Category: Saturday Magazine

  • United in grief!

    United in grief!

    At about 5 pm on June 11, 2025, a powerful explosion shattered the calm atmosphere in the Oluwatobi Ilori Close area of Obawole, Iju, Lagos. Within moments, thick smoke filled the air, and what had started as a pleasant sunny afternoon quickly turned into a terrifying ordeal for residents, Udeh Onyebuchi reports.

    •Widow, tenant recall how midnight fire from neighbourhood filling station ruined their lives
    •Demand compensation from lawmaker owner

    An evening that began as an ordinary one in Obawole part of Iju, Lagos turned into a night of horror for residents who lived close to Optima Oil Limited filling station on June 11, 2025. Like a bolt from the blue, a fiery explosion ripped through the neighborhood, leaving the neighbourhood in ruins.

    Although no lives were lost, the material and emotional toll was staggering. From gutted homes to burnt-out vehicles, lost livelihoods and long stay in hospitals, survivors and witnesses were left to grapple with the aftermath of an inferno that many claim was both preventable and avoidable.

    The tragic incident unfolded at about 5 pm as a 33,000-litre fuel tanker was discharging premium motor spirit (PMS) at the Optima filling station on Bola Ahmed Tinubu Road and a second fully loaded tanker stood by.

    According to the Lagos State Fire and Rescue Service, a spark during the offloading process triggered a massive fire that rapidly engulfed the premises, destroying the tankers, the retail mart, and nearby residential buildings.

    Among the worst hit were two women — Mrs. Gloria Unazoi, a widow and bookseller, and her tenant, Ms. Chinyere Lillian Adelabu, a mother of three and customer service representative. Together, their stories weave a grim narrative of infrastructural failure, administrative negligence, and the devastating consequences of poor urban planning.

    Ruined widow fights for justice

    For Gloria Unazoi, the fire outbreak was not just an incident, it was the culmination of years of warnings and ignored concerns. A widow of a former Department of Petroleum Resources (DPR) staffer, she had lived at No. 3 Oluwatobi Ilori Close in Obawole for more than two decades. She and her late husband had fought against the establishment of a fuel station so close to their home.

    She said: “My husband opposed the plan from the start. He contacted his old DPR colleagues. The community initially backed us. But eventually, they were swayed. We were betrayed.”

    After her husband’s death, she was left alone in the family house. She rented out a part of the building and ran a bookstore to keep afloat. She never imagined the fuel station next door, once a mere zoning controversy, would one day leave her homeless.

    Recalling the tragic incident, she said: “I was awoken at 3:30 am by a call from my tenant. My house was burning.

    “I couldn’t even escape through the front door. The fence had to be broken for me to get out.

    “Everything is gone — walls cracked, ceilings collapsed, store cracked.

    “My husband built a home but now I live in fear and debris.”

    Despite the magnitude of damage, Unazoi says the owner of the filling station, Hon. Rasheed Olanrewaju Makinde — a two-time Lagos State House of Assembly member — has failed to take responsibility.

    “He only offered patchwork repairs.  We asked for N10 million in damages but he tried to pacify us with cosmetic fixes and silence instead,” she said in a tone laden with utter disappointment.

    Victim: Everything I owned turned into ashes

    Perhaps no voice captures the raw devastation of the fire like that of Ms. Lillian Adelabu. A mother of three, she had just returned home when she noticed the tanker outside the station.

    “I saw him dip the gauge into the tank. Then a spark. It ignited instantly. I screamed for my children. We ran for our lives,” she recounted, her voice trembling.

    They narrowly escaped through a broken wall. But her apartment — her entire belongings — was consumed by flames.

    “This room held everything. shoes, clothes, handbags, electronics, jewelery all gone.

    “I lost more than N17 million worth of property. I even fainted and had to be hospitalised,” she said, pointing to what remained.

    Her lawyer’s letter to Hon. Makinde detailed the losses: N6 million in clothing, N6.5 million in shoes and bags, N700,000 in hair accessories, N800,000 for electronics, and daily hotel costs of N35,000 — expenses that continue to mount weeks after the incident.

    “They offered me only N250,000, and now, they are offering N3 million for everything — an insult, not compensation,” she said.

    With her apartment uninhabitable, Adelabu has had to move into a hotel with she and her children crammed into a single room.

    “Even my underwear was burnt. People had to donate clothes to us. All that I laboured for, reduced to ashes,” she said.

    Read Also: ‘Buhari, Awujale left indelible marks on Nigeria’s history’

    A history of tragedies

    It was not the first time that fire would break out at this Optima Oil. In 2023, a fire incident occurred, which residents say should have prompted greater caution.

    “The lessons weren’t learnt. If anything, they doubled down on their negligence,” Unazoi said.

    Ms. Adelabu corroborated this, noting a previous incident where a tanker broke into their wall during a late-night manoeuvre.

    “We warned them. We asked for safety barriers, stoppers. They refused. Now look.”

    Residents said in spite of repeated complaints, Makinde used his political influence to silence opposition.

    “He told us we’re not fighting, just disagreeing. But I told him my children have no father; don’t deny them a mother too,” Unazoi said.

    Demands for accountability, action

    Following the fire, the lawyer representing Adelabu issued a formal demand letter to Makinde seeking full compensation — totaling N17.75 million — for losses and suffering.

    “They claim the station isn’t even insured. How can you operate a fuel station in Lagos without insurance? Who allowed that?”  Adelabu asked.

    When development means disaster

    Beyond the personal tragedies, this incident spotlights a systemic urban planning failure. In a city prone to congestion, fire outbreaks, and infrastructural decay, building a filling station a mere metres from residential homes is a dangerous gamble.

    The Department of Petroleum Resources (DPR), the Lagos State Environmental Protection Agency (LASEPA), and the Lagos State Safety Commission must all answer difficult questions. Why was this fuel station approved? Was there an Environmental Impact Assessment? Were safety protocols followed? Were fire extinguishing systems adequate?

    Today, Unazoi lives in the shell of her once vibrant home. Adelabu endures hotel bills, trauma, and memories of fire. Both are united in grief and determination.

    “I won’t be silenced. I will not accept token gestures while my life is in ruins. I want justice,” Adelabu said.

    For Gloria Unazoi, the wounds are deeper. “This was my husband’s legacy. He should rebuild the part that the fire affected.”

    Multiple efforts made to reach Mr. Rasheed Olanrewaju Makinde for his side of the story, including direct phone calls and follow-ups, were futile. He consistently refused to answer or return calls made to his phone.

    His wife did pick up once and said she would get back to the reporter.  Unfortunately, she never did.

  • Why Funmi Ogidan is passionate about new initiative

    Why Funmi Ogidan is passionate about new initiative

    Celebrated British-Nigerian filmmaker, tech consultant, and social advocate Funmi Ogidan is set to unveil a major empowerment initiative, WADEN – Widows and Daughters Empowerment Network.

    The launch of the new initiative has been set to take place during the Akungba Day celebration on July 29, 2025.

    Those close to Ogidan’Birin, as Funmi is fondly called, shared that she is so passionate about the initiative which will take place in Akungba-Akoko, Ondo State, during the community’s annual cultural festival, which celebrates heritage, unity, and progress.

    Read Also: Team Nigeria shine on  electrifying Day 2 at CAA Championships in Abeokuta

    Tagging it as a full cycle moment for her, the symbolic and strategic moment aligns with Ogidan’Birin’s mission to merge tradition with transformation.

    The new initiative, WADEN, is a grassroots initiative focused on uplifting widows and teenage girls through economic empowerment, mentorship, menstrual hygiene advocacy, and access to education. The programme’s vision is to foster a more inclusive and equitable society where no woman or girl is left behind.

    According to organisers, the event will feature cultural performances, a formal unveiling of programmes, and engagement sessions with community stakeholders. Ogidan’Birin, who also recently gained global acclaim for her epic film, ‘Adunni Ogidan’Birin,’ continues to champion the cause of African women through her art, advocacy, and leadership in technology.

  • Mike Adenuga mourns as Awujale passes on

    Mike Adenuga mourns as Awujale passes on

    Nigerian billionaire businessman Dr. Mike Adenuga is one of the illustrious sons of Ijebuland who enjoyed a longstanding relationship with the deceased Awujale of Ijebuland, the late Oba Sikiru Adetona, for over two decades.
    Their relationship, insiders say, has evolved from a personal friendship into something underlying cultural and economic support.
    Those in the know claim that the bond between Adenuga and the late Oba Adetona was beyond corporate sponsorship of the Ojude Oba festival. Their relationship, it was noted, was rooted in mutual respect and loyalty.
    The closeness became public knowledge when the deceased monarch stood up for Adenuga during a challenging period, but this is only the tip of the iceberg regarding how close the monarch was to Adenuga.

    Read Also: Nigeria teledensity hits 79.65%, 48.81% broadband penetration


    Adenuga is one Ijebu man the Awujale loved so much, and the love was reciprocated by the business mogul to the wise and fearless monarch. Adenuga, who is currently a member of the Council of the Awujale ‘s Otunbas of Ijebuland, is also the Otunba Apesin of Ijebuland.
    Following the passing of Awujale on July 13 at the age of 91 after a 65-year reign, Adenuga is said to be one of the most pained by the sad occurrence.
    In Awujale, Adenuga found a big brother, traditional father, an adviser and a leader who transcended simple delegated authority.
    Since the passing of Awujale, the man, who is widely referred to as the spirit of Africa and known as a recluse, has been silently mourning the passing of his older friend, brother, and leader. It is believed that it will take many months before Adenuga is weaned off the grief the passing of Awujale has caused in his heart.

  • About Owolabi Salis

    About Owolabi Salis

    High Chief Owolabi Salis is a New York-based lawyer and chartered accountant, but he recently made headlines when he joined others on a $2m trip to space.

    Salis is a man always desirous of continually making a meaningful impact. This has touched many lives in New York and beyond through philanthropic activities over the years. Salis even took it to a higher pedestal by building skill acquisition centres, which have trained several and made them self-employed in the city of Lagos. A diversity expert, Salis believes in the power of the youth and has a mini–stadium with accommodation situated in Ikorodu to his credit.

    The facility trains young Nigerians in different sporting activities. For decades, this detribalized Nigerian has taken the messages of hope and inclusion across the country as a way of forging national unity. He is the visionary behind the Niger Delta People Development organisation, a platform he has consistently used to advance charitable causes.

    Read Also: Nigeria teledensity hits 79.65%, 48.81% broadband penetration

    Despite having his hands in many pies, he manages the globally acclaimed Salis Law, with headquarters in New York, founded in 1992, and highly regarded for providing top-notch multiple specialised areas of law. His popularity in the city of New York is palpable, especially in beauty parlors, restaurants, coffee shops and among several races, including Spaniards and Dominicans – a testament to his popularity, largely due to his use of law in assisting several nationalities in overcoming immigration challenges, some of which he does pro bono, though some anti-immigrants don’t like this.

    Though he has not been elected into public office despite a few trials – he contested the primaries under the People’s Democratic Party (PDP) and Alliance for Democracy (AD) – he has continued to make impactful interventions on behalf of the poor, whom he sees as his primary focus.

  • Kiki Okewale celebrates Hope’s 10th anniversary with ingenuity

    Kiki Okewale celebrates Hope’s 10th anniversary with ingenuity

     Nigerian fashion entrepreneur Kiki Okewale is in great spirits at the moment. The reason for the joy is not unconnected with the success of her high-flying fashion group, Hope by Kiki Fashion Group.

    Kiki, who is the alluring wife of Dr Babatunde Okewale, threw the doors of her Opebi, Ikeja open for clients and the public as she celebrated the 10th anniversary of the business.

    In the same way, Kiki couldn’t help but reveal her garment factory, where she prints clothes and fabrics which she sells to the public and uses for her designs.

    Read Also: Lagos unveils Nigeria’s first LG-owned radio station

    Hope by Kiki fashion group remains a personal and emotional investment that is so dear to the fashion entrepreneur, who caters for some of the leading clients in Nigeria.

    Kiki held a close-knit get-together, which had several clients, friends, family members and close associates on Sunday, July 12 at the fashion group’s headquarters in Opebi, Ikeja. She couldn’t help expressing gratitude to dignitaries and individuals, who honoured ten years of the business that is deeply personal to her.  The mother and author further noted that Hope Fashion Group started from a very real place in her life, and to see how far she has gone with her team is a testament to dedication and doggedness. Kiki also revealed plans for her next move saying she’s working towards dominating the industry.

  • Brown Ebewele returns in Osereme Ebewele Brown

    Brown Ebewele returns in Osereme Ebewele Brown

    In his time, Brown Ebewele was a man who meant different things to different people who came across him. While some saw him as a no-nonsense, confrontational and abrasive man, others saw him as a kind, magnanimous and friendly individual whose primary concern was about satisfying the needs of others.

    Five years after the death of Ebewele, one of his sons, Osereme has eulogised the memory of the ex-Nigerian sportsman, administrator and politician. Osereme has immortalised his father’s name with his incursion into the Nigerian fashion industry.

    Osareme, a designer and entrepreneur, is currently making waves across Africa’s fashion scene with his fashion brand, Ebewele Brown, a luxury fashion and lifestyle house founded in 2012 and now recognised for redefining modern African elegance.

    Read Also: South-East Investment Company: A Renaissance for Igbo enterprise and Nigeria’s economic future

    Born in Edo State into the home of Brown Ebele, Osereme’s journey to success is one marked by resilience, reinvention, and cultural pride. From a difficult academic expulsion to co-founding and exiting the early stages of Africana Couture, Osereme charted a bold solo path that led to the creation of Ebewele Brown, a brand named in honour of his late father and built on a personal vow not to fail.

    On why he decided to immortalise his father’s name, Osareme noted that it wasn’t just about legacy, it was about accountability. He further said he knew he had to build something that would stand tall like the man it was named after.

    From humble beginnings in Lagos and Abuja, Osareme now operates from a flagship showroom in Abuja, with thriving branches in Lagos and Conakry, Guinea. In 2023, Brown launched the Abuja Garment Factory, a 500-square-meter production facility employing over 50 professionals and helping boost local fashion manufacturing capacity. The standalone factory caters to the needs of Ebewele Brown brands and also other brands not related to or affiliated with Ebewele Brown.

  • Ejioye, Ogunjobi celebrate defining union

    Ejioye, Ogunjobi celebrate defining union

    In a tasteful and impeccably organised ceremony held in Lagos, Ayomide Ejioye, Chief Operating Officer of GIDI Real Estate Investment Limited, exchanged vows with Oladunni Ogunjobi to mark the beginning of a new chapter in a union that harmonises grace, leadership, and modern refinement.

    The occasion, which unfolded as more than a wedding, was a public affirmation of character, vision, and personal evolution. The ceremony was a convergence of tradition and modern sophistication, reflecting the depth of the couple’s values and the breadth of their network.

    Read Also: Lagos unveils Nigeria’s first LG-owned radio station

    The guest list included a distinguished gathering of dignitaries from across sectors. In attendance were top government officials from Lagos State and Ekiti State, alongside revered traditional rulers, respected stakeholders in Nigeria’s real estate development space, and special guests drawn from both public and private institutions.

    Their presence underscored the esteem in which Ayorinde is held as an industry professional and as a leader whose influence transcends business. Throughout the ceremony, tributes were paid to Ayorinde’s professional integrity and evolving leadership. 

  • Ondo Chief Judge pardons 31 inmates

    Ondo Chief Judge pardons 31 inmates

    …suspected rapists, armed robbers, rapists freed 

    The Chief Judge of Ondo State, Justice Olusegun Odusola, on Thursday granted pardon to 31 inmates awaiting trial across various correctional centres in the state as part of efforts to decongest overcrowded prisons.

    Justice Odusola, who was conducted around the facilities by the State Comptroller of Corrections, Jude Agboje, undertook a two-day tour of the Olokuta Medium Correctional Centre in Akure, the Segede Custodial Centre, and the Female Custodial Centre in Ondo town.

    Among those released were suspects facing charges such as rape, armed robbery, and sexual exploitation, as well as inmates battling chronic health conditions like tuberculosis and HIV.

    Seventeen inmates were freed from Olokuta, twelve from Ondo, while two others were granted bail and released to their mothers.

    READ ALSO: Yahaya Bello weds fourth wife in private ceremony

    The Chief Judge explained that the exercise was part of routine judicial oversight aimed at promoting human rights and improving access to justice. 

    He lamented the high number of inmates languishing in custody without trial due to delays by prosecutors and lack of legal representation.

    He noted that the pardons were granted on compassionate and medical grounds, and in cases where the Department of Public Prosecution (DPP) had failed to diligently prosecute.

    “Many of these inmates have been unlawfully held for prolonged periods without trial. This visit is to ensure that no one is forgotten behind bars due to systemic lapses,” Odusola said.

    Remarking, Agboje, commended the Chief Judge for his commitment to justice reform and his compassion for inmates stuck in the justice system without trial.

    “Justice Odusola has shown rare humility and dedication to upholding the rule of law,” he said. 

    He, however, appealed to the state government for more support towards improving facilities and prosecutorial efficiency. 

  • UNIMED Registrar feared killed in Ondo

    UNIMED Registrar feared killed in Ondo

    Imoleayo Ezekiel Adeniran, the Registrar of the University of Medical Sciences (UNIMED) in Ondo State, was found murdered at his private residence in Akure in the early hours of Thursday, a police source confirmed to The Nation.

    The tragic incident occurred in the “Olopa to Di Woli” area along Ondo Road, plunging the local community and the university into shock and confusion.

    In a statement confirming his death, the university authorities described Adeniran’s sudden passing as deeply shocking and a great loss to the institution.

    “The devastating news (of Adeniran) has thrown the university into mourning, as it was shocking!

    “He was still at his duty post on Monday, 14th July, 2025. At the time of writing this statement, the cause of his death is yet to be ascertained,”

    “Our thoughts and prayers are with his immediate family and the entire University community in this trying moment. May God repose his sou,” Isaac Oluyi, a spokesman for the institution, said. 

    But a police source said that Adeniran was allegedly attacked and forcefully poisoned by unknown assailants at his residence in Akure.

    READ ALSO: Yahaya Bello weds fourth wife in private ceremony

    He revealed that the university Registrar had stepped out to investigate a strange noise on his roof when he was accosted by the assailants who emerged from a nearby bush.

    “The assailants allegedly overpowered him and administered an oral liquid substance suspected to be poison before fleeing the scene,” the source said. 

    According to him, Adeniran was later found lying unconscious in the compound and was rushed to the hospital, where he was confirmed dead by a medical officer.

    He added that the corpse of Adeniran had been deposited at Divine Haven Mortuary, Akure, while detectives have visited the crime scene for further investigation.

    “But the case has been transferred to the State Criminal Investigation Department (SCID) in Akure for investigation,” the source further said. 

    Confirming the death of Adeniran in a phone chat, the spokesman for the Ondo State Police Command, Olayinka Ayanlade told The Nation that it was a case of assassination. 

    Ayanlade said the police are now after the perpetrators of the ‘murder’, saying the case would not be swept under the carpet.  

    “The man died in the early hours of yesterday (Thursday), and I can confirm to you that this was reported at Fanibi Divisional Police Station. 

    “We are doing everything possible to unravel circumstances surrounding this case. I mean, we are after those responsible for this case.

    “I can confirm to you that the man was killed. From the information I had at my disposal, two men came out of the bush, and they forced a substance into his mouth,” he said. 

    The deceased assumed office as the third substantive Registrar of UNIMED on the 6th January, 2025 until his gruesome killing on Thursday. 

  • CBN reforms drive naira recovery, restore card use abroad

    CBN reforms drive naira recovery, restore card use abroad

    Over the past two years, the Central Bank of Nigeria (CBN) has implemented a series of tough reforms aimed at addressing long-standing challenges to price and exchange rate stability. These reforms have begun to yield measurable results — including a rise in international reserves, improved access to forex through official channels, a sustained naira rally across markets, and the resumption of overseas transactions with naira cards by commercial banks, writes Assistant Editor COLLINS NWEZE

    Until recently, one of the biggest challenges facing Nigeria’s economy was limited access to foreign exchange (forex). This constraint often forced businesses and travelers to rely on the parallel FX market, creating arbitrage opportunities that fueled speculation and further destabilized the system. In response, the Central Bank of Nigeria (CBN) launched a series of bold reforms aimed at attracting foreign capital, stabilising prices and restoring confidence in the exchange rate regime.

    In 2023, under a new administration and the leadership of CBN Governor Olayemi Cardoso, the foreign exchange market was liberalized. The central bank ended its financing of fiscal deficits, while the federal government reformed the costly fuel subsidy system, improved revenue collection, and moved to curb inflation.

    These coordinated measures have begun to yield results. International reserves have grown, and access to forex through the official market has significantly improved. Nigeria returned to international capital markets in December and has since earned positive credit rating upgrades. Meanwhile, the emergence of a major private refinery signals progress toward value addition in a fully deregulated petroleum sector.

    Naira cards resume international usage as naira gains

    With rising dollar liquidity, Nigerian banks have lifted over three years moratorium on the use of naira-funded debit cards abroad as dollar liquidity rises. This has also led to significant appreciation of the naira against the dollar and other global currencies. Already, the naira has made significant appreciation in recent months.  In the parallel market, the naira appreciated, closing at N1,550/$1 on Friday—up from N1,555/$1 on Thursday. From Monday to Wednesday, the currency remained stable at N1,560/$1, according to market surveillance in Lagos.

    At the official rate, the naira ended last week at N1,532/$1, stronger than it exchanged the previous week. Three Tier-1 banks and mid-tier bank, United Bank for Africa (UBA) Plc, FirstBank, GTBank and Wema Bank Plc respectively, have announced the resumption of international transactions on their naira debit cards. The development comes about three years after many banks suspended international transactions on naira debit cards or dip in dollar liquidity, forcing many local lenders to restrict transactions of local cards abroad. Transactions are however, allowed for dollar-funded cards, usually linked to cardholders’ domiciliary accounts. In recent months, analysis of FX inflows in the last few months showed that Nigeria attracted $5.96 billion monthly inflows from May 2025 till date.

    Industry report showed that Nigeria’s foreign exchange market witnessed a significant boost in May, with total inflows rising by 62.0 per cent month-on-month (M-o-M) to $5.96 billion, driven largely by increased participation from domestic and foreign investors. This marked one of the highest inflow level in recent months and signals improving market sentiment amid macroeconomic reforms and a relatively stable naira. In emailed note to investors, analysts at Financial Derivatives Company Limited attributed rising FX inflows to surge in oil prices and multiple inflow channels created by the Central Bank of Nigeria. 

    The CBN has in recent months, activated multiple FX sources to increase dollar inflows, boost dollar access to manufacturers and retail end users and support naira recovery across markets. From moves to improve 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 apex bank has simplified dollar-inflow channels for authorized dealers and other players in the value chain.

    In a notice to customers, the UBA said the resumption aligns with its continued commitment to providing clients with seamless and enhanced banking experiences. “In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions.

    “This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility. If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder,” the bank said.

    Also announcing the development in a recent statement, Wema Bank said customers can now “pay in dollars” with their naira cards. “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress? Netflix, Spotify, YouTube,” the bank said.

    In emailed note to customers, FirstBank said its Naira Mastercard can now be used for international transactions. “Shop online or spend up to $500 every month on your preferred channel seamlessly,” the bank said.  Guaranty Trust Bank pegged its quarterly transaction limits across different channels at $1,000 for online and PoS transactions while ATM transactions are limited to $500.

    The banks had earlier announced the resumption of international transactions on their naira debit cards. In a report, head of financial institutions ratings at Agusto & Co, Ayokunle Olubunmi, said the improved liquidity in the foreign exchange (FX) market supported banks’ decision to reactivate their naira cards for global transactions. “The moderating premium on the parallel market transactions and the reduced arbitrage opportunities is also responsible for the decision,” he said.

    Records showed that many banks, including Stanbic IBTC Bank, United Bank for Africa, Access Bank, Standard Chartered Bank Nigeria, GTBank among others have at some point, reviewed international spending limit on naira cards, while at other times suspended transactions on such cards unless they are linked to dollar-funded domiciliary accounts. Analysts said that by allowing travelers use their naira-cards abroad, the banks are making it easy for cardholders to pay their hotel bills, make reservations and carry out other transactions using their debit cards.

    FX reserves position rises as net FX reserve accretion surges

    Cardoso-led CBN recently announced quantum leap in the net FX reserve position at $23.11 billion at the end of last year. The CBN boss 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 characterized by multiple forex rates, which had encouraged arbitrage opportunities.

    This regime stifled much needed foreign investment, and led to the depletion of our external reserves which fell to $33.22 billion in December 2023. “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.

    According to the apex bank data, 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. Gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023.

    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. We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms,” Cardoso said.

    Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year. Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows.

    Read Also: Saudi King, Crown Prince mourn Buhari, send condolences to Nigeria

    The CBN said it remains committed to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience. 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.

    Way forward

    In emailed report, the IMF’s mission chief to Nigeria and an assistant director in the IMF’s African Department, Axel Schimmelpfennig disclosed that to address these challenges, Nigeria needs stronger and more sustained growth to lift millions of people out of poverty and food insecurity, which is what the authorities are focusing on. “This does not happen overnight. In the meantime, making growth more inclusive also requires scaling up the existing cash transfer system.  Second, as an essential ingredient for economic development, Nigeria needs an effective budget framework. Delivering effective investments in people and infrastructure requires realistic budget assumptions, strong expenditure management, and transparent implementation and reporting—which, in turn, can strengthen accountability. For its part, monetary policy should continue to decisively tackle inflation and reduce economic uncertainty,” he said.