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Emefiele instructed me not to keep records of collected dollars, says witness
An Ikeja Special Offences Court has heard how former Central Bank of Nigeria (CBN) Governor Godwin Emefiele instructed his erstwhile despatch rider, Monday Osasuwa, not to formally acknowledge millions of dollars collected on his behalf from various sources.
Osasuwa, who is the first prosecution witness (PW1) in a case the Economic and Financial Crimes Commission (EFCC) filed against Emefiele, said this yesterday during re-examination by counsel to Emefiele, Olalekan Ojo (SAN), before Justice Rahman Oshodi.
The witness told the court that he had no record of all the money he collected and handed over to the former CBN governor.
The court had recalled Osasuwa, following the granting of an application Ojo filed over the case.
The lawyer asked Osasuwa if he produced any documents to the EFCC showing Emefiele’s instructions, and the witness said: “He advised me not to write anything down for all the money I brought to him. I did not produce any document because my boss told me not to keep any records. I only obeyed my boss.
“Whenever my boss was not around, he instructed me to give it to the second defendant (Henry Omoile).”
On April 12, Osasuwa had testified that Emefiele, on different occasions, used him to collect funds from different sources as the ex-CBN governor’s despatch rider.
The witness said after he became a CBN staff member, he collected over $3 million in tranches on behalf of Emefiele.
When Ojo asked the witness who his direct boss was at the CBN, Osasuwa said: “I did not have one direct boss. In my office, we have the Secretary to the former CBN Governor Emefelie.”
When the lawyer further asked Osasuwa if in his appointment letter as a senior supervisor, it was stated that he was to run personal errands for Emefiele, the witness replied: “If my boss gives me instructions, I can’t refuse.”
He told the court that based on the errands he ran for Emefelie, the EFCC said he was charged with money laundering.
“I have been carrying some dollars for him; so, the EFCC tagged it money laundering. It was based on the messages my boss sent me.”
Emefiele is standing trial for alleged abuse of office and money laundering to the tune of $4.5 billion and N2.8 billion.
The EFCC had, on April 8, arraigned the ex-CBN governor on 23 counts bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.
Omoile was arraigned on three counts bordering on acceptance of gifts by agents.
The defendants pleaded not guilty to the charges.
Emefiele was admitted to N50 million bail with two sureties in like sum.
Ministerial nominees submit documents as Senate holds screening today
Ministerial nominees have begun the documentation process ahead of their screening and confirmation by the Senate, set to commence today (Tuesday).
This was announced on Monday evening by the Special Adviser to the President on Senate Matters, Basheer Lado.
Lado said, “Nominees were already submitting relevant documents as the first in the series of procedures for the screening and confirmation of ministerial nominees.
“The nominees are expected to be screened and confirmed by the Senate in compliance with Section 147 of the Constitution of the Federal Republic of Nigeria 1999 (as Amended).”
The Senate received President Bola Tinubu’s formal request for the screening and confirmation of seven ministerial nominees last Thursday.
The President’s request was conveyed in a letter addressed to the Senate President, Godswill Akpabio, which was read at the start of plenary on Thursday.
The nominees listed in the President’s letter are Dr Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction; Muhammadu Maigari Dingyadi as Minister of Labour and Employment; Bianca Odinaka Odumegwu-Ojukwu as Minister of State, Foreign Affairs, Dr Jumoke Oduwole as Minister of Industry, Trade and Development, Idi Muktar Maiha as Minister of Livestock Development, Yusuf Abdullahi Ata as Minister of State, Housing, and Dr Suwaiba Said Ahmad as Minister of State, Education.
In his letter, President Tinubu requested swift consideration of the nominees by the Senate.
Akpabio subsequently referred the request to the Committee of the Whole for prompt deliberation.
This development followed the President’s recent reshuffle of his cabinet.
In the process, five ministers were relieved of their positions. They were Uju-Ken Ohanenye (Women Affairs); Lola Ade-John (Tourism); Prof Tahir Mamman (Education); Abdullahi Muhammad Gwarzo (State, Housing and Urban Development) and Jamila Bio Ibrahim (Youth).
[Punch]
[OPINION] Risky to invest in banking, breweries and refineries now - Dele Sobowale
‘He is a fool who trusts to luck; one should play a safe game.” — Leo Tolstoy, 1828-1910, VANGUARD BOOK OF QUOTATIONS, VBQ, p 62.
“Fools rush in where angels fear to tread.” — Alexander Pope, 1688-1744, VBQ
Sometimes a national matter likely to affect the fortunes of millions of Nigerians comes up requiring the insight of sages from time immemorial. Fools have always been separated by sharp operators since cowry shells, gold and silver were the legal tenders. There will always be fools and clever men to fleece them.
Paradoxically, the best time to defraud people in any country is always during serious economic downturn such as we are experiencing right now. That is when those promising miracle financial solutions have the opportunity of making them poorer while fattening their own pockets. The primary duty of media people remains the same — to protect the people by informing them, educating them and presenting the basis for them to make intelligent decisions instead of falling prey to economic predators. Because banking is central to the economy, it is naturally the first point of departure today. We end with the sector which is driving everybody round the bend right now — refineries. Sandwiched between them is my former home — breweries.
Banking — All that glitter is not gold
“World Bank warns about Non-Performing Loans in Nigerian Banks; Reaching 5.10 per cent – above prudential limit.” — Report, October 22, 2024.
The report went on to say that: “The banking system’s capital buffer zone has been eroded due to high inflation, significant depreciation of the Naira and the increase in the NPL ratio.” That is bad news; and it is closer to the truth about the situation with Nigerian banks than all the false advertisements about 100, 200 per cent increase in profits. Because banks are now in the capital market raising funds in order to meet the capital requirements established by the Central Bank of Nigeria, CBN, there is an urgent need for them to “show” significant improvement in profits in 2024 and 2025 in order to lure the unwary into the net.
We have had such swindles before; as recently as 2005 in fact, when in order to meet the baseline N25 billion capital required by the CBN, all the banks issued IPOs promising three things: higher profits in the future, share appreciation and high dividends in exchange for over-priced shares. Today, AMCON is still battling with N5trillion toxic loans dropped on the CBN by the consolidated banks. What’s wrong with that? Well, everything.
The same surviving banks, which left the public with their mess to carry are now back in the market demonstrating one most vital sign of distress as in 2008-9; when they announced huge profits while piling up Non-Performing Loans, NPL. The directors bear different names; but, it is clear that most of those now in charge are clones of the former looters of the 2008-9 period. One of the earliest banks, in particular, should be avoided. Control has shifted to those who openly confessed to share manipulation years ago. I fear for those buying its shares!!!
Otherwise, why have the banks not revealed the NPL crisis which will get worse as bank interest rates continue to climb and revenue declines for others?
The deception about the capital base is an open conspiracy exposed by the World Bank. In May 2023, when the CBN insisted on keeping the official exchange rate at N420/US$, the black market rate was already near N700/US$.
Today, despite the CBN’s efforts to unify the rates, the official rate is N1600/US$ and the parallel market rate is N1720/US$. So, a bank whose share capital in 2023 was N10 trillion or $23.8 billion; now is worth only $6.250 billion.
That is without factoring in inflation as the World Bank has mentioned. In short, what the banks are publishing amounts to illusions of progress and nothing more.
Breweries
suffering from lasting hangover
“In all things, one must consider the end.” — Jean De La Fontaine, 1621-1695, VANGUARD BOOK OF QUOTATIONS, P 47 available online.
In the nineteenth and early twentieth centuries, nobody would have believed that cigarette smoking in public would be outlawed or that the manufacture of the product would be in absolute decline. Today, most young kids under the age of ten would not know what is done with the object if they stumble on it. Breweries are racing to catch up with cigarettes in the industrial graveyard. It is painful to me as the Marketing Manager of three breweries and a Consultant to a fourth in the 1980s. Naughty by nature, the sales/marketing staff of a brewery are the only members of staff of any company who are provided with all the beer and stout they can drink, free; and still get well paid at the end of the month.
As manager, and the one allocating beer to customers from five-star hotels to Army, Air force and Navy Officers’ Messes nationwide to local hotels and beer parlours, everywhere beer is consumed was an extension of my office. On several occasions, I would finish an appointment with the Manager of Hamdallah Hotel in Kaduna, and five minutes after be at a drinking outlet at the motor park. I was at home everywhere; and I was a spy 24/7. I got close to my customers in order to know as much as possible about the consumers. Invariably, I would return home or to my hotel if on tour to jot down observations. Home and hotel were interchangeable to me because I spent 70 per cent of my time on the road — particularly weekends when beer consumption was highest. Tuesday and Wednesday were my off-days. There was a strategic reason for that.
The preamble is to warn potential investors in brewery shares to be careful. To be candid, for breweries in Nigeria today, the party is over for reasons too long to squeeze into one third of a column. Get in touch if you want to find out more.
Don’t blame God or bad luck; blame yourself if you lose your shirt.
Rrefineries are coming; run away
“If you shut up the truth and bury it underground; it will but grow and gather to itself such explosive power that, the dav it bursts through. it will blow up everything in its way.” — Emile Zola, 1840-1902. VBQ.p 255.
For decades, Nigerians had been convinced that the price of petrol, N185/litre on May 29, 2023 would drop once the nation’s four refineries start producing fuel once again. That assumption rested on three fallacies. One, Nigeria has no refineries. We keep maintaining, at great cost, scraps called refineries. Two, even if resuscitated, they would never produce 18 million litres of fuel — which is their maximum capacity. Being old and small, compared to global refineries, they lack the economy of scale which will drive down the cost of production. Three, the Kaduna refinery is the wrong refinery, in the wrong place and for non-economic reasons. Altogether, the four will never deliver enough fuel, consistently and at the right price, without subsidies to meet all our requirements. So, beware; if the Federal Government decides to sell them, as they must. Don’t waste your money on them. Give the money to a university instead.
Private refineries are just a little better in terms of investment. Collectively, they are coming on stream at a time when petrol is going the way of cigarettes. In less than ten years, anybody driving a petrol/diesel vehicle in the US, Europe, China and most of Asia will be arrested. The world is racing to hydrogen, ammonia, ethanol, methanol and even water. Investing in petrol/diesel refineries amounts to throwing your hard-earned money into the river. Give them to a school.
FG now requires over N19tr to complete inherited road projects — Umahi
The pressure on the naira in the foriegn exchange market, and the removal of fuel subsidy have taken a toll on earlier projections on what the Federal Government would require to complete inherited ongoing road projects nationwide.
The Minister of Works, Engr. David Umahi, who disclosed this at a briefing yesterday, said President Bola Tinubu’s administration would now require over N19 trillion to get the job done.
The new cost represents an increase of N3trillion over the N16trillion projected for the projects as at August, 2024.
Umahi had at a briefing on August 23rd said: “The funding gap to complete all the inherited projects is about N13 trillion as of May 2023; that will be more than N16 trillion when all projects are reviewed in line with current market realities. This is due to the removal of fuel subsidy and floating of the naira.”
However, while addressing the media yesterday, the minister explained that these issues had continued to have an impact on the ministry’s activities, with respect to project delivery.
Umahi said: “The President inherited a total of 2,604 projects as at May 29, 2023. The total cost was N13trillion, that was what the President inherited. And a debt to contractors of N1.6 trillion.
“When you look at the variations by reason of the floating of the naira, you will find that if you review all these projects, you get over N19trillion, the total ongoing projects. “
The minister further explained that the President decided to keep all the projects alive, with the hope to get funding from internal and external sources, including loans, because of his concern for the well being of Nigerians.
According to him, the president has given priority attention to the ministry of works, knowing fully that roads and bridges have the potential of unleashing unprecedented economic benefits for citizens.
He also explained that the ministry would not hesitate to revoke the Abuja-Kano road contract awarded to Messers Julius Berger should it fail to mobilize to site at the expiration of the 7-day ultimatum given to it. The ultimatum expires tomorrow
According to him, negotiation between the ministry and the contractor went on for the better part of 17 months and government decided there must be an end to it.
[Vanguard]
SSANU blames finance ministry as strike disrupts resumption in public varsities
The Senior Staff Association of Nigerian Universities (SSANU) has blamed the finance ministry for the ongoing strike that has disrupted the resumption of academic activities on campuses.
On October 28, non-teaching staff unions in federal universities began an indefinite nationwide strike over withheld salaries.
The federal government, under President Muhammadu Buhari’s administration, had withheld the salaries of university staff who participated in an eight-month strike in 2022.
In October 2023, President Bola Tinubu approved the release of four months of the withheld salaries of public university teaching staff.
Left out, non-teaching staff unions including SSANU and NASU accused the government of unfair treatment and discrimination.
In July, SSANU and NASU (Non-Academic Staff Union of Educational and Associated Institutions) planned a pre-strike protest to evoke a federal response on unpaid salaries.
The unions have since been at loggerheads with the federal government, initiating talks with the education and labour ministries.
A joint committee of both unions said it has issued multiple notices to seek redress on the matter but payment has yet to be made.
Muhammed Ibrahim, the president of SSANU, spoke during a Channels TV programme on Monday night.
He said the presidency has approved for the non-teaching staff to be paid but the matter is being stalled at the finance ministry.
“To be fair, the former minister of education Tahir Mamman and his colleague the minister of state did their best. This issue is being stalled at the finance ministry. The NLC president called the finance minister who kept assuring us payments would be made,” he said.
“This never happened. The NASU-SSANU joint action committee made efforts to see the minister of finance but we weren’t successful.
“Since July, we’ve been giving notices and changing dates based on assurances. What is happening is at the finance minister’s doorstep.”
Ibrahim said non-teaching staff have been struggling to sustain themselves under the heat of Nigeria’s unfavourable economic realities.
“Our universities are in a dire state,” he added.
“To have a productive economy and an enlightened population, universities must be funded properly. Teaching and learning must be seamless to avoid issues.
“The non-teaching staff comprising mainly of SSANU, NASU, and NAAT by extension have been shortchanged several times by operators of government.”
A strike by non-teaching staff, who oversee admissions, examinations, maintenance, security, and other administrative operations in federal universities, typically disrupts academic activities.
[TheCable]
[OPINION] From Pounds to Naira: How to Stay Ahead of Inflation and Naira Devaluation (II) - Rolake Akinkugbe-Filani
In part 1, we laughed, cried, and side-eyed the naira together. But now it’s time to get practical. Because while we can’t stop the naira’s wild ride, we can at least make sure it doesn’t leave us stranded. Whether you’re a young professional eyeing dollar gigs online or a retiree looking for secure cooperative investments, there are options for everyone.
No one strategy is fool proof, but by combining small, steady investments, you can start to dig your way out of a hole. So, while part 1 of this article may have felt like financial survival, part 2 is all about taking control. It’s time to make your money work for you, even in naira. You can build a hedge against the naira’s unpredictability.
So, how do you hedge against inflation and naira devaluation in today’s Nigeria without feeling like you need Jeff Bezos’ wallet to get started? Let’s get into it.
Warning: Seek the services of a professional financial adviser when considering your investment strategy. Any names of companies or apps shared are only intended to be examples for illustration, rather than recommendations.
1. Earning in FX is the ultimate currency hedge
Let’s start with a game-changer: earning foreign exchange (FX) income. Forget gold bars or offshore investments, earning in dollars or euros is the ultimate currency hedge. And no, you don’t need to pack your bags and head for Heathrow. Thanks to the wonders of technology, remote work is booming, and Nigerians are getting hired by international companies more than ever before.
Think about it, if you’re a software developer, graphic designer, digital marketer, or even a virtual assistant etc., there’s a global market hungry for your skills. Young Nigerian professionals, have you audited your skills set or talents lately to see which ones can be monetised? Websites like Upwork, Fiverr, where people look to higher high-quality freelancers are growing, and even LinkedIn are full of opportunities to earn in hard currencies while living right here in Nigeria. Having an FX income stream is the closest thing to financial sanity, and the ultimate financial cheat code.
2. Consider some real estate investments, even if you’re starting small
Real estate is always presented as the holy grail of investments. But if someone tells you to invest in a ₦100 million Lekki plot and your bank account laughs in response, it’s time to get creative. The truth is, you don’t need to break the bank to get into property.
Instead of going for flashy high-rise apartments, start with smaller, more affordable locations. Think out of the box: Ogun. Oyo etc, or the outskirts of Lagos . These areas are growing fast, and land values are increasing steadily.. Some plots of land outside Lagos or in developing states across Nigeria are still affordable and provide a decent return in the long run. But make sure the due diligence around your purchase is watertight.
And if buying property outright is still too much, you could explore real estate cooperatives or co-investing. These co-ops pool funds from multiple investors to buy land or develop property, making it easier for everyday Nigerians to get in on the real estate game.
3. Play the local game with global impact through stock market investments
Stocks sound intimidating if you’re a newbie. However, If real estate feels like too big a leap, investing in the NGX can give you exposure to some of the biggest local companies without the huge upfront cost.
Even better, you can target companies with international revenue streams. Think about companies that have significant foreign earnings, meaning their income isn’t just tied to the naira. This is crucial because companies with FX revenue are often better positioned to weather local economic storms and protect your naira-based investments. You don’t need millions to start, either; investing apps (happy to provide recommendations offline) let you invest with small amounts and buy fractional shares of both local and international companies.
4. Digital assets are an option for funds you can afford to lose
Now, this is a controversial one, but I’d be doing you a disservice if I didn’t mention cryptocurrency. Yes, regulators previously cracked down on it, but there is now an emerging spew of REGULATED and LICENSED crypto services and Nigeria's Securities and Exchanges Commission (SEC), earlier this year announced its plans to develop and launch a regulatory framework for crypto. Plus, let’s be honest: Nigerians are still finding ways to invest in digital assets, even if broad. For those who want to take on a bit more risk, crypto can offer a way to hedge against inflation by holding assets that are not tied to any specific currency.
But a word of caution; please do your homework. Digital assets can be highly volatile, and while you can make good returns, they can also take a nosedive. Remember to invest only what you can afford to lose. You should ideally not be spending your children’s education funds or your rent on speculative digital assets.
5. Diversify your income streams
We all know Nigerians are the kings and queens of the side hustle, and in this economy, it’s almost mandatory. Whether it’s selling on Jumia, freelancing, or starting a small-scale business, having multiple streams of income is one of the most effective ways to hedge against inflation.
However, try to have at least one side hustle that earns you dollars, but ensure there is no conflict with your 9-5. Even if your main job is in naira, something as simple as teaching English online (through platforms like Cambly or Preply) can give you access to foreign currency, or even dropshipping, where you sell goods to international customers without holding inventory.
The truth is, if you have only one source of income in Nigeria today, you’re walking a tightrope.
6. Don’t sleep on agriculture
With inflation driving up food prices, investing in small-scale farming, whether it’s fish farming, poultry, or even vegetable farming, can be a smart move. You don’t need to own acres of land to start. You can lease land in rural areas or even find and join platforms like that allow you to invest in farms and earn returns.
In a country where food inflation is rampant, investing in agriculture doesn’t just protect your pocket, it contributes to food security. Plus, with more Nigerians turning to local produce due to import costs, it’s a sector poised for growth.
7. Gold and precious metals are not just for the wealthy
While gold might sound out of reach, you don’t need to buy a kilo to get in on the action. Platforms like RiseVest allow Nigerians to invest in fractional gold assets, so you can put in small amounts and still hedge against inflation.
Gold remains one of the best long-term hedges against currency devaluation, and with fractional ownership, you don’t need to have oil tycoon money to benefit.
8. Dollar accounts to keep your FX safe, but don’t hoard.
If you’re lucky enough to earn or have some FX savings, keep it safe! Domiciliary accounts in Nigeria allow you to hold dollars, euros, or pounds in your local bank. These accounts act as a natural hedge against the naira’s rollercoaster ride, preserving your wealth in stronger currencies.
Even if you’re not earning in FX, you want to consider converting small amounts of naira into dollars (when possible) and saving it up, but with a clear strategy for deployment such as in a eurobond or domestic USD bonds. You can also use platforms that allow you to access dollar-based investment funds, giving you exposure to global markets without needing to leave Nigeria.
9. Cooperative societies and rotating savings for those with low-incomes or at bottom of the pyramid
Let’s get old school. Cooperative societies and Ajo/Esusu (rotating savings schemes) are time-tested methods for hedging against inflation. These systems aren’t just for market traders, they often offer a practical way to pool resources, avoid relying too heavily on the naira, and protect your purchasing power. Cooperative societies, for example, often offer members access to low-interest loans or group investments in tangible assets, such as land or small businesses.
For retirees or those with fixed incomes, joining a cooperative can provide financial security and returns without needing to directly invest in high-risk ventures. These savings methods also provide the added benefit of a community-based support system, which is helpful in tough times.
Caution: Due diligence, and an understanding of the dynamics around, and promoters of these platforms, are a must
10. Investing in high-yield savings plans or fixed deposits may be better for retirees
For older Nigerians who prefer more traditional and low-risk investments, high-yield savings accounts or fixed deposit accounts at trusted financial institutions can offer better interest rates than the typical savings account. While inflation might still outpace these returns, they provide a safe and predictable income stream without the volatility of stocks or real estate.
Some banks offer special senior citizen plans with higher interest rates or tiered fixed deposits, which increase your returns the longer you leave the funds untouched. This is a relatively straightforward way for retirees to ensure their money grows steadily, even if it doesn’t beat inflation outright, offering them stability and peace of mind.
11. Cut the excess and prioritise needs
One of the most underrated but effective strategies to hedge against inflation and naira devaluation is simply practising prudent spending. It’s easy to focus on investment strategies without realising that controlling how much you spend is just as important. Start by auditing your current spending habits. Are there any expenses you can cut without compromising your quality of life? Whether it's reducing subscriptions, avoiding impulse purchases, or cooking more at home, small savings add up over time.
In today’s inflationary environment, needs must take priority over wants. While it’s tempting to keep up appearances, the reality is that mindful budgeting can prevent financial strain. Implementing a minimalist approach, purchasing only what you need and cutting out excessive spending on luxuries, can free up cash for more meaningful financial goals, like saving in FX or investing in assets with better returns. A little financial discipline now will save you from future headaches as prices continue to rise.
This approach can help create a buffer that will allow you to ride out inflationary pressures without feeling the pinch too much
Conclusion: The Key is Diversification and Starting Small
The above list is hardly exhaustive, and it’s possible that you’ve been there and done that. Good for you, and I really do hope you’re seeing the results.
For those who have not quite figured it all out, please remember that navigating inflation and naira devaluation isn’t about making one big, bold move. It’s about small, consistent steps. Whether it’s starting a legitimate side hustle, buying fractional shares, or saving up in foreign currency, the key is diversifying your income streams and investments.
The naira might have a mind of its own, but with these strategies, you can protect your finances and keep moving forward. And remember, you don’t need to be a millionaire to make smart financial moves. Just start where you are, with what you have.
Ultimately, the name of the game is flexibility, and as Nigerians, we’ve been winning at that for generations.
In part 3, which is the final instalment of my pounds to naira journey of shock, survival and adaptation, I step back to take a broader look at the intersection of economic survival, leadership, and governance in Nigeria.
Stay tuned!
[Culled from LinkedIn]
[OPINION] From Campaigns To Reality: Are Nigerians Facing An Elusive Eldorado? - Isaac Asabor
A critical point of contention is that, each time citizens raise concerns, they are met with excuses. Often, Tinubu’s administration places blame on the past administration led by Muhammadu Buhari, claiming that much of Nigeria’s current economic turmoil is a legacy of the former president’s policies. The Nigerian public, however, is growing tired of the constant buck-passing. This administration campaigned on change and transformation; should not they have had a clear plan to address the known issues rather than now shifting responsibility to Buhari’s government?
When a government is campaigning, it is expected that they fully understand the state of affairs in the nation. By the time President Tinubu assumed office, Nigeria’s economic and security challenges were no secret. The administration would have had access to detailed assessments of the nation’s debt, inflation rates, and insecurity issues, among other pressing matters. Nigerians are now questioning whether Tinubu and his advisors were truly informed or if the lofty promises were simply crafted to secure votes.
“Where is the Eldorado that was promised?” Was the campaign rhetoric grounded in a concrete, achievable plan, or was it merely a strategy to win the hearts and minds of an electorate eager for hope?
From fuel subsidies to security, several promises made by Tinubu’s team are yet to materialize in meaningful ways. During the campaign, Tinubu committed to phasing out the fuel subsidy, a move he argued would free up resources for critical sectors like healthcare, infrastructure, and education. However, the way the subsidy was removed, suddenly and without adequate palliatives for citizens, has only exacerbated the hardship for ordinary Nigerians. Fuel prices soared, affecting transport costs, food prices, and overall inflation, leaving millions struggling to make ends meet.
Additionally, the promises of improved security and economic growth remain far from realization. Insecurity continues to plague various regions, and despite pledges to create jobs, unemployment remains high, with little sign of the thriving job market Nigerians were promised. For the millions who believed in the vision of a better Nigeria, these unmet expectations have fueled disappointment and frustration.
Each time criticism mounts, the response from Tinubu’s administration seems to center on the challenges inherited from Buhari’s administration. While it is true that the previous administration left behind a complex set of issues, Tinubu’s campaign did not shy away from those realities. Instead, it promised to address them head-on. This constant buck-passing has begun to sound more like an excuse than a valid explanation.
One could argue that part of the duty of governance is to tackle inherited problems with pragmatic solutions, not to continually point fingers. Nigerians voted for Tinubu because they believed he had the competence and resolve to steer the nation out of crisis, not to witness another cycle of blame and delay. If the Tinubu administration was aware of the depth of these issues, then the question becomes, why didn’t they prepare adequately to address them?
The mood of the nation has shifted from hope to a growing sense of betrayal. Many feel that they were sold a dream of paradise only to wake up to the same struggles they faced before. And with every complaint being deflected onto the previous government, Nigerians are beginning to wonder if the administration truly has a vision for change.
As for promises made, but not kept, it is germane to recall in this context that Tinubu’s team pledged rapid improvements in infrastructure, economic reforms, and social programs that would uplift the lives of ordinary citizens. These promises created high expectations, yet so far, the reality has been marked by economic hardship, with inflation and unemployment on the rise.
In response to public outcry, the administration has rolled out several palliative measures, such as cash transfers and food distributions. However, many Nigerians argue that these efforts are short-term fixes rather than sustainable solutions. Without a comprehensive approach to tackling inflation and creating jobs, these palliatives seem to be little more than Band-Aids on a deep, systemic wound.
Beyond economic policies, Nigerians are also frustrated by a perceived lack of transparency in the government’s handling of public funds and resources. For instance, questions have been raised about how certain decisions are made, and whether they truly reflect the best interests of the populace. Transparency and accountability are critical to restoring trust, yet they seem to be in short supply in the current administration.
The Tinubu administration rode into office on the back of grand promises, pledging to usher in a new era for Nigeria. But as the months go by, the chasm between promise and performance grows wider, and Nigerians are left wondering whether they were misled. The repeated references to Buhari’s tenure as a scapegoat have only served to increase public skepticism. Many now believe that, if the administration lacks the ability or will to fulfill its promises, it should at the very least acknowledge its own shortcomings instead of shifting blame.
This cycle of broken promises and blame-shifting is taking a toll on public morale. Nigerian citizens, particularly the youth, who have already endured years of economic and political instability, are growing weary of waiting for the promised “Eldorado.” For many, the question is no longer about what Tinubu’s administration inherited but about what it intends to do to change the trajectory of the nation.
Nigerians are not asking for miracles, but they do expect their leaders to take responsibility. Each time the government responds to criticism with another round of blame, it chips away at the already fragile trust between the people and those in power. What Nigerians desire is a transparent and actionable plan that moves beyond campaign slogans and acknowledges the realities on the ground.
As President Tinubu’s administration moves forward, it must confront the hard truth: the time for excuses has passed. Nigerians want real answers and real progress. They want to know whether there is indeed a plan to build the Nigeria they were promised or if this vision of Eldorado was merely an illusion crafted to win an election.
In fact, while every administration faces its own set of challenges, true leadership is demonstrated by a willingness to take responsibility, adapt to unforeseen difficulties, and deliver on promises. Nigerians deserve no less, and as they continue to raise their voices, they are making it clear: this is not the Nigeria they were promised, and they will not stop demanding answers until they see the change they voted for.
Vitalik Buterin explains why the Ethereum Foundation sells ETH tokens
The Ethereum Foundation, led by Vitalik Buterin, has been heavily criticized for selling its token.
The foundation, which is supposed to believe in Ethereum’s long-term potential and hold it more instead of selling it, views this as a bearish move.
Vitalik Buterin the co-founder of Ethereum has come out to clarify the assertions leveled against the foundation for selling their tokens.
In his argument, Buterin noted that the foundation was selling Ethereum tokens to raise funds which it uses to fund various developmental projects on the ecosystem.
This developmental project includes supporting zero-knowledge technology for privacy, account abstraction for user security, and several events promoting Ethereum globally.
Buterin added that the developmental projects funded by proceeds of selling Ethereum tokens have helped maintain the security and stability of the Ethereum blockchain which has experienced no downtimes since 2018.
$11 million worth of Ethereum sold
According to data from the scope scan foundation, the Ethereum foundation has sold over 4,066 ETH worth nearly $11 million. Scopescan further agreed that the Ethereum Foundation could make as much as $20.08 million per year if it staked the 271,000 ETH it owns.
- Vitalik Buterin in his explanation on why the Ethereum foundation does not stake its token explained that one of the main reasons the organization doesn’t stake its ETH is to avoid any “official choice” in the event of a contentious hard fork.
“We don’t want to be in the situation of being forced to make an ‘official choice’ if there’s a contentious hard fork.”
- His argument borders on avoiding the challenge of conflict of interest or having the Ethereum foundation wield undue advantage in the Ethereum ecosystem.
- The decision not to stake is aimed at maintaining Ethereum’s decentralized ethos by letting other entities stake on behalf of the network. This would ensure that no single foundation has an outsized influence on the blockchain.
For this reason, the Ethereum foundation’s preference remains to fund development and operations directly, which Vitalik Buterin argues aligns better with Ethereum’s long-term goals.
What to Know
- Staking is when you lock crypto assets for a set period to help support the operation of a blockchain. In return for staking your crypto, you earn more cryptocurrency. Many blockchains use a proof of stake consensus mechanism.
- A hard fork is a branching of a cryptocurrency’s blockchain that splits a single cryptocurrency into two. This happens when the users of a blockchain cannot come to an agreement on rule changes or upgrades to the blockchain. Hard forks are different from soft forks, which don’t create a new blockchain.
Tinubu Committed To New Minimum Wage, Urges State Governments To Ensure Full Implementation – Akume
The federal government, under the leadership of President Bola Tinubu, is fully committed to implementing the new ₦70,000 minimum wage.
This assurance was given on Monday by the Secretary to the Government of the Federation (SGF), George Akume, after a meeting with President Tinubu at the Presidential Villa in Abuja.
Akume appreciated all the state governments that have started implementing the new minimum wage and appealed to those yet to start the implementation to do so as soon as possible.
The SGF emphasized that the new national minimum wage remains a priority for President Tinubu’s administration and urged state governments not just to implement the new minimum wage, but to implement it fully.
“The issue of the new minimum wage has always been central to the thinking of the government of President Bola Tinubu, and that was why he quickly assembled the team.
“They put in place a tripartite arrangement to look at all the issues, and this was properly carried out.
“The governors were represented, the federal government was represented, and the organised private sector was also part of it. So we all arrived at the new minimum wage,” Akume stated.
The SGF commended states that have gone beyond the ₦70,000 benchmark, reiterating that the implementation must not be in half measure.
“We are very satisfied with it. And, some state governments have started implementing; others have even gone beyond N70,000. So, I believe that there’s no problem with that whatsoever.
“We applaud those who have started,” he said.
“For those who have not started, we just want to appeal to them to start the payment. What is that? What is it, at the level of the federal government? Is it fully, as the federal government done? Is in terms of full implementation, quite, quite frankly, the federal government is totally committed. Today is full.”
“There’s no half measure about this at all. It’s full, okay,” Akume added.
The SGF revealed that his discussion with the President also included other matters concerning state governance.
APC’ll Win Ondo Gov’ship Poll With Landslide, Ganduje Boasts
The National Chairman of All Progressives Congress (APC) Dr Abdullahi Ganduje, has again expressed confidence that the ruling party in the state will win the November 16th governorship election in Ondo State with a wide margin.
Speaking during the inauguration of the National Campaign Council of the party in Akure, Ondo State capital, on Monday, Ganduje declared that the party will win the forthcoming governorship election in a free and fair contest.
Inaugurating the Governor Babajide Sanwo-Olu-led 305-member council, Ganduje urged them to swing into action and build a strong synergy with the state and local campaign council.
While noting that the members must maintain the state for APC through democratic process, the APC Chairman said President Bola Tinubu hails from the zone, hence the need to show him their respect by winning the forthcoming poll.
According to him, “We are here to create an enabling environment so that the election will be free and fair. And the election will be victorious for our party. We appreciate the reform the state governor has introduced. We must support him so that he will continue to provide good governance for the state. He is a lucky man, and he will continue to be lucky.”
In his acceptance speech, the Chairman, APC National Campaign Council for Ondo State governorship election and Lagos State governor, assured the party leadership that the committee would win the forthcoming governorship election with nothing less than 80 percent of the total votes.
Sanwolu who noted that the party had given him the same assignment in the state twice, pledging that the committee members will do everything within their means constitutionally, and professionally to defeat other political parties in the poll.
He said, “The campaign will be issue-based and devoid of insult. We can boldly come out for Governor Aiyedatiwa because he has made us proud within his short period as a governor of the state. We will not disappoint the party and the people of the state. We will win with nothing less than 80 percent of the total votes.”
Earlier, the Ondo State governor and the candidate of the party, Hon. Lucky Aiyedatiwa, said within the last 10 months in office, he has focused on infrastructural development, public utilities renewal, boosting agricultural production, entrepreneurship and youth development, job creation and security.
“We have focused on strengthening governance institutions through fiscal discipline, improved healthcare, access to quality education, and responsible citizenship.
“We have shown commitment to social welfare to alleviate the sufferings of our people. We have deliberately created a stronger engagement with our women, too.
“We are concerned with leadership with integrity and character. We are not talking about our people; we are talking with them. Remarkably, within our 10 months in the saddle, we have activated the construction of not less than 70km of rural roads to provide access to our farm settlements and villages.
“This is in addition to the new 60km city-based roads recently awarded alongside the ongoing roads, bridges, and public building projects initiated and awarded by our administration. It is significant that our workers are happy and well-motivated as we pay their salaries regularly and promptly. We owe no kobo to workers, even as they enjoy their regular promotions.
“We have employed workers into critical sectors of the public service, such as health and Internal Revenue Service, while processes at an advanced stage to recruit about 2,000 teachers for public primary and secondary schools. We have supported not less than 500 youths with hundreds of millions of naira in grants and loans as part of start-up kits for their entrepreneurial businesses.
“We are supporting our farmers with access to quality funds and finance as well as technology and trade. We are also giving scholarships, bursaries, and financial assistance to students of Ondo State origin in higher institutions across Nigeria.”
Other chieftains of the party present at the inauguration include the Ogun State Governor, Prince Dapo Abiodun; his Ekiti State counterpart, Governor Biodun Oyebanji, former Deputy Senate President, Ovie Omo Agege; National secretary of APC, Sen. Ajibola Basiru, among others.
[Leadership]