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Akeredolu, SERAP Ask Buhari to Sack Emefiele as CBN Governor

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By Dipo Olowookere

President Muhammadu Buhari has been advised to immediately remove Mr Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN) if he fails to vacant his position with immediate effect in order to fulfil his political ambition.

Governor of Ondo State, Mr Rotimi Akeredolu, in a statement on Friday, disclosed that Mr Emefiele cannot remain in office and participate in the 2023 general elections.

Yesterday, it was reported that three groups had purchased the presidential nomination form of the All Progressives Congress (APC) for the CBN chief for N100 million.

This action sparked reactions from Nigerians, including the Ondo Governor, who said that though Mr Emefiele has the constitutional right to contest for the presidency, he cannot achieve such ambition as the incumbent CBN governor.

“It is incontrovertible that Mr Emefiele enjoys a constitutionally protected right to belong to any group or association and participate fully, just as any Nigerian.

“It is, however, difficult to imagine that a person who occupies the exalted and sensitive office of the Governor of the Central Bank of Nigeria will be this brazen in actualizing his ambition,” Mr Akeredolu said in the statement.

According to him, “There is no gain asserting the obvious. The combined effect of the Public Service Rules, CBN Act and the 1999 Constitution, as amended, exposes not only the oddity inherent in this brash exercise of presumed right to associate.

“It also confirms the illegality of the act should he proceed to submit the forms while occupying the seat as Governor of the Central Bank of Nigeria.”

The Ondo Governor, who described the action as “a joke taken too far,” urged “Mr Emefiele to leave the office, immediately, for him to pursue his interest.”

“He cannot combine partisan politics with the very delicate assignment of his office. Should he refuse to quit, it becomes incumbent on the President and Commander-in-Chief of the Armed Forces to remove him forthwith,” he declared.

Also reacting, the Socio-Economic Rights and Accountability Project (SERAP) called on Mr Buhari to sack the apex bank chief over his alleged involvement in partisan politics.

The group in a statement yesterday said, “We urge President Buhari to exercise his power under section 11(2)(f) of the CBN Act to immediately remove the CBN governor Mr Godwin Emefiele over his engagement in partisan politics, contrary to section 9 of the CBN.”

According to Section 9 of the CBN Act, “The Governor and the Deputy Governors shall devote the whole of their time to the service of the bank and while holding office shall not engage in any full or part-time employment or vocation….”

The organisation said, “Engaging in politics will conflict with/detract [him] from his full-time duties,” threatening to drag the federal government to court “if the unlawful plan is never implemented.”

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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Tinubu in UAE for 2025 Abu Dhabi Sustainability Week

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By Modupe Gbadeyanka

President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).

He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.

A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.

He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.

However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.

The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.

In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.

ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.

It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.

At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.

The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.

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Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement

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By Dipo Olowookere

The Speaker of the Lagos State House of ​Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.

Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.

Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.

This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.

Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.

Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.

In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.

Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”

He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.

However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.

Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.

“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.

Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.

As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.

Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.

For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.

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Nigeria Suffers First National Grid Collapse of 2025

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By Modupe Gbadeyanka

Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.

It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.

Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.

It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.

This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.

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