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  • Adeosun: serving under him my greatest honour

    Adeosun: serving under him my greatest honour

    • ‘He called me Maikudi’

    A former Minister of Finance, Mrs. Kemi Adeosun, took to social media yesterday to express her condolences and share memories of working in the Cabinet of the late President Muhammadu Buhari.

    Mrs. Adeosun served as the Minister of Finance from November 11, 2015, to September 14, 2018. She made her mark during the period as a vibrant finance expert who always analysed the state of the economy for fellow Nigerians.

    It was during her tenure that the nation’s economy entered recession twice, and she steadily steered the economy’s ship to safe shores.

    The former minister’s heartfelt tribute reflected her deep respect for the deceased and the significant impact he had on her life and career.

    Read Also: Fearless leadership is key to Nigeria’s progress – Adeosun

    In the tribute, Mrs. Adeosun fondly recalled how Buhari affectionately referred to her as “Maikudi,” a term meaning “the one that handles money” or a rich person. This light-hearted nickname illustrates the rapport they shared during her tenure in government and highlights her crucial role in managing Nigeria’s finances.

    The former minister expressed her gratitude for serving her country under Buhari’s leadership, which she described as her “greatest honour”.

    She noted that working with him was not only a professional privilege but also a personal pleasure, showcasing the deep admiration she holds for the late President.

    Adeosun’s tribute concluded with a heartfelt farewell, saying: “Good night, Your Excellency. Rest in Peace, Sir.”

    She signed off with her nickname, “Maikudi,” further conveying the enduring bond they shared.

    This tribute adds to the outpouring of grief and appreciation for the late President Buhari, as many other Nigerians also reflect on his contributions to the nation and the legacy he leaves behind.

  • Fearless leadership is key to Nigeria’s progress – Adeosun

    Fearless leadership is key to Nigeria’s progress – Adeosun

    Founder and Chairman of the Akinjide Adeosun Foundation (AAF), Akinjide Adeosun, has emphasised the need for fearless leadership to achieve real development in Nigeria.

    He delivered his remarks at the 9th edition of the Foundation’s Leadership Colloquium and Award, held at the Alliance Française Auditorium in Ikoyi, Lagos.

    Speaking on the theme, “Fearless Leadership – A Panacea for Sustainable Development,” Adeosun described fearless leaders as those willing to take bold decisions for the greater good, regardless of personal risk or opposition.

    “Greatness starts with goodness,” Adeosun said, quoting Michelle McBride. “The conquer of fear enables a leader to do audacious things that generate an output of goodness.”

    According to him, fearless leadership is essential in transforming beliefs into visible behaviors that drive progress in health, infrastructure, education, and economic development.

    Adeosun praised the keynote speaker, former Governor of Rivers State, Rt. Hon. Chibuike Rotimi Amaechi, as an embodiment of fearless leadership. 

    He described Amaechi as a multitalented leader with rich experience across the legislature, executive, and now the judiciary as a lawyer.

    “His achievements in infrastructure, security and education in Rivers and Nigeria are well documented,” he said.

    He also commended Governor Seyi Makinde of Oyo State for his resilient and fearless leadership, despite threats to his life.

    “Governor Makinde has had to triumph over several attempts on his life. His fearless ‘can-do’ spirit has transformed Oyo State in the areas of economy, infrastructure, health, and education.”

    Adeosun likened the impact of leaders like Elon Musk and Nelson Mandela to the kind of transformational change fearless leadership can inspire.

    Read Also: IHRC backs Tinubu’s leadership, calls for urgent security reforms

    “Elon Musk is fearless. He’s managing multiple industries and businesses. Nelson Mandela guided South Africa through a dark apartheid period despite life-threatening opposition. That’s fearlessness in action.”

    A special tribute was paid to Major General Adeyinka Adebayo, who received the 2025 Posthumous Excellence in Leadership Award. 

    Adeosun praised Adebayo’s legacy of character and competence, stating that his good name still opens doors for his family today.

    She expressed gratitude to sponsors of the event, including Megamound Investments, Kimberly Group, ITC Advisory, May & Baker, and Reddington Group.

    “You are doing good, and that’s why your organisations are prosperous,” he said.

    The colloquium brought together dignitaries, captains of industry, members of the legislature, clergy, and guests from across Africa, India, the United States, and Europe.

    In his closing, Adeosun made a heartfelt appeal for voluntary donations to support the foundation’s work in nurturing future leaders in Nigeria.

    “Please remember my parting words: Greatness starts with goodness. These are the qualities of a fearless leader – the fuel for sustainable development and national prosperity,” he concluded.

    The 2025 AAF Colloquium once again underscored the power of visionary leadership and its importance in shaping a better future for Nigeria and beyond.

  • Why debt restructuring is difficult in Africa, by Stiglitz, Adeosun

    Why debt restructuring is difficult in Africa, by Stiglitz, Adeosun

    The difficulty in managing various creditors with different interests and backgrounds has been identified as a major obstacle to restructuring African debts.

      This view of Nobel Laureate in Economics, Prof Joseph Stiglitz and former Finance Minister, Mrs. Kemi Adeosun.

    Stiglitz, who spoke in Paris, France, mentioned China and Western hedge funds as examples of these diverse creditors.

    He said coordinating diverse creditors in debt restructuring could be challenging because each creditor has its objectives and concerns.

    China, as a creditor, may have specific priorities such as protecting its investments, or ensuring that its strategic interests are upheld.

    Another challenge to restructuring Africa’s debt, he argued, is that diverse creditors may have varying levels of influence, which can further complicate the coordination process. For example, China’s economic and geopolitical significance afford it more leverage in negotiations compared to other creditors.

    Stiglitz and Adeosun said without the mechanisms to address these challenges, it would be difficult for African countries to achieve sustainable public finances.

    Mrs. Adeosun joined Stiglitz in a panel discussion on sovereign debt crises at the Columbia Global Centres in Paris yesterday.

    Read Also: Donations to ex-finance minister Adeosun’s charity tax deductible – FIRS

    Mrs. Adeosun emphasised the importance of taking action before a default occurs, particularly in managing the pre-default period. She said that countries in debt distress are often reluctant to admit it due to the need to cut social spending, especially in democratic countries.

    This leads to a tendency to delay restructuring, thereby creating more difficulties down the road.

    The former minister advised Eurobond holders to initiate conversations with sovereigns before a potential default occurs, saying this proactive approach would allow for early discussions and potentially expedite the restructuring process.

     She said: “The long period needed to carry out debt restructuring such as that in Zambia, have their roots in lack of action before a default takes place, that means there is a tendency to kick the can down the road,”

    On the huge debts faced by many African countries which pose challenges in feeding their people and mitigating the effects of climate change, Martin Guzman, the former Minister of Economy in Argentina, said the unsustainability of Africa’s sovereign debt,  suggests that both creditors and debtors have an incentive to delay restructuring in the hope that institutions like the International Monetary Fund (IMF) will provide financing.

    Stiglitz, Adeosun and Guzman argued that international mechanisms for sovereign debt restructuring are crucial for Africa to achieve sustainable public finances, address climate change and mitigate the negative impacts of debt.

  • Adeosun: Corruption fighting back indeed!

    Sir: The whole country was shaken with the news that Finance Minister Kemi Adeosun had resigned and had in fact flown out of Nigeria. The media was agog, calling her unprintable names. In particular, television newscasters and commentators had a field day denouncing a seemingly corrupt cabinet minister. Opposition politicians, themselves replete with filth and repugnant odour went to town. Some went ahead accusing Muhammadu Buhari of colluding with a ‘corrupt’ aide by bundling her overseas to escape justice in Nigeria.

    These are people of little mind, irresponsible and malicious. What offence did Adeosun commit to attract such denunciation? Let us look at her story as told by her and as corroborated by associates and well meaning Nigerians. The woman was born and raised in the U.K, making occasional visits to Nigeria until she was 34 years old. She had a very good upbringing, a robust education and zeal to be a Nigerian in fact and indeed. Because of the statutory requirements which her first assignment demanded, she had to get the NYSC discharge certificate being above the legal age to participate physically in the national assignment. Ultimately, she got one which her detractors are now calling Oluwole document, but the woman a very innocent person-innocent that is to the Nigerian character and practices, was unaware that she had been sold a dummy, the effect of which is now reverberating across the nation.

    Some facts are salient here. The ex-minister’s vital documents-professional certificates, date of birth and other vital documents were not forged. What would it cost her to obtain an authentic document from the NYSC authorities, when it could have been ordinarily given to her without any hassle and at no pain whatever, since she qualified automatically to be excused on account of her age?

    Again the poor woman was blissfully unaware that she was being conned by professional manipulators and rouges which is normal to the Nigerian system.

    Arising from the above, there is the need that her official and unofficial accusers should have first considered her intention, not only her action. Did the woman intend to be a fraud? Or did she play inadvertently into the hands of rouges and charlatans. I am not a lawyer but I believe a court would look at the intent and not only at the action of the ‘accused’ person.

    Compare the above scenario with the positive changes the ex-minister has brought to the economy. The country is literally employing one single financial or accounting system where revenues due to the federal government are paid to only one account which cannot be replicated. She has chased away ghost workers and only human beings with flesh and blood are now taking money from the national till. The national income has increased considerably and the naira has assumed a larger profile than before. This same woman has delicately stared the economy from recession to positive growth and development. Her presentations at all levels were transparent, credible and re-assuring. Above all nobody has accused the poor woman of taking a kobo from the treasury.

    Asdeosun’s case is a lesson to all Nigerians, especially our men and women whom we have unconsciously exported to foreign lands where their services are acknowledged and judiciously utilized. It is an irony of life that Nigeria is a net exporter of qualified men and women and manpower generally to climes that appreciate and welcome expertise and integrity.

    The only redeeming feature of this unfortunate episode is that the presidency has given praise and support to the ousted minister. This is a testimony that this administration recognizes merit and is prepared to reward it accordingly, irrespective of the band of hounds that is ready to devour an innocent woman.

    It is thoughtless to say, as some have said that Kemi Adeosun should be made to pay back all the salaries and benefits which she as state commissioner or federal minister has earned over the years. This is crude politics and it goes nowhere. Her accusers are the obvious vermin of our society.

     

    • Asiwaju Deji Fasuan MON; JP

    Ado-Ekiti.

  • Finance Minister Adeosun resigns

    The Minister of Finance, Mrs. Kemi Adeosun yesterday resigned her appointment over allegation of forged NYSC exemption certificate.

    An investigation panel set up by President Muhammadu Buhari found the certificate which the minister submitted for screening to be fake.

    Adeosun submitted her resignation letter yesterday evening and it was accepted by the President who also wished her well.

    In a statement signed by the Special Adviser to the President on Media, Femi Adesina, the President thanked the Minister for her services to the nation and wished her well in her future pursuits.

    He also approved that the Minister of State Budget and National Planning, Mrs Zainab Ahmed, should oversee the Ministry of Finance with effect from yesterday.

    In her letter, Adeosun, who explained the circumstances that led to her resignation, wrote: Dear Excellency, let me commence by thanking you profusely for the honour and privilege of serving under your inspirational leadership. It has been a truly rewarding experience to learn from you and to observe at close quarters your integrity and sense of duty.

    “I have, today, become privy to the findings of the investigation into the allegation made in an online medium that the Certificate of Exemption from National Youth Service Corps (NYSC) that I had presented was not genuine. This has come as a shock to me and I believe that in line with this administration’s focus on integrity, I must do the honourable thing and resign.

    “Your Excellency, kindly permit me to outline some of the background to this matter.

    “I was born and raised in the United Kingdom. Indeed, my parental family home remains in London. My visits to Nigeria up until the age of thirty-four (34) were holidays, with visas obtained in my UK passport.

    “I obtained my first Nigerian passport at the age of thirty-four (34) and when I relocated, there was debate as to whether NYSC Law applied to me.

    “Upon enquiry as to my status relating to NYSC, I was informed that due to my residency history and having exceeded the age of thirty (30), I was exempted from the requirement to serve. Until recent events, that remained my understanding.

    “On the basis of that advice and with the guidance and assistance of those I thought were trusted associates, NYSC were approached for documentary proof of status. I then received the certificate in question.

    “Having never worked in NYSC, visited the premises, being privy to nor familiar with their operations, I had no reason to suspect that the certificate was anything but genuine.

    “Indeed, I presented that certificate at the 2011 Ogun State House of Assembly and in 2015 for Directorate of State Services (DSS) Clearance as well as to the National Assembly for screening.

    “Be that as it may, as someone totally committed to a culture of probity and accountability, I have decided to resign with effect from Friday, 14th September, 2018.

    “Your Excellency, It has been an exceptional privilege to have served our nation under your leadership and to have played a role in steering our economy at a very challenging time.

    “I am proud that Nigeria has brought discipline into its finances, has identified and is pursuing a path to long term sustainable growth that will unlock the potential in this great economy.

    “Under your leadership, Nigeria was able to exit recession and has now started to lay the foundation for lasting growth and wealth creation.

    “Repositioning this huge economy is not a short term task and there are no short cuts. Indeed, there are tough decisions still to be made, but I have no doubt that your focus on infrastructural investment, revenue mobilisation and value for money in public expenditure will deliver growth, wealth and opportunity for all Nigerians. “I thank His Excellency, the Vice President and my  colleagues in the Federal Executive Council for the huge pleasure and honour of working with them.

    “I also thank, most specially, the team in the ‘Finance Family’ of advisers and heads of agencies under the Ministry of Finance.

    “Your Excellency, this group of committed Nigerians represent a range of backgrounds, ethnicities and ages. They have worked well above and beyond the call of duty to support me in the tasks assigned.

    “The diversity in my team and their ability to work cohesively to deliver reforms convinces me that Nigeria has the human capital required to succeed.

    “Your Excellency, let me conclude by commending your patience and support during the long search for the truth in this matter.

    “I thank you again for giving me the honour of serving under your leadership. It is a rare privilege which I do not take for granted.

    “As a Nigerian and committed progressive,  I appreciate you for your dogged commitment to improving this nation.

    “Please be assured, as always, of my highest regards and best wishes.”

  • Embrace life insurance, Adeosun urges Nigerians

    THE Minister of Finance, Mrs Kemi Adeosun, yesterday said with the various economic developmental initiatives of the Federal Government and its agencies, Nigerians need to build a solid financial plan for the future through life insurance planning.

    Mrs Adeosun made this known at the third National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) held in Lagos.

    It had as heme: “The role of stakeholders in developing insurance &  pension sectors.”

    The minister, represented by the Deputy Commissioner for Insurance, Finance and Administration, George Onekhena, said life insurance holds the key to wise financial planning and is a panacea for poverty alleviation among Nigerians, including those at the grassroots.

    She urge Nigerians not to neglect life insurance, even as it is a common habit, noting that this is equal to building one’s foundation on a shallow ground.

    She added that this had become necessary because no body knows the day of his death and it would be disastrous for anyone to leave dependents without benefits.

     

    Speaking on the challenge facing insurance and pension operators in Nigeria, she said people hardly tell the public when they get benefit from these two sectors citing instance of quantum of retirement benefits paid on monthly basis by Pension Fund Administrators(PFAs), to retirees  and quantum of claims paid in a year by insurance firms.

    NAIPCO conference is the only forum that brings both pension and insurance operators, their regulators and stakeholders together to discuss their affairs.

    The conference played a key role in settling the crisis that arose last year between the two sectors in Annuity administration and management.

  • Adeosun implores Nigerians to embrace insurance

    The Minister of Finance, Mrs Kemi Adeosun, has urged  Nigerians to embrace insurance to protect themselves against the eventualities of life and also enhance the sector’s contribution to the country’s Gross Domestic Product (GDP).

    Adeosun made the appeal at the 2018 National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) held in Lagos on Thursday.

    She said insurance, which remained the greatest panacea to poverty alleviation, had been neglected by many Nigerians.

    She, however, said life without insurance was equal to building a house on a shallow ground.

    The News Agency of Nigeria (NAN) reports that the theme of 2018 conference is: “The Role of Stakeholders in Developing Insurance & Pension Sectors.”

    According to the Finance Minister, insurance also remained the key to wise financial planning among all Nigerians, including grassroot dwellers.

    She urged citizens to key into the various economic developmental initiatives of the National Insurance Commission (NAICOM) to develop a solid financial plan.

    Adeosun, who was represented by the Deputy Commissioner for Insurance, Finance and Administration, NAICOM, Mr George Onekhena, said excuses of non-payment of claims used by Nigerians to avoid insurance policies amounted to “self deceit.”

    The minister advised citizens to make enquiries on insurance policies before subscribing to them.

    She said anyone in doubt could engage the services of insurance brokers for professional advise.

    “Moreover, nobody knows the day of his or her death and it woukd be disastrous for anyone to leave dependents without benefits.

    “Insurance is the foundation for every wise financial planning,”she said.

    She also said the greatest challenge facing the insurance sector, which was common to the pension sector, was that many people hardly inform others when they benefited from the sector.

    “A clear example is the quantum of retirement benefits paid on monthly basis by Pension Fund Administrators (PFAs) to retirees and the quantum of claims paid yearly by insurance firms.

    “For instance over N76 billion insurance claims were paid in 2014, close to N90 billion  claims were paid in 2015 and over N105 billion claims paid  in 2016.

    “Rather people react when claims or benefits are not paid,” she said. (NAN)

  • Buhari didn’t meet Bakare, Adeosun, says Presidency

    The Presidency yesterday night denied the stories claiming that  Pastor Tunde Bakare of Latter Rain Assembly and Minister of Finance, Mrs Kemi Adeosun, met together with President Muhammadu Buhari at State House, Abuja.

    According to a statement by the Special Adviser on Media and publicity, Femi Adesina, the stories are far from the truth.

    On arrival at the State House after the jumaat prayer, Bakare and Adeosun had walked together moving towards the President’s office.

    But the statement said that the Minister was at the Presidential Villa in connection with the Annual General Meeting and 25th Anniversary Celebration of African Export-Import Bank (AFREXIMBANK) holding Saturday in Abuja, which would be graced by President Buhari.

    It added: “She ran into Pastor Bakare, who was on a scheduled visit to see the President, and they exchanged pleasantries.

    “The cleric particularly thanked the Minister for finding time to attend his mother’s funeral, which took place in Abeokuta, Ogun State, penultimate weekend.

    “Mrs Adeosun had seen President Buhari not fewer than three times earlier in the week, and did not need to meet with him again on Friday.

    “This statement is to put events in proper perspective, and dispel all conjectures and fictive reporting.”

  • FEC approves N1.6bn for anti-smuggling vehicles

    The Federal Executive Council (FEC) on Wednesday approved N1.6 billion for 68 anti-smuggling vehicles.

    This was disclosed by the Minister of Finance, Kemi Adeosun, while briefing State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    She said the memo approved was on behalf of the Nigerian Custom Service anti-smuggling task force.

    According to the minister, FEC also approved Value Added Tax (VAT) exemptions for private properties and reduction of taxes for Small and Medium Enterprises (SMEs).

  • FG to settle inherited debts to contractors

    The Minister of Finance, Mrs. Kemi Adeosun, yesterday disclosed that the Federal Government would settle the inherited debts and contractual obligations to local contractors between 2006 and 2015.

    A statement issued and signed by Oluyinka Akintunde Special Adviser, Media and Communications to the Minister of Finance said Kemi Adeosun made this known while appearing before the Ad-Hoc Committee of the Senate on “Promissory Note Programme and Bond Issuances.”

    According Akintunde, “she explained that the debts owed to various classes of contractors, including the terminal benefits of ex-Nigerian Airways workers, would repaid through promissory notes and bonds issuance.”

    The Minister also stated that the unpaid Federal Government obligations constituted a drag on economic activity across many sectors, adding that the present Administration was determined to address the problem.

    She listed the unpaid obligations to include obligations to pensioners and salary and promotion arrears to civil servants.

    With regards to obligations to contractors and suppliers the minister lamented that they in turn, owe banks, thus increasing the quantum of non-performing loans. The federal government is also burdened by backlogs of unpaid electricity bills by the Ministries, Departments and Agencies (MDAs).

    Others are: exporters owed funds under the Export Expansion Grant Scheme and unpaid refunds due to State Governments in respect of projects undertaken on behalf of the Federal Government.

    “The Federal Government is working towards settling these inherited debts. The Small and Medium scaled Enterprises are the lifeline of our nation. The Federal Government will be stimulating the economy by paying these legacy debts,” Adeosun told members of the Ad-Hoc Committee.

    The Federal Government, according to her, has approved the issuance of promissory notes and bonds to settle its contractual obligations subject to the approval of the National Assembly.

    On the ex-Nigerian Airways workers, the Minister explained that their terminal benefits have been reconciled and agreed upon at N45 billion following verification.

    She debunked claims by the ex-workers that there was a presidential approval for the payment of terminal benefits of N45 billion to the workers.

    “There has been a misconception in the media that the President had approved the payment of N45 billion terminal benefits to the workers. There is no presidential approval and no appropriation yet for the payment of N45 billion to the ex-workers,” she said.

    Akintunde noted that earlier, the representative of the Accountant General of the Federation, Mr. Mohammed Usman, told members of the Senate’s Ad-Hoc Committee that the Government has paid N34.2 billion to clear the promotion arrears to workers in the MDAs.

    Usman, who is the Director of Funds in the Office of the Accountant General of the Federation, added that the payment process was still ongoing.

    According to him, “these payments were made to the accounts of the beneficiaries in the MDAs after detailed verification of all documents attached as proof of promotion,” he said.