Lagos Island is reeling from one of its darkest days in recent memory. Within a span of 12 hours, two separate infernos, one at the upscale Afriland Towers on Broad Street, the other at the bustling Mandilas Market, tore through the country’s commercial heartbeat. The twin tragedies claimed lives, wiped out businesses worth billions and exposed dangerous lapses in safety protocols that left both corporate workers and market traders scrambling for survival, UDEH ONYEBUCHI, ZAINAB OLUFEMI and HALIMAH BALOGUN, report.
In a devastating 12-hour period that has sent shockwaves through Nigeria’s commercial nerve centre, twin fire outbreaks on Lagos Island have left a trail of destruction, claiming lives, obliterating businesses and exposing a chilling disregard for safety protocols in the heart of the nation’s economy.
The fires, which erupted almost simultaneously on Tuesday at the prestigious Afriland Towers on Broad Street and the bustling Mandilas Market, have resulted in confirmed fatalities and losses estimated in billions of naira, plunging traders and corporate employees into despair and financial ruin.
Afriland Towers: a corporate tragedy unfolds
The drama began in the upscale Marina area. Thick, black smoke billowed from the inverter to the basement of Afriland Towers, a seven-story landmark building that houses major institutions including the Federal Inland Revenue Service (FIRS), United Capital, Heirs, Avon, the United Bank for Africa (UBA) and Afriland itself, sending occupants scrambling for safety. The tower, which stands firm but scarred with broken windows, quickly emptied as workers rushed to escape the growing chaos.
A keke (tricycle) rider, who declined to give his name, said: “I had to help by spreading a foam, so that when they jumped, they could land on it. But some of them did and died because of the impact of the fall.”
The technical failure was compounded by a catastrophic human and structural error. The building’s safety design was fatally flawed. The staircase required an access card for entry while the security personnel had switched off power, which resulted in the elevators failing. With the staircase inaccessible to many and the smoke thickening, desperate workers were forced to break windows to escape the suffocating fumes.
A critical safety component was also missing because there was absence of a fire hose reel. “The staff could not access the staircase because there was no power in the elevator. People had to break the windows to escape the smoke,” said Emma, who sells on the roadside opposite the building.
The consequences were dire. Onyeka Igwe, a witness, narrated the horrifying scene: “Everybody was now running. I saw someone trying to jump down from the window seventh floor, some on the fifth, some on the fourth floor.”
He narrated further that a very good friend of his jumped out of the building and died.
Seun, a bus conductor, told the nation that he had to leave what he was doing to help the people that were trapped. “Immediately I saw the smoke and people were shouting, I had to rush and climbed. I saved five people before fire service came,” he said.
Tony Elumelu, the CEO of the United Bank for Africa (UBA), which has a branch in the building, said he cut short his trip to the United States.
“I am shattered by yesterday’s devastating incident at Afriland Towers that took the lives of our dear colleagues. No words can capture the magnitude of this loss,” he said in a personally signed statement, observing that a minute’s silence was held across all group companies.
The Federal Inland Revenue Service (FIRS), which occupied the sixth and seventh floors, confirmed the tragic loss of four staff members: Ekelikhostse George, David Sunday-Jatto, Nkem Onyemelukwe, and Peter Ifaranmaye. The United Capital PLC also lost six employees, bringing the confirmed death toll from the Afriland fire to 10.
Mandilas: A trader’s nightmare repeated
As the embers at Afriland were still smouldering, a second, separate inferno occurred at about 8 pm, this time in the heart of the commercial market a plaza called ‘Central Plaza, Mandilas’.
Walking through the line of Central Plaza, the cause of the fire seemed almost preordained. An eyewitness noted how the wiring was “very close to each other and jam-packed,” with generators positioned facing one another, creating a tinderbox environment. The plaza, which accommodated shops selling clothes, shoes, and housed Bureau de Change operations, was razed.
The Special Adviser on Central Business District (CBD), Bola Olumegbon-Lawal, was unequivocal in blaming the incident on generators kept on the upper floors of the building; a practice the government had repeatedly warned against.
“I know they have a generator up there, and we have been telling them that they should all bring their generators to the ground floor. So generator is the cause of this fire,” she stated, announcing that the government was locking all non-compliant plazas indefinitely.
For the traders, the loss is catastrophic and personal. Ebuka Azu, a trader, was left speechless. “I am short of words, feeling like I am dreaming. Someone should wake me up because the last time we experienced this was in 2018, and now I have lost millions of naira.
“In terms of insurance, it is only those who are educated that insured theirs.”
Chinedu Okorie, a young trader recently settled by his boss, was inconsolable seeing his new beginning turn into ashes. “My oga (boss) had just settled me and I opened a shop, selling clothes. But everything is gone. Where do I start from?” he queried.
The human cost extended beyond shop owners. Commission agents like Peter Olushola, who earned commissions bringing customers to traders, also saw his livelihood vanish. “This is where I get money to take care of myself. My boss’s business is gone,” he said.
The Iya Oloja of Mandilas, Alhaja Rashidat Adeniji, confirmed that the losses ran into billions of naira. She pleaded for government intervention, noting that many traders were operating on loans.
“We sell luxury goods in Mandilas. It is one of the biggest markets in Lagos State. The situation is beyond our expectations. It is beyond something we can handle.”
A jeweller from Ebonyi State estimated his loss at more than ₦30 million. “The business that I have done for many years, everything was burnt to ashes just like that,” he said, visibly shaken.
Another shop owner, a victim of a previous fire in the same area, questioned the possibility of government help. “What can the government do? They didn’t help the first time, how can they help now?” he wondered.
Mandilas unsafe power practices
Beyond the destroyed goods and shattered shops, the Mandilas inferno has laid bare a deeper crisis: unsafe power practices which traders and customers say have long been ignored.
The wiring in Mandilas, by many accounts, was nothing to write home about. Each shop was connected by a chaotic web of wrong connections; a disaster waiting for the perfect spark.
Mary Okonkwo, a regular buyer of fabrics, said: “Every time I come here, I see wires hanging loosely and lying close to one another. I always feared this would happen one day.”
Ibrahim Lawal, a passerby, pointed to the ruins as proof of negligence: “Look at the ruins. This was avoidable. The way they tap light here is not ordinary. You would see 10 people pulling from one small cable.”
Chukwuma Nnaji, a passenger, said the issue went beyond one fire: “This is about our culture of ignoring safety. Everyone knows Mandilas wiring is dangerous. Just look at how the connection is. Something that is very avoidable.”
Tinubu Akinwunmi condemned the unsafe practices on X, saying: “See the way people tap electricity in that market; it is awful. The market must be rebuilt, and all electrical works perfectly redone with proper safety concerns addressed before reopening.”
• Burst local arm factory, recover arms, arrest weapon fabricator
• Arrest 25 drug pushers in Plateau, seize illicit drugs
• 789 IPOB/ESN suspects nabbed in Imo
Troops of the Nigerian Army have recorded another round of success in their amplified onslaught against terrorists and other non-state actors across the country.
A highly reliable source told The Nation yesterday that troops arrested a suspected terrorist leader, Malam Abubakar Ahmadu, in Niger State, along with 60 other criminal elements across the country during operations conducted from September 15 to 17.
A weapons fabricator, Islamic State West Africa Province (ISWAP) logistics suppliers, and drug peddlers were arrested, while various high caliber weapons and other items were recovered.
In Plateau State, the troops also burst a local arm factory, recovered arms and arrested a weapon fabricator
According to the military source, the terrorists’ leader and two other accomplices were arrested on September 17 by 31 Military Intelligence Regiment and 313 Artillery Regiment at Tungan Mallam Market in Paikoro Local Government Area of Niger State.
The source also revealed that intensified pressure on terrorist logistics networks by the 29 Task Force Brigade and 117 Task Force Battalion during operations on September 15 and 16 resulted in the arrest of five Islamic State West Africa Province (ISWAP/JAS) logistics suppliers in Benisheikh Market, Kaga Local Government Area, and at Kautikari village in Chibok Local Government Area of Borno State.
He said: “In separate operations, troops at Nguru, Yobe State, intercepted four suspects transporting large quantities of fabrics, fertilizer, solar panels, and drugs intended for terrorists’ use. Another suspect was arrested in Baga, Kukawa Local Government Area with assorted drugs, while follow-up operations led to the arrest of two accomplices.
“Furthermore, troops arrested a suspected terrorist spy in Monguno town, Borno State, who confessed to being part of a 10-man team tasked with kidnapping victims for the insurgents.”
According to the military source, ongoing counter-criminality operations in Adamawa State also yielded significant gains, with troops from the 232 Battalion, in collaboration with the National Drug Law Enforcement Agency (NDLEA), arresting five suspects during a raid on a large Indian hemp farm in Kwaji village, Mubi North Local Government Area.
On successes in the North West zone, the source said that troops of Defence Headquarters Special Operations Forces and 312 Artillery Regiment recovered one AK-47 rifle with 25 rounds, five cows, 15 rams and other items after dispersing insurgents during offensive operations around Kajuru Local Government Area.
He said troops in Yuna village, Giwa Local Government Area recovered motorcycles and arrested two suspects linked to bandit groups.
Women lose babies travelling to seek medical help for offsprings
Lack of personnel, equipment, cripple multi-million naira NDDC cottage hospital in community
The land of Otuabagi, an agrarian community in Ogbia Local Government Area of Bayelsa State from where Nigeria first extracted and exported crude oil in commercial quantity, has turned to a sepulchre where tender bodies of deceased children fertilise the soil. On account of the inoperable state of the cottage hospital built by the Niger Delta Development Commission (NDDC), women in the community are compelled to travel long distances to get medical care for their sick children. Unfortunately, many of them lose their children before getting to the hospital, INNOCENT DURU reports.
Mrs Chiudo Ndubueze, a native of Abia State resident in Otuabagi, a suburb of Bayelsa State, was highly elated when she became pregnant sometime last year. It was her first pregnancy since she got married to her husband who was also delighted when she broke the news to him.
As the expected delivery date approached, the husband, Mr Ndubueze, spent time caressing her stomach and gladly watched the baby kick and move around the mother’s womb. “That’s my baby. He’ll surely take after me,” Ndubueze would tease the wife as he looked forward to the joy of fatherhood.
His dream came into reality on July 6 this year as the wife went into labour and was safely delivered of a baby boy. “Unfortunately,” Ndubueze said, “the baby died a few hours after delivery.”
The wife was too devastated to speak when our correspondent asked her to share her experience. But the husband, although yet to overcome the grief caused by the loss of their baby, summoned courage to relive the heartrending experience.
His words: “My wife gave birth, and shortly after she was delivered of the baby, it was observed that the baby was not breathing very well. The woman that heads the primary health centre here took delivery of the baby.
Ndubueze said after the challenge was noticed, the baby was referred to the Federal Medical Centre (FMC) in Yenagoa; about one-hour drive.
“When we were referred to Yenagoa, I asked the woman if the baby could survive travelling from Otuabagi to Yenagoa. Yet we had no choice but to follow the instruction.
“My fears were later confirmed as the baby died on the way to Yenagoa.”
Continuing, he said: “The medical officer we met at the hospital in Yenagoa still tried to use a pump-like equipment on the baby to see if she could revive him, but it was too late. She pumped and pumped to revive him to no avail.
“She later told us that the distance and stress from Otuabagi to Yenagoa compounded the baby’s health challenge. She said if they had used the equipment on the baby immediately the challenge was observed, it would have been revived.
“Unfortunately, the deceased baby was our first child.”
Ndubueze’s frustration is amplified by the fact that the massive cottage hospital in the community, which could have saved the baby’s life, is not functional.
Our findings revealed that the hospital was built by the Niger Delta Development Commission (NDDC). NDDC is a federal government agency established by former Nigerian president Olusegun Obasanjo in 2000, with the sole mandate of developing the oil-rich Niger Delta region of Nigeria.
Some parts of the building are dilapidated. The female ward appears worse hit by the abandonment. Rain, sipping in from the leaking roof and ceiling has defaced part of the wall.
A basin placed in the ward was filled with brownish rain water coming from the roof. The ambulance donated by the NDDC is also grounded. The gigantic investment could best be described as a massive waste that forces tears out of residents’ eyes.
“If the hospital was functional, we would not have needed to travel to Yenagoa and my child would not have died,” Ndubueze said agonisingly.
With the distress caused by the baby’s death, Ndubueze said:
“The next time she gets pregnant, I will not allow her to give birth here. Never! God forbid that I allow her to give birth in this community again. I will never take that risk.
“I will do everything possible to make sure she goes to where she can have easy access to medical care the next time she gets pregnant. It is not easy for a woman to carry a pregnancy for nine months only to lose the baby at the end of the day.”
The bereaved man recalled that his wife never went to the clinic for post natal treatment. “She was seriously discouraged. It was our female relations that came to use hot water to massage her body.”
The disaster powered by the moribund Cottage Hospital had earlier been suffered by Doris, a native of the embattled community. “I lost my baby last year,” she said, struggling to relive her ordeal. “The child was over a year old when he died. He fell ill, and as we were making efforts to rush him to a hospital outside the community, the baby died.”
Doris said the challenge that claimed the child’s life happened in the dead of the night. “We hurriedly chartered a tricycle to take him to Kolo for proper medical attention but the baby died as we were driving to Kolo.”
Kolo, like Yenagoa, is far from Otuabagi. The horrible state of the road makes movement very hectic and tiring.
Asked how much she paid to go to Kolo, Doris said: “The tricycle driver charged N5,000 just to take us to Kolo. And we agreed because saving our baby’s life was more important than the financial demand. So, going to Kolo and coming back would be N10,000 when a tricycle is chartered. The road is really bad.”
Doris said prior to the time she gave birth to the deceased baby, “I used to travel to Kolo for ante-natal. I used to ride in public bus when going for ante-natal. Going and coming used to cost me N2,000.
“Members of the community who don’t have money to transport themselves to Kolo don’t go for ante-natal. They don’t see doctors at all throughout their pregnancy.”
Asked why the baby was not taken to the Cottage Hospital, Doris retorted: “There is nobody there to attend to patients. We are very sad that the cottage hospital is not functional.
“The despicable state of the hospital is really affecting us. The government should come and fix the hospital for us. The buildings are not okay.”
Baby dies in health worker’s womb
A health worker at the primary health centre in the community, Rejoice Raymond, gladly went to the clinic to give birth on April 6, this year, but the baby was found to have died in her womb.
Rejoice said: “My boss, a midwife at the health centre, was the one managing me when I was pregnant.
“I was seeing a doctor outside Otuabagi. I went to Kolo and Ogbia respectively for checks.
“I just had to travel that far to see doctors because the hospital here is not functioning.”
After the sad loss of her baby, Rejoice is scared of getting pregnant again.
“I won’t stay back here the next time I am pregnant. No, I can’t. I can’t-o.
“Incidentally, some other women in the community are not as privileged as I am to even step out of Otuabagi if they need to go and get medical help somewhere.
“As for me, I can’t stay here anymore during pregnancy. I will try not to even get pregnant for now till I move out of here.”
She also recalled how a friend of hers died with the pregnancy she was carrying, saying:
“In November last year, we lost one of my friends who was a month pregnant. I guess she had an ectopic pregnancy. Because the cottage hospital here in Otuabagi is not functional, we tried to get a vehicle to take her outside the community for treatment in Kolo. But she was declared dead on arrival when we got to the hospital.”
As a health worker and midwife, Rejoice said, “I take care of pregnant women too. Most of them are having challenges. I was a victim too.
“People go to the cottage hospital but there is always no one to attend to them there.
“I witnessed the case of one woman one day; last year to be precise.
“They were travelling when, from the bridge, we heard a cry in the vehicle conveying her. She was just shouting inside the vehicle.
“They were directed to the cottage hospital. When they got there, they opened their car and moved from room to room looking for somebody to attend to them. The woman ended up dying inside the vehicle.
“Had it been that someone was in the hospital when they drove in to seek help, the woman’s life might have been saved if there were health workers in the hospital on that day.”
With the Cottage Hospital not functional, Rejoice said, many pregnant women “are now going to traditional birth attendants who don’t have modern training regarding taking care of pregnant women. There are so many complications that can arise when they handle pregnant women.
“There are babies that come out without breathing. If nothing is done to help such babies, they can die within three minutes.
“There is an equipment we use to use to help babies breathe. When I handled one delivery sometime last year, I used it on the baby and she was revived.
“If it were at a traditional birth attendant’s place, the baby would have died. It would not have been possible for it to survive considering the situation it was in.”
Continuing, she said: “There are some other complications that arise too. When the cervix of a lady or a pregnant woman is not fully dilated and they forcibly ask her to push, because she is going through severe pain, the cervix will thicken itself thinking that the child would be in danger.
“It occurs naturally because that is how God made it. When the cervix thickens, no miracle can bring out the baby through the cervix. It has to be through an operation.
“Any delay may take the baby or even the mother’s life.”
Women relive ordeal losing two children each
It was a sad recall for another health worker in the community, Mrs Emmanuella Dennis. Asked about her ordeal, she was in tears as she recalled how she lost two children within a year.
“One of them only lived for two days before he died,” she said.
“When I gave birth to him at Kolo hospital, I was discharged and we went home without any issue.
“Two days later, he started having swollen and itchy eyes, so I took him back to the hospital in Kolo.
“Getting there, they referred me to a hospital in Ogolobri. The place is very far.
“When they referred us, I started looking for money to go there. It took a very long time before I got the money.
“When I eventually got it, it was too late and we lost him.”
Asked if she attended ante-natal care while pregnant, she said: “I was always travelling to Kolo for ante-natal care when I was carrying the pregnancy.
“It takes about 40 minutes to get to Kolo from here. It wasn’t easy travelling that far, especially as an expectant mother. But I had no alternative. There is nothing one can do than to embark on that journey.
“I lost my second child at FMC Yenagoa; even before we got to Yenagoa from here.”
Like other bereaved women in the community, he said “if the cottage hospital were functional, my babies could have been saved. If there is a functional hospital here, we can easily rush there for treatment.
“Most of my fellow women here have lost children. The government should help us.
“As I am talking to you, my four-year-old child is having itches in his private parts. I have taken him to the hospital, we ran tests and were given piriton to stop the itching.”
Also recalling her ordeal, Mrs Amangi, wife of a frontline chief in the community, said: “I lost two children in less than two years.”
Asked if the children were taken to the before they died, she swiftly responded: “Where is the hospital? There was no hospital here then. The only place we could get medical care was in Yenagoa or Port Harcourt.
“Before we would get to any of those places, we lost the children. We hadn’t even got anywhere when the children died.
“Before you move on the bad road from here to Yenagoa, if you are not lucky, you will lose the sick person. We are only living here by the grace of God.”
She regretted that “many women have continued to lose their children too.
“They said there is a hospital here, but when you get there, there is nothing happening. There is nothing in the hospital.”
Menace of under-five deaths not new in Bayelsa
Findings showed that death of children under five years is not new in Bayelsa State. In 2021, the government expressed worries over the alarming rate of under-five deaths from preventable causes.
The state’s former Commissioner for Health, Dr Pabara Newton Igwele, through his representative at a function, said about 3,500 newborns died from preventable causes in their first month of life in the state, noting that it was one of the highest in the South-South region.
He said: “In 2008 for instance, Bayelsa State had 64,000 babies delivered, out of which 3,500 died in their first month of life.
“At the time, Bayelsa had the highest under-5 mortality rate in the South-South of the country with 95 deaths per 1,000 live births.
“At present, when compared with the 2011 records, there has been a marked improvement on the number of under-5 mortality.
“Despite this, the decline in newborn mortality rate has been considerably low as newborn deaths still account for 31 per cent of the total child mortality.
“The percentage of deaths is becoming very embarrassing, and in the Southsouth, Bayelsa State is the worst and they die from preventable causes.”
The state claims it has been making delivery of medical supplies and consumables to hospitals and health centres in the hinterlands using drones.
Findings showed that the project took off in 2021 but none of such has been experienced by the people of Otuabagi.
We’ll provide answer when it is ready – NDDC
When our correspondent contacted the spokesperson of NDDC, Seledi Thompson Wakama penultimate Wednesday regarding the challenges faced by the people of Otuabagi, she said she would provide answers when she had the response.
Wakama said: “I can’t give you a time frame. I have to look for the information. I am even presently not in the office. I won’t even pick my call, but I just said no you are a public person, pick every call that comes to you.”
Further asked when the information would be provided, she retorted: “Am I in court or a tribunal? When I have the information, I will send it across to you.” She had yet to provide any response at press time.
Causes of under-five deaths –WHO
Explaining the causes of under-five deaths, the World Health Organisation (WHO) said “globally, infectious diseases, including pneumonia, diarrhoea and malaria, along with pre-term birth complications, birth asphyxia and trauma and congenital anomalies remain the leading causes of death for children under five years.“
The WHO noted that access to basic lifesaving interventions such as skilled delivery at birth, postnatal care, breastfeeding and adequate nutrition, vaccinations and treatment for common childhood diseases can save many young lives.
It added that “malnourished children, particularly those with severe acute malnutrition, have a higher risk of death from common childhood illnesses such as diarrhoea, pneumonia and malaria.
“Nutrition-related factors contribute to about 45% of deaths in children under five years of age.”
Bayelsa commissioner declines comment
Efforts to get the reaction of the Bayelsa State Commissioner for Health, Prof Seiefa Brisibie on what the government is doing about the predicament of the embattled people were unsuccessful. Messages sent to him via WhatsApp and text messages were not replied.
WhatsApp report showed that the message was delivered at 5:22 pm on Thursday and read by the commissioner but didn’t reply.
Bishop Peace Okonkwo is the Resident Pastor at The Redeemed Evangelical Missions (TREM) headquarters and wife of the founding Bishop. She spoke with reporters recently on her family life, marriage and ministerial exploits. Online Editor Sunday Oguntola was there. Excerpts:
Who is Bishop Mike Okonkwo outside the pulpit?
Bishop is a family man; he is very homely and domesticated. He is extremely detailed; very organised with his things, and does not miss anything. If you give him anything to read, he will read it thoroughly and take note of every sentence, word, spelling and make corrections where there are errors. You might be surprised hearing this but Bishop is a good cook and a really good one at that. He even taught me to cook some things in time past; that’s how good he is.
It’s funny because he comes from a family of 9 children – 6 boys and 3 girls and they always had people living with them whilst growing up because his father was a Civil Servant and worked in different places. I honestly don’t know how he learnt to cook so well – even down to vegetable soups.
He is also a lover of good music – he has an ear for good, quality music. His love for music has rubbed off on me, even though it’s still nothing compared to him. Even at this age, the Evangel Voices (Headquarter Church Choir) are kept on their toes, because when he is around, he can spontaneously request for a particular song ministration during the service, which they are not prepared to sing. He also sings well (of course, not as well anymore because of his age) and used to play some instruments.
Finally, at least for now, Bishop Mike is also a very funny person; he has a hearty laughter that will make you laugh even if you don’t want to. If you play games with Bishop, you would fall on the floor laughing, especially board games. If it ever happens that he is in a winning position against you, just resign because he would play and laugh at you, so much that you will willingly give up and no longer continue playing. Bishop is quite interesting to be with; we enjoy each other’s company and are very good friends even as husband and wife, and given all that God has entrusted into our care, ministerially and otherwise.
We enjoy watching movies together and also football. I, particularly, am a football lover. My favourite sports are football and tennis, any day and anytime. In football, I’ve supported Chelsea Football Club since the days of Mourinho and Drogba; I loved that team and continue to support them now. Bishop is a Manchester United fan and when they lose, he gets angry. We watch football together and laugh. When we are watching a match, sometimes we sit on the floor in the living room to relax.
Interestingly, my love for tennis also influenced him and we both follow the Tennis tour religiously with all the players and tournaments. My current favourite players are Coco Gauff and Alcaraz (Carlos). You should see us when we’re watching tennis (laughs).
How did the love story begin?
(Laughs) It’s a long story but I’ll try to share as much as I can remember. Like I said before, my husband is a very shy person, a private man, so much so that he did not know how to approach me to tell me that he liked me initially. He could not talk to a lady, so he had to get the support of his eldest Sister to do so for him. Rev. Mrs. Edith Iloh is Bishop Mike’s eldest Sister – the firstborn of their family, and at the time, we all were attending the same Church after the Civil War. Things seemed quite bleak back then, especially as most people lost everything to the war and had to start rebuilding their lives and livelihoods from scratch. As such, the Church was a source of succor and hope to many, who turned to God for help.
It was there that we met – but not with him at first, as I mentioned earlier. His eldest Sister liked me so much and she was the one who said to me, “My brother likes you.” Honestly, I was quite surprised, wondering which amongst her brothers liked me, because she had six brothers. It was then she said, “The one who works in the bank” to which I replied, “Okay, we’ll talk about it” and moved on.
At the time, I had plans to travel to the United Kingdom to further my studies and career and with everything that was going on, nothing changed – I still travelled and after a while, returned to Nigeria.
So, what was the attraction when he eventually summed up courage to speak to you?
Nothing! The first time we spoke, I didn’t see anything that attracted him to me. I actually felt he was so arrogant, especially because of his family background. Even when we held fellowship meetings in Church where he was also in attendance, I always said to myself “What is wrong with this young man? Why is he all over the place, as if he’s the only one?” Now, I think back to those thoughts of mine and laugh at myself because I love him so dearly. You know how things can be with ladies when it comes to men? Sometimes, there is that seeming irritation at the initial stage, which is inexplicable. However, that is in the past now, as those initial thoughts and feelings gave way to much deeper feelings of love and appreciation for the great man that he is.
Truly, he is God’s gift to me. I say it all the time, that after Jesus Christ in my life, it is Bishop Mike Okonkwo; I honestly don’t know how my life would have turned out if God didn’t bring us together. The woman you see today is all thanks to God and to him. He has been and continues to be a blessing to me, in every sense of the word. I love him dearly.
Are Pastors/ men & women of God insulated from challenges?
We are flesh and blood like everyone else, and we all have our moments of human weakness and vulnerability. There is no Pastor, Apostle, Prophet, Evangelist, Teacher or Preacher that can claim not to have moments of human weakness – if anyone claims so, that person is not telling the truth, and like Bishop will say, we need to check their salvation again.
The same way a believer learns to trust God for their daily needs and challenges they encounter in life, is the same way a Pastor must learn to trust God for his/her own needs in life. There’s no shortcut to it simply because you’re a Pastor. There was a time in our lives when we did not have food to eat; there was no food at home, and being the Pastor, we also had some people living with us. Bishop told me to put water on fire that we should trust God for divine provision and that God will send us food. It sounded crazy, but in obedience, I put water on fire to boil. I don’t remember how many times now but I had to refill the pot at different times because as the water kept boiling, it would evaporate and reduce in quantity.
However, not too long after, to the glory of God, we heard a knock on the door and when we opened, it was a woman who told us that God spoke to her to deliver foodstuff to us. She came in her pickup truck, and it was loaded with all sorts – bags of rice, beans, garri, tubers of yam, gallons of vegetable oil, palm oil – you name it. We experienced firsthand, God’s divine provision. You can only imagine the joy and excitement that filled the house that evening; we cooked and everyone ate to their fill.
How did Bishop convince you to join the Ministry?
He didn’t convince me. To tell you the truth, he never spoke to me for once about coming into Ministry. My husband is a firm believer that the call of God upon a man or woman’s life is personal; this means that the fact that a man is called and is a Pastor does not necessarily mean that his wife is also called and should automatically assume a Pastoral role in the Church, and vice-versa.
For me, it started when my husband travelled to the USA for his studies at the Morris Cerullo School of Ministry. Whilst he was there, he said God spoke to him. I was very much involved in the work of the ministry in different other capacities. I once served as an Usher, sang in the Choir and got involved in almost every department of the Church. There was nothing I had not done, including cleaning the church before service. Whenever the women would come, I was always the first to be present.
Also at the time, I was working full-time as a secretary to an expatriate, somewhere in Adeniyi Jones, Ikeja; the company has folded up now. He said God spoke to him that I should give up the job but he didn’t tell me. He said: “God, if it is you that is saying it, then talk to her.” Afterwards, the Church Board also noted that I was making considerable input into the growth of the Ministry and requested that I come onboard as a full-time Minister. I said to them that I would pray about it, also noting that as the first of many children, my siblings and mother depended on me to support them because my father was late. I prayed about it and told God the situation at hand. Following that, I told my mum about it and she agreed. I also explained to her that this means that the money I usually sent her for her upkeep won’t be regular anymore as I won’t be able to meet up with that obligation, owing to the nature of being in full-time ministerial work
She had come to stay with us after I had my first child, when I told her and she said the Lord would provide. She said the best thing you can do is to work for God and with that, it sealed things for me. In response, I told Bishop and the Board that I had accepted the offer and that I didn’t want any allowance for one year, as I wanted to prove God. That’s how my journey started.
Why did you marry even though you knew he had quit his job?
Yes, I decided to marry him even without a job. He was working a well-paying job as a banker with the now-defunct African Continental Bank (ACB) and he had amazing prospects as a young man but he left the job because of the call of God upon his life. I was not fazed by it at all.
But that must have been strange and scary as well…
You can say that and you won’t be entirely wrong, but I was seeing beyond what I saw in the physical. We live in a time and age when people, especially ladies, are after what they can see naturally. In my case, I did not care about what he had because I knew where I was coming from, and for us, it was God that raised us. My mother had 7 children – 6 daughters and 1 son and even though I don’t know how we managed to complete our education, today, we are all graduates.
My mother had only two clothes; one she wore one on Sundays and the other during the week but God saw her through and provided for all her children to go to school. So, having nothing did not move me at all, because I knew that the God I served would give me everything that I needed.
My aunty was abroad, so she told my mother that one of us should come and stay with her and they chose me. When I travelled abroad and people were trying to persuade me against marrying Bishop Mike, I told them that I had made up my mind. It was not that there was something he was giving me. I remember that when I was abroad, I came home twice at different times, but my husband could not give me a penny because he did not have, and I honestly did not mind. I just knew that he was what I wanted and I knew that somehow God would make it good.
So now with the way he is and where God has taken him in life, there is nothing he has that he cannot give me because I have been there when he did not have anything. My plea to young ladies especially in today’s “Get rich quick” world is that they should take their eyes off material things. Unfortunately, many young ladies have lost their lives as victims to ritualists in their pursuit of ephemeral things.
I remember when my daughter was about to get married, I told her that God instructed me to inform her that she should not look at money. I advised her not to focus on money in making her decision and she heeded my advice.
So, what should young ladies look out for in a man?
As a lady, look out for someone who is truthful and sincere; one who loves God with all his heart. The world is so wonderful that people do not mind becoming second or third wives; many times when I see these things, I ask myself “What are they looking for?” Every now and again, we see different stories in the media about young ladies, some in their teens and early 20s’, getting married to much-older men as either third, fourth, or even fifth wife and I genuinely weep for them.
I always wonder why their families allow them make such decisions that have the potential to ruin their lives. In most cases, money is the deciding factor. I think we have a lot of work on our hands, and we need more girl-child and women advocacy groups to do more, to stop this sad trend. Girls are not commodities for pleasure.
My personal candid advice to ladies is – choose a man that you will grow with through life and not someone that is already made. If he is made, he most likely will dictate to you how to live your life but if you both worked hard for your wealth, you would both enjoy it together. There are always exceptions to every rule, because human beings are different, but in most cases, this is always right.
What else stands your husband out?
Bishop is a very stylish man. He is what the younger ones will refer to as a “Fashionista” because he loves his clothes! In fact, I usually mock him with this when I tell him that he can actually rival me in the number of clothes and outfits that he has (laughs).
But in all honesty, Bishop has a wonderful fashion sense; he knows how to put outfits together very well and it will come out looking nice, especially with his physique. You can see it in the way he dresses and this influenced and even continues to influence a lot of people in Church, family members and those who relate with him. Appearance is a major thing for him. He cares how he looks.
In fact, he teaches me about colour combinations and what style works best even till today. To the extent that my daughter tells me, “Mummy, if you want to buy me anything, please let Daddy see it first.” because she trusts his judgement when it comes to fashion. For me growing up, I really didn’t care about looking stylish or corporate for that matter; all I knew was to always ensure that my clothes were neat and I smelled nice.
What would you say is the secret to his longevity in ministry?
If I could mention one thing in addition to the unconditional love, mercy and grace of God upon his life, I’d say that his longevity in life and ministry is down to having an insatiable hunger for God and His Word and the genuineness of his heart towards God. My husband is a man of the Word. Any day, anytime – morning, afternoon and night, January to December, he is a stickler for the Word of God. He lives, eats and breathes the Word of God. There is nothing that he does that is outside of the Word of God; you won’t catch him there at all.
Even me, sometimes things happen, and I want to respond in a way that does not align with the Word of God, he will ask me, “Is that what the Word of God says?”; “Are you not a Christian again?”
That’s who he is, and God has helped him maintain this, honestly. Even in the face of tough betrayals, insidious acts and back-stabbing he has suffered in life and ministry, he always chooses to respond in a godly way, following the steps of Jesus, and God always fights for him. That is something that we all continue to learn from him.
He is a perpetual learner; he flows with all generations, even with the younger generation more than myself. He knows the slangs; sometimes I wonder where he learns them from. Well, my daughter is one of his teachers. But that is Bishop Mike Okonkwo for you. He has always said that he would rather that God calls him home to glory, than for him to remain here on earth and become a “used-to-be”. So, he stays learning, reading and studying the Word of God, fervent in prayers, to remain fresh and at the cutting edge of life and Ministry. Another thing is that Bishop Mike can learn from anyone, it does not matter who it is. Even if it is a young child that is sharing with him, his heart is always open to learn and he does it with joy and excitement. Even till date, in spite of how far God has taken him, he never misses taking notes when he is in a congregation and someone else is preaching the Word. Some people might assume that he has known it all, and so has nothing to learn again, but like he always says, “If you are not learning, then you are dying.”
For Bishop Mike Okonkwo, age is just a number; you can never tell his age when you speak with him because he is very young in his mind. God has kept covenant with him and he keeps getting younger and younger, with every passing day. One thing I have come to know, having been married to him and lived with him all these years, is that God loves Bishop Mike so much. I have seen enough to come to this conclusion, and it is this love that has kept him healthy and strong – spiritually, physically and mentally for these 80 years.
his hands, he will see it manifest in his very lifetime and be satisfied, in Jesus’ name, amen. As his days are, so shall his strength be; like Moses, whose eyes did not grow dim, neither did his strength abate, even at 120 years, much more shall it be for him, in Jesus’ name, amen. He will wax stronger in health, vitality and strength, with every passing day, in Jesus’ name, amen.
Finally, concerning his family – his wife, children and grandchildren, God will continually safeguard and protect us all, in Jesus’ name, amen. Evil shall never come near us, neither shall any plague come near our dwelling. It is well with us all – spirit, soul and body, in Jesus’ name, amen.
The emergency rule that quarantined Rivers State Governor, Sir Siminialayi Fubara, out of office has officially expired. And there will be no extension.
The six-month emergency administration of Administrator Ibok-Ete Ibas has ceased and he has vacated office without any delay. The crisis melted away like ice. The reconciliation between Fubara and his benefactor, Chief Nyesom Wike, the Minister of the Federal Capital Territory (FCT) Abuja, facilitated it.
Those, especially the crisis merchants, who never wanted the reconciliation to happen prayed fervently against it but it occurred and signposted the beginning of restoration of the aborted constitutional democracy in the state. Fubara returned fully to his original political family and the entire Rivers governance process will return to its factory setting .
There were speculations that Ibas was lobbying for an extension but the body language of the Sole Administrator betrayed the insinuations. Ibas was not caught taking any action to stoke the crisis. He pursued the completion of the demolished House of Assembly complex; appointed members of critical boards and ensured the conduct of the local government elections that activated democratic governance at the grassroots.
The Senior Special Adviser, Media, Rivers Government, Hector Igbikiowubo, denied the insinuations. Though Fubara has returned there is a high probability that most people, who occupied various positions in his government during the crisis will not come back with him. Indeed, it is constitutionally impossible and against the judgement of the Supreme Court for most of his sacked commissioners to return to their positions.
The former Attorney-General and Commissioner for Justice, Iboroma Dagogo (SAN), leads the list of Fubara’s former aides that will not benefit from the reconciliation. He was among the 19 commissioners that were screened and confirmed by the illegal three-man House of Assembly led by Victor Oko-Jumbo.
Other commissioners of Fubara that had lost out of the reconciliation are Charles O. Beke, Collins Onunwo, Solomon Eke, Peter Medee, Elloka Tasie-Amadi, Basoene Joshua Benibo, Tambari Sydney Gbara and Ovy Orluideye Chinendum Chukwuma.
Also, Illamu Arugu, Rowland Obed Whyte, Samuel Anya, Samuel Eyiba, Austin Emeka Nnadozie, Israel Ngbuelu, Evans Bipi, Otamiri Ngubo, Benibo Alabraba and Emmanuel Frank-Fubara, will suffer the same fate.
The reconciliation and subsequent conduct of the local government elections also swept away former Fubara’s loyalists, who were sacked by the Supreme Court as local government chairmen and councillors. The new system also buried the All Peoples Party (APP), which provided an alternative platform for Fubara’s loyalists to emerge the winners of the invalidated council poll. The APP, which capitalized on the crisis to become relevant in the state had gone back to its oblivious state.
None of Fubara’s loyalists including those, who were sacked as council officials, participated in the last local government election. Wike’s political family, which Fubara has reintegrated himself into, produced all the winners of the just-concluded local government elections from the Peoples Democratic Party (PDP) and the All Progressives Congress (APC).
The worst hit by the reconciliation is Amb. Chijoke Ihunwo, who was sacked by the Supreme Court as the Chairman of Obio-Akpor, Wike’s Local Government Area. Ihunwo, out of what many people described as youthful exuberance, took his anti-Wike’s campaigns too far. He supervised the destruction of Wike’s statue in the council’s secretariat and removed Wike’s name from the administrative block.
The Rivers State House of Assembly led Speaker Martins Amaewhule is returning fully to resume its legislative duties. Ibas was said to have acquired over 30 Sports Utility Vehicles, the latest Range Rover Sports, for the lawmakers to facilitate their legislative duties.
All those that stood firm in the Wike’s political family enduring hardship throughout the period of the crisis are some of the greatest beneficiaries of Fubara’s return. They are said to be eagerly waiting for Fubara and preparing a grand reception for the governor.
But observers believe that the greatest beneficiaries of the emergency rule are Rivers as a state and its people. For about two years, the political crisis threatened the entire sectors of the state. It got to the crescendo and was tipping into a violent stage. In fact, some persons lost their lives and properties worth billions of naira were destroyed at some stages of the upheavals. Apart from attacks on oil installations, most analysts saw the crisis entering into a free-for-all and uncontrolled widespread bloodletting.
Indeed, if President Bola Tinubu had not intervened on time, many prominent persons in the state would have been assassinated and the state would have burnt to ashes. Perhaps persons criticising the emergency rule would have been everywhere accusing the President of refusing to save Rivers.
But the President who foresaw the implosion, wielded the big stick that calmed all the frayed nerves. Though the emergency aborted democratic governance in the state for a period of six months, people believe that no democracy is worth the blood of the governed especially the masses.
There is no gainsaying that the political actors had learnt their lessons. Ibas told them recently some the lessons the emergency rule should teach them.
He said one of the lessons is that “peace is priceless”.
The administrator said the emergency rule had thought everybody that “without security, no other aspiration is possible”.
Remarking that emergency was not a choice but a necessity, Ibas said the people had also learnt that “when governance is weakened, opportunism fills the vacuum endangering lives and livelihoods.
Ibas further said that the period was a testament that the “indomitable spirit of Rivers people cannot be broken”, adding that “they endured; they persevered and have remained steadfast”.
He said: “Emergency rule was never a choice, it was a necessity brought upon us by insecurity, political impasse and breakdown of trust.
“Yet in hindsight it offered us enduring lessons that peace is priceless; without security, no other aspiration is possible; that when governance is weakened, opportunism fills the vacuum, endangering lives and livelihoods and that the indomitable spirit of Rivers people cannot be broken. They endured. They persevered and have remained steadfast.
“The stability we have restored is the foundation upon which democracy is now rebuilt. Our guest speaker has done justice to the theme of the lecture, ‘Good Governance and Democratic Dividends”.
A former President of the Ijaw Youths Council (IYC) Worldwide, Udengs Eradiri, said the Rivers emergency was also a testament that political crisis should not always be given the colours of religion and ethnicity. He recalled that when the disturbance began in Rivers, many Ijaw leaders were whipping up ethnic sentiment instead of reconciling Fubara and his political godfather, Wike.
“Those of us, who warned them against such narratives, were constantly attacked and disparaged. But immediately the emergency happened and Fubara as well as members of the Rivers State House of Assembly were stripped of their positions, those playing ethnic cards list their voices”.
Eradiri, a former Labour Party (LP) Governorship Candidate in Bayelsa State, said the emergency had also taught politicians the importance of amicably settling their crisis instead of allowing it to loom large adding that Rivers is a typical case of the aphorism, “when two brothers fight, strangers inherit their property”.
He said the crisis had made Fubara wiser and made him realize the need to evaluate personalities of individuals hanging around him. “He must going forward sieve all persons to differentiate the chaffs from the seeds. He should be able to identify crisis merchants, divisive elements and crusaders of violence”.
Eradiri said: “Only persons, who lack knowledge of what President Tinubu prevented in Rivers will criticise the method he adopted to restore normalcy in Rivers. But now that the state is back to a democratic path and all stakeholders have learnt their lessons, I expect Fubara to eschew acrimonies, roll his sleeves and hit the ground running again. He should avoid distractions and focus on catching up lost opportunities. I also appeal to members of the state House of Assembly to close ranks with the governor and work in harmony with him in the interest of development, prosperity and progress of Rivers.
The National Chairman of the Ikwerre Peoples Congress (IPC), Livingstone Wechie, said Fubara’s return heralded.a new era in the governance history of the state.
Wechie, who is also the President, Ohaneze Ndi-Igbo, Rivers State chapter, said it has reaffirmed the commitment of President Bola Tinubu to democratic values insisting that the President was forced to make timeous intervention in the state.
He said: “The President made a timeous intervention which generated so much controversy in the political space but the state will now have an opportunity from September 18, 2025 to take a new route drawing lessons from the emergency rule and the issues that brought it on stream.
“You cannot rule out the intention of the President in his actions six months ago. It is immaterial any opinion to the contrary about the actions of the President.
“A key factor is that the governor now knows better and has become wiser while his benefactor Chief Nyesom Wike has also regained some lost traction in the state”.
Wechie said the Rivers temperature was charged and ready to embrace the suspended Governor Fubara adding that Ibas had done his bit.
He said: “The temperature of Rivers politics has now charged up to return to a democracy system with Governor Siminalayi Fubara back on the saddle. The Sole Administrator Mr. Ibas has done his bit and conclusively so.
“It will be cheering to see a functional Rivers State House of Assembly and other arms of the state government in full operations as the emergency rule ends.
“It is important that the political actors should strongly close ranks with a view to putting Rivers State first to enable the state redeem and reach its development potential”.
Rivers elders also said that the return of Fubara, his deputy, Prof. Ngozi Odu, Speaker Martins Amaewhule and members of the State House of Assembly afforded the state the opportunity to reflect on a number of issues such as “where we are coming from, what to do to avoid the reoccurrence of the unfortunate circumstances we found ourselves and significantly, how to sustain peace, unity and development in our beloved Rivers State.
The elders in a statement signed by their Chairman, Chief Ferdinand Alabrara urged all stakeholders, without exception, to embrace the peace and reconciliation that had now returned to the dear state.
They admonished some individuals and groups, who were still fanning the embers of discord to come to terms with the fact that the crisis was over and stop making inflammatory statements, inciting rhetoric in the media and whipping up sentiments for their selfish interests. They asked such disgruntled elements to prioritise the interest of the state and allow Governor Fubara and the House of Assembly to work together without further distractions.
They said: “We equally commend the governor and the leadership of the House of Assembly for making peace. At this point, we can only remind them that they did not only agree on peace in Abuja but also, on their own, went to the Villa and affirmed their reconciliation before His Excellency, Bola Ahmed Tinubu, GCFR, the President of the Federal Republic of Nigeria, Commander-in-Chief of the Armed Forces. That vow before Mr. President remains sacrosanct. Therefore, going forward, they must work harmoniously in the interest of the state. The people of Rivers State expect nothing less from them.
“We use this opportunity to salute the good people of Rivers State for their patience and understanding throughout the period of the emergency rule. It is an attestation of faith in the administration of President Bola Ahmed Tinubu, whose proactive action averted the disaster that was about to descend on the state.
The indefatigable political leader of Rivers State, the former Governor of the State and Minister of the FCT, Chief Nyesom Ezenwo Wike, deserves a special mention for his role in midwifing the entire reconciliation process. Again, he demonstrated that he was a man with a large heart. He did not only bring the parties together but also ensured that the parties went to Mr. President to brief him first hand on the details of their understanding”.
The elders commending President Tinubu for bringing Rivers back from the brinks and taking actions to ensure the return of peace in the state. Addressing the President,.they said: “We thank you once again for the confidence reposed in our son, brother, associate, and cherished leader as a member of your cabinet. Your astute resolution of the Rivers crisis is yet another manifestation of your goodwill towards the state.
“Mr President, we appreciate you and assure you that you have already captured the hearts of the people of Rivers State and as your administration continues to pursue the Renewed Hope Agenda, you can count on the support of Rivers people at all times.
In fact, with Fubara back to office; Speaker Amaewhule and the lawmakers resuming their legislative duties and the local government elections done and dusted, Rivers has bounced back and all stakeholders are expected to embrace the return of democracy after it’s six months of abortion.
The naira extended its rally this week, closing at N1,497/$1 on Monday at the official Nigerian Foreign Exchange Market—one of its strongest levels in recent months. The rebound is being driven by a mix of factors, including stronger demand for the naira, reduced speculative activity, and a rise in the country’s foreign reserves, which reached $41.69 billion as of September 12. Analysts say the foreign exchange reforms implemented under the leadership of Central Bank Governor Olayemi Cardoso are helping to stabilise the exchange rate and improve broader economic fundamentals, writes Assistant Business Editor COLLINS NWEZE.
The naira strengthened significantly on Monday, closing below N1,497/$ at the official Nigerian Foreign Exchange Market—its strongest level in recent months. This rally has been attributed to key reforms by the Central Bank of Nigeria (CBN), alongside growing transparency, accountability and improved dollar liquidity in the FX market.
CBN data shows the naira traded between N1,498/$ and N1,507/$ in last week’s sessions, extending a positive trend that began in early September when it opened at N1,526.09/$. The parallel market reflected a similar trajectory, with the naira appreciating to between N1,515/$ and N1,517/$ during the week.
Analysts at Commercio Partners linked the gains to a mix of increased demand for the naira, declining speculative activity, and stronger foreign reserves. Ifeanyi Ubah, Head of Research at Commercio Partners, expressed optimism that the upward momentum could be sustained in the short term, supported by rising external buffers and continued policy discipline. “Nigeria’s external reserves stood at $41.69 billion on September 12, 2025, and have consistently grown in recent weeks, 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.
How stronger naira impacts trade
As the naira strengthens, the cost of imports in Nigeria is expected to decline, offering potential relief to businesses and consumers. Importation costs typically include import duties, VAT, and other levies—calculated based on the CIF (Cost, Insurance, and Freight) value of goods. The CIF price reflects the total cost of goods delivered to Nigeria’s border, excluding import duties and internal charges.
Since these duties and levies are pegged to the prevailing exchange rate, any appreciation in the naira directly lowers the naira-denominated cost of imports. In 2024, Nigeria’s total imports were valued at $40.97 billion, according to the UN COMTRADE database. The country’s leading import partners included China, Belgium, and India.
Recent data from the National Bureau of Statistics (NBS) shows Nigeria imported food and beverages worth N1.67 trillion ($1 billion) in Q1 2025, marking a 5% rise from N1.59 trillion in Q1 2024—underscoring ongoing demand despite exchange rate fluctuations.
Rebased GDP to benefit from naira rally
Afrinvest West Africa Limited says Nigeria’s rebased Gross Domestic Product (GDP) needs 21.9 per cent growth at N1,500/$ exchange rate to achieve $1 trillion economy target by 2031. In its 20th Nigeria Banking Sector Report 2025 titled: “ACT-BOLD: Beyond a Trillion-Dollar Economy” released in Lagos, Group Managing Director, Afrinvest West Africa Limited, Ike Chioke, explained that at rebased GDP nominal size of N372.8 trillion, Nigeria requires a minimum annual growth rate of 21.9 per cent to attain $1 trillion economy valuation by 2031.
It was further predicted an exchange rate of N1,500.00/$1 or a much stronger exchange rate at a slower growth rate is required to attain the GDP size milestone. The report indicated that despite the current administration’s confidence that the banking industry will support $1 trillion economy target realisation, there was need to address longstanding impediments that constrain broad-based growth potential.
Without such intermediation, banks would only deliver, at best, uneven and subpar growth across a few services-based sectors, while the overall economy continues to grow at a slow pace. Nigeria’s statistician-general, Adeyemi Adeniran, revealed that incorporated new and emerging sectors, consumption baskets update, and data collection refining methods helped produce a more complete picture of national output.
Adeniran had explained how the economy fared in the rebased Gross Domestic Product (GDP) report. He said: “In nominal terms, the rebased GDP for 2019 stood at N205.09 trillion N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.” The NBS noted that in 2019, the rebased nominal GDP at basic prices represented an increase of 41.7 per cent over the nominal GDP of 2019 of the old base year (2010), 39 per cent in 2020, 38.7 per cent in 2021, 36.1 per cent in 2022, 34.6 per cent in 2023 and 35.4 per cent in 2024.
“The results show that the structure of the Nigerian economy has changed significantly with a rise in the share of agriculture and services sectors and a fall in the share of the industries sector in nominal terms, indicating a shift in the structure of the Nigerian economy than earlier reported,” the NBS said. Adeniran further explained that the rebasing allows the country to better reflect the realities of the economy. “It’s not just about a bigger number but about accurate, timely data that supports smarter policy and economic planning,” he said.
Aliyu Ilias, developmental economist, noted that several sectors have previously remained uncaptured in official data, particularly entertainment. “By rebasing our GDP now, included those areas properly. This new visibility will make Nigeria appear much stronger to foreign investors, which will naturally help us attract more capital,” he said.
He explained that the exercise will also reveal untapped economic potential and guide government resource allocation. “It will show where we are strongest structurally, such as in mining or other emerging sectors. That insight will help the government focus its efforts more strategically.” “Finally,” he added, “it will support economic policy formulation, helping us align our strategy with the reality on the ground. We will know exactly where to put more effort.”
Ilias explained that while this statistical adjustment does not instantly generate new revenue, it creates a more reliable framework for fiscal planning, investment strategies, and development interventions. It is also recognised that Nigeria’s hope of achieving $1 trillion economy by 2030 will gain significant support from the banking sector.
Improved FX access amid rising reserves
Before now, one of the biggest challenges facing the Nigeria economy was limited access to forex. That challenge meant that businesses and travelers had to turn to the parallel FX market to surge for funds and in the process creating arbitrage that opened the doorway for FX speculation to thrive.
In response, the CBN embarked on a series of bold reforms to attract more foreign capital to the economy, achieve price and exchange rate stability. In 2023 the new administration and the CBN-led by its Governor, Olayemi Cardoso, liberalised the foreign exchange market, stopped central bank financing of the fiscal deficit, and reformed fuel subsidies. The government also strengthened revenue collection and took strategic steps to reduce surging inflation rate.
Since these reforms were implemented, international reserves have increased, and anyone can now access foreign exchange in the official market. Nigeria successfully returned to international capital markets last December and was recently upgraded by rating agencies. A new domestic, private refinery is positioning Nigeria up the value chain in a fully deregulated market.
Cardoso-led CBN recently announced quantum leap in the net FX reserve position at $23.11 billion at the end of last year before hitting current milestone at $41.66 billion. Cardoso had upon assuming office in October 2023, prioritised 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.
More FX sources bolster inflows
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.
President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu 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. He said diaspora remittances to Nigeria, estimated at $23 billion annually remain a reliable source of forex to the domestic economy. There are also other sources and policies that are being explored by the apex bank to keep dollar inflows coming.
According to the apex bank data, Net FX Reserve (NFER) stood at $23.11 billion, the highest level in over three years, a marked increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.
The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations. The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.
The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks. The expansion occurred even as the CBN continues to reduce short-term liabilities, thereby improving the overall quality of the reserve position. “This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” Cardoso commented.
•Bank: Our investigation revealed no internal compromise or wrongdoing
A storm of accusations and counter-accusations has engulfed Guaranty Trust Bank (GTB) as one of its distressed customers, Olanrewaju Sobowale, grapples with the mysterious disappearance of the sum of N5,990,000 from his account. GBENGA ADERANTI writes on the face-off between the bank and the aggrieved customer as efforts are on to unravel the mystery surrounding the missing funds.
How could the staggering sum of N5,990,000 vanish from a bank customer’s account without a trace? Why did Guaranty Trust Bank (GTB) respond to the situation with indifference, allegedly asking the customer to simply accept his fate? Who or what is responsible for the abrupt disappearance of the sum in question, and what chance does the customer have to recover his hard-earned money?
The foregoing are the questions agitating the minds of observers as Mr. Olanrewaju Sobowale, a building contractor, engages GTB in a showdown over his missing money.
Sobowale’s troubles began on Friday, August 8 when a client who needed to facilitate the execution of an urgent project deposited the sum of N5.9 million in his account only for the money to vanish in less than 40 minutes, plunging Sobowale into confusion and distress.
He had made an attempt to withdraw the sum of N40,000 from the account shortly after it was credited, using a Point of Sale (POS) terminal. To his bewilderment, however, his request was declined.
At first, he thought it was a question of network glitch, so he left the vendor’s location to seek an alternative way of withdrawing money from the account. But his worries were aggravated when he tried to purchase airtime from the account only to be greeted with a barrage of text messages announcing that his account had been debited.
Adebowale said the practice before than was that his client would make direct payment for building materials while he would only be paid for workmanship.
“But on this particular day, as dusk began to set in, he (client) made the spontaneous decision to transfer N6 million into my account, promising to send the balance of N1,077,000 shortly after,” Sobowale explained, a hint of despair lingering in his voice.
His client had promptly sent a receipt via WhatsApp, indicating the sum deposited in his account. But despite receiving a notification to that effect, he discovered that the actual balance in his account did not change.
To assuage his worries, he tried to carry out a transaction at a nearby POS vendor. Again, to his surprise, his request was declined after multiple attempts. “I inserted my card and entered my password, it was declined again and I thought maybe the machine was faulty,” he said, noting that his fears mounted with each failed transaction.
He waited for another 10 minutes and checked to see whether his account balance had changed, but he found himself confronted with the same obstinate issue: no funds had appeared.
To avoid hampering the ongoing construction project, Sobowale’s client made another deposit into his Opay account, which he was able to access without complication.
Later that evening, Sobowale made another attempt to withdraw funds from his GTB account from a different location, but despair settled in once more as the transaction was again declined. While holding on to the hope that it was merely a network issue that would soon rectify itself, panic set in when he tried to log into his GTB banking app and could not access his account at all.
Feeling increasingly frantic and seeking guidance, Sobowale was advised to use his banking token to purchase a prepaid card. After finally managing to buy a card, his heart raced as he logged into his account only to discover the shocking truth: between 3:08 pm and 5:59 pm, a figure named Usama Saidu had stealthily withdrawn the sum of N5,990,000 from his account.
With his heart sinking, Sobowale knew he had to act quickly the moment he became aware of the unauthorised withdrawals. He immediately reached out to GTB’s Customer Service, desperation fueling his resolve as he made several attempts to connect.
Finally, at about 11 pm, he was able to link up with a representative of the bank.
He said: “I laid out all the details of the incident, and we spoke for more than an hour. They referred me to their fraud department, asking all the necessary questions, which I answered diligently.
“They assured me they would take action to freeze the Moniepoint account to which the funds were transferred.
“They promised to secure the account on Friday, and on Saturday, I continually followed up and told they were actively working on my case.”
The following Monday, Sobowale made his way to the GTB branch in Abule Egba, Lagos desperation and frustration boiling over as he created a scene in the banking hall. Initially, the bank refused to provide him with his statement of account, intensifying his distress.
In a dramatic turn of events, however, they eventually relented. People around him were recording videos of the unfolding situation. Ultimately, the bank was able to identify the individual who had transferred the funds, inching Sobowale closer to the resolution he so desperately sought.
Not satisfied with what he got from GTB, Sobowale visited Moniepoint for a private investigation, and he discovered that contrary to what GTB had said about holding Usama Saidu’s account, he was still using the account to which N5,990,000.00 had been transferred.
He said: “A source at Moniepoint said the money in the said account was more than N10 million, but it was confidential. The account was fraudulent.
“The source said I should thank my God that they did not take more than N5, 990,000.00 from my account.
“I pleaded with the person to hold the account, the person accepted but eventually refused to do so.”
Sobowale later discovered that contrary to what GTB told him on that Friday, the account was still being used by the owner up until the time he went to Moniepoint on Monday.
“That Monday evening, GTB called me to inform me that part of my money had been transferred to an Opay wallet, but they were tracking it.
“They did not finish delivering the message before the GTB line went dead. I made several attempts to call the number but it did not go through.”
The contact at Moniepoint later called Sobowale at about 7 pm on Monday with a private number to inform him that after discussing with her boss at the headquarters, it was discovered that the money in Saidus’ account had been moved to another place and that Sobowale should talk to GTB to help him resolve the quagmire.
“Up until now, I have been unable to get through to the number,” he said.
Later that evening, he received a call from someone who identified himself as a staff member of GTB, informing him that the money had been transferred to an Opay account.
On Tuesday, Sobowale visited the GTB at Abule Egba to inform the bank that a GTB staff member had contacted him and that his money had been transferred to an Opay wallet. But rather than address the problem, Sobowale was requested to bring a court order.
Sobowale protests
In a bid to get a reprieve, Sobowale dropped a petition titled ‘Fraudulent withdrawal from Guaranty Trust Bank (GTB) Account of Mr Olanrewaju Sobowale’, dated August 14, 2025 through his lawyer, Empowered Chambers, to both the management of the GTB, Abule Egba, Lagos Branch and a copy to the Central Bank of Nigeria.
The petition reads: “Our client is a customer and an account holder with Guaranty Trust Bank (GTB) with account number: 0010564955.
“On Friday, the 8th day of August 2025, our client observed that the sum of N5,990,00.00 (five million, nine hundred and ninety thousand naira) only was fraudulently withdrawn from his said account with GTB.
“Upon the said observation, our client immediately contacted the customer care unit of GTB to explain the situation.
“The bank’s representative, who attended to our client, assured him that the issue would be reported to the bank’s fraud unit for investigation.
“On Monday, 11th of August, 2025, our client visited the Abule Egba branch of GTB to follow up on the matter.
“Upon reviewing the case, the branch manager discovered that the sum had been transferred to Usama Saidu, who had a Moniepoint account with the number 6707296767.
“On the same day, our client visited the head of Moniepoint Microfinance Bank to lodge this complaint.
“After investigating the reported situation, our client was informed that the account belonging to Usama Saidu, to which our client’s money was fraudulently sent, had been emptied. i.e. the money has been withdrawn from the Moniepoint account to Usama Saidu.”
The petition alleged that the negligence and fraudulent activity caused by GTB has created “emotional and mental trauma to our client, whose health is beginning to deteriorate.”
It, therefore, urged the bank to look into the matter and ensure that the said N5,990,00.00 is refunded.
“Our client will not hesitate to initiate the necessary legal action if the said sum is not refunded within three (3) days from the day of your receipt of this letter,” the petition said.
Ephemeral hope
The drama took a new turn on Monday, August 25, 2025 when GTB pushed back and denied any complicity in the matter.
According to the bank, after reviewing the complaint, it was noted that the authentication levels of the internet banking platform were met, including the user ID, login password, secret question and answer, which are expected to be known only by Sobowale.
Responding, the GTB, in a letter to Sobowale through his lawyer, the principal Partner, Empowered Chambers, dated August 18, signed by Ilerioulwa Okunade and Nicholas Igwebuike, Group Legal Department, claimed that the transactions were completed with Sobowale’s e-token, adding “…your client was onboard on July 23, 2025, using his ATM card details and OTP sent to his registered phone number, after which the e-token was used to consummate the transactions.”
The bank admitted that, having received Sobowale’s complaint, it temporarily restricted his account to prevent further unauthorised debits.
“The bank also contacted the receiving bank (Moniepoint MFB) and got feedback that the funds were moved to Rolez MFB, Opay and Guaranty Trust Bank Limited.
“We restricted the Guaranty Trust Bank account. However, the funds had already been utilised.
“We further escalated to Rolez MFB and Opay. We received feedback from Opay that the funds were disbursed into three beneficiaries’ accounts, one of which provided services to the sender of the funds.
“We await feedback on the other two beneficiaries. Regarding Rolez MFB, we are yet to get a feedback from them.”
The bank stated that its investigation did not reveal any internal compromise or wrongdoing on the part of the bank, “as all the transactions were authenticated using the client’s card details and an OTP sent to your client’s registered phone number, which can be only accessible to him.”
It was gathered that the Central Bank is currently investigating the matter.
“It is saddening that rather than address my petition and investigate the matter, GTB decided to indict me,” Sobowale said.
While investigations are ongoing and a data breach has not been confirmed, a report by the Vice President of Financial Services at Ricoh, USA, suggests that data breaches can be attributed to hacking or malware attacks.
Other breach methods include an unintentional insider leak, payment card skimming, and the loss or theft of a personal device, such as a company laptop.
Attacks leading to a breach can take one of two forms: network or social. In a network attack, the cybercriminal exploits weaknesses in the target’s infrastructure. This type of attack may include, but is not limited to:
SQL injection: a computer attack in which malicious code is inserted into a database to gain access to sensitive information.
Vulnerability exploitation: a hacker finds a software vulnerability or security flaw into which they inject an “exploit” or piece of code to take advantage of the vulnerability.
Session hijacking: a hacker gains access to a user’s PII and a network by disguising itself as an authenticated user.
In a social attack, the hacker employs social engineering tactics to infiltrate the target network, often in the form of a highly targeted spear phishing email. The email “phishes” for information from the employee, and by fooling them into exposing proprietary company information, provides the attacker with access to protected data, such as the recipient’s login credentials.
A spear phishing email can also include a malware attachment set to execute when downloaded. According to IBM’s 2022 Cost of a Data Breach Report, the use of stolen or compromised credentials remains the most common cause of a data breach and served as the form of attack in approximately 20% of all 2022 breaches.
•Tests reveal hydrocarbon poisoning in women’s blood, soil, water samples
…battle miscarriages, low birth rate, early menopause, others
When the crude oil that placed Nigeria among leading oil producing nations was first discovered in commercial quantity in Otuabagi, a suburb of Oloibiri community in Ogbia Local Government Area, Bayelsa State in 1958, the people had high hopes that their lives would be positively impacted from the proceeds. From the period of the discovery 67 years ago till date, the living conditions of the people have rather taken a turn for the worse. All they have to show for producing the black gold is a harvest of strange diseases, a contaminated environment, and a future filled with uncertainty, INNOCENT DURU reports.
Madam Paulina, a middle aged indigene of Otuabagi, historical community in Bayelsa State, suffers from a myriad of skin problems. She has lived with the challenge for so many years that it appears to have become normal for her to live with it.
Online resources said scratching an itchy skin could at times feel good as the mild pain it causes triggers the brain to release pleasure-inducing chemicals like serotonin, which temporarily blocks the itch signal and creates pleasurable sensation.
Madam Paulina often gets and savours this sort of pleasure, but the damage it does to her skin and mental wellbeing in the long run is indescribable.
“Every part of my body itches,” she said in an emotion laden tone as she started scratching her troubled skin again.
“At times, I experience serious coughing and vomiting. And this happens not to me alone but to many other people in the community,” she added.
But in spite of the discomfort she suffers, Madam Paulina’s financial handicap would not permit her to go to the hospital.
She said: “I use native medicine to treat myself because I don’t have money to go to the hospital.
“I pluck leaves from the bush to treat myself. We learnt this from our forebears. But the herbs partially work for me only partially.”
Aside from skin challenges, Paulina also suffers from another problem which, according to her, has defied every solution.
“My menstrual cycle ceased long ago. It stopped when I was above 30 years, and now I am above 50. I was lucky to have a child before it stopped,” she said.
Regretfully, she said she was not alone in this. “It is a common problem in this community,” she said.
Contrary to fears in some quarters that the afflictions suffered by Paulina and numerous other members of the community could be a result of ancestral curse or offence against certain deities by their forebears, a recent medical test carried out on 80 women in the community by Kabetkache Women’s Development and Resource Centre, a non- governmental organisation based in Port Harcourt, Rivers State capital, through an independent researcher showed that the women, their soil and water have disturbing levels of hydrocarbon in them.
Explaining the outcome of the test, a community leader, Chief Amangi Sodaguo Daniel, Aabu XI said: “As against the World Health Organisation’s recommendation of 0.00002% polycyclic aromatic hydrocarbon in the blood system of humans, the result shows 15% of hydrocarbon in our system, and 100 per cent of the women had the same result.
“It implies that the foodstuffs we plant in this soil and the fruits we eat are also polluted. You can imagine the type of life we have been living for years.”
A native of the community, Esther Orubo, said the challenge stemmed from a leakage from an oil well head abandoned by the oil exploration giants, Shell, about 50 years ago.
“The terrain here is wet. When it rains, it brings out the oil from that well, which spreads everywhere in the environment.
“We drink the same water that is polluted and eat contaminated food produced by the polluted ground,” Orubo said.
The sight of oil floating on flowing water lends credence to the people’s assertions.
Like Madam Paulina, Esther Orubo said she had also been having a running battle with skin problems and other health challenges.
She said: “I have suffered from skin diseases numerous times. I’ve also suffered from respiratory illnesses. I have fertility issues and early menopause too.
“I am less than 40 years old, but my period has long stopped. I just gave birth to a child seven years ago,” she said.
She regretted that the community has been bedeviled by ‘weird’ illnesses over the years with no end in sight.
“We have recorded cases of cancer, liver diseases, respiratory illnesses, infertility, psychological issues, skin diseases, among others, which the community was never known for,” she added.
An aged member of the community, Madam Ikiombhar, says her skin problem is aggravated by painful boils.
Her words: “I have been having rashes and boils all over my body for years. I take tablets when the boils or rashes become too much.
“But it is not every time I have money to buy the tablets. I spend between N2,000 and N5,000 on drugs to clear the boils.
“They mix the tablets for me at chemists because our hospital is not functional. From here to Kolo where you have a functional hospital is very far.”
Wife of a frontline leader in the community, Mrs Amangi, said she had been having various health challenges, adding “I entered menopause when I was only 38 years old. Imagine entering menopause at that age.”
We’re having miscarriages, giving birth to deformed children
Aside from skin problems and early menopause, a worried member of the beleaguered community, Mitema George Suoye, said, “people have been dying in the community and women have been having miscarriages. Many children are born with deformities too.
“One of my children is also deformed. No human being, no matter how hard-hearted, will see our plight and not shed tears. We complained but nobody, including the state government, cares about us.”
The natives decried the menace of oil pollution and absence of potable water in their land.
The rivers from where they fetch water are unclean and unfit for consumption. Surfaces of the murky rivers are covered by rambling weeds. But that is what they have as their primary source of water supply.
“Our water is not good. The water is red. Oil has spoilt everything. There is no water for us to drink, so we have no alternative but to drink it as bad as it is,” Madam Ikiombhar said.
Prodded further, she said: “We defecate in the bush because we have no toilets. We pooh inside the river and still drink the water. Do we have an alternative? The answer is no!”
When fetching water from the river, she said, “you will use something to remove the thing (fecal matter and dirt) and take the water. We don’t boil the water. That is alien to us.”
Asked why she does not take sachet water, at least, she said “it is not everybody that has money to buy it.”
Also decrying the horrible water in the land, Mitema Suoye said: “We have been told after the tests not to drink water from the river behind my house again, but what are we going to do now?
“The river we have is the same river in which people pour refuse, defecate and bathe. We fetch drinking water from there early in the morning and only add alum to purify it.”
Corroborating Suoye’s remark, Mrs Amangi said: “At times, you see crude oil on the surface of the water. The place where we used to farm is also contaminated with oil.
“Unfortunately, there is nothing that is being done about it.”
NDDC’s poorly constructed water project compounds community’s woes
A solar water project constructed by the Niger Delta Development Commission (NDDC) to ease the challenge of water supply in the community is said not to be serving the purpose.
“The solar panels were installed but are not functioning. I am not sure the community has ever used it to pump water since it was installed.
“The only alternative is to pump with a generator, but the price of fuel is huge, hence the periodic supply of water,” Chief Amangi said.
Giving a breakdown of what it costs to pump water with a generator, Chief Amangi said: “Filling the reservoir tank on the ground takes about 75 litres of fuel, and pumping the water up to the overhead tank for distribution takes about 120 litres.”
Checks around the community showed that a solar borehole sunk by Niger Delta Development Basin is clean.
Chief Amangi said there is no cost attached to fetching the water.
He said: “The research report from Kabetkache certified this particular bore hole about 80% clean and as you can see the iron content stain on the septic stand.
“Again due to the distance or location of the bore hole most people, especially those from both ends of the community could not access it and even those who can have to wait in long queues to get a bucket or gallon per day.”
On her part, Suoye noted that the NNDC water is better but “the maintenance remains a challenge. If they treat the water and supply it to us once, they won’t give us again until they deem it fit.
“We will then have to depend on water from the river to quench our thirst and meet other needs.”
Medical test result infuriates natives
The people have been infuriated since the medical test conducted on the women by Kabekatche revealed they have high levels of hydrocarbons in them.
“They found aromatic hydrocarbons in our system. I have been feeling very uncomfortable and angry since the result came out. It is very painful now that we know that these sufferings are as a result of the crude oil they said they were bringing to change our lives,” Orubo lamented.
Going down memory lane, she said: “According to our parents, they brought the news that crude oil discovery and exploration would transform the environment. Our parents welcomed the idea but all we have are afflictions.
“And now that we know that all our sufferings are as a result of this, it is even more frustrating because we don’t even really know what to do to come out of this whole mess.
“We have presented the result to public office holders. The local government chairmen and traditional rulers have copies of this report.”
Also speaking, Madam Ikiombhar said: “I did the test and they found that my blood is contaminated because of the crude oil that has polluted our environment.
“I don’t sleep at night, and that is the most serious problem I have now. Even when I take sleeping pills I would not sleep for more than an hour before I wake up.”
After the test, Mitema Suoye said: “I almost fainted when they showed us the result. They found plenty oil in our bodies.”
Why we carried out medical tests —Dr. Okon
Explaining why her organisation carried out medical tests on the women, founder and executive director of Kabetkache Women’s Development and Resource Centre, a women’s rights organisation, Dr. Emem Okon, said: “We have been carrying out campaigns on women and extractives over the years, and it was important to carry out a specific research on how women are being impacted by oil.
“The chosen location is the community that is host to the first oil well in Nigeria, Oloibiri Oil Well 1. We engaged medical personnel to lead the research.
“The 80 women whose blood samples were taken for analysis, the whole 80 of them, there were percentages of hydrocarbons found in their blood samples beyond the limits permissible by the World Health Organisation.
“Those were the critical findings that came out from that research.
“Water samples that were taken in the community, all of them had percentages of the hydrocarbon.”
She added: “The soil also has hydrocarbon content because the cassava, cocoyam, and other crops that samples were taken from all have those toxic elements.
“The research also revealed that oil wells 2 and oil well 4 are still leaking crude into the environment. That means that they were not properly corked.
“Shell moved out of that community since 1975, but the oil wells were not decommissioned.”
She observed that the oil wells were abandoned possibly because “they didn’t get crude again in commercial quantities. So, since 1975, there has been no operation.
“The wells were not decommissioned and the environment is still heavily polluted and people still live in the community.”
Worried by the outcome of the medical tests, Dr Emem said: “We are still carrying out advocacy engagements to ensure that something is done.
“Part of our demand is that beginning with those 80 women, there should be medical treatment.
“I don’t know what kind of treatment can be provided that can mitigate whatever impact the hydrocarbon in their blood could be causing.
“And then compensation should be paid to those women and to everybody in the community, but beginning with those 80 women that offered their blood samples to be taken.”
She added: “When we engaged NOSDRA in Bayelsa State the last time, they said we should write back to them to visit the community and carry out their own assessment to confirm the findings from the research.
“Part of what they wanted to confirm is that some existing oil wells in that community are still leaking crude into the environment and also to determine what interventions they can carry out to mitigate the problem. So that letter was written, but we are still waiting for them to take action.”
Continuing, she said: “Another suggestion that came from NOSDRA was that a peer review of the report should be conducted.
“But the report of that research corroborates the report of the Bayelsa Oil and Environment Commission, because part of the findings from the commission is that it also took blood samples of 1,600 community members in the state during the course of the assessment of the extent of pollution in Bayelsa, and the whole 1,600 were found to have hydrocarbon in their blood.”
Emem called on “the government and the corporation to take action and remediate the polluted environment in Bayelsa State and in Otuabagi in particular.
“We have gone ahead to hold a consultation meeting with NOSDRA on remediation. And we have actually invited them to come and train women on remediation.
“The findings from that research should not just remain in people’s bookshelves.
“Action should be taken to address the issues. We will not keep quiet.”
Shell declines comment
Efforts to get the reaction of Shell were unsuccessful.
The Communications Manager, Gladys Afam-Anadu neither responded to calls nor replied to a text message to her mobile line.
We’ll provide answer when it is ready- NDDC
Spokesperson of NDDC, Seledi Thompson Wakama said she would not be able to give a response when contacted last Wednesday.
“I can’t give you a time frame. I have to look for the information. I am even presently not in the office. I won’t even pick my call but I just said no you are a public person, pick every call that comes to you.”
When further asked when the information will be provided, she responded: “Am I in court or a tribunal? When I have the information I will send it across to you.”
She had yet to provide any response close to two weeks after she gave her words.
Otuabagi blessed but unfortunate
Otuabagi is naturally blessed, going by the volume of natural resources it is endowed with. Incidentally, it bears the proverbial tag of the goose that lays the golden eggs but never benefits from it.
The community does not readily come to mind as Oloibiri, the legendary oil community in the same council area. However, out of the 21 oil wells widely known as “Oloibiri oilfield,” drilled by Shell Petroleum Development Company (SPDC), through which Nigeria exported its first crude, 18 were located in Otuabagi, including the famous Oil Well 1 bored at a depth of 12,008 ft.
Explaining why the first oil discovery is often said to be in Oloibiri, Chief Amangi said: “It is named Oloibiri oil field because Oloibiri was then the headquarters of Ogbia Kingdom. And the only way Shell could locate the oil well was to name it after the Oloibiri where we had the only functional postal agency.
“Unfortunately, the benefit Otuabagi was supposed to get was siphoned to Oloibri town. Scholarships were given to Oloibiri town, Otabagi was never remembered. We are neglected.”
Prior to the period Otuabagi became heavily polluted, Mitema Suoye said, the community teemed with life.
She said: “When I was growing up in the community, I lived with my grandmother, and we didn’t lack for anything. We were eating to our satisfaction. Even fish was in abundance in the river. Inside the forest, we had very big lobsters.
“But all that is no more available. We have no fish again in the river because of oil exploration. Oil flows on our river, and even on the land. If you plant something, it doesn’t do well again.
“Before cassava gets to six months on the farm, it will rotten.”
Lagos is no stranger to spectacle — but what’s coming is unprecedented. The ocean has long whispered stories to the city — of trade, resilience and ambition. But now, the waters speak louder, charged with a new hum: the sound of innovation in motion. As Lagos prepares to host Africa’s first-ever E1 Electric Powerboat Series, it isn’t just staging a race — it’s launching a bold new narrative, one that declares the city’s readiness to lead in sport, sustainability and global innovation, writes Associate Editor ADEKUNLE YUSUF
Lagos and the E1 Series: A new wave of possibilities
As the morning mist lifts off the Atlantic, it reveals the bold silhouette of Lagos’s ever-evolving skyline. Along the waterfront of Victoria Island, anticipation hums in the air. Crowds begin to gather. Camera crews adjust their lenses. Hospitality tents brim with invited guests. Then, slicing through the calm waters of the marina, the sharp, futuristic whirr of electric motors signals something extraordinary: the arrival of the RaceBirds — sleek, hydrofoil powerboats powered entirely by clean energy.
This is not just another day in Nigeria’s bustling commercial capital. It marks a historic turning point. Next month, Lagos will host Africa’s first-ever E1 Electric Powerboat Series, securing its place among the world’s elite and sustainable sporting destinations. Known for its economic dynamism and cultural richness, Lagos is now poised to redefine itself once again — this time as a globally relevant, future-forward host city. The E1 Series is no ordinary race. It is a fusion of speed, sustainability, and spectacle, designed for a new era of sport. Founded by Alejandro Agag and Rodi Basso, the E1 Series is the world’s first all-electric powerboat championship. After high-profile events in Monaco and Venice, its Lagos debut is more than a milestone for the sport — it’s a landmark for Africa, Nigeria, and the city of Lagos as they embrace the forefront of clean energy, marine innovation, and global attention.
So, why Lagos — and why now? That question, says Samuel Egube, Deputy Chief of Staff to Lagos State Governor Babajide Sanwo-Olu and Chairman of the Local Organizing Committee for the Lagos E1 Grand Prix, “is best answered not only through strategy and statistics, but through the pulse and rhythm of Lagos itself.” With over 25 million residents, Lagos is one of the fastest-growing cities in the world — a place of constant motion, creativity, and reinvention. “It’s where innovation meets urgency,” Egube explains, “where culture isn’t just consumed but created — and where water, from the creeks of Makoko to the marinas of Lekki, represents both a challenge and an opportunity.”
For the Lagos State Government, bringing the E1 Series to the city is the result of years of planning and strategic vision, championed by Governor Sanwo-Olu. Under his administration, Lagos has advanced an ambitious transformation agenda known as THEMES+ — which emphasizes tourism, transportation, the environment, and infrastructure. “Hosting the E1 race is about more than sport,” says Egube. “It’s about reshaping how Lagos — and Africa — are seen on the world stage. This isn’t just about boats cutting through the water. It’s about Lagos cutting through outdated perceptions: that African cities are too chaotic, too complicated, or too far removed to host global events. This race proves otherwise.”
The E1 Lagos Grand Prix brings together nine international teams, each backed by global icons including Rafael Nadal, Didier Drogba, Tom Brady, Will Smith, and Virat Kohli — world-renowned figures whose involvement elevates the global spotlight on Lagos. More than 250 sports and technology stakeholders from around the world will attend, alongside thousands of spectators, media outlets, and investors. The event is expected to inject significant momentum into the local economy — especially for Lagos’s vibrant hospitality sector, from hotels and restaurants to transport services and tourist attractions.
But for Egube, the true power of the E1 Series lies in the legacy it will leave behind. “This isn’t just a one-off event,” he says. “It’s a platform to show the world that African cities can lead on sustainability, innovation, and international collaboration. The race may last a few days, but the signal it sends — that Lagos is not waiting for permission to participate, but boldly claiming its place — will resonate far beyond the finish line.”
Indeed, the most lasting impact of the E1 Grand Prix may not be in the broadcast statistics or viral clips, but in the quiet, radical shift it inspires — particularly for local youth. By showcasing clean technology, engineering excellence, and international standards, the event opens doors to new aspirations in fields like environmental science, marine engineering, and green innovation. “This is Lagos building its own table,” Egube concludes. “Not waiting to be invited — but shaping the global conversation on its own terms.”
What makes the E1 Series historic?
According to Toke Benson-Awoyinka, the Lagos State Commissioner for Tourism, Arts and Culture, the E1 Series marks a truly historic moment — not just for Lagos, but for the entire African continent. “When Lagos was announced as the first African city to host an electric powerboat race, it wasn’t just a win for Lagos — it was a statement to the world,” she said. “We’ve joined the ranks of Monaco, Venice, and Jeddah — but with something entirely unique: Lagos’s unmatched energy, cultural depth, and spirit of innovation.”
Scheduled to take place from October 3 to 5, the Lagos E1 Grand Prix is more than just a race — it’s Africa’s debut on the global stage of electric marine motorsport. As Benson-Awoyinka emphasized, “This isn’t just about fast boats on water. It’s a celebration of what happens when sustainability, cutting-edge technology, and vibrant culture come together in one place.” The E1 Series is the world’s first all-electric powerboat championship, featuring RaceBird boats powered entirely by zero-emission electric propulsion. As global attention turns toward clean energy and sustainable practices, the Lagos leg of the competition serves as a bold demonstration of Africa’s commitment to climate action and marine innovation.
But beyond the technology and sustainability, the E1 Series in Lagos carries enormous symbolic and cultural weight — thanks in large part to the high-profile team owners involved. Global superstars like Rafael Nadal, Tom Brady, Will Smith, Virat Kohli, and Didier Drogba are not only bringing international prestige to the event but are helping to spotlight Lagos on a global stage. Chris Oshiafi, Group CEO of PanAfrican Capital Holdings and Chairman of the Sponsorship Committee for the Lagos E1 Grand Prix, sees the involvement of someone like Drogba as deeply significant. “Drogba isn’t just a football legend — he’s a pan-African icon whose work in youth empowerment and sustainability reflects the core values of the E1 Series,” Oshiafi said. “Team Drogba is expected to draw massive support — not just because of Didier’s legacy in football, but because of what he stands for: an Africa that is bold, visionary, and ready to lead.”
Drogba himself echoed that message at a recent press conference. “Africa deserves to be at the forefront of innovation and sport,” he said. “E1 is a chance to show that we’re not waiting for the future to come to us — we’re already building it.” With its high-octane action on water, commitment to clean energy, and deep cultural resonance, the Lagos E1 Grand Prix represents more than an international sporting event. It’s a transformative moment — one that positions Lagos and Africa at the cutting edge of sport, sustainability, and global relevance. As Commissioner Benson-Awoyinka put it, “This is more than tourism — it’s transformation.”
Why Lagos, why now?
The decision to bring the E1 Series to Lagos wasn’t a coincidence — it was the result of intentional, long-term planning and vision. According to Oluwaseun Osiyemi, Lagos State Commissioner for Transportation, the city has consistently proven its ability to host large-scale international events, from marathons and tech expos to art fairs and music festivals. But with the E1 Grand Prix, Lagos is entering uncharted waters. “E1 marks a new chapter for Lagos,” Osiyemi explained. “We’re not just hosting another global event — we’re positioning Lagos as Africa’s entry point into electric marine sports, and as a city fully committed to sustainable transportation and technological innovation.”
Set to attract over 250 global stakeholders, athletes, and professionals — and reach millions of viewers worldwide — the Lagos E1 Grand Prix is poised to be one of the most significant sporting events in Nigeria’s recent history. Osiyemi noted that this aligns directly with the administration’s THEMES+ agenda, a strategic framework that prioritizes transportation, health, environment, and economic growth through innovation. “Governor Sanwo-Olu has made it clear: Lagos isn’t content with just participating in the global economy,” Osiyemi said. “We’re here to lead — in sustainability, in sport, and in the future of mobility.” Governor Sanwo-Olu has been a driving force behind the event’s success, personally championing Lagos as a host city. For him, E1 is more than a sporting spectacle; it’s a declaration of intent. “We’re not just hosting a race,” he said. “We’re sending a message: Lagos is open — for business, for innovation, and for the future.”
For the leadership behind the E1 Series — including Alejandro Agag, founder of Formula E and Extreme E, and Rodi Basso, E1 CEO — Lagos is the ideal launchpad for Africa’s entry into electric marine sports. “Bringing E1 to Africa starts with Lagos because Lagos reflects what this championship is all about: speed, ambition, innovation, and resilience,” said Basso. To them, Lagos isn’t just a location — it’s a symbolic gateway. The hope is that this event will spark similar races and clean-energy innovations in cities like Cape Town, Dakar, and Dar es Salaam, using sport as a catalyst for climate action, marine innovation, and economic transformation.
But the impact of E1 in Lagos isn’t expected to stop when the boats leave the water. Promoters and partners are focused on legacy — on what this race leaves behind. Success won’t be measured only by high attendance or media buzz, but by the lasting opportunities created for local talent and industries. That includes: elevating Nigeria’s global image as a hub for sport and sustainability; boosting local marine tech and clean-energy startups; inspiring youth to explore careers in engineering, environmental science, and innovation; and creating new partnerships in tourism, infrastructure, and mobility. In the words of E1’s leadership, “The confidence we’ve placed in Lagos is already paying off — and it’s only the beginning.”
The Central Bank of Nigeria (CBN) is strengthening regulatory effectiveness in the financial services sector through sweeping structural reforms. Its latest policies expand supervisory frameworks, clarify institutional responsibilities, and extend oversight beyond core prudential issues to cover non-prudential concerns such as governance, consumer protection, and market conduct, as well as emerging risks like cyber threats and fintech disruptions. With new compliance directives to banks, Payment Service Banks, and Other Financial Institutions, the apex bank aims to entrench stronger regulatory discipline and broaden industry-wide accountability, reports Assistant Editor COLLINS NWEZE
The Nigerian financial sector has, for years, needed stability and robust regulatory oversight to thrive. Central to this mission is the Central Bank of Nigeria (CBN), whose statutory role includes ensuring sound banking practices and safeguarding financial stability through effective surveillance.
Empowered by the Banks and Other Financial Institutions (BOFIA) Act of 2020, the CBN also bears responsibility for promoting an efficient payments system anchored on a resilient financial architecture. To achieve this, the apex bank routinely issues policies and regulations that entrench strong oversight, uphold prudential standards, and foster confidence in the system. Beyond its core supervisory functions, the CBN has consistently played a developmental role, extending its influence across critical sectors of the economy—including finance, agriculture and industry. These broad mandates are executed through its specialised departments, ensuring that the bank’s objectives are pursued with precision and impact.
Under the leadership of Governor Olayemi Cardoso, the Bank has sharpened its focus on economic reforms and targeted policies designed to restore macroeconomic stability. Through transparent market operations, improved coordination between monetary and fiscal authorities and deliberate measures to rebuild public trust, the CBN is working to stabilise the exchange rate, curb inflation, strengthen banks’ capital buffers, and create an enabling environment for both businesses and individuals to succeed.
Equally important is the promotion of ethics and professionalism within the financial system. Recognising that the integrity of bankers and treasurers is fundamental to market stability, the CBN has introduced the FX Global Code to guide authorised dealers and market participants. This initiative underscores the Bank’s commitment not only to prudent regulation but also to embedding international best practices in Nigeria’s financial markets. “At the Central Bank, we have intensified surveillance of market activities to ensure compliance and eliminate bad actors who attempt to undermine the system. Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” he said.Last week, the apex bank expanded the mandate of its newly created Compliance Department. In a circular to banks, Payment Service Banks, and Other Financial Institutions, the apex bank announced that the department, established in the first quarter of this year, will now oversee four key areas. These include Financial Crime Supervision (AML/CFT/CPF and sanctions compliance), Market Conduct Supervision (disclosure practices, complaints frameworks, advertising standards), Enterprise Security Supervision (cybersecurity, data protection, third-party risk management), and Corporate Governance and ESG Supervision (board effectiveness, ESG oversight). Director Olubunmi Ayodele-Oni said the move aims to enhance surveillance and global best practices.
“When operations commenced in Q2 2025, responsibility for the oversight of non-prudential risk areas was formally reassigned to the Department. This structural reform forms part of the Bank’s broader efforts to consolidate and embed regulatory effectiveness within existing supervisory frameworks, clarify institutional responsibilities, and maintain focused oversight of non-prudential and emerging risks,” it said.
The apex bank explained that, henceforth, all regulatory reports, correspondence and related enquiries concerning these matters should be directed to the Director, Compliance Department through the established communication channels. “Financial institutions will receive direct communication from the Department regarding specific points of contact and submission procedures. The CBN looks forward to continued cooperation from all institutions in ensuring a smooth transition and in upholding the highest standards of compliance with applicable regulatory requirements,” it stated.
What the apex bank is doing
According to Cardoso, the banking sector remains robust with key indicators reflecting a resilient system. “The non-performing loan ratio remains within the prudential benchmark of five per cent, showcasing strong credit risk management. The banking sector liquidity ratio comfortably exceeds the regulatory floor of 30 per cent, a level which ensures banks are maintaining adequate cash flow to meet the needs of customers and their operations. The recent stress test conducted also reaffirmed the continued strength of our banking system,” he said.
Also, to ensure that the banking system can effectively support the growth of the nation’s economy, efforts to strengthen banks’ capital buffers were announced in 2023 with a two-year implementation window. According to him, the banking sector remains in a strong position to support Nigeria’s economic recovery by enabling access to credit for MSMEs and supporting investment in critical sectors of our economy. In the same vein, he said Other Financial Institutions (OFIs) hold significant potential to drive productivity and economic growth by expanding access to credit and financial services for underserved individuals and businesses.
“To unlock this untapped potential, we aim to strengthen key institutions—particularly Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)—to enhance their efficiency and impact. Our strategy includes implementing model mortgage foreclosure laws to stimulate lending and reduce delinquency, integrating PMBs and MFBs into the GSI platform to minimise non-performing loans, and leveraging Development Finance Institutions (DFIs) more effectively to provide increased on lending facilities to well-managed OFIs,” he added.
Entrenching efficiency, best practices
At the unveiling of the Central Bank of Nigeria’s (CBN) 2024–2028 Strategic Plan at the Bank’s headquarters, Governor Cardoso outlined the vision of the institution: to be a trusted and respected central bank that promotes confidence in the economy. He explained that this would be driven by five strategic themes carefully designed to address the nation’s most critical economic and financial challenges.
The first theme, Price Stability and Monetary Policy Effectiveness, will anchor the Bank’s resolve to leverage established monetary policy instruments, supported by rigorous data analysis, to maintain price stability. The second, Robust and Resilient Financial System, focuses on strengthening the financial sector while embedding financial inclusion objectives into policy design to broaden access to affordable products that support sustainable growth. Cardoso added that the third theme, Governance, Compliance and Advisory Partner to the Federal Government, reflects the CBN’s commitment to act as a transparent, reliable, and trusted advisor in shaping economic policies. Recognising the critical role of people, processes, and technology, the fourth and fifth themes—Excellence in Central Banking Operations and An Impact-Focused High-Performance Organisation—will ensure operational efficiency and strengthen the Bank’s institutional capacity.
The Governor further highlighted core values such as integrity, meritocracy, professionalism, accountability, courage, and tenacity as guiding principles for delivering professionalism, transparency, and accountability to Nigerians. Commending the Strategy Management Department for developing the plan in-house without external consultants, he urged all CBN staff to uphold ethics, good governance, and transparency in executing the strategy. He also stressed that the plan was not for the CBN alone but for all Nigerians, calling on stakeholders to collaborate in building a more prosperous nation and repositioning the Bank as a credible institution at the forefront of economic transformation.
Staff members described the plan—CBN’s fourth strategic cycle after those of 2012–2015, 2015–2019, and 2021–2024—as a bold repositioning of the Bank to its core mandate. They expressed appreciation to management and the Strategy Department for delivering the first entirely in-house strategy within record time. The launch climaxed with the unveiling of the theme “Repositioning for Impact,” which stakeholders said resonates with the CBN’s mission, vision, and values. They lauded the Bank’s leadership and workforce for their unity of purpose and reaffirmed their commitment to supporting the effective execution of the strategy.
What the law says
The 2007 CBN Act mandates the apex bank to promote financial system stability as one of its core objectives. To achieve this, the apex bank has, over the years, implemented reforms aimed at strengthening the banking sector, improving access to finance, building institutional capacity, and entrenching sound corporate governance practices. These measures are designed to safeguard the system, protect depositors, and sustain confidence in the economy.
Highlighting the importance of stability, the President of the Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka, explained that the collapse of financial institutions, especially banks, carries grave risks. Such failures, he noted, can erode public confidence, trigger a sudden contraction in money supply, reduce savings and investments, and even collapse payment systems—all with devastating effects on the real economy.
Under the leadership of Governor Cardoso, the CBN has also embarked on deliberate efforts to improve the functioning and transparency of the foreign exchange (FX) market. These reforms have yielded remarkable results. For instance, the average daily turnover in the Nigerian Autonomous Foreign Exchange Market grew by 226 per cent in the first half of last year compared to the same period in 2023. Similarly, foreign portfolio inflows rose by more than 72 per cent, reflecting improved investor confidence in the Nigerian economy. At the same time, the country’s foreign exchange reserves increased significantly—from $32 billion in May 2023 to over $41.5 billion. This figure represents the equivalent of 10 months of import cover, the highest level in almost three years, and a buffer that strengthens the economy against external shocks.
The market has also proven more efficient in facilitating capital mobility. Over the past year, it supported more than $9 billion in capital outflows, enabling investors to repatriate capital and dividends freely. This marks a sharp departure from past experiences when such repatriations were delayed for months, undermining confidence in Nigeria’s financial markets. Cardoso has emphasised that these gains are being consolidated through enhanced surveillance of market activities. The CBN has intensified its monitoring to ensure strict compliance with rules and to weed out bad actors seeking to manipulate or destabilize the system. Taken together, these reforms demonstrate the apex bank’s determination to stabilise Nigeria’s financial sector, protect investors, and foster a resilient economy capable of supporting long-term growth.
“Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations. Within the banking sector, I am pleased to note that the sector remains robust with key indicators reflecting a resilient system. The non-performing loan ratio remains within the prudential benchmark of five per cent, showcasing strong credit risk management,” he said.
Cardoso added: “The banking sector liquidity ratio comfortably exceeds the regulatory floor of 30 percent, a level which ensures banks are maintaining adequate cash flow to meet the needs of customers and their operations. The recent stress test conducted also reaffirmed the continued strength of our banking system.”
