Economy
I Never Knew my NYSC Certificate was Fake–Adeosun
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)
By Adedapo Adesanya
Oil was up more than 3 per cent on Tuesday as renewed Iranian attacks on the United Arab Emirates (UAE) heightened concerns about the worsening outlook for global supply.
Brent crude futures appreciated by $3.21 or 3.2 per cent to $103.42 a barrel, while the US West Texas Intermediate (WTI) crude futures gained $2.71 or 2.9 per cent to trade at $96.21 per barrel.
Prices had fallen previously after some vessels sailed through the critical Strait of Hormuz, a vital gateway for about 20 per cent of the world’s oil and liquefied natural gas trade
The Iran war shows no signs of abating as it renewed attacks on the United Arab Emirates (UAE) on Tuesday, causing oil loading at the port of Fujairah to be at least partly halted after the third attack in four days ignited a fire at the export terminal.
Fujairah, located on the Gulf of Oman just outside the Strait of Hormuz, is a critical exit point for oil volumes equivalent to roughly 1 per cent of global demand.
The attacks on oil installations by Iran and the ongoing disruption to shipping through the Strait of Hormuz have traders worried for long-term impairment to supply that could keep prices elevated.
The effective closure of the strait has forced the UAE, which is the third-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), to reduce its output by more than half.
Several allies of the US rebuffed President Donald Trump’s call on Monday to send warships to escort shipping through the strait.
On Tuesday, French President Emmanuel Macron said France would never take part in operations to unblock the strait, and would only participate in a coalition that could provide freedom of navigation once hostilities ended.
Meanwhile, the Trump administration reiterated its position that they see the Iran conflict lasting weeks, not months.
The head of the International Energy Agency (IEA), Mr Fatih Birol, has suggested member countries could release more oil, in addition to the 400 million barrels they have already agreed to draw from strategic reserves.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
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