline his charitable activities, which escalated during the COVID-19 pandemic.
During the lockdown, he supported widows, orphans, persons with disabilities, and other vulnerable groups. Today, more than 800 widows are on his payroll, as well as hundreds of other PWDs.
“Everything I have is by God’s grace, not my strength. How do I repay Him? I can only do that by helping those who are less fortunate.
“My advice to wealthy Nigerians is: if you have the capacity to uplift others, do not hold back, because the government alone cannot solve the myriad of problems in our society.”
As for his community of Ajudaibo, Escravos, he revealed his plan to kick off an 83-suite hotel, as part of his drive to bring development and opportunity home.
“I love my wives, my children, and my people.
“This is the life I have chosen. It is not for every man. It requires honesty, responsibility, and strength.
“But with God’s grace, I have managed it. And I will continue to use what I have, not just for my family, but for my community and for humanity.”
Governor vows to rout invaders, LG begins training of forest guards
The spate of kidnappings and cowardly attacks on lives and property in Kwara State lately is eroding its reputation as state of harmony. Kidnapping incidents, which began as isolated cases in parts of Kwara South some years ago, have now assumed an astonishing dimension.
Initially, the bandits and kidnappers had restricted their activities to the part of the state around Ekiti, Oke-Ero, Ifelodun, Isin and Irepodun local government areas in Kwara South. However, the criminals have extended their tentacles to Patigi and Edu local government areas in Kwara North.
Patigi and Edu are communities on the border between Kwara and Niger states, giving rise to widespread belief that the criminal elements flushed out from Niger State by security agents might have find a new abode in Kwara North forests from where they are now unleashing fear and terror.
Since last year or so, the bandits have become more daring, abducting, killing and maiming scores of innocent people in the state.
About one year ago, some gunmen had invaded the palace of Onikoro of Koro, Ekiti Local Government Area, shooting the monarch, a retired army general, dead. Since then, the area has witnessed series of attacks by bandits and kidnappings accompanied with demands for ransom payment.
The latest in the series was last Sunday’s early morning attacks on Oke-Ode, Ifelodun Local Government Area where a monarch and 11 vigilance members were gruesomely dispatched into early graves.
The incident occurred less than 24 hours after former Senate President Bukola Saraki lamented the precarious security situation in the state.
Confirming the attack, the spokesperson of Kwara State Police Command, Adetoun Ejire-Adeyemi, said: “At about 7 am on Sunday, armed men invaded the Ogbayo area of Oke-Ode, shooting sporadically.
“A combined team of police operatives and members of the National Forest Security Service responded swiftly to the scene, where they discovered 12 lifeless bodies of vigilante members, including the Baale of Ogbayo.
“The victims sustained multiple gunshot wounds. Additionally, four persons who sustained injuries were immediately taken to hospital for treatment, while the deceased were evacuated.
“Prior to this, some bandits had invaded Motokun, a village in Patigi Local Government Area of Kwara State. The invaders came on 50 motorcycles and attacked the village around 6 am. The operation, it was gathered, lasted for four hours.
The state’s Commissioner of Police, Adekimi Ojo, said “Matokun village was attacked by bandits on about 50 motorcycles, six people missing, suspected to have been kidnapped.
“A woman suspected to have been hit by a gunshot eventually died from the injuries.”
In a related development, the police chief said bandits killed a police officer in Agboro, Ifelodun Local Government Area of the state.
“The assailants targeted a private company. In the course of the attack, one police officer gallantly lost his life in active service, while properties within the facility were also vandalized.”
Earlier in August, bandits had also allegedly attacked Babanla, also in Ifelodun LGA, killing four persons and carting away goods and wares from the market.
Scores of residents of the agrarian community fled their homes and sought refuge in Amoyo, a community on Ilorin outskirts.
Empathising with his subjects, Babanla’s monarch, Oba Adegboyega Yusuf Alabi, said: “Today, I speak with a heavy heart. On Friday, the 8th of August, our dear Babanla was struck by a cruel attack. Bandits invaded our land, leaving sorrow and destruction behind.
“We lost four precious souls, many hardworking traders lost their goods, shops were looted, hotels were destroyed, and countless youths who depend on their motorcycles for daily bread were stripped of their means of survival.
“These wounds cut deep into the very fabric of our community.
“As the Chief Security Officer of Babanla, I feel the pain of every family that has lost a loved one, every mother who now weeps, every father whose hope has been shaken, every youth whose hope has been dashed, and every household now living in fears.
“Though our efforts have been tireless, I admit with regret that we have not yet been able to fully shield you from these evils. But I assure you, peace will be restored.
“With the approval and support of government, and with the bravery of our hunters, vigilantes and the unyielding resilience of our people, we shall prevail.
“For those kidnapped, let it be known that since day one, necessary steps have been taken. Security operatives and community leaders have worked tirelessly, though for security reasons, details cannot be disclosed here.
“Therefore, I plead with all those invited by security operatives, those interrogated, and those living in fear to come forward with useful information that can aid our fight against insecurity.
“Do not see it as a burden, but as your role in saving our community, and be assured that anyone found guilty of collaborating with criminals will face the full weight of the law.”
The Chairman, Ifelodun Local Government Council, Hadji Femi Yusuf, said as part of activities to surmount the growing challenge of banditry and kidnapping in the area, his administration had employed and trained no fewer than 100 forest guards.
He said: “I call on stakeholders to start praying for our land in these trying times of security instability. I urge them to set aside politics and come together to pray for lasting peace, security and prosperity of Ifelodun Local Government Area and Kwara State as a whole.
“On security, we procured 20 motorcycles to support local security outfits, employed and trained 100 forest guards, enrolled them in the state Health Insurance Scheme.
“We also supplied 50 units of bulletproof vests and provided them with modern security gadgets.
“We institutionalised a non-indigenous registration drive to have accurate data of all residents of the local government.
“While commending the traditional council for their timely collaboration with the state government to chase out non-state actors from our land, we have continued to carry them along in our administration.”
Commenting on the wave of banditry, a security expert, who spoke on condition of anonymity, put the blame at the doorstep of the state government.
He said: “The governor should demonstrate a measure of seriousness and political will to root out the criminals.
“This can be done through establishment of military outposts in those hotspots of the bandits and then deploy a joint team of army and air force personnel.
That will instill fear in those cowardly elements and they will flee. They are no match with the military.
“That is my candidate submission.
“As the chief security officer of the state, the buck stops at his table to defend the citizens by liaising with the presidency.
“He should act fast before things get out of hand.”
Disturbed by the sordid development, Governor AbdulRahman AbdulRazaq has declared that his administration will fight insecurity in the state with all the resources at its disposal.
The governor reaffirmed his administration’s commitment to protecting lives and property across the state, saying that nowhere in the state would be safe for criminal elements, including kidnappers.
The governor, who spoke after a security council meeting, said:
“The Army Headquarters has since relocated the General Officer Commanding (GOC) of the 2nd Division to Ilorin as part of the renewed efforts to strengthen security operations in the state.
“On Monday night, combined forces of the Army, DSS and Police launched an offensive around Baba Sango, along the Kwara/Kogi border, neutralising about 15 armed bandits.
“The same operation continued on Tuesday. And yesterday night, I presided over the State Security Council meeting at Ahmadu Bello House, Ilorin, to integrate state and federal assets into a single strategy for both Kwara North and South.”
Governor AbdulRazaq assured Kwara residents that his administration would not relent in supporting security agencies to keep every community safe.
“I have assurances of the security forces to smoke out and eliminate the criminals from their hideouts.
“We will fight insecurity with every resource at our disposal. Kwara will not be a hiding place for criminals.
“To any criminal who seeks to destabilise the peace in Kwara, you may run, but you cannot escape justice.
“Kwara belongs to its people, and their peace will be defended,” the governor added.
Already, joint security agents have heightened operations in some of the affected Lgs.
Therefore, the state government has urged residents of the state, especially people around Ekiti, Ifelodun, Isin, Oke Ero, and Irepodun LGAs, to be vigilant and restrict outdoor activities as much as possible in the interim.
The advisory followed heightened operations by combined security forces in border towns in Kogi and Kwara, where kidnappers are believed to have hibernated.
“We urge people to be very vigilant and limit their movements to only very necessary routines. That is to avoid being caught unawares as the kidnappers are fleeing their hideouts.
“We do not want law-abiding citizens to be affected,” according to a statement by the Commissioner for Communications Bolanle Olukoju.
She said the government regrets the temporary inconveniences the limited movement may cause in the nearby areas.
“We commend the security forces for the renewed efforts to route the criminals, and charge them to continue until they are totally neutralised and flushed out of our forests,” she added.
As a result, it was gathered that a notorious kidnapper Maidawa, others have been eliminated during an Isanlu Isin engagement with security forces.
A security source said “communications intercepted from the marauding kidnappers revealed that a notorious kidnapper known as Maidawa and many of his foot soldiers have been eliminated in an encounter with joint security forces around Isanlu-Isin in Kwara State.
“The engagement occurred on September 30 as security forces pressed forward the operation to rout the criminals, according to information intercepted by the state security service.
“The news of Maidawa’s death was broken to other gang members by another wanted kidnapper Baccujo around Igboro-Idofin Road during a conversation with his associates in faraway Marabar Maigora, Sabuwa LGA of Katsina State.
“Security forces, spurred by new calls of the state government for urgent interventions, have ratcheted up the efforts to dislodge the kidnappers who often launch cowardly attacks on civilian populations and abduct people for ransom.
“The operations are phased to cover every area where incidents have been recorded in recent weeks, including Ekiti, Ifelodun, Isin, Edu, and Patigi.”
The parlous security situation has pitted former Senate President Bukola Saraki against Governor AbdulRazaq. Senator Saraki had lashed out at Governor AbdulRazaq for his alleged nonchalant attitude towards the rising insecurity in the state.
But the governor countered, saying the former Kwara State governor did not have any moral grounds to sermonise about insecurity in the state.
Saraki, shortly after the conclusion of the state congress of the Peoples Democratic Party (PDP) in Ilorin, said “the theme of the congress showcased Kwara PDP as a platform of responsible, responsive, and compassionate political leaders who will always show empathy for the plight of the people.
“Today, Kwara State is in a precarious state. Our State is being overrun by bandits, kidnappers, and killers who have waged a ceaseless, needless, and careless onslaught on our people.
“Yet, the government in Kwara State and all the people in governance in the state have maintained a posture of apathy, nonchalance, and a carefree attitude.
“The people in government have watched without a clue on how to stop the violence waged against our people by insurgents.
“Every day, the story from Kwara State in the national media is about killings, kidnappings, and the displacement of people from their communities.
“In the last 12 months, about 70 people have been reportedly killed in Kwara North and South while about 50 people have sustained various forms of injury from the assailants.
“Within the same period, about 42 people have been kidnapped. Also, over 25 communities have been sacked as the residents abandoned their homes in the same period.
“Under the present government, Kwara State is becoming a one-town-state as everybody in the northern and southern senatorial zones is converging on Ilorin to escape becoming the next victims of the spate of insecurity.
“It has never been this bad in our state known as the State of Harmony. The state government is living in denial and trying to suppress the facts, figures, and scenarios from coming out.
“They focus on accusing the opposition, which has been alerting the Federal Government and security agencies of the danger that now lurks in our communities, of playing politics with security.
“No responsible citizen or party will play politics with the danger to the lives and livelihood of people.
“But as responsible politicians and political platforms who want to genuinely serve our people, we will not keep quiet. We will continue to alert the national and international communities about the danger that daily confronts our people.
“We will continue to urge the people who can help to come to the rescue of the Kwara people.”
He added: “The spate of killings, kidnappings, and the collapse of the security system in Kwara State is unprecedented.
“We never witnessed anything of this sort since the creation of the state.
“Either during the military era, during the tenure of my predecessors, in my time as governor, or during the period of my immediate successor as elected governors, has this type of terrible occurrence ever happened in Kwara State?
“Why does this government continue to fail the people by folding its arms and being complacent about the security of lives and property?
“It should be noted that this spate of security crises is just festering in Kwara State to the exclusion of its neighbours. Insurgency is no longer a menace in Niger State.
“The state government working with security agencies there has chased the criminals out.
“This is just a reflection of the clueless and lackadaisical government we have in Kwara State.
But Governor AbdulRazaq, through his Special Adviser on Media, Bashir Adigun, described Saraki’s accusation of nonchalance as shameless and false.
Adigun said: “For the avoidance of doubt, Saraki is the least qualified person to speak on security matters in Kwara State.
“Under his political empire, Kwarans lived in fear of cult killings, kidnappings and the notorious reign of terror unleashed by “Good Boys” and political thugs loyal to his dynasty.
“It is laughable that a man whose era institutionalised violence and thuggery now pretends to be a security advocate.
“Instead of offering condolences to victims of criminal attacks, Saraki has chosen to play cheap politics with human lives — a shameful display of insensitivity.
“Must we remind him that insecurity today is a national scourge? Bandits fleeing military bombardments in the North West often spill into North Central states like Kwara.
“This is not peculiar to Kwara and certainly not a result of government indifference. If anything, Governor AbdulRahman AbdulRazaq has shown more commitment to securing our state than Saraki ever did in his years of political dominance.
“Unlike Saraki, Governor AbdulRazaq is not breeding thugs; he is equipping security agencies with patrol vehicles, gadgets, and logistics.
“He is empowering forest guards, vigilantes, and local hunters to defend our communities.
“He is working hand in hand with the Army, Police, Air Force, and Civil Defence to flush out criminals.
“Only recently, following the Governor’s advocacy, the Army Headquarters has directed the GOC Ibadan to relocate to Kwara to lead operations against the bandits.
“Equally important, the AbdulRazaq administration understands that development is the best antidote to insecurity.
“That is why schools, hospitals, roads, and water projects are springing up across the state. That is why thousands of youths have been employed and empowered.
“These are tangible results Kwarans can see and feel. Saraki should be the last to cry wolf.
“His close ally, Alhaji Kawu Baraje, openly confessed in 2022 that the insecurity Nigeria battles today was worsened by foreign militias imported into the country for elections in 2015 by Saraki’s political camp.
“Today, those same foreigners are terrorizing Nigerians.
“This is the dirty foundation of the problem, and Saraki knows it.
“Governor AbdulRahman AbdulRazaq will never play politics with the lives of Kwarans. He will continue to stand with our people, work with security agencies, and invest in the future of our state.
“Saraki’s attempt to rewrite history and feign concern is nothing but a failed propaganda stunt.
It wasn’t just a presidential visit — it was a turning point. In the early rain, Owerri, Imo State capital, stood still, expectant. Roads once seen as metaphors for neglect were now freshly paved. As President Bola Tinubu arrived, what transpired wasn’t just ceremony, but symbolism — of promises honoured and progress taking shape, reports Associate Editor ADEKUNLE YUSUF
Owerri woke before dawn. The rain came early—a gentle, almost apologetic drizzle—but it did little to quiet the city’s rising energy. As morning broke, pale ribbons of sunlight slipped through the clouds, catching the sheen of wet streets and rooftops. By 8 a.m., the city was wide awake. Schoolchildren clutched tiny flags, men pulled raincoats tight around their shoulders, and women balanced umbrellas against the lingering mist. Children perched on shoulders for a better view. Crowds gathered—beneath trees, along sidewalks, behind metal barriers. All eyes turned in the same direction, all feet planted with quiet anticipation. They had come for one purpose: to welcome President Bola Ahmed Tinubu to Imo State.
This was no ordinary visit. It was, as many would later say, a moment of pride — a public display of what many believe is change in motion, progress being commissioned into concrete and asphalt. And even though the rain attempted to borrow attention, the vibrant energy of the crowd outshone the droplets. The heart of Owerri was transformed. The major arteries — the roads leading to Assumpta Cathedral Roundabout, the highways heading toward Mbaise and Umuahia — were draped in bright banners. APC flags fluttered alongside national flags. Security vehicles, vans, motorbikes moved purposefully, some standing guard, others guiding traffic. Drums beat in distant corners; voices chanted slogans. Passengers peered out windows, marveling at the turnout.
This was no ordinary visit. It was, as many would later say, a moment of pride — a public display of what many believe is change in motion, progress being commissioned into concrete and asphalt. By the time President Tinubu’s motorcade arrived, the atmosphere was electric. He was flanked by APC governors, party leaders, and top members of the National Assembly. And even though the rain attempted to borrow attention, the vibrant energy of the crowd outshone the droplets. Major arteries of Owerri—roads stretching from the Assumpta Cathedral Roundabout to the highways leading to Mbaise and Umuahia—were draped in bright banners. APC flags fluttered beside the national colours, catching the breeze like a signal of unity. Security vehicles, vans, and motorbikes moved with intent—some forming a shield, others directing the flow. In distant corners, drums pulsed and voices rose in song. Passengers leaned out of car windows, eyes wide, swept up in the spectacle.
The newly reconstructed Owerri–Mbaise–Obowo–Umuahia Road
One of the most talked-about highlights of President Tinubu’s visit to Imo State was the commissioning of the newly reconstructed Owerri–Mbaise–Obowo–Umuahia Road — a 26-kilometre stretch of critical infrastructure that, for decades, existed more in frustration than functionality. This road is far more than just a stretch of tarmac. It’s a major economic and cultural artery, linking Owerri, the capital of Imo State, with Mbaise and Obowo — two densely populated regions with strong agricultural and commercial roots — before extending into Umuahia, the capital of neighbouring Abia State. For years, the road was infamous for its craters, flooding, and traffic bottlenecks, slowing down trade, isolating communities, and contributing to the wear and tear on transport vehicles.
According to traders, commuters, and logistics operators who frequently used the route, a journey that should have taken 30 to 40 minutes often stretched into hours during the rainy season. The road’s condition also made it a security risk, especially at night — with broken-down vehicles vulnerable to theft, and commuters stranded in poorly lit, isolated areas. What makes the Owerri–Mbaise–Obowo–Umuahia Road particularly strategic is not just its length or its improved surface — but the vital lifeline it represents between two state capitals and, by extension, two major economic zones in Nigeria’s South-East region. It connects Owerri, a bustling hub of commerce, education, and urban development, to Umuahia, a capital city known for its administrative significance and agricultural economy. But the importance of this road runs deeper than geography. It is a road that serves people, livelihoods, and entire communities whose lives are shaped by their ability to move.
The flyover at the Assumpta Cathedral Roundabout
The newly inaugurated flyover at Assumpta Cathedral Roundabout stands as both a literal and symbolic elevation of Owerri’s urban future. For decades, that junction — a key point where traffic from the Port Harcourt–Onitsha axis intersects with the city’s core — was a daily source of congestion, frustration, and delay. It’s a roundabout that once pulsed with the honks of gridlocked buses, the slow crawl of petrol tankers, and the weaving chaos of okadas and private cars. At peak hours, the entire area became a bottleneck, stretching the patience of commuters and draining productivity.
Now, with the sleek overpass in place, traffic flows with an ease many commuters had stopped believing was possible. Designed to separate the heavy through-traffic from local city movement, the flyover allows vehicles travelling between Port Harcourt and Onitsha — two of the busiest commercial cities in southern Nigeria — to bypass the gridlock entirely. Beneath the bridge, urban planners have restructured the ground-level lanes for better pedestrian access and reduced conflict zones. It is more than a concrete structure; it is a redesign of movement, an answer to a long-unresolved urban headache. For residents of Owerri, this single flyover represents something broader — a glimpse into what the city could become when infrastructure keeps pace with population growth.
The Emmanuel Iwuanyanwu International Conference Centre and other projects
Not far from the hum of moving vehicles and newly opened lanes stands another flagship project — the Emmanuel Iwuanyanwu International Conference Centre (EIICC). Towering with sleek glass and steel, and named after one of the state’s most prominent elder statesmen and business icons, the centre is a declaration of ambition. It is built not merely as a venue, but as a statement: Imo is open for business, for diplomacy, for discourse. The EIICC boasts the kind of modern facilities anyone would expect to find in Abuja or Lagos: multiple auditoriums, breakout halls, press rooms, digital presentation capabilities, and expansive exhibition spaces. It’s tailored to host everything from economic summits and medical conventions to tech expos and cultural festivals. With a growing demand for high-end event infrastructure in the Southeast, the centre is poised to become a regional hub, drawing visitors, investors, and ideas into Owerri.
But the most transformative projects are often the ones less visible to the casual observer — the quiet revolutions taking place in administrative backrooms, dusty archives, and underutilised corridors of government. That’s where the Imo State Land Information Service Centre (LIS Centre) comes in. Housed in a modern facility, the LIS Centre is part of a deliberate push to digitise land records, streamline property transactions, and eliminate the labyrinth of paper trails and corruption that has long dogged land ownership in the state. For decades, acquiring or verifying land titles in Imo was a process fraught with uncertainty and delay. Double allocations, missing files, extortion, and years-long court cases were all too common. With the launch of the LIS Centre, Governor Uzodinma’s administration is attempting to pull land governance into the 21st century. Now, prospective landowners, surveyors, and developers can access digitized maps, apply for certificates of occupancy, verify ownership, and monitor processing timelines — all online. The implications of this are enormous. Easier land transactions mean faster property development. Less fraud means more investor confidence. And more transparency means everyday citizens — not just the well-connected — can access land without fear of manipulation or exploitation.
Beyond roads and flyovers, some projects quietly shape the spirit of governance. The renovated Government House Chapel, though modest in scale, reflects a commitment to reflection, faith, and moral grounding in public service. It’s a space for prayer, unity, and pause amidst political noise. Nearby, the restored Concorde Hilton Hotel marks a revival of Owerri’s hospitality sector. Once faded, it now boasts modern rooms, event halls, and improved services—ready to welcome business travellers and dignitaries. Together, these projects—both symbolic and strategic—are part of a broader urban renewal vision, reshaping not just Owerri’s skyline, but its sense of purpose.
Voices from the crowd
Under umbrellas and plastic tarps, faces glowed with hope. Some had come to feel seen; others to be heard. Madam Nkechi Okoro, a small business owner in Emekuku, said she had already lost hours daily to gridlock. “Before, the journey from Owerri to Umuahia is a stress, money wasted on fuel, time gone. With this new road, we expect quicker access to markets, hospitals, schools,” she said, her voice clear over the drizzle.
A young man, Chinedu, perched on a motorbike, described this as more than infrastructure. “What is happening now,” he said, “is that government actually listens. Roads, flyovers… these are things we feel. We see. They don’t just talk.” Others were skeptical, of course. “Let them finish,” said Mrs. Ifeoma Eze from Obowo. “Many times we celebrate projects before they are done. I want to see it when I drive those roads in dry season.” But even her doubt carried curiosity — perhaps expectation.
Standing on the new flyover, Governor Uzodinma addressed the public earlier that morning, despite the rain. He spoke not just of the structures being commissioned — but of governance without shortcuts. He spoke of performance, not promises. He reminded the people that poor materials, substandard finishes, stalled construction had once been the norm — but that under his Renewed Hope Agenda, those days were being challenged. More than 120 roads, the Governor said, had been built or rehabilitated across the state. The digital land platform, he emphasized, will reduce corruption, ease land transfers, and remove the confusion that long plagued real estate and property ownership in Imo. Government House Chapel and hospitality projects aim to boost tourism and civic pride. All are pieces of a larger puzzle: transforming Imo into a state that matches its potential.
As the rain eased to a gentle drizzle, President Tinubu addressed the crowd, praising Imo’s progress but urging that the newly commissioned projects be seen not as endpoints, but as stepping stones. He stressed that lasting change depends on maintenance, transparency, and shared responsibility. Roads, flyovers, and new facilities, he said, must unlock growth, not just headlines. Yet even amid celebration, quiet questions lingered—about sustainability, traffic flow, and disruptions to local businesses. Still, beneath the banners and applause, a deeper shift was taking root. On that rainy morning in Owerri, what truly emerged was not just infrastructure — but renewed hope.
Justice Alexander Owoeye of the Federal High Court, Ikoyi, Lagos, has convicted and sentenced two men, Joshua Victor David and Abdulmalik Adesanya Olayiwola, to one year imprisonment each for impersonation.
The duo were arraigned on separate one-count charges of fraudulent impersonation by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
According to the charge, David, in August 2025, posed as one “Clara Jane” and deceived an unsuspecting victim, John Brill, using the email address monexmindedloas767@gmail.com with the intent of gaining an advantage for himself. The offence contravenes Section 22(2)(b) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.
Similarly, Olayiwola was accused of impersonating one Kylie Dowdy via Facebook in August 2025 to defraud unsuspecting victims, in violation of the same law.
Both defendants pleaded guilty when the charges were read to them.
Prosecution counsel, Fadeke Giwa and Ukoha Nwandu, reviewed the facts of the case and tendered the defendants’ statements alongside mobile devices recovered from them. They urged the court to convict the defendants accordingly.
In his judgment, Justice Owoeye sentenced David to one year imprisonment with an option of a ₦300,000 fine. The court also ordered the forfeiture of his iPhone 16 and a bank draft of ₦250,000 to the Federal Government.
Olayiwola was also sentenced to one year imprisonment, with the option of a ₦600,000 fine.
The convicts were arrested by EFCC operatives for internet fraud before being charged and convicted.
The remainder of 2025 looks set for stronger growth, supported by FX reforms and stable commodity prices. Nigeria’s GDP rose to a four-year high of 4.23% in the second quarter, with further expansion expected through year-end. A declining inflation rate has enabled the Central Bank of Nigeria (CBN) to adopt a more accommodative monetary policy, aimed at attracting investments, reducing lending costs, and advancing the government’s broader objective of fostering business-friendly policies and long-term economic growth, reports Assistant Editor COLLINS NWEZE
The economy is currently on a steady path of sustainable growth, with the second quarter Gross Domestic Product (GDP) rising to 4.23%, marking a four-year high. This represents a notable increase from the 3.13% recorded in the first quarter of 2025, largely influenced by the recent GDP rebasing. According to the National Bureau of Statistics (NBS), this growth was supported by strong performances across both the oil and non-oil sectors. Improvements in agriculture, industry and services, along with greater stability in the oil sector, contributed to an above-average overall output.
Notably, the oil sector experienced significant recovery, expanding by 20.46% in Q2 2025 compared to just 1.87% in Q1. This surge was largely driven by increased crude oil production, which averaged 1.68 million barrels per day (mb/d) in the second quarter—up 19.1% from 1.41 mb/d in the same period of 2024 and slightly higher than the 1.62 mb/d recorded in Q1 2025. As a result, the oil sector’s contribution to GDP edged up from 3.97% in the first quarter to 4.05% in the second quarter. The solid performance across key sectors underscores the economy’s momentum and the potential for continued growth in the near term.
What the CBN is doing
Announcing the outcome of the September MPC meeting in Abuja, CBN Governor Olayemi Cardoso said the change in policy stance was based on review of macroeconomic developments. According to him, the decision by the MPC to ease the policy stance was made in the light of improving inflation trends. “The committee’s decision to lower the monetary policy rate was predicated on the sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025 and the need to support economic recovery efforts,” Cardoso said. He also explained that the introduction of new measures was aimed at strengthening monetary control, improving liquidity management, and reinforcing the TSA regime.
Partner & Corporate Finance Expert at TNP, Bukola Bankole, said that by lowering the benchmark rate by 50bps to 27 per cent, the MPC made a modest but symbolic move as it marks the first break from months of aggressive tightening. For businesses already borrowing at rates above 30 per cent however, this adjustment will not ease financing costs immediately, but it signals recognition that growth cannot be perpetually stifled in the name of inflation control. “For investors, Nigeria’s yield story remains unchanged because even after the cut, local instruments remain among the most attractive across frontier and emerging markets. So, a half point change does little to alter that. The real test is whether inflation starts to ease and whether the naira can achieve meaningful stability.
“As we all know, inflation in Nigeria is not demand-driven; it is cost-push, reflecting exchange rate volatility, the knock-on effects of subsidy removal, high energy costs, and food supply disruptions. So certainly, against this backdrop, further hikes would have been the wrong medicine,” she said.
She added: “I will say this MPC decision reflects an effort to balance vigilance on inflation with the need to create space for credit expansion and investment. The real challenge however remains consistency, as without predictable policy, stronger fiscal alignment, and structural reforms that address the root causes of inflation, this cut will remain symbolic as with a lot of other actions previously taken.
“If those elements are however in place, then this small cut could truly mark the beginning of a more sustainable policy mix that supports growth without abandoning the fight for price stability.”
Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the remainder of 2025 appears poised for a stronger performance, with foreign currency inflows and stable commodity prices providing support. December is shaping up as an upbeat period, boosted by diaspora remittances, “Detty December,” and increased spending on concerts, films and festivals. “The naira should remain stable around N1,500–N1,550/$, and headline inflation could ease to 20 per cent. The MPC is also likely to cut rates in November, sustaining optimism into the festive season,” he said.
Monetary Policy perspectives
In its efforts to tame inflation, the CBN recently hosted the Monetary Policy Forum 2025, featuring fiscal authorities, legislative, private sector, development partners, subject-matter experts, and scholars with the theme: “Managing the Disinflation Process.” The forum is a major push to improve monetary policy communication, foster dialogue, and collaborate on critical issues shaping monetary policy.
During the event, Cardoso explained that the apex bank’s focus is to sustain price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship. He said the apex bank is continuing its disciplined approach to monetary policy, aimed at curbing inflation and stabilising the economy. Cardoso reiterated that the goal of the CBN is to ensure that monetary policy remains forward-looking, adaptive, and resilient.
“In addressing our economic challenges, collaboration is key. Managing disinflation amidst persistent shocks requires not only robust policies but also coordination between fiscal and monetary authorities to anchor expectations and maintain investor confidence. Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship,” he added.
The CBN also focused on strengthening the banking sector, introducing new minimum capital requirements for banks (effective March 2026) to ensure resilience and position Nigeria’s banking industry for a $1 trillion economy. These reforms and developments reflect the Bank’s commitment to creating an enabling environment for inclusive economic development. However, achieving macroeconomic stability requires sustained vigilance and a proactive monetary policy stance. “As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and staying focused on its core mandate of price stability,” Cardoso stated.
He said moving from the exchange rate targeting framework to the inflation targeting framework aligned with the apex bank’s determination to bring inflation upsurge under control in line with its price stability mandate. Inflation uptick has remained a major concern to the CBN and is the time to use monetary policy tools to control it.
Non-oil sector growth continues
The non-oil sector also recorded growth of 45 basis points, expanding by 3.64 per cent in second quarter 2025 as against 3.19 per cent in the previous quarter. Non-oil sector’s contribution to the economy stood at 95.95 per cent in second quarter as against 96.03 per cent in first quarter, despite the strong oil sector growth. Segmental analysis indicated appreciable growths across the non-oil sector. Agriculture GDP grew by 2.82 per cent in second quarter 2025 as against 0.07 per cent recorded in previous quarter. It had grown by 2.60 per cent in second quarter 2024.
Industries GDP, which had grown by 3.72 per cent in second quarter 2024, doubled to 7.45 per cent in second quarter 2025 as against 3.42 per cent in first quarter 2025. However, Services GDP was slower with a growth of 3.94 per cent in second quarter as against 4.33 per cent in previous quarter. It had recorded 3.83 per cent in second quarter 2024. In terms of contribution, Services, Agriculture, and Industries accounted for 56.53 per cent, 26.17 per cent, and 17.31 per cent of the overall GDP respectively.
Experts said the latest GDP report showed that the economy is on the right track but called for more synergistic policies to deepen economic productivity. Chairman, Nigeria Economic Summit Group (NESG), Mr. Niyi Yusuf, said the economic report underlined the gains of macroeconomic reforms, although the government needs to do more to catalyse the full potential of the economy. “This is a steady progress in the right direction, and we need to stay the course, maintain momentum, and drive for broad based growth across all sectors of the economy. We need more pro-growth regulations and regulators, predictable justice system, more private sector investments in critical sectors and security of lives and assets to fully unlock the potential of the economy,” Yusuf said.
The World Bank recently gave a positive verdict on Nigeria’s economic growth trajectory, highlighting three-year unbroken growth for the country. In the bank’s Global Economic Prospects for June, it posited that Nigeria will have three-year unbroken growth records- growing at 3.6 per cent in 2025, 3.7 per cent in 2026 and 3.8 per cent in 2027. The World Bank, however, slashed its global growth forecast for 2025 by 0.4 percentage point to 2.3 per cent, saying that higher tariffs and heightened uncertainty posed a “significant headwind” for nearly all economies.
In its twice-yearly Global Economic Prospects report, the bank lowered its forecasts for nearly 70 per cent of all economies – including the United States, China and Europe, as well as six emerging market regions – from the levels it projected just six months ago before U.S. President Donald Trump took office. The bank stopped short of forecasting a recession, but said global economic growth this year would be its weakest outside of a recession since 2008. By 2027, global gross domestic product growth was expected to average just 2.5 per cent, the slowest pace of any decade since the 1960s.
The bank said global inflation was expected to reach 2.9 per cent in 2025, remaining above pre-COVID levels, given tariff increases and tight labour markets. According to the World Bank, growth in Sub-Saharan Africa is projected to strengthen to 3.7 per cent in 2025 and average 4.2 per cent in 2026- 27, assuming the external environment does not deteriorate further, inflation declines as expected, and regional conflicts subside.
The World Bank Group’s Chief Economist and Senior Vice President for Development Economics, Indermit Gill, said that outside of Asia, the developing world is becoming a development-free zone. “It has been advertising itself for more than a decade. Growth in developing economies has ratcheted down for three decades—from 6 percent annually in the 2000s to 5 percent in the 2010s—to less than 4 percent in the 2020s. That tracks the trajectory of growth in global trade, which has fallen from an average of 5 per cent in the 2000s to about 4.5 per cent in the 2010s—to less than 3 percent in the 2020s. Investment growth has also slowed, but debt has climbed to record levels.”
The World Bank’s Deputy Chief Economist and Director of the Prospects Group, Ayhan Kose, said emerging-market and developing economies reaped the rewards of trade integration but now find themselves on the frontlines of a global trade conflict. “The smartest way to respond is to redouble efforts on integration with new partners, advance pro-growth reforms, and shore up fiscal resilience to weather the storm. With trade barriers rising and uncertainty mounting, renewed global dialogue and cooperation can chart a more stable and prosperous path forward,” he said.
