Economy

I Never Knew my NYSC Certificate was Fake–Adeosun

Published

8 years ago

15/09/2018

By Modupe Gbadeyanka

Former Minister of Finance, Mrs Kemi Adeosun, has expressed shock over her realisation that the Certificate of Exemption from National Youth Service Corp (NYSC) with her “was not genuine.”

In her resignation letter, Mrs Adeosun said having received the said document through a third party, she had no idea it would have not been original.

“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, been privy to nor familiar with their operations, I had no reason to suspect that the certificate was anything but genuine,” she said in her letter to President Muhammadu Buhari.

However, the Minister thanked the President, her colleagues and members of staff of the Ministry of Finance for the bond they created with her while in office.

Read her full resignation letter below:

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 Corp (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, been 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 foundations 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.

Kemi Adeosun (Mrs)

Economy

CSCS Sinks NASD OTC Exchange by 1.13%

Published

30 minutes ago

30/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Central Securities Clearing System (CSCS) Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.13 per cent on Wednesday, April 29, after its share price shrank by N5.06 to N71.99 per unit from N77.05 per unit.

As a result, the NASD Unlisted Security Index (NSI) went below the 4,000 mark after it lost 45.73 points to 3,999.23 points from 4,044.96 points. The market capitalisation declined by N27.36 billion during the session to N2.392 trillion from N2.420 trillion.

Midweek trading data showed that the volume of transactions slid by 76.2 per cent to 308,698 units from 1.3 million units, and the value of trades decreased by 7.1 per cent to N25.2 million from N27.1 million units, while the number of deals rose by 3.7 per cent to 28 deals from 27 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.9 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Strengthens to N1,379/$1 at NAFEX as FX Demand Pressure Eases

Published

58 minutes ago

30/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira was able to tame the pressure building at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, April 29, after it gained N1.25 or 0.1 per cent against the United States Dollar to close at N1,379.46/$1 compared with the previous day’s N1,380.71/$1.

Also, the outcome was the same against the Pound Sterling in the same window, as it added N2.18 to trade at N1,861.58/£1 versus Tuesday’s closing rate of N1,863.76/£1, and against the Euro, it appreciated by N2.14 to settle at N1,612.87/€1 versus N1,615.01/€1.

However, the Naira depreciated further against the Dollar at the GTBank forex counter by N10 to quote at N1,389/$1 compared with the preceding session’s N1,379/$1, and at the parallel market, it maintained stability yesterday at N1,390/$1.

The improvement witnessed across official market points to NFEM interbank turnover increasing sharply on Wednesday, with data released by the Central Bank of Nigeria (CBN) showing $249.905 million in transactions among institutions across 180 deals.

This indicates improved market liquidity and greater market confidence, leading to tighter bid-ask spreads across all foreign exchange deals.

Market analysts noted that improved liquidity and growing investor confidence now allow the market to function more independently.

Meanwhile, in the cryptocurrency market, Bitcoin (BTC) and major benchmarked cryptocurrencies fell as Brent crude surged to a four-year intraday high on renewed fears of US military escalation against Iran.

The jump in oil prices reflects a growing war premium tied to the effective shutdown of the Strait of Hormuz and expectations that hypersonic US weapons could be deployed in the region.

Analysts say BTC is unlikely to break above $80,000 unless Middle East tensions ease. Its value shrank by 1.5 per cent to $75,931.00.

In addition, Ethereum (ETH) slipped by 3.2 per cent to $2,254.51, Solana (SOL) depreciated by 1.9 per cent to $83.11, Ripple (XRP) lost 1.6 per cent to sell at $1.37, Binance Coin (BNB) dipped by 1.5 per cent to $616.58, and Cardano (ADA) dropped by 1.4 per cent to $0.2463.

But Dogecoin (DOGE) rose by 1.9 per cent to $0.1062 and TRON (TRX) appreciated by 0.5 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.

Economy

Value of Nigerian Stocks Soars Above N152trn, as YtD Return Hits 52.53%

Published

1 hour ago

30/04/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rallied by 3.77 per cent on Wednesday on the back of sustained bargain-hunting in equities with sound fundamentals.

The growth reported by Nigerian stocks at midweek raised the year-to-date return above 50 per cent, precisely at 52.43 per cent.

According to data, only the insurance sector ended in red after it shed 1.01 per cent at the close of business.

The industrial goods index appreciated by 6.14 per cent, the energy segment grew by 4.54 per cent, the banking counter expanded by 1.92 per cent, and the consumer goods industry rose by 1.01 per cent.

Consequently, the All-Share Index (ASI) went up by 8,465.40 points to 237,205.59 points from 228,740.19 points, and the market capitalisation increased by N5.450 trillion to N152.728 trillion from N147.278 trillion.

The quartet of UAC Nigeria, Zichis, CAP, and Airtel Africa gained 10.00 per cent each to sell for N165.00, N19.80, N132.00, and N3,021.30, respectively, and Jaiz Bank surged by 9.99 per cent to N8.81.

On the flip side, the duo of John Holt and Cadbury Nigeria lost 10.00 per cent each to trade at N12.60 and N66.15, respectively, as eTranzact shed 9.97 per cent to close at N15.80, Morison Industries slipped by 9.92 per cent to N10.62, and Haldane McCall shrank by 9.74 per cent to N3.43.

The busiest stock for the day was Access Holdings with 281.3 million units worth N7.3 billion, UBA transacted 160.6 million units valued at N7.0 billion, Lasaco Assurance traded 78.6 million units for N153.6 million, Wema Bank sold 65.7 million units worth N2.3 billion, and Morison Industries exchanged 65.0 million units valued at N690.3 million.

At the close of trades, investors bought and sold 1.3 billion equities for N69.1 billion in 83,445 deals versus the 908.0 million units worth N68.2 billion in 72,886 deals on Tuesday.

This showed that the trading volume, value, and number of deals increased yesterday by 43.17 per cent, 1.32 per cent, and 14.49 per cent, respectively.