Economy
Economic Slump: Melaye Wants Adeosun, Emefiele Sacked

By Modupe Gbadeyanka
Lawmaker representing Kogi West Senatorial district, Senator Dino Melaye, has called on President Muhammadu Buhari to sack Minister of Finance, Mrs Kemi Adeosun; National Planning, Mr Udoma Udo Udoma; and Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
Mr Melaye, in a statement entitled ‘Buhari-The barking is over, it’s time to bite’, pointed out that the present economic recession in the country has brought untold hardship to citizens.
He urged the President sack the above persons and reconstitute a new economic team that will revamp the country’s dying economy.
Mr Melaye, who is the Chairman of Senate Committee on the Federal Capital Territory (FCT) and Founder of Anti-Corruption Network, also accused some members of the President’s cabinet of gross incompetence, inexcusable ineptitude and a distressing lack of capacity to deliver on the mandate of their ministries/agencies.
He said Mrs Adeosun lacks the basic expertise to run a critical sector of the Nigerian economy like the Finance Ministry.
“At the moment, it must be crystal clear to all discerning minds that the President’s widely-acclaimed magical body language has lost its presumed aura and efficacy. His no-nonsense demeanour is equally neither instilling fear nor commanding respect and loyalty from amongst his cabinet members.
“It is therefore obvious that the time for barking is over, now is the time to bite and boot out all those who have demonstrated, in the past several months, a crass lack of capacity to effectively carry out the functions of their office.
“The Finance Minister has not only displayed gross incompetence on the Job, she also lacks the basic and rudimentary grasp of economic fundamentals necessary to run a critical sector of the Nigerian economy like the Finance Ministry.
“It is time for her to go now and pave way for a qualified and experienced person to steer the Nigerian economy away from the dark woods it has sunk presently under her stewardship.
“To be sure, Senator Udoma Udo Udoma is a very charismatic man, an accomplished lawyer, and a quintessential gentleman with a fairly untainted reputation.
“In everyday parlance, he is a good man. But the critical job of Budget and National Planning Minister for a huge country like Nigeria, with her prevailing economic challenges requires much more than being a good man with a great personality.
“It is for someone with the relevant qualification, professional knowledge and experience in public sector finance, development economics, strategic thinking, budgetary planning and management. As a lawyer, accomplished in this field as he is, Udoma’s appointment to that position is nepotism taken to very ridiculous heights; and a classic case of putting round pegs in square holes-it will, and can never fit. It is akin to saddling a carpenter with a tailor’s responsibility.
“The outcome under the circumstances, as has become evidently clear, is bound to be catastrophic for the economy. President Buhari must therefore do the needful now by relieving Udoma of this huge burden that is constituting a clog to the revival of the Nigerian economy,” Mr Melaye said in the statement.
According to the Senator, Emefiele’s policies have not helped the economy.
He accused the CBN Governor of policy flip-flops, summersaults and inconsistencies as clear evidence of gross incompetence in the management of the nation’s fiscal and monetary policies.
The net effect of this inconceivable ineptitude on the part of Emefiele, according to Melaye, is “the free fall in the value of the naira and the total loss of faith and confidence by the international community on the Nigerian economy.”
“We have these qualified Nigerians in abundance, and the President must beam his searchlight to find them to help him, the Nigerian economy as well as the suffering Nigerian masses,” he said.
He also called on the President to immediately discountenance the Economic Team currently under the supervision of the Vice President, Prof. Yemi Osibanjo “as their decisions will not be; and has never been respected by the economic managers and the bureaucracy in Nigeria.”
Instead, Melaye urged the President to constitute an “Emergency Ad hoc Economic Team” made up of all former Ministers of Finance, Budget and National Planning, CBN Governors as well as members drawn from the academia with “deep knowledge of developmental economics to drive the economic revival programme.”
“The President must immediately transit from mere rhetoric to drastic but positive action to save the economy and Nigeria from total collapse. The hunger in the land is real, pervasive, widespread and debilitating for the poor masses. As I walk the streets of my constituency these days, I constantly harbour a foreboding that I could be stoned by my angry constituents for the failure of Mr President to fulfill his campaign promises and expectations to Nigerians”, he said.
“Nigeria is tottering on a dangerous precipice, sliding perilously to a certain catastrophe if the current economic malaise is not halted immediately”, he declared, even as he said his criticism is borne out of an altruistic fervour, and not a product of sour grapes akin to some traditional critics of “Every Government in Power (EGIP)”, he added.
Nigerians and Buhari, he said, should be able to recall with little difficulty that “I was a permanent fixture at the All Progressive Congress (APC’s) Presidential campaign rallies and events, functioning mostly as the Master of Ceremonies (MC).
He said, “I am a proud APC member, a party bonafide with a great stake in the success or failure of this administration, so no one can accuse me of sour grapes or meddlesomeness. I am a truly concerned stakeholder presently bothered by the imminent, clear and present danger of a still-birth of a Change Agenda that held so much hope and promise for Nigerians a little over a year ago.
“While there is a lot of hunger, anger, anguish and despair currently in the land, I have a firm belief that the situation is not beyond redemption for Mr President, hence my call for urgent and drastic remedial action now.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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