The Nation Newspaper

Category: Saturday Magazine

  • LG chairman places N30m bounty on killers of 25 residents in Rivers community

    LG chairman places N30m bounty on killers of 25 residents in Rivers community

    The Emohua Local Government Area in Rivers State has placed a bounty of N30million on cult leaders and their sponsors responsible for the gruesome killings in Obelle community.

    A supremacy war by two cult groups in the area had led to killings of over 25 indigenes of Obelle with majority of the victims said to be innocent residents of the area.

    The cult groups and their leaders killed seven people on Thursday last week, four on Friday and 10 on Saturday during bloody encounters that dislocated the community.

    The entire community had been deserted as residents abandoned their ancestral homes to seek refuge in other areas.

    Most of the fleeing residents reportedly ran to secure their lives in Elele where they slept under trees and in open places with their belongings.

    Rattled by the unchallenged violence in the community, the Executive Chairman of Emohua Local Government Area, Mr. David Omereji led a team to the community on Tuesday.

    It was learnt that apart from the team that followed the chairman to the area, nobody was on ground to receive Omereji, who was visibly angry that hoodlums had sacked the entire village.

    Omereji immediately pronounced an award of N30million for anybody, who could provide useful hints on the whereabouts of the killers and their sponsors.

    Read Also; FG to launch national scorecard to track states’ progress on open defecation-free goal

    Though the chairman did not mention any name of the cult leaders, he said it was time to end the bloodshed and return peace to Obelle.

    The Chairman also begged the fleeing residents of the area to return home promising that henceforth there would no longer be cult clashes in the community.

    Omereji said it was barbaric that it the 21st century, some people would enter a community and shed blood adding that he would rather resign that see such incident continue in the area.

    He said: “It is pathetic that in this modern society some hoodlums whatever they call themselves will create an unrest that will lead to loss of lives and properties of the people. 

    “We have sworn an oath to safeguard the lives and properties of the people and Obelle is one of the communities that falls under the wards in Emohua Local Government Area. Tell your people to return back home. 

    “No individual can be bigger than the government. No matter how stubborn a man maybe, the government will still put an end to his nonsense. I can assure you, this is the end of unrest in Obelle.

    “Emohua government is putting a bounty of N30m for anybody who has useful information that will lead to the arrest of these criminals who came to shed blood in this community. We want these people arrested within 72 hours. Anything that affects Obelle could be duplicated at Iba and it will trigger to other areas”.

     The chairman commended security agencies for their efforts and sacrifices since the violence started in the area.

    He said: “We will do everything possible as a local government to stop this nonsense.  What will anybody gain. You came and killed people. I would rather resign as a chairman than to see these people continue again.

    “The police can’t work without information. How can rif-rafs cause fear all over the place? I will be here everyday to ensure that those behind these acts are apprehended. Everybody has deserted this community in the name of one cult or the other. What are they dragging. Enough is enough”.

  • Adekaiyaoja’s appointment as Deputy DG DSS will create room for career progression –  Ejiofor

    Adekaiyaoja’s appointment as Deputy DG DSS will create room for career progression –  Ejiofor

    A former Director at the Department of State Security Services (DSS), Mike Ejiofor in this interview speaks on the appointment of the first female Deputy Director General of DSS and how her appointment will lead to career growth, sets the agenda for the agency in 2025, among others. Here are the excerpts:

    What are your thoughts about the appointment of Folashade Adekaiyaoja as the Deputy Director of DSS?

    I want to thank Mr. President for his landmark appointment. I also thank the National Security Adviser (NSA) for taking the initiative to make this recommendation. First of all, in the extant rule establishing the security service, the position of Deputy Director General has been there but for whatever reason nobody has taken the bull by the horns to implement it.

    I think it was only the DG before the last one that tried to expand the last structure to get to the Assistant DG, most of the officers see themselves as directors being there for eight years and more because there is no more progression for you. But when this DDG rank was expanded just like you have in other security services, like in the police you have the Assistant Inspector General, and Deputy Inspector General.

    The same thing in civil defence or immigration and the rest of them. So, it is only in DSS that we don’t follow that structure. Having done that it is very motivational because it inspires the staff. You have expansion at the top because the top was too heavy because there was no room for expansion. What happens is that you have an Assistant Director General. There is a position for two Deputy Director General but presently it is only one that is the most senior that is qualified to be appointed the Deputy Director General.

    These are purely administrative issues in the state security service. I have been inundated with calls. The DG DSS in his usual way wouldn’t want to expose such things in the press. It is my duty as I have always done to at least enlighten the members of the public because people will begin to have different interpretations.

    The new DDG that has been appointed is the most senior and the only one qualified for now to be appointed DDG. There is still provision for expansion for the appointment of another Deputy Director General. I think the DG should take the initiative to also make such appointments. 

    What does it do for the service in general? I will tell you that it calls for celebration even among retired staff. Remember that the President also appointed this DG from within the service, so he knows the challenges within the service unlike previous ones appointed as either retired people or people from outside to head the service.

    So, this is very inspirational and I can tell you that feelers from the service indicate that people are very happy. You know that when you are talking of gender sensitivity, for her to be lucky to be appointed at this particular time tells a lot about professionalism as promised through the NSA by the president that he would make sure that there is professionalism in the service and there is need for us to tackle our challenges. You can see that the staff will become very productive in terms of. He has come out with a lot of welfare packages. There is so much he has to do and he needs our support he needs encouragement from Nigerians to assist the agency in collecting information that will help us to fight insecurity. So it is a welcome development.

    Read Also; FG to launch national scorecard to track states’ progress on open defecation-free goal

    It is a welcome development, especially in the area of gender sensitivity, so many people are celebrating that, how do you clarify a point of conversation that has emerged in the public space, people are saying that her appointment has raised some concerns about federal character, though she came from Kogi state she is Yoruba, people are saying how can the DG and the DDG be both Yoruba, please clarify that?

    That is a very interesting question because I have received some calls where people have questioned, why should it be Yoruba. First of all, Kogi is in North Central, Kogi is not in the South West. The DG is from the South West, besides as I explained she is the most senior and most qualified. So, you don’t bring politics into the service.

    In terms of appointments of state directors, DDGs, and directors, yes we observe federal character appointments but you know that you cannot strictly follow character appointments over competence and capacity in a service like this. But for now, by providence, she is the most senior and only one qualified to be appointed DDG. So, there is no problem with that. I think it is one of the reasons that made me say that apart from it God has put her there. It is her luck and it is divine that she is there now. She is a woman and she is the most senior qualified to be appointed DDG for now.

    Part of this appointment, beyond being celebrated as the first woman to occupy that position, is the president’s desire to make the agency more efficient. He started by thanking and congratulating the president for this appointment, what are the other things that must be done to make the agency more efficient?

    I am a pensioner from the service, and since the current DG came in my pension has been enhanced. How we did it, I don’t know. The welfare of staff is paramount in his pragmatic approach to motivating the staff. Promotions are being released. It is not in my position to begin to discuss certain issues on air because this is a covered organisation and he has come out a plan to say that his operation will now be covered, and can tell you that he has within this short period he has motivated staff in terms of training, in terms of welfare, in terms of promotion.

    A lot of innovations are coming in and the staff is very happy.  The retired people are also happy with him. He has brought a lot of innovations and besides the welfare of staff and motivation of staff, you can see a lot of collaboration and synergy between the other agencies which is what is helping us in achieving the result that we are achieving now. When he was appointed the president did emphasize that there was a need for all the agencies to synergize and work together. I am also in touch with some of the service chiefs who have confirmed that this is a different DG from what we used to have. We need to encourage him to do more for the staff and the country.

    If the organisation is a covered one like said. Some people are asking whether it is necessary to publicize these appointments, given a new strategy to communicate the structure of the DSS?

    The DSS didn’t issue any statement about that. The President approved the appointment and it was released from the office of the NSA that such an appointment had been made. Mr Tosin Ajayi the DG DSS. It is good that people should know that there are some structural adjustments within the service. This is a landmark and it is a very strategic appointment that should not be swept under the carpet, but the DSS didn’t issue any statement on that.

    Beyond appointments as highlighted from the position of the DSS there is room for three deputy directors, how can those positions be completed to improve efficiency further to reduce the top-heaviness of the agency?

    You have virtually answered the question. The creation of this Deputy Director General will call for expansion and accommodation of various groups in terms of federal character. Like I said earlier when you have these DDGs duly appointed, you will have one in charge of one in charge of administration, another one in charge of operations and I didn’t know how the third one will be but that will be purely administrative. What I will tell you is that this is a very welcome development that will encourage staff there will be career progression. When you get to a particular place and you are stunted, it doesn’t encourage you or when somebody from outside is brought to come and head. It doesn’t help career progression.

    I think that this expansion at the top will also encourage career progression, not a situation where you have only DG, you don’t have a Deputy Director General, you don’t have an Assistant Director General. These are offices that have been created to encourage staff in their career progression. If the DG, Tosn Ajayi had been selfish he would have left it the way others did but because he believed in professionalizing the service he had to expand to encourage people.

    If you are to set a security agenda for 2025 what are the major things you would be looking at?

    I think it is very critical that we assess our approach and don’t forget that the DG is new. He has been establishing contacts with the service commanders on the way forward. For me, as a person, we should prioritise the issue of our security challenges.

    Some are political, there are some that we will use kinetic and there are some that we will use non-kinetic approaches. For instance, we have achieved a lot of success in the northeast until recently when we started having some isolated cases. Look at the North West you have the issue of Lakurawa.

    Since their inception, you can agree with me that after their first initial appearance much has not been heard from Hat Lakurawa because of the activities of intelligence and security forces. When you come to the South East, I think that the government should take the initiative to have a political solution to the issue in the South East, especially the issue of unknown gunmen and Nnamdi Kanu. I will strongly appeal to the government to use this opportunity to unconditionally release Nnamdi Kanu. Let us see because people are killing innocent people and claiming that they are fighting for Nnamdi Kanu, and Nnamdi Kanu has condemned this issue and has talked about a sit-at-home that he is not in support of.

    How can you be fighting for a people and at the same time destroying their economy and their means of livelihood? I think the government should look at the issues and I am happy that the federal government budget has the largest budget in terms of security and defence and that shows you the much concern that the government is showing. I think it is not just budgeting there should be proper scrutiny and oversight function from the National Assembly to ensure that monies meant for such budgets are used judiciously

  • Suspected armed robbers kill pastor in Gombe

    Suspected armed robbers kill pastor in Gombe

    Suspected armed robbers on Sunday killed a pastor in Lubo Community, Yamaltu/Deba Local Government Area of Gombe State.

    The deceased was identified as Reverend Buba Galadima, the pastor of Evangelical Church Winning All (ECWA) in the community.

    It was gathered that the gunmen invaded the cleric’s residence in the early hours of Sunday and opened fire on him when he tried to escape.

    The bullet was said to have hit his upper back. He was rushed to the teaching hospital where he was confirmed dead.

    Read Also; NDLEA declares four wanted over cocaine shipments to Saudi Arabia, Qatar, others

    A resident of Lubo who spoke anonymously, revealed that the gunmen stormed the town around 1am and fired multiple gunshots to announce their presence.

    According to the resident, the gunmen first targeted the ECWA church, then moved to a nearby compound, where they stole N300,000, ransacked homes before asking of the pastor’s residence which was a fence away.

    Spokesman for the Police on Gombe State, Buhari Abdullahi, confirmed the incident.

    “The issue is armed robbery because they entered the house at night. Maybe they attempted to rob him, but unfortunately, from the way he was shot at the back, it seems he was trying to escape,” Abdullahi said.

    He said a special squad had been deployed to track the culprits down, adding that the Commissioner of Police in the state, Bello Yahaya was at the hospital to access the situation.

    Abdullahi assured that a thorough investigation was underway and dismissed claims that the attack was carried out by bandits, emphasizing that Gombe State has no history of banditry.

    “We have launched a special operation, and we are confident that the perpetrators will be arrested,” he said.

  • We lived in constant fear as demolished Anambra hotel’s neighbours —Residents

    We lived in constant fear as demolished Anambra hotel’s neighbours —Residents

    • Hotel’s owner tells own story from hiding

    Penultimate Tuesday, the world woke up to the shocking news of a shrine and more than 30 graves discovered in a hotel in Oba, a community in Idemili South Local Government Area, Anambra State. The shocking discovery at Udoka Golden Point Hotel and Suites, popularly known as La Cruise Hotel, was at the instance of the state’s security outfit, Agunechemba.

    During the raid that ensued in the incident that drew comparisons with the 1996 Otokoto saga in Owerri, Imo State, security operatives discovered assorted charms and other ritual items within the hotel’s premises. But while some arrests including sex workers were made, the owner of the hotel managed to escape.

    Although it is almost two weeks since the bizarre incident occurred, residents of the community are still visibly shocked that they had been hosts to the shocking sight for years.

    A resident of the community, Madam Cecelia Obianwu, said it was a shocking piece of news that the individuals involved had lived among them for years, even though the 65-year-old lady admitted she and other residents were aware of the continuous presence of heavy smokers in and around the hotel.

    Before its demolition late last month, the security outfit had branded the hotel a hideout for kidnappers, yahoo boys and other criminals. No fewer than 30 alleged graves were discovered in the hotel with different kinds of shrines and different kinds of charms. The security outfit also alleged that some decayed bodies were inside the pits described as graves.

    Anambra State governor, Prof Chukwuma Soludo, had launched the Agunechemba security outfit to tackle the insecurity that had defiled remedy in the state. Since the launch of the outfit, no fewer than 10 buildings allegedly shielding criminal elements had been destroyed by it in different parts of the state.

    Not only that, the land that hosts such a building automatically becomes a property of the state government, according to the new state government’s homeland law

    Although the owner of the hotel, Mr A.G. Udoka, fled during the demolition exercise, he later spoke from his hideout, describing the allegations leveled against him by security agents as untrue. He also refuted claims by state authorities that the property located on Onitsha-Owerri Expressway was a hub for kidnapping and criminal activities.

    Read Also: Nigeria must build a resilient economy to overcome poverty — Makinde

    Udoka, who said he was not aware that the tip-off that resulted in the demolition exercise was from a whistleblower, described the allegation as blackmail, insisting that his facility had nothing to do with criminal activities, insisting that the so-called graves were, in fact, partitioned fish ponds.

    He said: “The hotel has never been involved in kidnapping. Those things they are calling graves were partitioned fish ponds.

    “I bought the property from the original owner, who constructed it as it is, and the top floor was converted into a fish pond before I acquired it.

    “The fish pond was designed to allow easy oversight of the fish and for them to be used at the hotel’s bar for barbecue.

    “Since I purchased the property, some interested parties have been upset and wanted to revoke its sale. When that failed, they started manufacturing troubles for me.”

    He failed to mention the interested parties

    “I’m a legitimate businessman who deals in motor parts, land and property. You can enquire from the traders in the community.

    One of the residents in the community, who did not want to disclose his name, told The Nation that the hotel was a dreaded place.

    The 61-year-old resident said: “At times, the kind of noise that comes out from that place scares us. At times too, you hear the sound of gunshots.

    “The smell of Indian hemp that oozes out of the hotel also terrifies the public. It means that something wrong was happening inside there.

    “From time to time, you see strange boys with plaited hairs, wearing earrings and dressed like hip hop stars with assorted sleek cars.

    “Any hotel that harbours women of easy virtue otherwise known as ‘sex workers’ has something to do with bad record.

    “We thank the governor, Prof Chukwuma Soludo, and Agunechemba team for saving Oba community from criminal elements.”

    Also, 56 years old Mrs Elizabeth Okeke, who lives close to Aborji village in Oba, told The Nation that the community had been in turmoil over traditional stool, adding, “that place harbours bad elements.

    “People have always suspected the hotel. We live in fear in this community. A lot of things are going wrong here. People are being killed, and there are armed robbers and kidnappers everywhere.

    “We don’t know the source of wealth of most of our children. I weep everyday because of what the society has offered us nowadays. We cohabit with strange people.

    “Anytime you move close to that area, some of the things you will see and witness will shock you. The way some rough, fierce-looking men and women would look at you is terrible”

    But another resident from Okuzu village in Oba, who pleaded to remain anonymous, told The Nation that Soludo’s arrangement in destroying the hotel looked like a set-up

    He maintained that the security outfit he launched was mainly for governorship election, to haunt opposition parties.

    He said: “Operation udo ga achi and his Agunechemba are not sincere. They are doing hatchet jobs for the state government.

    “Since the hotel came to that place, has anybody complained of anything before now?

    “It is pure witch-hunt and the federal government should intervene before it becomes something else,” the Okuzu village indigene told The Nation.

    Soludo’s Commissioner for Information, Dr Law Mefor, denied the hotel owners claims of the graves being ‘fish ponds’, saying “a fish pond cannot be situated inside a hotel.

    “Fish ponds and shrines on the hotel’s top floor? Even for health reasons, is such an arrangement logical?

    “Where are the fish if it’s a pond? Why did he run away? Why is he hiding? He should come out and explain all these things to the masses since his facility is genuine.

    “The Governor has been a proponent of aku rue uno (that’s bringing development home), but not this type. It is better not to have kidnappers lurking everywhere in our state.” Mefor said.

    Though insecurity has reached an alarming proportion in Anambra State with no fewer than seven to ten persons being kidnapped every day and many being slaughtered like fowls, the security set-up by Soludo is highly applauded by many

    But some observers believe it is more of politics than solving the problems. They are seeing the desperation of retaining his governorship seat than protecting the lives of the masses.

    The Anambra State’s Police Public Relations Officer (PPRO), Tochukwu Ikenga, a Superintendent of Police, maintained that the facilities being pulled down had been found to be criminals’ hideouts.

    During the raid, some sex workers were arrested, including few alleged kidnappers

    Apart from kidnapping for ransom and killing of residents by gunmen, suspected ritual killers are also the rampage in the state

    Soludo has warned such hoodlums to leave Anambra if they love their lives, saying, “We are out to restore sanity in the state and ensure adequate security.”

    The government has vowed to continue its crackdown on kidnappers and other criminals until they are completely eradicated from the state.

  • Segun Aina: Change in societal values responsible for prevalent fraud in banks

    Segun Aina: Change in societal values responsible for prevalent fraud in banks

    • Says it’s important to document our errors so others can learn from them

    The history of banking and fintech in Nigeria is not complete without a mention of former CEO of Fountain Trust Bank, Segun Aina. The widely respected banking professional who recently celebrated three scores and ten spoke with GBENGA ADERANTI about life at 70, his experience in the corporate world, his reasons for not going into politics, and the prevalent fraud in the banking sector, among other issues. Excerpts

    How do you feel clocking 70?

    Reaching 70 feels wonderful. It is a blessing to be alive and in good health, and I am grateful to God for this. This milestone is an opportunity to appreciate everyone who has supported and contributed to my life up to this point.

    You have served in various organisations locally and internationally in different capacities. What is your next plan?

    The future is ultimately in God’s hands. But as humans, we plan. I like to plan ahead — one year, three years, five years, even 10 or 20 years into the future. The journey so far has been interesting: from 30 years in active banking to about 20 years in the fintech ecosystem leadership and now to incubation and acceleration. The next phase is applied research and intellectual work: writing books, creating podcasts and providing platforms for others to contribute to journals and more, on issues that combine theory and practice for societal development. I believe it’s essential to document our experiences—the successes, the failures, what we’ve done well, and what we could have done differently. By documenting, others can learn from our mistakes.

    This endeavour is not just for me but for other leaders who will engage in literary and academic work. I think this will benefit parents, the younger generation and those coming after us. Many young people today, despite being technically, digitally and academically proficient, lack certain skills necessary for harmonious coexistence and real success. The environment and opportunities we had growing up provided a well-rounded education and capacity building that the current generation may lack. We should aim to focus attention on supporting the younger generation, helping them reach their full potential, which will hopefully translate into broader societal benefits.

    Many would expect you to take a political appointment or join politics, but you seem to have distanced yourself from both. What influenced your decision?

    As they say, every human being is a political animal. We all participate in politics as a voter, a card-carrying party member, political office holder, and so on. Talking about being a member of a political party or running for elected offices, we are all endowed with different skills and competencies, and having observed the political landscape in Nigeria from a distance, I realised I might not possess the necessary skills and competencies to succeed in that arena.

    Success, to me, means having a clear purpose, pursuing it diligently, ensuring actions are result-oriented and analysing outcomes to assess their benefits to the organisation and society. To achieve personal goals in politics, one often needs to play the game as it is traditionally played, which might not align with my principles. But in our private capacities, everyone can positively impact society in our little ways and actually be more respected within society.

    Which of your assignments would you describe as the most challenging?

    Every assignment is unique. To be successful, one must embrace challenges, especially when undertaking audacious, innovative tasks that have never been done before. A significant challenge is bringing people along with you, as you can’t work in isolation.

    Being a pioneer means doing things differently and envisioning a future that others might not see. Over the years, I’ve learned how to carry people along, support them to see the vision and incorporate their insights into action plans and decision-making. Every situation came with its challenges, but we managed to overcome them.

    How do you manage to perform different tasks simultaneously?

    It’s about prioritising what’s urgent and important at any given time. I always tell people that you find time for what truly interests you. I would not accept an assignment if it was not important to me or if I was not interested in it. Once committed, I give it my best effort. When handling multiple roles, I approach each as if it is my only responsibility.

    What experience are you unlikely to forget as Chairman of Odua Investment Limited?

    O’dua Investment is an organisation with significant public interest. I was surprised when the governor of my state called me in late April 2020 to inform me if I would be willing to serve as chairman of the board. Accepting the role was challenging, given the company’s history and trajectory.

    We were assured by the governors of the six owner states that they were determined to bring in people with the right pedigree to run it as a commercially focused organisation. With that assurance, I accepted. The first six months to a year were tough, with long meetings and back-to-back sessions to address foundational issues in a company that was then about 45 years old.

    In 2019, you predicted a financial crisis in Nigeria and globally. Do you still hold this view?

    Financial crises occur in cycles, often every 10 years. The last major one was in 2009, so by 2019, another was anticipated. While there were challenges, it wasn’t a global financial crisis. However, the unforeseen COVID-19 pandemic that manifested in 2019 and became pronounced globally in early 2020 posed significant challenges worldwide, with lasting impacts due to the substantial resources governments committed to addressing it. This has led to severe economic crises which most countries are still battling with.

    What was your upbringing like?

    Growing up in Ibadan where I was born was enjoyable. I was fortunate to be born when things worked well—no significant security or economic issues. We had access to quality education and opportunities were based on merit. It was a time of growth and committed leadership focused on building a better future.

    Read Also: Nigeria must build a resilient economy to overcome poverty — Makinde

    Now that you are 70, would you take a traditional title?

    Over the past 30 years, I’ve been offered many titles, which I’ve respectfully declined, with the belief that it was not the right time. Titles are significant in our culture and I value it and respect eminent persons with chieftaincy titles. I’ve always done my part without a chieftaincy title and will continue to in the communities I affiliate with.

    The rate at which young bankers engage in fraud is worrisome. What could be responsible for this?

    The prevalence of fraudulent activities in Nigeria’s banking sector is deeply rooted in warped societal values. Consequently, fraud and corruption is not confined to the banking industry but is a widespread issue affecting various sectors.

    Banks, as custodians of public funds, naturally become focal points for financial crimes. While fraud existed during my early years in banking, it was neither as widespread nor as severe as it is today, both in terms of frequency and magnitude. This escalation reflects a shift in societal values, where monetary wealth is often viewed as the ultimate solution to life’s challenges. However, it’s important to recognise that while money can provide temporary satisfaction, it cannot offer complete and enduring happiness or peace of mind.

    Addressing this issue requires a comprehensive approach that includes promoting ethical leadership, reinforcing societal values that prioritise integrity, and implementing robust internal controls within financial institutions. By fostering a culture that values ethical behaviour over material wealth, we can work towards reducing the incidence of fraud in the banking sector and beyond.

    Do you relax?

    Absolutely! I make it a point to balance work and leisure. When I am in work mode, some might think I don’t have time for anything else. Conversely, during leisure, people are often surprised at how I find time for relaxation. It is essential to live a balanced life. As the saying goes, all work and no play makes Jack a dull boy. Therefore, I ensure to balance both aspects. I socialise, attend parties, watch movies, and play games. I relax more effectively when I’m among people I feel comfortable with.

    Nigerian banks and Fintech companies have been expanding across Africa, Europe and Asia lately. What drives this expansion?

    This expansion is a natural consequence of growth. It’s noteworthy that some Nigerian Fintech companies are now operating beyond Nigeria and Africa. A decade ago, few Fintechs aspired to operate internationally, with Interswitch being an early example. Many of the prominent Fintechs today such as Flutterwave and Opay did not exist 10 years ago though. Nigeria’s large market of over 200 million people provides a substantial customer base. As these companies grow, they naturally look to the broader African market of 1.4 billion people and, eventually, the global market of nearly eight billion. This progression reflects Africa’s increasing global influence.

    How do you think this expansion affects the continent’s economy?

    Expanding into other countries positively impacts the economy. For banks, revenues generated abroad benefit Nigerian and African owners, provided ownership remains within the continent. Currently, many Fintech unicorns are incorporated outside Africa and owned by non-Africans, limiting economic benefits. However, there’s a growing push for indigenous and local capital investment.

    As more local funding is secured, ownership will increasingly reside with Nigerians and other Africans. Operating internationally can boost foreign exchange earnings and strengthen African economies.

    Does the resurgence of cross-country expansion align with the African Continental Free Trade Agreement (AfCFTA)?

    Of course, it does. AfCFTA aims to enhance trade relationships between African countries, while expansion beyond Africa establishes connections with other continents.

    Can you share some challenges Fintech companies face when operating across continents, particularly in sub-Saharan Africa, Europe and Asia?

    Fintech companies, like others, encounter various challenges. A decade ago, funding was the primary issue. But today, regulatory frameworks pose significant challenges. Many regulatory institutions have established Fintech units, but understanding and anticipating developments in this novel sector takes time. Balancing consumer protection with encouraging innovation is crucial. Additionally, different licensing and business requirements across countries necessitate setting up separate entities, each with its own board and compliance obligations. There’s ongoing work to standardise these requirements and support licensing and business passporting to facilitate easier expansion within Africa.

    Another major challenge is the shortage of skilled talent. Despite Africa’s young population, the availability of adequately skilled individuals is limited. While efforts are being fast-tracked to provide necessary digital skills to our youths, developing a sufficient talent pool takes time. Moreover, skilled Africans often become targets for international organisations, leading to a talent drain. Advocating for up-skilling and re-skilling beyond immediate local needs can create a surplus, allowing some talent to work abroad and contribute to foreign exchange earnings for African economies.

    Lastly, reliance on foreign capital can be challenging. Earning revenue in local currencies while having shareholders expecting returns in stronger foreign currencies creates pressure, especially given the volatility of many African currencies. Thus, fostering indigenous capital is essential.

    From your experience, do you think it is profitable to do business abroad?

    It is profitable to do business globally. However, the Western world is highly developed, and opportunities for creating new ventures may not be as abundant as in African countries. Africa, being a developing continent, offers numerous opportunities in digital solutions, infrastructure provision, and financial inclusion. The potential for impact and profitability in Africa is significant.

    As the pioneer president of the Africa FinTech Network, how has the organisation helped bridge the knowledge gap and introduce innovation into the continent’s Fintech ecosystem?

    Over the past six years, the Africa FinTech Network has significantly contributed to the growth of Fintech in Africa. When we started in 2018, there were no unicorns in Africa; now, there are eight or nine. Unicorns are startup businesses that have grown to reach a valuation amount of one billion dollars. Investment in the Fintech space has increased, and Africa has gained global attention.

    One of our main goals is to showcase talent and opportunities across all 54 African countries; not just in traditional investment destinations like South Africa, Nigeria, and Kenya. Today, many countries are benefiting from increased investor interest and successful Fintech ventures. Our aim is to have a presence in 50 countries by the end of 2025, ensuring that every African nation benefits from the surge in Fintech innovation, investment, and talent development.

    How do you feel about the Fintech company you established in 2002?

    In 2002, as I was preparing to retire from the banking industry, I foresaw the fusion of finance and technology and decided to set up a company with Fintech as my first name. Of course, the company didn’t start a business until four years later. It was remarkable that it was the first Fintech-named company in Nigeria at a time the word Fintech had no meaning to most people. That company was the platform used for startup investments in that space and for establishing ecosystem-wide initiatives that led to the founding of organisations such as FintechNGR, and Africa Fintech Network, laying the foundation for future developments in the sector.

    What is the future of Fintech in Nigeria?

    It is very bright. We are just starting. The future of Fintech in Nigeria is very promising. Over the past decade, the number of Fintech organizations and the jobs they’ve created have grown significantly. Infrastructure has improved, and initiatives like Opolo Global Innovation have established hubs in various universities, equipping students with additional skills needed for the new world of work. This ensures a steady supply of young, talented individuals capable of driving the Fintech industry forward. Nigeria will continue to lead in Africa and set an example for others.

  • ‘Why I founded annual conference that brings African women together’

    ‘Why I founded annual conference that brings African women together’

    Abolaji Odunuga is the publisher of London-based Duchess International Magazine and Convener, Duchess International Women’s Day Conference. An advocate for diversity and inclusion, Ms Odunuga is also the CEO/Principal Partner, Custodian Global Consult. She is currently the 70th President, Rotary Club of Crawley, United Kingdom. Many would remember her as the Nigerian Lady that founded the African Community in Surrey and Sussex (ACISS). One of her brands, Duchess International Magazine, is celebrating 10 years this year. In this interview with select journalists in Lagos, Ms Odunuga talks about the impact of the magazine and the 2025 Duchess International Women’s Day Conference coming up in Dakar, Senegal. She spoke with Sani Tureta.

    Your journey in life has spanned technology, leadership, community building and advocacy. How did your experiences in these diverse fields shape the vision for the Duchess International Women’s Day Conference (DIWDC)?

    The vision for the Duchess International Women’s Day Conference is a culmination of everything I’ve learned, felt and experienced across the many paths I’ve walked. My journey in technology taught me the importance of precision and problem-solving. In a way, technology is like life: you troubleshoot, you innovate, and you adapt to creating solutions that are both impactful and sustainable. That same mindset shaped my approach to leadership, where every decision needs to be strategic yet empathetic, balancing results with human connection.

    Leadership gave me the opportunity to step into rooms where I could amplify voices that weren’t always heard. Community building taught me that we thrive when we collaborate, and advocacy revealed to me the power of storytelling—because it is through stories that people connect, learn, and grow. All of these fields converged into one clear truth: progress happens when we bring people together around a shared purpose.

    The annual event was born out of that understanding. It is not just a conference; it is a global platform where women from diverse walks of life come together to not only share their stories but also spark change. Each edition is like writing a new chapter in the story of African women—on the continent and in the diaspora—taking charge of their destinies, challenging norms, and inspiring transformation. Every skill I have honed, from managing complex systems in IT to bridging cultures and advocating for diversity, finds its home in this vision. I often say connection is my life’s work, and DIWDC embodies that. It’s a movement that connects dreams with possibilities, leaders with aspiring changemakers, and ideas with action. That’s the ultimate synergy of my journey.

    What was the pivotal moment that sparked the idea for the Duchess International Women’s Day Conference? And how did you overcome the initial challenges in turning that vision into a reality?

    The spark for the Duchess International Women’s Day Conference came from a deeply personal realization: when it comes to engagements, advocacies and discussions about African women, there’s the need to redirect our focus from specific aspects of women’s challenges, often excluding the critical roles men play or narrowing scope to women and girl-children alone. And that became the primary motivation for the Duchess International Women’s Day Conference and Duchess Africa. So, apart from our dynamic and holistic inclusivity – recognizing that overcoming systemic and social challenges requires the engagement of men as allies, collaborators, and advocates, we are intentionally incorporating men into the conference programming, workshops and initiatives, alongside a balanced focus on empowering both the girl-child and the boy-child. DIWDC fosters a comprehensive approach to creating transformative, sustainable change.

    Also, I have had the privilege of sitting in spaces where decisions are made – spaces that too often lacked diverse representation. I realised that if we as African women did not create platforms to tell our stories, someone else would – and they might not tell them the way they deserve to be told. Turning the vision into reality wasn’t without challenges.

    The first hurdle was creating a platform that would resonate across generational, cultural and professional divides. I knew it couldn’t just be another event. It had to be a movement that addressed real issues like economic empowerment, leadership, health, and cultural preservation. Building trust among partners and stakeholders was another challenge, especially in an environment where resources can be scarce.

    We started small but focused on quality and authenticity. The first edition in Kigali was proof of concept. Women came together, not just to be listen but to lead, collaborate and commit to action. What helped us overcome those early obstacles was staying true to the mission. And when we hosted the second edition in Nairobi, Kenya, we didn’t compromise on our values, and we built alliances with people and organizations that shared our vision.

    I also leaned heavily on my network and experience, knowing that the strongest movements are built on the foundation of trust and connection.

    Meanwhile, before the Duchess International Women’s Day Conference was born, I had already laid the foundation for celebrating and elevating African women through Duchess International Magazine, which I launched in 2015. The magazine became a platform to inspire, empower and showcase the brilliance and magnificence of African women from all walks of life. It was my way of telling our stories, amplifying our voices, and celebrating the diversity within our shared identity.

    By 2023, I felt a deeper calling – a desire to do more. I decided to take the celebration of International Women’s Day beyond borders, traveling to African countries to discuss the global theme of the day, but through our lens as African women. It wasn’t just about adapting the theme to our reality; it was about addressing the unique challenges and opportunities we face and creating a space for connection, collaboration, and transformative dialogue.

    Living in the United Kingdom for some time now, I’ve had a profound realization: in the eyes of a white person, I am first and foremost a Black woman – not a Nigerian woman. To them, our individual nationalities and ethnicities are not as distinct as we often perceive them to be. Yet, when I see another African woman – perhaps a Ghanaian – it’s easy for me to say, “Oh, she’s Ghanaian,” even though we look so alike, with our radiant melanin sparkling together. This contrast sparked a powerful thought: why don’t we, as Africans, start identifying ourselves as one, as Africans, instead of focusing so much on our national or ethnic labels?

    That realization became the heartbeat of the conference. I wanted us, as African women, to reclaim our collective identity, to unite under a shared banner of sisterhood, and to start telling our stories – not from foreign perspectives, but from within our own lands. I want to be identified not just as a Nigerian woman, but as an African woman. Because our strength lies not only in our diversity but in our unity. DIWDC was born from this vision – a movement to celebrate and empower African women as a unified force. It’s about breaking barriers, building bridges, and igniting a pan-African spirit that redefines what it means to lead, connect, and thrive as African women in the world today.

     From the first edition in Kigali to Nairobi and now Dakar, how has the Duchess International Women’s Day Conference evolved in scope, impact and significance? What lessons have you learned along the way?

    The journey from Kigali to Nairobi to Dakar has been nothing short of transformative, both for Women’s Day Conference and for me personally. The first edition in Kigali was intimate – a proof of concept that brought together a small but passionate group of women leaders. It was there that we saw the hunger for a platform where African women could come together to reimagine what leadership, empowerment, and collaboration could look like. That first event planted the seeds of something much bigger.

    By the time we reached Nairobi, DIWDC had grown in scope and ambition. We had more attendees, more diverse voices, and a broader agenda that tackled not just leadership but also critical issues like health, climate change, and entrepreneurship. Nairobi taught us the importance of adaptability – listening to the needs of our participants and tailoring our programmes to reflect their realities.

    Now, as we prepare for Dakar, the evolution is even more apparent. event has become a movement, a platform where African women from across the continent and the diaspora converge not only to share ideas but to chart actionable pathways for change. The conference has expanded in significance by focusing on cross-sector collaboration, amplifying women’s voices in global dialogues, and ensuring that every conversation leads to measurable impact. For example, our sessions now include policy advocacy, investment opportunities and targeted training programmes that address specific needs like financial literacy and digital transformation.

    The 2025 theme is ‘Accelerate Action: A Call to Ignite, Empower, and Engage African Women for Transformative Realities.’ What specific areas of leadership or action do you believe African women need to focus on today? 

    The theme for 2025, ‘Accelerate Action,’ is both a challenge and a rallying cry. It is a call for urgency, not because African women lack capability, but because the world cannot afford to wait any longer for their full potential to be unleashed to truly create transformative realities.

    Read Also: First Lady urges youths to embrace hard work, reject traffickers

    What can attendees expect from #DIWDC2025 in Dakar, and how do you envision the event creating lasting impact beyond the conference?

    DIWDC2025 in Dakar will be nothing short of transformative. Attendees can expect a vibrant fusion of thought leadership, cultural richness and actionable solutions. This is not just a conference; it’s an immersive experience where every session, every connection, and every conversation is designed to spark something meaningful.

    Dakar, with its deep cultural roots and dynamic energy, is the perfect backdrop for this year’s theme, “Accelerate Action: A Call to Ignite, Empower, and Engage African Women for Transformative Realities.” We’re bringing together trailblazers, changemakers, and dreamers from across the continent and diaspora to collaborate on pressing issues like leadership, economic empowerment, climate action and cultural preservation. Expect hands-on workshops, high-impact panel discussions, and networking opportunities that go beyond exchanging business cards—this is about building lifelong partnerships.

    But the magic doesn’t stop at the closing ceremony. We are committed to creating lasting impact by ensuring actionable outcomes. Attendees will leave with toolkits, partnerships and strategies to implement in their communities.

    For instance, the Dakar edition will include mentorship programmes for young women, policy dialogues with actionable roadmaps, and follow-up initiatives to track progress. It is about creating a ripple effect: what starts in Dakar will inspire transformation in homes, workplaces and communities across Africa and the world. Dakar 2025 is more than an event; it’s a call to action. Together, we’ll write a new narrative for African women—one where collaboration fuels progress, and no woman is left behind.

    Where do you see Duchess International Magazine and the Duchess International Women’s Day Conference in the next 10 years?

    In 10 years, I see Duchess International Magazine standing as the global voice for African women—a publication that doesn’t just tell our stories but shapes them, inspires them, and connects them. It will be a trusted platform for thought leadership, celebrating the achievements of African women in every corner of the world while also advocating for the changes we still need to see. As for the Duchess International Women’s Day Conference, I envision it becoming the definitive summit for African women, akin to the Davos of women’s leadership and empowerment. It will be a space where policymakers, innovators, and grassroots changemakers come together to set the agenda for the continent’s future. I see it expanding into year-round initiatives—mentorship programmes, think tanks, and economic forums that provide tangible solutions to issues African women face.

    More than just growth in size, I see profound impact. I see scholarships awarded to young girls and boys who might never have had the chance to pursue their dreams. One of the core aims of the conference, and indeed Duchess Africa, is to nurture and empower both the girl child and the boy child, because true transformation lies in balance. A “Duchess” represents a woman, a mother, a nurturer of greatness—one who ensures that all her children, regardless of gender, are equipped to reach their full potential. This philosophy is at the heart of everything we do, fostering a future where both boys and girls can thrive in harmony and mutual empowerment.

    I also see businesses and social enterprises born out of connections made at the conference. I see policies shaped by the ideas shared on our stages. Both the magazine and the conference will be a nexus of possibilities, places where African women and their allies can dream big, act boldly, and leave lasting legacies.

    In 10 years, we won’t just be looking back at how far we’ve come; we’ll be looking forward to how much further we can go.

  • Concerns mount as regulatory audit of local airlines begins

    Concerns mount as regulatory audit of local airlines begins

    Plans by the NCAA to conduct a comprehensive audit on local carriers have sparked anxiety in Nigeria’s aviation sector. This move, prompted by recent incidents such as Max Air’s suspension and frequent near misses, aims to address ongoing challenges eroding traveller confidence and ensure long-term growth and safety within the industry. KELVIN OSA OKUNBOR reports

    The drive to enhance air safety systems, procedures and processes is gaining significant momentum as countries around the world, including Nigeria, take proactive steps to strengthen their civil aviation regulations. Experts often view these efforts as an ongoing journey rather than a final destination, requiring all stakeholders in the aviation value chain to adhere to internationally recognized standards set by global regulators, including the International Civil Aviation Organisation (ICAO), the International Air Transport Association (IATA), Flight Safety International (FSI), the Airports Council International (ACI), and other relevant bodies. Therefore airlines, airport authorities, regulators, and service providers invest substantial resources to meet the highest safety standards, ultimately boosting the confidence of air travel users.

    However, the recurring incidents of near-miss accidents in Nigeria’s aviation sector raise concerns about the effectiveness of collaboration among key industry players. In recent years, reports of aircraft overshooting runways, skidding off, and incidents such as runway incursions and excursions have become all too common, dominating industry discussions. As a result, the state of Nigeria’s air transport sector is increasingly becoming a topic of concern and debate, both locally and internationally.

    Intriguingly, some airlines have found themselves at the forefront of the industry’s concerning narrative. In a recurring pattern, certain carriers are forced to temporarily suspend operations due to a series of serious incidents, while the regulatory body is often compelled to take drastic action to prevent what could be an impending accident. Just last week, the Nigeria Civil Aviation Authority (NCAA), the country’s apex regulatory body, revealed plans to intensify its ongoing comprehensive audit of all scheduled domestic carriers.

    Speaking on this development, Mr. Michael Achimugu, the Director of Public Affairs and Consumer Protection at the NCAA, stated: “The safety audit will involve a re-inspection of Max Air’s organization, procedures, personnel, and aircraft, in accordance with the Nigeria Civil Aviation Regulations.” He further explained that the economic audit would evaluate the airline’s financial stability to ensure it can maintain safe flight operations. Achimugu added that the NCAA had begun conducting organizational risk profiles for each of the scheduled operators.

    During this suspension period, a thorough safety and economic audit will be carried out on the airline. He emphasised that the economic audit would assess the airline’s financial health to ensure its ability to sustain safe flight operations. He also noted that the NCAA had initiated organisational risk profiles for each scheduled carrier, including Max Air, which is nearing completion. The audit has become increasingly necessary due to the frequent incidents involving some domestic carriers. Achimugu further stated that the resumption of Max Air’s domestic operations would depend on the satisfactory completion of this audit.

    “Statutorily, the Nigerian Safety Investigation Bureau (NSIB) has initiated investigation into the occurrence. The NCAA will provide the required support to the NSIB in this regard. However, as a result of this incident, Max Air is suspending its domestic flight operations for a period of three months with effect from midnight, 31st January 2025, to allow for an internal appraisal of its operations by its management.

    “During this three -month period, the NCAA will conduct a thorough safety and economic audit on Max Air. The safety audit will entail a re-inspection of Max Air’s organization, procedures, personnel, and aircraft as specified by Part 1.3.3.3(b) of the Nigeria Civil Aviation Regulations, while the economic audit will critically examine the financial health of the airline to guarantee its capability to sustain safe flight operations. The resumption of Max Air’s domestic flight operations will be predicated on the satisfactory completion of this audit. The NCAA is aware of the inconvenience this action may cause intending passengers of Max Air. However, the safety and well-being of passengers is paramount. Thus, the NCAA appeals for patience and understanding while it ensures the protection of passenger rights,” Achimugu said.

    Experts suggest that the latest development comes on the heels of a series of serious incidents involving local carriers. Notably, this is not the first time Max Air has come under the regulatory spotlight. On July 13, 2023, the Nigeria Civil Aviation Authority (NCAA) suspended parts A3 and D43 in the Operations Specifications for the Boeing B737 aircraft type in Max Air’s fleet. This decision was prompted by a series of incidents involving the Boeing B737 aircraft type. One of the incidents occurred on May 7, 2023, when a Boeing 737-400 (registration 5N-MBO) experienced the loss of the number 1 Main Landing Gear (MLG) wheel during a flight from Yola Airport, Adamawa State, to Nnamdi Azikiwe International Airport, Abuja.

    Additionally, on July 7, 2023, a fuel contamination issue was reported in the main fuel tanks of a Boeing 737-300 (registration 5N-MHM), leading to an Auxiliary Power Unit (APU) shutdown on the ground at Yola Airport. Another serious incident occurred on July 11, 2023, when a Boeing 737-400 (registration 5N-MBD) aborted its take-off at Mallam Aminu Kano International Airport (MAKIA) due to high Exhaust Gas Temperature (EGT) readings. On the same day, a Boeing 737-300 (registration 5N-MHM) had to return to Nnamdi Azikiwe International Airport (NAIA) due to a duct overheat indication in the cockpit.

    In response to these incidents, the NCAA assembled a team of inspectors to audit Max Air’s operations. The airline was informed that the audit results must be satisfactory before it would be permitted to resume operations with the affected aircraft type. This is just one example of the NCAA’s regulatory actions. In 2022, the NCAA conducted financial and economic audits of eight domestic carriers to assess their financial health. The regulatory body stressed that the audits were crucial to ensuring the stability of airlines in an industry where passenger confidence is increasingly under scrutiny. The NCAA clarified that the audits would be carried out in phases, with preliminary reports suggesting that while the carriers were not facing major safety challenges, they were struggling with cost-related issues. These included difficulties accessing foreign exchange at the official rate and the rising cost of aviation fuel, which have made it difficult for airlines to cover their operational expenses.

    The NCAA said: “Eight other carriers are undergoing financial and economic audit, and this is done in batches. Right now, it is just a financial and economic crisis, and we will do all we can to ensure it doesn’t get to a safety crisis. The NCAA has grounded a considerable number of aircraft. Though airlines may be undergoing these challenges, the regulator would not compromise on safety.”

    Besides Max Air, the NCAA had conducted audits on the operations of Aero Contractors, DANA Air and others with damning outcomes. On July 20, 2022, the NCAA suspended Dana Air’s Air Transport License and Air Operator Certificate indefinitely after a thorough financial, safety and technical audit. “The decision is the outcome of a financial and economic health audit carried out on the Airline by the Authority, and the findings of an investigation conducted on the Airline’s flight operations recently, which revealed that Dana Air is no longer in a position to meet its financial obligations and to conduct safe flight operations. The NCAA acknowledges the negative effect this pre-emptive decision will have on the airline’s passengers and the travelling public and seeks their understanding, as the safety of flight operations takes priority over all other considerations.”

    During a summit last year organized to support local carriers, the acting Director-General of NCAA, Captain Chris Najomo, dropped a bombshell. He disclosed that if the NCAA were to strictly adhere to the findings of the financial audits conducted on Nigerian carriers, it could expose significant vulnerabilities in their long-term sustainability. To help these carriers remain operational, Najomo emphasised that the NCAA continues to support indigenous airlines, ensuring that safety is never compromised. This commitment, he noted, was the driving force behind the recent regional summit themed: “Repositioning the Nigerian Aviation Industry for Financial Capability and Economic Viability: An Inclusive Regulatory Dialogue.”

    Najomo explained that the summit aimed to strengthen airlines and other service providers, enhancing their operational efficiency and international competitiveness. He said, “Supporting the sustainable growth of the local airline industry while promoting compliance with national and international obligations, and assessing existing local laws and international regulations, is crucial. This will improve funding, financial management, and safety, among other factors.”

    In a related development, Chairman of the Senate Committee on Aviation, Abdulfatai Buhari, announced that the National Assembly is working on a bill that would require Nigerian airlines to operate with a fleet of at least four to five aircraft before starting operations. Buhari stated that this proposed bill is one of the measures to address the capacity issues and other challenges Nigerian carriers face.

    Experts suggest that the ongoing audit of local carriers will provide the NCAA with an opportunity to reassess its policy, particularly the regulation that mandates a minimum fleet size of six aircraft for scheduled airlines. Meanwhile, the President of the National Association of Nigeria Travel Agents (NANTA), Mr. Yinka Folami, voiced deep concern over the increasing number of near-fatal incidents within Nigeria’s local aviation space. He urged all stakeholders to prioritise safety and address operational issues. While welcoming the ongoing audit by the NCAA, Folami remarked that an organizational risk audit for all airlines operating in Nigeria had been long overdue. He urged both airline operators and government regulatory agencies to set aside their differences and collaborate to enhance emergency response systems and ensure passenger safety. “We are concerned about the growing number of near-fatal incidents in the Nigerian aviation space and the impact this is having on the traveling public,” Folami stated. He also highlighted that many of the association’s customers have shared similar concerns, expressing anxiety over the safety of air travel in Nigeria.

    “We urge all stakeholders to unite and tackle the challenges facing the industry to restore confidence in air travel across Nigeria,” said the NANTA president. NANTA also praised the ongoing investigations into the industry’s challenges but stressed the need for proactive measures to ensure the safety and smooth travel experiences for passengers. “We cannot ignore the safety concerns of our customers. We call on all stakeholders to collaborate in minimising risks and maximizing passenger protection.” He added that the Nigerian traveling public is already facing many difficulties, making it essential for the industry to prioritize their safety and well-being.

    In a related statement, a former NCAA chief, who requested to remain anonymous, underscored the importance of auditing local carriers to maintain the integrity of the safety chain. “The NCAA must regularly engage with industry players, especially airlines, to ensure that safety issues do not arise, particularly in situations of financial distress,” he said. He emphasised that failing to address financial difficulties in a timely manner could lead to safety compromises, with airlines potentially cutting corners in their operations. “Aviation is inherently safety-sensitive. If financial troubles are not properly managed, it’s only a matter of time before airlines can no longer meet all regulatory requirements, and safety may be compromised,” he warned.

    The former NCAA official pointed out that the COVID-19 pandemic had not only placed airlines in a difficult position but also revealed several systemic issues. “Many airlines worldwide didn’t survive the pandemic, and some are still grappling with its effects. Just when we thought recovery was on the horizon, issues like foreign exchange shortages and the rising cost of Jet A1 fuel further exacerbated the situation. Despite these challenges, airlines are doing their best under difficult circumstances.” He concluded, “These challenges have increased our workload, but we are committed to maintaining vigilant oversight to ensure safety standards are met.”

    The verdict came as little surprise to many industry watchers, who noted that global carriers have been navigating turbulent financial and economic challenges since the outbreak of the COVID-19 pandemic. A study conducted by industry experts highlights that Nigerian carriers’ efforts to acquire new aircraft have been hindered by the stringent conditions imposed by aircraft manufacturers and leasing companies. Additionally, the prohibitive cost of offshore aircraft maintenance continues to be a major challenge for local carriers.

    However, efforts are underway by several ambitious operators to establish aircraft repair facilities within Nigeria. Ibom Air, Air Peace, United Nigeria, Xejet Airlines, and others are in the process of negotiating with foreign partners to realize this significant goal. In an interview, the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, explained that the construction of the XeJet Flight Support and Engineering facility at the Nnamdi Azikiwe International Airport in Abuja—valued at approximately $10 million—aligns with the vision of the current administration to foster growth and development in local aviation. The government has consistently emphasized the need for a Maintenance, Repair, and Overhaul (MRO) facility, similar to those found in other parts of the world.

    Read Also: Experts canvass rejig of operational model for NCAA’s airlines’ audit

    The facility, to be built by the Chinese Civil Engineering Construction Company (CCECC) over an 18-month period, will feature a Private Business Terminal, a Maintenance Hangar, hotels, conference centres, and more. Keyamo expressed his enthusiasm about having an indigenous airline, in partnership with Nigerian banks, not only constructing an MRO facility but also establishing other critical flight support infrastructure. Keyamo further disclosed that the federal government has attracted a similar project and allocated resources to develop an Aircraft Manufacturing Company in Nigeria. “While the government may not be able to provide direct financial support to airlines, it is committed to creating the right policy and enabling environment for growth and development. We will continue to provide all the necessary support to XeJet,” Keyamo said.

    Keyamo also assured that the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA) would oversee the project to ensure that the facility adheres to all regulatory requirements, making it world-class and capable of attracting international customers. XeJet CEO Emmanuel Iza noted that the facility would offer flight support services to business passengers while improving aircraft maintenance services. He expressed the airline’s ambition to put Nigeria on the map as a hub for aircraft manufacturing. Even if they are not initially able to manufacture entire aircraft, Iza said, their goal is to produce aircraft components, adding that Nigeria has the talent and infrastructure necessary to support such an endeavour. “All that is needed is the right enabling environment,” he emphasised. Iza also revealed that the construction of the facility would occur in two phases: first, groundwork, including the creation of a runway and taxiways connecting the facility to the airport; and second, the construction of the necessary buildings and structures.

    About the Private Business Terminal, the Chairman emphasised that the tarmac would be built to world-class standards, providing private jet owners with top-tier services comparable to those in other developed countries. However, some industry experts argue that the Nigerian Civil Aviation Authority (NCAA) should look beyond cosmetic measures to address the sector’s underlying issues. Captain Roland Iyayi, Chief Executive Officer of Top Brass Aviation, stated that a regulatory overhaul of local carriers is needed, which should include creating multiple licensing structures for airlines. According to Iyayi, the scale of an airline’s operations should determine the type of license it receives. He argued that categorizing all scheduled operators under the same regulatory framework is inappropriate, as it fails to account for the varying needs of different carriers.

    “I believe the NCAA should license airlines based on the type of aircraft they operate,” Iyayi said, stressing that charter operators, scheduled carriers, and airlines using small and medium-range aircraft should not fall under the same operational classification. He proposed that the licensing structure be tailored to the scale of operations, with distinct categories for different types of carriers. These could include air taxis for airlines using small propeller aircraft, regional operators for those with medium-range aircraft, and national airlines capable of nationwide operations.

    Iyayi argued that applying a one-size-fits-all model does not make economic sense. “To drive change, enforcement of regulations is crucial. We need to review policies that hinder growth, particularly the current licensing structure. It is essential to create a regulatory framework that accommodates different niches in the industry. The one-size-fits-all mentality is flawed, and there is wisdom in licensing airlines according to their specific categories,” he emphasised.

    Meanwhile, investigations reveal that the NCAA is intensifying its engagement with local carriers over the implementation of the proposed minimum fleet requirement. The plan to mandate a six-aircraft fleet for scheduled carriers has sparked controversy and divided opinions within the industry. Some experts have expressed concerns that this policy could be detrimental to the sector’s growth. Despite setting 2025 as the target date for enforcement, NCAA’s Acting Director-General, Captain Najomo, has indicated that the regulator is open to adjusting the policy. Najomo stated that there is room for flexibility, ensuring that the implementation of the six-aircraft requirement aligns with the specific operational needs of individual carriers. He said: “We are tweaking that, even though it takes effect from 2025, but we are looking at the regulation very well, whereby it will suit what operation you want to do. If you’re going to go to a full-blown airline, we will look at the regulation and maybe the six aircraft that will come in, but there are some operators who just want to do it, maybe Lagos-Ibadan, Lagos-Ilorin and all that. So, we’ll look at the regulation and say, okay, maybe you should stick back to the three aircraft and see how it is. We want to encourage more people to come into the industry.”

    He said the Federal Government is working on interventions for the sector. The NCAA, he further disclosed, has finalized plans to digitize its operations to enhance its oversight functions. Under this new initiative, the civil aviation regulator will implement digital platforms for processing approvals, licenses, recertification renewals, and addressing passenger complaints. On the benefits of the training and the new portal, Najomo explained: “The portal will allow for real-time monitoring of airline performance, in addition to tracking passenger handling procedures during check-in, boarding, disembarkation, and other aspects of the travel experience. The data collected will provide regulators, service providers, and the public with an accurate gauge of airline performance. Consumers will be able to view performance details on the official NCAA website, enabling them to assess the best and worst-performing airlines from a customer service perspective.”

    He added: “The portal has yet to be launched, but we are ensuring that the necessary training is in place. We’ve already trained our staff, and it’s crucial to engage all stakeholders to understand how the portal will function. Once operational, this system will benefit everyone involved.” According to Najomo, the new platform will not only expedite the resolution of passenger complaints but will also serve as a barometer for evaluating the performance of both local and foreign airlines operating in Nigeria. He emphasised that the capacity-building program aims to equip airline personnel and the regulatory body with the skills needed to address common passenger complaints, such as flight delays and cancellations. To further this goal, Najomo revealed that the NCAA has undertaken the digitalisation of much of its operations using cutting-edge information technology applications.

    Najomo also highlighted the ongoing efforts by Mr. Keyamo to create a favourable environment for local carriers to acquire aircraft. “The Minister has been actively engaging with aircraft manufacturers such as Boeing and Embraer to secure dry leasing options for our airlines,” he said. “This initiative is progressing well, and we expect tangible results soon, which will enable our airlines to expand their fleets.”

    However, the proposed fleet policy has faced criticism from some sector experts. Engr. Cyril Obuah, former Director at Azman Air, argued that raising the minimum fleet requirement to six aircraft for start-up airlines would discourage investment and could prove counterproductive. Obuah pointed out that many of Nigeria’s past and present airlines, including ADC, Kabo, Afrijet, Belview, Slok, and Azman Air, started with fewer than three aircraft when the country’s economy was not as challenging as it is today. He argued that the collapse of many defunct carriers was due to a poor economy, exchange rate volatility, and corrupt leadership, rather than mismanagement, as often claimed. Obuah stressed that the NCAA should focus on encouraging the government to support the growth of more airlines, particularly after the failed attempt to launch Nigeria Air, the planned national carrier. He warned that the new regulation could lead to increased unemployment, particularly for aviation professionals, as many would struggle to find work under the new fleet policy.

    He further contended that flight delays and cancellations are not necessarily caused by the number of aircraft in a fleet. “The NCAA is already dealing with many aviation professionals who are unemployed,” Obuah said. “This new law will only worsen the situation. The NCAA alone cannot absorb all these jobless professionals. Instead of implementing policies that harm the economy, we need laws that will stimulate growth.” He concluded, “Delays and cancellations are not solely due to the number of aircraft an airline operates. There are many other factors. This law, in my opinion, will be regretted.” Capt. Mohammed Badamasi, a former pilot with the defunct national carrier Nigeria Airways, also urged the NCAA to reconsider the new regulation, despite the challenges faced in the past.

    Badamosi emphasised that the NCAA should focus on monitoring airlines to ensure they operate within the limits of their fleet size and avoid overextending by flying more routes than they can handle. He also criticized the NCAA for not consulting stakeholders before formulating the regulation, pointing out that it could face challenges in the National Assembly. “Why is it that the NCAA is no longer engaging with stakeholders to brainstorm on issues like this before enacting a regulation that affects the entire industry?” Badamosi asked. “Rules should not be made to make life difficult for those who are meant to follow them. If the NCAA is unwilling to correct this mistake, can’t it be challenged in the National Assembly?”

    Meanwhile, Frank Oruye, an aviation stakeholder, shifted some of the blames for the industry’s challenges to Nigerian airline operators. He suggested that the minimum fleet requirement for start-up airlines should be four aircraft to increase their chances of survival. Oruye also critiqued Nigerian investors for their tendency to operate independently, rather than pooling resources to build a more robust industry, like how European airlines collaborate. He explained: “New national airlines have been created all over Africa, each operating only a few aircraft—often less than what a single European airline would own. Europeans, however, pool resources for maintenance, aircraft specifications, and spare parts procurement, benefiting from economies of scale. African airlines, on the other hand, tend to add just one, two, or three aircraft, contributing to GDP and profits in Europe rather than to the African continent.”

    In contrast, Group Capt. John Ojikutu (rtd) supported the new regulation. He suggested that airlines unable to meet the six-aircraft minimum could opt for charter operations. Ojikutu further recommended that airlines partner or interline with each other, thereby reducing delays and cancellations, and suggested that some airlines collapse due to mismanagement and corruption. “No, it was not a bad economy that led to the collapse of early airlines—it was poor management,” Ojikutu asserted. “It wasn’t the exchange rate either, but institutional corruption. Take a look at airlines such as Kabo, Okada, DAS, Gas and others. They flew over 2,000 sorties for the Economic Community of West African States Monitoring Group (ECOMOG), earning $50,000 to $120,000 per sortie, depending on the aircraft used. Airlines such as ADC with just four aircraft, carried an average of 25,000 passengers monthly. The real issue was poor management and corruption, not the economy.”

    Despite the challenges, there is optimism in the horizon. The recent signing of the Cape Town Convention Protocol on Mobile Asset Protection offers a new avenue for Nigerian carriers to secure aircraft leases. This breakthrough was highlighted during a high-level meeting at the Aviation Economic Conference in Dublin, where Afreximbank expressed its readiness to support aircraft financing for Nigerian airlines. Afreximbank’s commitment to supporting Nigerian carriers came after a positive discussion led by Mr Keyamo. Helen Brume, Afreximbank’s Director and Global Head of Project and Asset-Based Finance, underscored the bank’s 30-year track record in promoting African trade and its experience with airlines such as Arik Air, Kenya Airways, and TAG. Brume highlighted the importance of aviation infrastructure in improving the competitiveness of African carriers.

    Afreximbank also announced the launch of a leasing subsidiary, with plans to deliver 25 aircraft for dry leasing to African airlines.

    This initiative aims to enhance the operational capacity of Nigerian airlines, particularly for domestic and Bilateral Air Service Agreement (BASA) routes. Praising Nigeria’s progress, Lereece Rose, Senior Director of Finance at Boeing, noted that Keyamo had significantly raised the country’s score in the Cape Town Convention, from 49.5% to 75.5%. This achievement reflects Nigeria’s commitment to fostering a favourable environment for aircraft financing and leasing.

    Keyamo reaffirmed the government’s dedication to facilitating partnerships that will enable Nigerian operators to access financing solutions, thus stimulating growth in the aviation sector, and improving service delivery on both domestic and international routes. To ensure these discussions result in actionable outcomes, a committee has been established to guide the collaboration. The partnership with Afreximbank marks a promising step forward for Nigeria’s aviation sector, signalling the potential for transformation and growth.

  • Our plan to curb inflation, restore economic stability, by CBN

    Our plan to curb inflation, restore economic stability, by CBN

    As 2025 begins, the Central Bank of Nigeria (CBN) is gearing up to launch a robust strategy aimed at tackling inflation and restoring economic stability. This report delves into the inflation trends of 2024, exploring the key factors driving the rise in prices, and highlights the monetary and fiscal measures the CBN is implementing in 2025 to reverse the upward trend. Assistant Editor Nduka Chiejina provides an in-depth analysis

    Inflation has continued to be one of Nigeria’s most pressing economic challenges, with the Consumer Price Index (CPI) experiencing a significant rise throughout 2024. The index surged from 29.90 per cent in January to 34.80 per cent in December, driven by a range of factors such as soaring food prices, foreign exchange volatility, and ongoing supply chain disruptions. The Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, has faced considerable pressure to stabilise prices while simultaneously fostering sustainable economic growth.

    The inflation figures for 2024 reflect a persistent upward trend, with inflation peaking at 34.80 percent in December. The year began with an inflation rate of 29.90 per cent in January, rising steadily to 31.70 percent in February and 33.20 percent in March. By April, inflation had reached 33.69 per cent and remained above 33 per cent throughout the following months, peaking at 34.19 per cent in June. The figures eased slightly in July and August, standing at 33.40 per cent and 32.15 per cent, respectively.

    However, this brief relief proved temporary as inflation rebounded to 32.70 per cent in September, rising further to 33.88 per cent in October. By November, the inflation rate had climbed to 34.60 per cent, and it closed the year at its highest point of 34.80 per cent in December. These figures underscore the ongoing inflationary pressures throughout the year, with only short-lived periods of reprieve. The final quarter of 2024 proved particularly difficult, highlighting the continued dominance of economic factors that kept prices elevated.

    Key drivers of inflation in 2024 and CBN’s strategy to tackle inflation in 2025

    Several factors contributed to Nigeria’s elevated inflation rate in 2024. One of the most significant was the depreciation of the naira and the continued volatility in the foreign exchange market. The exchange rate fluctuated due to weak foreign exchange reserves and capital flight, driving up the cost of imports and pushing up prices across goods and services. Food inflation also remained a key contributor to overall inflation. Insecurity in farming regions, rising logistics costs, and climate-related disruptions all hindered food supply, resulting in higher prices. This was compounded by soaring transportation costs, driven by increased fuel prices, which further escalated food distribution expenses.

    Monetary policy tightening also contributed to the inflationary pressures experienced in 2024. The Central Bank of Nigeria (CBN) adopted a stringent approach, raising the Monetary Policy Rate (MPR) multiple times throughout the year to curb excess liquidity. While this was intended to control inflation, it resulted in higher borrowing costs, which in turn slowed investment and economic growth. Additionally, the rise in energy and transportation costs played a significant role. The removal of fuel subsidies in 2023 had a lasting effect, making transportation and production more expensive. Adjustments to electricity tariffs further exacerbated the situation, as businesses were forced to pass on these additional costs to consumers, further driving up prices.

    Structural weaknesses in Nigeria’s economy also contributed to the persistent inflationary pressures. The country’s heavy reliance on imports for essential goods, coupled with weak industrial capacity and inadequate infrastructure, made it particularly vulnerable to external shocks. The slow pace of economic diversification meant that disruptions in global supply chains or fluctuations in global prices had an immediate and direct impact on inflation.

    In response to the urgent need to tackle inflation, the CBN has outlined a comprehensive strategy aimed at stabilising prices and restoring economic confidence in 2025. The bank is expected to prioritise stabilising the foreign exchange market to mitigate imported inflation. Strengthening foreign exchange reserves, increasing interventions in the forex market, and implementing policies to boost non-oil exports and remittance inflows are among the key strategies it plans to deploy. These efforts aim to improve forex liquidity and reduce volatility in exchange rates.

    On the monetary policy front, the CBN is likely to maintain a tight stance in the early months of 2025. While this approach will help control inflation, should price pressures begin to ease, the central bank may gradually reduce interest rates to stimulate investment and foster economic growth. Effective liquidity management will remain a central priority, as the CBN seeks to balance inflation control with the need for sustainable economic expansion.

    The CBN is also focused on strengthening financial sector stability to ensure that sufficient credit flows to productive sectors. Encouraging the recapitalisation of banks, enhancing consumer credit initiatives, and supporting lending to critical sectors such as manufacturing and agriculture are among the strategies to prevent economic activity from being stifled by tight monetary policy. Addressing food inflation will be a key aspect of the CBN’s 2025 strategy, with plans to increase intervention in the agriculture sector through targeted funding and incentives for farmers. Expanding modern storage and distribution networks to minimise post-harvest losses will also be prioritised. Furthermore, efforts will be made to collaborate with state governments to improve security in farming regions, ensuring that agricultural activities are not disrupted by violence or banditry.

    Improving energy and infrastructure development will also be a major focus. The CBN is working closely with the federal government to boost investment in energy infrastructure, which is expected to lower production and transportation costs. The development of alternative energy sources is being explored to reduce reliance on costly fuel imports. To ensure the success of these measures, the CBN is emphasising closer coordination with the federal government on fiscal policy. This includes reducing fiscal deficits through prudent spending, implementing structural reforms to enhance productivity, and expanding social intervention programmes to protect vulnerable Nigerians from the impact of inflation. A stronger alignment between monetary and fiscal policies will be crucial in achieving sustained price stability.

    CBN’s tightening measures: MPC members’ views on inflation control

    As Nigeria continues to contend with persistent inflation, members of the CBN’s Monetary Policy Committee (MPC) have underscored the need for a decisive and comprehensive response. Their insights highlight the complex factors driving inflation and the necessity for coordinated efforts between monetary and fiscal authorities. A key concern raised by MPC member Aku Pauline Odinkemelu is the critical importance of government collaboration in addressing inflationary risks that extend beyond the scope of monetary policy interventions.

    She emphasised that while the CBN remains committed to its efforts to contain inflation, other underlying economic challenges—such as fiscal deficits, infrastructural deficiencies, and security issues—must also be tackled to achieve lasting price stability. In her words, “In addition to efforts by monetary policy to contain the risk to price development, it is also essential that the government joins forces to address other risks to the outlook such as security challenges especially in food-producing areas, high energy costs, structural and labour market rigidities, and fiscal policy surprises.”

    Her remarks highlight the limitations of monetary policy in effectively controlling inflation. Issues such as insecurity in farming regions, which disrupts food supply, and high energy costs, which drive up production expenses, require broader, more coordinated policy interventions. Labour market inefficiencies and abrupt shifts in fiscal policy further complicate efforts to control inflation, underlining the need for a whole-of-government approach.

    Another MPC member, Aloysius Uche Ordu, emphasised the devastating impact of inflation on the most vulnerable segments of society. He described the ongoing cost-of-living crisis as a major source of economic hardship, particularly for low-income families, small businesses, and Nigeria’s vast informal sector. Ordu warned that “the long-term consequences of inflation, such as reduced purchasing power and increased living costs, are especially detrimental to the most vulnerable groups within the economy. Inflation erodes trust in the government, making it a critical issue that requires urgent, unified action across all levels of government.”

    Ordu’s comments underscore the broader economic and social consequences of inflation. When inflation remains persistently high, it erodes household incomes, diminishes business profitability, and weakens overall economic confidence. Considering these concerns, he advocated for further tightening measures to combat inflation. In response to the mounting inflationary pressures, Ordu voted in September to raise the Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent. He also supported increasing the Cash Reserve Ratio (CRR) for Deposit Money Banks by 50 basis points to 50 per cent, and for Merchant Banks, by 200 basis points to 16 per cent. However, he favoured maintaining the asymmetric corridor and liquidity ratio at their current levels, signalling a more cautious approach to broader liquidity management.

    For Muhammad Sani Abdullahi, Deputy Governor for Economic Policy at the CBN, inflation control remains the central priority of monetary policy. He stressed that, given the prevailing inflation outlook, maintaining a tight stance is crucial to anchoring inflation expectations. Abdullahi noted, “The risks to inflation in Nigeria are well known. Taming inflation therefore remains a top priority for the MPC. The policy rate needs to go higher given the inflation outlook and the need to ensure that inflation expectations remain well-anchored, which in turn supports the federal government’s broader economic growth objectives. In this context, maintaining the Bank’s tight monetary policy stance is critical to sustaining domestic price stability.” His comments emphasise the importance of ensuring that inflation expectations are managed effectively to maintain long-term economic stability.

    Abdullahi’s position aligns with the CBN’s broader strategy of using interest rate hikes as a tool to curb inflationary pressures. By raising the policy rate, the central bank aims to reduce excess liquidity in the economy, which in turn helps to slow down inflation. However, this approach is not without its trade-offs. While it can be effective in managing inflation, it also leads to higher borrowing costs for businesses and individuals, potentially slowing investment and consumption. This balancing act requires careful consideration of both the short-term and long-term economic impacts.

    MPC member Mustapha Akinkunmi issued a warning about potential inflationary shocks in the near term, pointing out that “the recent increases in energy costs and the flooding in September are expected to disrupt this declining trend in headline inflation.” His remarks highlight the external factors that continue to pose significant risks to inflation control efforts. The rise in fuel and electricity costs contributes to higher production and transportation expenses, while natural disasters such as flooding disrupt agricultural output, leading to food supply shortages and escalating prices.

    These perspectives from MPC members offer a comprehensive view of Nigeria’s inflation dynamics and the policy responses being considered. While there is broad agreement on the necessity for monetary tightening, experts also stress the need for broader economic reforms and government interventions to address the root causes of inflation. The CBN’s decision to raise interest rates, increase reserve requirements, and maintain tight liquidity conditions demonstrates a firm commitment to tackling inflation.

    However, as highlighted by policymakers, inflation control cannot rest solely on monetary policy. Addressing security challenges, high energy costs, and structural inefficiencies is equally crucial to achieving long-term price stability. As Nigeria moves forward, the effectiveness of these measures will depend on how well monetary and fiscal authorities align their policies. With inflation at record highs, the success of these interventions will be pivotal in shaping Nigeria’s economic trajectory in 2025.

    Support from the fiscal authorities

    As the CBN intensifies its efforts to curb inflation in 2025, the fiscal authorities have voiced their full support, acknowledging the critical role of monetary policy in stabilising the economy. At the 2025 Monetary Policy Forum, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, commended the CBN for its ongoing efforts to restore credibility to the nation’s monetary framework. Edun specifically highlighted that recent reforms by the CBN had significantly boosted investor confidence and provided rating agencies with a clearer understanding of Nigeria’s economic landscape. He recognised that one of the key achievements under Governor Olayemi Cardoso’s leadership was the restoration of trust in monetary policy decisions, which had previously been undermined by inconsistencies and market uncertainty.

    On the issue of inflation, the Minister reaffirmed his strong support for the CBN’s tightening measures, emphasising the importance of monetary stability in driving economic growth. He acknowledged that inflation remains one of the biggest challenges facing Nigeria’s economy, impacting both households and businesses. While monetary policies such as interest rate hikes and liquidity tightening are necessary, Edun also stressed that fiscal measures are vital in ensuring overall economic stability.

    Similarly, the Minister of Budget and Economic Planning, Abubakar Bagudu, commended the growing collaboration between fiscal and monetary policy authorities, describing it as being in the nation’s best interest. Speaking at the forum, Bagudu highlighted that Nigeria had seen increased cooperation between the two arms of economic management over the past 18 months. He attributed this strengthened coordination to President Bola Tinubu’s deep understanding of the trade-offs between fiscal and monetary policy, which has been clearly reflected in the administration’s Renewed Hope Agenda.

    Bagudu emphasised that this collaboration had been bolstered by the experience and expertise of key figures such as Edun and Cardoso, who had both worked closely with President Tinubu in the past. According to Bagudu, this familiarity had created a shared vision for economic growth, fostering constructive debates and ensuring that policy direction is aligned and effective in addressing the country’s challenges. “The central bank and the fiscal authorities are clear in their priorities and objectives, and no doubt disagree. But that’s how it should be. It should be healthy because when the expenditure-to-GDP ratio is lower than it should be, our first significant objective is to increase revenue-to-GDP and grow the revenue-to-GDP and expenditure-to-GDP ratio,” Bagudu explained.

    He acknowledged that striking a balance between inflation control and economic growth was a delicate task. While monetary policy aimed to tighten liquidity and curb inflation, fiscal policy focused on boosting government expenditure in productive sectors to stimulate growth. Bagudu emphasised the importance of inclusivity in economic planning, noting that the Renewed Hope Agenda sought to ensure that economic growth translated into tangible benefits for all Nigerians.

    According to him, Nigeria still possesses significant potential for productivity growth, particularly in key sectors such as agriculture and solid minerals. He observed that while the fiscal authorities believed that increased spending on domestic production would yield substantial benefits, the central bank had opted not to intervene directly in these sectors. However, he stressed that investment in agriculture remained critical, especially considering security improvements in the Northwest and Northeast, which had positively impacted farming activities in previously volatile regions.

    Bagudu’s remarks underscored a critical aspect of economic planning—balancing the need to control inflation with the imperative to drive growth. While the CBN’s tight monetary policy was essential for stabilising prices, fiscal authorities recognised that strategic investments in key sectors could help mitigate the adverse effects of inflation on households and businesses. The growing alignment between fiscal and monetary authorities marks a significant departure from previous years, when policy disconnects often resulted in economic inefficiencies. The current synergy reflects a more coordinated approach to tackling inflation while ensuring that economic growth remains on course.

    With both monetary and fiscal authorities working in tandem, Nigeria’s economic managers hope to guide the country toward a more stable and resilient future. However, the challenge will be in effectively implementing these policies while also addressing external shocks that could undermine progress. As inflation remains a pressing issue, the success of these measures will be closely monitored by stakeholders throughout the economy.

    CBN’s likely trajectory in 2025 to tackle inflation

    In response to the inflation crisis of 2024, the Central Bank of Nigeria (CBN) is expected to maintain a tight monetary policy stance in 2025 in order to curb inflationary pressures, anchor inflation expectations, and restore investor confidence in the economy. This approach will likely involve continued adjustments to key monetary policy tools, building on the measures that have already shown some success.

    Deputy Governor for Economic Policy, Mohammed Sani Abdullahi, speaking at the Monetary Policy Forum last week, emphasised the decisive steps taken in 2024. According to him, the Bank raised the Monetary Policy Rate (MPR) by a cumulative 875 basis points, bringing it to 27.50% by December 2024. Additionally, the Cash Reserve Ratio (CRR) for Other Depository Corporations was increased to 50%, while for Merchant Banks, it was raised to 16%. The Liquidity Ratio was kept steady at 30%. Abdullahi noted that these policies played a crucial role in addressing inflationary pressures and stabilising market conditions. Given the relative effectiveness of these measures, it is highly likely that the CBN will continue this trajectory in 2025, adjusting its tools as necessary to maintain control over inflation and support economic stability.

    Sani Abdullahi pointed out that the monetary tightening efforts had initially yielded positive results, with year-on-year headline inflation declining to 32.15% in August 2024, down from a peak of 34.19% in June 2024. However, fresh inflationary pressures resurfaced between September and December 2024 due to rising energy costs and increased consumer demand during the festive season. While inflation remained elevated at the end of the year, an in-depth analysis revealed a slowdown in food prices—a key component of overall inflation. This suggests that inflation may have reached its peak and could begin to trend downward with sustained policy interventions. This trend reinforces the importance of continued vigilance and targeted monetary actions to manage the evolving inflationary landscape, especially as global and domestic factors remain unpredictable.

    Recognising the impact of exchange rate stability on inflation control, the CBN took aggressive steps to curb volatility in the foreign exchange (FX) market. One of its most significant reforms was the liberalisation of the FX market, aimed at unifying the previously fragmented system and reducing speculative-driven premiums. Before adopting a flexible exchange rate regime, the premium between the official and parallel market rates had soared to 62.33% between January and May 2023. However, with the introduction of this regime, the premium dropped dramatically to 0.10% by June 2023, signalling progress toward market convergence.

    Read Also: How CBN’s FX code will change Nigeria’s forex market

    As a result of these reforms, diaspora remittances surged from N12.48 trillion in 2023 to N22.73 trillion by the end of Q3 2024. The fourth-quarter figures, which are expected to push this amount to N31.78 trillion, would further strengthen FX supply and contribute to stabilising the naira. However, the backlog of outstanding FX obligations temporarily widened the premium, prompting the CBN to clear $7 billion worth of pending liabilities. Additionally, the introduction of the B-Match system has improved operational efficiency and transparency in the FX market. Alongside this, the launch of the FX Code has reinforced fair trading practices and enhanced confidence in the financial system, creating a more stable foundation for future growth and economic resilience.

    Beyond monetary interventions, the CBN has also strengthened its collaboration with fiscal authorities to address structural issues, particularly in food inflation. A key measure in this regard was the release of 2.15 million bags of fertiliser to the Ministry of Agriculture and Food Security. This initiative aimed to boost agricultural productivity, ease supply-side constraints, and stabilise food prices—an essential factor in the broader inflation equation.

    Despite these efforts, economic uncertainty remains a significant challenge for policymakers. The Nigerian economy is undergoing substantial transformations, and navigating these shifts requires a deep understanding of their long-term implications. According to Sani Abdullahi, while notable progress has been made in stabilising inflation and restoring investor confidence, the CBN’s work is far from over. Persistent demand and supply-side shocks continue to hinder the achievement of a single-digit inflation target, highlighting the need for decisive policy actions to prevent inflation expectations from becoming entrenched. The path forward will require sustained coordination and flexibility in policy execution, along with an unwavering focus on addressing both the immediate and structural drivers of inflation.

    The Deputy Governor emphasised the importance of maintaining robust communication and stakeholder engagement to effectively manage inflationary expectations. Moving forward, the CBN is expected to remain firm in its disinflation strategy while adapting to emerging economic realities. The Bank’s approach in 2025 will likely involve a mix of continued monetary tightening, targeted foreign exchange (FX) market interventions, and structural support for key sectors. All these measures aim to ensure long-term price stability and bolster economic resilience, while also navigating the complexities of both domestic and global economic challenges. The success of this approach will depend on the CBN’s ability to maintain flexibility in its policies and work closely with fiscal authorities to address both immediate and structural inflation drivers.

    If effectively implemented, the CBN’s strategy for 2025 could lead to a gradual reduction in inflation, particularly in the second half of the year. A more stable exchange rate, improved food supply, and better liquidity management could ease inflationary pressures. The stabilisation of the foreign exchange market and an increase in forex supply could strengthen the naira, which in turn would help reduce import-driven inflation. These factors, combined with continued fiscal and monetary cooperation, could provide a more favourable environment for economic growth, improving the purchasing power of households and businesses while laying the groundwork for sustainable economic recovery. However, this will require ongoing adaptability to external shocks and a comprehensive focus on both demand and supply-side challenges.

    As inflation begins to decline, the CBN may consider lowering interest rates to encourage business expansion and investment. This could spur stronger economic growth and job creation, as businesses take advantage of improved credit conditions to expand their operations, thereby supporting overall economic activity. The CBN’s strategy to tackle inflation in 2025 represents a well-balanced mix of monetary tightening, foreign exchange market reforms, and supply-side interventions.

    While the challenge remains formidable, a coordinated approach between the CBN, fiscal authorities and the private sector could create the foundation for long-term price stability. The coming months will be pivotal in determining whether these policies can effectively tame inflation and restore economic confidence. The outcome of these measures will not only shape Nigeria’s economic performance in 2025 but also influence the country’s long-term financial stability. As the battle against inflation intensifies, all eyes will be on the CBN’s ability to navigate the complex economic landscape and deliver tangible, sustainable results that benefit both businesses and households alike.

  • Inside story of Cele priest’s assassination during church service

    Inside story of Cele priest’s assassination during church service

    One week after the dastard killing of the founder and priest of a Celestial Church of Christ (CCC) parish by unidentified gunmen inside his church in Idiroko area of Ipokia Local Government Area,  Ogun State, insiders who are members of the church and were present on the day of the incident have revealed the last moments of the 54-year-old priest and details about how the assailants disguised as members of the church in white garment to snuff  out life from the priest, reports KUNLE AKINRINADE.

    Details have emerged as to how unidentified gunmen killed a priest inside a parish of the Celestial Church of Christ in Idiroko area of Ipokia Local Government, Ogun State on Sunday, January 19.

    The victim, Venerable Superior Evangelist Abayomi Adetula, was also a senior officer of So SAFE Corps, the local security outfit established by the Ogun State Government.

    Contrary to reports in the mainstream and online media, the name of the church founded by the deceased is the Celestial Church of Christ, Hebrew Cathedral along Baggage Road, Odo Eran, Idiroko.

    However, insiders who witnessed the gory scene gave graphic details of Adetula’s last moments and how his killers disguised as members of Celestial Church, wearing white garments just like other members that attended the Sunday service.

    He said the gunmen numbering six came in a Hilux Van and that they did not open fire on Adetula until the sound of the jingling bell as the order of service requires members of the church to bow down three times to the sound of the bell as instructed by service conductor.

    The source who witnessed the scene said contrary to reports that the killers used an axe to attack Adetula, they used the butt of their gun to batter Adetula’s face.

    The source said that contrary to some media reports, Adetula was not killed while he was preaching on the pulpit.

    “Baba’s (Adetula’s) killers disguised as members at the commencement of service.

    “They came in a black Hilux van with security light and tinted glass.

    “Nobody suspected that they were on a deadly mission because they appeared in white robes like other members.

    “They claimed they came from Ilashe, one of the neighbouring communities in Ipokia Local Government.

    “One of the gunmen knelt close to Baba Adetula when the service conductor sounded the bell and bowed his head twice to the sounding of the bell.

    “The man waited till the bell was sounded the third time, got on his feet before Baba Adetula and brought out a double-barrel rifle hidden under his garment.

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    “He first hit Baba Adetula in the face with the butt of the gun and shot him directly in the face while other members of the gang shot at him from the back as Baba Adetula asked them why they wanted to kill him.

    “They bludgeoned his face with the gun butt and continued to shoot at him.

    “Other members of the gang were stationed outside and they warned members who wanted to rescue Baba Adetula to steer clear or be ready to lose their lives as well.

    “An engineer handling music equipment in the church, named Korede, initially confronted one of the gunmen with blows and later jumped over the fence and ran for his life.

    “The gunmen left in their Hilux van after ensuring that Adetula had died.’’

    The eyewitness said members of the parish who had fled the church when the gunmen opened fire on Adetula returned to pick his teeth and expended bullets from the floor. The items were taken to the State General Hospital in Ilaro, where his mangled body was deposited in the morgue.

    Another eyewitness described the assailants as young boys in their 30s, adding that they were hooded when it was time to execute their dastard mission.

    The witness said: ‘’I came early to the church in my usual manner and met two of the gunmen in white garments outside.

    “When the service began, we were singing the Yarah Sara hymn when three of the assailants dressed in the brother-ranked white robes of Celestial Church entered the parish.

    “They did not appear suspicious at all because they were young boys.

    “Baba Adetula even greeted two of them who stood outside on the premises and they returned the greeting.

    “I thought the boys (gunmen) had come to worship with us, not knowing they were here for a deadly mission.

    ‘’Baba Adetula then asked me to take some fuel from the keg in the booth of his car to power the church’s generator.

    “I was pouring the fuel into the generator at the back of the church building when pandemonium broke out inside the church after the gunmen opened fire on Baba (Adetula).

    “While Baba Adetula tried to escape from his assailants, one of the gunmen stationed outside kicked him down and they rained bullets on him.

    “By then, the gunmen had worn masks and we couldn’t see their faces anymore.

    “Our music equipment engineer initially confronted the gunmen and tried to stop them. But he beat a retreat and fled after they pointed the gun at him and threatened to kill him.

    “One of the gunmen stood with Baba Adetula and constantly used the butt of his gun to hit him while his colleagues shot at him at close range until Baba Adetula died in a pool of blood.

    “So, Baba was not killed while he was preaching, because the Sunday service had barely started when the assassins entered the church disguised as worshippers.’’

    “The gunmen did not attack or dismember Baba Adetula with an axe. Instead, it was their gun butt they used to bludgeon his face and head badly to the extent that it was difficult to recognise Baba after they finished him off with sporadic gunshots and left his mangled body in a pool of blood.’’

    In a statement, Omolola Odutola, spokesperson for the Ogun State Police Command, said the gunmen also used an axe to hit the pastor’s head to confirm that he was dead.

    “Police officers arrived quickly at the scene and discovered one Yomi Adetula, a 54-year-old man, lying face up in a pool of blood that stained his white celestial garment,” the statement reads.

    “Upon closer inspection, his body was found to be riddled with bullets, and his head was severely damaged with an axe to confirm that he was indeed dead.

    “During the police investigation, it was revealed that three men entered the church, brandished a long double-barreled gun, aimed at their target, and fired a shot that caused chaos, and the assailants escaped.

    “Through police efforts, the body was transported to the General Hospital morgue in Ilaro.”

    Odutola said no arrest had been made, adding that the command would ensure the arrest of the fleeing suspects.

    Meanwhile, in a post on his Facebook page when the news of the tragic killing broke penultimate Sunday, an investigative journalist and Founder of the Foundation for Investigative Journalism (FIJ), Fisayo Soyombo, claimed that the late Adetula was a witness to a suit between the FIJ and an Ogun-based businessman, Ibrahim Dende.

    The post reads: “Adetula is one of the witnesses listed by FIJ Nigeria in its defence of the libel lawsuit filed by IBD Dende in response to FIJ’s undercover investigation and the subsequent documentary on smuggling, and the ‘Good Morning Nigeria Customs’ tweets by its founder,” Soyombo said.

    Adetula’s killing has caused panic in the Idiroko community and its environs as outraged residents condemned the killing, asking police authorities to fish out the assailants and bring them to justice.

    A resident and member of a parish of the Celestial Church of Christ in Idiroko, Wale Alao, demanded justice, saying: ‘’We are still in shock over the killing of Mr. Adetula who is a committed community leader and priest in charge of a Celestial Church of Christ in this town.

    “Since last Sunday when the incident happened, many members of this community are yet to come to terms with the killing.

    “Palpable fear has gripped the town and more importantly, worshippers at Adetula’s CCC Hebrew Cathedral are contemplating moving to other Celestial Church parishes as they are hunted by the trauma that comes with witnessing the killing of Adetula.

    “The incident has signaled other churches to be more security conscious and not take every stranger as a worshipper with good intentions.

    “Churches must put in place adequate security measures to safeguard the lives of worshippers.

    “However, the only thing that can boost the confidence of residents is for security agencies to apprehend the culprits and prosecute them for justice.’’

  • Army invites sentenced soldiers for documentation, as officers allege plot to short-change them

    Army invites sentenced soldiers for documentation, as officers allege plot to short-change them

    Few days after we published a report about the ordeal of 70 soldiers sentenced to death for mutiny, the Nigerian Army has invited the officers to Abuja to fill the documents needed to commence payment of their entitlements.

    The officers were sentenced to death in 2014 for mutiny but later had their sentence commutted to 10 years imprisonment. After serving the jail term, they were granted presidential pardon by former President Muhammadu Buhari in 2022.

    They had yet to be recalled or paid their entitlements before our report penultimate Saturday. In fact, they hadn’t even received any attention of invitation by the army authorities. 

    But after our report went viral, the army authorities invited the officers to Abuja for documentation.

    But cheering as the development appeared, a good number of the officers returned to their homes brooding.

    One of them, who preferred anonymity, said many of them are unhappy because there is a grand plan to short-change them.

    His words: “The Nigerian Army called us over the weekend to come and fill some forms for our discharge.

    “Our people have been going since Tuesday for documentation.

    “But we have observed that the Nigerian Army is trying to cheat us. In fact, they are cheating us already. 

    “They are calculating our date of discharge to be December 17, 2014 which was the day the sentence was passed at the court martial.

    “After the death sentence was passed at the court martial, we were moved to Lagos still in military detention. We stayed there for one year (2014 to 2015) before it was later commutted to 10 years imprisonment.

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    “We were thereafter moved to Ikoyi, Kirikiri Medium and Maximum prisons.

    “Having served the jail term and released in August 2021, the then President Muhhamadu Buhari Committee set up for presidential pardon released us in 2022.

    “If the pardon would count, it should  be dated 2022 and not to be backdated to 2014.”

    The implication, according to him  is that  “the military authorities  know that if it is till 2022, all the outstanding salaries and allowances since they stopped paying should be paid till 2022 when the pardon was granted.  But because they don’t want to pay that money,  that is why they reduced it.”

    Providing further explanation, he said: “What they are saying in essence is that those of us who joined the army in 2011, 2012 only served for just two or three years.

    “Instead of counting from 2011 or 2012, which will be 11 or 10 years and qualify us for pension,  they are trying to reduce it now to 2014. The implication is that we won’t be eligible for pension.

    “Unfortunately, we that are affected are in the majority. People who joined in 2012 and 2013 are in the majority. 

    “They are invariably cutting a good number of us out of pension.  The few who are up to 10 years, they said they will put them on pension. 

    “Mind you, in all these years, we lost our promotions and our ranks. We ought to have been promoted to the next rank.”

    He added: “We are supposed to be two steps ahead by now.

    “Instead of looking at all this holistically, they even just wanted to cut us off completely by paying us for just two years, and that means that it would be paid off. 

    “They made us to write a letter stating that same date. 

    “They made us to understand that if we don’t include the discharge date,  December 17, 2014,  they would not process anything from that office to the office of the military pensions board for our entitlements. 

    “This is becoming a different thing because they are showing that they are angry and that is why they are doing all this to us.

    “If it is normal procedure that they want follow, it is supposed to be counted till 2022.”

    On behalf of his disenchanted colelagues, he said: “We want the processing of the document to be suspended pending when they clear that date.

    “If they process those documents, automatically, they would cut us off.”

    Prior to the time they gave them forms to fill, he said the army frowned at them for reliving their ordeal to our newspaper.

    He said: “When we got to their office, they were asking why we took the matter to the media; that they were not happy.

    “We kept quiet because we didn’t want to appear as if we were rude. 

    “We were wondering why our colleagues who had access to the media would not take it there since the army knows what was happening and they didn’t inform us.

    “The army is now claiming that we were the ones that didn’t show up for documentation. Meanwhile, they were the ones who didn’t call us.

    “Someone told us that the army was supposed to have invited us since 2023.

    “Immediately we were granted pardon, our lawyer wrote to the army, but they didn’t respond or invite us to report to their office for any documentation. 

    “Now they are changing the story that it was we who failed to show up.”

    Army declines comment

    Our efforts to get the reaction of the Nigerian Army were unsuccessful once again.

    The spokesman, Maj.-Gen. Onyema Nwachukwu, did not respond to our messages via text and WhatsAPP.

    The text message returned with a reply that the message was delivered.

    The WhatsApp message returned with two tick blue marks indicating that the message had been delivered and read  by the recipient.

    Maj.-Gen. Onyema Nwachukwu had also declined response to our enquiry the previous weekend.