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Revealed: Power Struggle As Search For Emefiele’s Replacement Hots Up….. Adesola Adeduntan, Kemi Adeosun Top Contenders!

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2 years ago

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High power politics is currently at play as the search for who replaces Godwin Emefiele, the Central Bank of Nigeria’s governor has begun.
That there are forces bent on removing Emefiele for ‘ruffling feathers,’ rather than allow the status quo, is no longer news,
The genesis
Recall that following the announcement by CBN to change the naira notes as the country approaches the 2023 general elections for a change of government, a cross section of Nigeria’s political and business elites rose vehemently against it.

But Emefiele explaining why the naira had to be changed revealed that money especially higher denominations were being hoarded by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks. He added that the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability, were among others, good enough reason to change the naira.

Continuing, he said that recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

Unfortunately, many were not pacified by his explanations, but the change happened anyway.
Then came the withdrawal limits which was pegged at N100,000 N500,000 daily for individuals and organisations respectively. CBN instructed that withdrawals above the limit for individuals should attract five per cent processing fees, and businesses should pay 10 per cent. Also, that Point of Sale (PoS) and Auto Teller Machine (ATM) should dispense only N20,000 per day for persons using other withdrawal channels.

Expectedly, it was greeted with protests.

Members of the Association of Mobile Money and Bank Agents (AMMBAN) threatened to take their protest of the cash withdrawal limit to the streets and court if CBN doesn’t revise the policy as according to them, this could lead to millions of mobile money agents losing their jobs and also reduce their income and transaction volume.
The National Assembly had promised to prevail on the CBN to revise the withdrawal limit.
First the House of Representative ordered CBN to suspend the cash withdrawal limits and when that didn’t happen, they summoned Emefiele to appear before it to shed more light on the naira redesign and withdrawal limit policies.

But Emefiele ignored their summon.

Explaining through the Deputy Governor, Corporate Services, CBN, Edward Adamu, he said he couldn’t honour their summon as he was part of the entourage of President Muhammadu Buhari on an official trip to the United States at the time.
DSS, terrorism charges

But barely a day after the House of Reps summons to Emefiele, the Coalition of United Political Parties, CUPP, alleged that there was a secret plot by the Department of State Security (DSS) to arrest the CBN governor and keep him in solitary confinement over allegations of terrorism financing.

The coordinator of CUPP, Tochukwu Ohazurike, who led other CSOs for a protest, revealed that a suit had been filed with case number FHC/ABJ/CS/2255/2022 at the Federal High Court Abuja with the intention of getting a court order to keep Emefiele out of circulation.

CUPP stated that the plot to frame Emefiele of terrorism financing, arrest him and keep him away for 60 days by the DSS was being sponsored by some top politicians in the country to make Emefiele rescind the cash withdrawal policy recently announced by the apex bank.
Ohazurike further lamented saying the plot was aimed at derailing the naira redesign policy but for the fact that Emefiele travelled with President Muhammadu Buhari to the United States.
“It is shocking that the DG of DSS accused a man of terrorism financing and allowed him to travel with the president,” Ohazurike had said at the protest ground.

Unfortunately, Chief Judge John Tosho declined the application having observed it to be irregular. In his ruling, Tosho noted that it has been the practice of the applicant to seek the detention of a respondent from under detention for a definite time period when such a respondent is already arrested and is in their custody and that fact is clearly disclosed in the supporting affidavit. But that wasn’t the situation in this case.

“Godwin Emefiele, the governor of CBN was shown on television penultimate night having audience with the President of Nigeria. It is therefore seen that the applicant wants to use this order for an irregular procedure which is unacceptable,” the judge affirmed in declining the order for Emefiele’s arrest.

Days after, Emefiele was summoned a second time. Again, he failed to appear before the lawmakers. Disclosing his reason for failing to honour the invitation, he revealed in a letter that he wasn’t in the country as he has taken ill and needed to take care of his health.

The contenders

It is now obvious that Emefiele may likely not return as Nigeria’s Central Bank Governor. But this newspaper has reliably gathered that the race to get his replacement as soon as possible has begun in earnest.

Four groups made up of powerful individuals are being fingered to be responsible for producing who the replacement would be.
One of the groups is being led by Tunde Sabiu, one of Buhari’s nephews, an influential member of the present administration.

Sabiu was a domestic staff of his uncle before he was elevated to the position of a director at the National Intelligence Agency, NIA.

Sabiu is reportedly selling the candidacy of the Managing Director of a first tier bank as Emefiele’s possible replacement.

Adesola Adeduntan

A second group is being led by former Ogun State governor, Senator Ibikunle Amosun, a long-time ally of Buhari. Amosun, a former presidential aspirant on the platform of All Progressives Congress, APC, before he stepped down for Bola Ahmed Tinubu, the presidential candidate of the party, is working at bringing back a former minister of finance to replace Emefiele.
Amosun nominated this minister, Kemi Adeosun who resigned in the heat of some Nationl Youth Service Corps controversy, for the position.
But whether the powers that be would allow her return to the scheme of things, going by the circumstances that led to her resignation, is another kettle of fish entirely.

Kemi Adeosun

A third group is being led by Abu Funtua, a prominent son of Alhaji Isa Funtua, the late longtime friend of Buhari and a former member of his administration’s ‘cabal’, a group of influential persons around him, said to help him take key decisions.
Funtua is reportedly selling the candidacy of Aisha Ahmad, a female deputy governor of Central Bank of Nigeria who has had a meteoric rise in the banking industry. As far back as 2016, Ahmad was quickly appointed an executive director at the defunct Diamond Bank Plc, in preparation for such a time as this.
If Abu Funtua’s scheming does materialize, then she would become the first female CBN governor in the history of Nigeria.

Aisha  Ahmad

The fourth and last group is being led by the deputy senate president, Obarisi Ovie Omo-Agege, a gubernatorial candidate in Delta State on the platform of the All-Progressives Congress party come 2023. Omo-Agege is more favourably disposed to having a fellow Niger Delta individual like Emefiele to replace the embattled CBN chief. He has no preferred candidate for now but is currently shopping for a suitable candidate with the requisite qualification.

The Street Journal.

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Oyo Stampede: Ooni’s ex-wife Naomi Silekunola, others arrested as police confirm 35 minors dead.

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2 days ago

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December 19, 2024

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Oyo State Police Command has confirmed the arrest of organisers of the children’s funfair at Islamic High School, Basorun, Ibadan on Wednesday which resulted in a tragic stampede claiming the lives of 35 children.

 

In a statement released on Thursday, the command’s spokesperson, Osifeso Adewale, disclosed that Prophetess Naomi Silekunola, the main sponsor of the event and former wife of the Ooni of Ife, Oba Adeyeye Ogunwusi, has also been taken into custody.

 

 

Sequel to the Stampede incident recorded on Wednesday 18/12/2024 at the Islamic High School, Basorun, Ibadan venue of the family event Organized by Wings Foundation and Media partners Agidigbo Fm, the Oyo State Police Command wishes to inform the good people of the State that (8) Persons have since been arrested for their various involvements,” the statement said.

 

“These persons include the main event sponsor, Prophetess Naomi Silekunola ’f’ age 31yrs, Fasasi Abdulahi, ’m’ age 56yrs (School Principal Islamic High School, Ibadan), Genesis Christopher, ’m’ age 24yrs, Tanimowo Moruf,’m’ age 52yrs, Anisolaja Olabode, ‘m’ age 42yrs, Idowu Ibrahim, ‘m’ age 35yrs and Abiola Oluwatimilehin, ’m’ age 25yrs.

 

 

“So far (35) Thirty-Five Minors have been documented Dead while (6) Six others are critically injured and on various Medical Interventions.

 

 

In furtherance of the above, the case has since been transferred to the Homicide Section of the State Criminal Investigation Department, Iyaganku with the Deputy Commissioner of Police in charge leading the investigations.

 

 

“So also, residents around the axis are advised not to panic as they would witness high-level patrols and visible Police presence to prevent hoodlums from taking advantage of the unfortunate situation.”

 

The command said it sympathised with all the families of those affected by the tragedy and assured that justice would be served accordingly.

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Tinubu presents 2025 budget to National Assembly

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3 days ago

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December 18, 2024

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… PRESENTATION BY HIS EXCELLENCY, PRESIDENT BOLA AHMED TINUBU, GCFR   OF   THE 2025

BUDGET OF RESTORATION: SECURING PEACE, REBUILDING PROSPERITY   TO   A JOINT SESSION OF THE NATIONAL ASSEMBLY ON WEDNESDAY 18TH DECEMBER, 2024

 

PROTOCOLS: — The Vice President, Senator Kashim Shettima — Senate President, Distinguished Senator Godswill Akpabio — Right Honourable Speaker, Tajudeen Abbas — National Chairman of our great party, Excellency, Abdullahi Umar Ganduje — State Governors here present — Distinguished Leaders and Members of the National Assembly — Senior Government Officials here present — Gentlemen of the press,   My Fellow Nigerians,

1. In fulfilment of one of my constitutional duties and with unyielding commitment to rebuilding Nigeria towards ensuring that we remain steadfast on the journey to a prosperous future, I hereby present the 2025 Budget to the Joint Session of the 10th National Assembly.

2. On this day, before this hallowed chamber, I present to you the 2025 Budget at a time when our country is at a crucial point in its development trajectory.

3. The 2025 Budget Proposal again reinforces our administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation. This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.

4. The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway. It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. I thank every Nigerian for embarking on this journey of REFORMS and TRANSFORMATION with us.

5. The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy. That there have been difficulties and sacrifices. They will not be in vain. And we must keep faith with the process to arrive at our collectively desired destination.

6. We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.

7. The 2025 budget that I present today is one of restoration. It seeks to consolidate the key policies we have instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again and ultimately increase the competitiveness of our economy.

8. We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.

9. The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory.

CURRENT ECONOMIC REALITIES AND PROGRESS

10. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly, I report today that our economy is responding positively to stimulus. Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.

11. The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.

12. Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.   o Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.   o Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.   o Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.   13. These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.   2024 BUDGET PERFORMANCE   14. I am happy to inform this National Assembly that our administration attained remarkable milestones in implementing the 2024 Budget. In 2024, we achieved:   o 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter.   o 21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter.   15. While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt.   PHILOSOPHY OF THE 2025 BUDGET   16. The 2025 Budget seeks to: o Restore macroeconomic stability.   o Enhance the business environment.   o Foster inclusive growth, employment, and poverty reduction.   o Promote equitable income distribution and human capital development.   17. Our budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.   2025 BUDGET OVERVIEW   18. The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.   o In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.   o Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.   o A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.   19. This is an ambitious but necessary budget to secure our future.   20. The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).   21. These projections are based on the following observations:   o Reduced importation of petroleum products alongside increased export of finished petroleum products.   o Bumper harvests, driven by enhanced security, reducing reliance on food imports.   o Increased foreign exchange inflows through Foreign Portfolio Investments.   o Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.   KEY PRIORITIES: REBUILDING NIGERIA   22. Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.   23. Highlights of the 2025 Budget Allocations: • Defence and Security: N4.91 trillion • Infrastructure: N4.06 trillion • Health: N2.48 trillion • Education: N3.52 trillion   24. As we embark on implementing the 2025 Budget, our steps are deliberate, our decisions resolute, and our priorities are clear. This budget reflects a renewed commitment to strengthening the foundation of a robust economy, while addressing critical sectors essential for the growth and development we envision.   Securing Our Nation: 25. Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory. The government will continue to provide our security forces with the modern tools and technology they need to keep us safe. Boosting the morale of our men and women in the armed forces will remain our government’s top priority.   26. The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation. Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty. Our people should never live in fear—whether on their farmlands, highways or cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.   Infrastructure Development: 27. When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy. Under this programme, we are accelerating investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs. We have already embarked on key legacy projects: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output.   Human Capital Development: 28. Our people are our greatest resource. That is why we are making record investments in education, healthcare, and social services:   o Our administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we have made provision for 826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.   o We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 Budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians. This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.   Revitalizing Agriculture: 29. Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity. Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.   30. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly and fellow Nigerians, our 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action. 31. Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them. We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.   32. The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.   33. As your President, I remain committed and resolute to continue to lead the charge.   34. This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved.   35. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly the 2025 Budget of the Federal Government of Nigeria titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity.   36. May God bless our Armed Forces and keep them safe. May God bless the Federal Republic of Nigeria.   Thank you.     Bola Ahmed Tinubu, GCFR President, Commander-in-Chief of The Armed Forces, Federal Republic of Nigeria

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Nigerians Should Be Ready For Better Days As Economy Responds To Reforms — Tinubu

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3 days ago

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December 18, 2024

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President Bola Tinubu, on Wednesday, assured Nigerians of a stronger economy, stating that his reforms are beginning to yield positive results.

Tinubu made this remark while presenting the 2025 Appropriation Bill to a joint session of the 11th National Assembly in Abuja.

He said, “I report today that our economy is responding positively to stimulus. Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages, public expenditure, and specific non-inflationary spending. The reforms we have instituted are beginning to yield results, with no reversals.

“Nigerians will soon experience a better and more functional economy. Global economic growth for the outgoing year was 2.0 per cent.

“For 2024, it was projected at 3.2 per cent, and contrary to predictions for our country, we have made significant progress. Our economy grew by 3.46 per cent. The improvements we achieved in the 2024 budget have laid the groundwork for the 2025 budget.”

Details later…

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