Economy

I Never Knew my NYSC Certificate was Fake–Adeosun

Published

7 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

FrieslandCampina, Food Concepts Weaken NASD OTC Exchange by 0.57%

Published

59 minutes ago

14/11/2025

Adedapo Adesanya

By Adedapo Adesanya

The duo of FrieslandCampina Wamco Nigeria Plc and Food Concepts Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.57 per cent on Thursday, November 13.

FrieslandCampina Wamco Plc dropped N5.95 to N54.00 per share from N59.95 per share and Food Concepts lost 3 Kobo to end at N3.50 per unit compared with the previous day’s N3.53 per unit.

In the ensuing melee, the market capitalisation lost N12.42 billion in value to close at N2.180 trillion compared with the N2.193 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) went down by 20.75 points to 3,644.61 points from 3,665.36 points.

Yesterday, the volume of securities traded by investors plunged by 99.5 per cent to 119,329 units from the previous day’s 22.1 million units, the value of securities slumped by 99.9 per cent to N1.9 million from N1.3 billion, and the number of deals depreciated by 26.3 per cent to 14 deals from 19 deals.

At the close of transactions, Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 170.3 million units transacted for N8.0 billion, and Air Liquide Plc with 507.4 million units worth N4.2 billion.

InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N419.7 million, and Impresit Bakolori Plc with the sale of 536.9 million units for N524.9 million.

Economy

Naira Appreciates to N1,441/$1 as FX Pressure Eases

Published

1 hour ago

14/11/2025

Adedapo Adesanya

By Adedapo Adesanya

Recent foreign exchange (FX) pressure on the Naira eased on Thursday as its against the US Dollar closed stronger in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.64 or 0.11 per cent to N1,441.44/$1 from the N1,443.08/$1 it was exchanged a day earlier.

Equally, the Nigerian Naira improved its value against the Pound Sterling in the official market by N2.44 to sell for N1,898.96/£1 versus the previous day’s N1,901.40/£1. However, it depreciated against the Euro by 99 Kobo to close at N1,674.96/€1, in contrast to Wednesday’s closing price of N1,673.97/€1.

At the GTBank forex counter, the domestic depreciated against the Dollar yesterday by N3 to settle at N1,450/$1 versus the preceding session’s rate of N1,447/$1, and in the black market, the exchange rate of the Naira to the Dollar remained unchanged at N1,455/$1.

The local currency is trying to claw back some losses recorded this week as unmet demand from thin US dollar supply has invited pressure across key segments.

However, positive signals like Nigeria’s gross external reserves rising by more than $30 million day on day to close at $43.427 billion as of November 11, 2025, gives the Central Bank of Nigeria (CBN) enough power to make significant intervention.

In recent weeks, the apex bank FX injection has been minimal and erratic due to increasing FX inflows from foreign portfolio investors and exporters. FX inflow into currency market has fallen from peaked of $1.37 billion to $899 million.

In the cryptocurrency market, there were significant declines on Thursday as short and long-term investors liquidated their positions. More than $1 billion in leveraged crypto positions were wiped out over 24 hours, with roughly $887 million coming from longs.

Ethereum (ETH) slumped by 10.9 per cent to $3,160.25, Solana (SOL) went south by 10.3 per cent to $140.65, Cardano (ADA) depreciated by 9.6 per cent to $0.5146, Ripple (XRP) fell by 9.2 per cent to $2.27, Dogecoin (DOGE) slipped by 8.2 per cent to $0.1620, Bitcoin (BTC) dropped 6.9 per cent to $96,351.91, Binance Coin (BNB) shrank by 6.1 per cent to $909.83, and Litecoin (LTC) went down by 5.4 per cent to $95.57, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

Economy

Oil Rises Amid Global Oversupply Concerns, Lukoil Sanctions

Published

2 hours ago

14/11/2025

Adedapo Adesanya

By Adedapo Adesanya

Oil gained on Thursday as investors weighed concerns about global oversupply with looming sanctions against Russia’s Lukoil.

The price of the Brent crude grade chalked up 30 cents or 0.5 per cent to $63.01 a barrel, and the US West Texas Intermediate (WTI) crude increased by 20 cents or 0.3 per cent to $58.69 a barrel.

The US has imposed sanctions on Lukoil as part of its efforts to bring the Russian government to peace talks with Ukraine. The sanctions prohibit transactions with the Russian company after November 21.

According to JPMorgan, nearly a third of Russia’s current seaborne oil export potential is now stuck in tankers as the US sanctions upend crude flows and Russia’s top buyers, China and India, are still struggling to assess the implications of the sanctions.

“Russia’s oil exports are entering a new phase of disruption as sanctions targeting Rosneft and Lukoil are set to take effect, prompting its two largest customers — India and China — to sharply reduce their December purchases,” the Wall Street bank said in a note.

JPMorgan estimates that as many as 1.4 million barrels per day of Russian crude oil or nearly a third of its exporting potential are on tankers at present, amid re-routing and slowed unloading as buyers are hesitant following the US sanctions on Russia’s top oil producers and exporters, Rosneft and Lukoil.

Also, the US Energy Information Administration (EIA) showed a larger-than-expected rise in US crude stocks, while gasoline and distillate inventories fell less than expected last week. Crude inventories rose by 6.4 million barrels to 427.6 million barrels in the week ended November 7, the EIA said.

The Organisation of the Petroleum Exporting Countries (OPEC) said global oil supplies would slightly exceed demand in 2026, a further shift from the group’s earlier projections of a deficit.

It also said it expected the supply surplus next year because of wider production increases by OPEC+, a group of producers that includes OPEC members and allies like Russia.

The International Energy Agency (EIA) raised its global oil supply growth forecasts for this year and next in its monthly oil market report on Thursday, signaling a bigger surplus in 2026.

The US EIA also said in its Short-Term Energy Outlook on Wednesday that U.S. oil production is expected to set a larger record this year than previously forecast.

Global oil inventories will grow through 2026 as production increases faster than demand for petroleum fuels, adding to pressure on oil prices, the EIA added.