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2023: Group Condemns Verbal Attacks on Emefiele

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Godwin Emefiele

By Dipo Olowookere

For a while now, there have been reports that the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, would be contesting for the highest political position in the country in 2023.

According to the reports, some powerful persons on the corridors of power are positioning the respected banker to become the president of Nigeria next year.

These reports have continued to generate reactions and for some, it was an opportunity to pounce on the former group managing director of Zenith Bank Plc.

Recently, a group of friends of the CBN chief known as the Friends of Godwin Emefiele paid a visit to him over the rumoured presidential ambition in 2023.

At the gathering, Mr Emefiele emphasised that at the moment, he is only focused on the job at hand, which is to help President Muhammadu Buhari get the economy back on track after suffering two recessions under this administration.

The head of the banking industry regulator also stated that it was the prerogative of Mr Buhari to map out his succession plan, noting that he would leave his fate firmly in the hands of God as regards the choice of the leadership of the country in 2023.

In a statement, the group said the verbal attacks on Mr Emefiele over the rumoured 2023 bid were uncalled for since he has not confirmed to anyone “he is running for President even as he is constitutionally qualified to do so.”

“Only yesterday, as the speculation became widespread, a group of his friends under the aegis of Friends of Godwin Emefiele met with him to clarify his position,” the statement further said.

“Here is what he told us: That he remains focused on his job and will continue supporting the Muhammadu Buhari-led federal government’s economic recovery drive; that in his career trajectory, right from his days as a young banker, he never asked, nor lobbied for a job, he was invited by the Board of Directors to be the Chief Executive Officer/Group Managing Director of Zenith Bank as he was an integral part of the team, led by founder Jim Ovia, that transformed Zenith Bank from a start-up to one of Africa’s largest banks with subsidiaries in Ghana, Sierra Leone, Gambia, South Africa, Dubai, China and the United Kingdom,” it added.

According to the group, Mr Emefiele said that in 2014, President Goodluck Jonathan tapped him to be the CBN Governor, a job he didn’t lobby for and in which his name was not among those being considered at that time and was not even from the geo-political zone that most people thought the job would go to as the president then was from the same geopolitical zone with him.

It also quoted Mr Emefiele to have said he, “remains humbled by President Muhammadu Buhari’s decision to grant him an unprecedented second term as CBN Governor- again without lobbying. Thus he will continue to remain loyal to him and the Federal Republic of Nigeria.”

“Mr Emefiele told us that he believes it’s the prerogative of President Muhammadu Buhari to plan his succession in line with global best practices for good governance for the continuing peace and progress of the federal republic of Nigeria, as such he will play his part to stabilise the economy for an orderly transition.

“And given that it’s God that anoints leaders, he will leave his faith firmly in the hands of God,” it said further.

Highlighting Mr Emefiele’s achievements since he assumed office in June 2014, the friends said that at the time, his task was huge and the challenges seemed insurmountable but he successfully calmed the waters and put Nigeria back on the path of growth.

They listed the achievements to include reduction of Nigeria’s food import bill, taking COVID-19, regulatory forbearance to banks, and others.

Highlighting his achievements since he assumed office in June 2014, they noted that then, his task was huge and the challenges seemed insurmountable, adding that today he has calmed the waters and put Nigeria back on the path of growth.

“As you will recall there was a sharp fall in crude oil prices from 2015, which led to significant revenue shortfalls in Nigeria where crude oil represents about 95 per cent of Nigeria’s export revenue. This created a major shock for the Nigerian economy, leading to a 13-month recession in 2016.

“In comparison to the previous years before Emefiele became the CBN governor, the average price of crude oil from 2010 to 2014 was over $100/barrel and this fell to some $30 / barrel with high production costs of some $25/barrel.

“Despite these challenges Emefiele’s monetary policies supported the Buhari administration and all 36 State governments, ensuring salaries were paid and much more was done, with much less, in infrastructure, steering Nigeria away from much worse outcomes while many oil producers like Kuwait, Russia, Angola and Brunei had longer-lasting recessions between of 20 – 60 months,” it stated.

Additionally, Friends of Godwin Emefiele urged critics to also understand that the second recession the country entered into in 2020 was as a result of the COVID-19 pandemic.

Then, the global economy (Nigeria inclusive) was plunged into recession because of the pandemic which was unprecedented. It led to declines in economic activities and lockdown across the world.

They pointed out that countries such as the United States had their Gross Domestic Product (GDP) falling in 2020 by -31 per cent in the second quarter (Q2) of that year; the United Kingdom by -19.4 per cent in Q2; European Union by -14.1 per cent in Q2 and Nigeria, with the deft response of the CBN had -6.1 per cent in Q2.

“As we all know the CBN supported fiscal authorities in the following areas, N100 billion health sector credit facility for operators in the sector. Today, Nigeria boasts of two world-class cancer centres in Lagos and medical tourism has reduced.

“A one-year extension of a moratorium on principal repayments for CBN intervention facilities; the reduction of the interest rate on intervention loans from nine per cent to five per cent; strengthening of the loan-to-deposit ratio policy (i.e. stepped up enforcement of directive to extend more credit to the private sector),” it stated.

The group listed other measures introduced by Mr Emefiele-led CBN to include the creation of N400 billion target credit facility for affected households and small and medium enterprises; granting regulatory forbearance to banks to restructure terms of facilities in affected sectors; improving FX supply to the CBN by directing oil companies and oil servicing companies to sell FX to the CBN rather than the Nigerian National Petroleum Corporation and additional N100 billion intervention fund in healthcare loans to pharmaceutical companies and healthcare practitioners intending to expand/build capacity.

The group added: “Despite the challenges, the CBN under Emefiele has in the last seven years maintained a developmental-oriented approach in supporting the federal government to address challenges across various sectors of the economy and has initiated far-reaching reforms.

“One issue the critics have continued to raise is the issue of the rice pyramid which was recently unveiled in Abuja. But these armchair critics have failed to understand that through the Anchor Borrowers’ Programme (ABP), an initiative that was introduced by the Emefiele-led CBN, the lives of a lot of rural farmers have been transformed.

“The rice pyramid which had taken place previously in Minna, Kebbi, Gombe, Ekiti and Abuja, showed how Emefiele has used agriculture to support the federal government’s wars on insecurity.

“The rice pyramids were built bag by bag in all the states the programme had been launched since December 2020, when it was first launched in Minna, Niger State. The programme held last month to unveil the world’s largest rice pyramid in Abuja was also an initiative of the Rice Farmers Association of Nigeria (RIFAN).”

It noted that from an average yield of 1.8 metric tonnes per hectare in the pre-ABP era, the initiative has increased the country’s average yield per hectare for rice paddy and maize to about five metric tonnes per hectare.

Additionally, there has been a significant reduction in the country’s rice import bill, from a monstrous $1.05 billion prior to November 2015, to the current figure of $18.50 million, annually, the group noted.

“Emefiele also spearheaded the creation of the Coalition Against COVID-19 (CACOVID), an initiative that brought all the private sector business leaders under an umbrella in the fight against the spread of the pandemic.

“This was why in its latest Article IV Consultation released in February 2022, the International Monetary Fund praised Nigeria’s effort in fighting the spread of the virus.

“There are many other measures announced by the CBN Governor which will be detailed in due course like the support to Technology, Digital innovation, the Creative Industries and the 15 Trillion Infrastructure corporation recently launched.

“Apparently, those behind the sponsored negative reports are afraid of Emefiele’s towering personality and service to Nigeria. But they must understand that he cannot be stampeded any way. He is focused on delivering the mandate of the Central Bank; he is rebuilding the economy of the country through import substitution policies and using agriculture to create a new rural middle class from the ground up.

“Those who continue to criticise the rice pyramid are too ashamed of giving glory to whom it is due. Emefiele is focused on his unfinished job and should not be distracted,” the statement added.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Middle East Crisis: AfDB, Others Task Africa on Long‑term Structural Reforms

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Africa Long‑term Structural Reforms

By Dipo Olowookere

The need for Africa to protect itself from many external shocks not of its making has again been emphasised by the African Development Bank (AfDB), the African Union Commission (AUC), the United Nations Development Programme (UNDP), and the UN Economic Commission for Africa (UNECA).

On the margins of the 58th session of the Economic Commission for Africa in Tangier, Morocco, the continent was tasked to strengthen regional integration, accelerate African-led financial solutions, and invest decisively in energy, food, and trade resilience so as to move from vulnerability to preparedness.

The meeting focused on the spikes in energy, food and fertiliser prices caused by the ongoing conflict in the Middle East.

The United States and Israel launched airstrikes on Iran in February 2026, and since then, global oil prices have surged by more than 50 per cent as of late March. Twenty-nine currencies in Africa have weakened, raising the cost of servicing external debt and importing food, fuel, and fertiliser.

Disruptions linked to Gulf energy supplies limit access to ammonia and urea during the critical March–May planting season. This will affect agricultural production, compounding risks of crisis and emergency levels of food insecurity, especially for low‑income households and import‑dependent economies.

To address these issues, the quartet has asked African leaders to, in the short-term, stabilise fuel, food, and fertiliser supply, and execute medium‑term reforms to strengthen energy security, targeted social protection, and regional trade under the African Continental Free Trade Area (AfCFTA).

They also tasked leaders to come up with long‑term structural reforms towards stronger domestic resource mobilisation and African financial safety nets, including accelerated implementation of the African Financing Stability Mechanism.

“Continued escalation of the conflict worsens global instability, with serious implications for energy markets, food security, and economic resilience, particularly in Africa, where economic pressures remain acute,” the chairperson of AUC, Mr Mahmoud Ali Youssouf, said.

Also commenting, the UN Under-Secretary-General and Executive Secretary of UNECA, Mr Claver Gatete, said, “Africa has been hit by too many external shocks not of its making. Crises like this reinforce why Africa must finance more of its own future and strengthen regional solutions that build resilience before the next shock hits.”

On her part, the UN Assistant Secretary‑General and Director of UNDP’s Regional Bureau for Africa, Ms Ahunna Eziakonwa, submitted that, “With the right mix of policy choices, financing tools, and political resolve, Africa can weather this shock and emerge more resilient, more self-reliant, and better positioned to shape its own economic future.”

“As global crises multiply, Africa’s response must evolve from managing shocks to fostering resilience. African institutions and development partners need to act swiftly and in concert, leveraging their comparative advantages to cushion short-term shocks while laying the foundations for long-term resilience,” the president of AfDB, Mr Sidi Ould Tah, stated.

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Oyetola Sets Accountability Bar for Maritime Agencies

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gboyega oyetola

By Adedapo Adesanya

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has issued a strong warning to heads of agencies under the ministry, demanding strict accountability and measurable results.

Mr Oyetola issued the warning during the signing of performance bonds with heads of maritime agencies at the Ministerial Management Retreat, held alongside the 2026 first-quarter stakeholders’ engagement in Lagos on Thursday, where he emphasised the need for performance-driven governance.

“Let me emphasise that all Departments and Agencies under the Ministry must remain firmly focused on delivering tangible results,” he said.

In a statement by Mr Bolaji Akinola, Special Adviser to the Minister, Mr Oyetola noted that performance bonds to be signed during the retreat are binding commitments that will be closely monitored and rigorously evaluated.

“These are not ceremonial documents. They are binding commitments. Accountability will not be optional,” the Minister declared.

Mr Oyetola reiterated the need for data-driven decision-making, robust monitoring and evaluation frameworks, and alignment with the Ministry’s strategic objectives.

“At the institutional level, we must remain disciplined and accountable. Every department and agency must deliver measurable outcomes,” he added.

He explained that the retreat was designed to foster alignment between policy formulation, implementation, and stakeholder expectations.

“The integration of this engagement enables us to listen, reflect, and recalibrate,” he said.

The agencies include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers’ Council (NSC), National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, and the Council for the Regulation of Freight Forwarding in Nigeria.

He also announced a 160 per cent increase in revenue generated by agencies under the ministry, attributing the growth to sweeping reforms and a renewed focus on accountability.

“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.

The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.

“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.

Mr Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.

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Presidency Explains Reason Tinubu Met Jos Attack Victims at Airport

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Tinubu Angwan Rukuba jos victims

By Modupe Gbadeyanka

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, has explained why Mr Bola Tinubu addressed the victims of the Plateau attacks at the airport on Thursday evening.

The decision of President Tinubu to console victims of the attacks, which left over 20 persons dead, at the Yakubu Gowon Airport in Jos last night has continued to generate reactions.

He was criticised for not visiting the victims at the epicentre, Angwan Rukuba, instead of having them to travel to meet with him at the airport.

In a statement on Friday, Mr Onanuga said his principal’s itinerary for yesterday included two main engagements: receiving the Chadian President, Mahamat Idriss Déby Itno, and proceeding to Iperu, Ogun State.

“After Governor Caleb Mutfwang’s briefing, President Tinubu suspended the trip to Ogun. Overnight, the Presidential Villa made arrangements for the visit to Jos, with presidential assets quickly deployed. However, the President could not postpone the scheduled visit by the Chadian leader.

“The President of Chad was at the Presidential Villa for a very important bilateral meeting focused on strengthening security collaboration between the two countries. The meeting ran longer than expected, affecting President Tinubu’s scheduled departure for Jos.

“Upon arrival in Jos, the visit encountered some logistical challenges. While the road distance from the airport to Jos township is approximately 40 minutes, the runway does not support night flights due to the absence of navigational aids. The constraints made it unfeasible to drive into town,  meet victims for on-the-spot assessment and return to the airport before dusk.

“Consequently, state and federal officials decided to bring representatives of the affected community to a hall adjoining the airport so the President could meet with them promptly while adhering to flight restrictions. Among the people in the hall were the Minister of Defence, the Chief of Army Staff and the Inspector General of Police, who had visited Rukuba, the epicentre of the conflict.  President Tinubu deployed the high-level team to Rukuba, including the Senior Special Assistant on Community Engagement, to undertake critical groundwork on security and community engagement, with a view to stabilising the area before his arrival.

“Beyond expressing his condolences to the victims, President Tinubu’s objective was to engage with critical stakeholders in Plateau State on ending the recurring, decades-old conflict that has resulted in needless loss of lives and property.

“President Tinubu’s visit to Jos was not merely symbolic. It was a strategic, high-level engagement aimed at bringing all stakeholders together to address the root causes of conflict and insecurity in the state.

“He interacted with the victims, consoled them, and listened to them. He also listened to local leaders and assured them that the federal government would deliver justice and end the cycle of violence. He promised the deployment of 5000 AI-enabled cameras to monitor the city and enhance the identification and arrest of troublemakers.

“Furthermore, the President invited the community leaders to Abuja for further talks on finding a lasting solution to the recurring violence in the state.

“The meeting, televised live, was solemn and reassuring, boosting residents’ confidence. President Tinubu achieved the purpose of his visit, despite the naysayers’ attempts to ridicule it. He dropped an unmistakable message:  sustainable peace must be built with the people, not imposed on them,” the presidency explained.

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