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Emefiele’s Naira Renewal: A Dangerous Gamble
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4 years agoon
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Eric
By Eric Elezuo
Like it did in 1984, the administration of President Muhammadu Buhari has proposed to redesign the higher denominations of the nation’s currency. The announcement was contained in a statement released by the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, during a press briefing in Abuja. The bank said it is undertaking the designing project to have control of the currency in circulation, manage inflation, as well as tackle counterfeiting. He noted that the targeted notes are N100, N200, N500, and N1000, while release into the Nigerian monetary space will start on December 15, 2022, and then by January 31, 2023, the existing notes will be completed phased out of circulation.
Emefiele hinted as part of the many reasons for the action, that the currency management has faced several daunting challenges that have continued to escalate in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.
However, stakeholders, analysts and the general public have been left to wonder if the CBN and Emefiele were well advised as a cross section of Nigerians believe that the project could be a dangerous gamble, seeing that there are concerns the move may lead to confusion as rural population may find it difficult to change their currency notes within the given time among a whole lot of consequences, which the Minister of Finance, Zainab Ahmed has hinted.
In his address while making public the intention of the CBN, which permission, he said has been given by President Buhari, Emefiele said: “These challenges primarily include: Significant hoarding of banknotes by members of the public, with statistics showing that over 85 percent of currency in circulation are outside the vaults of commercial banks,” he said.
“To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public.
“Evidently, currency in circulation has more than doubled since 2015; rising from N1.46 trillion in December 2015 to N3.23 trillion in September 2022. This is a worrisome trend that cannot be allowed to continue.”
Emefiele’s catalogue of excuses regarding why the existing naira notes must be phased out includes the fact that the increase in the hoarding of currency in circulation has affected inflation, which hit a 17-year high in September, in addition to the menace of worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability.
The CBN governor also listed that the redistribution of the new notes will discourage ransom payment as large volumes of money won’t be accessed because the amount of cash in circulation will be drastically reduced just as it will help deepen CBN’s drive to entrench cashless economy as it will be complemented by increased minting of the eNaira.
“Also, in view of the prevailing level of security situation in the country, the CBN is convinced that the incidents of terrorism and kidnapping would be minimized as access to the large volume of money outside the banking system used as source of funds for ransom payments will begin to dry up.
“This will further rein in the currency outside the banking system into the banking system thereby making monetary policy more efficacious,” Emefiele said.
As expected, the CBN governor’s initiative has received knocks and kudos from across the length and breadth of the country with stakeholders voicing their thoughts at how the redesigning of the naira will impact on the economy, and more importantly on the lives of the citizens.
First among the early praise singers of Emefiele’s initiative is the Economic and Financial Crimes Commission, (EFCC).
In his remarks, the chairman of the commission, Abdulrasheed Bawa, described the move as “well-considered and timely” as it will address the challenges of currency management which has negatively impacted the country’s monetary policy and security imperatives.
“The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilize the country’s monetary policy environment. It is heart-warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria,” he said, in a statement released by its spokesperson, Wilson Uwujaren.
EFCC’s involvement , according to Bawa is to monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise. He also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.
In their argument, the senators were of the opinion that the policy, a well-conceived one, but has timing deficiency, going by the realities on ground. They feared that the naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy.
Ahmed, who speaks for the Federal Government on monetary matters reiterated that she and her Ministry were not aware of the policy but only heard from the media.
“Distinguished Senators, we were not consulted at the Ministry of Finance by the CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.
“However, as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time portends serious consequences on value of naira to other foreign currencies.
“I will, however, appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now,” she said.
Reacting, Emefiele, carpeted the minister, saying that permission was sought and received from the President, and as a result need not consult any other person.
“Especially at a time when the country is grappling with huge fiscal deficits, a free fall of the naira, soaring inflation rates, multiple forex rates and rising borrowing costs. The reasons for this decision seem no different from those given for the forex demand management strategy which resulted in a non-satisfactory conclusion as the artificially low exchange rate failed to be as reflective of the market as possible to improve supply, but this time it only threatens damning economic consequences for Nigerians.
“The public perception that this decision holds no value proposition for the economy, reiterates the tendency of the CBN to be distracted from fulfilling priority statutory obligations.
“Various comments and responses from concerned Nigerians, show that a large number of Nigerians are worried about the misplacement of priorities of the Apex Bank to make such a decision that comes with possibly huge logistics costs and avoidable dislocations to small businesses, most of whom are in the informal sector.”
He added: “So far, the macro-economic and monetary policies of the CBN has brought untold hardship to the productive and service sectors of our nation’s economy with consequential negative effects on the lives of our citizens. The Apex Bank has floated multiple exchange rate regimes and has been accused of facilitating arbitrage between the parallel and official foreign exchange markets, providing huge financial patronage and extending forex-based favours to allies.
“Nigeria is grappling with the external pressures from the incapacity of the Central Bank of Nigeria to protect foreign exchange reserves from external outflows.
“The Apex Bank needs to do a lot to recover the confidence of the public by addressing its inability to ensure; Blockage of illicit financial flows and checkmating the use of financial systems to fund terrorism by strengthening oversight of commercial banks used as conduits for corruption,” adding that “Foreign investors rely on authoritative indexes like the Global Terrorism Index and even economic indexes that include an evaluation of security and stability, to inform their investment decisions;
“Intensifying collaborations with relevant anti-corruption agencies to check dubious charges by some commercial banks, who keep shortchanging poor Nigerians whose reducing disposable income is further worsened by growing inflation costs and unemployment;
“Reduction of competition with other agencies by going beyond its purview to drive interventions in sectors without the consent or cooperation of the relevant coordinating ministries. The CBN’s continued and unsolicited support for MSMEs can be more effective by ensuring synergy between the fiscal and the monetary authorities on intervention funds and adopting transparent mechanisms for beneficiaries to access;
“Availability of forex to those who legitimately need it like students studying out of the country and businesses. The artificially low exchange rate has failed to be as reflective of the market as possible and this has affected access to forex for payment of foreign tuition fees, and the importation of systems and raw materials which contribute greatly to the country’s worsening economic situation. There is a huge blow to our foreign direct investment as foreign investors are leaving due to their inability to access forex;
“Sanitization of the CBN recruitment processes, which are non-transparent as they seem to be reserved exclusively for the children, wards and affiliates of politically exposed persons.
“In this desperate period of economic woes for Nigeria, the CBN’s efforts will be better served in pushing robust monetary policies that are in tandem with global best practices, fighting inflation and building a strong financial system in an increasingly uncertain global economy.”
Recall that in 1984 when Buhari was the Head of State, he ordered the redesigning of the naira notes notably One, Five, 10 and 20 to trapped politicians, who were suspected to have hoarded currencies away from bank vaults. A case of deja vu!
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Dickson Defends NDC Registration, Dismisses Irregularities Allegations
Published
1 day agoon
May 5, 2026By
Eric
National Leader of the Nigerian Democratic Congress (NDC), Seriake Dickson, has defended the legitimacy of the party’s registration, dismissing allegations of irregularities and urging Nigerians to ignore what he described as propaganda.
Dickson, a former Bayelsa State governor, in a X post on Monday said the party’s formation was the result of a long-standing process dating back to 2017, contrary to claims that it was recently granted recognition without due procedure.
“For the record, the annexures show that we initiated the registration process for the NDC as far back as 2017 and that INEC granted approval at that time before the process was halted,” he said.
He added that the party revisited and updated its application when the Independent National Electoral Commission resumed registration of political associations.
Dickson’s comments come amid controversy triggered by allegations from Umar Ardo, convener of the League of Northern Democrats and promoter of the All Democratic Alliance, who accused the electoral body of unlawfully registering the NDC in violation of constitutional provisions and its own guidelines on DCL Hausa.
Ardo claimed that while his group and others met all requirements for registration, they were ignored, whereas the NDC was allegedly recognised under questionable circumstances.
“The reason is that NDC obtained registration without applying, without meeting the requirements set by law, without meeting the provisions of the Nigerian Constitution, and without meeting INEC’s guidelines,” Ardo said during an interview.
“With my experience in politics, I am fully aware that an ambitious project of this nature will attract distractions—rumours, gossip, propaganda, and even blackmail,” he said.
He urged Nigerians to remain focused on what he described as the party’s broader vision of national renewal.
The development comes amid growing political realignments ahead of the 2027 general elections, following the defection of key opposition figures including Peter Obi and Rabiu Musa Kwankwaso to the NDC.
Dickson described their entry into the party as part of a broader coalition-building effort aimed at creating a strong ideological platform.
“What we are witnessing is a powerful convergence: my role as a party organiser and builder, alongside two political heavyweights with immense grassroots support, popularity and political experience,” he said.
He added that the party aims to build a durable political institution comparable to established global parties.
“As I have consistently stated, our goal in the NDC is to build an ideological political party, one that can be compared to the ANC in its finest years in South Africa, as well as established political parties across Europe, America, India and even the Communist Party of China,” he said.
Dickson also highlighted the party’s focus on youth and women, describing the NDC as a platform designed to promote inclusion and mentorship.
“The NDC is a party with a special place for young people and women, one that prioritises mentorship and prepares citizens for service,” he said.
He called on Nigerians to join the party and participate actively in its activities, including contesting elections.
“I call on all Nigerians to join the NDC, register, participate, and contest elections. Together, let us reclaim and rebuild our country,” he added.
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Peter Obi Only Had Interest in Presidential Ticket, Not in Party’s Policies – Abdullahi
Published
1 day agoon
May 5, 2026By
Eric
The National Publicity Secretary of the African Democratic Congress, Bolaji Abdullahi has accused Peter Obi of showing no interest in the party’s policy positions during his brief membership, saying he was only interested in obtaining the presidential ticket.
Abdullahi made this known on Monday during an interview on Arise News’ Prime Time programme, the same appearance in which he earlier described Obi and Rabiu Kwankwaso’s departure from the ADC as a setback but not a fatal blow.
Abdullahi said the party had invested months in developing a manifesto with clear policy positions, but Obi never engaged with the process.
“You may invite His Excellency Peter Obi and ask him, what is the ADC position on fuel subsidy? What is the ADC’s framework on security? He doesn’t know, because he’s never been interested. They are just waiting for the tickets to be handed to them,” he said.
Abdullahi appeared to place Obi in the first category, contrasting his conduct with the party’s expectations.
“If you say you want to contest election, and you believe in the country, in changing the country, you should know what your party stands for,” he said.
He also pushed back against suggestions that former Vice President Atiku Abubakar had become the frontrunner for the ADC’s presidential ticket following the departures.
“This party ADC is not going to be an SPV for anybody,” he said, adding that former Minister of Transportation Rotimi Amaechi remained among the contenders.
Obi and Kwankwaso joined the ADC in March 2026 as part of a broad opposition coalition aimed at challenging the APC in the 2027 general elections.
Both men quit the party on Sunday, citing internal crises, court cases, and what they described as deliberate efforts to frustrate their participation in the electoral process.
They have since joined the Nigeria Democratic Congress, where they have called for an end to litigation-driven politics.
Obi had said his decision to leave was not driven by personal ambition but by the need to rescue Nigeria, describing the pattern of internal crises as one he had also encountered in the Labour Party.
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By Eric Elezuo
Those, who are of the impression that the Nafiu Bala Gombe factor is the only crisis bedeviling the major opposition party, the African Democratic Congress (ADC), should probably begin to rethink. The reasons are obvious; the cankerworm of treachery, me, me and me factor, wings of undemocratisation, and loss of focus have continued to haunt the nascently developing party, and observers are of the agreement that the process may again go the way of 2023 if the constant bickering of who takes what continue to fester.
It is noteworthy that the Supreme Court has been judicially lenient to the ADC, in its judgment regarding leadership, where the popularly advocated David Mark and Rauf Aregbesola leadership was sustained. But the judgment, much as it brought a temporary relief, did not in any way drive away the crisis that the party has continued to ‘bring upon itself’ since its elaborated second launch in July, 2025.
While Nigerians had seen the ADC as a veritable alternative, a much better option to the existing ruling All Progressives Congress (APC) with its attendant and alleged failed policies, which have subjected the Nigerian people to untold hardship from day one when the ‘subsidy is gone’ declaration was made, it has hitherto failed to reciprocate the confidence reposed on them by putting their house in order and jettison person desires fir Nigerianism.
But from every indication it’s beginning to appear that the ADC came, not unprepared, but under-prepared, creating loopholes that have energized the infiltration of elements of destruction bent on ensuring that the party is not on the ballot paper come 2027. The Nafiu Bala Gombe angle is consistently fighting to ensure that the agenda comes to pass. The ADC has however, pointed accusing fingers at the President Tinubu-led Federal Government and the APC as the brain behind the crisis, and the general muffling and muscling of the opposition, as the window of election contest continue to open wider.
But beyond the alleged hand of Tinubu in the brouhaha, there’s the in-house dispute, not just among the superweights that joined the party, but also among their supporters.
The super politicians include former Vice President Atiku Abubakar, two-terms governor of Rivers State, and two-terms Minister of Transport, Mr. Rotimi Chibike Amaechi; two-terms governor of Kano State and former Minister of Defence, Alhaji Rabiu Kwankwaso and two-terms governor of Anambra State and business man, Mr. Peter Obi.
Till date, none of these prolific politicians has agreed to step down for another, creating a situation where the only door open to the aspirants is a transparent and all-agreeable primary election to determine who flies the party’s flag. But that is not to be again as the duo of Peter Obi and Rabiu Kwankwaso on Sunday ditched the party, enroute the newly formed Nigerian Democratic Congress (NDC). Observers say that Obi has an unexplained phobia for primary elections.
But observers have wondered if the opposition leaders are really interested in ousting the administration of Bola Tinubu, which they unanimously agreed has not impacted positively on Nigerians. They have dismissed the coalition as a gathering of highly ambitious politicians, whose real agenda is to grab power for themselves, otherwise they could have done everything within their power to settle for and support one individual if the intention is to actually dethrone Tinubu, and give Nigerians to good they deserve.
As part of the disagreements that have threatened to pull down the very fabrics of opposition plans, and drag the nation back to the mistakes of 2023, the existence of ego; a certain type of ego that analysts have described as ‘Big Ego’, has played a crucial roll.
From Atiku to Obi to Amaechi and to the newest entrant, Kwankwaso, none is willing to settle for the other to fly the party’s flag. Everyone of the candidates wants to be president .And much as Tinubu has been blamed for most the crises in many major political parties, it is still not known if Tinubu could be blamed for the inability of these political juggernauts to settle for a consensus candidate to wrest power from the present administration, that not a few Nigerians have condemned.
From various camps, especially the ‘Obidients’ (supporters loyal to Peter Obi), the slogan has remained it’s either Obi or nothing, a move that has made it impossible for the agreement towards consensus or primaries to be reached. The Obidients maintained that Atiku has no right to contest, and shouldn’t contest, citing excuses including that he is of northern extraction, and it’s not the turn of the North to produce a president.
However, the Atiku camp has countered the notion saying that there’s no constitutional provision to whoever should contest for the presidency at a particular time, stressing that the presidential contest is opened to all Nigerians of 40 years and above irrespective of tribe, religion or region. They therefore, wonder why the Obi supporters would insist that Atiku drops off without a legitimate primary election.
CONSTITUTIONAL PROVISION FOR PRESIDENTIAL CONTEST
According to Section 131 of the 1999 Nigerian Constitution (as amended), a person must be a citizen by birth, at least 40 years old, a member of a political party, sponsored by that party, and educated to at least School Certificate level or its equivalent.
The same section mentioned that disqualification of any aspirant would be based on allegiance to another country, previous two-term service as president, lunacy, or criminal conviction.
The Constitution did not at any section impose legitimacy on tribe, region or rotation. Atiku is eligible to stand for election.
Another angle Atiku’s detractors have tried to capitalise on is his stewardship as the Vice President.
However, a member of the Atiku, who prefers anonymity, explains that the Waziri Adamawa performed his functions as vice president creditably, and executed assignments as instructed. He added that at no time did the former sold any assets, rather he supervised privatization, which is the hallmark of development for any capitalist environment
The source said, “Sold national assets to who and as who? Was Atiku the president because as far as I know, he was the vice president and could not have acted without the consent of Mr President. Atiku never sold anything, those things were privatized and people, who wanted them, applied.”
Speaking on the most qualified of all the presidential aspirants, the source clarified that “having been a vice president for eight years, sustained credible institutions and businesses, none could compare to Atiku. He is the most senior, and most experienced”, he said
On the permutation of the likely winner of the 2027 election, the source dismissed Kwankwaso, whose over million votes came largely from Kano State, and Peter Obi, who could not win any state in both the North East and West. He advised that Obi’s chances are slim in contrast to Atiku, who won across the five regions except Southeast.
He said, “Atiku, won election as the Governor of Adamawa State before he was selected as gor the vice president position by former President Olusegun Obasanjo, and he served for two-terms of eight years.
“Atiku, has since contested for president on the tickets of ACN, APC (primaries 2014), PDP, (2019 and 2023). He wants to be president, no doubt. That is not a man that can be hounded out of a race or intimidated by a small and vocal group.
“It is worthy of note that Peter Obi’s six million votes in the last election didn’t come strictly from the ‘Obidients’. In fact, not up to 30% came from them. The majority of the votes came from silent supporters of Obi who are members of other parties and from people not identified with any political party. Atiku can decide to step down for Obi or anyone, that is his choice to make. No one should hinge Obi’s success or failure on Atiku. He wants to be president too, and should not be intimidated, the source reiterated.
HISTORICAL TRAJECTORY
Without mincing words, the survival of the opposition coalition depends solely on Atiku and Peter Obi. Most men must agree to support each if there must be a headway in booting Tinubu out of power. Anyway other than that is just another rehash of the 2023 scenario.
It would be recalled that Atiku and Obi formed an alliance that challenged late former President Muhammadu Buhari in 2019. While Atiku stood asthe substantive candidate, Obi operated as the running. Buhari won with a slim margin though observers believed that the election was greatly manipulated.
But in 2023, ambitions defeated expectations. While many had expected Atiku to support younger aspirants to run, but he threw his hat in the ring. It was his constitutional right. The likes of Peter Obi, who has created a picture of himself as being afraid of primaries, left the Peoples Democratic Party (PDP) for the Labour Party, where he picked up presidential ticket on a platter. He believed that with the completion of the Buhari era, it was the turn of the Southeast to produce a president. Even as the duo of Atiku Abubakar and Peter Obi pooled a collective total of over 12 million votes, both were still defeated by the candidate of the All Progressives Congress (APC) Bola Tinubu.
A cross section of opinion molders have remained divided as to what would have happened if both had teamed up again as candidate and running mate. While a section said that the duo would have beaten Tinubu hands down, others believe that the massive voters would not have come out from their hiding if Obi had not been on the ballot paper. But the way it stands, and having known their electoral capabilities and capacities, and with one goal of removing Tinubu from office, one would have expected the two candidates to drop their egos and work together. But that has become a tall dream!
With the bickering, and subsequent defection of Peter Obi and Rabiu Kwankwaso, to the NDC, ostensibly to actualize the new slogan of Obi-Kwankwaso (OK), an analyst has juxtaposed the previous election in 2023, and the fast approaching one of 2027 as follows:
As the 2027 election approaches, it’s good to give a highlight of the major conditions required for any candidate to be declared winner of the election according to the constitution of the Federal Republic of Nigeria. (1) Candidates must get the majority of the votes from the entire country. (2) Candidate must get at least 25% from at least 24/36 states plus the FCT. In 2023 for example, INEC declared Bola Ahmed Tinubu the winner of the election for securing 36.7% of the total votes and 25% from 29 states. Followed by Atiku Abubakar who secured 29.9% of the votes and got 25% from 21 states. And then Peter Obi who came third with 26.1% of the total votes and 25% from 15 states. What does that mean? Tinubu was declared winner not only because of the number of votes, but also because of the 25% rule, which he secured majority from Ondo, Ekiti, Kwara, Ogun, Oyo, Niger, Kogi, Benue, Jigawa, Zamfara, Borno and Rivers. On the other hand, Atiku Abubakar won states like Osun, Yobe, Gombe, Adamawa, Katsina, Bauchi, Kaduna, Sokoto, Kebbi, Taraba, Bayelsa and Akwa-Ibom bringing it to a total of 12 states. Similarly, Peter Obi won states like Enugu, Anambra, Abia, Ebonyi, Imo, Delta, Cross-River, Edo, Lagos, FCT, Plateau and Nassarawa bringing it to a total of 12 states with none from North-West and North-East. Kwankwaso dominated Kano State with more than a million votes. Based on this highlights, who do you think will win the 2027 presidential election?
WHY PETER OBI SHOULD HAVE REMAINED WITH ATIKU AS RUNNING MATE
A lot of narratives have been peddled as to why it would been a sound political decision for Peter Obi to remain with the ADC, and seek election as running mate to Atiku Abubakar.
Many believe that Peter Obi came to limelight in 2019 courtesy of the Atiku generosity, when he was nominated as the presidential vice candidate against the wishes and to the chagrin of major political heavyweights in PDP at the time. Both made a noticeable though did not win.
Secondly, Atiku has told the public that he was only concerned with serving for only one term, and promised to support Peter Obi to take afterwards. This is highly fundamental because across the world, many politicians have effortlessly crossed over to becoming the president after serving as vice presidents.
The case of the present President of Ghana, Dr. John Dramani Mahama, readily comes.to mind. He served as vice president to John Kuffour, and took over afterwards.
There’s also Nigeria’s Goodluck Jonathan, who served as vice president to Umar Musa Yar’dua, and became president at his death, and went ahead to win another term, even when it was the proverbial turn of the North.
In the United States, Joe Biden served as vice to Barack Obama, and became president at the end of his tenure. He served for one term, and voluntarily bowed out on health grounds.
In Kenya, incumbent President Willam Ruto served loyally as vice to Uhuru Kenyatta, and is today the president of Kenya.
In Liberia, Joseph Boakai served as vice president to Ellen Johnson Sirleaf for her two-terms of 12 years (2006 – 2018) before becoming president himself.
Just as the list is endless, it is believed that a little patience by Obi can help I removing Tinubu, and making him president in 2031.
However, appearing quite upbeat about the happenstance, a chieftain of the ADC, Chief Dele Momodu, summarized as follows during a recent interview:
“I have no fear whatsoever, though there’s a bit of agitation everywhere. If you ask most people, they would tell you, Oh, Asiwaju will rig the election. They are sure Tinubu will do this and that. He has the power of life and death and so on and so forth, but I’m not bothered. As you get older in life, you begin to understand the God factor better. I believe that whatever APC likes, let them do. When it is God’s time, he will push them out and I think, this 2027, we are closer to it than ever.
“I said APC, whether they like it or not, the whole world knows that they have failed. And now the people are thinking it is political parties that chase away government? No, it is not parties; it is the people. When the people rise up and say it was the people that chased away PDP that time, it was the people. In this case, those who will chase Tinubu and APC away are not just members of ADC. They are Nigerians who are fed up, completely fed up, who will look back at the last three or four years and ask pertinent questions like, Was my life better in 2023 than it is in 2027? Was security much better in 2023 than it is in 2027? Was electricity better? Was water better? Was infrastructure better? Was our foreign policy better? Was the quality of ministers better? When you answer all those questions, you will see that the majority of the answers will be no, no, no. And that is what will determine why people will vote them out.”
With Obi now in NDC, and Atiku still in ADC, the shape of 2027 for the opposition may not be looking good because the way it stands, the OPPOSITION IS ABOUT TO BURY HOPE AGAIN, leveraging on the infamous ‘BIG EGO’.
It is now to your tent, O’ Israel. This is the real status quo ante bellum, and every candidate is now to test his own strength in isolation.
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